Commerce, Mining, Finance

Evening Star, Issue 23377, 21 September 1939, Page 9

Commerce, Mining, Finance

Firmer Levels for Australian Stocks Future of Jones Nevis Sluicing Select Australian stocks recovered slightly this morning, buyers advancing limits by 6d for B.H.P.s and is for Sydney Woolworths. Holders set higher levels for metals, but there were no declared purchasers. Other sections were quiet, with the exception of loans, three transactions in which were recorded.

Gold was held at £8 8s an ounce in London yesterday. An operating loss of £2BO during the year ended June 30, brings the indebtedness of the Jones Nevis Sluicing Company to £1,600. The directors recommend the acceptance of an offer to work the claim by tribute.

AUSTRALIAN CLIP BRITAIN'S HUGE PURCHASE WORKING DETAILS AWAITED IMPETUS TO LOCAL INDUSTRY Working details concerning the disposal of the new season’s wool are now being awaited in Australia, following the decision of the British Government to purchase the entire clip. Organisation of sea transport will be necessary for the conveyance of the raw materials overseas. Plans are already under discussion. , The purchase of the clip repeats the experience of the- last war, when from November, 1916, until June 30, 1920, all wool was acquired by the British Government. In 1913-14 the Australian clip, which was sold at. auction, was only 1,996,576 bales, compared with more than 3,000,(KMT bales now produced. According to Winchcombe, Carson Limited, the number of sheep then pastured was 85,000,000, and flocks to- 1 day total 108,000,000. Considerable progress has, therefore, been made in the industry. Manufacturing of tops, yarns, and woollen textiles has also shown extraordinary development. In 1913-14, purchases of wool by Australian manufacturers and scourers were 89,787 bales. Last season they totalled 378,694 bales. The output of fabrics made from wool is now ov.er 31,000,000 square yards annually, and blankets, rugs, and shawls, totalling 1403,000, are produced. - During the 1914-18 war the almost total elimination of supplies of goods from abroad gave a marked! impetus to local woollen mill activity, and development has continued. Output of fabrics has increased by more than 50 per cent, during the past 10. years. It is possible that Australia will be called upon to manufacture textiles for export for Government purposes. MARINE INSURANCE COMPARATIVE WAR RISK RATES Rates current at latest advices to September 14, for marine war risks insurance of British and French vessels, compared with those ruling in June last, are as follows: Per cent Per cent..

DUNEDIN STARR-BOWKETT SOCIETY A meeting of shareholders in the Dunedin Starr-Bowkett Building Society was held last night. There was no bidder for the 125th appropriation of £SOO by sale in the No. 5 group, and the money was ballotted for, Cluster 142, held by one shareholder, being the successful number. The 93rd appropriation of £SOO by sale in the No. 6 group was disposed of at £lO per hundred.

Jur s. ie 8. d. Sept. 14. s. d. United Kingdom to or from N.Z. via Suez ... ... ... 10 0 ♦MO 0 United Kingdom to or from N.Z. via Panama 7 G 100 0 United States and Canada to or from N.Z. via Cape 5 0 60 0 Africa, E’.» S-, or W., to or from N.Z, via Cape 5 0 60 0 Africa via Mediterranean 7 6 140 0 Spain and Portugal via Mediterranean, to or from N.Z 5 0 too 0 South America, to or from N.Z., via Cape ... g 0 00 0 South America, to or from N.Z.. via Panama 5 0 20 0 Far East, not N of 20deg, including Haiphong and Japan 5 0 30 0 Far East, north of 20 dig., excluding Haiphong and Japan 5 0 30 0 Coastal and intercolonial 1 • 10 0 •Was 200s per cent, on September 4.