FRENCH TRADE BALANCE.

Auckland Star, Volume LVI, Issue 259, 2 November 1925, Page 4

FRENCH TRADE BALANCE.

EXCHANGE AND THE GOLD BASIS. For the first time this Tear the monthly return of France's foreign trade disclose" an adverse balance in the visible trade. Imports amounted to 3.297,316,OOOf, while exports were 3,2.58,311,000f. On the face of it, this change over in the trade balance might appear to indicate that for the time being France has absorbed all the benefit that can be extracted from a depreciated exchange with the rate at its present figure, but it is safer to attribute it to seasonal influences,, for in August last year there was also an adverse balance — much iarge" than on the present occasion. For the eight months of the year there is a very large surplus of exports, amounting to nearly 3,200 OOO.OOOf, which is more than twice as large as in the same period of last year. As the invisible exports of France, of course, are very considerable, the real balance is still more favourable. When the franc has been permanently stabilised — i.e., relinked to gold—there will probably be a diminution in Frace's favourable trade balance as a result of the adjustments that will be necessary in internal prices and costs. Some experts think a deduction of as much as 50 per cent ought to be made from the present figure in calculating the balance which it would be reasonable to regard as normal. According to private advices from Paris, subscriptions to the French gold loan had, up to September 7, amounted to about 3.000,000,000f, this sum being mainly accounted for by the conversion of National Defence Bonds. A further three to four thousand millions is expected to be collected before the end of this month, which would bring the total up to six or seven thousand million francs (£60,000.000 or £70,000,000). These figures would not represent a conspicuous success. THE LONDON MARKETS. LONDON, October 31. FROZEN MEAT. Sheep.—Canterbury, medium Bd, heavy ~ld; North Island, nil 7Jcl; New Zealand, ewes Old; Argentine, light 7£d, medium 63(1, heavy fid, owes Gd; l'atagonian, lig-ht 6}d, medium o*d. I.ambs.—Canterbury, medium 10jjd, heavy secondr 11{}; other selecteds, medium 10 id; North Island, firsts 10|d; Argentine, new season's, light 11 id. Frozen Beer.—Australian, hinds 5Jd. Chilled Beer.—Argentine, hinds s}d, others unchanged. COTTON, RUBBER, HEMP, ETC. (Last week's prices in parentheses.) Cotton.—December delivery, iO.Ood (10.87 d, November) per lb. Rubber.—Para, ioid (45d) per lbplantation, not quoted (48Jd); smoked, 48d (48id). Jute.—November to December shipments, £60 10/ (£59 10/, October to November) per ton. Hemp.—October to November shipments, £39 (£39) per ton. Copra.—October to November shipments, £28 10/ (£2B 17/6, September to October) per ton. Linseed Oil.—£3B £30) per ton Turpentine.—7s/lojd (76/) per cwt. Antimony.—English, £80 to £85 (£75 to £80) per ton: rorelgn, £70 (£64 5/) (A. ana N.z. Cable.)

FROZEN MEAT. The New Zealand Meat Producers Board has received the following- cable from its London office, dated October 30, 1925 advising SmltbOeld delivered prices at that date as follows:— New Zealand AVethers and Maidens.— Canterbury quality, selected brands, 56's and under 84d, 57's to 64's Bd, 65's to /2s tjfd; other brands, 56's and under 7id, 57's to 6-i's 7}d, 65's to 72'S 74d. INew Zealand Ewes.—64's and under, 6_d. New Zealand Lamb.—Canterbury quality 3 6's and under 12d, 37 to 4 2's log, 4 3's to 50's 10 |d, seconds Hid; selected brands, 36's and under lijd, 37's to 4'2's 10J,d; other brands, Orst quality, 42's and under iOJd, seconds Hid. hiJ V i e Y, rt Zealand . Beef.—Ox, fores .Ad, hinds s|fl; cow, fores 3*d, hinds 5d Argentine Chilled Beef.—Ox, rores _ld nlnds s}d. * ' TALLOAV. New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram rrom their London house, under date 28th Instant:—We quote t'rH" am r c ' for the following descriptions: Fne mutton, 48/ per cwt; good beel, 46/; mixed 43/. Our quotations are more or less nominal. BUTTER AND CHEESE. Messrs. Allen and Findlay have received TieJTtobe? 3 g?™ Cgram from London ' Butter—New Zealand, 212/6 to 217/6. Tie market is slow. Australian, 205/ to 210/; Danish, 215/, r.0.b., Denmark. Cheese.—Canadian, 117/ to 118/ Tbe market Is quiet. ' Messrs. AH. Turnbull and Company have received the following cablegram from London, dated October 30.-— Butter.—Danish, 218/ to 220/; New s?W&' oonH n « S / alte SY l2/ t0 218 /- salted 212/ to 216/. The market is slow. A. H. Turnbull and Company are in receipt or a cable rrom Messrs. AY Weddel and Company, Ltd., dated London,' October 30, reading:— Danish butter, 218/ to 220/- New Zealand unsalted butter, 212/ to "is/New Zealand salted butter, 212/ to 216/ Market slow. Cheese market quiet. ADELAIDE WOOL SALES. ADELAIDE, October 31. At the Adelaide wool sales to-day there was keen competition. Prices advanced 10 per cent for wools of reliable yield and good quality. For bellies prices advanced 15 per cent. Medium fleeces were 5 to 7. per cent higher. h selling brokers of Australia have decided that the allocations for November and December shall be increased in each Nz! n cabic n n tr ° by 10 PCr cent "~ (A - and CHICAGO WHEAT. N"EA\' YORK, October 30. Chicago Wheat.—December, new $1,478 old $1.46g; May, new 11...ft, old 81.43} — (A. and N.Z. Cable.) COMPANY REPORTS. EAST COAST FREEZING. At the annual meeting or the East Coast Co-operative Freezing Co., Ltd., to be held at AVhakatane on November 13, a proposal will come Torward that the company's works be closed down, pending the return of more favourable conditions. Last year a loss or £6600 was sustained The diroctors state in their report that if tbe farmers of the district had supported their own works loyally there would have been no need for the step now contemplated. HERD TESTING. COMPANY TO LIQUIDATE. At a general meeting of the Northern Wairoa Herd Testing Association, hold at Dargaville on Saturday, members decided to go into voluntary liquidation, owing to the small number of herds available. The Northern Wairoa Dairy Company's offer to carry on testing for the season was accepted. Surplus cash, about £50. was donated to tbe Northern Wairoa Hospital Board Mr. S. Angus was appointed liquidator. MINING NEWS. Zeehan Consolidated.—During the week ended October 24 the contractors drove on the reef in the north face 15ft, not Ift as appeared in the manager's report published.