COMMERCE AND MINING

New Zealand Times, Volume XXXVII, Issue 8345, 4 February 1913, Page 4

COMMERCE AND MINING

WELLINGTON STOCK EXCHANGE. TESTEEDAT’S QUOTATIONS, ' MINING. Oonsol-’dated Gobi fields—ll.ss ajn., a lie: 3.15, e 16s Murray Creek (new) —11.50 a.m., b 4s 9d (prem.); 3.15, b 5a (premA , . . New Sylvia—ll,3o a-m., b lOd, 8 Ik Id. Boss Reconstructed —11.30 a.m., b ss, a Be 4d; 315, b ss, a 5s 4d Talisman Consolidated—ll/50 a.m., b £1 18s fid, 8 £1 18s 9d; 3.15, b £1 IBs 3d, a £1 18s 9d. Waihi—ll.3o a-m,. b £1 12s 9d, a £1 13s 6d; 3.15, b £1 12s 9d, 8 (£1 13s fid. Waihi Grand Junction—ll.3o a.m., h £1 Is 9d. B £1 2s 3d. sales £1 2s (reported); 5.15, b £1 la 9d, s £1 2s id. Waitdngi Consolidated K.Ia —11.30 a.m., b 7d, 8 9d Note.—The letter "b” signifies buyers and “s” sellers. INVESTMENT STOCKS.

E. W. B. Hornabrook, 153, Featherston street, Wellington, member Stock Exchange Specialising in Mining Si-rip. Trustworthy Correspondence irom ail Mining Centres. Telegraphic address: "Hornabiook, UngUm. QUOTATIONS ELSEWHEBE. , Press Association. AUCKLAND, February 3. Sales at this morning's call on the Stock Exchange: Waiotahi, 2s Id. Grand Junction, 225. New Waitaia, Is sd. Taupiri Coal,- 22s 3d. Northern Steam. 7s. New Zealand Portland Cement, 20s. Afternoon call: Waitangi Consolidated (reported), 7d. New Waitaia, Is sd. Boss Goldfields, Ss 3dSouth British Insurance (reported), 745. DUNEDIN, February 3. Stock Exchange sales: New Zealand Insurance, <£s. Westport Coal, 27s 3d. New Zealand Paper Mills (reported), 20s 3d. Union Steam Ship Co., 476 3d. DUNEDIN, February 3. Stock Exchange quotations: Dredging stocks: Electric, buyers, 4s 4d; Olrig, buyers, Is; Puotoins, buyers, 4s; Eiee and Shine, buyers, £1 6s 6d; Sailor’s Bend, sellers, ss. Mining stocks: Eoxburgb Amalgamated. sellers, 3s 3d; Boss Goldfields, sellers, 5s 3d; Kurunui Caledonian, sellers, Is 2d; May Queen, buyers. 4d; New Sylvia, sellers, Is 2d; Now Zealand Crown, sellers. Is 8d; Old Hauraki, sellers, lOd; Occidental, sellers, Is 2d; Saxon, sellers. Is; Waitangi, buyers, 6d; Watchman, buyers Is lOd, sellers 3s 4d; Talisman Consolidated, havers £1 18s 3d, sellers Jll 19s 3d; Waihi, buyers ,C 1 12s Gd, sellers .£1 4s; Waihi Grand Junction, buyers Is 9d, sellers £1 2s 3d; Waiotabi. sellers, 2s 6d; Waitaia, buyers. Is. Investment stocks: Notional Bank, sellers, A 6 3s 6d; National Insurance, buyers, 2s 9d; New Zealand Insurance,

buyers £i 19s 3d. sellers £5; Standard Insurance, buyers, £1 12s; Union Steam Ship Company, buyers £2 7s 3d, hellers £2 8s 3d: Westport Coal Company, buyers, £1 7» 9d; .National Moltguge Company, buyers, £4; Trustees Executors Company, buyers, £3 Is; Empire Buildings, setters, £1 12s; Milburn Lime aud Cement (£1), sellers, £1 18s 9d; Aiosgiel Woollen Factory, buyers, £3 10s; New Zealand Drug Company (£2), sellers, £2 9s 9d; New Zealand Portland Cement, sellers, £1 0s 3d; Wright, -Stephenson and Co., buyers £5 10s 3d (pref.), sellers £5. DREDGING RETURNS. Press Association. REEFTON, February 3. Pactolus Dredging, 320 z Sdwts for 13d hours; New Dig River, G26oz sdwts from 660 tons in the battery, and 92 ounces from cyanide. MINING REPORTS WATCHMAN. The face on tho No. 1 rise, intermediate level, has been advanced to a total distance of 89ft, at which point there is a reef crossing at right angles. It measures about 20in, and shows zino blende, in which a little gold can be seen. The stopo above the intermediate level is producing ore of a good grade, and the reef measures about 4ft in width. No. 1 winze face is down 90ft, and to all appearances the main body of quartz has been passed through. In No. 4 rise, the face has been advanced 75ft. The reef is about 3ft wide, and heavily charged with zinc blende and sulphides, in which strong dabs of gold can be seen. No. 5 rise is Up 64ft, at which point the reef is measuring about 3ft, and is become more rubbly and easier for boring. The City of Dunedin reef is of large dimensions, and shows a little coarse gold. Crushing is proceeding at the Waiotahi Company’s battery. SWASTIKA GOLD MINES. The following telegram was received on Saturday from the manager of the Swastika Gold Alines-.—“Directly drive on number six left tho wall visible gold began to appear. We are now nine feet in reef about its centre, and gold is showing freely. Sulphides also show no diminution.” COMMERCIAL CABLES HIGH COMMISSIONER’S RETORT. The Department of Agriculture baa received the following cablegram from the High Commiesiouer, dated London, February let. (Note-—Quotations, unless otherwise specified, ore average market prices on spot): Mutton.—The market remains firm. There is a scarcity of prime quality. North Island, 4RI pet lb; Canterbury, not quoted; Australian, 4d; River Plate, AjdLamb.—Tho market is firm. There is a good demand for all 'lamb. Canterbury, this season’s, is realising "id pealb; other than Canterbury, €id. Beef.—Tho market is quiet, but steady. Tho supply is plentiful. New Zealand hinds, 3|d per lb; fores, 3Jd. Butter.—The market is dull, except for best quality- The average price for tho week tor choicest Now Zealand butter, per owt, is 113 s; Australian, 107 s; Argentine, 105 s; Danish, 127 e; Siberian, I( Clieese.—The market is quiet,, but holders are firm. The demand is getting better. The average price for the week for finest New Zealand cheese, per owt, is 6fis 6d. . Hemp.—The market is firm, owing to speculative demand. Spotr-N.Z. good fair grade per ton, £34; fair grade, £32 10s; forward shipment, about the same price. Fair current Manila—Spot, per ton, £34; forward shipment, £35 10s. The output from Manila tor the week was 20,000 bales. , . „ Wool.—The market is strong. Ail stocks are advancing. .• Heps.—The market is firm, with hardening tendency. , Wheat. —The market is firmer. There is more demand. N.Z. longberried wheat, ex granary, per quarter of 4961b5, 3Se; shortberried, 375. Oats.—Tho market is quiet. A large supply N.Z. oats, short eparrowbiils, ox granary, per quarter of 3841b5. 245; Danish, per quarter of 3201b5, 235. Beaus-—The market is firm, owing to reduced supplies. N.Z. beans, F., new crop, per So4lbs, 4Cs. Peas.—The market is very quiet. N.Z. peas (Partridge), per 5041b5, 37s 6d. Eggs,—New Zealand, 8s per 120. WOOL MARKETS. Dalgety and Co., Ltd., have been advised by cable from London, dated January 31st, that tho Bradford top quotations are as follows, the figures in parenthesis being those ruling at tho end of December; 36’s 15d (15d), AO’s 15id (15(d), 44’s Is£d (15Jd), 46’e 17d (17d), 50’s 20id (20id), 50's 23id (23d), 58’s 23Jd (25d), 60’s common 28id (274 d), 60’s super 29d (28d), 64’s 29Jd (29d), 70’s 30Jd (30d). LONDON, February 2. FROZEN MEAT MARKET. The Incorporated Society of Meat Importers’ Smithfield market quotations for the undermentioned classes of frozen meat are based on actual sales of not less than one hundred carcases of mutton or lamb or twenty-five quarters of beef of fair average quality. The quotations are not for selected lines, but for parcels fairly representative of the bulk of the shipments now on tho market. The prices which follow are on the average a farthing per lb more than the values ex ship, this difference representing an average cost in expense, handling, conveyance and selling the meat. Jan. 25. F'db. 1. d. d.

LONDON, February 2. BREADSTUFF'S FOR EUROPE. The quantities of wheat and flour afloat for the United Kingdom and tho Continent of Europe on Saturday, a week

ago, and at the corresponding- time last vear, compare: This week. Last week. Y’r ago. Qrs. Qre. tjrs. For U.K. ... 2,666,000 2,165,000 2,740,660 For Europe 2,166,600 1.896,000 840,600 Shipments from American Atlantic ports amount to -1.3 1 ,(r.O quarters, compared with 590,000 quarters a week ago. and 174,000 quarters a year ago. Facilic Coast wheat put afloat totalled 00,000 quarters, as against 62,000 last week and 5U.6.J0 a year ago. The total quantity of wheat and flour shipped from all exporting countries during the week ended February Ist was equivalent to 1,650,000 quarters of wheat, compared with 1.425,000 quarters in the previous week and 700,000 quarters' a year ago. The weekly total includes 267,060 quarters of Australasian wheat. PRICE OF BUTTER. (Received February 3, 9.35 p.m.) SYDNEY, February 3. The price of butter is now 96s—a further fall of 2s.

OUR ENGLISH WOOL LETTER RETROSPECT AND PROSPECT. Prom Our Special Correspondent. BRADFORD, December 2". Old Time reminds us that 1912 is fast drawing to a close, and that a new year will soon be Upon us. The past few days have furnished the opportunity of reflecting over the year's business in wool and textiles, and as one takes stock one cannot but be satisfied with the record. : In a few cases no doubt better results might have been seen, but when all is said and done the history of the wool trade during 1912 will bear analysis, no matter from what standpoint the year's work is looked at. Quietly but progressively the upward march of , prices has taken place, and the year is finishing with .higher values than we have seen for some time. Really speaking cause and effect have been strongly at work, aud we see to-day the results of an excellent trade and somewhat limited supplies upon the price of all manufacturing materials. The year 19X2 will stand out as being on the whole satisfactory, and to growers, importers, topmakers, spinners and manufacturers a good time has been experienced. The last named will probably have fared the worst because they have been called upon to pay more for wool and tops without having the chance of compensating themselves. .Many people who are engaged in other branches of the trade apart from pieces do not know that manufacturers do what is known as a season's trade; that is. they shoiv twelve months before hand for tlho succeeding season's business, patterns are selected and prices fixed, and upon the values per yard then named the succeeding season’s business is done. This has meant all along work on leaner margins than is usual, but for all that when a broad view is taken of the whole textile industry of the West Riding nothing but good can be said. ' , HOW WOOL HAS FARED. Looking at the raw material, wool has certainly shown great strength, and from first to last has been the prime article. There never was a time when it did not sell and sell well, although early in the year prices slightly eased. At the same time 5 per cent, last January was the outside decline, and ever since that time the upward move has been steady and progressive. Merinos all through have been prime favourites, and there is no gainsaying the fact that fine wools today are in an unusually strong position. No doubt fashion and limited supplies have combined to bring about the present strength of merinos, and although values are fairly high, no one seems to question their position. All through the year wool has been eagerly sought after, and devoured almost ravenously. No doubt the prevalence of drought in Australia up to. the beginning of Juno Ist opened the eyes of the entire trade to the strength of merinos, and being faced with a shortage of 300,000 bales in the currrent Australian clip has certainly had some effect in spurring users to prepare on a fairly large scale for their requirements during the next six months. Apart from the steady advance in prices, the position of merinos calls for no special comment. Trade has been unusually good, and both topmakers and spinners have been steady and large buyers all 'along. Up to the coal strike of last March somewhat quiet, featureless markets were the order of the day, and grave fears were then expressed regarding the future of trade when tile whole country was suffering on account of that big national calamity. Yet, directly mills began to work, business shaped well, and over since April great activity prevailed at the mills, everyone being sensibly impressed with the stepdy advance in values. The usual “bear” campaign did not take place in the autumn, wool in Australia continuing to sell in a very pronounced way. When importing topmakers saw that there was no possible chance of safely taking loss money for the New Year delivery of tops, they entered the market in Australia and nought freely, while spinners and manufacturers in the month of November came in “with a rush," a very big forward business then being done, which led to merino tops advancing a penny in a single week. At every scries of London sales the raw material sold remarkably well, the year finishing with wool at the highest point. Many people to-day think that because the price of fine wool is so high, there is in the situation an element of danger. No doubt in the post, high values have brought about a quick reaction, us certain factors seem to prevail which were, not present in 1899 and 1967. All the same we certainly think that values to-day are high enough to be safe, and at this time it will be opportune if we compare the price of merinos with the highest point touched when the two previous booms terminated:

The reader will see from the above that wool to-day, although dear, is not as high as it was daring the two previous periods, particularly in the year 1899. Notwithstanding advancing values a colossal business has been done, and taking all things into consideration, good average profits nave been made, both topmakers and spinners as well as manufac-

turers having bad more than an average year. In regard to crossbreds, the past yea* has not been such plain sailing as tor merinos, although here, 100, progress has been the order of the day. Bull, the upward path has been a little more rugged and steep, and greater efforts have bad to bo made to raise prices to the present level. There has not been that vim iu the crossbred trade that ono has seen in the merino, and wo should say on the whole that profits have not been so satisfactory as in the latter branch of tho wool industry. The second half of the year has been certainly hotter than 'the earlier portion, particularly slnco American influence became such an important factor in both London and Bradford. The incoming of United States buyers gave a fillip to the demand for .recused Now Zealand fleeces, strengthening the hands of topmakers. who. when they saw their stocks fast disappearing, had tho courage to name higher prices and obtain them. The big quantity of wool sold both during the May and July series of London sales, although at the time it looked as if it was going to be a profitless investment, proved to bo all right, there being now no doubt qs to the saving the situation by tho Americans. All tho same, tho steady demand for . crossbred yarns as previously stated, gave strength to the bauds of topmakers, markets continuing sound and cheerful with steadily advancing prices right up to the middle of October. The way merinos were selling in Australia no doubt benefited crossbreds, and the fact that stocks were being considerably lightened, with, no prospects of any weight of new wool being available till next March, led to a further advance, spirited transactions in New Zealand and Buenos ASres also adding strength to tho situation. The outbreak of hostilities in tho Balkan States was the hardest knock administered to the yarn industry during tho year, that war leading to much and uncertainty regarding tho future. Export yarn houses hove certainly- had their business seriously curtailed, while the financial stringency and failures in Aus-tria-Hungary pud the Balkan States has led to a good deal of concern. The spinning industry has been undoubtedly good, but to-day heavy stocks of spun yarns, particularly in singles, are to be found m Bradford, and tho year is finishing with the Balkan trouble by no means settled, although efforts are being made to bring about a satisfactory solution of the difficulty. GOOD TRADE GENERALLY. As one looks back over the year, it must be said that it has been very satisfactory when viewed from a consumptive standpoint, and never in tho history of tho trade has so much raw material been shifted. One has to make a determined effort to concentrate attention for a few minutes upon figures to grasp tho significance of tfio textile industry of Europe and America. We say that it is best illustrated in tho quantity of raw material which the, industry is yearly absorbing, and to find that during 1912 tho throe sections of the trade have absorbed double the quantity of wool that was marketed in 1960 needs no comment. Notwithstanding the consumption of 2,934,000 bales, the textile industry is on the sheep’s back with a vengeance, ana there does not appear to be any surplus stocks anywhere. The year finishes with the trade still hungry for wool—at least, users are willing to invest their capital in the raw material, and although today prices are high and somewhat dangerous, yet some untoward event out of the ordinary will have to transpire to bring a serious decline in wool values. By way of variation we give below the course of the market as illustrated ilu the price of crossbred tops in Bradford during the past year:

THE FUTURE. t As far as one can gauge the futures prospects on the whole are fairly bright, although one or two black spots loom in the distance which can have a potent influence upon the wool and textile trades. A peaceful settlement of the Balkan trouble will do much to clear the. commercial atmosphere on the Continent, and there is certainly much room for on improvement. - For instance, tho financial aspect of tho trade is somewhat serious on the Continent, particularly in the Balkan States, Austria, Hungary, and Russia. There is also threatened a dyers’ strike, which, if it moteraJisee, can play havoc with other branches. Apart from this the general trade of the world is exceedingly good.

Bayers. Sellers. Sales. £ 8. d. £ 8. d. £ s. d BANKS— National of N.Z., Ltd — 6 2 6 New Zealand ... — 11 5 0 — Financial— , N.Z. and K. Plate ■ Land, Ltd. ... — 2 1 a Wellington Trust Loan, Ltd. ... — 7 8 0 ' - INSURANCE— New Zealand ... 4 18 0 6 1 0 _ Meat Preserving— Wel’n Meat Export, £2 12s 6d — 2 16 6 _ SHIPPING— ' Union Steamship 2 6 6 _ ■ — MANUFACTURING— Wellington Wool'll, ordinary 3 15 Q 3 16 0 Wellington Wool’n, preference ... — 2 17 3 - COAL— Westport 1 7 3 — Timber— Loyland O'Brien — - 1 7 6 - MISCELLANEOUS— Sharland and Co., Ltd., ordinary — 1 1 a _

Afutton— Canterbury, light • Canterbury, medium .... • Canterbury, heavy * * Southland - • * North Island, best a North Island, ordinary... •* New Zealand, ewes . * Australian, light Australian, heavy Australian, ewes — 3 9-16 River Plate, heavy * River Plate, owes —• # Lamb — Canterbury, light 5J Canterbury, medium .. hi Canterbury, heavy • * Southland • * North Island, best * North Island, ordinary * Australian, best 53 5 7-16 Australian, fair 5 1-6 5* Australian, inferior fi River Plate, best River Plato, seconds ... * Frozen Beef— New Zealand, fores m * New Zealand, hinds • 34 Australian, ewes Australian, fores 3 1-16 Australian, hinds 3i River Plate, fores River Plato, hinds 3i * Chilled Beef — River Plate, fores • 3i River Plate, hinds • a •None offering. RABBITS. The market is steady and prices nnchanged. New South Wales blues 20s 6d. WHEAT. The wheat market is steady. An Australian cargo, loading, was sold at S7s 7VJ. and a parcel of 2000 quarters of Januarr-Febxuary at 37s.

AUSTRALASIAN MERINOS. (Greasy Wools.) Dec. Deo. Sept-Ocb. Description Avgo. par lb Avge. per lb. Avge per lb. d. d. d. d. d. d. Victoria, Western, good quality and 17 18 17 —17} 15} — 16 16}— 17 14 —15 N.S.W., Kiv-erina, good staple and cond. Is.b.W. N. England, fine, good colour ... 16 —16} 16 —16} 15}— 16 14}— 15 13}— 14 Queensland, Central, well grown staple... 15 —15} 14 —15 S. Australia, Midlands, fair condition ... 13 —13} 13}— 14 11 —11} N.Z., S. Island, fair character 13}— 1-1 12}— 13} 13 —13 C. Colony, Kaffrariaii, good average staple, light C. Colony, short, wosty 13} —13} 11}— 12} 11}— 12 9}— 10} 7 - 7} 7 — 7} (Scoured Merino.) v ictona, good lx>dy and colour 39 —30 26 —27 24 —24} N.S.AV., fair colour, rather fatty Queensland, good quality, colour and cond. N.Z. fair body mid colour 26 —27 22}— 23 22—23 27 —28 26 —27 25} —26} 25 —26 24—25 23 —24 C. Colony (Western), superior snow white 37} —28} 24 —25 23 —24 C. Colony (Eastern), good snow white ... 36}— 27} 21 —21} 19}— 20}

Jan. JXarch.. jnne. Sept. Deo. Description 1 31 SO 30 27 d. d. d. <L d. 56*8 Colonial tops.-uTenage 194 19 i 224 SO's Colonial tope, average 17 , 17i 20 46’a Colonial tops, prepared 154—16 15| 16 i6i m 46's Colonial tops, carded 14 14i 154 174 44's Colonial tops, prepared 14 X4i 15 164 44’s Colonial tops, carded Mi 14 14i 16 40’s Colonial tops, prepared 13j 134 144 16 40’s Colonial tops, carded 13 12J 13 14 154 36's Colonial tops, prepared 12J 134 14 154 50’s Punta Arenas tops 194 104 20 21 46 f s Punta Arenas tops loi—: 16 16 164 17