COMMERCE AND MINING

New Zealand Times, Volume XXXVII, Issue 8339, 28 January 1913, Page 4

COMMERCE AND MINING

WELLINGTON STOCK EXCHANGE. YESTERDAY'S QUOTATIONS. MINING. Blackwatcr Mines—ll. 33 a.m., s£l 4s 6d. :d. Maorilami—ll.3o a.m,, s 3d. Murray C’rciiK lo -U—11.33 a.m., s 4s 9d. Murray Creek metv/—11.30 a.m., a £s pr-enij; 3.15, s 6s (prem,). .uw Sylvia — ll. 33 a.m,, Ij 10J, s Is Id; 3.15, •) ICd, s Is Id. lio.ss Jlaronstrueted—ll,33 a.m.. h 5s Jd. s js 7d: 3.15, b 5.s 3d, s 5s 6d. Talisman Coa»olidalcd—ll.3o a.m., b £1 12» 6ii, s £1 19s, sides £1 las 5a (’Change); 3.15, h £1 15s 3d, s £1 19s 3d. Wailii—ll.3o a.m., b £1 11s, s £1 11s 9d !cum); 3.15, b £1 lls, s £1 11s 9d. Wailii Grand Junction—ll.3o a.m., b £1 Is 9d. s £1 2s 3d; 3.1-5, b £1 Is 9.1. s£l 2s 3d. Waiotahi—ll,so a.m., b 2,s 3;i. Walta.ngi Consolidated N.L.—11.30 a.m., b /id; 3.15 b 7d. s 9d. Note.—The letter "b" signifies buyers and ”s" sellers.

QUOTATIONS ELSEWHERE.

Press Association. AUCKLAND, January 27. Sales at this momma's call on tho Stock Exehauge: Waihi, 31s 6d. Grand Junction, 325. Kuranui Caledonian, IOtL Afternoon call: Talisman Consolidated, 3S« 9<L Waihi, 31s 6d. Old Hauraki, Cjd. DUNEDIN, January 27. Stock Exchange sales reporto-d; Westport Goal, 27s Cd, 27s 3d. National Bank. £0 2s 6d, £6 3s 4d,

GOLD-MINING EJ3TORNS,

Press Association. AUCKLAND, January 27.

During tho four weeks ouded January 18th the Komata Reals Gold mining Company crushed and treated 239 tons of ore for a return of bullion valued at £6»5. The total amount won from the mine to date is JK590,(442.

E. W. B. Hornabrook, 153, Featherslon street, Wellington, member, block Fixeiiamto Ibpccialismg iu iLining krustworfjy irqm all Mining (Jeutrea. audretJd: “iioroabiook* Wei*

SWASTIKA GOLD MINES, LTD,

'j’he following report dated January 22nd has been received from, the manager: “Unclosed X have pleasure id handing you JVl_r Sidney XTy's assays of tdi© residuals from our recent crushing. Xlio result to mo is highly gratirying, and I trust it will striKo our snareHolders similarly. X expected good values, but these exceed my anticipations. The assays .published in our prospectus aro from sample** taken by myself at dilterent times, and tne one iioz XHdwt £2grs was from a piece of Highly mineralised stone which gave just a truce of free gold in the. dish, indicating that the gold was compounded m bomo lorm in the sulphides or pyrites. A. idr Davies, a Melbourne assayer* who was hero about two years ago, nrsfc suggested to me that the major value oi übe stone would be in the pyrites; then Idr Bowie Wilson also pionounccd tne tame opinion, and ho has written to me in the same strain once or twice since, and under dale of October IVUi last he wrote mo in reply to a letter toiling him wc ‘'had foiiuea a email company to thoroughly prospect the property, as follows ; 'bee that the mineral is saved, as i am sure chat it carries good values and ■ would pay to ship ior treatment, you oouid save a loc oi it cheaply with blankets, even if you don't run to a concentrator/ Uf all the mining men 1 have met X consider Mr W Usou the ablest. He knows the giound and the nature of the ore well, and he is practically acting as consui’uing engineer. All that wc are doing is on his advice, and I keep him posted of the progress of the works. Before ho took up consulting work he was ten years mine manager at Mount Morgan l , so he should be fairly up to date. Mr XTy assures me that cyaniding at a maximum cost of \6s per ton would extract I*s per cent, of the gold in the tailings. The concentrates would probably have to be shipped to Australia for treatment (the Consolidated Company of Keel ton do this). Mr Fry says the tailings remind him of a dump in the Lycil district from the old Victory min© worked over twenty years ago. It was about a half-ounce show by amalgamation, but after tho min© was abandoned some enterprising men cam© along and treated th© tailings with cyanid© and extracted 13dwts. The Victory is in the same slate belt as the Swastika, about eight miles distant as th© crow files. In my calculation of values, I estimate th© concentrates at 3 per cent* of the tonnage; in most mines they run 5 per cent., and by th© look of our stone I think we are more likely to exceed the average. Since the holidays tho big reef level if anything shows on improvement as regards tho mineral, and Iso. 1 level has six inches of stone in th© face, which 1 expected, and as before reported surface indications lead us to expect a shoot of gold just ahead."

COMMERCIAL CABLES

HIGH COMMISSIONER'S REPORT

The Department of Agriculture has received the following cablegram from tho High Commissioner* dateu London, January 2oih. (Note. —Quotations, unices otherwise specified, are average market prices on spot): t Mutton. —There has been no alteration in the market since last week. North Island, I-id per lb. Lamb. —The market is firm. New Zealand, this season's. Old per lb. Beef. —The market is qu:oi‘. New Zealand hinds, per Jb; fores, 31 dButter.—The market is slightly weaker, with less demand. Buyers arc cautious. Stock is heavy. The price for the week for choicest New Zealand butter per cwt is ULs; Danish, l*2os; Siberian, 102 s; Australian, KJSs; Argentine, IOSs.

Cheese.-—There is a bettor demand. The average price for the week for finest New Zealand cheese per cwt, fit's Gd. Hemp.—Tho market is firm. There is a general and active demand. Spot— New Zealand fair grade, per ton, .£33 10s; fair grade, £32; fair current Manila, £33 10s. Aprll-Jun© shipments —New

Zealand good fair grade. £33 10s;_ fail ;rade, £32; fair current Manila, £33 It.-,-The outriut from Manila for tho week was 25,(J9J bales. Cocksfoot Seed.—Tho market is dull. Bright, clean New Zealand cocksloo; ood, weighing 171 b per bushel, per ctvt. s‘ls. Wool.—Tho market remains firm. 3y Telegraph—Press Association—Copyright LONDON, January 26. COPRA The market is active. South Sea bags sold'at £27 life to £27 15s per ton Last quotation, £27 to £27 ss. COTTON. January-February shipment is quoted at 6.47 d per lb. JUTE. January-February shipment, £26 5s U£26 Ids per ton. Last quotation, £2o Rte. HEMP. The market is steady' and prices unchanged, viz : J'auuaiy-Maich shipment, £53 15s per ton. RUBBER. Fine hard Para rubber, 4s 4Jd per lb 2d lower. WHEAT. Wheat ia slow of sale. Australian is held for fuU prices. Two cargoes solu at 3& 3d; iioucli Australian Januaryi ebruary, at 37s Ud; Western Australian March, 37s 6d. DRFADSTUFFS FOB EUROPE. The quantities of wheat and flour afloat for the United Kingdom and the Continent of Europe on Saturday, a week ago. and at tho corresponding time last year, compare: This week. Last week. T’r ago. Qrs. Qre. Qis. For U.K. ... 2,165,000 2,019,000 2,565,009 F'or Europe I.SjO.WO 1,680.000 900,0)0 Shipments from American Atlantic port* aiiiount to 390,000 quarters, com with 005,000 quarteis a week ago and 170,0L0 quarters a year ago. Pacii:/ wheat put alloat totalled 02,000 quarters, as against 2G.000 last week uud 43,0*1/0 a year ago.

The total quantity of wheat and flour shipped from all exporting countries during the week ended January 25th was equivalent to 1,425.000 quarters of wheat compared with 1,235,000 quarters in the previous week and 750,000 quarters s ago. Tho weekly' total includes 94,000 quarters of Australasian wheat.

WOOL SALES

Ky Telegraph—Press Association—Cpprrigbt

LONDON, January 26. At the wool sales there was a good selection of merinos and oroeobrods, tor which there was keen competition, and prices wore maintained. The following are some of the prices realised :—“N gala pa, ’’ highest price 12Jd, average ll;d ; “Omaranui," 12-jd and lljd. The total catalogued woe 97,546 hales, of which 92,038 were sold.

Dalgety and Co., Ltd., havo been advised by cable from London, dated 23rd inst., as follows: Wool sales continue active and competition brisk. For good greasy merino combing and fine crossbred wools, prices are rather higher.

OUR ENGLISH WOOL LETTER

PRICES GENERALLY FIRM AND TRADE GOOD.

From Onr Special Correspondent.

BRADFORD, December 20.

Business continues to be done in reasonable amounts, and the market is by no means devoid of interest, 'f lic time of tire year has arrived when naturally business men expect a slowing down, and although tho turnover is nothing like as muck in volume as wo have been accustomed to see during the past two months, the year is drawing to a finish wrtfi values occupying a very creditable position.' It is finite true that hardly the extreme prices have been made for merinos that we have boon accustomed to see. but the ground lost is so small that the actual'standing of the raw material has not been altered, and the trade is still sound and intact. Everyone is taking a very sober and businesslike view of the standing of wool, and after the recent activity, it is no surprise to find all members of the trade disposed to look on in a philosophical sort of way. The volume of business done this year has certainly exceeded the expectations of tho most sanguine; as one well-known lopmaker said on Thursday, tnoy can aftord to bo quiet, and if they do not sell another pack of tops for two months they would still be busy. That to a large extent sizes up the actual standing of tho raw material, and it is indeed highly satisfactory to find business so good as the end of the year approaches. We have known when things have been otherwise, but the textile industry to-day is certainly enjoying t. period tho like of which has not been ■seen for many a day, and it is the wish of all that business activity may continue to characterise the whole textile trade of the West Biding. As far as one can see the outlook still favours a continuance of the present manufacturing conditions, and this notwithstanding the current range of prices. ME It IMPS GENERALLY STEADY. 'fsc past weed has brought another surprise to merino topmaaers, and the action of some has given rush to considerable gossip. Last Monday proveu to be a quieter marxet than tbo previous ■ihursday, and it was common gossip tuat two or three films had again set nt to sell their standard ti-is at is iju. r.o doubt their Australian buyers had advised slightly easier markets, and lilt's was tile chief reason winch prompted them to accept a fraction fees. borne decent sales were cllccicd, and buyers who purchased are to be complimented on their decision to ’‘snap— wniic they had the chance. The tops sold were on forward aooount, with delivery from next r enrnary onwards. Some have seen fit to speak in strong terms upon the action ot tnese topmakers, and trunk that they could have done equally as much buai-ÜB-s at hs 5d if tuey had stood out for the price. One cannot help saying that those importers must know tnerr own business best, and that they have felt that circumstances justified them in accepting IE Ijd, in which case they should nut be blamed. It may seem strange in Mie eyes oi some, particularly Australian soiling Dickers, but in tho minds ot the most experienced in the trade, the picsenr positron or values is regarded with leclmgs of dislavour, and many say that prices are quite high enough to be sate. When tit’s get in the region of is tid. it is certainly time to call for a bait, lor manufacturers know too well hat there will then be a severe struggle, (ieuerally speaking advanced prices "for pieces have not been made with any degree of satisfaction, for many who have been able to command Id to kd per yard more feel that they ought to be reoeivmg from id to Gd. This week one leading buying and selling broker has done a Dig business among Huddersfield spinners and manufacture!s in the sale oi Botany tops, and I hear on oxoclk-tr; authority that they hare confidence n. Ti fucuie, and icet that trade is going to be maintained.

ABB CEOS3BEEDS FIRM?

Overseas reports are all unanimous in stating that prices for crossbred wool show no sign whatever of being easier; in fact, both in Buenos Aires and New Zealand wool is selling too well for Bradford. This end of the trade seems to be divided more markedly into two camps than we have seen for the past six months. On the ono hand, there is one section which.- docs not hide its opinion that crossbreds are going to be easier. On the other hnad, wool merchants and

opmakers are equally as emphatic in inserting that values are going to rise, ietween the two a struggle is evidently proceeding. Spinners seem to have decided upon the policy of letting the leeping dog lie, though they say that they have no encouragement to buy tops, and cannot command new business on a Liid basis for 40's prepared. They further assert that they cannot obtain delivery particulars of yarn sold at sensibly less than they could lake to-day, coa■equeutly they think that there is more •. rong with the trade than appears on the urface. The continued absence of ‘‘nar.iculars” seems to be unnerving some, aid no doubt it is not a satisfactory ign that second-hand yarns are being hawked about the market. Seldom has ihero been such a wide divergence in spinners’ quotations for single 3U’s yarns, .a which a big trade is done on export account. Some are quoting as high as 'Js lid per, gross, but I have every rcaon for saying that good standard yarns can be bought at a thick shilling per gross less from spinners who are carrying stock. This aspect of affairs is cer.ainly not liked, and no doubt it is the prime cau.se for the general quietness in crossbreds. At the wool end there is no evidence whatever of such a state of affairs, hence it is hard to reconcile the position of the two articles. Very little business is doing in any class of crossbreds, although it must bo said that prices ary steady and fairly firm. Some spinners are doing their utmost to talk things down, and go the length of saying that they can buy any medium and coarse descriptions at id less than a week ago. That may or may not be. The position of the raw material abroad does not favour cheaper tops. THE POSITION OP WOOL.

The fact that the first round of the Australian sales bus finished in such a remarkable way cannot but impress itself upon all users of the raw material, and to find boi.il merinos and crossbreds in every market in the world selling as they are is sure to give rise to some surprise in the minds of practically all connected with the trade. It must be said that both Yorkshire and Continental users have been expecting a set-back in values for the past two months, but no such thing has taken place, and the Australian sales have finished practically 10 per cent, above what the season opened last September. This certainly shows the strength of the raw material, and there can be no denying that the consuming world is very near the sheep’s back, it is quite true that, hero iu Bradford several people have been ardently looking and longing for a decline in values, ana even a 10 per cent, fall from last September rates would have boon accepted as sufficient, but the reverse is the case. I certaiuly think that this can bo tuken as an echo of the actual standing of the. textile trade, and it now remains for those handling the fully manufactured article to set to work and try to obtain a corresponding advance for their cloths. Lately I have boon brought into very close contact with manufacturers and their selling agents, and the wail is simply chronic. Tnie week a firm gave quotations for a dozen standard cloths in bluo serges to ouo of the largest wholesale houses in the trade, and the latter was so shocked with the advances named that the buyer, who was a personal friend of the manager of the mill, wrote privately asking if a mistake had not boon made. When 1 say that the quotations had not even been given on to-day’s basis it shows that even reasonable advances are not going down with that ease which might have been expected. Some firms are content to go on selling at old prices so lang as their cheap contracts last, but it is more than ever patent that increased prices on the fully manufactured article are going to bo difficult to obtain. Yet- it looks from all indications as if there is going to bo no set back in merinos, and there are those in Bradford who arc equally as confident about the future of crossbreds. It is just possible that an effort may be made to got the latter on to a better buying basis, but users at present seem to be so hungry for wool that all markets whore it is being offered are strong, the raw material being taken almost ravenously- _ SHEEPSKINS.

An important two days' sheepskin sale has boon held this week in Coleman street Wool Exchange, which has been well attended. It is rattier noteworthy that more English feUmougers are paying attention to Isew Zealand and Puuta Arenas woolled sheepskins. Several linns nf English pullers are devoting attention to this class of produce in order to keep their works fully going and so reduce working expenses, Tho sales hare done remarkably well, and further advances have again to be chonlded. Compared with the preceding auctions held at the end of October, Australasian merino and crossbred descriptions show a further vise of to sd, and a similar improvement is alsp, quoted for crossbred skins from Punta Aienas, It looks a s if anything that is going to furnish tho topmaker or spinner wuh wool is to-day at a premium, and users* needs do not appear fully supplied. The position of the market for tho by-producte such as noils and wastes of tho trade is also worth attention. Tho former are doing better than they have been for the past two or three years, and more money is being made by top' makers both fur merino and crossbred noils. Anything clean is certainly soiling uncommonly well, and fairly big figures are being made. The most remarkable advance lias certainly been in low crossbred noils, 38's selling on Thursday at llid; in fact, SG’s-'fTs noils are to-day worth anywhere up to and when one remembers that 9d was a full market price twelve months ago it certainly shows the lightness of stocks and the strength of this article. Capo noils are also very dear owing to their cleanliness and anything fine and light is certainly fetching excellent figures. The waste trade also is healthy and some qualities are practically off tho market.

INVESTMENT STOCKS, Buyers. Sellers. Sales. £ 6. d £ a. d. £ a. d. BANKS — National of N.Z., Ltd., cum rights 6 2 0 6 2 6* FINANCIAL— N.Z. Loan and Mercantile, 10s ... 0 9 0 N.Z. and R. Plato Land, Ltd. ... — 2 1 0 — GAS— Feikiinjj ... _ — 1 0 3 _ INSURANCE— New Zealand, cum rights 4 16 0 Standard of Now ZeaJand — 1 12 3 — SHIPPING— N,Z. Shipping 1 Co. 14 5 0 — Union. Steamship 5 9 2 6 9 — Manupactueing— Rai&poi Woollen 5 3 0 5 5 0 Wellington Wool’n, ordinary ... 3 15 6 3 17 0 - COAL— Westport ... 1 7 0 _ — Miscellaneous— N.Z. I)ni£ Go., Ltd., £2 ... . — 2 10 0 •Reported.