FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 19957, 18 June 1930, Page 12

FINANCE AND COMMERCE.

new low levels. STOCK EXCHANGE PRICES CRASH. COMMODITY MARKETS ALSO AFFECTED. (USWED WW , ASSOCIATION —BT BLZCTEIO TaLBOBAPH-^-COFtBIOIIt^ NEW YOBK, June 16. ; Edccs'crashed again to-day; on?tho. Stock Exchange. ; Over 200 issues made netr low levels for the . year or longer, and more than , 2,000,000,000 dollars in valuations were swept away in the heavy liquidation. , Prices broke from three to 16 points in active, issues, and the whole list was carried to new low levels on the reaction- United States Steel made a new low level for the year of 158*. - The Chicago," Philadelphia, Cleveland, and Boston, stock markets also reacted badly. Commodity markets, including cotton, wheat, bar silver, and rubber, were likewise badly depressed. Strong banking support wg,a *° r t*|" comings but it failed to check the headlong decline in market 1 prices. It was the most precipitous crash since that of last November. >'■ ' A'later message states that-the > New York stock market's losses totalled well prer 6,000,000,000 dollars.

BUTTER PRICES HIGHER, ADVANCE 6/. IN WEEK. "With a rise of 6s a ewfc on the week there is a much more eheorful tone in the London butter market, which is described aa firm with an active demand and a prospect of higher prices. Merchants handling: dairy produeo for •sport aro inclined to the view that the Intprovemen t will continue. A fact which lends support to this is that buyers have been offering Is lid in Auckland* which is equivalent to a/bout 138s in London. One Auckland moi* ehant said the present offers, to buy at values substantially above the current "London rata provided a strong indication that a rising market was in proßyeefc., , s .. The increased production and the holdiagof supplies from the market by a' umber of factories during recent atonjhi have resulted -in the accnmulatim of considerably heavier stocks of djtijy produce in the New Zealand stores than wu the ease a year ago, AtMay Slat' there were 11,437 tons of butter and 12,381 tons of cheese in store, compared' with 6385 tons of butter and 8843 tons of cheese on May 31st last year. The London office of the Dairy Board reported that on June 6th 11,030 tou of New Zealand ' butter , were in atora in London, bat these were down to 10,531 tons on June. 13th,. The Empire' Marketing Board estimated stocks •f all butters on May 81st at 1,030,035 Jboxes. Is spit* of these heavy stocks the present outlook ia held to be favourable. early pact of April butter fell to lflOs is London, thelowest priee for aJao aeasoßs, but by the end of that month it bad recovered to 1335. During May : the price ' fluctuated in the vegion of 130s, and at the end of that month it suffered a further temporary drop to 1243. JVom this, point a rapid fielwwy has been made. Betail prices in London were unchanged at the ehm of the week, but the Hairy Board's London office reports that, the retail price of Iwtish butter will be increased to Is 5d perlb asfrom to-day. . The, cheese market if firm at an advanee of Is aewton the week. Thedestaad is steady, andoseagent reports : tiathigher prices are expected. ,

liOW PRICES FOR ' METALS.

EFFECT ON MINING' SHARES. (trans riws Assoeunoxr-a*"' slxctsjo - toiGSOßJurs—corraioro.) CReoared Jun®l7th, 9.16 p.m.y SYDNEY, June 17. It is many years since base metals were at the present low levels. Heavy production, ooopled with low consumptive. demand is responsible for the setback of oopper, lead, and tin, while internal troubles in China are blamed .'for'.thai drop; in silver. Accordingly the poeition at Broken Hill and llcßiat' Lyell mines is . precarious, •hares' in these concerns being entirely •ut of favour. LONDON QUOTATIQNS.

■ ■ WAndard, per os. 10 3-Ud 161146 d Ka»; per t*. .. 16& d 1615-16 d PRICE OP GOLD. fames - nutss assocutio*—bt kusctbio nasasua—coFttuoar.) , LONDON, June 16. -9k* prjee pt fold Is £4 4s Hldper.or. # ~ 1 * NATION4L DAIRY SHOW. ' " ' ■ ■■ | • (hum' AMoamosr' tsuK»uir.) PALMEHSTON" NORTH. June 17. The twenty-eight National Dairy ' Bboir opened' this morning inpclori•OaVeather.. there was a large fnd comprehensive display in all sections, «ritb. excellent entries. The abow «- tends .to Saturday night. , Hie Governor-General opena toe •bow .tomorrow, when he will be the guest of the Mariawatu A. ■ and' P. As|wsjation at a luncheon. PAYMENT FOE CHEESE. OmUB A3BOCUTIOX VTSIMZiIt.) PALMEBBTON NORTH, June 11. The annual meeting of the New Zealand Dairy Factory Managers 1 Associa-. tiOn to-night the principle- o£ ftfr cbeeae on quality according Singleton" reported that the profinest grade had seceded'to Hjw cent.- ■ ■' l ,

THE WOOL MAEKET

SALE AT WELLINGTON, j LONDON VALUES MAINTAINED. . (PEBSS- ASBOCUTIOIf TOMOttAM.) WELLINGTON, June 17. Rnfßi-iant' fleece wool was offered at the first of the ; Dominion;' winter sales held at Wellington sto-day.. to test the: market, and- prices generally - were on a parity with, tho.se ruiing at the close of" the London Bales last month. Compared with the last •of the Dominion sales in April, prices for all qualities above 40-44's Bhowed a rise of id, good lines of the same quality going up to |d dearer. ■ Some fleece wool from Dan-, nevirke Bold at up to 10Jd, and one line, of Southdown made lid. There was a large bench of buyers, practically all sections of the overseas .trade boing presented. The ; catalogues totalled 5218. bales, of which crutchings, etc., totalled over 1300 bales. No super lots were offered,' but average crossbreds met with spirited competition and at full London parity. According to one broker- there -was a < special order for good, -bright crossbreds of strong quality which were keenly competed _ for. The Continental buyers,, especially France, were the. principal operators for fleece and pieces, and they worked on higher limits than Bradford, whose representatives were somewhat reserved though they went after bright fleece at . tones. French operators bought heavily in lambs and pieces and bellies, w jiile Japan was keen after crutchings. There was good competition for medium lambs and seedy parcels sold well, prices in both cases being from par to id higher than; in April. Crutchings sold rather better than < bad been j expected. A good clearance-was effected aU round. Following is range of prices:

BONING. I The Elsctrolytic ZiHo Compwry of; Auft? ' tralasia, liimitod; supplies the following production statement:— ; Four weeks' Four weefes eadadeOth ended 39th v April, May, 1980. 1980. Of which "used-si tho work* ' .. .. .K ■ •80 ■ Silver lead product for •hipqwut to Port . Piiie for realisation: I*«rct6t»)... . .. 576 841 Silver (ounces) 42,000 48,000 MT. ISA'S ORB RESERVES. . Engineers of the Mining Trust* Ltd., consider ithat, while the tonnage of or* already proved* stamps Mount Isa as the world's greatest silver-lead'sine deposit, oca reserves will ;* be greatly- increased In the near future. ThoHining Trust reports from' liandon that, ssatpreseat known, the mineralised area at the proparty of Mount Isa Mtnas, limited, U I twoanda.halfmilesinlength, ' «td 1500 ft i to. width, andcpntalnsa- number of ore bodies. Three •of these hava-boon proved by 80,000 ft ofdismond drilling; and three and a half alias of underground development, und they show 38,000,000.'t0ns of'ore, -with , a gross value of £80,OQO,000'at• metal -prices prevailing on April 80th. when lead was £l7 IBs per .ton, lino £l7 per ton, and silvor Is 7(dper ounce. In nalther length nor depth have the" limits of these ore bodies beendetermlned. - The deepest bore hole, at a depth 'of 1000 ft, has given results which approximate those obtained on tho levels ahdve. The . total width at thia ■ point is 800 ft, and the average assay value is 6.8 par cent. , lead, 6.6 per cent.' sine, and 4.80z silver , per . ton, or, omitting. 40ft of low-grade ore, 8 per .cent. lead, 6.4 per cent, sine, and S.Sos silver. At' another point the main vein has decreased to a width of 76ft, assaying .6.8 per cent. * lead, 7.6 per cent, zinc, and2;6o* silver, but the footwall veins have increased in size and importance,, and three of thpm over, an aggrSgate width. of. 05ft have an assay value of 11.5 per cent, lead, 18.5 per esqt.; sine, and 8.40s silver per ton. The following table gives the expected net annual profit, eubject only to ta?ation, of the first ■■ 2000 ( ton,-a day unit..at, various prlees for lead. No eredit ia for sine, and silver is valued at Is 7d an ounea:—

Estimated : Estimated Lead. . annual Lead annual per ton. profit. per tool profit. £l3 .... £359,000 £22 ....£932,000 £l3. .... '327,000 £23 .... 999,000 £l4 .... 094,000 £24 ...» 1,067,000 £ls .... .461,000 £25 .... 1,134,000 £l6 .... 628,000 £26 .... 1,201,000 £l7 .... 696,000 .£27 ....1,268,000 £lB .... 668,000 £2B '.... 1,836,000 £l9 .... 730,000 £2O .... 1,403,000 £3O .... 797,000 £BO .... 1,470,000 £3l .... 865,000

AUSTRALIAN COMPANIES. Goodyoar Tyre and . Rubber Co. - (Australia), Ltd... has declared*.preference halfyearlyl dividend of : 8 per cent, /per annum, payable on July Ist. 1 Hoidern Bros., Ltd., Sydney, has declared a first preference half-yearly dividend' of 9 per cent., per annum, payable on Jane 80th. J. 0. Williamson, Ltd., has declared < a preference quarterly dividend of .8 per cent, per-annum, payable on Jane 80th. Director* of Lamson Paragon, limited, state that they regret that profits for the fixirt'half <af the:current financial year have not fulfilled expectations They feel that iu present trading conditions, and with the uncertain financij outlook, - it is inadvisable at the: present time- to pay, an interim divid-, end, but they have every confidence in the future. dunlop rubber, England. ' After the' slump of the previous year, a recovery, in earnings is shown by the Dunlop Rubber Co., Ltd., England, in its report Jor 1439. Net profit of £1,886,385 compares With £947,657 is 1893. and £2,538,876 m 1037. Dividend on ordinary shares is 20 per pent against 15 per cent, in 1908. The company'.had once more to find preforence dWdende requiring £308,750 for three of its . subsidiaries. . The results of the American company, though not fully realising exshow an improvement over 1038 No information is given in ,the report of the Australian company, in . which the parent company holds. a substantial interest, or of the. results' of the merger wjth the purely Australian , rubber companies. . DAIRY PBOPtftJE. Dalgety and. Cqmpany, Ltd.. have received the . foHowlntf cablegram .from their London office, datedJunei£th:— 1 - felfhtb - . '

- {Beceired June 17th, 8.36 ] LONDON, Jmio 13. . . ' (per ton.) Capper-— £ a. (I. Bteadanl. »pot .. 49 10 0 Stelldard, forward BO 1 8 £Wctn£yiio .. 68 0 0 -to' 80 0 0 Win bus. M 60 0 0 p.m.) June, 16. Jons 18. (per ton.) £ e. d. 47. 8 8. 47 11 8 64 0 0 68 0 0 66 0 0 mwmn:" Spot . M( Forward —■ fcii all ■ ii .» 17 17 8 „ 18 0 0 17 18 0 17 16 0 ■pNNV^ l^r ■' Sj>ot ' an IwMcd » •2**r— «. 1811 a » 17 2 8 « 184 18 9 ..136 16 8 18 8 '.9 17 1 3 188 8 0 155 8 9

Medium Half hired, ■' 50-5& — Average , ... - «• d. d. 9 to 10* Coarse Halfbred, 48-50— • o 00 9| Average ... ••• Fine Crossbred,, 46-48— Average: , .— 8} to iU Medium Crossbred, 44-46— 8 to 9* 8 Average . , Inferior 5 to Coarse Crossbred, 40-44 — 9J Super ... .» oi to Coarse Medium Crossbred. 4i-46— Average ... , 8 to 9| 8 Inferior ... o to Coarse Crossbred, 40-44— 8| to 9* Super - - Average ... ' «• 7$ to I 1 Inferior .»• 6 tor '8 Hoggets— 9i to ; 9J 48-150 ~ ' — 46-48 (fine) 8J to 9J Lambs — Fine ... ... 8* to 10* Seedy and interior, all grades •4 to <n Bellies and 1 Pieces— n Merino,' low to medium ■— to Crossbred,, good to super. 4 J to 8 J Low to meaium 2 : to 6J Crutchings— : - — to 6i ..«» Halfbred : . 5* to 6i Crossbred, superior ... 7 to Medium? to gpod . . 6'' to 7 Seedy and : inferior' - ... 3} to 6 : Locks apd' st&iried pieces tp' 31