FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19153, 9 November 1927, Page 12

FINANCE AND COMMERCE.

WOOL RESEARCH. CONFER ENCE IN BRITAIN. 'FT CABLI— ASSOCIATION COF7PIGHT.) urrrFit:*!"' ASB S?.Z ASD sirK CABLE.) LONDON, November 7. A jerious private conference Briu-h and Dominion representatives discussed at length the vital necessity inr rtsearcli to improve liner quality woo!.-, arid to meet the keener competition in tut nre re.-'.-anh. hxperts eonndrrcd thai the development of artiScial .-ilk wa.- unlikely to affect the iinrr wool-, but it wa.- anticipated that it uould .-.'-riou-ly compete with coarkt wool-, tli' i' loi c* it waa proposed t-o < o-ordinate re-eanh over tlio Empire. Dominion ij rnljtTs wf-ro roncent rating on 'he problem- of production and the lil !t i-1) on use-. A- a rc.-ult oi conferences a definite Kchcii'.e now wa- being for hubmi—ion to the Australian. New Zealand, and Sout h Alrican Governments, t'JL'gcsting joint research. Mr Jul in-, when interviewed, empha-n:-od the need for liner Australian Menno v . and .-aid: '"Yorkshire manufacturer-, as-nred me that they arc now uiiahln to obtain finer wools from Aus"ralia, and are compelled to purchase South African. Two Vork.shiremen. pointing to the large stocks from South Africa, previously bought exclusively from Australia, told me that Australia had better concentrate on the production of ibe finest Merinos. Artificial *ilk is cioing to hit your coarser wools hard. Thi- means careful research and more exact, knowledge of conditions of breeding and nutrition. The Tlritish Woollen and Worsted Association i\ prepared to develop research in Britain. and will give the Dominions the fulle-t information regarding the Tiphavlour of different cla.s<es of wool for '■pinning and weaving, if the latter undertake their .share of growing, especially Merinos, which is l>est investigated in Australia."

AS OTHERS SEE US. LONDON OPINION OF N.Z. FINANCES. <*r rinm mess association — corTKiGHT). (AUSTRALIAN AJTD X.Z AND SUN CABLB.) (Received November Bth, 8.'15 p.m.) LONDON, November 8. Commenting on New Zealand's finances following "a wave of optimism and over-spending," the "Financial News" expresses the opinion that: "The latest trado returns show that conditions are being adjusted, but they have taken unduly long to do so and hare caused misery in tne process. "The trouble originated in the refusal to recognise the competition of alien dairy produce in the world markets. No doubt the New Zealanders will be able to regain their old ascendancy now they are seriously giving attention to the latest methods of effective, advertising," the paper continues, "but without such st£ps they could only expect to see a' contraction of external purchasing power, and it was folly to continue buying luxuries as though this were unlikely to happen."

FIRM'S BUSINESS METHODS. OBJECTION TO MINISTER'S STATEMENT. Support for a resolution protesting against the action of the Hon Mr Nosworthy "in making a serious ment concerning the business methods of m> well known and reputable a company* aa Kempthorne Prosser" during the debate in the House of Representatives on the Fertiliser Bill was sought by the Dunedin Association in a. letter read at a meeting of the Wellington Manufacturers' Association today. It was decided to support the Dunedin Association in its protest and to place a resolution on the order paper for consideration at the annnal conference this month.

FERTILISER BILL. MANUFACTURERS' PROTEST. [THB PBBBS Special Berries.] WEILLINGTON, November P. On the ground of principle the Wellington Manufacturers' Association today decided to protest against the provision in the Fertiliser Bill that (fealers must supply to purchasers invoice certificates setting out tie forms and percentages of the ingredients as well as of the fillers or diluents present.

AN ALUMINIUM FLUX. [TBB FBUB BpteUl B«rrlc#.] WELLINGTON, November 8. As it was apparently difficult for those engaged in working aluminium, to secure a reliable flux for aluminium soldering , and welding, the Department of Industrios and Commerce has made enquiries, and with tho assistance. of tho Dominion Analyst is now able to suggest a flux, the composition of which does not make it so expensive as other fluxes or tho market. "This flux." stated the Secretary ot tho Department (Mr J. W. in a letter read at a meeting of the "Wellington Manufacturers' Association today. "has been put to practical tests in Dunedin, where one firm states that tj>e oost of tho flux, as recommended hv the Department, is approximately 2s peT ]h, as compared with 10s per lb tor an imported article; that the work of welding can bo carried out with, this flux by relatively unskilled labour, and that certain -work which it was difficult or even impossible to perform with other fluxes can now be readily obtained." The suggested flux is obtained by mixing four parts sodium carbonate, six parte borax, one port potassium sulphate, and two parts of lithium chloride.

LONDON PRODUCE MARKETS. The Back of New Zealand has received the following cabled advice from its London oSce, under date November 4th:— Tallow—The demand is good and prices save advanced ninepence per ewt. Butter—Little more enquiry; 166s to 172s P*r cvrt.

Cheese—Slow, 100s to 102s per cwt. Frozen Meat—The market for wether mutton il steady, and no material change expected yet. There is a little better demand for eves. The lamb market is dull. Beef is ra poor demand. Wethers, light ssd to 6id per lb, heavy s|d to sid per lb; ewes, 4d to <!d per lb; lambs, 2'g 9Jd to 9|d per lb, 8 » 9Jd to 9Jd per lb, 4's BJd to 9d per »eeonds fijd to 9d per lb, Argentine 74 to Bid per lb; ox hinds 4Jd to 4Jd per lb, «* fores 3id to 3Jd per lb. London Wool Sales—Prospects next series eommeoeinf November 22nd favourable. Gen- •**' •dvanre expected. Merinos and fine uouWi Are to seven and a half per cent. Alec ram and coarse erossbreds probably seven *na * t*li iks oflßfc . .

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales on 'Change —Comm. Bir.k <"f Aust., -'3=, prft.'. i' 7 Is; Union Bank of AuM. ifraict'ionsi. N.Z. Befri?. ttontr.-, Se; NX Govt. 4; cent. ln«cr'bc-d, 1338, £i6 7 s C'!. LATEST QUOTATIONS.

OTHER EXCHANGES. (?TUS,i ASSOCIATION TZLISUAMS.) AUCKLAND, November 8. Sales—Commercial Bank of Australia, 295; National Bank of Australasia (con.), £8 14b 6d; Union Bank of Australia (rights), 535; Union Bank of Australia (fractions), 8s; Pukemiro Collieries, 60s; Sanford, Ltd. (prcf.), 20s Sd; Taranaki Oilfields, lis 6d, lis 9d: Wilson's- Cement., 36s 6d; Altmrnia. Gold Mining Co., 2s sd; Occidental Una United (2s paid), Is lOd, Is lOd. WELLINGTON, November 8. Sales—sj per cent. Stock, 1927-41, i?9B 15s; 54 per cent. Bonds, 1936, £lOl St; Union Bank (rights), 58a; Union Bank (fractions), 8s Ed ami 8s 9d. Sales reported—Union Bank (rights), 52a 6d and 535; Union Bank (fractions), 9s; 4J per cent. Stock, 1938, £96 5« and £96 7a 6d; Commercial Bank (oid.), 28s Id. DUNEDIN, November 8. Sales—D.l.C. (pr«f.), 20s 9d; National Electric 13s 6d. Sale reported—AneU&nd Park (ord.), rh.

AUCKLAND. [TBB TBBSS SptcUl B*rrte*.] AUCKLAND, November 8. The sudden change in the .potato market referred to in last report has been accentuated by subsequent happenings, and for potatoes which were hard to eel! a fortnight ago at £6 15s per ton as much as £lO is being asked to-day. Indeed, one leading merchant says he simply cannot aocept orders, as he does not know where to get supplies. The chief cause of all this hubbub in tho potato markot is that stocks available for shipment from the south, which a fortnight ago seemed more than ample for all possible requirements, have mysteriously diminished, with the inevitable reflex on values. Usually at this tima of the year supplies from Pukekohe are ample to cope with the city's needs, but this season the crop is very late, and although the quantities coming to hand are increasing they are not sufficient materially to affect the position. The present wholesale rate is lis per cwt. on trucks, Pukekohe. The Niagara brought a fairly substantial shipment of Canadian onions, but the market has so far not been affected.

.Maize o£ prime quality is firmer. There is no change in oats or chas. Wholesale current prices are:—Local sharps £8 5s per ton, Australian £9 10s: bran, £5 15s per ton; oat pollard, £8 103 per ton; B grade Garton eeed oa.t-3, 4s 4d to 4s 7d per bushel; wheat, 8s Gd to 8s 9d; maize, ex store 6s, ex wharf 5s 6d per bushel; feed barley, 5s 9d per bushel; Cape seed, 7s 6d rer bushel; maize meal, 15b 6d per 1001b; barley meal, 13s per 1001b; Blenheim chaff, g.b.0.e., £9 10s per ton" store, Canterbury, £9 10s; table potatoes, southern £9 to £lO per ton; onions, Canadian, in bags 16s 9d, in cases 18s. AKAROA STOCK SALE. There was a large attendance at the last Peninsula sale, and the stock penned was mostly of good quality. Two hundred and thirty-four head of cattle came forward, and 90 sheep. Prices were slightly easier than current values. Fat steers made £8 15s to £l3 15s, heifers to £ll ss, and cows to £lO 10s.' A line of store steers made £5 15s, store cows to £4 15s, yearlings up to £3, and Epringers from £6 to £l2 10s. Bulls were in good demand, bringing up to £8 each. EGG AUCTION. Harris Bros.. Ltd., report that the weekly auction sale of Feather Brand guaranteed fresh eggs was held yesterday afternoon. The following prices were realised: Hen eggs, Ist grade (2os or over), Is 6d; hen eggs, 3nd grade (under 2oz), Is sd.

SHARES. (iUSiaiLiijr ism k.z. cabli isgoeunox.) LONDON, November 7. P. and O. deferred stocks ars quoted at tse 1.

Ku ~er Sell £ 8. d. £ 3 d. N.Z. GOVT. DEBENTL'RESU per oent. Inscribed, ' 133S P6 5 n — 4k rrr cent. Inscribed, 96 in 0 4} tier cent. Bond?, ]J0 90 o 0 — oj prr rent. Inscribed, irr27-4l 38 10 0 — 5j rcer cent. Inscribed, 19 33 101 10 0 5j per cent. Intcribed, fi 1336 — ;oi i OTHER DEBENTURES - Hamilton Borough, &a 04 0 per cent., 193- .. 1C-2 n r> 0 N.Z. Breweries, Bond?. 1 3 5 — BANKS— 8 15 Adelaide (ex div.i 8 u fi 0 Aust. of Commerce 1 12 7 l r2 to ('omm. of Aust. 1 9 0 — Comm. of Aust. (p-.-cf.) 7 1 0 7 1 9 E.. S., and A. — 7 13 6 National of Austrslas;! 0 (£10 pd., cum div.) — 17 13 National of Australasia S 15 (£5 paid, cum div.) 8 13 0 0 National of N.Z. — G 18 0 New Soutli Wales 4-1 3 R 14 6 0 New Zealand .. 2 18 I 2 18 t Queensland National (cum div.) 8 5 0 Union of Au?t. 13 17 f. 14 5 0 Union of Aust. (rights) . 0 11 6 •2 13 0 Ur.ion of Aust. (fraction?) 0 7 6 0 S 6 IN^URANCE4 0 National (cum div.) .. 0 New Zealand .. — 1 IS 9 South British — •> 16 9 '.MAN' AND AGENCY— Dalgety and Co. (cum div.) 13 11 fi 13 15 0 Gcldebrough, Mort 2 7 9 1 8 3 N.Z. Loan and Mercantile (ord. 6tock) .. 03 10 0 — N.Z. and River Plate 1 7 0 — SHIPPING — Howard, Smith 1 3 9 1 10 0 P. and 0. Deferred Stock (cum div.) .. ... 280 0 0 FROZEN MEATCanterbury 7 17 fi — Canterbury (pref.) 4 17 0 5 1 0 N.Z. Refrig. (il paid) 0 IS 7 — N.Z. Rafrig. (confr.) .. 0 7 11 0 8 1 WOOLLENS— Kaiapoi (17s paid) 0 S 0 -- Kaiapoi (pref.) 0 10 fi — Wellington fi ■2 fi — Wellington (pref.) 6 2 6 — COAL— Taupiri (cum div.) 1. 9 — Westport 1 15 3 — GAS— Auckland — 1 3 0 Aust. Gaslight 7 0 0 Gaslight (new) 6 15 0 Christcliurch 1 3 i 1 3 7 Christ-church (new, 5s paid) 0 6 i 0 6 5 BREWERIES— Monteith's 0 19 0 1 1 0 New Zealand .. 2 i •2 2 i 6 Sta.ples 1 18 0 1 18 5 Ward — 1 IS 0 White Star .. — 1 0 0 TIMBER— Kauri •> 1 2 6 1 3 8 MISCELLANEOUSBeath and Co. 1 13 .1 1 12 6 British Tobacco 2 16 3 2 18 9 Runlop Rubber — 1 5 9 Electro. Zinc (ord.) .. 1 10 9 1 11 6 Electro. Zinc (pref.) .. 1 11 10 1 12 1 Holden's Motors 1 12 9 1 13 3 N.Z. Farmers' Co-op. (pTef. re div. only) 1 7 0 2 0 0 N.Z. Farmers' Co-op. 1 (6$ per cent. Stock, 1930) .. « .. 74 0 0 79 0 0 X.Z. Farmers' Co-op. (6§ per cent.. Stock, 1935) — 78 0 0 N.Z. Guarantee Corpc. 0 8 8 0 8 9 TaTanakj Oilfields n 11 4 0 12 0 Whit-combs and Tombs 3 7 0 — MTNING— Kawaran 0 n R 0 0 10 Mt. Lye 11 (cum div.) .. 1 7 3 1 8 0 Waihi .. 1 1 6 1 1 9