DOMINION'S WOOL CLIP.

Press, Volume LXV, Issue 19815, 31 December 1929, Page 10

DOMINION'S WOOL CLIP.

EXTENSION OF SELLING SEASON OPPOSED. ANOTHER BRITISH OPINION. I (UNITES PRSSS ASSOCIATION- —BT ELECTRIC TEUKJUAPH —COPTBIGHT.) (Eeceived December 30th, 11.10 p.m.) LONDON, December 30. A Bradford message states: —Further light regarding British opinion on the proposal to extend the wool sales in New Zealand to May and June comes from Mr William Hunter, former president of the British Wool Federation. He expresses the opinion that whatever wool not sold in New Zealand can be sold in London, when the growers decide to accept the market price. Before the war a very large proportion of colonial clips was sold in London, and the industry drew its requirements from that reservoir. Since the war there has been a deliberate policy on the of growers and selling brokers in New Zealand and Australia to offer the major portion of the wool within four or five months. They are anxious to perpetuate this policy, but owing to the changed financial conditions, importers are compelled to adopt a more conservative policy in buying. They are not prepared, without encouragement from other sections of the industry, to relieve the grower of the burden of carrying the colonial clips for the use of consumers pending the arrivals of the following clip. Mr Hunter added: The statement that New Zealand will lose £0,000,000 hecause of the Federation's action was entirely erroneous. Growers of wool, like the producers of every other commodity, were obliged to accept the world market price. Moreover, the Federation's attitude would not alter the selling value of the clip in any way, for the law of supply and demand would determine its price. CANADIAN TIMBER. MORE TRADE WITH NEW ZEALAND DESIRED. [THE PRESS Special Service.] AUCKLAND, December 30. "We do not want to fill New Zealand with foreign timbers, but we recognise that you must go outside for some of your needs, and it is this business which we want for Canada, said Mr L. C. McDonald, a member of the delegation of four mill-owners of British Columbia who are through passengers to Australia by . the Aorangi, which arrived from Vancou ver yesterday. With Mr McDonald are Major L, R. Andrews and Messrs T. T. Gadd and 3. 6. Robson. The object of the delegation _ is to discuss the timber business with representatives of the Government. and milling industry in Fiji, Australia, and New Zealand. The party will spend two or three weeks in New Zealand in February. The delegation was organ-, ised by the lumber trade, but it is backed also by the Provincial and Federal Governments. Its mission is to capture some of the timber «xport trade of the United States, and it is stated that prices are about on a parity and only a slight tariff preference is asked. Douglas fir, and doors, sashes, arid similar products are the principal offerings. At present British Columbia supplies only half as much timber to New Zealand as does the United States. ''There is a general desire in Canadian industries for more trade with the Empire Colonies;" said Mr McDonald. "We would like, to seer an economic conference between statesmen and commercial and financial experts of New Zealand, Australia, Fiji, and Canada." Mr McDonald • said New Zealand and Australia were the only "markets in which Canada had not extended her timber trade since the war.

'"Canada can supply all the timber New Zealand is likely to require for many years," said Mr McDonald. "Nature- has been very bountiful, and we do not need to follow anv programme of afforestation. Natural growth generally keeps pace with our cutting.''

BANKRUPTCIES.

FEWER IN 1929. The number of. bankruptcies in Christchurch during 1929 shows a decrease of 16 as compared with 1928. This year the total was 68; in 1928 it was 84. The number for each month of 1929 and 1928 is given in the following table:—

There were three bankruptcies in December, 1929, a decrease of two compared with. 1928. Details of the bankruptcies of December, 1929 and 1928, follow:

BANK OF ENGLAND RETURNS. (rains Txtsa association—bt sxjcctmo X2LXO&APH—COPTSIOHT.) LONDON, December 27. The Bank of England return is as under: ISSUE DEPARTMENT. £ Notes Issued— In circulation .. „■ 379,573,8*1 In banking department ... 26,374,558 Total _ M 40a,848,399 Government debt .. _ 11,015,100' Other Government securities Other securities „. .. 10,841,360 Silver coin _ _ 4,521,125 Gold coin and bullion „■ «. 145,848,399 Amount of fiduciary issue .. 280,000,000 BANKING DEPARTMENT. Proprietors' capital The Rest .. „ .. 3,390,838 Public deposits .» „ 8,829,268 Other deposits—■ Bankers _ ... 71,048,531 Other accounts .. .. 35,788,930 Seven-day and other bills .. 1,!>48 Tota.l .. .. 133,612,560 Government eecurities .. .. 67,123,616 Other securities— Discounts and advances ... 22,300.070 Securities .. .. 17,735,120 >"?'es .. .. .. 26.274.55S Gold and silver coin ~ .. 173,3 8!? Total .. .. 133,612.5.50 The proportion of reserve to liabilities i? 22.80 per cent.; short-dated loans, 4 per cent.: three months' bills, 4 11-16 per ce»>t. [The four items constituting the fiduciary issue are: Government debt, other Government securities, other securities, silver coin.}

1929. 1928. January i» i 6 2 February •♦«• "i 8 March »« s 8 April 2 11 May l\ 8 5 June .. 10 6 July .. 6 (5 August .. 6 8 September .- 4 8 October '»» •» IS November » T 4 December ;. s 5 ' 68 .84"

Dec, 1929. Dec ., 1928 Paiater ... 1 0 Storekeeper .. 1 0 Printer .. 1 0 Butcher ., 0 ■ 1 Carrier -. o 1 , Salesmen .— ° 3 3 5