BRITISH TRADE RECOVERY

Evening Star, Issue 22142, 24 September 1935, Page 7

BRITISH TRADE RECOVERY

FAVOURABLE EXPANSION OF PRODUCTION STABLE EXCHANGE A HELP Of a genuine trade recovery in Great Britain there can bo no dispute, says an ’ English financial journal.- It is there for all to see in the remarkably favourable expansion in the volume of industrial production and of employment. Domestic recovery has not only proceeded on sound lines, but has advanced much further than many shrewd observers ot the economic position expected. This recovery cannot, however, be continued quite independently of what may be happening elsewhere in the world. In the first place, it is absurd to speak of a purely domestic recovery. It is a recovery which has been not only shared in, but mutually contributed to, by that very large part of the world which belongs to the “ sterling area.” In this area the benefits of exchange stability have been experienced, and international trade has been rising both in value and in volume.

There is good ground for the belief that the world trade cycle took its first' turn for the better toward the middle of 1933. and is fully holding the improvement which has since then been made.

If the forces making for world recovery have proved strong enough to overcome the obstacles of exchange instability and economic nationalism they would naturally gather much greater momentum if tlioso obstacles were to be removed. And it is precisely here that progress is now being made. Thanks to the increasingly effective intervention of the various official exchange controls wo have for many /months past been enjoying the advantages of a reasonable measure of do facto stabilisation. As for economic nationalism, it is at last becoming conscious of having somewhat overplayed its hand. Wo appear to be in tbo early stages of an unmistakable upward movement in the trade cycle, the article concludes. There is ample ground for hoping that as the scope for purely domestic rccovoi-y becomes exhausted, as of course it must, the good work will be carried on by the favourable development of international trade. FIJIAN GOLD MINING GOVERNMENT TAKES ACTION Following an announcement in a Fijian Government Gazette concerning statements published about tho Nasivi (Fiji) Gold Syndicate, N.L.. the company’s shares and those of Raid Raid (Fiji) Gold Syndicate, N.L., have been withdrawn from the list of mining shares called unofficially on the Melbourne Stock Exchange. Original reports from the field at Raki Raid, Fiji, were to the effect that largo lodes had been opened up, samples- from which gave high assay values. Later, check assays from the field were disappointing. In the official Gazette statement, the Fiji Government announced that the Mining Board had not visited the field, that there was no present intention to declare the field a mining area, and that the company had received no concession from the Government. The Baki Raki company was formed a few’ months ago to take up part of tho Nasivi area

The legal manager of the Nasivi Syndicate has received a cable message from Dr Loftus Hills, who has been inspecting the property. The report states that the rocks and so-called lodes exposed in the Tlaki Uaki district are of the wrong type to constitute a goldfield. The so-called lodes should geologically never have been expected to carry more than very low gold values. The high gold contents reported from No, 1 trench definitely arc not contained in the trench materials, and represent mistakes in assaying. Check sampling only shows trades of gold. All other trenches show similar results.

Nevertheless, the locality where trenches have been sunk is near the intersection point of two important regional shear systems, which would present favourable requisites for the occurrence of a possible goldfield, but the rock system in which this might occur would be at. least 2,000 ft below the surface. In view, however, of the uncertainty as to the existence and detailed character of siiqli rock system, the possibility docs not enter into the range of present practicability. Dr Hills, therefore, recommends that the area be abandoned. Instructions have been issued to the solicitors acting for the company in Fiji to have a thorough investigation made of the facts conceding the taking of the original samples, and the statements of parties concerned verified by affidavit. This action is being taken prior to further action contemplated by tlie directors, and if the statements of the parties concerned are not verified by affidavit tlie directors arc advised by their Melbourne ‘solicitors to place the whole file before the Crown law authorities of Fiji. Nasivi shares, which are £3 paid, sold to a peak price of £57. The Haiti Haiti company’s shares (£2) touched £1,4. Botli fell sharply after the suspension in, Melbourne.,

FOREIGN EXCHANGE

OH NEW ZEALAND CURRENCY BASIS Tho Bank of New South Wales, Dunedin, quoted tho following rates for purchase and sales of foreign exchange (all rates subject to alteration without notice): — Buying. Selling.

DIVIDENDS DUE Toohey Ltd. —Final, making 7J per cent, per annum Sept. 25 Pukerniro Coal—6 p.o Sept. 26 Auckland Farmers’ Freezing—6 per cent. ... ... Sept. 27 Yellow Cabs of Australia—3£ per cent, per annum Sept. 27 North Broken Hill -2s 6d a share, plus bonus Is ... Sept. 28 General Industries. Sydney, interim half-yearly pref. at 7 per cent, per annum; ord. at 5 per cent, per annum Sept 30 Ring Solomon—2s per cent., 3d a share Sept. 30 British Tobacco —IJ, per rent. Sept. 30 Hume Pipe (Australia! —final, 2 per coni Sopt. 30 Renown Coal—Orel., 3(1 pt?.r share; pref. 7 n.c Sept. 30 Worksop Fxtcndcri Dredge—lo per cent. ... Sept. 30 United Building, Christchurch — Interim half-yearly at 2J per cent. ... , Oct. 1 Nestles and A nglo-Stviss—Quar-terly prof., 8 per cent, per annum Oct. 1 Claude Neon Ltd., Sydney—ls p.c., payable as to 74 p.c. (and payable as to 7J p.e,, January 1) ... ... ••• Oct. 1 Bank Australasia—lnterim, 5s 6d a share, 7 p.c. p.a., loss British income tax 4s 6d £ ... Oct. 4 Crcsco Fertilisers Ltd. New pref.. 6 p.c.; old pref., 5 p.c. Oct. 8 Mount Morgan—Quarterly, 6d per share, plus bonus of 3d per share Oct. 10 Milne and Choyce, Auckland— Ord. and debentures,' 34 per cent. .' Oct. 10 G. .1. Coirs Ltd., Melbourne— Yarra Kalis Woollen —8 p.c. ... Oct. 17 Quarterly at 10 per cent, per annum Oct. 15 LONDON WOOL SALES BRITISH COMPETITION Press Association—By Telegraph—Copyright LONDON, September 23. (Received September 24, at 10.5 a.in ) At the wool sales 10,148 were offered, including 2,221 from New Zealand. About 8,400 bales of Australian and New Zealand were sold. There' was brisk Bradford and Continental competition at full rates. New Zealand slipe half-bred iambs, “ Kainpoi,” top price ISJd, average 12d. ' BRADFORD MARKET Press Association—By Telegraph—Copyright LONDON, September 23. (Received September 24, nt 10.5 n.m.) At Bradford merinos are tending in. buyers’ favour, Cross-breds are steady.

London — £100 stg. , N.Z T .T. £124 £124 10/ • O.D. £123 10/ £124 8/9 Australia— £A to £100 £100 10/ N.Z T.T. £101 Fiji— £F to £100 £89 N.Z T. 1'. £90 7/6 New York— Boilers to £1 3.941 N.Z T.T. 3.97J 0.15. 3.993 Montreal — Dollars to £1 3.993 N.Z T.T. 4.02£ 9.IX 4.04/, 3.99g Franco— Francs to £1 59.27 59.32 N.Z T.T. O.D. 60.57 60.87 Noumea — 58.52 N.Z T.T. 61.52 O.D. 61.92 58.57 Papeete— Francs to £1 58.52 N.Z T.T. 61.52 O.D. 61.92 58.57 Belgium— Bellas to £1 23.042 N.Z T.T. — O.D. — 23.057 Germany— Beichmarks to £1 9.606 N.Z T.T. — O.D. — 9.611 Italv— Lire to £1 47.84 N.Z T.T. — O.D. — 47.88 Switzerland — 11,964 N.Z ... T.T. 14.364 O.D. 12.439 11.974 Holland— 5.730 N.Z T.T. 5.980 O.D. 6.030 ( 5.734 Java — Florins to £1 5.714 N.Z T.T. 5.939 O.D. 5.989 5.718 Japan— N.Z. ponce to 1 yen T.T. „ 17 23-32 O.D. — 17 45-64 Shanghai— N.Z. pence to 1 23 13-32 dollar T.T. 22 3-32 O.D. 21 31-32 23 11-32 India and Ceylon— N.Z. pence to 1 22 23-32 rupeo T.T. 222 O.D. 221 22 21-32 Hongkong— N.Z. pence to 1 30 15-16 dollar T.T. 293 O.D. 293 303 Singapore— N.Z. pence to 1 34 11-32 55 9-32 dollar T.T. O.D. 34 7-32 35 7-32 Sweden— Kroner to £1 N.Z T.T. 15.787 15.457 O.D. 15.827 15.467 Norway— Kroner to £1 N.Z T.T. 16.198 15.868 O.D. 15.238 15.878 Denmark — Kroner to £1 N.Z T.T. 18.208 17.878 O.D. 18.248 17.888 Austria — Schillings to £1 N.Z T.T. . 20.47 O.D. — 20.49 Czechoslovakia— Onwns to £1 N.Z T.T. — 95.17 O.D. — 95.22 DOLLAR RATES. The Associated Banks (other than the Bank of New SoutI Wales) quoted the following dollar rates to-daj oi) a New Zealand currency basis They arc subject to alteration wihtout notice:- - U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (del) ... . . 3.93^ 3.991 O.D. (dol) ... . . 3.941 3.99J BUYING— O.D. (dol) ... . . 3.98i 4.041