MINING.

Press, Volume LXVIII, Issue 20493, 11 March 1932, Page 12

MINING.

MAHAKIPAWA GOLDFIELDS. Mr J. I'. Templin, chairman of directors of Mahakipuwa Gold fields. Ltd.. reported last night that the following telegram was received yesterday from the mine manager, Mr K. M Barrnnce:—"Good gold _ has been struck three feet south of No. 8 east cross-cut. A selected kerosene tin of wash gave '•4oz. including one nugget of 'Jnx Sriwt." AMERICAN GOLD. THE STANDARD SAFE. During the past lialf year the gold holdings of the United States decreased by 1.000,000,000 dollars. According to the Federal Deserve Board these holdings now amount to 4,007,000,000 dollars. The rapid decline has raised a question whether the United States would not suspend the gold standard. Even in the Republic that fear has been expressed. The amount still held it! a guarantee that there, will be no suspension of the standard. With 40 per cent, as the minimum gold holding ngainst paper iu circulation, the it mount now held would provide for a maximum paper circulation of 10,000,000,000 dollars. On January 14th Federal reserve notes in circulation were 2,085,770,000 dollars. With tho object of dissipating the fears which have been expressed, the "Guaranty Survey," which is Ihe organ of the Guarantee Trust Company of New York, writes that it is difficult to understand how anyone can seriously entertain such a notion at a time when approximately one-half of the world's money gold lies in American bank vaults, and any doubt on the subject should be dissipated by the ease with which foreign demands are actually mot. "If the gold standard," the "Survey" continues, "is not safe in the" United States at present, then it never has been, and never will be, safe anywhere. Even in the remote contingency that ell foreign short-term balances now outstanding in the American market ehould be called home at once, the demand could be met without reducing the gold reserve of tho country to a dangerous level. Any serious consequences that might follow such a development would be purely psychological in their origin. "If a forced suspension of the gold standard in this< country under present conditions is out of the question, its voluntary abandonment is hardly more ! conceivable. The United States has maintained tho integrity of its currency for more than half a century, with highly beneficial results. To alter that policy would not only work great injustice as between debtors and creditors, but would shatter the faith of the people in currency stability, creating doubts that would continue to exert their paralysing effects on economic activity for years to come. The huge stocks of gold in the United States would decrease in value, and this country would be tho loser. To offset these disastrous effects, the only clear advantage from the Government's point of view would be to reduce the burden of public indebtdenes; and this end would bo achieved at the expense of citizens who, in good faith, had lent their money to Federal and local Governments. The situation is not likely '° r cac ' 1 a . P°' nt . where ,such -step b« either necossarv or ju^tifiNESTLES AND VALUE OF ADVERTISING. J '"l'lie extraordinary restoration of Nestle fortunes," writes the "World's ? ress News," certainly proves the case in iavour of large-scale advertising, I and is worthy of study by those smaller companies which adopt the shortsighted policy of spending less on-ad* verti.sing direetjy depression or misfortune comes along. "The Nestle and Anglo-Swiss Condensed Milk Co. controls Peters, Cailler, Kohler, Chocolat Suisses and other undertakings. Soon after the War it found itself in difficult circumstances, and in 1922, which was really the first year of its recovery, profits were insufficient even to pay the preference dividend. In the following year there was a jump in net profits from 3,100.939 francs to 10,280,581 francs, an improvement which continued until the 'peak' year of 1929 yielded a net profit of 28,234,897 francs. In the last six years the ordinary shareholders have received an annual 5 per cent, dividend (the first year of dividend resumptions being 1925), and in the last two years they have been given an increased bonus, in addition to their dividend of 11 per cent, per annum, making a total in each of the last two years of 16 per cent, on the ordinary capital."

CHRISTCHURCH STOCK EXCHANGE.

; YESTERDAY'S TRANSACTIONS. Tho recorded turnover on call yesterday was the smallest daily total this Dealings were restricted to a few stocks. Government issues were firm at recent levels. Transactions, exclusive of vestibule business, were:— 50 E., S., and A. Bank. 13 Bank of New South Wales. 100 Bank of New Zealand. 100 N.Z. Refrigerating (10s paid). 300 Golden Dawn. 200 King Solomon. 2000 Mahakipawa. 100 Okarito. English, Scottish, and Australian Bank shares weakened to £4 2s 6d, closing quotations 6d on cither side. Bank°of New South Wales changed hands at £25, buyers staying in at that price, sellers at £25 ss. Bank of New Zealand were firm at 42s 6d, cJosing quotations 42s 4d buyers, 42s 7d sellers. Union Bank of Australia shares de- j clined to £6 17s sellers, £6 14s buyers. Other Bank stocks were firm at late rates. - . Miscellaneous. Sellers of National Insurance shares came down to 12s Id, buyers at 31s 9d. Goldsbrough, Morts were easier, with sellers at 21s Bd, buyers at 21s 3d. Buyers of P. and O. Deferred Stock advanced their offers to 245, sellers firm at 295. N.Z. Eefrigerating 10s paid shares were fractionally firmer at 3s 7d, buyers staying in at that figure, sellers at 3s 9d. Buyers of New Zealand Breweries shares raised their bids to 22s Bd, sellers at 23s 4d. Buyers of Oolonial Sugars moved up to £36 7s 6d, sellers at £37 15s. Electrolytic Zinc preference were stronger on buyers' offers at 20s 9d. sellers at 21s. Mt. Lyells were easier with sellers at 19s sd, buyers at ,19s Id. North Canterbury Co-operative Flournulling shares, cum dividend of 7£ per cent., claimed stronger buyers at 10s lOd, no sellers. Golden Dawn Gold Mining relapsed to 6s lOd, buyers staying in at that price, sellers at 6s lid. King Solomons were firm at ,1s 4d, market closing at Is 3Jd buyers, 3s 5d sellers. Mahakipawas changed hands at 2*d, and there were further buyers at that figure, sellers at 4d. Okaritos remained unaltered at 2h<l, and there were further sellers nt that price, buyers at 9s lid.

YESTERDAY'S SALES.

SYDNEY. The sharp rise in sterling was responsible for the activity in Commonwealth Bonds on the Sydney Stock Exchang?, yesterday - (reports a Press Association cable message). Most issues hardened.

P. AND 0. STOCK. (UKJTKD MESS ASSOCIATION—BY ELECTRIC 'tTIEGRAPH—COPYRIGHT.) (Received March 10th» 5.5 p.m.) LONDON, March 9. Peninsula and Oriental deferred stock is quoted at 22s 2sd. . CANADIAN DAIRYMEN. LEAVING THEIR FARMS. The low price that has been ruling for dairy produce on the world's markets has hit Canadian daily farmers' very hard. Formerly they had a good market, for their surplus cream in the United States, but now that their big neighbour has practically prohibited dairy imports they find themselves v in a very awkward situation. In a report dated January 29th, Mr J. W. Collins, New Zealand Trade and Tourist Commissioner, states that stocks of butter held on January Isttotalled 24,000,0001b, an increase of 42.79 per cent', on the five-year average. If production and consumption both remain the same for the remainder of this winter as they were in December, the cities of Montreal, Toronto, and Winnipeg have from three to four months' supply. ' s The United States holding of creamery butter for January Ist, 1931, was 03,401,0001b, and on - January Ist, 1932, 2<3,550,000ib; average, 53.931,0001b. Dealing with Canada's production of butter for the 11 months ending November, 1931, official statistics show an increase of 38,674,5271b when compared with the eleven months ending November, 1930 —equivalent to 16.2 per cent. Continuing his report, Mr Collins says: "An important factor which has aided production during the present winter season has been the mild weather experienced, enabling cattle to lie grazed in the open for many weeks longer than is usually the case. Up to the time of writing, Eastern Canada has experienced the mildest winter in possibly 50 years. The pastures ol Ontario and many parts of Quebec have been free from snow, and outside temperatures have reached record high levels. Tbe same weather conditions are being experienced throughout the Eastern States of the United States. ! In fact, the weather conditions in I Eastern Canada and the United States ! have been so mild as to increase winter production to a point much above the average level. "Newspaper reports show that there is a good deal of hardship and loss being experienced by dairy farmers consequent upon the low prices received for milk and butterfat. It is alleged that the industry cannot continue -without some measure of Government i assistance, and paymen:. of subsidies has been suggested by Quebec farmers as the best means of enabling the farmers to continue. A deputation representing 10.000 farmers recently waited upon the Premier of Quebec Province, Mr Taschereau, and threatened to 'valk off their farms unless immediate assistance was rendered. "Butter is being letailed to-day nt Saskatoon at 25 cents for 21b. and in Toronto and Montreal at 43 cents (equal to 6id and 10$ d per lb respectively)." Writing to the Editor of the "NewsChronicle," London, recently, Sir Hugo Hirst, Bait, of the General Electric Company, states: A period of depression is a form of competition which stimulates enterprise. Necessity is the mother of invention, and if purchasing power is diminished, costs must be reduced, and ways devised to supply and create new demands The General Electric Company has intensified its researches in order to give better value, with the result that we are now embarking upon a large advertising campaign in the daily Press to bring our offers before the public, and sell our output more rapidly and economically than would be possible by other methods.

AUSTRALIAN PRODUCE.

SYDNEY MARKETS. tUXITED PRESS ASSOCIATION—BT ELECTS IC TELEQHAI?a— copvrisbt.) (Received March 10th, 8.58 p.m.) 'SYDNEY. March 10. j. Wheat—Ex trucks, Sydney, 3s 3d; coiiai try stations, 2s 7d. Flour—£lo per ton. Pollard—£s Se. Bran—£4 10s. ' \, . Potatoes —Tasmaniau £lO 10s, Victorian £8 10s - , , , ~r Onions—Victorian and lnew Zealand, £l«>. Oats—TVhito and Algerian, 2s 6d. Maize—4e. ADELAIDE MARKET. (Received March 10th. 0 p.m.) ADELAIDE, .March 10. Wheat —3s Id. I'lour—£S. Pollard —£5 10s. Bran—-£5 ss. Oats —Is 0dTALLOW MARKET. STOCKS IN LONDON. tVN'ITED PfIESS A SSOC f"A'C 10 X —BY ELECTRIC TFLUGBAPii- —COPYRIGHT.) LONDON, 9. Tallow stocks at the end of February were as follows: Casks •• •• Imports •• •• •• Deliveries ... •• 1180. FOREIGN EXCHANGES. (BRHIiJI OFFICIAL YUEEUSSS.) (.Received March 10th, 5.5 p.m.) RUGBY, March 3. The following are the current rates of exchange, compared with those of March

NEW ZEALAND MEAT. RETAIL PRICES IN LONDON. ; Th» Xew Zealand Meat Producers' Boavd lias been advised by its IVgndon manager that the following prices ara being quoted ff>r New Zealand. lamb and mutton retailed in London on March. 4tb, 1932: > : Per lb.

DAIRY PRODUCE. ■ x'he Now Zealand Loan and Mercantile Agency Co., Ltd., liave received & cablegram from their London officegiving the following information, under date March '9th:— Butter—llls to 112s. .. Cheese—6lg to 62a. j Markets quiet. JOHNSONVILLE STOCK SALE. At the Jphnsonvillo salo on owin'g to the limited yarding, cattle were in keen demand, and the market showed' a firmer tendency as compared with last Peek's . e " . Sood sale of sheep resulted" at prices in advance of last week's rates, wethers by Is per head and good ewes by 6d to Is per head. Lambs met with a fair demand " at last week's rates. Bullocks sold to £7 15s, runners to £2, vealers to £1 lis, prime heavy wethers to 14s Bd, medium to 12s, light and unfinished to 10s 6d, prime heavy ewes to 9s 6d, medium to 7s 6d, light and , unfinished, to Gs Bd, and lambs to 12s 6d. TEMUKA STOCK SALE. As the result of keen competition lor all classes of fat stock at the fortnightly Temuka stock sale on Tuesday, an improvement in prices was noted. In fat cattle and fat lambs the rise was most noticeable, although a few pens of store sheep also sold Well.; The yarding generally was of good quality. There was a good yarding of fat cattle, steers selling up to £B' 10s, and lighter weights from £5 to £5 15s. Best cows brought from £4 10s to £5 10s, fat heifers £6 10s to &7, and vealers from £1 to £2. There were a few dairy cows offered, keen competition for these resulting in sales of. from £o to £7. A few stores sold at late rates. „„ Totalling approximately 1000, the fat lamb yarding was keenly sought after, prices rang* f«L.. e j We - en 12s Rnd 16s 7d - Fat sheep were lorward m average numbers. Prime fe iS h ? d from 20s to 225, best ewes to 9s t0 and Ught ewes froltt 78 1 befs tC »^ S !l e?P c » me , forward in large numP"ces, m the circumstances, showed i fromllf t a a 6 m®*' Good ra P e lambs sold sin ill wir 8a Gd ' Emall ewes 2s to ss, "and small killing wethers 8s 6d to 10s. rates' 0 i, P '" SS dro . P]ped subtly below late weannrJ 1 bei "ff,<m>te a large entry. Good slinf io, ?? se 4 d I I 8 r nds M fr » m 6s to 10s, and baTCier, £2° ss '• POrkm 26s io ■ :50s - STUDHOLME SALE. v, ' a \. a big yarding of sheep at Studl,»it Junction stock sale yesterday. The uik were stores, and the market was gener- - anJ .? ood - yarding of cattle was small H r V va . s a demand for fats, following prices were realised:— ,/J Sheep—Thirteen ewes at 12s 6d, 28 4n i E ft 3d ; I 9 8t 8s 3d - 18 »« 7e 9d, 24 at "J* 68 ®*. 24 6s. !t at lis,' 20. at T V Sn, 9d ' 1 Avetlier at 15s 9d, lsfL KA bs 7?i ffhteeD at 138 3d. *so'at; 12s firf' 9 M . 8 L 12s 9d ' 53 at 12s Bd, 4 at Ito™ 8 a, #t 138 0d - lat 13 * 4d. 0d 88 Sheep—l 32 two-tooth ewes at 9s 9s' 2d fi7 # ' two-tooth wethers at 48 falJlJr*. a » d six-tooth ewes at 75,. 298 !!Lj ud s >x-tooth wethers at 7s lOd moutW M,*"2? at - 4s 7d ' 8i) filing: ewas lit « <l, od - 50 at Is, 67 at 9a 16 - 88 w»tl. ' 8 at ' 48 9d - "t 3s' 7d Hs,llo »r " 8« ««. 73 « famb® at 2a eV' 102 »t »S 4d la\ a, i' fiJ ,a^ bs at 2s 275 **cUtfi «t 0s id, 20 nt 118 10d - 12 St l ii « ™ 8 ' steers at £i 10s, and £3. " ry cows 4t 15s,

LATEST QUOTATIONS. Buyers. Sellers. £ s. d. •£ e. cj. N.Z. Government Debentures— 4% L>cr cent, lnscribeu 1935 ..... 93 10 0 <£ ]MT cent. Bonds, J 939 90 iO 0 93 0 0 ii per cent. Inacribsd. 1041 — 95 0 0 oi per cent. Inscribed and Bonds, 1933 93 0 0 99 0 l> SJ per cent. Inscribed, 1937 97 5 0 07 15 O 54 per cent. Bonds 1937 98 0 0 9S J2 6 Other Debentures— Christchurch City, Si )>er cent., 1934 On 10 0 Christchurch Drainage, •>2 per cent., 1937 . 99 0 0 Christchuich Traras, 52 per cent., 3941 99 30 0 Christ/church Gas, oj per cent., 1931 on u o 100 JO 0 Banks— Australasia (cum dii- ) 8 15 0 9 1 (1 Comm. of Aud. 0 13 .11. 0 14 0 Comm. of Aust. (pref.) fi 2 f. K., S., and A. 4.2 0 * 3 o v Kitiohal of. Australasia (i'I0 paid) y 9 5 0 . 10 7 ,0 National of Australasia ;(£5 paid) .. i 15 0 4 18 0 National of N.Z. 3 S 0 3 9 0 Sew South "Walts M 0 0 25- 5 0 New Zealand ... 2 2 4 2 2 7 New Zealand (D Mortgage shares) 14 0 _ Union of Aust. . ., 6 li 0 6 17 0 InsuranceNational .. ,, o u n 6 .12 1 New Zealand .. 1 15 6 .1 17 0 Loan and Agency— Christchurch Building Society __ 12 10 C Dalgety and Co. 7 2 6 .7 8 0 Goldsbrough, Afovt, 1 1 3 1 1 S N.Z. Guarantee Corpn. 0 3 8 0 4 3 United Building Society (cum. ' div.) 0 l i 0 : 0 16 0 N.Z. Loan and Mercantile (ord. stock)' _ . 40 0 0 Permanent Investment — 10 0 0 Shipping— Huddart-Parker (cum div.) 11'6 P. and 0. Deferred Stock .. i .. .14 0 1 9 0 Uniou (pref.) .. 0 19 9 Frozen Meat— Canterbury (ord.) 2 10 0 N.Z. Refrig. (£L paid) 0 9 7 0 10 1 . N.Z. Refrig. (10b paid) 0 3 7 0 3 9 Woollens— Kaiopoi (17s paid) 0 5 6 0 7 9 Coal — Westport-Stocktoii (ord.) 0 0-1 0 o' 9 Gas— Cbrietchurcli — 1 4 G Christchurch (103 paid) 0 11 0 Timaru 0 18 0 Breweries— Monteiths .. 0 13 9 New Zealand .. 12 8 13 4 Staples 1 1 0 13 0 Tooths .. .. 12 6 1 3 fi "White Star 0 10 0 Miscellaneous— Allied Motors .. .. 0 0 4 0 13 Australian Glass 19 0 Amalgamated "Wireless (contr., cum div.) .. 0 12 6 Australian Distillery .. 0 16 0 Beath and Co. (cum div.) ■. o GO o 116 Heath and Co. (pref., cum div.) .. ../ 0 19 9 18 0 British Tobacco (cum div.) 1 5 4 1 0.3 Colonial Suga? 36 7 0 37 13 0 Dunlop Rubber 0 9 0 0 10 6 Klectro. Zinc (ord.) 0 12 0 Electro. Zinc (pre/., cum div.) 10 9 1 1 0 Glenmore Brick and Tile 0 16 0 Kauri Timber .. 0 7 2 >It. Lyell 0 19 1 0 19 5 N.Z. Drug Co. (cum div.) 2 8 0 y.Z. Farmers' Co-op. (Gl per cent. Stock, 1940) 43 10 0 45 17 6 X.Z. Farmers' Co-op. (Gh per cent. Stock, 3945) 41 0 0 Norl-h Canty. Co-op. Flour (cum div.) 0 10 10 United Pictures (cum div.) 0 10 6 .10 0 Wilson's Cement 13 0 I 9 0 Woohvorths (N.Z.), pref., cum rights .14 6 Woehvorths (N.Z.I, pref., rights 0 2 6 0 3 6 MillingAlexander (contr.) 0 9 3 0 11. 0 Cornish Point 0 0 1 0 0 2 Golden Dawn .. 0 6 10 0 0 31 Golden Point .. # o 0 0 S Kawa rau 0 0 2 Xing Solomon 0 1 3i 0 15 Mahakipawa •> 0 2£ O 0 4 Mahakipawa (pref.) 0 0 3 0 0 5 Okarito 0 9 IS 0 9 24 Waihi 0 15 3 0 16 ti Waihi Grand J unction 0 3 ;s n 3 9 Black-water 0 5 9 0 6 9 Consolidated Goldfields 0 1 e 0 4 0

CHRISTCHURCH. Sales on 'Change— £ s. d. E v S., and A. Bank (2) 4 2 0 Bank of N.S.W. (2) 23 0 0 Bank of New Zealand 2 2 « N.Z. Refrigerating (10s pd.) 0 3 7 Golden Dawn .. (3) 0 G 10 King Solomon 0 1 4 Mahakipawa .. (3) 0 0 Olcarito .. (2) 0 9 21 AUCKLAND. Sales on 'Change— £ s. d. Inscribed Stock, 1937, o\ per cent. 97 12 6 97 15 0 Auckland Electric Power Board, 1945, 5J per cent. 97 10 0 Bank of New South Wales 23 17 6 Bank of New Zealand (2) 2 2 ti New Zealand Guarantee Corp. (ord.) ... . 0 4 0 New Zealand Breweries ... 1 'i u Thames Theatre 0 7 6 Wa-lii (.» ifi 1 WELLINGTON. Sales Reported— £. s. d. Goldsbrougli Mori. i 2 0 4i- per cent. Bonds, 1539 .. 02 10 0 DUNEDIN. Sale Reported— I' j. d. National Bank of New Zealand 8 0

Morning sales: — Bonds, 4 per cent.. 1951-57 90 s. 15 d. 0 90 17 0 Bonds, 4 per cent., 92 <)o J 7 92 i 10 0 0 Tooth's Brewery 1 5 7-i Closing sales; — Bonds, 4 per cent., 1938 .. 94 13 9 Bonds, 4 per cent., 1941 93 0 0 Bonds, 4 per cent., 1947 .. 92 2 ti Bonds, 4 per cent., 1951-55 90 15 0 Bonds, 4 per cent., 1951-53 90 12 6 Bonds, 4 per cent., 1951-57 91 5 .0 Bonds, 4 per cent., 1951-59 92 0 0 Bonds, 4 per cent., 1951-61 92 5 0 South British Insurance .. o 18 3 Queensland Insurance o 5 0 Bank of New South Wales 29 5 0 National Bank, Melbourne Register (£5 paid) .. 5 10 0 Colonial Sugars . • ■ 41 15 0 Goldsbrough Mort 1 4 6 Tooth's Brewery . 1 5 9 Tooth's Brewery, New Zealand delivery1 5 <5 Australian Glass .... 1 14 British Tobacco 1 10 0 Broken Hill Proprietary .. 0 15 6 North Broken Hill 3 7 6 Sulphide Corporation 0 10 6 MELBOURNE. E.S. and A. Bank 4 10 0 Goldsbrough Mort 1 4 6 Australian Glass > .. 1. 14 0 Dunlop Perdriati 0 11 0 "Herald and Weekly Times'" 2 2 6 South Broken Hill 2 <> 0 North Broken Hill 3 7 o

6th and par: — Pa>. Mch. 8. Holi. 9. Paris, i'r. to £1 124.21 94J 94 Kuw York, o'ol. to ±T 4.866 3.71% 3.69$ Montreal, dot. 10 £1 4.8GG i. 1.04 4.12 Brussels, belgas to £1 33 2G.75 26 9-16 Geneva, Ir. to £1 2y.22<; 191 19.074 Amsterdam, fl- to £1 12,107 9.24 9.18 Milan, lire to £1. 53.43 71 71 1-16 Berlin, reichmarken to £1 .. •20.48 - 15S 15.4-3 Stockholm, kr. to ill la.isy IS.li'i Copenhagen,,kr. to £1 18.159 13.134 18.13 Oslo, kr. to £1 18.V59 13.37^ 18.35 Vienna, scbgs. to £1 31.685 32 32 (nom.i (nom.) Fvague, kr. to £1Heisingfors, marks to 154.2G 123 124i £L 93.25 217J 2171 Madrid, pesetas to £1 .. 24.225 48f Lisbon, escudos to * £1 . ... 4.50 1092 na Athens, drach to £1 37 5 385 280 Bucharest,' lei to £1 816-f. 592i G25. Eia de Janeiro, penco to milreis 4.9S8 ; 4 i 4 Buenos Aires, penco to' dol. 47.577 36 1-16 Montevideo, pence 1o do). 51 30J 28i Bombay, pence to <nom.) rupee 16 IS 3-32 18 9-64 Shanghai, pence to taol 2H 22 13-16 21 9-16 Hong Kong, rcence to dol ... 21 16 15-16 16 4-1S Yokohama, pence to yen ... .. 24.85 I8i 202

: Lamb— - <3. Lega , .. 11 Shoulders . mm - ■ .. 10. ' Loins .. 9 , _ Necks .. i ' Breast# ' .? ■ ..3 l'orequarters ~ .. .. 7J Hindquarters , .. 10 Mutton (wether)— Legs .. '8 Shoulder* .. 7' Loins ' Necks ,, 3 Breasts .. S