TRADE OUTLOOK.

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

TRADE OUTLOOK.

, AN OPTIMISTIC VIEW. POLICY OF CAUTION URGED. [THE PRESS Special Service.] AUCKLAND, August 27. The belief that the general trading outlook in New Zealand was good, and was likely to remain so for the next year or two, was expressed by Mr E. W. Hunt, of 'Wellington, in his presidential address to the annual meeting of the New Zealand Society of Accountants, but in venturing his prophecy Mr Hunt stressed the necessity for handling the position with extreme care. It was well to sound a note of caution, he said, lest the • experiences of the last boom period were forgotten. "Traders granted credit too .freely in boom years," declared Mr Hunt, "and I am afraid they were encouraged to a large extent by the banks, which, with the intention of assisting the primary producer, allowed _ many concerns interested in the financing of farmers tq go a good deal further than the position warranted. As a consequence, a great deal of financial trouble occurred." n , , Business in general m New Zealand was too dependent on borrowed money and too little on subscribed capital and the creation of reserves, said Mr Hunt. The country must, if . possible, avoid its previous mistake of over-importation, and he felt the banks could do much to counteract that undesirable tendency. It was also hoped by Mr Hunt that the worker would recognise that industrial unrest must be fatal to his welfare and to the general prosperity of the country. The present outlook for the Dominion was for good and sustained prices for the next two or three years. Calculations might be affected by poorproducing seasons or disturbed by world conditions, but the probabilities were for a good season. Those improved conditions applied to both qualities and values. Incidentally, Mr Hunt believed that accountants could do much to guide the financial welfare of the business community. Additional efficiency in, office system and organisation in the past 25 years must count for the benefit of the business community in general. TRUST ACCOUNTS. I AUDIT REGULATIONS CRITICISED. [THE PRESS Special Service.] AUCKLAND, August 27. Brief reference to the suggested amendments to the regulations covering the audit of solicitors' trust accounts was made "at the annual meeting of the New Zealand Society of Accountants. A sub-committee of the Society recently reported on tho matter, and suggestions were forwarded to tne Solicitor-General, who replied that the opinions advanced would be of considerable assistance. The president (Mr E. W. Hunt) said it was understood that the regulations under the Land' Agents' Act for the audit of land agents' accounts were also under, consideration, but so far no regulations had' been gazetted dealing with the audit of solicitors' trust accounts. Mr Hunt said it should be clearly understood that, if these, audits had in. the past proved ineffective this was flue to the ineffectiveness of the facilities for audit Had satisfactory regulations been drawn up in consultation with the Society irregularities such as had occurred could not have continued. There could' be no question that these audits could be effectively carried out, but conditions under which the duties were performed must be on an entirely different hasis from those at ~- - fisent obtaining.

"I ha\ no hesitation in saying that .this basis should, and can, be sd arranged, as N to provide an adequate and effective check," declared Mr Hunl<. SYDNEY WOOL SALES. (bjtITED PEEBB ASSOCIATION—BY ELECTRIC TELEOBAPH—COPYBIQHT.) (Received August 27th, 11 p.m.)* SYDNEY, August 27. At the;wool sales the market for aE well-grown 'wools and bulky skirtings was equal to the closing: rates for Inst week, but for any lines, lacking length and of doubtful yield, competition was . restricted and the market irregular, with a lower tendency. Greasy merino sold to 26d. —Australian Press Association. . ,' ' - . LONDON PRODUCE MARKETS. The Bank of Now Zealand,has received the following advice from its London office as at the close of business last week: — Butter.—Slow; 181s to 184s per cwt. Cheese.—-Qaiet. White Ills to 113 a per cwt; 'coloured 110s to Ills. Frozen Meirt.—There .is little,.business doing in wether mutton. There is a fair demand for ewes. The demand for lambs is poor. It is expected that prices for beef will remain steady at last quotations. trade generally is slow, owing to heavy supplies of fresh meat. Wethers, light 7Jd to 8d per lb; heavy 6Jd to 7Jd per lb; "ewes, 53d to 6id. per lb; lambs, twos 10id to 10Jd per lb, eights 101 d to 101 d per lb, fours 9|d to 10id per lb, seconds ,9|d to IOJd per lb; ox>hinds, 5Jd to 6d per lb, fores 3|d to 4d; cow, hinds 5d to 51d, fores 3jjd to 3Sd per lb. CLEARING SALE. A clearing salo was conducted by Dalgety and Co., Ltd.,- on account of Mr H.- Drummond, Methven, on" Friday. The principal sales were:— . s Sheep.—ls4 four, six, and eight-tooth crossbred ewes, due to lamb, at 42?; 106 at 37s 6d; 42 • failing-mouth ewes at 833 6d; 10 • rams at 19s; 40 ewes at 39s 6d; 224 crossbred wether hoggets at 21s 10d, 60 at 21s 6d. Horses.—ls at £4 to £sl (average £22 10s). Cattle—l 6at £2 7s 6d So'>£ 26.