A GOOD MONTH.

Press, Volume XLIV, Issue 19400, 28 August 1928, Page 8

A GOOD MONTH.

N.Z. STOCKS STRONG. COMMERCIAL SUMMARY. (rcmriD pbess ashociatiok —et electbic TELEGRAPH —COPYRIGHT.) LONDOX, August 26. Although the holiday season is still in full swing, the stock markets are generally good, and the volume of business distinctly better than is usually the case in August, especially in some of the more speculative departments. A firmness is apparent in gilt-edgeds. The principal event in this market has been the issue of £36,000,000 Treasury 5 per cent, bonds to repay bonds maturing on September Ist. The minimum price was fixed at £lOl, and £42,000,000 was subscribed at an average price of 7Jd above the minimum.'Some financial ■writers express disappointment at the result, but the general opinion is that" it is as good as could be expected. A good feature of the gilt-edged market ia the strength of Colonials, especially Australian, which have apparently profited by the success of the Commonwealth Conversion Loan, which has been tha subject of much favourable Press comment here. The scrip of the last Commonwealth loan issued in London is in good demand at about three-six-teenths premium, and an earlier issue ©f similar stock is quoted at about £99.. New Zealand stocks are also strong. The last issue at 4$ per cent., which was floated in May at £94 dOs, is now quoted at £97 10s. This week's bank return is interesting, as it shows a gr°at increase in the reserve and a decline in the total deposit liabilities, the result being that the proportion of reserve to liabilities exceeds 52 per cent. This is the highest proportion since July 22nd, 1914, when it was 42 to 40.; . Australian Wool Clip. The *•'Economist" monthly review, of the state of trade shows that in several respects 'the position has deteriorated, but points out that, though the summer decline is more pronounced than a year ago, there are no obvious conditions at present that would suggest that trade is definitely, on the down-grade, or that the atitumn recovery will .be j>rejudi<ied. "On the other hand," the paper states, "if one looks # further afield, there are symptoms whicli are definitely more promising.. •,First and foremost, harvests throughout, the world ate proving unusually good.' The , Australian wool clip is good, so much so that tome regard it as. the foundation of a coding trade revival in, thp Commonwealth."' '

Apple Season Ended. ■With the arrival of the Port Sydney's eargo, the apple, season, has ended. Considering the huge supplies brought to Europe from Australia-and -New Zealand,; aggregating,.well oyer 3,000,009 cases; "the" general results of -the season must be regarded as\ satisfactory. Certainly, the prices realised for the, last three or four cargoes have been poor, but values,iwereivwell/ maintained till the beginning of this month, and shippers ought to be satisfied with the seaaveragereturns.., . ~.,' v ; " Importers are calling attention to.the unwisdom ot Crabsvso lateas has been done this year,, as* after mid-July we are plentifully supplied ing,apples. ,/^. : ' ..;.;.? j '.-:.": . ■',■■' BANKRJDPT Ar?D MOTOR DEALER : Mj A; W. Watters, Official Assignee in Bankruptcy; yesterday made a statement to a representative of Thb Press with the[view of clearing up a misapprehension in "connexion with the meeting of the creditors of John Morrison Glasson, 'fruiterer,' of Cheviot, which was held...on July 27th. , Mr-Watters said that atthe meeting was. Borne '.amplification of the ' regarding' the motor-car; he i had • handed back to the South; Island Motors, Limited, fcnd of , the fact that though requested not to ':'■ dq.'SO 'by the bankrupt, the company had presented\ his .promissory notes for Juno and July., fo*;payment. The discussion had proceeded>>on: the /assumption that ;had bought the car under the »• ordinary hire-purchase' agreement under when tfae car was returned the relieved of further pay- ■> ascertained fromsthe Soujh " Watters concompany, and,..Glasson. was not a hire-purchase agreement; '•■" Under the ; agreement entered into with the company, (a.-copy of which has. been supplied me) Glasson, had tno ijght to return the '.car' and no right to ask the company' not. to present, the promissory notes he had given the company; but the company had the right to demand payment of the balance of the purchase money;; ; ;The company has generously. ' offefed..tofdißppse- of the car.'on behalf of:the : creditors■ at, the best price obtainable on a commission basis, and to pay''oyer, to: me the. purchase- money, less the balance remaining owing on the car, and express the opinion that after payment of the balance owing on the car there will be a small sum for dis-tribution-amongst the creditors."

\ 'A.DEFICIT FORECASTED. (UUL?BD> T&IJBS' ASSOCIATION—BT. ELECTRIC . < TXUOaiPH—COSTBIGHT.) [ . j(|teeeiTed[iL.iigti(jb '27 th, 7.55 ,p.m.) ; "•" > r WASEDCNGTOff, August 27. The Director of the Budget has subr nutted that, in his estimation, the Treasury would suffer a deficit of 94,279,346 dollars in 1929. Tho deficit, -which is tho first to" be definitely fore-' casted since the war, is due to increased Governmental expenditures"" and decreased tax collections." The variance in the' estimates from those made earlier is duo to increased plans for activities in Government bureaux, lower receipts than were expected from most incoming sources, increases shown in general expenditures, a postal deficiency, and tho expenses of the Shipping" Board., • The Government life insurance fund, alien property funds, and Customs and internal revenue receipts have decreased considerably. »j\ . WHEAT. rMtESS ASSOCIAWOS-r-BY; ELECTRIC ' ■"(;,,- '-NEW YOSK. Ajigujt 2G. ' , vcJiea *aro. —September. uaßK*'' Bushel; December, 115J cents; t&KgIS-i 120 ! cents. —Australian Press Asso-