TRADE AND FINANCE.

Auckland Star, Volume LIII, Issue 70, 3 April 1922, Page 6

TRADE AND FINANCE.

AUCKLAND SHAREMARKET.

BUSINESS DONE. AT THE NOON CALL TO-DAY— Bank of New Zealand (£2/0/0) Union Bank (£l2/S/Oi Auckland Trams tpref.) (17/3) Millie and Choyce (deb.) (£l/0/0) Soldiers' Loan (£94/17/6) BANKS— Sellers. Buyers. Australasia — •• 12/0/0 National 5/18/G .. 5/15/0 New South Wales 35 12 0 .- — New Zealand 2/0/0 .. 2/8/0 Union of Australia... — .. 32/5/0 INSURANCE— National — •• 2/19/0 New Zealand 1/8/6 .. 17/0 South British 1/13/0 .. 1/12/6 FINANCIAL— Goldsbrough Mort. .. 1/16/9 .. — N.Z. aud River Plate 19/0 .- IS/0 Loan and Mercantile. 79/0/0 .. — Loan and Merc, (pref) — . • 02/0/0 COAL— Hlkurangi — •• w / u Taupiri 16/9 - - — Taupiri (pref.) — •• V-;*> 'Auckland (p.u.) 1/0/6 .. 1/0/3 Auckland (cont.) 16/6 .. 16/0 Birkenhead 17/6 .. — SHIPPING— Devonport Ferry 1/1/6 .. — Huddart Parker (ord.) 2/3/6 .. 2/2/3 Northern Steam (p.u.) 14/6 .. 14/0 Northern Steam (cont.) 6/6 .. 6/0 P. and O. Def. Stock 308/0/0 .. 293/0/0 Union Steam tpref.).. 19/0 .. 18/0 TIMBER— ( - Bartholomew I.'VO .. — Kauri Timber — • • 1/5/9 L.OB 1/13/0 .. 1/11/b Parker, Lamb 1/5/0 .. — WOOLLEN— Kaiapol (ord.) 1/7/3 .. — Kaiapol (pref.) 1/3/0 .. — Mosgiel — -- i' I''®1 ''® Wellington — •• </l°/0 MISCELLANEOUS— Auckland Trams 16/0 .. 10/lO Auckland Trams (pref) 17/6 .. 10/9 Bycrott, Ltd 1/O/0 •• — Dental Supplies 1/7/0 .. — Farmers' Auc. (A pref) — .. 16/0 Farmers' Auc. (B pref* 17/6 .. — Hill and Plnmmer ... 1/0/6 .. — Theatre Arcade (pref.) —* .. IG/9 Merediths, Ltd 11/6 .. — Milne, Choyce 10rd.).. — .. 1/1/0 Milne, Choyce (deb.) 1/1/3 .- 1/0/6 Kempthorne, Prosser. 2/13/0 .. — Newton King, Ltd... 17/6 .. — N.Z. Home Builders.. — .- 6/0 N.Z. Paper Mills 1/2/9 .. — i N.Z. Kefrig (c0nt.).... — •• 13/3, Northern Boot 1/1/0 -. — • j Pareuga Oil 7/6 .. ->/0 Phllllpps and Impcy. — • • 1/0/0 Maxwell and Co 1/5/0 — Takapuna Trams — • • 10/0 Thames Theatre — •• 13/0 Tonson Garlick 15/0 '.'.' — Wilsons Cement 15/6 - - 13/3 Wairakel Ltd .: 10/0 .. — MINING STOCKS— Hauraki Reefs 0/2* .. 0/1* Hauraki Mines 4/0 .. — Uhiuemuri Mines 4/6 .. — Waihl 1/0/0 .. 19/0 Waihl Grand Junctiou 6/4 .. 6/3 Muir's Reefs 3/0/0 .. — DEBENTURES AND BONDS— N.Z. War, 1930, 44 p.c. — .. 92/10/0 N.Z. War, 1038, 4* p.c. 91/0/0 .. 00/lu/0 N.Z. War, 1939, 4* p.c. 91/0/0 .. UO/IU/0 N.Z. War, 1027, 5 p.c. 95/0/0 .. 93/15/0 Soldiers' Loan, 1933, 51 95/0/0 ..IM/17/b N.Z. Ins., 1927, 5 p.c. 94/15/0 .. 93/15. "J N.Z. Ins., 1029, 5 p.c. — •- 92/0,0 N.Z. Ins., 1935, 4i p.c. — -. 90/10/0 N.Z. Ins., 1939, 4* p.c. — .. 90/7/6 boidiers' ins., 51 p.c. — •• 94.15.0 MARKET CHANGES. Huddart, Parker Steam—Buyers £2/2/3, up 6d. Northern Steam —Buyers 14/, up 6d. Union Bank—Sales £12/6/0, up 1/. Milne and Choyce ideb.)—Sales £1/0/9, up 3d Auckland Trama (pref.)—Sales 17/3, up t d. LONDON MARKETS. LONDON, April 1. FROZEN MEAT. Sheep.—Canterbury, light Sid, medium Sid, heavy 7}d. ~ " Lambs.— Canterbury, light ll}d, mcd ran HSd, heavy lid, seconds lid; North Island, selected Hid, ordinary Hid; Australian, lair lOd. Frozen Beef. —Australian, fores «v. Chilled Beef.—Argentine, fores 3id, hinds Sd; Uruguay, fores 4d, hinds 7id; others, unchanged. COTTON, RUBBER, HEMP, ETC. (Last week's prices in parentheses.) •. Cotton.—May delivery, 10.41 d (10.28 d). Rubber.—Para, IOJd (lOJd), plantation and smoked 8d (Sid), jute.—April-May shipments £2o 10/ (£2o ° Hemp.—March-May shipments £31 10/ Copra-—March-May shipments £24 5/ (£24 10/). Linseeß 0i1.—£36 (£37 5/>. Turpentine.—£3 6/3 (£3 7/3). THE WHEAT MARKET.

Wheat—ln view of strong AmericanCanadian quotations aud expected moderate world shipments cargoes are steady. The British demand is not brisk, but there is good inquiry, for Australian for the Mediterranean. The Moora's shipment to the Mediterranean sold at 55/ G. Quotatious are: April delivery, 56/6; parcels afloat, 64/6. —(A. and N.Z. Cable.) LONDON 'BUTTER MARKET. PREJUDICE FOR DANISH. / Comment appears In the "Yorkshire Post" of January 28 regarding the relative prices of Danisn and New Zealand butter in the English markets. The extract reads as follows:— "Which is the better value. New Zealand or Danish butter? Housewives will answer in chorus 'Danish,' and they will be wrong. The trade experts say so, at any rate. They do not allow prejudice to override facts, they declare, and retort with emphasis that the New Zealand butter is easily better value. Now, this coming week. New Zealand butter in Leeds will be retailed at L' 9 to 1/10 per lb, and Danish at 2/ to 2/2. The price is rising, by the way. Why do the public, then, go for the dearer article, and incidentally help to swell the coffers of the Scandinavian dairy farmer, when they might be encouraging their overseas cousins 'down under'? For Yorkshire folk, shrewd buyers as they are, have always gone 'all out' for Danish butter. According to the experts, it is largely a matter of prejudice. The public always look with suspicion upon butter in boxes, chey say. They can't get away from the idea that it is margarine,' said one, 'and there Isu't a retailer in the trade who won't tell you of the prejudice against butter in boxes. If New Zealand butter were in casks, like Danish, it would soon be favourite.' "

LOW CURRENCY IMPASSE. The violent oscillations in the value of the mark as shown in our exchange reports ot the past few months, is largely attributed in London and New York to a steady decline in Germany's exporting power.

Is the "prosperity boom," then, narrowing down to an ordinary, struggle for custom, or (as seme declare) on the verge of collapse? One well known authority, Air. Ttalter Leaf, chairman of the London County, Westminster and Parr's Bank," declares that Germany is now importing far more than she can export, and that this accounts to a large extent for the great fall in the mark.

"Certain raw products and foodstuffs," he states, "she must buy abroad. As she is unable to send her exports in exchange for there, she must buy her foreign currency by the issue of fresh paper marks. The value of' the mark in exchange, therefore, cannot recover, and the sudden fluctuations in it has produced speculation in the mark on a most gigantic scale."

Similar conclusions In regard to the inflation of -the German currency have been arrived at In different ways by Mr. Edgar Crammond and Mr. F. C. Goodenough, chairman of Barclay's Bank. The latter points oat that besides being faced with the necessity of balancing its external trade, Germany must have, continuously, a surplus of exports in order to meet reparation payments. The dual burden he regards as impossible to bear.

If, he says, Germany is "forced to Inflate her currency for the purpose either ot balancing her trade or of making reparation payments, she must eventually come to bankruptcy, or, in the alternative, the internal value of the mark will fall to a point at which, owing to the cost of manufacture, sbe wIU not be able to sell abroad "