TRADE AND FINANCE.

Auckland Star, Volume LIII, Issue 24, 30 January 1922, Page 6

TRADE AND FINANCE.

THE liOITOON MARKETS. I LONDON, .lanuarr 26. RATES OF DISCOUNT. Short. loans. ."M per <-ent.. as against "i I>er rent last wwk: thrpe-moutli bills Sg por <-ent. as against :Vi and per ''cm last ■week. FOB-ETON EXCHAVGKS. The fnllcrwinc r:itos en foreign oxi'bansrs are rurrnnt to-day, as compared with the t-ahleil r|iiotsrtlons on Jaun.iry _■:; ami par: - .lan. M. .Tan. 2:1. Par. New Vr>rk 4rtt>l 23J<: A.Z2\ 4.SV? Montreal 4dol «>■ 4.44! +.»!<', Paris ."lfr T""- .M.r>- 3r>,2rr» Berlin 850 m Sid 20.4."! Stockholm I«krSOorn lti.n;'. 1.5.1.'i0 Christiauiu Siljr 90ore itfUS.". 1.5.159 Copenhagen .... 21 kr OGore -1 15.150 Calcutta 1 :W 1.'."'.. , . -' Honckons 2/8 2/8 Yokohama .... "Ai -■■'■'• 2/OJ cnxsous ANn n.z. stocks. Consols and N-?w Zeiihind inscribed stocks. compared with those <>r January ]!»:—- Trioc. Variation. £ s. el. s. d. <~oneole. 2J per cent .. .VJ 10 O 1O O* British :u"p.c. war loan t>l lit f> Same. British 5 p.c. war 'oan.. Xi 10 0 r> Of New Zealand 4 p.<\, IS2» SO 0 o Same. Nerr Zealand 3* p.c, W4O 7S i:> (i 12 fit Ne-vr Zealand 3 p.'-.. l!>*r. 07 r, o 13 (>f * Lower, t Higher. CEREALS. PCI>SE. AXD SUOAR. Wtieat. —The Market for carpoes is quiet and shows an easier tendency. The spot market is firm. Australian is quoted at 52/6 to 'A, ex store. Plotrr.—Steady. Australian. 44 to 44/6 ex store. Oats. Peas, and Reans. —Firm, an'! prii-e-t uncnanßp.d. 47 .". FROZEN MEAT. wcefs prices In parrDthescs.> Sheep. — ■Ta-nterhn-.-.v. licht i7d>. medium 7id itijdl. henvy 63d HJJeii: Snulliland, 6*d (tydi: North Island. €>3<l aiul Til (6*d and 6id); New Zealand ewps. tvi.l (."ijdi; tirsts. C,J ((Ml. se<-niulK. M <7>Jitt: 'Pataijonian lifrht 7d (OJ.dl. heavy (UO (ikli: ewes. «M (fiidl. " LamlKi. — liir-ri t IOJd HOdi. medinm lfljd (10di. henrj- ldd (».ld>. .winds JOd M): Sontlilaud. 10d (9Jd>: -North Island. se-leetPd KHd (Oidi. ordinary Khi Md): Auirtralian. hpst H»W). fair !»?il «>3d) inferior t>id f8?«3i: SonTh American. UKht 9Jd (W. lieaT V tVI (SJd). Froion Pppf. - Arseutine. fores .Tid (3}dl. ■hiiKla 5Jd (oidl. Chined Beef. — Arjrentinr fores. r>jd. Other prices are nnt-han^ed. COPRA. HEMP. RUBBER. ETC. (Xafct week's prires in parentheses.i Cotton. —February elelivery. O.SW flO.Slrtl. •TiTt-P- —\\ CTik. ilftßuery - I**pt*rn3 r.v sliipments, £2:! 15/ 5/1. ■Hemp.—January Marr-h shipments, £35 10/ (£3G 10/0. RnWier.—rara. 12d (TJJcJi; plantation, »Jei (frjej); smoked. 85 (9Jd). Copra.—Quiet ami steady. .lanuaryMaxch Kbipments. £34 f£2i 10/1. Unseen Oil. —£32 (£3O). Turpentine. —£r. 12. t> (£.T 11/ W. METALS. Copper.—Spot. £64 IS/0: foTward. £C 5 IS'«. Lead.—Spot. £23 1/8: fom-ard. £23. Spelter..—Spot. £2o 10': fornrard. £26. Tin.—Spot 7,*; forward. £157 .VS.

Silver.— e/U ocr oz. —(A. and N.Z. Cable.l WAIHI SHARE?. I.OXDOX, January 27. Waihi shares arc quoted at 17/6 Trayere, 20/ sellers.—U. and N. 7.. Cable.) WAIUI GOLD MINING CO. The report on the principal operations carried out in the Walhi mine for the four weeks of November states that at No. 4 shaft, No. la level, in the north-west crosscut, the carbonacouß seam fautted Into the leyel. At No. 1:2 level the Martha lode in the crosscut east of Bath croseent is 051 feet wide. Assays ranged from 4/" to 10/6 per ton. West of the crossent the assays were 4.0 to 1-V6. The Dreadnought lode cast assayed from 1/5 to 12 '9. At No. 11 level 3 2 inches of quartz assayed 1/I per ton. At No. 6 level. Jellieoe rex-f for a width of U to 4 feer assayed from 31/ Cto 204/ per ton. Westward the assays varied from 6.j/S to 224/6 per ton- At No. 5 level. Jellieoe reef assayed from 42 At to 76/:; per ton, with 2 to 5 feet. BEEN ENGLISH COMPETITION. In the face of keen international competition English quotations in many instances are securing business hy beins lower. John Thompson, Ltd.. of Ettlngshall, Wolverhampton. recently secured a contract from Melbourne of the value of £400.(KW for! steam boilers. Thje large contract will give employment to 2000 workpeople throughout this Tear. CUTTING TRADE LOSSES. Reviewing the financial and economic conditions, the Governor of the Bank of Japan Rtated recently: "It is absolutely necessary to reduce the cost of production so aR to Htimnlate the export trade. At a time when the purchasing power in foreipu market* has diminished, it is particularly necessary to bring down the cost of production. Tlierp ■re. however, not a few producers in this country who still hesitate to adopt resolute steps towards mintmi«nß coKte. A difficnltv lies in the enormous stocks of raw materials now held by Japan bought at war prices. The loss must be written off the books and the actual cost of manufacture reduced." During the last few raonthx nueinese has shown improvement, and important orders for steel plates, sheets. bars, etc., have been placed. WOKLD WIDE BRITISH EXHIBITIONS. It u> reported that British traders are organising a £50,000.000 scheme for placine sampler, of their uoode in every marliet throughout the world. The first of more than 150 trample exhibitions will be begun immediately at Brussels, to be followed by others ■t Bneno* Aires. Rio dc Janiero. Copenhacen. Illadrid. Stockholm. Tokio. Bombay. CalcnttH. Johannesburg, and Colombo (Ceylon). This network of sample showrooms will liave managers and staffs to' introduce British goods of all kinds to buyers. CAXADLAX TKADFTIMPROVEMBNT. TSerp has heen a marked improvement in the conditions of tic irou and steel industry, especially in connection with the manufacture of railway cam and trucks and riteel mils. The antomobilp trade also report increased aetJvkr, and the agricultural implement industry is reviving. "Some weeks ago the Aljroma Steel Corporation received an order for 2">,000 tons of steel rails for the Canadian Pacific Railway., and this ha.s Just been supplemented by another from the same company for 32,001) tons, which will k«ep the plant workins at capacity for .some while. The Canadian National Hallways are in the market fos 7.">.000 tons, and it la ■understood that negotiations arc in progress with the Dominion Steel Corporation for 20,000 tons. IN'OREASIXO THE OUTPUT. ißeferrinj? to manufacturing conditions In the Untted Sttes. "Commerce Monthly" states that in many lhiee labour costs must be further rediK-ed. Such reduction coulil in iwrL bo attained ljy lower wages ruling. and in part by increased , efficiency and organisation for production. It, is further stated that a considerable part of labour inefficiency is at times due to iKtnal defeats in both plant and organisation. "BusinesH." the arth-le continues, "las two duties, flr»t to provide the 'be>rt means for efficient production by its laborer. and second to insist on a day's work for a day's pay. "We cannot strangle fterman trade and n.f the mune time expect her to pay the Indemnity instalments In full on the diites fixed, although we certainly trust that in time Germany will discliarge her indebtedness in the form which inay'lbe deemed most n.cf-ptable to ourselves and 1 Allies. We must look on tliis matter from a commonsense point of view, and remembering tbat since the Treaty prices of iron and steel have been rpdu.ee<i by nearly half, and dntfbtless equally in other braJicflics of ■manufactured goods. n nd tbat. the nel profit wonkl also have been at least similarly re-