COMMERCIAL,

Press, Volume LVI, Issue 17017, 14 December 1920, Page 9

COMMERCIAL,

CHEDIT CORPOBATIOX. i'By Cable—Press Association—Copyright.) >;AusiraUan and 2T.Z. Cable Association.) 2TEW VOEK, December 11. Tho baniere. farmers, and industrial conference at Chicago voitfd in favour of a. dednii<3 orrstiselion Tri*,h a cr.rital of a. hiliioc dollars to e.=tr.blish a foreign credit corporation to o-oerato under tbo Federal reserve la , *-?. Tho corporation'* 3iithorifre-i capital will at tho start bo 100.000,000 dollars, ~ b~t wjl) expand to a billion dollars. NOTES rBOBJ WELLINGTON. (FEOII A SPECIAL CORRESPONDENT.) "WELLINGTON, December There :s still great difficulty its get-lmg sufiicient cerr.cr.t for building otlier > '.rerks iri Kcv Zealand. OrTers havo been t*>- - ctived by the Government for the supply of 5 -Ccr-.Tegien ar.d Ca:ir.diau cement, but they , havo not been accepted.. Should tfco Pnblio V.'orks Deuartincnt decide to purchase othei than En,?!i?h or Nct Zeslard coaent. ia orcltr that -rc-ork-s in hand Kay not be retard«d, a. tc-ftt v.-oii!d have to bo given of tl:o . quality, and in addition © further tesi would I bo taken by tho Departmental officers vrhsn i a shipment arrived. The Minister of "Works ■ etates that he ha 3 arranged a .consignment of SCO tone from Auckland for tho Otira, tunnel. This will leave Auckland to- ! <iay. Tha Tenders Board having Tccommended tho Government to accept the tendor of Speddins, Ltd., of Auckland, for a supply of prepared roofing, a contract ia>s been entered into v.'ith that linn for oco thousand 1 rolls at 42s i. roll, the total ocmtrect price j?2100. Tho jnovemont in AnstraJia for the formalicn of a Wool Realisation Association is lieing: vralchsd cßrefully by the Government find br roprogentativ-M of the prodtioere i'l Xew Zealand. 'Xho Dominion taay be asked to co-oporato with Aiißtralia- in thi« matter, and wme informal ftuggeations in this direction havo aireiidy Iwen made. Any definite EUgge=tion of the kind -n-ill be carefully ooneidered by the Government and by the "Wool Committee, but it is by no ine*ne certain th<at the scheme would do ee mitcji for the farmcjg as tho banks and financial institutions, supported by the Govcrnment'e pro■raisod guarantee, are abJe to do. JTex Zealand is in a jnuch better position than Australia to crranpe for th© holding of v-001. The fact that the greater porf of Austialia's wool is fine, whereas the bulk of New Zealand'."? -wool i 3 coa-reo woo!, makes co-op«ra-tion rnore difficult, since there would be some clashing , of intereeto. ESTABLISHMENT OT CREDITS; Opinion is mia-niinous (writ«e tho Brp.dford correspondent of "The Press" under dato of October 21st) respecting th<? remedy for tlio present etete of trade. Everybody imoTv's that the chaos ia due to traders beinjf uuablo to eend goods into ila dCc Taetated. markete of Central and Eastern Europe. Unless something- is dono, 3C0,000,000 human boitige will have to njarve | through another winter because of their inability to purchase clothing. Some members j of the. trade ieol keenly oh tho eubject, the sum and substance of •which is that tho Continental exchanges arc demoralised. Trade cannot be extricated from its present, chaotic position except on lines of barter, that is roceiving , pay wheat from Russia, and manufactured £ooda from Germany, the value being, returned in raw materials nnd manufactured .goods. Thie is ojie eolution, tho other beiop an organiEation of international credits. The Committee of -International Credits at the Brussela conference recom-, molded a echeme of extending commercial, credits to distressed countries. The whole lunttex- wae gone into thoroughly, o. echom* being , propounded, for the issuing of .bonds ■fcy the variona Continental Governments, secured on national which wonH be ovailablo ss collateral eecurity for the payment of an importer's debt to a- foreign exporter. The bonds would be gold bonds becai'.se they would be. payable _ in foreign civrre-ncy. Mnny feel that this is % the only remedy for tht> pioaent bad trade, and the sooner it is put into force tho Wtter it will be ior ovoryone. from the grower to the exporter of the finished fabric. SOUTH CANTERBURY. tUEEZIX'G* CO. A meeting of the directors of the Co-opera-tive Freezing Company of South Canterbury v/as hold in Tiiflaru on Saturday. Six tenders were received for the erection of freezing works at Waehdyke, but they were far in excess of the architect'* estimate, and it -wa.e decided not to accept any of them in the meantime. A financial statement tvae put before the meeting, and it wae agreed before going , OB with the erection of ihe ■worka. it would be neoesßary to eeouro more capital from the sale, of eharee. It vraa decided to call the shareholders together next month 'and place the position tb&tti. Between now and then, howwrer, it » conr fidently expected (eays the Timaru 'IHerald '> that a i?ood doal more capital ■will have been I subscribed. KIRWEB SALE. ■ At tho monthly sale held Iftat there' ■K-ae an entry of 430 store eheep. The. principal ealos were:—llo aged ew>9 and )tnaba at 18a 10d, 57 two-tooth backward wether* at 20e. A good entry of pi£», mostly wewiers,. ma-do 2<iß to 435. SALE. BEPORT, I'STJKNYDALi;." Followfns on th* auction eale conducted bv Craddook'e Agency Coy., Limited, in the Chamber of Commerce Hall, on evonin?, &o company diepoaed of Lote 12, 14, and 15 y€*terd&y, thue effecting a. complete clcaTaaice of No. 1 subdivision. 4580 CHRISTCETUBCH STOCK EXCHANGE. LATEST QUOTATIONS, s Buy*re. Sellere. £ b, d. £ «. d.

DUXEDIX STOGK EXCHANGE. (PRESS ASSOCIATION TELEGIUM.) i DLTXEDIX, December 13. Quotations:— jßistoy Sun, buyers 4a; Rise and Shino, buyers 4s, sellers Gβ: Waibi, buverv 253, eellera 35s 3d; Waibi Grand .Tunctior.3, sellers 103; Mount Lyell, buyers .IG3 3d. sellers lGs 9d: Consolidated Goldiields, buyers Is <sd; Xational Bftnk, eellere 12is;' Bank t>f New Zealand (ex dir.), buyers £33, sellers £23 10s: New Zealand Insurance, seijere iTs 3d: Standard, buyers 42s €d; P. find 0. (deferred), buyers £401, sellers. £iO4; Union Stecsni (ptef.), biu-ers 20a, eellern 20s 6d; Huddart-PaxVcr. (ord.'i. buyers 39i 7d, sellers JCs €d: "Wcslport Coal, buyers 275, sellers 2"s fid; ■Wes'.port-Stockton (ord.l, buveTs sellers Gs lid; Xatiocal iTortgag*. sellers 955; Loan aad- Mercanti»e, sellers. JE9S: Stepiienson (ord.), &&ll«rs 42*; Dominion Kxibber, tellera 31s; X.Z. and STaiav Rubber (oid.>, eellers 20S; Dimedin Stock KxchaßS© Proprietary, buyers 423; Gear Meat Co. (ord.), buyers 80e, sellers <0b; New Zealand Refrigerstins (20s paid), biiyere 40s Sd, se!!«rs 41s; Xevr Zeaimid Rfefriewwliris(los paia), "biiyers 20s: Olago Central Preserves, Eellers 20e; Kaiapoi "Woollen (ord.), buyers 80a; 3Jcsgiel Woollen, sellers £S 10e; McLeod Bro3. £o*p, buyers £U IS», e*U«rs £15 l'2s; Nerr Zeal&tnl Peper MiEs. "burere 2Tb 6d, &ril«rs 2S» Ed: ivev Zealand Haid-vrar* (ord.), sellers 17s 6d: Milburn Lime ted Onient, eellere S3s: ssew Zealand CotteoHdaled Dental, feile;-s Hβ 9d; "Otigo Daily Times,' sellers 49a; Papuan Products, bureri Is Tα, 6elLeTs Is lid; "War Bocde, ID3S, buyers £S3 10s; "War Bonds, 1&30, tnrvere £SS 10s. *

DEBENTURES— Glaxo Manufacturing Co. (61 p«r cent.) —' 99.10 0 Wostpoit-Stockton (8 per cint.) .- ..* - 250 0 0 BANKS- . „., Australasia .. •• — 55 0 n Commercial of Aust. .. — 1 10 0 New South Wales .. 32 5 0 32 10 0 New Zealand (ex <lir.) — 23 10 0 Union of Australia ~ 13 5 0 12 10 0 INSURANCE— . South British .. — 8 2 6 LOAN AND AGENCY— Goldsbrougli, Mott (cuni div.) .. •. 1 16 0 1 17 € National Mortgegv, Lou- . doh'IUg. .•• * 0 0 * 10 0 SHIPPING— . , n Hwddnrt-PftrkcT •• 1 13 6 2 10 P and O. Inferred Stock (cum <3iv.) ..400 0 0 4S0 0 0 FROZEN MBAT— Canterbury (cum dir.) . — 13 lo 0 N.Z. E«frigeratiag*(10e paid) ... •• 1-.0 0 — COAL— A , a „ Taupiri »« »- — 0 18 0 gas- . e . n ■ Cfaristchurch *4 — 6 5 0 BREWERIES- » A , , t A Xlannitiff •■ ■•■ 3 10 0 3 15 0 MISCBLLANEOCS— Cant. Parmers , Co-op. Tiinaru (6 per cent, pre!., re div. only) — 5 0 0 D.I.C. (0 wr cent.cum w - pref.) •• .. - 1 ,0 0 Mason, Struthers (Us pd.) — 10 0 Mason,-Struthers (6.1 pd.) ., — 0 9 0 N.Z. Farmers' Co-op. (£2 paid) .. — ' 2 5 r> United Pictures »♦ — 12 6 MINING— , "Waiki Grand Junction — 0 10 0