FINANCE AND COMMERCE.

Press, Volume LXV, Issue 19814, 30 December 1929, Page 10

FINANCE AND COMMERCE.

THE 3IOXEY MARKET.

CONDITIONS IN 1929.

financial writers dismal. I (wtb» £=^a^oVis loaVj E " EC '""' | |j!pf(>:r«i I»eoemL«r ittti:, '-' J P- m -) LONDON; Dumber -5. Final.-iai i = b'ltr.ming up the erudition., f-r 1"'-?, a™ almc * T - un f Jl " mou'siv dismal, an* only n tew ot them show much iu<.!iuati'"»u to « regarding 19-%. To oae « ».h • v has not* 1exports ha.e 6iio-*a £ maU <]Arrcase even comparer! with the unMtisfa r figures ot l---- ■ w h* - 'stained !.v financial mstitu;4, through faii'irei m tioQ or another, to t,uthiti & losses offered by tl:e punbe the fali i" valu<"?. have probauly been greater than Mr many years There i-, however, w: holds out a little ray of hopefor IJ3O- - '-Economist'* Nays: In« stoc* Exchange, though snil overhung hy a cloud of uncertainty till the H atr ? »*atlements have he<m completed, ha* f o far v.path« red not only t'ie domestic storm, but the depression from across the Atlantic, which came *it.h cyclone Tore*. In the financial world w© have faced and met a crisis which threatened even to endanger the gold standard in this country, but the Bank of England at the critical moment took a course as bold a-s successful, and ~v€3.r with the confidence that Ttloney will l>e stiTl cheaper and Great Britain's monetary position in regard to gold need cause no anxiety." Ail illustration of the unsatisfactory year the .Stock Exchange has had is given in the returns of the year's new capital issues-in London, which show a reduction of ££4.000,000 compared with 1928, although the total that year nas exceptionally high. Altogether issues for totalled £285.000,- <•" as compared with £339,000.000 last year and £3.3-5,000,000 in 1928. Of this year's issues, £198,000,000 was tor the United Kingdom, including £60.400,000 Government borrowing, while British possesions issued £61,000,000 of which £28,300,000 was for Governments. Foreign countries' issues amounted to £26,200,000. Commenting on these figures, the "Economist" writes: "Investors in new issues, even of the highest class, have seen holdings in a number of inittanoes undergo serious depreciation. The prospect of comparatively cheap money in 1930 encourages the hope that sound borrowers at least will be able, in the near future, to make issues on the London market on better terms and with more propitious chances of success. It is clear, however, that the progre® of restoring activity on the new issue market as a "whole is likely to be slow and the public, after fhe experience of the unsound boom in 1928, is likely for some time to come to exercise considerable discrimination between offers.'' BANK GOLD HOLDINGS. Under the new Federal Banking Bill the gold held by the Australian banks that will pass under control of the Federal Treasurer will amount to £23,791,000 in Australia. The amounts Held by each bank are as follows: Bank. £ New South Wales ... 6,290,094 Commercial of Sydney ... 4,181,999 National ... 2,731,434 Union ... ... 2,690,289 Australasia ■ ... ... 2,682,753 E., S., and A. ... ... 2,594,306 Commercial of Australasia 1,050,232 Bank of Commerce ... 794,309 Queensland ... 322,623 Adelaide ... -- 242,943 New Zealand ... ... 210,247 N £23,791,149 Gold held in New Zealand by Australian banks is as follows: Bank. * £ Nen South Wales ... 1,284,186 Australasia ... ... 974,895 Union ... ... 949,956 Commercial ... ... 224,615 £3,432,6-52 QUOTATION FOR GOLD. (TTjnTEO PR.KSS ASSOCIATION—BT I-LECTB.IC TELBGBjLPH—COPTRIGHT.) LONDOy, December '27. Gold is quoted at S4a lljd a fine ounceAVUTION INDUSTRY. Sir Henry Segr*ve and Sir Wi'.liam Morris late recently both been reports as entering the aviation industry, says "Flight." Tho former is connected with a very large concern, which has the backing of an important Eroup of financiers, and which, among: other activities, proposes to run taxi services of ft magnitude that has hitherto not baen possible. Sir William Morris, it is announced, will shortly produce aero engines at ill per horsepower. THOTOMATON, LTD., PROPOSES LIQUIDATION. The business of Photoraaton, Ltd.. has not »jd« the satisfactory progress expected when th« company was formed twelve months ago to exploit, in Sydney, the Photomaton method nf rapid automatic photography. The directors intend to submit to shareholders at an extraordinary meeting a proposal for ffce vol- j untsry winding-up of the company. For the period from December 3rd, 1921?, to September 30th, 1929, gross profits on atrip? and enlargements was £3249. Royalties yielded £SOS and interest and discount £317. JExpenses amounted to £1134, leaving oft profit of only £239. Capital paid is £IOO.OOO. in 400.000 5s shares. External liabilities at September 30th ■were £5911. Tangible assets comprised msi-hin-'s, stores, snd elu'P mei, t iat cost!, £11.669; deposits at. short call. £27.7P5; cash £t494; sundry debtors, £10,070: and shares in Pbotomatom (Vic.>, Ltd. (at face value), #9OOO. Patent ritrhts (at cost, less sales) were «»tered at £43.012. while preliminary expenses were £229, and brokerage and commission iIS77. BLENHEIM OIL WELL. Tr* Blenheim iTaranski} Oil K^Company report the -week December *2iet: The reaming is still V-o?re9tin? satisfactorily, < u -« bMe now reamed to ?V4o feef- Thf bard bsnds mado rather BIT, ISA INCREASES CAPITAL. An extraordinary h«= ! d in •n tKe 17th ir*t. of shareholders of Mt. I«» Mines, Ltd., to increase the comiis»l to by the creation of 1.000.000 shares ef £1 eacb. An option r>t 200.000 of the new phares at 30s rosy fc* fiven to th° Mining; Trust. Ltd.. as con•iderition for the gnaracte« of a loan up to »Uhoush the chairman <Mr W. kMcßae) Intimated that a revised scheme might decided npoa, x Tha articles of association were amended t*> iacrea*e the number of directors front »i to ures.

FINANCIAL OUTLOOK IN AUSTRALIA.

A WORD OF ADVICE,

The -Sydney Mail" of the l*th inst. prints the following from its Financial contributor: •'Someone lias cynically •described a pessimist as one who has had dealings with an optimist. Yet one may take l<=ave for doubting whether the outlook is quite as black as the pessimists would have us believe. A young country like Australia in the process of it= development is bound to suffer vicissitudes of fortune. Prosperity does cot flow smoothly without interruption. The violent fluctuations ot fortune to which we are subjected are, more or less, in the nature of things and inevitable in the evolution of a nation that depends so much on the caprice of the seasons. By this time we should have become accustomed to the ups and downs and variations due to the incidents of droughts a*d floods, the rise and fall of the prices of our products, and the turn of the political wheel.' Yet with the first breath of adversity come the persistent croakers, chanting their dismal chorus of 'bad time bad times,' until they really bring about the very conditions they have predicted with mournful reiteration. The times axe difficult, certainlv, but they are far from being desperate. Cool heads are needed, and stout hearts also; men not afraid ot life who will vet weld the widelyseparated parts of this young nation into a coherent whole, and give it a definite aim and purpose. For tne moment our public policy lacks balance. Too much unproductive borrowed capital has been sunk in what are euphemisticallv termed 'reproductive works.' and the equilibrium must be restored. The task lies before us, and must be tackled with energy and understanding; but pessimism will not help us. The same want of balance is apparent in our financial dealings; one dav we rush headlong into all kinds or ventures, and the next we are selling out in despair. Six months ago almost any 'wild cat' scheme if plausibly presented was certain of support, but todav the most promising of legitimate enterprises would fail to attract capital if required on a fairly large scale not because the money is not available, bat simplv because people will not risk it for fear of needing it urgently in the crisis we are told to expect. What is wanted is a breath of fresh air to clear away this poisonous miasma of doubt. There is no reason in existine conditions why leaders of the financial world should not come forward to supplv the necessary corrective and infuse' confidence into the community.

NEW SEASON'S FRUIT.

■FROSTS CAUSE SHORTAGE.

HIGH PRICES AND KEEN

DEMAND.

It-is not expected that fruit this season will bo plentiful, and stone fruit in particular will probably be in short supply. Most of the peaches for the Christchurch market come from Loburn, but as the late frosts destroyed the greater portion of the crop, there •will be practically no supplies from that' district this season. A. v isrt to several of the fruit maxts on Saturday showed that prices maintained a fairly high average, both' in- frmt -and vegetables, and competition among buyers was brisk. Cherries, which were never very plentiful this season, are now almost over, and were finishing on Friday at 2s 8d per lb. Cherries were.another fruit that suffered badly from the frosts. Prices soared high on Christmas Eve. Strawberries are also very dear. They were selling, at 4s in the morning then but fell to 2s in the afternoon. They were easing off at Is 6d to 2s on Saturday. Dessert peaches are up to 8d a pound, and apricots which came in from Central Otago on Friday brought 7d. Raspberries are now coming in and half-pound punnets are selling from lOd to Is. . . Tomatoes are bringing a farm price and will probably continue to do so until outside supplies come in in about two months' time. Cabbages on Saturday realised 5s a dozen—a good price at this time of the year. Cauliflowers are scarce and consequently dear. Apples are also in short supply, while oranges are plentiful and are meeting with a keen demand. Peas are realising from 2s 3d to 2s 4d a peek, and new potatoes about 2d a pound. Plums are in medium supply.

Generally speaking, there is a shortage in most lines, and although the recent wet weather interfered with the collecting of vegetables to a certain extent, there is not a great deal about. It is, of oonrse, early yet to make pessimistic forecasts, . but the fact remains that the markets wer« better supplied at this time last year. Private gardens were badly hit with the frosts, and thjs fact has helped to swell the demand in the city. The next supply of bananas from Karotonga and Samoa is not due in Christchnrch until about January 16th. ■when a shipment will come by the Maui Pornare. Even row there is a shortage, as the last shipment was boucht up in Auckland, none being left over for the southern markets, so tVi«=re is a possibility that the position ■nill become acufe before the next supplies come to hand. Those that came to Auckland by the Tofua renlised 36s a case—about lis above the average prire in £hal city. foreign Exchanges. (ERrrISS OFFICIAL WIRELESS.) RUGBY, December 27. Foreign exchange rates are as under: Par. Dec. 19. Dec. 27. Palis, fr. to £1 .. 23.22J 123.92 123.85 Brussels, belgas to £1 5 34.£6 34.855 Oslo, kr. to £1 .. 1£.153 15.'20 18.19 kr. to £ 1 18.159 IS-ISS 15.19 Stockholm, kr. to £1 IS,!*.') 15093 18.10 Amsterdam. A. .. 12.107 12.10 j 12.05J Berlin, Reichmarken to £1 .. .. m.sno 20.38 20.385 Montreal, dol. to fl 4.56| 4.91 Xew Tork, del. to £1 4.86? 4.SS 3-16 4.86 7-33 Batavia .. .. 12.107 15.135 Prague, kr. to £1 .. 24.02 164| - 1642 Geneva, kr. to £1 .. 25.20 25.095 25.095 Milan. .. .. 9-2.46 93.25 93.35 Vienna. .. .. 34. 5- = ? 34.67 34.G0 Helsimtiors .. 1K5.2S 1941 19iJ Madrid .. .. 25.225 35.3.5 Lisbon ■■ 4.50 105.25 Athens .. '35.22; 375 375 Bucharest, lei to £1 Fls ?17 Sl7 Buenos AyTes .. 47,62 45 45 11-16 Kio de Janeiro .. 16.0 5! 5 7-16 Bombav .. .. 15.1S 17 23-32 Shanghai. .. .. 24] 261 25* H<-.T.p-Kotisr •• -4 Co 174 Yokohama" .. 35.22 24 3-32 24 332 COMMONWEALTH TEN MILLION LOAN. Th« subscription br tie public to tfc<3 £10,000,000 Commonwealth Loin is . cons.aered b? financial authorities to be satisfactory. Mr Theodore, th« -F«>dpral Treasurer, hu announced that subscription as anproximatelv £7.750.000, from appHI cajte. Some applications ar« still to b« received frota countrv o«ntr*«. The banks are left with £2.250,000, With a result such as this. the task of next '■esr'i con-er»i"ns mav be with hcp», »d4i oca authority.

TARIFFS AND TRADE. AUSTRALIA AND NEW ZEALAND. Specially referring trade possibilities between Australia and NewZealand, the Sydney Chamber of Commerce reports that 'in recent years the attitude of the two countries towards each other has not been of a neishbourly trend. This cannot, of course be" attributed to design; it is more probably tne outcome and development of minor prot-ectn e impulses. _ , . . , •'Whatever be the cause ot tins lack of commercial cordiality between two sister territories, however, the fact obtrudes itself that the time is rip© for a, review of the situation and a candid fiscal 'showdown' in the mutual interest. Considered broadly,-there is more to recommend an 'interstate' than an 'international' attitude. Geographically and by blood ties and other affinities, Australia and New Zealand have more in common than any other two separate entities of the British Empire, yet tariff barriers between them are becoming increasingly restrictive. "This state of affairs is a hindrance to trade readily at hand. That Australia is responsible for her full share of the reproach is clear from figures quoted at the New Zealand Conference. These show that 'during the past ten years New Zealand purchased £56.000,000 worth of Australian goods, while the Commonwealth bought only £25,000,000 worth from the Dominion. This disparity is emphasised when the difference in population of the two countries is considered. The question of tariffs has become so inherent in nearly all trade discussions in Australia that special consideration might opportunely be- given now to ttiis gesture from New Zealand towards a spirit of sweet reasonableness on a more or less 'interstate' basis as suggested."

WORLD'S WOOL CLIP.

SOUNDER OUTLOOK. In their latest review, the Sydney wool brokers, Messrs Winehcombe, Carson, and Company write of the wool position us follows: For the first time for some years, world wool production is expected to show a decline this season. Complete figures are not available, but an American authority states that the clip in eight countries, representing seventenths of the world's wool, is likely to total nine million pounds, or about 30,000 bales less than for the previous season. The falling off is not great, and cannot have any appreciable effect on prices, but from growers' standpoint it is satisfactory that the upward trend in supplies has ceased. The lowest point in the wool production of the world was reached in 1922, when the vear's clip totalled approximately 8.179,000 bales. In 1928 it reached 11,007,560 bales, or an advance of 30 per cent. Theories have beeen brought forward to account for the lower values ruling this season, but the increase quoted is the chief factor responsible. It is the inevitable result of the law of supply and demand.

When supplies were short growers had "the better of the bargain." Reverse circumstances have produced the opposite effect, but as less encouraging prices gradually diminish production fortune will slowly turn in sheepmen's favour. We see no reason to anticipate a set-back, in wool prices. When a good weight of goods manufactured from this season's lower costing wool is available, it is probable that fabrics will sell with_ greater freedom. Fashion in feminine wear has swung towards the sheep's staple. That fact will also help business. Appreciably higher prices cannot be anticipated, but the outlook is certainly more favourable than it was earlier in e season. THE BUTTER POSITION. FACTORS IN THE SLUMP. Messrs Weddel and Co., reporting London November Ist on the butter market, explain that from an importer's point of view the butter market throughout the month of October, and more particularly towards the end, proved extremely disappointing. After the spell of activity experienced throughout September, when prices all round steadily advanced, and during which time buyers no doubt fclled in their requirements for some time ahead, it was only to be expected that the demand would ease off slightly, but no serious break in values was anticipated. Generally speaking, this proved to be the case, and during the earlier part of the month, although the demand was slow, the undertone of the market remained firm, with no material charge in values. Towards the latter half of the period, however, sellers bepan to show considerablv more desire to trade, but in order to effect sales, buyprs had to be met in the matter of price, with the result that at the <lose values are fully 3s to 4s per cwt below those last recorded.

Various factors are responsible for this apparent change in the position. Many buvers, no doubt, bought pretty heavily during the advance in September, and vers, therefore for the time being, _ indeoendent of the market. Meantime other traders onlv operated to the minimum extent of their immediate requirements, being under the imnression that the zap between then and such time as the new season's butters from the southern hemisohere arrived in quantity, could be bridged by the spot stocks of butter in cold store, augmented by current arrivals from New Zealand, Australia, and the Continent. and also from Ireland, where the season, on account of favourable ] weather conditions, had been considerably prolonged. ''The present- stringency in the money market may also have comDelled some holders to realise stocks rather earlier than was originally intended. Prices have also been advanced on the retail counter by abont tier lb, and this has no doubt slightlv curtailed the consumptive demand.'' EXPORT OF WOOL. (special, to thi pbbss.) TIMARU, December 29. The buyers at the recent Timaru wool sale will meet their obligations to-morrow, when numerous South Canterbury farmers will receive their cheques. The tirst shipment for overseas will !be loaded to-morrow by the Kurow for Wellington. for trn u.-hipruent to Japan, and by the Mahia loading for • English and Continental norts. i On Tuesday the Port Campbell wil) 1 load approximately 4000 bales for England and the Continent and the Canadian Conqueror will also load wool for America and English and ContinentaJ ports. The Bencruachati, which is due about the end of the week, will load 4000 bales for Enelish and Continental ports. These shipments will clear all the wool from the fixsfc Timaru saJe.

WOOL SELLING SEASON COMMENT ON NEW ZEALAND STATEMENT. (T~>TTED FBESS ASSOCIATION*—B? ELiECTSIC TELEGKAPH —COPIBIGEX.) (Received December 29th, 5.5 p.m.) ■LONDON", December 28. A Pf=:-s telegram from Auckland has been published stating that, owing to Bradford's refusal to agree to New Zealand wool sales in May and June, it is estimated that New Zealand will lose £5,000.000. Interviewed in this connexion.. Mr George W hitaker, president of the British Wool Federation, savs: "It is conceivable that New Zealand should make this charge. The Wool Federation's cabled opinion stating that it was opposed to any extension of the wool selling season was not given without full consideration to the growers' interests. The values ui crossbred wool this season have been determined by those ruling in South America. Although they are considerably below last year's level, they are relative to the wools grown in Australia and South Africa. In the Federation's opinion, the value of New Zealand wool would not be enhanced by an extension of the selling period. This opinion was given honestly without aoy attempt to restrain the New Zealand Wool Committee from extending the period if they disagree with the opinion given." . Mr William Hunter, ex-president or the Federation, said that the view that the Federation's action would cause New Zealand to lose £5,000,000 was entirely erroneous. Growers of wool, like the producers of every commodity, were obliged to accept the world market price. Moreover, the Federation s attitude will not alter the selling value of the clip in any way. for the. law of supply and demand will determine its price.

NEW ISSUES.

AUSTRALIAN COMPANIES.

One important factor in the present shortage in the the Australian money market is the heavy demand for additional capital by companies, remarks an Australian journal. A list, compiled by one of the principal Melbourne financial houses, shows that since the end of September new issues by companies, either completed, in course of flotation, or announced but not issued, aggregate more than £4,500,000. Between June and September £3,650,000 was taken out of the market; —By the State Bank of South Australia (£500,000 at 5J per cent.), South Australian Gas (£150,000 in 61 per cent, debentures). State Savings Bank of Victoria (£1,500,000 at bk per cent.), Metropolitan Water, Sewerage, and Drainage Board of Sydney (£1.500,000 at 5i per cent.) The new issues of the principal companies are as follows: Australian Gaslight Company, £1,500.000 at 6i per cent.; Adelaide Electric, £250,000 6 per cent, debentures: Were's Investment Trust, 750.000 5s shares; South Australian Gas, 150.000 £1 shares (sold at auction) ; liordern Bros., 100,000 £1 preference shares; Myer Emporium, 345,000 £1 shares at £1 ss; Goldsbrough, Mort, 400,000 shares at £1 10s; Marcus Clark, 140,000 £1 ordinary and 70,000 £1 preference shares at par; Colonial Gas, £120,000 6J per cent, debentures; Hoyts (N.S.W.). £IOO,OOO 8 per cent, debentures; and Toohey's Securities, 300,000 £1 preference shares. In addition to the above. Messrs Perkins and Co. sold 100,000 Oastlemaine Perkins's shares to shareholders at 18s each. Early in the new year the Commercial Bank of Australia proposes to issue 500,000 new 10s shares at 20s, and other companies have announced their intention of raising new capital in the near future. THE WHEAT MARKET. (CXITEQ PRESS ASSOCIATION —BT BLECTBIC TELEGRAPH —COPYRIGHT.) LONDON', December 27. Cargoes—The market is quiet. Buyers are reserved, and prices are barely steady. There is an entire absence of business, but quotations are 6d to Is 6d up since Tuesday. Parfcels are inactive. There is no business to test values, which nominally are 6d to Is 6d up. Futures in London a.re quoted:—December 49s Bd, January 49* lOd, March 50s 8d per quarter. At Liverpool futures ar© quoted: December 9s 3Jd, March 9s 3Jd, May 9s 10id, July 9s IOJd per cental. PRODUCE QUOTATIONS.

MELBOURNE, December 28. Flour—£l2 15s to £l3 per ton. Pollard—£B 15s per ton. Oats—3s 6d per bushel. Barley—English -Is Id per bushel. Maize—6s 2d to 6s 3d per bushel. Wheat—ss 4d per bushel.

LONDON PRODUCE MARKET.

(Received December 29th, 5.5 p.m.) LONDON, December 28. Friday's closing prices were: — Beet sugar —January 6s 9d. Cotton—January. 9.19 d. Rubber—Para BJd, plantation smoked 7*d. Jute—Markaf closed. Hemp-—Not offering. Copra—December-January—South feea i-21 15s; plantation, Rabaul, £23. . Linseed oil—£4s per ton. Turpentine—42 s 3d per cvrt.

DAIRY PRODUCE PRICES. (Received December 29th. 5.5 p.m.) LONDON, December 28. Butter is steady. Danish 1765. Choicest salted, New Zealand, 160s to 162s* exceptionally 1645. Australian salted 156s to 158s. New Zealand unsalted 130s to lb6s. Australian unsalted 158s to 1645. New Zealand cheese —Coloured Sfes, white 90s.

Messrs A. H. Turnbull and Co. are in receipt, of the following cablesram from their principals, W. Weddel and Co.. Ltd., dated London, December 27th: Butter—Danish, 176s (last week, i 706-1 <2s); New Zealand, unsalted 180s to 184s (163slStel, salted 138s to 162s (158s-1625). Market Cbeese—New Zealand, white 80s to 908 (S9e-9Ce), coloured S7g to 88a (87s-88s); market steady; Canadian, white 96s to 100s (976-lOOs), coloured 96b to 98a (965-98s). OSMIRIDIUM. (Received December 29t,h. 5.5 p.m.) LONDON, December 28. Osmiridium—Tasmanian XI9 to £2O per ounce; African, £l9. PRICES FOR HIDES. (Received December 29th, 0.0 V-To.) LONDON, December 23. Meat works—Drv salted: Queensland, 35-451b, Sid. 3<i-401b Sid, 25-351b Sid, 20-3nlb Sid." New South Wales: Same weights, Sid, Sid, BSd, and 9d respectively. Wet Salted. Queensland: ,'O-601b 6d, 40-SOlb 6d; New South Wales, both 6Jd; Tictorian abattoirs, both 6Jd.

PRICE OF SILVER. (CUTTSD PEBS3 ASSOCIATION —BT ELECTBJC TELEGRAPH —COFTRIfiHT.) RUGBT, December ;7.' Silver is quoted at: Spot. "Cjd per oz. forward, Z'J. 3-lGd per o'j.

RUBBER OUTLOOK.

INCREASING CONSUMPTION. The rubber industry can look back upon the past twelve months —the first year of unrestricted output following the 1922-2fc restriction period—with a certain amount of satisfaction, especially in view of tie gloomy predictions made at the time the removal of restriction was foreshadowed. "The Times stated last month. The price of the commodity has averaged about lOjd per lb—» level which, allowing for the release of full outputs and the sale of large stock accumulations, enabled a satisfactory profit to be earned by efficient estates. Costs have undergone a general reduction owing to the return to full production, and in many cases a sale price of 10Jd has produced a working profit of about 40 per en '- on current outlay; it may not be prudent, however, to characterise a level of 10 Ja per lb as a wholly economic price for the commodity, for it has failed to attract new capital, which, in the case of new estates, must wait six or seven years before securing a return. Indeed, recent coitions hava given no stimulus to planting on a large scale, and this fact must be borne in mmd when considering the less favourable outlook with which the year closed. A further heavy increase in consumption has taken place so far this J, oar . authorities estimntms; the total for the first seven months of 1929 at 497,000 tons—an increase of 120,000 tons, but the in supplies has been st'll greater and in LondoD, Liverpool, and New \ork the past twelve months have risen by about 45,000 tons to approximately 14>,000 ton., and are still increasing. industry The future prosperity of tb» industry mnst depend mainly on the trend of t'P°fQintion, which for many years ha i. * h °££ be * steady tendency to »dva»". market has been depressed by the k " change weakness m New Ttork. 'hi h • ■ have had an unfavourable eft*, t on . motor industry in America and on pur.hs.mg power in a wider sen?*-

GIN DISTILLERY IN MELBOURNE.

Whether i> vas intuition or foresight that made the directors of Gilbey's Ci» *** visitin? Australia four j ears ago select a site and erect an up-to-date factory and bona store -*hich could be earlly converted into a modern distillery, is beside the poin, (comments a Sydney paper). The. Kt r mains that in Roston street,. ? eft Mel bourne, is a building which is !° cess of being converted into a distillery Gilbev's Gin. and should m producing »"? .hortK. In the meantime, despite recent tariff 'increases, and as the distnl-ry is ».- most complete, n is r.-t tbe intention to increase the price of Gnhey s Gin to the pdbUt As soon as manufacturing c-mme, ces in -Australia, in addition to the .benefit tLsi will be derived bv the fostering of a se..cTndary industry, it will enable ,he price to remain the same, or even cheaper, than . was prior to the increase m tariff. K Teems* quite certain that the plant to be installed wi'! be the last word m distillery practice, and that the finished article produced here will be the same ••«-*»«£ factured s* Home, as arriving in February torn London is Gilbey's head distiller one of the few people who knew the secret formula. Preceding, and flavour!** of the spirit.