FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19104, 13 September 1927, Page 10

FINANCE AND COMMERCE.

"ZELANDIA." I ARGENTINE TRADE NAME. REPLY TO N.Z. PROTESTS. [THE PEESS Speclil Serrics.] AUCKLAND, September 12. Tho views 01 tue Argentine x/aiiv Association ui>ou tiie yroiesis wincu fiavo ueen inuuo a & auibi tue use or tUf" trade name, "/itiuuuia, ' wuicu it lias becu C'jmuhea cau Wiui i,o,v t,eu„auu uaii'jr jjiouuce, iia»e utxn cuunjivu to -ur r. fc>. battitv, iii-jjvjit-iiie vitt:~vnsui ul AUUIUuIIU cv niC .-loaOCUUlia liamOJ. lo la jjuiiiLtu uul iiiut, luc name, u DlllCil oue, \>as leguteiCU maiij ;-.<U'S has oeen tne i>iai.u'uiiucr winch o. a.' ±ilovvsoii anu tvesMsr, L,tu., nave teiiing uair> i>ruuucc Hm CJiairmai: ot tuaL coiuyuuy is vice-cuannian or the Ai'gentiuu 1/airy A&swiation. I'ho coini/any s manager, Air iiati.ley is iiuormeo, womo nave no oojtction to j aoanuoning the u-aao mark if tliai is I ciesnea o$ cue mierescs who consiucr ' it conflicts with iSew selling branus. it 13 unthniKabie, says the Argentine boay, tnat iNew Zcaianii exporters could believe tnat such au elu-establishea and Highly reputable | firm as Eiowson and Wester would re- . sort to the use or a copy trade name I to try to gain an advantage on the 1 market. Un the contrary, like most | Argentine firms, that in question was j trying to better its position on the i London market by tho only lawful methods, bettering the quality of its export, ensuring uniformity of type, and organising sales. It suffered too much by past errors now to resort to fraudulent means to conquer tho market. The letter, dated Buenos Aires, July Bth, is, Mr Battley stated last night, an answer to statements concerning the use of the word "Zelandia," which wero published in tho Press of New Zealand. Copies of reports appearing on the matter were forwarded to the Argentine Dairy Association and inspired the explanation forwarded to the Vice-Consul. AUSTRALIA'S TRADE. HUGE ADVERSE BALANCE. [THE PEESS Special Service.] AUCKLAND, September 12. . Australia has a huge adverse trade lalance of about £30,000,000. Discussing.this subject .this afternoon, Sir William Lennon Eaws, who is chairman of the Australian Associated Chambers of Commerce, said: "This adverse balance is due almost entirely to heavy borrowing abroad by our State Governments. More particularly does this apply to America. It means that Australia has to- buy large quantities of goods and ' gold. Consequently, there are over-im- ' portations of goods, and this upsets the balance of trade and also prejudices tho success of local manufacturers." Discussing the industrial position and more particularly the question of compulsory arbitration, Sir William observed: "I hold the view, as a result of experience in Australia, that compulsory . arbitration is a failure." Asked for his Solution he said: "The solution of the industrial difficulties lies along the lines of conciliation and voluntary arbitra- • iion." / . AUSTRALIA'S CREDIT. NEED FOR IMPROVEMENT. (bt casus—pbbss association—COPYSlGHT). (iUSTEALIAN AND Vt Z CABLB ASSOCIATION.) ADELAIDE, September 12. Discussing the question of improving Australia's credit, the Federal AttorneyGeneral, the Hon. Mr Latham, said that if it were possiblo to improve credit and save one per cent, interest, taxation could be reduced by £10,000,000 a year. Tho total .amount- raised by taxation in Australia was about £77,000,000 a j'ear, ;Tpart from the 'payment for services rendered by Eailways, Post Office, and other Departments, and tho Com- ; monwealth and tho States paid £57,000,000 in interest alone. Mr Latham said that the burden must be reduced. Probably tho first business next session would bo concerning finance. PRICE OF WOOL. (ROWERS URGED TO CO-OPERATE. ' (i'RBSS ASSOCIATION TELZOEAM.) . ■ .. ■ GISBOBNE, September 12. The Tanners' Union has decided to approach the Hawke's Bay, Manawatu, and Wairarapa seller* of wool prior to the forthcoming auctions to get them to put a reserve price on their offerings. The president asserted that the • best values were >, not received at auctions at present, tho buyers being on more or less confidential terms with one another. Everybody was organisod but tho growers. SHEEPSKIN, SALES. Dalgely and Company have received tho following cabled advice from London, dated September Oth:— f At the sheopakins . sale offerings totalled 4733 bales, of which 3031 wero eold. The Mowing is tho range of prices realmed:Merino, three-quarter to JiUl-woollcd, 14a to 165 d, quarter to baH-woolled 9d .to 12id, • short and shorn 7Jd to 8d; fine crossbred, three-qnartor to full-woollcd 13Jd to 17Jd; medium and ooarso crossbred, three-quarter to full-woolled, lOd to 13* d; fino crossbred, quarter to half-woolled, 9Jd to 13d; medium and coareo crossbred quarter to half- • Voollod, BJd to lid; crossbred, short and •born, 7d to-lOd; lambs, 13d to 15d. FROZEN MEAT. The New Zealand Loan and Mercantile Aeency has received the following cabled advice from London:—New Zealand frozen meat—Lamb: For light-wetehts the market is steady, and others are firmer. For mutton the market is firm, with an upward tendency. PROPERTY SALES. •W. E. Simes and Company report having, during the last few days, made the follow,ing sales of properties:—On account of Mr -."-• J. A. Pannett, an eight-roomed residence • '-with an acre of land, Dyer's Pass road. Cashmere Hills, to Mrs E. A. Wilson (in conjunction with the Farmers' Co-op.); Mr Geo (Cohens, five-roomed bungalow, Hackthorne jTiOWJ, Cashmere Hills, to Mrs "W. Johnson; m #«wißt of the trustees. Mrs Pullan's #*&&*, two properties, just off Madras street. <C«iV, £9 • rilent; on account of Mrs Hudson, fiexfiW, Stw/o-AynsJey's HilJ. to Mr Mi!es; t' '., <Pf *W<>u*t 4>f Mrs Carcw, a section in Rose 5--=; rfW*& <sMey4on, to Mr 'ftafn; on account s&>'>-4r ffl? $&?• * section, off Norman'* road. fc. 3» M&WFi 4>o iWfioupt of the morts tt ß ee i kg'V .-*Mid Metioo, Linwood avenue, to Kss -dCIiSKSS' "'V jto ** l f*,» !l sait«n of the above Kib*E& ©wft W<>P*tY W»r>tet is wore ■^S«uIW. JfM -F9 »ll jbe vlvuxA to receive

FRUIT MARKETING. STUDY OF AMERICAN METHODS. < i [THE PEESS Special Service] ( | . (■ ! AUCKLAND, September 12. I America is faced with a great surplus of fruit, according to Mr V. Eangei*, who is returning tc vdney by : the Niagara after investigating fruit marketing methods in the United States on behalf of the Australian Government. , ~ii Mr Ranger concentrated on the technique of banana ripening and transhipment, and the preparation and packing of citrus fruit. The utilisation of surplus fruit was another avenue of investigation. An outstanding feature of the treatment of citrus fruit in the United States, said Mr Ranger, was the ( Use Of borax as a disinfectant. Lemons and oranges were passed through a bath of borax, which killed the spores causing mould, and permitted long tran- } shipments without loss. Orangeswhich had been 42 days in truck without refrigeration opened up .in perfect condition, after such treatment, which was standard in California. The successful handling of bananas was largely a question of temperature. They should not be carried below 55 degrees Fahrenheit. Somewhat of a novelty, although it was known in Queensland, was the Avocado pear, resembling the common fruit of that name, but more oval in shape, and used as a salad fruit. Rich in vegetable fat, it was greatly prized, but was very dear. HIGH COMMISSIONER'S REPORT. [THE PEESS Special Service.] i WELLINGTON, September 12. The Department of Agriculture has received tho following cablegram, dated September 10th from the High Commissioner for New Zealand, London: TALLOW. 3 Tho market remains firm with an active demand at' auction. Present quotations for spot are: Mutton, lino 37a 6d to 38s per cwt, fair to good 34a 6d to 36s 3d, dark to dull 82s 6d to 335; beef, sweet and, or mixed -, 36a 6d to 40s, fair to good 34s to 363, dark to dull 31s 6d to 335; mixed, fair to good 34s Cd to 365, dark to dull 30s to 325; gut, etc., 29s to 32s 6d. APPLES. ( Trade is dull and very largo quantities of English are available, mainly of inferior quality. Prices are: American Gravenstein 9s to 12a per case; English dessert varieties 2« to 6s per bushel; English cookers, 5s < Gd to 7s per bushel. HEMP. The Manila market is quiet and occasionally easier with cheap sellers. J grade October-December shipments were down to £43 10s with che closing price £55. The , output from January Ist to Septomber sth was 862,000 bales against 802,000 for the. same period last year. Stocks in Manila; are 141,000 bales against 167,000, and in Great Britain 4500 against 9000. The Sisal market i 3 quiet and easier for epot and afloat. Sales are leported in No. .1 down to £37. There is better demand for , distant shipments. Business has been done ,at £37 10s, hut .buyers' present ideas aro . £37. ' Tow is scarce and small sales are reported of No. lup to £32. For New Zealand more interest is shown in afloat and small business is reported for forward shipments on the basis of high points £35 10s, fair £34, and common £33. Tow is wanted, tho values being No. 2 £23 10s and No. 3 £2l. WOOL. • The Bradford market is less active but tops quotations have been maintained at the last rates quoted; "\ DAIRY PRODUCE. [THE PEESS SpecUl Service.] WELLINGTON, September. 12. The Dairy Produce Board has received the following market report from/ its London agency, dated-Septomber 9th (prices for the previous week being mentioned in theses):New Zealand salted, ,176s to 180s (174s to 178s); New Zealand unsalted, 189s to 184b (176s to 182s). Tho market was lirm at Cl °Aas e tralian salted, ,172s to 176s (170s to 1745): Australian unsalted, 174s to ljas (172s to 178s); Argentine, finest unsalted, 170s to 176s (170s to 1745). _ Irish creamery, salted, 176s to 178s (166s to 168s); unsaltod, 180s to 182s (I7os to 17 Dutch, unsalted, 184s to 186s (1745). Esthonian, 172s to 176s (166s to 1725). Latvian" 170s to 172s (168s to 170s). Siberian, 158s to 160s (150s to 1565). Danißh, 186s to 192b <iß2s to 184s). Ketail prices are unchanged. CHEESE. New Zealand, whito and coloured, 97s to 99s (95s to 965). The market is firm. Canadian finest, white and coloured, 98s to 100s (96s to 98s). Canadian c.i.f. quotations aro now 98s to 100s, but business is btill restricted. Australian, finest coloured, 93s to 95s (92s to 935). „ ..,„ Knglish, finest farmers, 114s to 120s (112s to 118s). Ectail pneos are unchanged. SYDNEY WOOL SALES. (BX CABLE—P3ES3 ASSOCIATION- COPtnIOHT). (austbauah and h.z- oabu association.) (Received Sentembcr 12th, 10.45 p.m.) " SYDNEY, September 12. At tho wool sales a., very strong market ruled and tho hardening tendency reported ot the close of last week's aalo was again evidenced for all free wool showing quality. All sections operated freely. Short faulty and burry wools, however, were in loss keen demand and values were distinctly easier. Greasy morino sold to 27id. TIME-PAYMENT SALES. Mr Henry P. Sturgis, chairman of the Union Ck of Australia at the «»»»»»«*; ine in London last month, said:— "W>th active trade, following favourable seasons there has been great expansion of capital- requirements by merchant], and traders in Australia, deluding much activity in the building trade n capital cities. The high cost of al 1 capi til outlay has-led to considerable and sustained demands for money. This has been accentuated by the extension of the timepayment system of sales. This system at one time confined to one or two htgh-priced articles, has now been extended to small retail transactions. The general extravagance created by these conditions which is everywhere, noticeable in Australia, occasions some misgivings as to .the future, when there may be a run of indifferent seasons, whilst the immediate effect of the terms granted to every class of buyer is to cause the large importing houses to lean on the banks for lengthy periods Jxado '» JSew Zealand was adversely affected by the fall in prices of primary products,, which is reflected bvthe decrease m exports. There were no serious industrial troubles during the term under review in either Australia or Now Zealand." SALE OF WAR STORES. Tho selling of war stores in which Britain was interested began in 1919, J**™* then the stores to the value of £680,000 000 have been sold. The stock was scattered all over Europe and Asia, and everything left over after the war, from bandage pins to who'.o towns like G etna and Queenborough, has been sold. Thousands of miles of: railway lines in Belgium, France. Salonika, Eeypt. and Palestine had-to be sold. Eight hundred thousand barrels of pickled hearings went for £952,298. It is s'ated that the biegest deal was conducted in January of 1919—tho disposal of the piant lorry depot at Slough for £7,000.000. Sir Daniel Neylan who was in control of tho Liquidation Department, states that the Department often received cheques for £2,000,000 in settlement of accounts. Transpo-t sold in England atone amounted to £17,000.000.. Aeroplanes were tho most difficult th'ngs to sell. Shells and other munitions worth £5,000,000 were , broken up and the residnal metal sold, borne j of the ammunition was so dangerous, such , as poison gas cartridges, that it was dumped ■ into tho sea, tho cartridges being first sealed up In concrete crates. All but £750,000 | worth of the ordinal stock has been sold, (hat which remains being made up mostly of factor!** and Iwwinj; MUtM.

CHRISTCHURCH STOCK | EXCHANGE. \ YESTERDAY'S TRANSACTION'S. Sales s;ported-Bank of X.Z., 56s 2d; South British Insurance, 58s 3d; Goldsbicush, Mort, 44s Sd; Christchurch Gas (cum" rights), 22s 3d, (rights) 7d; British Tobacco, 54s 3d, Sfs 2d, 54s 3d. Sales on 'Change—Comm. Bank of Aust., C3s; South British Insurance, 58s 2d; Goldsbrcogh, Mort (new), 433 9<l, N.Z. Hefrig. (£1 paid), 13s 3d; British Tobacco, 51s 3d (3 parcels) LATEST QUOTATIONS. j ■ I 1 i !

OTHER EXCHANGES. (PEESS ASSOCUTIOH TBMGitAI!3.) AUCKLAND. September 13. Sliaromarket sales-Inscribed Stock (1938) aj, -ner cent. £96 7s 6d; New Zealand Bre«!ries ? deben ures, 23s BJd; Commercial Bank 218 6d> WELLINGTON, Septemberr 12. Sales reported—si per cent. Bonds (1930), £101; Ban P k of New Zealand, 58s 3d; Union Bank, #ls. DUN EDIN. September 12. Snlpa on 'Change:—Auckland Amusement Pafk (ord°, 16. <?d: National Mortgage 635. Reported sales:—N.Z. Refrigerating (con.) Cs Od.

• Buyer Sellers. £ s. d. £ b. d. N.Z. GOVT. DEBENTURES— 4£ per cent. Inscribed and Bonds, 193S .. 9G 2 G 9G 10 0 •l-\ per cent. Bond?, 1933 96 2 6 93 10 0 5 Iter cent. Inscribed, 1929 .. .. 93 17 G —' 5} ccr cent. Inscribed, 1927-11 ... v 95 3 0 93 12 G 5j- per cent. Inscribed, 19;?3 100 30 0 — 5i tier cc.".t. Bonds, 19:10 .. __ ._• 100 15 0 — 03 oer cent. Inscribed, *193G 100 :o 0 — COMPANY DEBENTURE s— N.Z. Breweries, Inner. 1 3 5 13 9 X.Z. Brcwories, Bonds 1 0 7 1 3 a Gisborne Sheepfarruers, ?j per rent., 1931 c'l 0 0 —- BANKSAdelaide — S 11 0 Aust. Bank 01 Comiv... 1 12 7 1 12 11 Australasia (cum div.) H 1:1 6 14 15 0 Comm. of Alisi. 1 7 11 1 a 1 Comm. 01" Au;t. (pre;.) 6 16 0 6' IS G Comm. of Svduey 23 12 6 24 2 G E., S., and A. — 7 13 C E., S.. and A. (KoyaV Bank i.?sue.) .-. 7 7 G 7 10 0 National of Australasia (£5 paid) .. — 8 8 9 National of N.Z. 6 16 0 6 17 0 Nev/ South Wales .. 42 12 G 43 5 0 New Zeiland ■2 13 0 2 18 3 Queensland National .. — 8 12 (I Union 0? Ausi. If 17 0 15 0 0 INSURANCE— Mercantile Mutual — 17 9 National 2 15 G 2 17 0 New Zealand .. — 2 0 0 •South British 2 IS 0 2 IS 3 LOAN AND AGENCYDalgety and Co. 13 5 0 13 16 0 Goldsbrough, llort 2 4 s 2 4 10 Goldsbrough, Mort (new 2 S 0 2 4 3 National Mortgage 3 0 0 3 4 0 SHIPPING-Huddarf-Parker (cum div.) 2 G 3 2 7 6 Huddart-Parkcr (pre;. cum div.) .. • 1 0 6 110 P. and 0. Deferred Stock 266 0 0 289 0 0 Union (pref.) .10 0 1 0 G FROZEN MEAT— Canterbury 7 5 0 7 15 C Canterbury (pret.) 4 16 6 5 0 0 N.Z. Refrig. (£1 paid) 0 13 6 0 13 9 N.Z. Refrig. (contr.) .. 0 G 4 0 6 7 WOOLLENS— Bruce 0 3 0 — Kaiapoi (17s paid) 0 8 0 0 10 0 Kaiapoi (pref.) 0 10 0 G 19 0 Mosgiel .. 0 '7 6 CCALHikurangi (pret.) — 0 7 G Hikurangi (ord.) — 0 3 3 WeBtport ■• Stockton (ord.) 1 13 0 1 6 4 0 1 10 GAS— 5 15 0 Ashburton — Auckland 1 2 9 13 6 Christchurch (cum rights) 1 2 0 1 2 G CUtistchurch (rights) .. 0 .0 G 00 7 14 0 Tiraaru BREWERIES— • Monteith's .. 0 17 C, 10 0 New Zealand -. 2 3 G 2 a 0 Staples -. 1 17 G 1 19' 0 . Ward 1 15 6 i7 a White Star .. — CEMENTS— Wilson's 1 15 G 1 1G G TIMBER— Kauri 1 3 9 14 9 MISCRLLANEOUSBeath and Co. (cum div.) British Tobacco Colonial Sugar 1 12 2 33 51 15 9 9 0 1 13. C 2 14 G 52 10 0 Electro. Zinc (ord.) .. 1 6 9 17 6 Electro. Zinc (pref.) .. 1 7 6 17 9 1 15 G Henry Jones Co-op. .- — Holden'e Motors (cum div.) 1 14 3 1 15 9 Mercantile Finance Corporation (£1 paid) ■ —* 0 19 0 N.Z. Farmers' Cc-op. (1st pref.) .. •• N.Z. Guarantee Corpn. 2 18 0 9 0 0 3 12 6 3 11 0 Whitcombe and Tombs 3 10 0 MINING— 3 3 1 6 3 Mt. Lyoll 1 0 1 2 G Waihi 1 1