COMMERCIAL

Poverty Bay Herald, Volume LX, Issue 18025, 28 February 1933, Page 2

COMMERCIAL

WESTEALIAN GOLD MINING

LAKE VrtM AND STAR DIVIDEND

(Elec Tel. Copyright—United Press Assn.) 1 LONDON, Feb. 25.

Lake View and Star, Limited, has declared a. second interim dividend of sixpence per 4s share, less British income tax at 5s in the £l, for the year ending June 30, 1933. The dividend is payable on April 6.

Thanks to the modification and expansion of the treatment plant, accompanied by a noteworthy saving in costs, this company, which operates in West Australia, made an operating, profit of £284,150 last year, compared with £102,100 in 1930-31. The bulk of the former account, having been absorbed by capital outlay, has been written off, tho modest balance of £35,100 being carried forward. The proved and probable ore reserves afe now placed at 1,832,400 tons, value 34s per ton. These figures show an increase of 532,000 tqns in quantity and a decrease of 2s 3d in average value compared with the special estimate of a year ago. For some time past the monthly profits have displayed an almost uninterrupted expansion, and the company is regarded as having definitely entered upon a career of prosperity. In the course of his speech at the annual meeting in London last November, Mr. John A. Agnew dealt at length with tho development position, and indicated that work this year would reach a very interesting stage. He emphasised tho endeavors, which were being made to enable the company to earn profits without the adventitious' aid of the gold and exchange premiums. He foreshadowed future distributions of profits twice and possibly thrice a year. SYDNEY WOOL SALES japan Buying- freely SYDNEY, Feb. 27 At the, wool sales 10,466 bales were offered, of which 8466 were sold and SIY were disposed of privately. Good competition was experienced from the Continental and British sections, with a further improvement in the Japanese demand. Values generally were firm at lost week’s rates for all descriptions and good clearances were made. Greasy merino made to 13^(1. THE BETTER MARKET N.Z. STOCKS REDUCED Deliveries of New Zealand 'butter on the London market .were larger last week than, the previous week, and stocks in hand were reduced by 400 tons, according to the Dairy Board’s weekly circular. Deliveries last week totalled 1789 tons, an increase from 1533 tons the previous week, while the figure for the corresponding week a year .ago was 1855 tons. A total of 6748 tons was left in store at the end of last week, compared with 7168 tops a week previously and 3759 tons a year ago.

Stocks of- all butters, according to the Empire Marketing Board’s estimate, show an enormous increase on the figures for tlie corresponding period last year, the figure being 819,799 boxes and 311,321 boxes respectively. ' The Dairy Board’s London advice was dated last Friday, when .official quotations for New Zealand butter were 73s to 765, but the following note was added : “The market closed firmer to-night, Is above the official quotation, due to some buying on the widely circulated report of a probable restriction of imports.” Retail prices were unchanged at lOd for New Zealand and Is Id for Danish.

(No further alteration has occurred in the quotation for New Zealand butter on that published in the Herald yesterday, and the recent advance has been maintained. Cheese, however, shows a further weakening.; Joseph Nathan and Company Limited report to-day as follows: “Butter, 775. Cheese, whitq. 425, colored 475. Both markets are very quiet.”

FROZEN MEAT DEMAND The Meat Board’s weekly circular shows that prices for New Zealand wether mutton at Smithfield remained unaltered, except for heavy weights, which declined Ewe mutton remained unchanged. North Island lambs showed a general decline of from £d to and in one instance up to gd. Beef quotations showed little variation, ox fores being unchanged and ox hinds lower. All porker pig prices weakened by bacon pigs remaining unaltered. A review of the position supplied by the Meat Board is as follows:

“Lamb.—Prices are easier. Consumption is increasing owing to lower prices, but was temporarily checked during this week owing to cold weather. Arrivals from all sources are in excess of present requirements, and are depressing tho market.

Mutton.—- Wethers; Short spot stocks are keeping prices firm, but heavyweight Australian lamb is becoming a strong competitor. Ewes: The market is quiet and unchanged. ‘‘New Zealand beef.—The market is quiet but steady. “New Zealand porker pigs.—Prices are easier owing to heavier supplies of Htfme killed. New Zealand baconer pigs nominal.” MOTUROA OIL FIELDS Motuora Oil Fields, limited, oil Saturday received the following report for the week ended February 24: Moturoa No. 3 well closed in, waiting on .fixing casing, which is expected early next week. Moturok No. 2 ivdll produced 142 barrels (4790 Imperial gallons) of oil.