TRADE AND FINANCE.

Auckland Star, Volume LIII, Issue 156, 4 July 1922, Page 6

TRADE AND FINANCE.

AUCKLAND SHAREMARKET.

aUSIN,*ESS DOXE. AT THE Mi A.SL CALL. TO-DAT— Waihi fl/U/9, £1/12/3 Colonial Sngw (Australian) „ £32/10/0 AT THE NOON CALX, TO-DAY— Milne and Choyce (deb.) (£l/1/9) Waihi Grand Junction (9/4) WaiJU £1/12/0 X.Z. War Loan. 1938 t£3*/0A»

MARKET CHANGES. Colonial Sngar (Australian)— Sales £32 10/, up 10/. National Bank- Buyers £5 18/6, np 6d. Bank of New South Wales—Buyers £34 5/. up 5/. Dalgety, Ltd. —Buyers £9, up 5/. Auckland Trams (pref.)—Buyers 18/3, up L.OB. Timber—Buyers £1 12/3, np 3d. Mosgiel Wool—Buyers £6 7/6, up 2/6. £100 N.Z. War Loan, 1938—Sale £94. np 2/6. £100 N.Z. War Loan, 1938—Buyers £93 17/6, np 2/6. -OOQ N.Z. War Loan, 193T-JBuyers t£94 10/, ■ £100 War Loan, 1938 and 1939, Inscribed— Buyers £93 12/6, np 3/6. SOUTHERN EXCHANGES. (By Telegraph.—Press Association.) DUNEDIN, this day. Sales reported: Union Bank, £12 19/. Sales on 'Change: Kaiapoi WooUen (10/ paid), 12/3; Waihi Grand Junction, 9/, 9/1. LONDON WOOL MARKET. The Bank of New Zealand has received the following cable advice from London office nnder date of 28th ult.:— "Tbe sales have closed weak owing to faning off in competition. The .market is ' affected by the large suppUes and is irregular. Current quotations are. as follows:—Crossbreds, coarse. 6d to 6Jd per lb; crossbreds, medium, 7H to Sd; crossbreds, fine, lid to 12d; haifbreds, 17d to 19d; merinos, super, 20d to 24d: merinos, inferior, 15d to 170. ' (A. and N.Z. Cable.) iPBODUCTivrrr and the living STANDARD.

The idea that the United States has still a vast area of undeveloped country to be settled, though widespread, is apparently incorrect, judging by an address given by the president of the National Rank of Commerce of New York, Mr. Jnmes S. Alexander. He was dealing with the question of foreign trade in relation to the American standard of living. He claimed tSiat the average labouring man in the United States enjoyed a higher standard of Uving than bis fellow Oabourer in almost any other part of th" world. He contended the existence of that standard constituted one of the greatest achievements of American democracy. Mr. Alexander, however, emphasised tbe fact that the maintenance of such a high standard depended upon the productivity of the labourer, which in turn rested upon the continued enlargement of the supply of high'iy productive land as fast as the population increased.

"While there still undoubtedly exists a considerable amount of land which may be cultivated more profitably than land wnleh ia cultivated in some 'other Parts of the t »-orld, yet we must recognise," Bald Mr. Alexander, "the fctct that we have reached the point where upon the new land the operation of tbe law of diminishing returns in agriculture will cause a smaller and smaller yield of foodstuffs per unit of labour than has resulted in the immediate past, it is true that invention and Improved methods of farming have tended to postpone to some extent the early working of the law of diminishing returns, but the evidence of the last few years points clearly to the fact that we are now utilising less fertile land st a greater per unit cost of production than was the case ln former years." NEED FOR FOREIGN TRADE. An address by Mr. James S. Alexander, president of the National Bank of Commerce of New York, given before the Foreign Trade Convention at Philadelphia, upon the question, "Why we must have foreign trade," points ont that the United States has an excess capacity in shipping, in some of the metal industries, aad in some other manufacturing industries. He adds: "I believe that no one who is well versed in the intricacies of modern industria ! l»re any longer believes that domestic trade can be built up without a corresponding increase in foreign trade. It may be said, however, that the consensus of industry and finance throughout the world ,' a _,? pr _ >ached t h e conclosion within the last two years that in no country in the world is the fuU recover? of domestic trade possible un national trade is restored to its normnl value. The re-establishment normal trade conditions __ the States, and the saving of this teemendora Investment in extended pia&tt d__~iS« -5 a large degree upon the extei__.io_rof oS foreign trade. "

BANKS— Sellers. Buyers. Ans***feu*i* ____ 10/2/6 - 12/15/0 Commercial (preCJ .. 6/10/0 .. 5/19/0 N'ltSoinil — 6/2/6 .. 5/18/6 New South Wales ... — .- 34/5/0 Xew- Zealand 2/12/3 .. 2/11/6 Union of Australia—. 13/0/0 .. 12/18/0 INSURANCE— National , 3/10/0 _ S/6/0 New Zealand , .... , — — 1/9/6 'South Bririsli 1/19/0 _ 1/18/3 FINANCIAL— Dalgety and Co — «. 9/0/0 X.Z. and River Plate — .. 18/3 Loan and Merc (pre!) — — 64/0/0 COAL— Hikurangi . 11/3 .. 9/9 Taupiri ..„ 16/9 .. 16/2 Waipa 15/6 _ 15/0 GAS— Auckland (p.n.) .. — _ 1/2/6 Auckland (eont.) «... 18/9 _ — Thames 11/0 „ — SHIPPING— Huddart Parker (ord.) 2/8/0 _. 2/7/0 Northern Steam (p.n.) 13/6 .. — Northern Steam (eont) 6/0 .. 5/9 Union Steam (pref.).. — .. 18/9 TIMBER— Kauri Timber — — 1/6/9 L.O'B _. — .. 1/12/3 Parker, Lamb 1/3/B .. 1/1/6 WOOLLEN— Mosgiel 6/12/0 _ 6A/6 Wellington — .. 9/0/0 MISCELLANEOUS— Auckland Trams 18/0 .. 17/8 Auckland Trams (pref.) 18/9 — 18/3 Byeroft, Ltd. 1/0/0 .. — Colonial Sugar (Aus.) — .. 32A/8 Colonial Sugar (Fiji) 10/5/0 .. — Dental Supplies 1/4/9 .. — Farmers' Auc. (A pref) — .. 17/0 Fanners' Auc. (B pref.) 17/0 .. 15/0 Hill and Plnmmer ... — .. 18/0 Theatre Arcade (pre!) — .. 18/0 Merediths, Ltd 10/9 .. 7/0 Milne, Choyce (ord.) — .. 1/1/3 Milne, Choyce (deb.) — .. 1/1/6 Newton King 17/6 .. — X.Z. Home Builders.. — _ 5/6 N.Z. Paper Mills 1/2/0 „. — Northern Boot .-_. 1/1/0 M 18/0 Parenga OU 8/0 .. — Parenga Oil (eont) .. 3/0 .. 1/6 PMUipps and Impey.. — .. 1/1/6 Maxwell and Co — .. 17/0 Takapuna Trams .... 14/0 — 10/3 Thames Theatre — _ 14/0 Tonson GarHcIt .. 12/6 „ 8/3 Union OU 1/11/0 .. 1/8/6 Wiseman and Sons.. 14/0 _ - — Wiseman and Sons (pref) 17/6 .. — WUsons Cement 17/3 .. 17/0 Camp Paint, Ltd 9/6 — — Farmers' Union Trad. 12/0 _. 5/0 MINING STOCKS— Hauraki Mines ...... 5/0 .. — Hauraki Mines (eont) 2/0 .. 1/0 Waihi 1/12/0 ...1/11/9 Waihi Grand Junction 9/3 .. 9/1 Mnir's Reefs l/VS/9 .. — DEBENTURES AND BONDS— N.Z. War, 1930, 4$ p.e. — .. 93/15/0 N.Z. War, 1938, 4i p.e. — .. 93/15/0 N.Z. War, 1939, 44. p.e. 94/2/6 .. 93/17/6 N.Z. War. 1927, 5 p.e. — .. 94/10/0 Soldiers'Loan, 1933, 5J — ..97/11/6 N.Z. Ins, 1927, 5 p.e. — ..94/10/0 N.Z. Ina., 1929. 5 p.e. — .. 93/15/0 N.Z. Ins., 1938, 41 p.C. r- .. 93/12/6 N.Z. Ins., 1939, 41 p.e 94/0/0 .. 93/12/6 Soldiers'Loan, Ins., 54 98/2/6 .. 91/17/0