PORT OF LONDON.

Press, Volume LXVI, Issue 19819, 6 January 1930, Page 10

PORT OF LONDON.

RECORD YEAR FOR SHIPPING. ACCOMMODATION FOR PASSENGER TRAFFIC. Oi'FICIAi WIBELESS .j ("Received January sth, 5.5 p.m.) .RUGBY, January 4. The Port of London has, during the past year, beaten all its previous records for shipping traffic. Figures have been ju3t issued covering eight months from April t-o November, 1929. These show that in that period the total tonnage of shipping that arrived and left the port was nearly forty million tons. This was 5.6 per cent, more than in the similar period last year, which was itself a record. This year it is estimated •hat the net registered tonnage of shipping handled at the docks of the Port of London will reach the record amount of sixty million tons, as against that of fifty-five million tons last year. In the past thirty years, the value of imports and exports in and out of the port have jumped from £267,000,000 to over £700,000,000. The port's increase has been mainly m cargo, as distinct from passenger traffic, but the Port Authorities, by enlarging the dock accommodation and lawflVng stage at Tilbury, are encouraging the big passenger companies to make extensive use of London as a place for large liners. The latest development in this direction is the announcement that the Canadian Pacific has decided to place London on the schedule of the steamships Montrose and Metagama.

ADVERTISING THAT PAYS.

Mr H. L. Kenward, in his presidential address to the members of the Institute ©f the Motor Trade, at London, recently, ■aid:—

"I have not heard of anything selling, for long unless it is well advertised. We have to sell this institute to the public for our business purposes, and we shall only do that by dignified advertising and publicity. "The only fair publicity any institute •r organisation can have is in newspaper spaces which are paid for."

AUCTION SALE OF STUD SHEEP.

The attention of sheep breeders is directed to the second annual auction sale of stud sheep to be held at Feilding on Tuesday, January 14th. The entry comprises high-class rams from the foremost pedigree sheep breeders in the Dominion, the offering consisting of 315 high-class JRomney, Southdown, and Ryeland rams, which will be sold in that order. At the initial sale held in. January last year, good rams found ■ ready market, the best price realised being 305 guineas, and the nest best 300 guineas. Any rams showing exceptional quality were eagerly competed for and sold at prices highly satisfactory to vendors. The coming sale will commence at 10 o'clock sharp, and friacheon And liquid refreshments will be obtainable on the ground.

U.S.A, BANKING.

INCREASE IN FAILURES. It seems anomalous that in the abounditgr prosperity of the United States bank failures should increase. This weakness of t&e jjntiiw'*] structure of America is causing grave concern to the business community, and experts are discussing the question whether the time has not come for an entirely new banking policy to be inaugurtAtA - Mr Eugene H. Burris, writing in the "Beakers' Magazine" of New York, notes toe curious fact that the year 19*21 marked toe beginning of the period of prosperity which the United States is enjoying to-day, mad also marked the rapid growth m bank failures- In the four years 1920-23 the average number of hank failures a year was '276. but for the successive five years through 1938 the average was more than 663. The Krst six months of 1929 showed a further Increase, the number of failures for that period being 372. Computed on the basis ef the number of banks operating each year for the period, the position is no less discaneecting, the average percentage of bank failures for the five years 1924-38 being tnore than two and a half times the percentage for the four years 1920-24. Mr Bonis considers that the failures show that the TJrrited States' "historic methods and policies of bank management have weaknesses and imperfections fatal in the new era of scientific accuracy in which we are living," and he sets out a number of principles that should be observed to meet the new conditions.

"The need of a new banking policy" was the subject of ax address by the United States comptroller of currency to a convention of the American Bankers' Association recently at San Francisco. It aroused considerable interest, as it was assumed that he was expressing views which the Treasury wovld recommend to Congress He said that a study of bank earnings in the laet few jeers showed that in a typical year 966 national banks operated at a loss, and an additional 2000 earned less than 5 per cent. 1b other words, 38 per cent, of the national Bank* earned in that year lees than the yield •f a high-grade security Many Slate banks wen also being operated at a loss. The average earnings of all banks, national and State, in one of the agricultural States for the years 1924 to 1928 were less than 1) per cent, on" the invested capital. From 1921 to 1998 about 5000 banks (700 national and 4300 State) closed their doors and tied up deposits of more than £300.000,000. The comptroller considered that lack of diversification of business was largely responsible for failures, particularly in the country, and suggested that an extension of branch banking to replace the present American •▼stem of country unit banks would bring about the desired improvement. It may be regarded as significant, in view of the numerous _ failure*. that the minimum capital essential to the establishment of a national bank is £OOO. and that some State banks have begun with £IOOO or even less.

DAIRY PRODUC] Messrs A. H. Turnbnll and Co. are in receipt of the following cablegram from their principals. W. Weddel and Co., Ltd., dated Loneon, 3rd inst.: — Batter —Danish, 176s to 178s (last week, 3765); New Zealand, unsalted 178s to 182s <180» to 184s), baited 156s to 160s (158 a is 1625). Market slow. Cheese —New Zealand, white 87s to 88s {last week. 89s to 90s), coloured 85s to 86s (87s to 88s); market quiet; Canadian, white and coloured, 96s to 98s (white 97s to 100s, coloured 96s to 98s). Prices irregular.

Dalgety and Company. Limited, have received the following cablegram from their London office, dated January 3rd:— Butter—Prices are 2s lower.

POULTRY PRODUCERS, LTD. The Canterbury Co-op. Poultry Producers, Ltd., reports that email quantities of poultry came forward for this week'a markets, on account ot the holiday*, but prices for good table cbickm* and ducklings still remain lush. The following prices wera realised per pa:r: Tabic chickens, light 4s to Ss, heavy 9s to 15a; hens, li«rht 2» 3d to 3s 6d. heavy 4« to 7», da<-k», 6d to 6s: ducklinss,Ta ed *o 12s: »oesc 7s to 83: gosling* 9a to J4a turke\&, hen* 13a to 225, gobblers 30s to «sa. —•