COMMERCIAL.

Press, Volume LVIII, Issue 17631, 7 December 1922, Page 10

COMMERCIAL.

EMPIRE CURRENCY SCHEME. COMMENT BY "TIES TIMES." (By Cable—Pres3 Association—Copyright.)' (.jWrali&a and A.Z. Cable Association.) LONDON, December o. '"Tho Times," commenting editorially on the suggestion of Mr Darling, an ex-director of tho London .Joint C;ty and Mid'and Bank, that part of the existing debt should be converted in a £I,OCU,OOO,COO worth'of Empire currency hills, u'hicb, together v/ith a certain proportion of gold, should form tho basis of common imperial currency, ivuich would be legal tender in .ill parts :>f the Empire participating, says: "Mr jiarling, in support of tho tchemo, juoted the case of Egypt, whose currency is mostly based on British Treasury bills. Her exchange has remained remarkably steady since thj. war, white the exchanges 0/ Australia, New Zealand, and South Africa have fluctuated widely." "Tho Times" adds: 'The essence of Mr Darling's scheme is that it contemplates a great extension of the gold exchange standard, with the avowed object of economising the u«e of gold and making remittances between any pnrtsi of tho Empire no moro difficult or expensive than between London and! Land's End. The advantages, cf the scheme are manifest. "We are awaro i.liat serious political obstacles staaid in the way of the surrender of any Governmental rights, but co-operation in fcun'oncy matters in order to avoid <i derangement of exchange need not involve tho infringement of such rights any moro than co-operation iu other matters." THE ENGLISH MAILS. SERVICE TO NEW ZEALAND. <Received December 6lh, 8.10 p.m.) LONDON, December 5. In the House of Commons, Mr Neville Chamberlain; Postmaster-General, roplving to Mr Harris, said that in ad- . dition to the fortnightly mail via Suez, the Post Office rsed the Commonwealth Line and sailings from Vancouver and San Francisco for despatching mails to New Zealand. Cargo by fast ships via tho- Panama Canal might reach" New Zealand before the documents if the latter were posted after tho shipment of the goods. 1 BTJRNSIDE MARKET. (ritESS ASSOCIATION" TELEGRAM.) • DUNEDIN, December C. Sheep and lamba wero in short Bupply at Burnside to-day, and as a result of keen competition there was a buoyant salo in each department. With tho exception of a few pens, tho quality of the sheep mas really good. Butchers Were 1 practically out o£ supplies, and they wero consequently anx.ous to stock up. Fat catllo-T-291 were yarded. Tho entry included a large number of well finished bullocks, tho proportion of cows and heifers was less than of late. Prices reale.d .or all prime cattle wero not on a par with . late rates. Heavy prime.ojc beef started at 26s to 27a Cd per 1001b, but firmed up to 23s Cd ; to 395, handy weights !28&, to 30s, good heifer beef 18s to 22a, cow beef 18a to 33a, and inferior 16s to 17s Cd. Extra prime heavy-weight bullocks made £ls Ba to £l6, prime £l2 17s Gd to £l4 10s, medium £lO to £ll 17s Cd, others £8 12s 6d and upwards, best cows, and heifers to £7 15s, medium £5 15s to ifi 12s 6d, others £4 103 end upwards. Pit Sheep—Shore was a yarding of 1768 , Cead. Prices at the commencement of the ■ale were slightly higher than those realised laet week, and firmed as the sale progressed. Values for all classes, showed a rise of from Ss to Ss per head. Prices of light prime Wethera wore on the basis of 6a to ©Jd per lb, and prime owes 6Jd to 6d per lb. One pen of special heavy-weight wethers realised £8 £a per head. Extra prime heavy-weight woolly wethera mid* from 60s to CBs, prime 44b to 495, prime shorn wethers 86s to 435, medium 83a to 86s, light unfinished sorts 24s to 80s,* prime wool.y ewes 38s to 425, medium 86s to 88s, lighter kinds up to 34s 6d, prime shorn ewes 32s to 35s 6d, medium 20s to 83s ( 6d, light and aged 24s to 27s Gd. Lambs—There was fa medium yarding numr boring 144 head. The prices realised were an tho basis of from lOd to l'Oid per lb. Extra prime lambs made'Up io 86a 3d. Prime lambs made up to 36s 3d, prime 29a 6d to , 88b, medium 2Ts 6d to 28s, and light and Unfinished sorts 28s to 28s. • Store Cattle—There w*s * full yarding v with.' about 100 head of three-year-old bullocks' in a forward condition from the Southland distrot* These' claimed attention and were sold, at prices ranging from £4 to £6 la 6d per head. The purchasers were mostly Taierl graaiers. A large number of fat cows and young cattla sold at very low rates. Pigs—There was » foil yardinfc all classes being There was a good demand for primo baconers, which sold at prices'on a p*r with late rates, Potkera and light pigs were not so eagerly sought «nd those enffered » redu«tim» in price to the extent of ebout Ss per head. ! OBXEMT LINE DIVIDEND. r CBy Association— CfepyrfgH,) and N.Z. Cable Association.) ffteceived December 6&, 8.25 p.m.) LONDON, December 8. The credit balance of the Orient Steam ' Navigation Company, Ltd., we* * - dividend on the deferred bokos of 13. pe* c*nt.;*tax free, has been declared. The sum of £IOO,OOO has been 'added to the reserve land, and #2,908 carried forward. [Last year the credit balance wsa £285,820, and a dividend of 12J per cent, wee declared. - The aum of £7440 wae added te the general reserve, and £50,185 wae earned forward'] ,' , SHABES, ' (Reoeiree! December 6th, 8.25 p.m.) v - LONDON, December 6. "- Waihi, buye«» 88e 9d, se)lers> 84s 6d. - Wales £B3 18s 8d (ex div.), Union of Aus- • 6raS& £l3 17> 6d, National of New Zealand 125s 6d*, New Zealand £9l und 555, New Zealand Loan and Mercantile Agency Co., Ltd. (ordinary) £73 10». / WHEAT MAEXET. • ' (Received December 6th, 8.25 p.m.) ■• , LONDON. December 6. , x 'j. Wheat-Cargoes •» dull, and have declined threepence to eixpenoe. Parcels ere eteietj .'- tad hayo f«Uen eixnenoe. ' 'v. l ' l" WS3BAT KBBIOHTS, •-*' 7 ~ (Beoflrwd Deoemher «th, 8.« pm.) LONDON, December 8. " - Wheat freighte are rather easier. The .motor ship HaugMland (80M tone) has been , fixed for South Australia or loading ' in January at 43a 9d per ton. - AMEEICAU JEXCHAWGE SATB. - (Reoeived December «th, &.VS p.».) LONDON, December 6. The on New York is 453J cento to the £ sterling.." LONDON WOOL SALES. t '-' (Received December 6th, 8.25 p.m.) ■; LONDON, December 5. •>»' A* the wool Bales to-day there was a better |feL? 6 £ 0 - 'Merino prices were unchanged. All were firm. The Arden clip made up llllpasid, ,% _■