FINANCE AND COMMERCE.

Press, Volume LXIV, Issue 19257, 12 March 1928, Page 10

FINANCE AND COMMERCE.

N.Z. TARIFF.

/REFERENCE TO BRITAIN. (BY CABLE—PiHS3 ASSOCIATION—CCPTRIGHT.) (ACSTRALIAS AXD N.Z. CABLE ASSOCIATION.) (Received March 11th, 11 p.m.) LONDON, March 10. Mr R. B. Bealc, the British Trade Commissioner in New Zealand, is extensively interviewing metropolitan manufacturers for the purpose of explaining the advantages of the new tariff preferences given b\ New Zealand, which in his opinion, are the most favourable outside of Britain He .s pointing out the advantages of establishing branch factories in New Zealand, where materials and. labour are temptingly favourable to development in co-operation with the agricultural, pastoral, and dai^'" g dT.str.es. He is proceeding to the .provinces and to Scotland and North.rn Ireland.

EXPORT LAMB PRICES. ADVANCE OF HALFPENNY. The weekly schedule of prices published bv the various freezing companies operating in Canterbury notifies an all-round advance of a halfpenny per lb for the week ending March 17th. Prime under 36 a is now lCd a lb, 37-42's, 9id; over -12 s, 9Jd: End seconds 9d. ' The prices quoted for mutton remain unaltered.

WOOL PRICES.

THE DUNEDIN RECORDS. New figures were set for the Dominion, as -far as the present season is concerned, at the Dunedin wool sale last week. Eight bales of super halfbred wether sold at 30jd a lb, and three bales of hogget at 30id. The two lots were sold on account of C. W. Mitchell, Outram. Other prices which equalled or exceeded existing records for this season were:—2BJd for 32 bales halfbred wether from Roeklands station, Deep Stream; 28} d for halfbred from Wilden (Moa Flat) and Hopetoun (Waikaka). Top merino prico was 30d, for 13 bales sold on account of R. Mitchell, i)eep Stream. The record price at auction for the Dominion, it may be remarked, was secured at the Christchurch November ,auction of 1924, . when 16 bales of Pahau Pastures (North Canterbury) halfbred was knocked down at 42J d, 23 bales making 41Jd. Very little halfbred and Corriedale wool sold under 23d on that occasion.

RAM AND EWE FAIR.

;• ( The Canterbury Ram and Ewe Fair will be held at the Show Grounds on March 22rid and 23rd, the entries being 3892 flock rams, 237 stud rams, and 109 ewee. The order of sale will be as follows : —Flocks: English Leicester, Wensleydale, Border Leicester, Shropshire, Ryeland, Southdown, -Suffolk, Lincoln, » Halfbred, Corriedale, Romney, and Merino. Studs:. Merino, Border Leicester, Southdown, Lincoln, English Leicester, Corriedale, Shropshire, and Romney Marsh. . 'Ewes: Southdown, Corriedale, and Merino.

CANADA'S TRADE.

AUSTRALIAN TREATY CRITICISED.

(S* CABUS—PBBSS ASSOCIATION—COPTEIGHT.) (AUSTRALIA* AND N.Z. CABLE. ASSOCIATION.)

VANCOUVEB, March 9.

Sharp criticism of the policy of the Federal Conservative members for Vancouver in regard to, the Australian Treaty was voiced by Mr J. A. Campbell at a meeting of the Progressive Liberal Association. The agreement had reacted more to the benefit of British Columbia, lie said, than to the other provinces. It would have- been far more to' the credit of BrigadierGeneral J. A. Clark, and those associated with him, to have assisted in the passage of the modified Bill than to lave opposed it.

WHEAT POOLS. HUGE PAYMENTS. fBT CABLJ—MtESS ASSOCIATION —COPYRIGHT.) (AUSTRALIAN AND N.Z. AND SUN CABLE.) (Received March 11th, 5.5 p.m.) OTTAWA, March 10. A message ' from Winnipeg states that 23,000,000 dollars were distributed to-day as an interim payment to farmers by the wheat pools of Manitoba, Alberta, and Saskatchewan. Since 1923, the pools have distributed more than 800,000,000 dollars, according to a message from Cobourg, Ontario.

RUBBER EXPORTS. REMOVAL OP RESTRICTIONS. (bbitish official wireless.) RUGBY, March 9. The Hon. G. Locker-Lampson denied, in the House of Commons, that, during the last twelve months there had been any exchange of views with the Government of the United States regarding the removal of restrictions on rubber exports from certain British colonies. POULTRY AND EGGS. The Canterbury Co-op. Poultry Producers, Lid.', that poultry continues to come forward freely, but for nil classes fit for "killing the demand exceeds the supply and high- prices are ruling. The following are prices roa'isrd per pair:—Table chickens, lisrht '4s to 6s 6d, heavy 7s to 19s 6d; hens, light "8 '6d to 4s' Sd, 1 heavy 5s 6d to fis 6s: duoks. 6s to 7s; ducklings, 7s 6d ( _o 9a 6d: geese, 7s to 9s. turkey hens, 13s to 325: gobblers; 23s to 30s. —6

WHEAT. I<B* CABLE—PRESS ASSOCIATION- COPYRIGHT.) (AUSTRALIAN AKB W.Z. CABLE ASSOCIATION.) NEW YORK. March 9. Chicago wheat quotations ire: March. 136 i cents; May 136 cents; July, 138J cents per :

"PROBLEMS OF THE GOLD MARKET."

(By Hartley Withers.) With the business, barometer steady at a high point everybody » hoping lor good weather in all kinds of markets, barring the political possibilities that are associated with general elections in Germany and France, and a Presidential election in the United States. If only they arc left alone business men may safely be trusted to make things better-in the material sense of the phrase, at any rate. It is their job to increase production an J distribution of necessities and com os on which we all live, and they can o > make good protits if as many people as ■possible are prosperous. , • , But, besides tne threat ol politico, interruptions to the smooth course o trade, some keen observers are a littfc anxious about monetary owing to the uncertainties with egai U to possible demands for gold, and their effects on the minds of the rulers ot the central banks. As we all want know ail the contingencies that ha.e to be allowed for, it is worth while to look into this question As everybody knows, it has been cided to get back to gold as the basis of international currency, in spite the admitted imperlectiojis of tlie system, because it was proved by experience to have worked well in the past, in spite of the said imperfections, anJ because no workable substitute, winch the business world would reei the same confidence has yet been suggested. But we have been warned by distinguished economists that there io a danger that the supply of gold win not be sufficient, unless it is «anonncally and tactfully handled and they have painted, in colours which have seemed to some of us to be unnecessarily sombre, the disastrous results m the shape of trade depresion winch are alleged to follow, as a matter of course from scarcity of credit due to scarci-J ° f These theoretical fears have taken shape as practical considerations in an article published by the "Economist of January Ith' in which Dr. l<eliks Mlvnarski, vice-chairman of the BanK of Poland, discusses the 'Difficulties of the Gold Market"' from the point oi view of : country with a newly stabii--IS<After recalling the difficulties whicli arose iu the spring of 1927, when the Bank of France made large purchases of gold in London and New York,. »c protests, and with good reason, against a repetition in November of similar critical remarks because purchases 'JJ gold had been made by the Bank or Poland. These Polish purchases as ne shows, were based on the stabilisatioa plan, which required the Bank of Poland to maintain a certain reserve gold. It brought three million pounds sterling of gold in New York and only one million pounds sterling in London up to the end of the year, and it did not take a half-pennyworth out of the Bank of England's stock, but took its whole million from_ the open bullion' market by weekly instalments. Three-fourths of its ; requirements were met in New York, involving higher freight charges. And yet, in spite i>t all its tactfulness in treading gently oh London's golden corns, "severe criticism was expressed when the un known buyer in London was identi £ed." . . It so—and Dr. Mlynarski is not likely to have imagined criticism that did not exist—it is' clear that some of the English Press has developed morbid sensitiveness about demands for gold. It is quite , idiculous torLondon to blow its chest out and pat itself on the back because of, the restoration of its free market in gold, and then to make ugly faces at any foreign buyer who makes perfectly ( legitimate use of the market. The action of France last spring was T«>ry reasonably criticised, because tlio French, on their own semi-official a<h mission, did not want gold for stabilisation or any other purpose; their trouble was that owing to the success with which M. Poincare had restored confidence in the franc, French nionfly which had gone abroad for its health was coming home witT? such a rusn that it threatened to force the n'anc up with a jump that would have been bad for French trade. And so the French authorities, beitia pieventerl bv political considerations from meeting the difficulty in a businesslike way and stabilising the franc then ana there, deliberately took big lumps of gold froin - New York and London n*. order - to m.tkfe money dear in otnei centres and induce French to stay abroad. As British trade was just struggling back to normal conditions after the coal stoppage, and wanted careful nursing and the greatest possoble freedom from shocks, this action by,the French—so completely contrary to the co-operation and economy in the use ot gold that everyone recognised as necessary —was justly criticised. But if Poland is to be subjected to objurgation for taking a modest million, bit hy bit, from the London bullion market, without touching the Bank of England's stock, the ''boasted freedom of London's market begins •<> iook a little thin. As Dr. Mlynarski truly observes, "any difficulty encountered in withdrawing E°ld from London throws the buyer back on New York," and the American public has so long been accustomed to seeing a huge store of gold in its possession that- continued and heavy withdrawals- might make it restive to a point that mWit be awkward iu a year in which tlie political atmosphere will be tense. An international scramble for gold would be a ridiculous spectacle and would do nobody any good. For England, vith her fine tradition as a free banker ready to meet all demands, to develop the Continental habit of goldhoarding would be a queer way <■»' "getting back to told." It is sometimes contended that the Bank of England wants much more sold to provide for the fusion of the Treasury note issue with its own. As both issues are already in effect based on its gold stock, it is difficult for ihe .uninitiated to see why, when rolled into one, they will need a bigger foundation. As to what the Bank of France may do when the franc is stabilised is a question that should not be left out of consideration by , those who are speculating on cheip money.

MEAT. (Br CABLE—PSBS3 ASSOCIATION—COPYRIGHT.) (AUSTBALIAX AXD S.Z. CABLE ASSOCIATION.) (Received March lltli. 5.5 p.m.) LONDON, March 10. Sheep—North Island light, 73d per lb, medium 6jd. heavy sgd. Lambs—Canterbury light 9Jd per lb. other medium 9Jd, heavy 93d, second? 9d, other selecteds Did; North Island, firsts 9Jd. second BJd: Argentine, firsts light B}d, seconds 7Jd. Chilled Beef—Argentine fores -IJd, hinds 6d, others unchanged. COTTON, RUBBER, ETC.

(Received March lltli, j.j p.m.) LONDON, March 10. Cotton—April, 9.91 d per lb. Rubber—Para 12d per lb, plantation smoked 12} d. Jute—March-April, '£3o per ton. Hemp—Kebruary-April, £33 per ton. Copra—February-March, £26 los per ton Linseed Oil—£2B 10s per ton. Turpentine—4os 3d per cwt.

. CHRISTCHURCH STOCK EXCHANGE.

In tlie stock and bond section, 5 per cent. Stock, due 1929, sold at £99 and more were wanted "at that price, no sellers offering - . New Zealand Breweries Bonds were available at 23s -Id, but no buyers quoted. Quotations for other Government issues showed little change.

lii bank shares Australian Bank of Commerce were fractionally firmer, with business at 34s Id, the market closing buyers 345, sellers 34s 2d. A margin of '2d separated quotations for Commercial Banks, for which sellers wanted. '3"s 11a. Commercial Bank of Sydney eased to turnover at £25 I2s 6d, and more were offered at that price, Luvers at £25 103. For an odd lot of Bank of New South Wales, £47 12s 6d was given, and a further sale resulted at that figure, the market closing £47 lils 6d sellers, £47 lis buyers. Union Banks were released at £l4 14s. In the miscellaneous investment section, recorded turnover was confined to New Zealand Drugs, which realised GBs 3d cum dividend, with furthar buyers at 60s, no sellers quoting. Buyers of South British Insurance moved up a point to jßs 6d, but sellers were reticent. For Westporl-Stockton ordinary shares buyers raised their bids to Is sd, sellers responding at Is Sd. There was_ a close market for Christchureh Gas, which were quoted 23s lOd buyers, 23s lid sellers. Napier Gas (£0 paid) entered tlie celling list at £5 lis, but- buyers did not appear on tho market. Beath and Company had improved demand at c3s 3d, but sellers wanted 340. Quill, Morris shares appeared easier on sellers' offers 3d, no buyers. Mt. Lyells were fractionally weaker, sellers offering at 29s lid. buyers quoting 29s 9d.

SATL'RDAY'S TRANSACTIONS. Salfs on 'C'lianpje—Aust. Bank of Comm., 31-i Id; Comm. Bank of Sydney, £25 1-s 6d; Biink of Xew South Wales, £47 12b 6d (odd lot): N.Z. Govt. 5 per cent. Inscribed, 1929, £99.

Sales Reported—Bank of New South Wales, £47 6d; Union Bank, £l4 lis; N.Z. Drug (eum diy.), 6Ss 3d

OTHER EXCHANGES. (PRESS ASSOCIATION TELEGRAMS.) AUCKLAND, March 11. Sales —South British Insurance, 58s 9d; Ohinoinuri Gold and Silver, 6s lOd. WELLINGTON, March 11. Sales reported—Government 41 per cent. Inscribed Stock, 1939. £97 15s; Government 41 per cent. Inscribed Stock, 1938, £97 15s! Bank of Australasia, £ls Os 6d. DUNEDIN, March 11. Sale —New Zealand Refrigerating (con.), 7s 6d. SMITHFIELD PRICES. [THE PRESS Special Service.] WELLINGTON, March 11. The New Zealand Meat Producers Board has received the following cablegram from its London office, dated March 9th, advising Smithfield delivered prices at that date: — Canterbury quality, selected brands, 561b and under "id, 57-641 b, 7d, 65-721b 5Jd; other brands, 561b and under 7jd, 57-641b 6Jd, 6i-7'2lb 5Jd. New Zealand lambs, Canterbury quality, SElb and under 9Jd, 37-421b 9£d, 43-50lb seconds 9d. Selected brands, £6tb and under 9£d, 37-421b 9Jd: other brands, nrst quality, 361b and under 9§d, 37-421b 9Jd, second quality, 30-321b, average SJd. Australian Lambs —Victoria?, first quality, 3C!b and under, 81d. Argentine Lambs —First quality, S6lb and under Sid, 37-421b BJd. New Zealand Beef—Os fores ?Jd, ox hinds 4J<l, cow fores 3id, cow hinds 4d. Argentine Chilled Beef —Os fores 3£d, ox hinds 6d.

Argentine Frozen Beef—Or: fores 3Jd, ox hinds 3|d. Frozen "Pork—Porters. TJd. 'iorhers 81-991b Sj£d. porkers IGC-KOlb GJd; baconers 12i-lSolb fi?d. Lamb —Market prices are casing, as arrival.' are now heavier.

Mutton—The irarket is firm, with 9hort steaks, higher pnew rhei*kir.£ the demand. Beef—Xew Zealand V>«ef is in very slow demand. Str.cks pre 'ieht. Pork—Xev- Ze"ljnd frozen pork. £ O-1201b. is "nch" , i?ed The market •> slew for 151ISOlb There h?.<! been a better demand for forward shipments.

Concerns merchandising products of good quaiit.v can develop the unparalleled sales opportunities in Canterbury most effectively and most economically through the advertising columns of The Peess. —6

TATTERSALL'S HORSE SALE,

Messrs 11. Matson and Co., at their weekly sale on Saturday, in Tattersall's Horse Bazaar, had a yarding of 46 horses. Included in the entry was a very wellknown team of 6 chestnuts from Messrs \V. Strange and Co., who have gone in for motor deliveries. Buyers were present from nearly all districts, and an animated sale took place. The team of six horses averaged £4l, which, in view of their ages, was quite a satisfactory price. The pantechnicon Spring Dray, Lorries, and Delivery Vans were all sold at very good prices, and their collection of harness, which was in excellent! order, elicited keen competition. The general tone of the horse market was much improved, and where vendors were prepared to accept market value sales were recorded with no trouble.

Oar principal sales were: — , On account Messrs \V. Strange and Co.:— Chestnut gelding, "Ginger," £54; chestnut gelding, "Boxer," £45; chestnut gelding, "Jock," £27; chestnut gelding, 'Barney," £35; chestnut mare, "Belle," £55; chestnut mare, "Rose," £37 10s; chestnut gelding, "Sox," £37: furniture van and pole £25; van and hood, £10; spring dray, £2O: furniture waggon, £3B 10s; pantechnicon, £35.

Account Client: Bay gelding syrs, £l2; account T. Edwards (Amberley): Bay gelding, 4yrs, £4O; account R. Toswill (Pigeon Bay): bay gelding, 4yrs, £3l; account a. Southbridge client: black gelding, £8; account H. Hood (Doyleston): bay mare, 9yrs, £10; account client: chestnut gelding, aged, £l2.

PROPERTY SALES. Messrs Jones, McCrostie, Limited, report having effected the following sales o£ properties during the last 21 days:—Valuable section at Sumner: bungalow, Avonside; residence in Merivale; section in Linwood; two-storey residence in Linwood, also block of eight sections in Avonside; Bungalow in Linwood; two-storey art bungalow in Fendalton; two-storey art bungalow in Bryndwr; residence in Linwood: three residences in New Brighton; two sections in College avenue: superior art residence in Rossall street. Fendalton; two-storey bungalow in Rossall street. Fendalton; superior residence in Shirley, with nearly 2 acres of land; residence with 4 acres of land in Harewood; bungalow residence in Lower Riccarton; residence in Papanui: residence situatei Cashel street, Linwood; bungalow in Bryndwr; superior, twostorey art bungalow. Dyer's Pass road, Cashmere Hills. The number of properties involved is 26, and the total realisation £30,715. Full details of the sales will be advertised later. —7

Messrs H. G. Livingstone and Co. sold by public auction, at their rooms, on Saturday, on account of Mrs G. G. Vernon, the property situated No. 48 Rolleston avenue, comprising 31 perches and residence of eight rooms. The property was purchased by the Board of Governors of Canterbury College at a price oi £2550.

LATEST QUOTATIONS. Buyers. Sellers. £ s. d. £ 6. d. N.Z. GOVT. DEBENTURES— 4i per cent.. Inscribed, 19CS .. .. 37 10 0 — 4.'. per cent, ilnscri'oed, 1939 97 7 6 97 12 6 41 per cent. Bonds 19:i0 28 0 0 — 41 per cent. Bonds, 1938 — 97 15 0 5 per cent. Inscribed. 19-29 99 0 0 — oi per cent, inscribed. 1941 — 99 0 0 Bit per cent. Bonds, 1933 100 10 0 — 51 per cent. Inscribed, 1936 ICO 10 0 — 5i per cent. Bonds, 1936 .. 100 10 0 101 2 6 COMPANY DEBENTURES— "v.Z. Breweries, Bonds — 1 3 4 BANKSAdelaide 9 5 6 9 7 0 Aust. of Commerce .. 1 14 0 1 14 2 Australasia (cum div.) 14 18 0 15 1 6 Comm. of Aust. 1 7 9 1 7 11 Comm. oi Aust. (pref.) 6 17 0 6 19 0 Comm. of Sydney 25 10 0 25 12 6 E., S., and A. 8 1 6 8 ,2 0 National of Australasia (£10 paid) 17 16 0 18 3 0 National of Australasia (£5 paid) — 8 18 0 National of N.Z. — 6 18 6 New South Wales 17 11 0 47 12 6 New Zealand 2 19 0 2 19 2 New Zealand (Mortgage Shares, .-61 paid) .. — 1 6 7 Union of Aust. 14 12 0 li 13 6 Union of Aust. (new) 14 13 0 H 14 6 INSURANCENational 0 15 7 0 15 9 New Zealand .. •2 0 9 — South British 2 18 6 — LOAN AND AGENCY— Dalgety and Co. 13 15 0 13 17 6 Dalgety and Co. (Melbourne Register) ..' 13 15 6 — Goldsbrough, Mort 2 9 0 2 .9 2 SHIPPING— Howard, Smith (cum div.) 1 8 3 1 6 10 Htidclart-Parker (cum div.) — 2 9 3 P. -and 0. Deferred Stock .. .. 233 0 0 244 0 0 Union (pref.) 1 0 0 1 0 3 FROZEN MEAT— Canterbury 8 16 0 9 7 6 Canterbury (oref.) 4 18 6 — N.Z. Refrig. (£1 paid) 0 15 0 — N.Z. Refrig. (conir.) .. 0 7 i 0 7 6 WOOLLENS— Ivaiapoi (17s paid) 0 8 " — COAL0 1 8 Stockton (ord ) 0 1 5 Stockton (pref.) 0 2 11 0 3 3 GAS— Auckland — I 2 3 Auckland (contr.) 0 16 9 Christchurch 1 3 10 1 3 11 Napier (£5 paid) -r 5 11 0 BREWERIES— Carlton .. ' • • 2 6 9 2 9 0 Mon tie th's — 0 19 6 New Zealand .. 2 1 6 2 2 9 . Staples .. • 1 17 3 1 17 5 White Star .. — 0 19 0 Tooths •2 6 3 2 6 9 CEMENTS— Wilson's • 1 17 0 1 18 0 MISCELLANEOUS— Auckland Amusement Park .. 0 9 0 0 11 0 Beath and Co. 1 13 3 ] 14 0 British Tobacco 1 19 10 2 ' 0 0 Burns. Pliilp — 2 3 0 Colonial Sugar — 58 5 0 Dominion Rubber 1 0 0 — Dunlop Rubber 1 0 0 1 2 6 Electro. Zinc (ord.) .. 1 10 0 1 10 10 Electro. Zinc (pref.) .. 111 10 1 12 2 IlolcVn's Motors (cum div.) 1 10 0 1 10 e Mercantile Finance Cor0 3 poration (53 paid) .. — 0 N.Z. Drug Co. (cum div.) 3 8 0 — N.Z. Farmers' Co-ot. (61 ner cent. Stock, 1930) 75 -0 0 77 10 . 0 N.Z. Guarantee Corpn. 0 8 1 0 8 6 Victoria Nyanza Sugar — 2 12 0 Perdriau Rubber 1 10 3 Quill, Morns — 1 1 3 Haywards Pictures — 0 19 0 Sanford, Ltd. — 0 19 6 MTNING— Mt. Lyel! 1 9 9 1 9 11 Ohinemuri 0 6 0 0 6 11 Waihi 0 9 10 0 10 9