Commerce, Mining, & Finance

Evening Star, Issue 21749, 18 June 1934, Page 7

Commerce, Mining, & Finance

COMING WOOL SEASON

AN OPTIMISTIC FORECAST [BpiKSAt/ TO rax ' Stak.’J CHRISTCHURCH, June 16. “ I don’t think there is need for any apprehension about the coming wool •season,” declared Mr C. Holdsworth chairman of the Christchurch Wool Brokers’ Association, to a reporter today, when commenting on the easier tendency of the market overseas. , He said the weakening was only temporary consequent, on financial troubles that had developed abroad. The German embargo was a little disturbing, but he did not think it would Inst indefinitely. . . '“The position is that everybody has enough wool on hand to meet immediate requirements.” he continued. ” and the fact that there, is no great surplus on hand will prevent the market from slipping too far. The postponement ot the Australian sales was a wise move, and one that New Zealand would have made in similar circumstances.” They realised over there that at the moment there was no demand tor wool ami it was no good sacrificing it unnecessarily. Stocks in New Zealand were much lighter than they were last year. It would be probably impossible to scrape up 10,000 bales in the South Island, though the North Island would have rather more than that. “ I think the prospects for the coming season are quite good,” added Mr Holdaworth, “ and there will be again a very strong demand for fine woofs.

CHICAGO WHEAT MARKET Pr«M Association —By Telegraph- Copyright. NEW 7 YORK, June 16. Chicago wheat: July, 94| cents per b«*hel; September, ; December, 951. New York cash, 105. HIDES MARKET Pre*t Association —By Telegraph—Copyright. LONDON. June 16Hides: Meat works’ dry salted— Queensland. 351 bto 451 b. 5Jd; 301 bto 401 b. 6|d;. 251 bto 351 b. sid; 301 bto 301 b, :sid; New South Wales 5Jd, 52d. Sid, sld. Wet salted—Queensland, 501 b to 601b,'4d; 401 b to 501 b, 3Jd: New South Wales. 4Jd, 4d; Victorian abattoir*. 4d. 3|d. '

LEAD MARKET Preae Association—By Telegraph-Copyright. LONDON. June 15. Pig lead: Import*. 22,430 tons; Australian, 11,945 tons. CANADIAN MERCHANT MARINE Mr Andrew fl. Allan, -general manager of Canadian National Steamships, recently anounced ’that the Canadian Government Merchant Marine has no more ships for sale, the last ship to be sold being the Canadian Pioneer. Built as a war-time measure, the fleet of the Canadian Government Merchant Marine in 1921 numbered sixty-four ¥aken over in 1925 for operation by Canadian National Steamships, the fleet has been reduced to ten vessels, of which nine are maintained in sailing between Canada and Australia and New Zealand, the remaining vessel being in re -ve. Six wore . transferred to the Canada-West service managed by Canadian National Steamships', and were renamed. The remainder were sold and have lost their identities under foreign ownership.

MEAT MARKET

Frew A»*oci*tion —By Telegraph—Copyright. LONDON, June 16. New Zealand Sheep.—Canterbury and North Island selected cross-bred wethers and maiden ewes: 48-561 b, s;;d per lb; 57-641 b, old; 65-721 b, 4*d. North Island: 57-641 b. old; 60-721 b, 4|d. North Island ewes: Under 4&lb, 44d; 48-641 b, 3Jd; 65-721 b. Mid. Argentine Sheep.—First quality crossbred wethers. 48-641 b, sld; 66-731 b, 4Jd. New Zealand Lambs. —Canterbury: First quality, 43--301 b, _6|d. Other North Island; First quality, 361 b and under, 7id. . Australian Lambs. —Victorian: First quality, 361 b and under, “id. All States: Third quality, average about 361 b, 7*d. , Victorian: First quality, 36tb and

Tinder, 7id. Argentine Chilled Beef.—Ox hinds (160-2301 b), sid. New Zealand Pigs.—First quality; 101-1201 b, a|d. Australian Pigs.—First quality: 101,1201 b, s|d.

WORRY CAUSES INDICESTICK

Hinders flow of gastric juices, Causes faulty digestion, Loss of appetite, lack of vigour; Dispel nervousness and worry With Marshall’s Fospherine, The greatest of all nerve, tonics. Restores appetite, revitalises and invigorates. Tones the palate and settles stomach nerves. ', , ~ , “Marshall’s” should be m every home. All chemists and stores sell Marshall’s.” , , „, r . , 100 dose bottle 2s 6d.— L Advt.]

COTTON, RUBBER, ETC.

Tress Association—By Telegraph—Copyright. LONDON, June 16. Friday’s closing prices were as follow : Cotton: Spot, 6.61 d per fh: July. 6.37 d. Rubber: Para. s.fd; plantation smoked. 64d. -lute; June-,lnly. Til Ss Oil. Copra; June-July, South Sea, ££.; smoked, £6 15s; plantation, Rabanl, £8 ]‘2s 6d. Linseed oil. £23 15s. Turpentine. 44s 3d.

THE SEARCH FOR SOLD

I ‘ CROMWELL MINING NEWS [Fkom Ouk Cork.espo»hbxt.J The Cromwell District Milling Association has been interesting itself in i,lie matter of a renewal of the lease of the borough endowment lands on Cromwell. Flat. The attitude of the association is that since the lauds are situated in a mining district, mining should perforce, take precedence, and as the Borough Council has already expressed itself as quite sympathetic to mining the association decided on Tuesday to telegraph to the Minister of Mines urging that before he submits the new lease to the Governor-General for his approval he will see that provision is made lor the protection of mining interests. The following telegram was despatched to the Minister on Tuesday:—"Cromwell Mining Association respectfully urges that before submitting lease of Cromwell endowment for Governors approval you will see provision is made for fostering mining. Council is sympathetic. Urge you await further representations of matter.” Bell-Hooper Cromwell Gold Ltd. has put off about a dozen men, the reason given being that work is not available until more development work has been done. There is a very strong opinion held in the town concerning what will ultimately be produced at this mine, and the bulk of the Cromwell shareholders, of whom there are many, do not show any inclination to dispose of their holdings. Shareholders in the New Cornish Point Mines arc looking confidently to the future, and good progress is uow being made in the cross-cut in the rock from the mam incline shaft. It is anticipated that the rock will be penetrated within another two weeks, and that the wash will be struck at a point which will permit of expeditions handling. The bins and washing apparatus are practically all complete, so that once wash is struck there should bo no delay in handling the dirt Activity on the Cairnmuir side of the Kawarau River continues, and a number of parties are reported to be getting very payable returns, particularly Messrs Bartndge and Scott, and Mitchell and Tully; while Messrs Faithful and party’s area is now held under option by a Dunedin company, which has spent a considerable- sum in further prospecting the area. Mr Faithful to-day informed your correspondent that prospects^of ■Jdwt to the dish could be got m the face, and that there were many layers of wash, all of which earned excellent values, from which tact he concluded that the claim would make an excellent sluicing proposition. It is generally recognised now that many ot tne areas at present being tunnelled would pay much more handsomely if the whole of the ground were sluiced, tor in driving much gold bearing wash is left, and cannot be taken out. Sluicing to-day, however, is a much different proposition from that of former .days, as - all the available water has been taken up for irrigation purposes, and consideration is being given by one or two parties to the question of pumping water from the Kawarau, winch now means the installation ot pumping units. In the absence of available electric power it -would be necessaiy to install Diesel engines for motive power, all of which factors mean capital outlay. BRIAN BBRU DREDGE The Brian Born dredge last week obtained a return of 250 z 7dwt of gold for 125 hours’ working. PADDY'S POINT COMPANY The report of the directors of the Paddy’s Point Gold Mining Company for the half-year ended April 30 states: — The total gold won during the halfyear was 2450 b, the melted weight of which was 2330 z 16dwt. The average price realised during the period was £7 2s 3d per oz, based on the melted weight. The profit and loss account lor tne half-year shows that after writing oil the balance of the engineering expenses in connection with the water race (£SO > from freehold property account, being the estimated value of freehold property mined during the period, and £193 for new pipes procured during the period, a balance of £373 remains. Provision has been made for the income tax. which will be payable in February. 1935, in respect to the dividend paid on December 18. The balance remaining to the appropriation account after transferring the profit for the half-year and making the adjustments referred to is £1,502, and this has been carried forward.

GOLCOHOA MINES The Golconda report states: During the week the following work was carried out —The cross-cut was advanced sft to a total of 90ft. There ■is no change to report, the reel formation being wider than the drive, and no tootwall vet'showing. A little blende'has been seen m the quartz on the footwall side. The main drive was advanced sft. total from shaft 140 it. At-this point rebored into hard quartz, which is probably the main reef, on the other side of the break. A fair flow of water is coming from the race, and also a fair amount of gas. \\e hied a cut in the quartz, and what little is showing is carrying nice minerals, silica, and little zinc blende. There is ISm ol quartz showing, and we are not through the reef yet. It appears to be a strong body of ore. hut we cannot tell the dip or strike of it. there is good country on the reef, with no pug on the wall we have bored through.

GILLESPIE'S BEACH WASH-UP

for the week ended June 1G the Gillespie’s Beach dredge washed up 420 z iSrlwt for 125 hours’ work.

OKARITO DREDGE The Okarito return for last week was 21 oz I3dwt for 120 hours’ dredging. MAKAKIPAWA RETURN The Mahakipawa return amounted to 6-Jojs.— Christchurch Press Association. TENDERS FOR TREASURY BILLS (British Official Wireless.) Pres* Association—By Telegraph—Copyright. RUGBY. June 15. The total applied for in tenders for £35,000,000 of Treasury bills was £63,84.5,000. The amount allotted in bills at three months was £33,395,000, the average rate per cent, being J7s 0.19 d, as compared with 17s 4d last week.

METAL MARKET Press Association—By Telegraph—Copyright LONDON. June 15. (Received June 17. at 8 p.m.) The following are the official .metal quotations:— Copper: Spot, £32 2s 6d per ton; forward. £32 8s 9d. Electrolytic; Spot. £35 ss: forward. £35 13s. Wire bars. £35 los. Lead: Spot, £11: forward. £ll 5.5. Spelter; Spot. £l4; forward, £l4 os. Tin: Spot. £223 2s 6d ; forward. £222 T7s 6d. Pig iron.—Home trade, £3 7s 6d ; export, £3 2s 6d. Antimony.—British. £42 10s; foreign, £25 15s. .Molybdenite, £1 16s per unit. Wolfram. £2 9s 6d. Silver.—Standard. 19 ,13-16 d per oz : fine. 21jjd.

DANISH CENTRAL BANK

REORGANISATION PLANS* A Bill which came before Parliament last month provides for the reorganisation of the Danish Central Bank by the creating of a new bank, known as “ Danmarks Bank ” (Bank of Denmark), with an initial capital of kr. 50 millions, put up by the Government in the form of a 3J per cent. Government' bond, which shall be redeemable out of the profits of the bank. ■ The new bank is to take over the assets and liabilities of the Na-tional-banken i Kjobenhavu. whose shareholders will receive two 4 per cent, twenty-seven-year State-guaran-teed bank bonds for each one share held (the yield of two 4 per cent, bonds corresponding to the dividends of 8 per cent, paid by the National Bank during recent years). There are to be three* governors, one of whom is elected by the Government and acts as chief governor, while the other two are appointed by a Board of Representatives. The latter shall consist of twenty-five members, two elected by the Government, eight by Parliament, and the remaining fifteen by the Board ol Representatives itself. There is further to be a Board of Directors, consisting of five representatives, among whom are the two representatives elected by the Government. The bank will enjoy the monopoly of issuing bank notes. There is no legal limitation to the amount of the note issue, but the notes shall be covered by gold to the extent of 30 per cent. The operations of the bank are to be supervised by the Government, and ibo profits—after allocation to reserves, etc.—shall accrue to the State. The arrangement will be valid until 1948 only.

DRY WEATHER AT MOUNT IYELL The extraordinary spell of dry weather in the Mount I.yell district, Tasmania, which is having such a serious effect on mining operations, is well illustrated by the fact that for the seven months of May the rainfall has been nearly lOin below any similar previous record for the past forty years. It is feared that the curtailment of operations at the reduction works recently, made necessary for the second time this year because of shortage of water, may have to be extended. The level of Lake Margaret, which supplies water power for the generating of electricity, was over 33ft below the spillway, giving a margin of only about oft of water on which to work.

FOX FILM SHARES The Chase National Bank, New York, has announced an agreement to sell 200,000 class A shares of Fox Films at 15dol (about -Jj'3) a share to Balfour Boardman and Co., British investment bankers. An option to purchase two additional lots of 200,000 shares each at substantially increased prices is at the same time given to the latter. ... ... The bank denies that British film interests arc buying their way into the Fox concern and declares that the deal merely places a portion of the stoex in British investment hands.