GOLD EXPORTED.

Press, Volume LXIV, Issue 19312, 17 May 1928, Page 10

GOLD EXPORTED.

MYSTERIOUS AFFAIR. SENT BY N.Z. TO AUSTRALIA. (rXITZO fMSS A.SSOCIATIOH—BY ILXCTKIC TELEGRAPH—COPYEIOHT-.) SYDiXEY, May 16. iSliipments of gold valued at £400,000 liave been landed here from New Zealand since May Ist. The official purpose is not clear. Exchange adjustment is possibly involved, but it is regarded as more likely for investment in Australian Government securities, of which New Zealand investors have been making considerable purchases lately. It is evidently considered cheaper to pay freight, insurance, and other charges for the shipment of the actual specie' than to transfer the funds by New Zealand drafts on Australia at current rates of exchange.—Australian Press Association. THE STORY DOUBTED. [THE PRESS Special Service.] WELLINGTON, May 16. When the cable message was referred to Mr G. W. Mcintosh, general manager of the Bank of New Zealand, and chairman of the Associated Banks, he expressed himself as having been very much surprised when he read it. He knew of no such shipments of gold as those mentioned having been made, end he thought it very unlikely that they had been made. The banks wer« holding their gold, and if any such shipments had been made he was in a position to know. His own bank had not shipped gold, and he had not heard that the others had done so.

Bankers were baffled when shown the above message yesterday. '■ They said that, quite possibly, it might be Government procedure to adjust the exchange between New Zealand and the Commonwealth. It could Dot be a private transaction, as the banks did not pay out specie to private persons. Sharebrokers could not shed any light on the purpose of the shipment. The shipment of Bpecie was a most unusual procedure, even for the adjusting of credits. They could give no information as to the-comparative cost of transferring bullion and adjusting credits by Dominion drafts on Australia, because the transfer of gold was so nnusual. The present rate of exchange between New Zealand and Australia was 7s 6d per cent., but a sovereign was worth no more in Sydney than in Christchurch. Nor, as far as they knew, was there any' sufficiently attractive investment offering in Australian Government securities to merit the transfer of so much private Dominion capital. "Wo ■would like to hear of it if thero is," one remarked. DAIRY PRODUCE EXPORT. MR GROUNDS AND MR GOOD. FELLOW. [THE PBESS Special Service.] AUCKLAND, May IG. Objection to a statement by Mr W. Grounds, chairman .of the .Dairy Produce Board, that'certain dairy interests in Waikato, and notably Mr W. Good--fellow, managing director of the New Zealand Co-operative Dairy Company, Limited, had changed .their attitude toward a unified, national marketing organisation, has been taken by Mr Goodfellow, who stated to-day that the cliairman of the Board had misrepresented the position, and that a full reply would be. made in due course.

"It is becoming increasingly evident that the Board has completely failed in its objective, and that reduction in its personnel and expenses generally is ■urgently desired," he said. The New Zealand Dairy Company and its suppliers had in no way changed their opinion. On the other hand it was the Dairy Produce Board which had inaugurated a new policy. Amalgamated Dairies, Limited,' aimed to carry out the objective which the Board in the —first instance had had in view. EXPORT CHEESE. RESULT OF VACUUM PROCESS. (toitsd prisb association—bt elsctbic TILEGBAPfl —COPYRIGHT.) LONDON, May 15. Messrs Wright and Ross,. New Zealand dairy, produce inspectors, and other experts,' examined a parcel of cheese shipped from New Zealand under a vacuum process. The consignment turned out irregularly. Some was apparently good; and other crates ■were more or less decayed. Samples were taken for bacteriological examination, a report of which will be forwarded to the New Zealand Department of Agriculture.—Australian Press Association, United Service. NEW ZEALAND AFFECTED. CANADIAN DUTY ON BUTTER. ' (CHITED PRESS ASSOCIATION—BT ELECTRIC MUSGRAPH—COPYRIGHT.) OTTAWA, May 15. Aimed ostensibly at the United States but affecting Australian and New Zealand butter, an amendment to the Supply Vote has been moved by Dr. R. K. Anderson who demands anti-dumping duties to give immediate effective control over importation, either on sale or consignment, of natural products of the class produced in Canada, such importation , taking place .under conditions which prejudicially or injuriously hurt or j threaten to affect the interests of Canadian producers.—Australian Press Association.

STABILISATION LOAN. LISTS CLOSED IN FRANCE. % ■ , (VSITXD PRESS ASSOCIATION—BY ELICTKIC TILIOR4PH—COPTRIOHT.) (Received May 16th, 8 p.m.) PARIS, May 16. The new 5 per cent, consolidation loan is a success. Lists have been unexpectedly closed. _ Ii is understood that cash subscriptions amount to_ £80,000,000, exceeding highest anticipations, and doubtless this will have an important bearing on the question of stabilisation.— Australian Press Association.