Commerce, Mining, & Finance

Evening Star, Issue 21747, 15 June 1934, Page 7

Commerce, Mining, & Finance

BRITISH GENIUS FOR FINANCE Professor Alssada Comstock pays a grudging, but none the less real, compliment to the British gmriuster managing finance in an, article, -Ine -irefence of Sterlingaria,’ in ‘ Current- History,’. describing the efforts ot Britain to control the value of the pound by supporting sterling through the estaolishmcnt of the Exchange Equalisation Fund. Describing the result ol uts workings, the professor says-that by the middle of January, 1933 (after the payment m December, 1932, to the US.A. of war debts instalment) a third of the gold paid to the t.S. bad returned to London. By the middle of April three times as much S° ,d as had been paid to the U.b. m- December had been sent to the vaults of the Bank of England . . . when the American gold embargo was declared. • • • -The- gold dram Mas stopped.” ■ ■■ - HUGE PROFITS IMPERIAL CHEMICAL INDUSTRIES Imperial Chemical ludnstries after writing off for depreciation £1,000,000, and providing £662,340 for show net profit amounting to £b>ool, boTan increase of 27; per cent, or £!,- 372,523. The profits for IWner cent, above those ol 1931. .Cuts m wages and reductions in salaries weie Ztored during the cash resources amount to £8,264,00.. AUSTRALIAN COAL SHIPMENTS 208,542 TORS SHIPPED LAST MONTH • The quantity of coal, including bunkers.'shipped at Newcastle. for places beyond tb© btate was -08,54-. tons—the highest total since May last year, when ,214,196 tons, were loaded. The month’s total is easily the .biggest since May, 1933,. the previous best being February this year, when 193,802 tons were exported-14,740 tons less than last'month. A ' The 1933 May t<?tal of 214,190 tons was the highest since February, 1929, when 310,218 tons were shipped. Other big totals since 1929 are 218,650 tons in July, 1930; and 207,824. tons m June, 1931, so that last month s total is The third best since the record shipment of 1 e ffigher’ totals were recorded every month this year, except in March and May, than for the corresponding five months in 1933, but despite this Mho total amount exported tooftethisvear is 0n1jr 7,709 tons greater than for the same period last year. The small increase due to the tact. that the SiV S sbipped in Maixh Jins year was 54,774 tons less than in 1933, while the export for January, February, and ‘April this year was 68,371 tons above fast ■ year’s total for the, same three ™The dotal for the five months this , year is 900,708 tons a . m ° Unt shipped in April was 178,607 tons. Of the May . shipments 8,405 went to New Zetland! and 1.610 for New Zealand blinkers.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph-Copyright. SYDNEY, June 14. On the Stock Exchange investment business continues quiet, fiducial yea - end conditions being apparent Com monwealth Bonds were a notable esceptibn in the market, m which values were 'inclined to sag. The call was unduly prolonged by mining bU Later Sales'—Bank of New South Wales. £3O 7s 6d; Comnicmalßankot Svdncv £17.55: Union Bank, iiu, Colonial -Sugar. £6(5 10s: Howard Australian Gas 4 A). £7 »v*SMS Gas (B) £8; Tooth’s. £2 2s 9d, pri t& Tobacco. 37s 9d i Dunlop Perdnau 18s; Henry Jones, 3Asy David Jones. 38s 3d: Anthony Hordern, 15s 6d, General Industries, 12s 2d; Mount Moi-, gan, £1 6s 3d; Broken Hdl p^P r,e i®s’ 44s 9d; Rawang, 8s; .Enratha Gold, 13s Bd’ St. Aigan, 7a 2d;, Maruya. 13s 6dV1950° 9d; 1961. £lO9 os. MELBOURNE. June 14. ■Sales.—Goldsb rough. 31s ; Electrolytic Zwc href.), ->3s lOld, Nestles (pref.L 36s 6d. INTEREST REDUCTION CONCEDED INSURANCE COMPANY AND PM/W BOAM .: ivz* u XITJSD PRJESB AsBOCIXT7OM.3 WANGANUI, June M. Conceding the full 20 per cent, reduction in interest now operative iu New Zealand, the A.M.P. Society has offered the Wangauui-Raugitikei Electric Power Board an opportunity to transfer three loans to the dominion, thereby making a considerable saving to -the board. Under tbe existing contracts the board is committed to on three loans domiciled in Sydney, but the new arrangement will provide for the repayment of an amount of £491,634. The result will bo an aggregate saving, to the board, of 1 £67,005. The offer was made in view of the fact that the board had accepted the verdict of the High Court in Australia in connection with the recent test case. The board carried a resolution expressing appreciation of the society’s generous offer. METAL MARKET Press Association—By Telegraph—Copyright. LONDON. June 13. The following are the official metal quotations:—• Copper.—Stanlard, £3l 16s KUd; forward. £33 3s IJd per ton. Electrolytic. Spot. £36; forward, £36 5a per ton. Wire bars, £36.5s per ton. Lead.—Spot. £lO 18s 9d; forward, £ll 5s per ton. , Spelter.—Spot, £l4 10s; lonvard, £l4 Ids 9d per ton. , Tin —Spot, £226 6s Sd; forward, £225 11s 3d per ton. Silver Standard, 19. 15-I6d; tine Slid per oz.

A. AND P. ASSOCIATIONS NORTH ISLAND CONFERENCE [P»* Ukitvd Fust ASHCOXATIO.x.; PALMERSTON N., June 14. The annual conference of the North Island A. and P.. Associations was held to-day. The report made reference to the progress recorded toward the licensing of side-showmen under the Act of" 1933, It was hoped by the time the next show season commenced that the licensing would be in operation. The executive stated that the time had arisen lor the consideration of the reorganisation of the administrative side.. The conference executive was now formulating proposals in this connection. The balance-sheet showed a credit of-£74. • • Mr W. Howard Booth (Carterton) was elected president in place of Mr U. B. Stuckey (Daunevirkc), who did uot seek re-election. Messrs S. Austin Can- (Auckland) and C. E. Vile (Bulls) were elected vice-presidents, Mr M. A. Couway (Palmerston North) treasurer, and Messrs J. M. James (Alasterton), S. E, Lever (Tauranga), T. C. Cornfoot (Pahiatua), W. J. M'Laren (Alasterton), H. J. Richards (Levin), H. B.i Stuckey (Dauuevirke), D. Collis (Manawatu), and H. C. Sampson (New Plymouth) the new executive. An Opotiki, remit—“ That . the conference take steps to secure the derating of all show-grounds owned or leased by A, and P. Associations for show purposes ’’ —was carried. THE DAIRY COMMISSION EXTENSION LIKELY TO JULY 31 [Fra tlx iked Press Association. ].. WELLINGTON, June 14. Four witnesses appeared before the Dairy Industry Commission to-day. They were',the secretary of the Dominion Producers’ Co-operative Agency Ltd.: (Mr J. W. M'Connon, of Palmerston North), the secretary-manager of the To Awamutu Co-operative. Dairy Company (Mr A. .1. Sinclair), the managing director of the Tai Tapu Cooperative Dairy Company. (Mr C. P. Agar), and Mr W. Grounds. Both Mr Grounds and Air Agar arc members of the Dairy Produce Board. Air Grounds and Air Sinclair gave evidence in their capacity as members of the joint committee representative of the National Dairy Conference held at Hamilton last year and the Dairy Board. This committee was appointed to go into the question of local marketing. Under its order of reference the commission was to report by Saturday, but it is anticipated that time will be extended to July 31.

I JERSEY. BREEDERS MEET [Ter United Press Association.l NELSON. June 14, The thirty-second annual meeting of the New Zealand Jersey Breeders’ Association was ’ commenced at. Nelson today. The proceedings were opened by the mayor (Mr W. J; Moffatt), who welcomed the delegates to Nelson. Mr C. G. C. Dernier, the president, said this was the first occasion on which the annual meeting was held in the South Island. The balance-shoot was quite satisfactory, and the registrations last year were 19,000. making the total 172,600 since the association had been formed. To-day the dairy industry was in a bad position, but they would come out of it and return to better times, which should not be long delayed. | Messrs C. G. C. Dermer and H. Morland were re-elected to the council. CHEESE UNITED KINGDOM'S IMPORTS Official reports received by the New South Wales Department of Commerce from the Empire Marketing Board, London, show that imports of cheese into the United Kingdom during January and February of this'year amounted to 544,000 cwt., which was 72,000 cwt. more than imports for the same two months in 1933. New Zealand was the principal exporter. with 458,000 cwt. out of the total of 544,000 cwt. Australia’s contribution was 34,600 cwt., as compared with 19.600 cwt. in January and Fibril ary. 1933. Foreign countries’ supplies i amounted to only 41,096 cwt. NEW GUINEA SHARES Press Association—By Telegraph-Copyright LONDON, June 14. (Received June 15, at 11 a.m.) New Guinea shares are quoted at 5s Hid. NEW MARKETS THE NETHERLAHD EAST INDIES There are ten times as many pcdple in the Netherlands East Judies as in Australia and New Zealand, and there is an insistent demand from this great population for manufactured and semimanufactured foodstuffs from temperate climates—fish, vegetables, fruits (fresh and tinned), cereal foods, sauces, pickles, cheese, tobacco, honey, milk and cream, as well as for meats—beet, mutton, pork, and bacon. This is the report of the Australian trade officer. New Zealand must have new markets and here they are (says the New Zealand ‘Financial Times’). The establishment of friendly personal relations are of first importance. Trade m the East is not transacted by ‘‘go-get-ters ” and pushing salesmen. Personal acquaintance is the best introduction and guarantee to open trade relations with the eastern merchant.

THE SEARCH FUR GOLD MATAKI RETURN The ALataki return for the week ended June 10 was 3Soe Sdwt Igr.— Auckland Press Association. DIVIDEND ANNOUNCEMENTS Biackwater Alines announce a final dividend of Is 6d per share. Consolidated Goldfields Ltd. have declared an interim dividend of 9d per share, payable in British currency. WEST COAST ACTIVITIES There is much activity in gold mining in the Duller, aud recently several companies have been formed. for the purpose of investigating gold-bearing properties in this district. : Arrangements were concluded recently (says the Westport correspondent of the Christchurch ‘ Times ’) for the boring and testing of the Okari Flats at Addison’s, a length of about three miles of dredging area in the Okari Valley below O’Alalley’s Creek. The work will be carried out by New Zealand Alining investments* Ltd., who are working in conjunction with the Oroville Dredging Company The Okari River was the main sluice box or depositing area for most of the sluicing claims working at Addison’s, and a vast amount of blacksand is present in the valley. The stream has also in the past eroded several gold-bearing leads, including AddiGallagher’s. and Wilson’s. The Orion reef at Karamca is at present under inspection and sampling by two mining engineers from Auckland. The tunnels will be sampled and all conditions reported on. This reef shows up most prominently iu the lowest drive in the hillside, showing a 40ft width of gold-bearing formation. The deposit, however, is nuitjue, as it occurs in a granite formation, and- a considerable amount of sampling, assaying, and prospecting has been found necessary. , ALLUVIAL TIN CHANGED DIRECTORATES Sweeping changes in the directorates of the Alluvial Tin (Australia). Ltd. group tin dredging companies, means the passing of control from a Sidney organisation to international interests.

Alluvial Tin . (Australia) Ltd. announces that Messrs F. G. Pratten, J. M. Newman, A. P. Penman, H. G. Pratten, and John Cameron■ have resigned their positions as directors of the constituent companies with which they have been associated in Malaya; Cliaugkat Tin Dredging Ltd.* Jclapang Tin Dredging Ltd., Larut Tin Fields Ltd., Malini Nawar Tin Ltd., Kampong Lanjut Tin Dredging Ltd., Kraraat Tin Dredging Ltd., Kuala Kampar Tin Fields Ltd., Kunclang Tin .Dredging Ltd., Rawang Tin .Fields’ Ltd., Rawang Concessions Ltd., Tanah Biji Ltd. Mr E. H. Pratten will continue to act as director of all companies, and the vacancies have been filled by the appointment of Mr W. H. Edwards (Loudon Tin Corporation Ltd.), Mr A. A. Heuggeler (Anglo-Oriental and General Investment Trust Ltd.), Mr L. T. Williams (Ipoh), .Sir Walter Massey-Greene (Melbourne), and Mr W. E. Johnson (Sydney) to the boards of the various companies. Alluvial Tin (Australia) Ltd. will continue to act as Sydney registrars. The organisations behind the move are the London Tin Corporation Ltd., British Tin and Investment Corporation Ltd., Anglo-Oriental and General Investment Trust Ltd., AngloOriental (Malaya), and Austral Metals Ltd. With them is associated the Brit-ish-American Tin Corporation, which was formed in 1929 with a capital of £1,000,000, with the object of dealing in tin and financing producers. About the same time the Tin Producers’ Association was founded in London, and through this organisation the greater part of the world’s production of the metal has been controlled and restricted in recent years, to raise the price from the low level to which it had fallen. The change in administration will not affect the position of shareholders in Australia, though a wider market for the shares will be established. P. AND 0. SHARES Press Association—By Telegraph—Copyright. LONDON, June M. (Received June 15, at II a.m.) P. and O. shares are ([noted at 17si MOUNT LYELI Press Association—By Telegraph—Copyright. LONDON, June 14. (Received June 15, at 11 a.m.) Mount Lyell shares’ are quoted at 16s 3d. MUTTON AND LAMB AUSTRALIAN EXPORTS Exports of mutton and lamb from New South Wales are well above the average for his time of the year, and during the three weeks ended May 19 140,000 carcases were put into cold store. The quantity for the corresponding period last year was 50,000 carcases. The abnormal exports are due to the improved prices obtained overseas, and probably the lower wool values ruling at present have influenced graziers to dispose of their stocks to such an extent as to create a surplus over local consumption requirements.