COMMERCE AND FINANCE

Otago Daily Times, Issue 22356, 1 September 1934, Page 11

COMMERCE AND FINANCE

MINING NEWS GOLDEN PROGRESS MINES The secretary o£ the Golden Progress Quartz Mining Company reports that a crushing has just been completed and 98 tons of ore were put through the battery and produced 83oz 9dwt of gold. GOLDEN DAWN REPORT The Golden Dawn Gold Mining Company reports that for the 12 working days ended August 26, 256 tons were crushed for a return of £1229 (the value of gold being taken as £7 2s per oa). BELL-KILGOUR COMPANY The secretary of the Bell-Kikour Gold Mining Company, Ltd. (Mr. F. K. Thompson) advises that the wash-up for the week ended August 31 amounted to lloz 17dwt 12gr. NEW ZEALAND GOLD OPTIONS New Zealand Gold Options, N.L. (states a Melbourne paper) reports having obtained options over the following areas: 400 acres of dredging property, contiguous to the Upper Nevis area, which is now > held by the company; 250 acres of dredging property at Westport, South Island, New Zealand, known, as Bradshaw’s Creek, where the average value of bores put down was IOJd a cubic yard, with gold at £4 5s an ounce, and a gold-min-ing claim two miles and a-half from Reefton. The claim comprises virgin ground. The properties will be inspected by the company’s representatives in New Zealand, Mr T. J. Shephard and Mr John Victor. PLACER DEVELOPMENT. LTD. Placer Development, Ltd., reports that a resolution for an increase of the capita] of the company to 1,000,000 dollars (£200,000) by the creation of 100,000 shares of five dollars (fl) each was passed at an extraordinary meeting of shareholders at Vancouver on August 2. Shareholders registered on August 31 will have the right to subscribe for one new share at 50 dollars (£10) for every five shares held. THE GOLDFIELDS DREDGE The secretary of the Goldfields Dredging Company, Ltd., reports that the return for the period ended August 31 wu 19oz 7dwt for 200 hours’ dredging on a png bottom at a depth of 16ft. AUSTRALIAN YIELDS Wiluna Gold Corporation (Western Australia) produced 11,101 fine ounces of gold in July from 43,560 tons. For the game month New Guinea Goldfields won 2633 ounces bullion and 3299 ounces fine gold. For four weeks ended August 18 Golden Plateau (Cracow) obtained 2453 ounces from 1905' tons of ore, KING SOLOMON RETURN (Per United Press Association) INVERCARGILL, August 31. The King Solomon return this week amounted to Cloz sdwt. MOUNT LYELL . : (United Press Association.) (By Electric Telegraph—Copyright.) ' ' LONDON, August 30. Mount Lyell shares are quoted at 15s 7Jd. DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 30. Exchange on New York is quoted at 5.03 J dollars to the f, and in Paris at 75 3-16 francs to the f. PRICE OF FINE GOLD HIGHEST ON RECORD. (United Press Association.) (By Electric Telegraph -Copyright.) LONDON, August 30. Fine gold is quoted at £7 0s 3d per oz ■ —the highest price on record. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph -Copyright) LONDON, August 30. New Guinea Gold shares are quoted at 6s. P. AND O. SHARES (Untied Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 30. P. and O. shares are quoted at 15s 4Jd. BULOLO SHARES (United Press Association.) (By Electric Telegraph—Copyright) LONDON, August 30. Bulolo shares are quoted at £7 5s 3d. BEET SUGAR LONDON, August 30, Beet sugar: September 4s BJd. DAIRY PRODUCE The National Mortgage and Agency Company is in receipt of the following cablegram from London:— Butter: Market quiet. New Zealand finest, 76e, 78s; New Zealand firsts, 755, 76d: New Zealand unsalted, 86s, 88a; Danish, 102 s, 104«; Danish, f.0.b., 80s, 82s; Australian, 735, 745. Cheese: Market quiett New Zealand white, 48s 6d, 495; New Zealand coloured, 455, 45s Cd; Canadian, c.i.f., 495, 50s. Messrs A. S. Paterson and Co., Ltd., are to-day in receipt of the following cable advice from London:— Butter: Market steadier; more inquiry. New Zealand, 78s; Australian, 745, 755; Danish, easier, 80s; landed cost, 101 s. Cheese: Slow. First grade white cheese, 49a: first grade coloured cheese, 455, 45s 6(1, Messrs Dalgety and Co.; Ltd., advise having received the following cablegram from their head office, London, dated August 30: — The butter and oheese markets are slow. Danish butter, 104 s to 106 s; New Zealand finest butter, 77s to 78s; Australian finest unsalted butter, 76s to 80s; Australian finest salted butter, 73s to 745; Australian g.a.q. butter, 71s to 735. Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 48s 6d; New Zealand cheese, coloured, 45s 6d; Canadian cheese, white, 48s to 525; Canadian cheese, coloured, 48s to 60s; Canadian cheese; c.i.f., not quoted. New Zealand butter stored, 2s less. HENRY BERRY AND CO. Net profit of £35,219 shown by Henry Berry and Co. (Australasia)*, Ltd., for the past year compares with £33,977 netted in the previous 12 months. With £14,000 brought in, £49,219 is available. Dividends are maintained at 7 per cent, on A and B preference shares, requiring £33,977, leaving £15,242 to be carried forward. No ordinary distribution has been made since 1929-30, when 5 per cent, was paid. Trading prospects, the directors state, are more encouraging than for some time, but the future is dependent on increased prices of primary products. The company’s business has improved generally in Australia and New Zealand.

LOCAL AND OVERSEAS MARKETS.

CUSTOMS RETURNS

INCREASE IN REVENUE EVIDENCES OF TRADE RECOVERY. Further evidence of the steady improvement in trade is contained in the Customs returns for the Port of Otago which were issued yesterday. There were substantial increases in each section, as compared with the figures for the corresponding month last year, with the exception of the beer duty, which showed a decrease of £370. Customs revenue increased by almost £20,000 to £67,400, which is the highest figure registered this year. The sales tax shows an increase of £5400, but the total of £21,000 does not represent the peak month of the year. The returns from the petrol tax continue to show an increase over those of last year, but the greatest proportionate increase is shown by the figures for the tyre tax. The_ returns for the month total £I2OO, which is four times that for the same month last year, and three times the_ amount collected in July of this year. This increase is due to the operation of the new tariff which, according to motor trade journals, virtually amounts to an increase of 50 per cent, on the. old rate. In the returns for the first eight months of the year the improvement is more definitely marked. Customs duty for the present year shows an increase of 154,000 on the amount collected up to August 31, 1933. and beer duty shows an increase of £IB,OOO. The following are the returns:—

* Five months only.

AUCKLAND RETURNS INCREASE IN REVENUE. CPe* United Press Association.) AUCKLAND, August 31. An increase of £25,899 Avas shown in the Customs revenue collected in Auckland in August compared Avith August, 1933, the total being £228,701, as against £202,801. The amount collected in the eight months of this year was £1,687,214, compared with £1,419,491 in the corresponding period last year, an increase of £267,723. An increase Avas shown also m the combined receipts from motor spirit and tyre duties, the collection in August being £42.444, Avhich Avas £4314 greater than £38,130 collected in August. 1933, For the eight months the collections under this head totalled £360.384, as against £321,257, an increase of £39,127. The sales tax collected last month totalled £53.238, compared Avith £42,448 in August, 1933, an increase of £10,700. In the eight months of this year the sales tax collected totalled £397,287. The amount collected as excise on beer last month was £8486, against £10,872 in August last year, a decrease of £2386. The excise on beer in the eight months' period totalled £89,545, compared Avith £81,427, an increase of £BllB. FIGURES FOR WELLINGTON STEADY INCREASE IN IMPORTS. (Peb United Press Association.) WELLINGTON, August 31. A steady increase in imports and in the business turnover generally is reflected in the Customs revenue collected at the Port of Wellington, Avhich for the past 11 months has in every case exceeded those of the corresponding months of the previous year. Those for this month Avith those of the previous year in parentheses are;— . Motor spirit duty, £55,602 (£55,017), increase, £585. Tyre tax, £2676 (£1602); increase, £lO/4. Beer excise, £3827 (£4209); decrease, £382. The figures for the eight months’ period are: Motor spirit, £470,525 (£455,198); increase £2589® taX *’ £l ' 3 ’ 788 ( £11 > 210 ): increase, Sales tax, £444,507 (£244,121). Beer excise, £35,070 (£32,808); increase, £2262. ’ CHRISTCHURCH RETURNS INCREASE IN REVENUE. (Per United Press Association.) CHRISTCHURCH, August 31. An increase of £29,970 is recorded in the revenue collected by the Customs Department at Christchurch as compared with August, 1933. The figures are as folloAvs:—

BRAN AND POLLARD INCREASE IN PRICE. (Feb United Press Association.) AUCKLAND, August 31. An increase in bran and pollard prices was announced by local millers to-day. Bran Avas raised 5s a ton to £5 15s, and pollard 10s a ton to £6 10s. The advance is the outcome of the heavy drain upon stocks during the last few months, and the high price ruling for Australian. DAIRY EXPORTS Heavy shipments of new season’s butter and cheese for Britain have been arranged by the Dairy Board. Including several ships now loading, allotments have been fixed for 12 vessels sailing between August 31 and October 23. A total of 842,000 boxes of butter and 141,050 crates of cheese Avill be loaded by these ships, Avhich Avill cover October and November arrivals in the United Kingdom. The list of ships, with their respective loadings and approximate dates of departure from New Zealand and arrival in Britain, is as follows:

The October arrivals in Britain Avill be approximately 412,000 boxes of butter and 69,050 crates of cheese, and those for November, 430,000 boxes of butter and 72,000 crates of cheese. Of the total shipments of butter 633.460 boxes Avill be loaded at Auckland. The Port Nicholson, OpaAva, and Tekoa are taking part shipments of butter and cheese for West of Britain ports.

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 89. (Received August 31, at XI p.m.) The following are the official metal quotations

BALCLUTHA STOCK SALE (From Our Own Correspondent.) BALCLUTHA, August 31. There was a small yarding of fat sheep at the fortnightly sale to-day, and prices ruled fully 3s a head above those of last sale. Fat wethers went to 29s 9d; fat ewes, to 27s for best quality; others, 19s to 20s. Store Sheep.—A yarding of 2040 elicited very good competition. Fourtooth ewes made 25s to 2(is 8d and 27s to 28s; two-tooth ewes, 30e 7d; mixedsex hoggets, 16s 7d; mve hoggets, 235; two, four, and six-tooth eAves, 325; failing mouth eAves, 12s to 17a Cd. Cattle.—A good yarding. Fat cows made £4 6s to £G; maiden heifers, to £8; store bullocks, £5 15s to £6 15s; store heifers, £2 12s Cd to £3 ss; 18-month heifers, £2 2s 6d; vealers, 21e. Dairy Coavs. —A yarding of 70, and prices ranged to £6 10s for best cows; others, £3 to £5; and poorer sorts, 10s to 30s. Pigs.—The number of young pigs forAvard occupied every pen, and competition Avas keen, as is usual at the beginning of the milking season. Well-groAvn slips sold at 18s to 235; suckers, 7s 6d to 19s, the average for good suckers being around 16s. CANTERBURY MARKETS (Per United Press Association.) CHRISTCHURCH, August 31. Shipments of potatoes Avent north this week, Avhich constitute a Aveekly -record for some years. The mid-Aveek vessel, the Waipiata, lifted a little more than 11,000 sacks from Timaru and Lyttelton, and the Waimarino yesterday folloAved Avith 1700 from Timaru and more than 6000 from Lyttelton. This represents approximately 19,000 sacks. The Auckland market Avas very bare, but a quantity like that shipped is likely to supply needs aa'cll on into the third Aveek in September. The market naturally has received a setback, and no business is being done. Quotations nominally are 55s to £2 17s 6(1 per ton, f.0.b., s.i., and to farmers 35s to £1 17s 6d. There has been a spurt in the Gartens oats market because of the continuance of inquiry from England, and a shipment of 3000 sacks from southern ports by the Tekoa. More are being shipped next Aveek. The inquiry so far is for A Gartous. Values f.0.b., s.i., are 2s 9d, while B Gartons are Avorth to 2s sd, f.0.b., s.i. It is believed that there are not many Gartons in stock in North Canter- * bury, the bulk being Algerians, so that trade is likely to be confined to the south. Values on trucks for A’s are 2s to 2s 2d. The _ fowl Ayheat market is very firm, quotations being 3s 9d, f.0.b., s.e. The partridge peas market is unchanged. On trucks values are 4s Gd a, bushel. There is a little more interest developing in the small seeds market and recent quotations are firm. Milling wheat earns a further increment of a halfpenny per bushel as from September 1. this being the final advance for the season. The prices (interim), f.0.b., to groAvers, nearest port, uoav are: Tuscan, 3s lid; Hunter’s, 4s Id; Pearl, 4s 3d. CLEARING SALE Messrs Donald Reid and Co., Ltd., held a clearing sale on behalf of Mr J. T. James, of Middlemarch, on Thursday last. It was one. of the best sales that has been held in the Maniototo for many years, the quality of Mr James’s stock being Avell and favourably known throughout Otago. There was a very large attendance of buyers from Canterbury, North Otago, Balclutha, and Otago districts, and competition Avas animated from start to finish. Full-mouthed halfbred eAA'es in fonvard condition realised 25s 3d to 26s 6d. Draught horses, some of AA 7 hich Avere registered in the Stud Book, commanded good attention, and the following prices Avere realised:—Five-year-old mare, £66; tAvo four-year-old mares, £57: five-year-n’d mare, £6l; seven-year-old mare, £4B 10s; five-year-old mare, five-year-old mare, £4O; unbroken three-year-old fillies, £2B to £37; registered colt foal, £32 10s; registered filly foal, £4O; _ Shorthorn coaa's, £8 to £ll 10s: yearling Shorthorn heifers, £l2 10s; year--ling Shorthorn bull, £lO ss; crossbred dairy coavs, £5 15s. The implements realised'satisfactory prices, as follows: —Gram drill, £42; milking plant, £4O; shearing plant, £3O; discs, £2O 10s; dray, £29; lorry, £2O; roller, £2O; ridger, £2O; engine, £l7 10s; turnip thinner, 18; separator, £l3 10s; harroAvs, £9 10s; scufflcr, £11; plough, £l6. BROKEN HILL PROPRIETARY IMPROVED TRADING YEAR. The Broken Hill Proprietary Company, Ltd., reports a net profit of £427,587 for the year ended May 31, compared Avith £313,617 the previous year, and £103,720 in 1931-32. The profit Avas struck after providing £407,978 for depreciation and £29,691 for debenture interest. Two dividends, each of Is per share, were paid during the year, requiring £298.770. The rate, 10 per cent. Avas unaltered. A sum of £200,000 _ has been transferred from the appropriation account, principally to adjust the book values of certain obsolete plant, one item being the benzol plant, which is out of date and too small for present requirements, and will be scrapped. With £488,385 brought forward, the appropriation account carries forward £439.702.

After providing for all outstanding liabilities, there remain liquid assets in cash and convertible stocks representing £254,354, against £410.432 a year ago. The total includes the reser\ T e and insurance fund, but not the company’s interest in other companies. Aggregate tonnages of production shoAved large increases, the output of three years being as follows: Year ended Mav 31, 1933. 1934. Tons. Tons. Pig iron 202,714 346,752 Steel ingots* .. .. 320,931 414,242 * Including foundry open hearth furnaces.

The report states that the demand for the company’s products has shown a marked improvement. The year was one of great activity in production and construction. The improvement was gradual throughout the year, and the closing months were on a new high level of production. HUDDART, PARKER DIVIDEND The directors of Huddart, Parker, Ltd., have declared an interim dividend for the half-year ended June SO at the rate of 3 per cent, on the preference shares and 3 per cent, on the ordinary shares. The transfer books will be closed from September 4 to 13, inclusive, and the dividend will be payable on the latter date. Cheques for New Zealand shareholders, drawn on the Commercial ilank of Australia, Ltd., Welllington, will be posted. GENERAL MOTORS-HOLDENS General Motors-Holdens, Ltd., announces a dividend of G per cent, on preference shares, covering arrears for the year ended March 31, 1933. to bo paid out of profits for the year ended June 30, 1934. The company paid a dividend of 6 per cent, in March last, being arrears for the year ended March 31, 1932.

AUSTRALIAN WOOL SALES

OPENING OF NEW SEASON (From Our Own Correspondent.) SYDNEY, August 25. It was with some trepidation that Australia awaited the opening of the new wool selling season at Brisbane this week, and there was a feeling of relief throughout the country when it was realised that the outlook was not nearly so bad as it was a fortnight ago. There are certain phases of the market indicative of a feeling of uncertainty, and, although the opening sales are regarded as satisfactory, anxiety for the future will not disappear until the market has properly settled down. There are many bales to be disposed of before Christmas, and, if present prices hold until then, the industry will have little to complain about.

The selection of wool at the Brisbane gales was of good average quality, being chiefly of the top making type. There was a large attendance of buyers, and this is regarded as one of the most eatisfactory features of the opening. As anticipated, the great bulk of the demand came from Japan and Yorkshire, with- the Australian mills giving valuable support to the' better class of fleece wools. There was some French competition, but the demand from Italy showed the effect of thO restrictions imposed by the Italian Government. The Italian position, by the way, remains somewhat obscure, as it was stated in official circles not long ago that the Italian embargo on Australian wool had been removed as a result of representations made by the Australian Government. This was denied by Italian trade interests in Australia, and that denial is more or less borne out by the lack of Italian competition at the Brisbane sales. The German embargo resulted in practically no wool being bought for that country. As compared wdth the values current at the last important wool sales in Australia, when 42,763 bales were sold at Brisbane in May at an average price of 13.57 d a lb, the market generally is about 20 per cent, lower all round. The best wools have shown the least decline, being down about 15 per cent., while the maximum fall was shown by thin, wasty and faulty lots, which were 25 per cent, lower. On this account the withdrawals of poor quality wool have been extensive, the owners’ reserves being higher than the market values. The sales so far suggest that the average price of the wool sold has been about lid a lb, as against an average of about 15d during the Brisbane sales from September to May in the 1033-34 selling season. On Brisbane results, the Australian average price would work out at lid a lb, compared with an average of 15.84 d in the season just closed, 8.72 d in the 1932-33 season, and 8.40 d in the 1931-32 season. At lid the price of wool is definitely above the cost of production, but the margin of profit to the grower is very small. WOOL FOR ITALY . Secrecy is being observed in official circles in Australia regarding a communication received from the High Commissioner, discussing the position which has arisen as a result of Italy’s threat to impose restrictions on the importation of wool_ from many countries, including Australia. It has been learned, however, that the Italian Government has informed the Commonwealth that it does not intend to discriminate against Australia in any restrictive measures that may be taken. In 1932-33 Italy was Australia’s sixth largest customer for, greasy wool and the seventh best purchaser of scoured wool. Since 1931 the value of Australia’s scoured and greasy wool exports to Italy were as follows: — Scoured wool: 1930-31, 30.7621 b; 193132,. 113,2201 b; 1932-33. 135 8141 b. Greasy wool; 1930-31, 1.452.2171 b; 1931-32, 2,061,4071 b; 1932-33. 2.431.8661 b. COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following companies:— Dairy Products, Ltd. Registered as a private company August 0. Office: Care Barr, Burgess, and Stewart, Bond street, Dunedin. Capital, £32,000, in 32,000 shares of fl each. Subscribers: Dunedin —A. Barnett 1, J. Begg 1, D. F. S. Wunsch 1. London—Sir Ernest Debenham, Bart., 31,997. Objects: To carry on the business of commission agents and other agents, merchants, brokers, factors, salesmen, or manufacturers of or in connection with all kinds of goods, articles, produce, or commouities relating directly or indirectly to the dairying industry. Smith (A. S. Bruce) and Co., Ltd. Registered as a private company August 10. Registered office, 256 Vogel street, Dunedin. Capital, £SOO, in 500 shares of £1 each. Subscribers: A. S. Bruce Smith 499, J. Jose B. Smith 1. Objects: To carry on the business of mdentors, importers, exporters, and auctioneers and general agents, valuers of wool, hides, skins, tallow, produce, fruit, timber, and goods of every kind and description, and land and estate agents. Lammerlaw Reefs, Ltd. Registered August 10. Capital, £I2OO, in 4800 shares of 5s each. Subscribers: Dunedin —J. Mooney 200, A. J. Thompson 50, A. D. M'Lennan 50, I. Tovvell 100, A. Smith 100; Christchurch —A. O. Wise 50; Lawrence —J. K. Simpson 100, W. J. Sutton 50; Tuapeka Mouth—R. P. Skinner 120. Objects: To mine for gold or any metal, mineral, precious stone, or ore of any kind.

Macetown Developments, Ltd. Registered August 24. Office, 212-4 Commerce Buildings, Hereford street, Christchurch. Capital, £25,000, in 500,000 shares of Is each. Subscribers: Christchurch—A. Moore 2000, P. D. Smith 30,000, A. R. Perry 20,000, E. J. Wolf 2000. M. W. MacKenzie 2000, H. Bicknell 2000; Auckland—H. H. Adams 20,000. Objects: Mining and incidental. Grand Hotel (Wellington), Ltd. Registered as a private company August 21. Capital, £30,000, in 36,000 shares of £1 each. Subscribers: Wellington —S. H. Gilmer 13,496, Florence E. Herbert 13,490, Elizabeth M. Gilmer 9004, A. A. Wylie, A. K. S. Mackenzie, J. L. Griffin, E. K. Kirkcaldie 1 share each. Objects: To purchase or otherwise acquire the lands and premises in Willis street, Weilington, known as the Grand Hotel, ancl certain adjoining lands, to erect dnd cou " struct buildings and general incidental. SCRAP METAL FOR JAPAN The Japanese steamer Koyo Maru, now en route from Japan to Auckland, Lyttelton, and Castlecliff with sulphur, will, after discharge, load a cargo of scrap metal for Japan. The vessel is due at Auckland on September 5, and is to load at Nelson, Lyttelton, Wellington, and Auckland. Among the scrap to be picked up at Nelson will be metal from the hull of the old iron hulk Ganymede which was towed to Nelson from Wellington last May for breaking up. At Auckland metal from the three steamers Clansman, Waiotahi, and Ngatiawa will be loaded. LESS WHEAT SOWN Contrary to expectations, wheat sown in Canterbury this season will be much less than was the case last year. It is said that the area amounts to fully 50,000 acres. In several well-known wheatgrovving districts (says the Christchurch Times) there has been practically no sowing at all. Cheviot, Fairlie, and Waimate —■wheat-producing districts of some magnitude—have little or no wheat sown up.to the present. Old farmers in the Cheviot district state that they have not experienced such o wet winter for the last 25 years, and in some districts not since the estate was cul up for closer settlement in 1902. They say it is no use growing pens O'- oats nowadays, and it looks as if the wheat will not be sown this season. When asked what they were going to do, farmers from Waimate, Fairlie, and Cheviot said they supposed they would have to put down temporary pastures and grow fat lambs and wool, this season at least. Even then it would bo a gamble they declared.

AMERICA’S PLAN The question so often asked in England, whether the programme of shorter hours and higher wages is not an impediment to recovery rather than an aid, can be answered by saying that thus far it has been neither (writes the New York correspondent of the Manchester Guardian, referring to the results of the N.R.A. in America). Wages have not risen enough to have any important effect, and this is also true of the shortening of hours. Most workers who have had their hourly wage rates increased have had the number of hours reduced in just about the same proportion. Their money wage remains approximately the same, while the cost of living has increased so rapidly that their actual purchasing power is certainly no more, and in a majority of eases somewhat less, than before. Of perhaps 13,000,000 unemployed a year ago, from 2,000,000 to 3,000,000 at most have found work in private industry. Four million others were given employment during the winter under the Civil Works Authority, but these have now been dismissed again, at least half of them being forced at once to apply for municipal charity to Beep from starvation. Re-employment at present appears to be at a standstill. Except for a small percentage of the most miserably paid workers in a few industries, therefore, the recovery programme may be said to be a grave disappointment so far as American labour is concerned. SHALE OIL FIELD PROSPECTS IN AUSTRALIA. Interest in the Newnes shale oil field (New South Wales) has been expressed by the Anglo-Pcrsian Oil Company, Ltd., following an intimation to the Federal Government from Imperial Chemical Industries, Ltd., that it was not prepared to enter into any financial commitments for its development. The Anglo-Pcrsian Company operates similar fields in Scotland, and Sir John Cadman, chairman of directors, will leave England for Australia on August 24. The company is associated with the Commonwealth Government in Commonwealth Oil Refineries, Ltd- ' ...... In a comment the Prime Minister, Mr J. A. Lyons, said that Imperial Chemical Industries stated it had had no actual experience in the production of oil from shale, and would not be prepared to become associated with the proposition. Imperial Chemical Industries indicated, however, that it would render any assistance possible, but that it would not contemplate ahy financial commitments. Sir John Cadman was approached because it was known that already the AngloPersian Oil Company had substantial shale interests in Scotland, and, therefore, the company should be well equipped to develop Newnes. Sir John Cadman confirmed this impression. WAIKATO COAL Some illuminating facts concerning the Waikato coal industry were revealed at the annual meeting of the New Zealand Co-op. Dairy Company by Mr William Goodfellow. Referring to the operations of the company’s subsidiary, Glen Afton, collieries, Mr ‘ Goodfellow stated that, despite an output for the year of 155,000 tons, a loss had been suffered exceeding £IO,OOO. It will be remembered that the old established Taupiri Company showed a loss last financial year of more than £12,000. The remedy proposed by Mr Goodfellow for a condition of affairs that hn s been ruinous to the industry during recent years is that a single company should be formed which should sell the whole of the Waikato coal on behalf of the companies concerned. CANADIAN TOBACCO Shipments of Canadian tobacco to the United Kingdom in 1933, which amounted to 13,993,2191 b, consituted a record, according to advices from the Canadian Trade Commissioner in Bristol. “Importers,” he says, “ state that the 1933 crop is the cleanest they have seen from Canada and that the quality is good.” Imports of tobacco into the United Kingdom amounted to 40,272,0881 b in 1933, while in 1932 they were 47.794,3421 b, of which Canada supplied 10,699.4931 b. Consumpton of Canadian hurley in the United Kingdom has been maintained, the commissioner reports, but the demand for dark-fired tobacco is limited.

BUTTER AND CHEESE RECORD EXPORTS FOR DOMINION. Exports of butter and cheese during the 12 months of the 1933-34 season ended July 31, 1934, were the highest ever recorded. Shipments of butter totalled 139,002 tons, compared with 126,073 tons for the 1932-33 season, an increase of 12,929 tons, or 10.255 per cent. Shipments of cheese totalled 101,300 tons, compared with 99,876 tons, an increase of 1524 tons. Butter shipments during July were 6344 tons, compared with 10,299 tons, a decrease of 3955 tons. Of last month’s shipments 80 per cent, was consigned and 20 per cent, sold f.o.b. Of the shipments for the 12 months, 85 per cent, was consigned and 15 per cent, sold f.o.b. , . The following table compares the shipments of butter for 1933-34 with those for'the previous season: —

Shipments of butter to London during the last 12 months increased by 8631 tons to 102,962 tons, which is equal to the Dominion’s total export of butter Three years ago. Shipments to other United Kingdom centres increased by 4356 tons to 33,978 tons. Thus, of the total shipments the British market took 136,940 tons, only 2062 tons, or 1.48 per cent, of the total exports, going to other countries. LUNA PARK, LIMITED Luna Park, Ltd. (Melbourne), earned a net profit of £4019 for _ the year to May 31, 1934. compared with £3166 for the previous financial period. The directors have declared a dividend of 20 per cent, on both the ordinary and the 10 per cent, cumulative preference shares, against 124 per cent, paid in the preceding year. These distributions take £3928” leaving £BO2 to be carried forward, compared with £7ll brought into the accounts. PACIFIC EXCURSION FARES A REDUCTION ANNOUNCED. Reductions in excursion fares from Auckland to Vancouver by the CanadianAustralasian Line, and from Wellington to San Francisco by the Union Royal Mail Line, during December, January, and February next, are announced by the Union Steam Ship Company. The tares from Auckland or Wellington will be £72 first class and £sl cabin class. These reduced charges should bo attractive to holiday-makers in comparison with the ordinary fares of £IOO 10s and £O7 respectively. Passengers have the option of proceeding from Auckland to Vancouver and returning from San Francisco to Wellington or vice versa (finding their own way between Vancouver and San Francisco, also to and from Auckland or Wellington'). The availability of the tickets is limited to throe months from the date of departure from New Zealand to the date of embarkation at the North American port on the return journey. DAIRY PRODUCE “LITTLE FEAR OF QUOTA.” “I am satisfied—and the sources of information are reliable —that there is little fear of any quota being imposed on New Zealand dairy produce,” said Mr J. B. Wright, London manager of Amalgamated Dairies, Ltd., at a social meeting in Hamilton last week. The local correspondent of the New Zealand Herald also reported Mr Wright as having said that Major W. E. Elliot had stated that there had been no intention of putting a quota on New Zealand, and that there was now no intention of bringing in any quota on dairy produce, as the English_ producer had received a substantial subsidy on his milk supply- How long that subsidy would be paid to the industry be did not know.

WORLD FINANCE GREAT BRITAIN’S RECOVERY. AMERICA’S DIFFICULT POSITION. It is a long time since world conditions have been so uncertain and the future appears to be surrounded with difficulties, comments the July review of Messrs H. Byron Moore, Day, and Journeaux, the Melbourne stockbrokers. The affairs of Great Britain are reasonably stable, continues the review, and considerable progress towards recovery has been recorded without undue political interference. Unemployment is far less acute, monetary conditions are easy, whilst the volume of internal trade has steadily increased during the last two years, interest rates have fallen considerably, and there is an abundant supply of money to meet all purposes. If conditions in other countries were more settled it seems evident that Britain would renew her well-established policy of longterm lending. The United States of America, apart from political uncertainty, is faced with colossal economic and social problems, which are not being assisted by the__ serious drought in her Middle and NorthWestern States. Experimental legislation has in many respects been responsible fqr repercussions in trade and finance, and unless President Roosevelt’s plans are modified it is certain that America will turn back rather than forward in her struggle to reach recovery and prosperity. Her huge gold reserves are a menace to her own recovery, because the advantages . which normally would be gained are being discounted by complete lack of confidence everywhere. Fortunately, there is a good deal of strength in the financial side of American industry, and when legislative interference subsides it is evident that recovery will be rapid. . ~ . Any further recovery in world affairs will undoubtedly be retarded by the uncertainty and distrust prevailing in Europe, and until more peaceful condilions prevail and the relationship between the Central European Powers improves, no further progress can be made towards stability in world financial and trading conditions. Recent events seem likely to postpone indefinitely, any plans which may have been under consideration for the stabilisation of . currencies and exchanges between the important countries of the world. . Notwithstanding the unsatisfactory conditions of affaire on the Continent and in America, the foreign exchange market hah remained steady during the . last month. The steadiness in exchanges is all the more surprising considering that no decided movement has yet been made to case the difficulties of international trade. The narrow movements of exchanges, concludes the review, however, may signify that some combined efiorts to stabilise at or around present rates are contemplated in the near future. Great Britain’s refusal to meet her war debt instalment to America on June 15 last is full of significance, and is probably a preliminary movement in bringing about a definite decision in regard .to future policy. It is evident that foreign exchanges cannot settle down to permanent stability until the war debt position has been definitely settled. One of the chief features in the exchange market during the last two months has been the continued firmness in the United States dollar. The firmness may be due to America’s policy in regard to silver, and her intention to maintain ouc-fourth of her monetary value in silver and threefourths in gold.

EXCHANGE POLICY

ASSISTANCE OF STABILITY. LONDON PAPER’S COMMENT. In a comment upon the decision of the Reserve Bank of New Zealand to retain the exchange on London at the existing rate, the London Times stated that the soundness of this decision, no .doubt determined in consultation with the Government, was not open to question. for stability of exchange was essential to trade activity. “ The present rate,” The Times proceeds. “has been in operation for a sufficient period for many of the necessary adjustments to be made, and although the big rise in the price of wool and the reduction in imports have helped to build up New Zealand's external resources the position is not quite as strong as it was owing to the recent reaction in wool prices, which is largely the consequence of the German restrictions.”

Speaking of the freedom of the trading banks to formulate their own exchange. policy and to fix their own buying and selling rates for London funds, The Times stated that these rates obviously would not deviate much, if at all, from the official rate unless the official rate, owing to unforeseen circumstances, became completely out of touch with the market. That had frequently happened in those countries which had attempted to fix an artificially high rate for. their currency. It had called into being a “black market” in which the currency changed hands at a lower figure. _ The only real objection to the artificial fixing of exchange arose when the .rate was out of touch with economic realities. Generally countries with artificial rates of that kind had to impose such.severe restrictions upon business that it was doubtful whether the gain, such' as it might be, was commensurate with the loss of trade involved. Exchange restrictions would be if countries were prepared to face the facts of their economic situation and to allow the solution of their difficulties to be found in the free play of exchange. THE KING AND INSURANCE* His Majesty the King paid a high tribute to the principles of insurance, .and to the men who have built up the British insurance system, when he was opening a new' building in London for the Chartered Insurance Institute. After receiving an address from the president of the institute (Mr Herbert J. Greening), the King said: “ Insurance is a social, economic, and commercial service of world-wide importance, which is now', as you say, indispensable to the welfare of all civilised countries, for it affords protection against those contingencies which even the most reckless cannot disregard, and the most far-seeing are often powerless to avert. .Insurance may well be described as one of the leading industries in the home market, while at the same time it makes an appreciable contribution to our invisible exports. This country has taken a leading part in its development throughout the world in the last two centuries, and I see on the walla of this fine conference hall the emblems of companies whose names are well known and respected in every quarter of tha globe. The growing complexity of insurance, to which you have referred, calls, for ever greater precision of and to apply it w'ith success a high order of. business and intellectual qualifications is required. The outstanding position of Great Britain in this field to-day has been attained by the efforts of men of character and foresight, and it is in order to train such men that the institute exists.” Hii Majesty added that it was right that tha institute should be housed, in a worthy building, and that although insurance education had been in the forefront of tha activities of the institute, the general welfare of its members had not been neglected. He had learned with pleasure of the great charitable organisations for tba benefit of those engaged in the work of insurance which the institute had created. In the address presented to the King it was stated that British insurance organisations had funds aggregating about £1,500,000,000. WINCHCOMBE CARSON. LTD. Messrs Wiuehcombe Carson, Ltd., report a profit of £48,638 for the year ended June 30, as . against £41,016 the previous year. Dividend is advanced to 7 per cent. (3 interim and 4 final), as against 6 per cent, a year ago, and requires £35,000. A sum of 110,000 is added to reserve, increasing that account to £150,000, and the balance £3638 added to £3624, brought forward, gives £7262 to bs carried forward. KANDOS CEMEOT v. Kandos Cement Company, Ltd., which; holds shares in Australian Portland Cement Pty., Ltd., the operating company, and in Tasmanian Cement Pty., Ltd., and Newcastle Slag and Cement Company, Ltd., reports a profit of £40,478 without taking into account the surplus made on the sale of Australian consolidated bonds. The previous year, 193233, the profit was £41,037. Dividend of 6 per cent., against 5 per cent, for 19,3233, paid out of the profit, absorb* £40,431. The balance, £47, added t* \ £BSBI, surplus on sale of Australian consolidated bonds, and £2025 brought forward, gives £10,653 to be carried forward.

MONTH OP AUGUST. 1934. 1933. Customs .. 67,428 5 8 48.686 18 11 Beer duty . 17,259 11 3 17,629 16 9 Sales tax . . 21,167 3 7 15,777 2 7 Petrol tax . . 12,121 16 0 11,622 17 6 Tyre tax . . 1,265 13 5 1,265 13 8 SEVEN MONTHS. Customs 439,841 11 8 385,078 13 3 Beer duty 158,874 6 2 139,982 13 2 Sales tax 160,124 12 4 *83,169 0 6 Petrol tax 108,448 3 4 101,452 15 6 Tyre ’ tax 5,556 0 5 4,899 11 0

August, August, 1934. 1933. Customs £ £ 66,534 Beer duty 7,580 Motor spirit tax .. 16,888 16,124 Tyre duty .. 567 Sales tax .. 27,548 19,713 The following are the figures for eicht months of the calendar year:— 1934. 1933. £ £ Customs 545.262 568,426 Beer duty .. . 53,022 50,916 Motor spirit tax . 135,948 136,888 Tyre duty 6,670 5422 Sales tax . 188,340 105,il7

Sails. Duo Butter Cheese Bangitane .. U.K. boxes. Aug. 31 Oct. 3 50,000 8,000 Pt. Nicholson Sopt. I Oct. S 70,000 15,400 Opawa Sept. B Oct. 12 42,000 11,000 Akaroa Sept. 14 Oct. 18 90,000 17,250 Pt. Gisborne Sept. 19 Oct. 24 85,000 7,000 Rangitata .. Sept. 26 Oct. 29 75,000 10,400 Pt. Hobart Sept. 25 Nov. 3 20,000 6,500 Tekoa Sept. 30 Nov. 11 70,000 10,300 Fordsdalo .. Oct. 6 Nov. 11 85,000 6,100 Rotorua Oct. 12 Nov. 20 95,000 17,500 Tainul Oct. IS Nov. 24 65,000 13,600 Remuera Oct. 23 Nov. 30 95,000 18,000 Total 842,000 141,050

Copper, «pof .. Ton. m 5 rw Rise £0 8 9 Copper, forward .. 28 IS itt Rise 0 4 4*4 Electrolytic, spot .. 81 12 6 Rise 0 12 8 Electrolytic, forward 81 IS 0 No change Wire bars .. .. SI 15 0 No change Lead, spot .. .. 10 18 8 Rise 0 2 S Lead, forward .. 10 18 3 Rise 0 2 6 Spelter, spot 13 18 3 Rise 0 2 6 Spelter, forward .. 13 10 3 Rise 0 2 6 Tin. spot ., .. 228 2 6 Rise 1 5 0 Tin. forward 227 7 G Rise 1 0 0 Pig Iron, home trade 3 J 8 No change Pig Iron, export 3 2 6 No change Antimony, British a 10 0 No change Antimony, foreign 29 6 0 No change Molybdenite .. .. Unit 1 10 0 No change Wolfram .. 1 19 6 No change Sliver, standard Oz. 2i n-iod Rise %d Silver, fine .. .. 23%d Rise %d

12 mths. to July 31. 1933-34. 1932-33. Tons. Tons. London .. .. 102,962 94,331 Avonmouth and Cardiff 8,5107,859 Liverpool .. .. 6,571 6.742 Manchester .. .. 10.401 8,381 Glasgow .. .. 8,380 6,640 Hull .. .. .. .. 116 — Canada .. .... 342 615 Honolulu .. .. H2 219 Panama .... 683 671 Jamaica .. .. 391 102 Other countries .... 534 513 Total tons .. ... 139.002 126,073