SYDNEY WOOL SALES.

Press, Volume LXVI, Issue 20091, 21 November 1930, Page 12

SYDNEY WOOL SALES.

PRICES CONTINUE FIRM. *»<><. USIOK-r.y r LH:rll , •IELEoaxPU-cori-Bica,.) (Reccivcd S\ DNL\ i November " r i At thu wool sale,, 9984 bal es offered, of which 9-14-1 were sold 41SS9 bales were disposed of priV,\ e Tv Prices were hnr,, and tliero was m ell cellcnt Japaneso and Continents do- • wand. Oroasv merino brought 23!." | AUSTRALIAN WHEAT | CROP. | fedekal CABINET acts. • i lJcceiveJ November 20 ih, i<j p. m ,) • CANBERRA, November 20. j Tiio Acting-Prim,} Minister, Mr ,1. E. Fcnton, rc-fcrrinp; io the[■light of the whesafc-growcrs>, said he j had i-able.l to London buggosting that, Mr i'. J- Molonev, Minister for Market*. should visit Canada and the Lnited States. to riicc'i'tain whether united action could be taken in regard to marketing this year's wheat crop The Government would also confer with the Commonwealth Bank :tr.d State Governments, and try to evolve a method of film no-nig the coming harvest, which i-; likely to be a bumper one. | RUST IN ARGENTINE. HEAVY LOSS EXPECTED. (twiri-Li rncss liaocuucs— b* ui^criiig TELEGEAPII—COPVHIGET.; (Received November 20th, 7 p.Li.) BUENOS AYRES. November 19. The Argentine Ministry of Agriculture euti mutes that 2,000,000 tons of wheat will b' lost in the fcext harvest because of rust. Th< area aCfected is about 11,800,000 acres.

CHICAGO QUOTATIONS

NEW YORK, November 19. Chicago vheat —December 73J. March 712, May 8b i, July 7:! J cents a bush*!. METAL PRICES. PROSPECTS OF IMPROVEMENT. "The fal'. ::i commodity i-rifx h&j overdone.'' declared Sir Robert XlOi'nc, chair* xnaii of the Imperial Smiting Corpora tier, at tho annual nieetin? in London last raoath. ••There bavo been similar occurrences in the past, but none so wide in extent or to serious in result. If experience f umieh'-.-j any gufde it would appear saac* to expert the great ?ap between the Belling prices of commodities and thrjr cott of production to be bridged—it> greater by lowered costs, and, to & lesser extent, by some recovery *n prices from present depressed levt>U. The prospect of rap:d recovery is, however, far from promising. No group o? industries has felt the effects of the world-wide; industrial malaise more j-everely than thn / baßo metal industries. We have to accuetom ourselves to a lower level of prices, but by economy and sacrifice, fairly distributed among all concerned, we fe**l that we car; face the future "with cfllm. While prices for both and copper are very much below the le»vel for 1913. spelter is to-day no less than £9 per ton below tho level o? that pre-war year, and silver lower by lOd per ounce. Spelter to-day is at a price at which tho world can expect to obtain only very small proportion of its requirements. As the owners of the National Smelting Company, ■we we deeply concerned in spelter, vrhile lead, copper*, and silver are among the chief interests of the external investments from which our income flows. Our revenue.!herefore, is acutely affected by the drop fn metal prices, and as lone af abnormally !ov/ values prevail it will continue to suffer." Sir Robert explained the arrangement made with Australian producing companies to meet most of the corporation's estimated requirements of raw materials for years to come. Together with the. Klectrolyilc Zinc Company of Australasia, Ltd., the corporation had agreed to purchase from North Tirol;en. llill, Ltd.. Broken Hill South, Ltd., and Zinc Corporation, Ltd.. their output of zinc concentrates over a period of years. The contract provided for the close association of tho various interests in developing: the British zinc industry, carried privileges t-o the sellers in the event of improved processes, and granted them an option to increase their investment in the. corporation's capital in accordance with the tonnage of concentrates delivered. Tho contract would be of substantia! help in maintaining and extending the industry of the Empire. SKIN SALE. li&lgei:' and Co., Ltd., repori held a »alo of sheepskins at their wool Btore, Moorhouse avenue, yesterday. There was th<i usual attendance of buyers, and competition was fairly keen. Trices showed little from the previous sale. Tho ra-nge of values was as under: — T>e?d r.urf Sou ci. iaulty. Merino — d. d. d. d. Full-wool'od A to .j •-» Short to J-woolled ij 'J&, HaUbred— Full-woolled . . ft J to 04 52 to -i Short to a-woolled to 3 Three-quarter bred— Full-woolled . . 5J *i to 35 Short to &-vrooled 4 to 2 Crossbred— Full-woolled .. 41 j 4 Short to J-woolled Tt£ to 35 :: Halfbred hoggets . . 3?, Crossbred hoggets . . 4j 2^ Pelts . . 2J to 3 1 10 1.3 AUSTRALIAN MINING.

RUINED BY STRIKES

''Because of labour conditions, Australia, with almost perfect conditions for mining its rich ores, cannot compete against other countries that work low-grade ores and have great natural difßcultien." said Mr A. S. Ltlburne, managing director ot the Raub Australian Gold Mining Company in the Federated Malay States, in Sydney the other dav. Mr Lilbnrne formerly managed six gold mines in Western Australia.

Mr Lilburno paid it was not necessary to compare Australian conditions with those at tho Knob mine, where J 000 Chinese were employed, but whero tho work -was dono ■wholly hy white the comparison wa3 rttill t-o Australia's discredit. At the sreat Hollinger gold mine in Canada dividends up to £1,000.000 were paid each year. This was done in the face of blizzards and snow. For four months of the year the temperature was 20 degrees or so below freezing point, and every part of the mine machinery had to bo covered to Veep it in commission. "Even poppet heads and pit wheels had to bo protected. Tho comparison between, the two countries did not stop with natural conditions. Mr Lilburne said that the ore at tho HoHinper mine gave about 20s or 24s of gold per' ton. In Australia many mines which would give SOs per ton were idle because oof labour troubles. MOUNT *I3A PROSPECTS. Whether dealing with finance or with mining technicalities, Mr Leslie Urquhart'a speech at the Mining Trust's first ordinary meeting to-day was a model of cogency and concision. says the London '"Daily Telegraph." The issue of 1.245.953 shares to the American Smelting and Refining Co. turns out to be the inauguration of a partnership fraught with great benest to the Minir.g Trust. Unexpected delays in starting the mill at Mount It-a entailed the provision of finance beyond the power of the trust in present financial conditions at Home. The Amen can company bought 498.395 Mount Isa reserve shares at £1 when the market price wßs 16s* 6E< * agreed to hand these over to the Mining Trust on 'the same terms as the latter acauired its original Mount Isa holdia- namely, 2$ Trust shares for one Mount Thi j transaction was mad© possible by Urcsuhart- c&scfcUias, irii&iout ccei ty

the Treat, his options over 467,500 of Ha shares. Thus the Trust preserves a 75 per cent, interest in the Mount 'lsa property, for which its group had already furnished £2,600,000 in cash in two years. As part of the arrangement the American company puts "its unsurpassed mining experience and splendid technical organisation' * at the service of the Trust for ten years, charging nothing but out-of-pocket expenses. That Mount Isa is •worth all the thoaght snd money expended is cfear. There are 32,000,000 long tons of proven silver-lead ore reserves, and the assays are better as depth is reached than in the higher levels. The mine is within sight of the production stage, and at the projected rate of 2000 tons milled per day a profit of £600,000 a year is indicated, even v.-ith lead at» ita present low price.

AUSTRALIAN PRODUCE. . SYDNEY QUOTATIONS. (Received November 20th, 8.30 p.m.) SYDNEY, November 20. "Wheat is easier in tone. Ex trucks, Sydney, 2s 6Jd t equal to Is Hid at country stations. Flour is very quiet at £3 10s. Bran and pollard—£4 ss. Potatoes—Tasmanian £lO, Victorian ar.d local £6. Onions —Victorian brown £± 10s, Globes £3. Oats—White 3s 3d, Algeria*! 4b 3d. Maize—4s. ADELAIDE, November CO. Prices at Adelaide: — Wheat—Cs sd. PI our—£7 5?. Bran—£4. 10s.. Pollard—£s. Oats—Algerian

LONDON TALLOW SALES. LONDON, November 19. • At the tallow sales 465 casks were offerod and 154 sold, prices being unchanged. Mutton—Fine SOs 6d, medium 25s 6d. Beef—Fine 31s 6d, medium '2ss 6d. Dalgety and Company, Limited, have received the following cablegram from their London office, dated November 19th:— Ta-llow—At the auctions this week -465 casks were offered, of which 23 per cent, were sold. Prices unchanged. £ Tho Bank of New Zealand has received the following advice from its London office, under date 29th instant:— Tallow—The market is quiet. Current cjuotatioiis: Good mutton 28s 6d per cwt, good beef 27s to 27s 6d per cwt, good mixed 27s per cwt, gut 22s to 25s per cwt. CLEARING SALE REPORT. Jones, McCrostie Co., Ltd., report having hoid a successful clearing sale in their roomy on Wednesday, Amongst the articles sold the following prices were realisedCarnet £l3, ditto £3. dilto £6, ditto £6 10s, ditto -5 10c, rug £6 ss, ditto £4, ditto £4, ditto £4, Axminster carpeting £25 15s, Vacuum cleaner £l2, radio £4 ss, gramophones £4, £4 2s 6d, £3 ss, £2 10s, £2 7s 6d. £2 5s od, sideboard £3 15s, encylopsedie £4 10s, office desk £2 12s 6d, Japanese vase £1 17s 6d. bookshelves £2 2s Gd, duchesse chest £cJ 10s, linen cupboard £2 12s 6d, hallstand —2, roll-top desk £4 las, sideboard £3 2c 6d, dining table £3 10s, wardrobe £3 10*. sewing machine £2 ss, duchesse che6t £2, secretaire £2 17s 6d, • clock £1 15s, 4 <iaa -of honey £5, tgletcope £l-