THE COPPER MARKET AT HOME.
As far as we can gather, the general opinion seems to be that, unless some extraordinary cause occurred between the 22nd of June and the 4th of Jnlv to depress the copper market
in England, there must be some error in our telegram, which quotes the price at £108. On further glancing over our newspaper files we find that all the evidence points to a gradual enhancement in the value of copper. From the report of Messrs. James & Shakes peare, well-known brokers in London, dated May 31, we extract the following interesting remarks as bearing upon the prospects of the market :—' The belief that the excite ment is ephemeral is founded more on the hope that such a rapid advance as we have lately witnessed may receive a sudden check from some unforeseen cause than from any fact now apparent. There is no doubt that stocks all over the world are reduced to a minimum, and England is now the only source from which immediate supplies of any magni tude can be obtained; out as the stocks here and in France (the two great depots for European consumption) are reduced to about 65 per cent, of what they were this time last year, it is difficult to see how the hope of lower prices can be realized. Coupled with this diminution of stocks there is also a falling off in the production of Chili, from which the large supplies of copper are drawn, and it is expected that the quantity raised there during the present year will be below that raised during 1871, which was in itself smaller than the preceding.' The Mining Journal of June 8, in addition to its ordinary notes about copper, contains a carefully written report, from which we extract the following information:— 'A portion of a cargo of Chili regulus (about 300 tons) has been sold t« arrive at 21s. 6d. per unit It will be seen below that there are now no stocks of Chili furnace material, whereas in former years the average quantity (in pure copper contents) was about 4,500 tons, and on January 1, 1871, the stock was as high as 7,308 tons pure. This stats of things is, we believe, unprecedented, and should a sudden demand come upon the smeltera they would be compelled to purchase bars, or trench upon their own reseives, which can scarcely bo equal to what they were about six months ago. Bars are almost without change in quotations, and now rule at their relative value as compared with other sorts. The transactions of the week amount to .barely 1,000 tons, at prices ranging from £105 to £108 cash (even £110 being reported for J. Edwards), £107 to £109 with various prompts, the highest rates being paid for best and favourite marks. Australian sorts have been comparatively cheap, and about 9Q0 tons, chiefly Wallaroo, were sold from £111 to £11 3, with various prompts. There is no doubt that 'bear1 sales of this article have been made during the current year, and some of the prompts have lately been covefed in at a heavy loss. English waa advanced officially on Tues day (4th inst.) £o per ton, making tough £116, select £118, and sheets £121 per ton. Although smelters had been previously selling raw sorts beyond their printed rates, yet it was hardly expected that they would so soon have made a positive alteration in their quotations, and the conse quence was that the sudden movement almost put a stop to business, both buyers and sellers waiting to see the result on the general market. A few second-hand lots have, however, since been placed for consumption at about £3 per ton under the above-mentioned prices, and some large export orders for select, for forward delivery, refused by makers at the same reduc tion. With regard to the stocks, it may be noticed that although the imports for the first five months have b6en about 6,000 tons ia excess of last year, yet the quantity now available in the English and French ports has only increased by about 1,600 tons, thus showing a delivery of 5,000 tots per month, with prices ruling at an average of about 50 per cent, higher than in the same period of 18/1. The iacrease in the imports are to be attributed to the rapidity of the advance in valus here, for owing to thi3 we have received 1,879 tons of Japanese from the East, and 510 tons of English and Australian from India, none of which would have^ corns in the ordinary course of events. Besides this, all the Australian exports have been sent direct to this country, whilst usually a good portion has gone to Calcutta and Bombay; in fact, India may bo said to hare taken no copper at all this year, as the shipments to that country hare been only 739 tons, and are counterbalanced by the arrivals here, together with the quantity (about 200 tons) still on the way from thence to England.' The Government returns for the first four months of 1872 show a total import of ore, regulus, bars, cakes, ingots, &c, of 23,069 tons, aa against 20,038 in 1871 and 14*856 in 1870. It should be mentioned that the quantity delivered in bars, cakes, ingots, &c, for the four months was 14,819 tons this year, 12,230 tons last year, and 6,584 t!}9 year before. Thus, the high prices have had to withstand a pressure from supply which apparently haa been quite exceptional
The fact that they have withstood it shows the healthy tone of the market. The ex port b of copper for the same period as that; given above have amounted to 13,968 tons in 1872, 13,468 in 1871, and 22,066 in 1870. The return of stocks and Chili cargoes chartered and afloat fur nishes the following totals, including as it dees Liverpool and Swansea, London and Havre:— June 1, 1872, 34,332 tons; June 1, 1871, 43,971 tons; June 1, 1870, 43,353 tons. The imports of West Coast of South Ame rican copper into England and France and of other foreign copper into London during the periods between January 1 and May 1 for the three years compare thns:— 1872, 26,590 tons; 1871, 20,576 tons; 1870, 25,112 tons. The direct imports from the We3t Coast into England and Havre and of foreign copper into London during May equalled 4,476 tons. The mails received in London from Chili during May advised charters for together 3,458 tons, against 3,398 tons during May, 1871. During the present year 19,931 tons have been so advised, against 15,989 tons in 1871 and 21,544 tons in 1879. The Economist, a very high commercial authority, in its issue of June 8, in com menting upon the Board of Trade returns, which indicate that the imports of copper in 1871 were 48,215 tons as against 62,104 tons in 1870, showing a decrease of 13,889 tons, avers that the figures are incorrect owing to the substitution of 'declared' for the 'com- puted' value of imports. It adds that ' up to April, 1871, there had been no decrease, the imports in the four months of 1871 having been 15,188 tons, against 14,979 tons in the same period of 1870. The apparent diminution of import occurred entirely in the last eight months of the year. We do not say that the speculation was wholly unfounded, bnt too much haa undoubtedly been made of the official statis tics.' _____ South Australian Gas Company.— The accounts of this Company for the year ended June 30 have been prepared, and copies pre sented to the shareholders. The Directors, after remarking npon the satisfactory posi tion of the Company, report as follows :— 'During the past year your Directors have twice reduced the price of gas, in accordance with the policy which has been steadily maintained from the beginning, that the consumers should participate in the success of the Company. The rate uow charged is 10s. per 1,000 cubic feet in that part of the city where the bulk of the consumption is concentrated, and 12s. per 1,000 feet in other parts of the city, its suburbs, and Port Ade laide. At the special general meeting held in May, 1871, the Directors were authorized to borrow £20,000 upon bonds of the Com pany. Of [this £7,940 was obtained, and referred to in the last reports, and since £'9,300 more has been borrowed upon favour able terms, and applied chiefly in paying off bonds falling due. The balance, £2, 760, will be used when needed for a similar purpose. Of the 3,000 shares authorized to be issued at the special general meeting held in July last, 2,903 shares were allotted in terms of the resolutions passed at that meeting. The remaining 97 shares were disposed of by public tender, and realized a premium of 7s. per share. As intimated in their last report, your Directors have during the past year called up the sum of £1 per share on these Bhares, and they are of opinion that the remaining sum of £4 per snare should be kept as a reserve. The 24-inch trunk main, mentioned in the last report, has been com pleted from Thebarton Bridge along thePor!; road and a portion of West-terrace, and several extensions to the mains in the city, suburbs, and Port Adelaide have been made during the past year. An additional retort house is in course of erection at the city works. From the balance ? sheet, trade account, and statement of profit and loss annexed hereto, it will be seen that the amount available for division amongst the shareholders, after paying the interim divi dend of £2,250 in February last, amounts to £2,523 9s. 4d., which your Directors recom mend be appropriated as follows, viz.:— In payment of a further dividend of 5s. per share on the fully paidjup shares of the Com pany, £2,250; pro rata dividend of Is. per shale on the 3,000 new shares, £1 paid-up, £150; balance to be carried forward, £123 9s. 4d. —total, £2,523 9a. 4d.' From the trade account for the year we find that the actual income has been £19,725 3s. 5d., and the expenditure £13,508 14s., leaving a net profit of £6,216 93. 5d., the appropriation of which is referred to in the Directors' report. The statement is on the whole a satisfactory one, and will doubt less be accepted as such by the shareholders. The [preceding was crowded out from the Register of Friday by the pressure of English news. ____„______»__ The Adelaide to Looton Teleoraph Service. — We are officially informed by the Adelaide Stationmaster, Mr. W. J. Cunningham, that the next express courier with news from Port Darwin is expected to arrive at the end of the wire, Harvey's Camp, some time on Satur day. Upon this being telegraphed to Adelaide the red ensign will be hoisted upon the General Post-Office tower flagstaff. If the communica tion through the cable has been re-established arrangements will be made for starting. the return special messenger on Tuesday next from the north end of the line. Progress op the Overland Line.— Mr. W. J. Cupningham received on Friday night the following message from Mr. C. fi. Johnston, Field Operator :—' Wired 5^ miles to-day. Camp about 24 miles from Attack Creek.' The Steamer Kangaroo.— Up to Friday evening no intimation was, we believe, received in the city reporting the arrival at Wallaroo of the Kangaroo, which left Port Adelaide on Wed nesday afternoon. Mli Vaus. — On enquiring at the Adelaide Hospital late on Friday night, we were informed that there were no signs of improvement in Mr. Vaux's case, and that he was still in a very critical condition. Episcopal,— The Bishop of Adelaide loft the city on July 26 for a visitation tour in the North, end hopes to return at the end of August. Special Services.— On Sunday, the services in Pine-street Church and at the Draper Memorial, Gilbert-street, will be in the interest of the Wesleyan City Mission. Particulars will be found in another column. Football.— We notice that a match is to be played this afternoon at Glanville between the Adelaide and Port Adelaide Football Clubs. The players for the Port will be:— J. Ashwood, C. Brown, J. Blair, J. Counsell, J. Fisher, G. Ireland, F. Ireland, F. Jury, F. Kennedy, G. Middleton, J. Mitchelmore, J. and R. Rann, S. Ranford, W. Smith. H. Sparnon, J. Sullivan, G. Stevens, Wade, and C. Wells. Imperial Rome.— To the members of the Adelaide Wesleyan Mutual Improvement Asso ciation, in the Hall of Pirie-street Church, on Friday evening, Mr. J. A. Hartley, B.A., B,Sc., of Prince Alfred College, redelivered his lecture on 'Imperial Rome.' The room was nearly full, and the Rev. T. James, the President of the Association, occupied the chair. At the close there was a collection in aid of the Society's funds. The Carandinis.— There was a fair atten dance at White's Rooms on Friday night, and the programme consisted of selections of music calculated to call forth the fine vocal powers of the performers, who in several instances secured unmistakable evidences of appreciation from the audience* The EVERGBMN.--A constant stream of visitors continue to inspect this truly unique ?work of art now being exhibited by Mr. J. R. Dry at the Town Hall Exchange Room.
Adelaide Meat-Preserving Company.— The half-yearly meeting of shareholders in this Com pany was held at Mr. H. Scott's offices, King William-street, on Friday, July 26. There was not a large attendance. The Hon. A. B. Murray presided. The Directors' report was in effect that the large supplies of cattle had afforded the Company an opportunity of re openiDg the works, and 927 head of cattle had been preserved. The high price of suitable sheep Lad prevented any operations in mutton, and preserving ceased during the first week in May. The opportunity had been taken to place the buildings in a thorough state of efficiency. A packing-room for tallow and a cattle slaughterhouse, with stockyards, had been erected, and the purchase of the freehold of the lands completed. The demand for preserved meats in the home market, which decreased since the previous report, had again materially improved. The financial statement showed a credit balance of £2,022 5a. 8d. The Chairman referred to the efforts of the Directors in carry ing out the interests of the concern, and re marked upon the amount of good the institution had been the means of doing, not only by giving employment to a large number of persons, but by improving the value of stock and benefiting the colony at large. In answer to a question, he said the advices from home were satisfactory. It was stated that upon the receipt of account sales the Company would be placed in an ex cellent position for commencing next season's operations. A shareholder remarked that a grand feast had been given ia London at the instance of one of the other colonies, and a quantity of Australian meats was provided, but not relished. It was to be understood, however, that none of the Adelaide Company's products figured there, therefore the strictures did not affect them._ The Chairman intimated that it was not the intention of the Company to declare a dividend at present, although there were funds; but in the event of the shareholders taking up the remaining shares a dividend would be paid, as there would then be cash available for all purposes. The value placed upon the shipments was endorsed by the advices from Britain. The report was adopted. A short discussion took place with reference to increasing the capital in order to enable the Company to carry on its operations in the most satisfactory way, and place it upon a stronger and sounder basis, so that in the event of unprofitable times they might be prepared. It was, however, to be understood that the Comoany was not by any means in financial difficulties; on the contrary, it recommended itself as an institution which had notably increased the value of stock for the past few years, and had a prospect of further development. Though at present prudence forbad the declaration of a dividend, there was no reason why one ef 2s. per share should not be paid if two-thirds of the share holders would invest in the remaining shares. A suggestion to raise money by debentures, as the Gas Company had done, was made, but it was pointed out that a material difference in the value of the plant existed. On the motion of Mr. H. Scott, seconded by Mr. Main, the following resolution was carried: — 'That it is desirable that a dividend of 2s. per share on the shares now held in the Com pany be paid, provided that the 2,024 now unallotted be sold within three months from this date.' The effect of this would be to render available £4,770, taking into consideration unpaid calls on shares already issued. The proceedings then closed. Another Steamer.— Letters from Liverpool state that a steamer was about to leave that port bound for Adelaide and Melbourne. Whether she is intended as an intercolonial trader or an oversea ship does not transpire; but it is thought to be probable that she is a vessel that will bring out a cargo of general merchandise, on the discharge of which she will enter the colonial trade under steam. Her name is the Coimba tore, and she is commanded by Captain Hanason. The Dhollerah and Alexandra.— The Secretary of the National Marina Company has politely handed us a statement of the exact amount of their line upon the Dhollarah, which information he Kad not precisely ascertained when we saw him on Thursday. It is £4,800. This Company had only insured about one-half of the value of the hull of the Alexandra, the other portion of the liability having been taken by the Derwent and Tamar Office. Presentation to Mr. T. Bennett.— At the close of the annual meeting of the Old Scholars' Association in connection with the Adelaide Educational Institution on Friday evening, a testimonial, consisting of an address and a purse of sovereigns, was presented to Mr. Thomas Bennett by a number of his former pupils. He was long, associated with the In stitution, but left at the end of last year. The address, which waa presented by Mr. M. S. Clark, gave expression to the high esteem in which Mr. Bennett has ever been held by all who have come into contact with him, and the hope that the friendship formed in the past would long continue. The recipient acknowledged the gift in suitable terms, and remarked that it was the third time he had received presenta tions of that kind since his first connection with the school He warmly alluded to the friend ship which still existed between Mr. Young, the Principal, and himself. Sport atX Wellington. The Sovlkem Argus tells that Sir James Fergusson was shooting on Thursday and Friday on the Wellington estate. Tho weather interfered considerably with the sport, and on the second day almost stoped it. One hundred and twenty-six head of game fell to the guns of the partyj viz.:— 1 turkey, 1 swaa, 50 black ducks, 31 teal, 17 widgeon, 1 mountain duck, 11 geese, 3 avocats, 8 moor hens. The Late Boat Accident near Moonta Bay. — A subscription-list has been opened for the relief of the widow and six children of the late C. Abernethy, who was lost in a boat whilst proceeding to the wreck of the steamer Black Diamond, of whom no trace has since been discovered. The Late Mr. Trevor.— We have been in formed that circumstaaces have come to light since the inquest on the body of tho late Mr. Trevor which make his suicide look somewhat doubtful, and it is thought that death was pos sibly the result of apoplexy. He was the manager of one of the stations of Mr. G. C. Hawker, his uncle. The inquest on the remains was held by Mr. H. J. Smith, S.M., and the verdict returned waa that ' Edward John Trevor came by hia death by taking strychnine while in an unsound state of mind. When the depo sitions can be examined and the later statements are taken in connection with them, tha public will be in a position to form an ©pinion on tha subject. I The Stanley, late Emu Flat, Mine.— The Clare paper says that ' things are progressing slowly at this mine. The old drve is not being worked ; but as many men as can be put on the work are hard at it.^ A cross-driva is being made, and in a short time they expect to strike the lead. Some very good work is being done by boys in cleaning up old stuff, some of which has been on tho surface for the last 16 years. We believe it is the intention of the proprietors to spend a considerable sum in prospecting through the adjacent sections, over which they have the right of purchase.' Goods Scarce.— We have already referred to the difficulties of transit between Port Augusta and Blinman with the result that loaded wagons hava been months on the route and the traders are short of articles that are daily needed. The letter of a country paper thus comments on the subject:— 'Of late the drays from Port Augusta for the stores have been almost if not quite as long on the road as a ship is on her voyage from England. Indeed, ona of our business men told me tho other day that his bills were due more than a month before his goods cam© to hand. It is no rare thing for all hands to be out of flour, and as to potatoes— well, we have same times seen them in our dreams, but otherwise we get no glimps of fary tater/ while many things of everyday use are equally uncomeatable. On one occasion the pubs were out of beer, and at present tobacco is getting very scarce. Ah, me! if tobacco fails and our wives get crusty what «M1¥ we do to be comforted?' New Chapel.— At Alma Plains last Sunday a new place of worship was opened, Messrs. T. J. Gore, of Norwood, and J. Lawns, of Alma, conducting the services. The audiences were large. On Monday between 300 and 400 persons had tea, and Mr. Lawrie afterwards presided ©ver a meeting which was addressed by Messrs. Kidner, Colbourng, Woolcock, and Gore. It is estimated that over 500 people were present.
Old Scholars' Association.— The annual meeting of the Adelaide Educational Institution Old Scholars' Association was held at Beach's Restaurant on Friday evening, when about a dozen members attended, and the President, Mr. J. H. Finlayson, occupied the chair. The report, which was read by the Secretary, Mr. T. H. Bowen, did not give a cheerful impression of the interest taken in the Society. It recom mended the abolition of the yearly dinner as not being a financial success, but rather a drain, upon the resources of the Association; and that instead of the Old Scholars' Prize being dependant upon the amount raised by the ordinary subscriptions, out of which also general expenses had to be paid, that an annual scholarship of £10 should bo guaranteed by special donations. Mention was made of the death of Mr. H. White, aa old scholar, by the recent boat accident in St. Vincent's Gulf. Tfee balance-sheet showed that the receipts, with the amount from last year, amounted to £37 16s. 5d,, the expenditure having been £29 6s., leaving a credit balance of £8 10s. 5d., this being larger than in any pre vious year, notwithstanding that the Committeo had found it necessary to express tha opinion that sufficient interest was not taken in the Association. Tho report was, on the motion of tho President, seconded by Mr. M. S. Clark, adopted, it being left to the incoming Committee to consider the advisability of continuing tha annual dinner. On the motion of Mr. C. Peacock, Rule 4, providing for the election of a President, Treasurer, Secretary, and five members as Com mitteemen, was amended so as to provide for the appointment of five members as a Committee who should regulate the affairs of the organiza tion and appoint their own officers. Messrs. J. H. Finlayson, H. F. Peacock, J. P. Bickford, J. T. Fitch, and R. K. Thomas were then chosen by ballot to form the management for the ensuing twelve months. ThB meeting closed with thanks to the retiring officers. Accident.— On Friday as one of the sawmill boys at Messrs. Brown & Thompson's timber yard was near the axle of the driving-wheel the lai's apron was caught, and he was drawn over the wheel twice and bad his arm broken in two places. He was then rescued by a sawyer, who took him off, thus saving him from inevitably being killed. After being taken to the Adelaide Hospital the sufferer's arm was set. Ulooloo. — Everything seems very quiet on this field. The Times of Gawler states that from a correspondent's letter it appears that there are not more than 30 persons there, and even this small number is likely to be reduced shortly, as almost all of them have signified their intention of going sheepshearing as soon as the season commences. There is a Govern ment prospecting party in the neighbourhood. The New Kanmantoo Mining Company.— The half-yearly meetiag of this Company was held at Temple-Chambers on Friday afternoon; Mr. R. Stuckey presided. The Captain's report and the balance-sheet were read and adopted. The Chairman intimated that a dividend of 5s. per share would be payable in a fortnight. Poona Mining Company.— The half-yearly general meeting was held at the Company's Office, 70, King William-street. Present— Mr. G. D. Young (in the chair) and seven share holders, representing 1,762 shares, by proxy 57 shares. The report and balance-sheet were adopted, and a report from Captain Hancock was read. Good Templarism.— Lieut J. H. Jennings, R.N., is at Mount Gambier, after having opened Lodges of Good Templars at Hamilton and Sandford in Victoria. Iieut. Jennings purposes holding a series of temperance meetings at tho Mount. The Goolwa and Victor Harbour Rail way.— There have been several improvements effected on this line lately, tho most noticeable of wkich is the erection of a station at Goolwa, which was constructed by Mr. W. Dick, of Strathalbyn. The structure, which is of gal vanized iron, is 30 feet long by 15 wide. A Stationmaster's office is situated at ono end of the building, and a goods shed the other, the intervening space being appropriated to passen ger accommodation. The shed is sufficiantly large for the present trado, and will be for some time, unless the clearing of the Coorong is pro ceeded with by the Government, when its enlargement would doubtless soon be required. A platform is constructed behind the shed to enable drays to load and unload without inconvenience. Before this could be effected, however, a large quantity of earth and stone had to be conveyed to fill the hollow between the street and plat form. The station being erected on a sideling, which was very curvilinear, the line had to be raised and lengthened to bring the rails parallel with the whole length of the platform. Several alterations have also been made in the sideling*) at Goolwa, and some of the turn-tables lifted and relaid. The old wharf is still ia ita dilapi dated condition, and the sooner the con templated improvements are effected the better. The small green truck, which has often done duty as special between Strathalbyn and Mid dleton, and received the sobriquet of tb.9 'Seidljtz Powder Box,' has been undergoing alteration, so as to provide more accommodatiou for passengers. It is now being repainted, and will soon be fit for active service.— Southern Argus. Farewell Presentation.— On Tuesday, at Kapunda, a purse of 35 sovs. was presented by Mr. M. V. Ryan, on behalf of the congregation of St. John's R.C. Church, to Father Roche, on leaving the district. Opossums.— The demand for opossum skins is causing many people in the neighbourhoods ef Truro and Mount Kufus to sally forti at night to trap or shoot the animals. [From yesterday's Evening Journal.] Supreme Court.— There being no business this morning, the Equity Court adjourned until Tuesday next. The Ocean Mail Steamer.— Tha Melbourne public telegram ehows that the P. & O. steamer Baxoda was off Cape Otway at 11.30 a.m. oa Friday, and would probably arrive at tb.9 Heads about 6 p.m. The Aldinga. — A telegram, posted outstdo the Exchange on Friday morning, eays that this steamer left Portland Bay for Adelaide that morning. The Rainfall. — The following tabulated statement shows the quantity of rain that fell between 9 a.m. on Thursday and the sama hour on Friday at the undermentioned places:— Adelaide ^ 0'350 Willunga ... 0-215 Gawler ? O'lOO Normanvflla ... 0'575 Tanunda ... 0*220 Port Elliot ... 0-450 Blanchetown ... 0-050 Goolwa ... 0-48® Kapunda ... 0*180 McGrath's Flat 0*420 Auburn ... 0*200 Robe ? 0*230 Moonta ... 0*010 Mount Gambier 0*650 Clare ? 0'020 Penola ? 0*250 Burra ? 0*080 Narracoorte ... 0*300 Mount Barker 0*730 Gumeracha ...' 0*630 Strathalbyn ... 0*260 Adblaide to London Telegraph.— The fol lowing is the weather report on the Port Darwin line for Friday: — Beltana— W., light, cloudy. Strangways Springs— S.W., light, fine, clear, cloudy. Peake— W., fine, clear. Charlotte Waters— S., fresh, cloudy. Alice Spring3— S.E., moderately fin«. BanWs Creek— S.E., light, fine, pleasant Tenant's Creek-N.E., light, fine. Another Shipping Casualty.— From Hit cheWs Maritime Register of June 7 we notice that the old ship_ Monarch, from Melbourne to London, was obliged to put into Stanley, Falk land Islands, on March 28, in a leaky condition, and that she wa3 compelled to discharge there. The vessel left Melbourne on tho 11th of Feb ruary with a large and valuable cargo of colonial produce, and mo3t of our Insurance Companies are involved in the I033, but not, wo believe, to any large extent, The master of the vassal is a brother of Captain Paddle, of tha A.S.N. Company's steamer Rangatira, The Strathalbyn Rainfall.— Owing to the heavy downpour the Meadowbank Swamp, which for several months of the year forms a lagoon about half a^ mile in length by a quarter of a mile in width, is now full and running over. As a consequence, all the sections lying between it and Mr. A. Stark's place are covered with water. ^ The River Angas has been high for tha first time this season, and rushing along in torrents. The recently-planted willow poles on ttebanks have stood their first test of a flood capitally.