FINANCE AND COMMERCE. N.Z. INDUSTRIES.

Press, 1 February 1930, Page 14

FINANCE AND COMMERCE.

N.Z. INDUSTRIES.

DEPARTMENTAL BULLETIN. The following extracts are taken from the latest bulletin (No. 4) issued bv the New Zealand Department of Industries and Commerce:— Apples. Dealing with the market for apples in Hong-Kong and South China the bulletin'savs that importers and dealers are reluctant to place orders for a product that they have not hitherto handled. For this reason exporters should be prepared to ship small trial orders on consignment to importers who are interested in doing business in this commeditv and through whom good results could reasonably be expected. Once the product has become fairly -well known, it should no longer be necessarv to forward on consignment, nor would this be asked by local importers. Artificial Silk. Keferring to the artificial silk industry in Japan, the bulletin says that the progress of the artificial silk industry in Japan is clearly demonstrated by the continued increase in domestic production side by side with a remarkable shrinkage of imports. There is even an j increasing tendency towards an export trade, although the figures involved are still insignificant. In common with the less satisfactory situation abroad, quotations during recent months have continued to decline owing to lessened demand, depression in the textile industry, and competition among manufacturers. At present eleven firms are producing artificial silk, the capitalisation rising from onlv 2,805,000 yen in 1923 to 75,105,000 yen at the end of The total capital invested in the industry up to earlv in the year 1929 is estimated at 90.000,000 yen. The financial results of artificial silk -."ompanies hare generally been satisfactory. The average profit rate of the five leading companies was 5.4 per cent, for the first half of 1927 and 14.1 per cent, for the last half of 1925. Co-operative Marketing of Dairy Products. Dairy farmers are more extensively organised into marketing associations than any other agricultural commodity group in the United States'. On January Ist, 1929, 2479 dairy associations Trith 600,000 members were listed with the Division of Co-operative Marketing of ihe United States Department of Agriculture. The Department list includes 1600 co-operative creameries, 40 milk-bargaining associations, 119 wholeBale and retail milk-distributing associations, approximately 650 co-operative cheese factories, and about 70 miscellaneous associations. The aggregate volume of business of the dairy associations reporting to the Department in 1928 was 640,000,000 dollars. This is more than five times the value of the products handled bv dairv organisations in 1915. Footwear Production. The total production of footwear for ■New Zealand for year ended March 31st, 1929 (the latest year for which statistics are available), was 1,370,699 pairs, consisting of 1,251,442 pairs of adults' boots and shoes, 7731 pairs of slippers, and 111,526 pairs of children's boots, and shoes. The total number of employees engaged in the industry during the same period was 2293, and the number of establishments was 74. The number of persons engaged for the previous year ended March 31st, 1928, was 2338, and the number of establishments was 81. The production of footwear totalled 1.453,938 pairs, comprising 1,311,665 pairs of adults' boots and shoes, 7922 pairs of clippers, and 134,351 pairs of children's boots and shoes. The latest detailed statistics available regarding the production of boot and shoe factories in Australia are for the year 1926-27. The number of factories" in operation was 360, employing 20,217 hands to whom wages were paid amounting to £3,284,675. The value of raw materials worked up was £4,928,510, the value added in process of manufacture £4,751,150, and the total value of output £9,739,479. The output consisted of 13,806,000 pairs of boots and shoes valued at £8,772,718; 3,632,000 pairs of slippers valued at £471,254; 104,000 pairs of uppers (made*for other than factory use) valued at £33,091. Available statistics for the year 1927- ; 28 are as follows:—Number of establishments, 356, employing 18,783 hands; salaries and wages paid, £3,114,552; value of materials used, £5,006,540; value added in process of manufacture, £4,518,259; value of output, £9,586,828. Imports of footwear into Australia for 1926-27 were valued at £517,542. This total consisted of the following classes:—Boots, shoes, slippers, etc., £237,406; ladies' evening footwear with textile uppers, £14,752; other footwear with textile uppers, excluding rubbersoled, £37,798; goloshes and rubber sand boots and shoes, and plimsolls, £114,353; gum and wading boots, £37,778; slipper forms and piece goods (except slippers sole felt), £66,962; uppers and tops, £8493. Wheat Pools in Canada. The bulletin makes the following reference to Canadian wheat pools: From an article contained in "The Economist" of November 2nd, 1929, upon the subject of Canadian wheat pools, the following facts are obtained, which "serve to show that co-operative wheat pools are now an accepted part of the economic machinery of Canada: —Their remarkable progress is indicated at a glance by the statistics of the volume of wheat handled by the pools since their operations covered all three prairie provinces:— Crop Year. Bushels of Wheat. 1924-25 .. .. 81,000,000 1925-26 .. .. 187,000,000 1926-27 .. .. 180,000,000 1927-28 .. .. 210.000,000 1928-29 .. .. 245,000,000 In addition, provincial grain pools last year handled 35 million bushels of coarse grains. In 1925 the Pools were operating 89 country elevators, which could handle 20 per cent, of the total pool grain; but -during the present erop year they have in operation 1028 elevators, which will handle nearly 90 per cent, of the Pool aggregate; and the avowed objective is to have a Pool elevator at every point where there are half a dozen Pool members. A policy of acquiring buildings and leasing ter mina! elevators has also been pursued, and the Pools now possess enough storage space at the terminal points for their needs. The Pools, controlling as they do about 55 per cent, of the wheat grown in W-estern Canada, are now the largest single factor in the Canadian grain markets. Wool Consumption in .U.S.A. Eeferring to the consumption of woo] la the United States, the bulletin says: —The" consumption of wool in the TJnited States continues' tc be substantially larger than .last year, and the latest "returns of the Department of Commerce dealing with the position for the nine.' mouths., ended September, •how that the _ consumption was 338.4 milLon lbs, compared .with 335.8 mi!= lioß lbs for the corresponding niuo mouths of-last year. . The increase is •peeiaiiv marked in 64-80's and 86-44^«.

BRITISH HOSIERY TRADE.

AUSTRALIAN DUTIES RESENTED. (Received January 31st, 5.5 p.m.) LONDON. January 30. The Hosiery Joint Industrial Council earned a resolution expressing surprise and resentment at the vindictive treatment which the Australian tariffs accorded to British knitwear, the duties ranging from 150 to 600 per cent., which was tantamount to prohibition ao-ninst the importation. Therefore th? suggestion that valuable preferences were still offered is unwarranted. The Council adds that British industry's claims for consideration as an important customer for Australian raw materials and prod ict= liaie been ruthlessly ignored, and it wns only natural that the trade should in its own interests seek to obtain its requirements from sources where thu vfilue of reciprocity is more highly appreciated than in the Commonwealth. INVESTMENT OF FREE GOLD FEDERAL RESERVE BOARD'S PLAN. (CSITED rP.E33 ASSOCIATION —BI ELECTRIC TELEGBAPH—COPYRIGHT.) (.Received January 31st, 8.10 p.m.) NEW YORK, January 30. The Washington correspondent of the "New York World'' says: The Federal Reserve Board is considering a plan for investing abroad at 3 to 5 per cent, interest, free gold which is now held idle and unproductive in the system banks. This free gold, or gold in excess of the minimum legal requirements of the currency system, amounts approximately to 14,000,000 dollars. The proponents of the plan point out that the investment of such a sum abroad would stimulate foreign purchasing power and stimulate the recovery from the present business depression here Such investments, it is asserted, would have a special benefit to countries such as Canada and Australia and numerous other countries suffering from a dearth of credit facilities, though their basic economic soundness is beyond dispute. What the decision of the Board will be in respect to the proposal remains to be seen. It is known that the plan has strong support in high quarters, but it is understood that there is also some opposition. WANGANUI HARBOUR BOARD'S LOAN. (PBSSS ASSOCIATION TELEGRAM.) WANGANUI, January 31. The Wanganui Harbour Board's renewal loan of £65,000 has been oversubscribed by several thousands The bulk of the applications came from Auckland, and Wanganui itself was next en the list.

FEILDING STOCK SALE. I (FKES3 ASSOCIATION TEI.EGEAM.) FEILDING, January 31. There was a good yarding of store sheep and also store cattle at the stock sale to-day. Both met with a good demand. Store lambs advanced 2s a head on last week. Good heavy bullocks were much in demand. Fat Sheep—Lambs brought to 23s Id; twotooths, prime b.f. 255, good weights 24s to 24s 6d, medium to 235; ewes at 19s; heavy wethers, shorn, 23s 4d to 24s 4d. Store lambs brought to 23s Id; two-tooth, prime b.f. 255, good weights 23s 4d to 24a 6d. medium to 235; ewes at 19s; heavy wethers, shorn, 23s 4d to 24s 4d. Store Sheep—Two-tooth ewes, 24s lid; two-tooth wethers, good 22s to 22s 3d, medium 19s 7d to 20s 6d, fat and forward 23s 7d; wether lambs, best offering fetched 16s 2d to 16s lOd, other lines 10s, lis, to 12s; b.f. woolly lambs, good 16s to 16s sd, others lis to 12s; b.f. rape lambs, best from 15s 6d to 16s 6d, good 14s 9d to 15s 2d. others at 15s. Store Cattle—Jersey weaner heifers £2 2s 6d to £3 7s. ditto steers £3 Is. 18-months heifers r.w.b. £5 to £6 10s, Jersey cows £3 5s to .£5 14s. good 32-year Hereford bullocks to £l2 10s, ditto P.A. bullocks £l3 10s. Fat Cattle —Shorthorn heifers, heavy £lO 7s 6d to £ll 15s, lighter £6 ss; Shorthorn cows, heavy ,£ll 10s. medium £8; Jersey 'owi, heavy £8 7s 6d to £9 7s Gd, lighter £6 10s to .£7 17s 6d, poor £5 12s 6d to £7; Hereford cows, £7 2s 6d to £9 10s. LEESTON STOCK SALE. Sheep formed the strongest department at the stock sale held yesterday at the Leeston yards. There was a fair entry of pigs and several pens of cattle. The attendance of buyers was probably less than would have been the case at other than harvest season. Sales were as under:— For J. P. Heslop, 23 ewes at 20s 4d; O C. S. Candy, 17 ewes at 20s 3d; H. Candy, 6 hoggets at 26s 10d; 1 wether at 33<j Id, 8 ewes at 2ls lOd; Cooper's eßtate, 15 ewes at 26s Id, 19 lambs at 25s Id; J. J. O'Boyle 28 ewes at 19s lOd, 9 lambs at 24s 6d; Bar'nett's estate. 70 lambs at 26s 7d; C. Cooper, 12 lambs at 26s 9d, 42 ewes at 19s 6d; G. W. R. Osborne. 75 lambs at 255; H. Candy, 30 lambs at 28s lOd. 62 at 27s Id ; C. C. S. Candy, 41 lambs at 28s 4d; Barnett's estate 70 lambs at 26s 7d; .T. P. Heslop, 75 lambs at 27s lOd; L. Moriarty, 23 ewes at 19s 7d, 18 lambs at 27s lOd; Jos. Reece. 14 lambs at 26s 4d, 14 wethers at 25s 7d, 34 lambs at 19s 7d; clients, 75 wethers at 22s Id to 28s Id, 11 ewes at 15s 4d, 149 rape lambs at 17s to J9s Id, 116 two-tooth wethers at 20s 6d. 15 wethers at 10s 3d. In the pig sections 2 bacor.ers sold at £5 0s Gd and 5 at £3 14s 6d: 5 porkers at £2 12s 6d; 9 stores at 39s 6d, 3 at 465, 4 at 355. 5 at 37s 6d, 4 at 475, 7 at 51s, and 2 at 38s. COMPANIES REGISTERED. The registration of the following companies is notified in the current issue of the "Mercantile Gazette":— Kawatiri Motors, Ltd. Registered as a private company, January 21st, 1930. Capital: £3OOO in 3000 shares of £1 each. Subscribers: Westport—T. Shaw 500 F. E. E. Brown 500, C. W. Penrose 1000.' SeddonJ. Allcock 1000. Objects: To acquire and take over the garage and motor service business carried on at Westport by Egans Motors, and general incidental. Dominion Importing Co., Ltd. Registered January 21st, 1930. Capital: £14,000 in 14.000 shares of £1 each. Subscribers: Howick—C. N. B. Mardon 11,995, A. E. Mardon 2000. 1. F. Goodson 1. Auckland— E. M. Sully 1 V. G. Gavan 1, C. T. Keegan 1. T. J. Spry 1. Objects: Drapers Importers and incidental. Auckland (N.Z.) Stud Co.. Ltd. Registered January 22nd, 1930. Capital: £20,000 in 20.000 shares of £1 each. Subscribers: Auckland —H. R. Mackenzie 1000, T. E. N. Wade 1000. G. Baildon 100. E. V. Sutherland 100 W. Adams 100. A. J. Nation 100. Hamilton^—R. T. Reed 500. Objects in; live stock, etc. and incidental. HAWKE'S BAY RAM FAIR. i | I IPEES3 AESOCIATIOK TELEGRAM.) | " _ HASTINGS, January SI. ; The Hawked Bay ram fair vas continued i this morning in very warm, sunny weather at Tomoana. The English Leicesters did not attract buyers, the bulk of the entry being passed over. The top price was 7gns. Ryelands and Cottledowns clso failed to find a ready market. The main offering, Southdowiis, was fairly generally -sought after, th<? ton price being 15igns. (The ton price yesterday f--. - Romnev* was 19gns v 4 To-morrow stud rams and stud swes will 4 Bf offered.

BANK OF ENGLAND RETURNS.

{■CNITIB PRESS ASSOCIATION—BT ELECTRIC TELEGRAPH—COrTHIQHT.) (Received January 31st, 10.20 p.m.) LONDON, January 30. The Bank of England returns for the week ending January 30th are as follows: ISSUE DEPARTMENT.

Proportion of reserve to liabilities. 52.80 per cent; short-dated loans. 4 per cent; thro* months' bills. 3 15-10 P«r cent. [The four items constituting the fiduciary issue are: Government debt, other Government securities, other securities, and silver coin.] FOREIGN EXCHANGES. OFFICIAL WIRELESS.) (Received January 31st, 5.5 p.m.) RUGBY, January 30.

GOVERNMENT SECURITIES. (ryiTED PRCSR ASSOCIATION—BT ELZCTSIO TELSGKAPH—COPYRIGHT.) LONDON, January 30. The following are the latest quotations lor Government securities, compared with the prices ruling on January 9th:— . „. i- rri.:. „..b

BRITISH WHEAT QUOTATIONS. LONDON, January 30. Wheat cargoes are easier, and prices sixpence to a shilling lower. Futures—London, January 45s 6d, March 44s 6d. Liverpool—March 8s BJd, May 9s OJd, July 9e lid. Spot trade is dull and generally easier. Australian ex ship 47s 3d. FRENCH BANK RATE. PARIS, January 30. The French bank rate has been reduced to St per cent. LONDON PRODUCE PRICES. (T/KITED PBISS ASSOCIATIOM—BI ELECTRIC) TXLEOBAPH—COPYBIGHT.) LONDON, January 30. Flour is quiet and easier. Australian, ex store, 35s 6d, 35s 9d. Oats are quiet and irregular. Peas and beans are slow. Beet sugar. February, 5s 9d. METAL MARKET.

'Received January 3Jst - J1 P- m ) LONDON". January 30. Jan. 27. Jan.3o. (per ton.) (per ton.) Copper— S, 8. d. & s. d. Standard, epot .. 71 11 2"2 13 Standard, forward 68 3 9 63 16 10J Electrolytic .. 83 5 0 83 10 0 (o .. .. 83 15 0 ;- 5 0 Wire bars .. 83 15 0 84 5 0 LeadSpot .. .. 21 12 6 21 13 9 Forward ... : .. 21 12 6 21 12 6 Spelter— Spot .. .. 19 17 6 20 1 S Forward .. .. 20 7 6 20 10 0 Tin— Root .. •■ 174 12 '6 K8 2 6 Forward -• .. 177 17 6 ; .JSI 5 0 SilverStandard .. •• 20Jd 203 d Fine .. .. 221 d 22d STONEY CREEK GOLDMINING CO. Advice lias been received that at the statutory meeting- of the Stoney Creel: Goldmining Company, Ltd., held on January 27th, the following directors were elected: Messrs Jas. Howe?. D. T M«dder, T. D Moffat, and Hugh Nelson. • The directors visited the mine, and five prospects were taken from the first ■ drive.

LONDON WOOL SALES.

IMPROVED TONE MAINTAINED. (EXITXD PBS33 ASSOCIATION—SI ELICTEIO TELEGSAPH-COPYBIGHT.) LONDON, January 30. At the wool sales 9226 bales were offered, of which 2433 bales were from New Zealand There was an excellent selection of merino and a good offering of greasy crossbreds. The recent improved Tone was maintained. Prices were fully firm all round. There were few withdrawals. The sales will close on February New Zealand greasy crossbred brought 12£ d top price, lid average. Dalgety and Company, Limited, have received the following cablegram from their London office, dated January 30th: — London woo! sales close February 6th. EXCHANGE RATES ON NEW ZEALAND. LONDON, January 30. Commencing from January 31st, the Associated Bulks' exchange rates on New Zealand will be the same as the Australian raU-s. LONDON ON NEW ZEALAND. {J>*«SS ASSOCIATION TBLBORAU.) ■WELLINGTON, January 31. The chairman of the Associated Banks advises that the following rates of exchange, London on New Zealand, came into operation to-day: London on New Zealand. Bnvine r er cent. Selling per cent. TT *os 70s di 3. on demand 47s Cd dis. 81s 3d dis. 30 days 92s fc'd dis. 60 days 103s 9d di 3. 90 days INTEREST AND OVERDRAFT RATES.

(PBXSS 4.SSOCIATXOH TELEGRAM.) WELLINGTON, January 31. The chairman of the Associated Bankß announces tliut on and after February Ist the tollowina rates of interest will bo paid bv the banks on fixed deposits; For any period between 3 and 12 months, 31 per cent. For any period between 12 and 21 uiontb.3, 4i per cent. For 24 months, 5 per cent. The minimum overdraft iate will be increased to-morrow lo 7 per «-ent. AUSTRALIAN RATES. (UJUTZP TRESS ASSOCIATION —BT ELECTHIC TELEGRAPH —COPYRIGHT.) (Received January 31st, 7.20 p.m.) SYDNEY, January 31. '1 be Associated B:>iks announced that the exchange rates on London are: —Selling rates on Australian drafts: Mail transfers, 47s fki per cent discount; cable transfers, 40s discount. Rates for purchasing documentary bill* on Australia are: At sight, 703 per cent, discount: 30 davs, 81a 3d; (SO days, 94s (id; 90 a ays, 103s 9d. MELBOURNE PRODUCE PRICES.

MELBOURNE, January 31. Market quotations are: — Wheat —5s a bushel. Flour—£l2 5s a ton to £l2 10s. Bran—£7 5s a ton. Pollard—£B 15s a ton. Oats —3s 4d to 3s 5d a bushel Barley —Knglish, unchanged. Maize —6s Ud a bushel. BRADFORD TOPS MARKET. LONDON. January 30. The Bradford tops market is better. Merinos axe slightly higher, owing to Lon don firmness. Quotations: 64'g, 28d; 60's. 26d; 53's, 21Jd; 50's. 18Jd; 465, l'ijd; 40's, lojd. SHEEPSKIN SALES. LONDON', January 30. At the sheepskin sales 3337 bales were offered. There was a fair attendance, but poor competition and many withrawals Americans were the chief buyers. Compared wifh December, merinos and .Australian cross breds declined 15 to 20 per cent, New Zealand ' crossbreds 10 to 15 per c»nt., and poorer sorts about 20 per cent. Pyne, Gould. Guinness. Ltd.. have re ceived from London the following cablegram, dated January 30th: "The sheepskins sale opened to a good attendance, with good general competition. As compared with the last sales, prices generally were lower by 10 per cent, to 15 per cent." Dalgety and Company, Limited. have received tile following cablegram from their London office, dated January 30th:— Sheepskins Sales —Fair attendance of buyers, competition irregular. Three thousand three hundred and fifty-eight bales offered, of which 2230 were sold. As compared with closing rntcs of last sheepskins sales. Australian rqerino, very little sold. 13 per cent, lower; Australian crossbred, 15 per cent, to 20 per cent, lower when sold, mostly withdrawn. Good demand for New Zealand best sorts crossbred, which are 10 per cent. to 15 per cent. lower, other descriptions being 15 per cent, to 20 per cent, lower. DAIRY PRODUCE PRICES. LONDON, January 30. Butter is slow. Danish 1725; others are casit.tr. Choicest salted, New Zealand to is4s, Australian 150s to 1525; unsalted, New Zealand 166s to 170s, Australian 1543 to 1565. Cheese is dull. Now Zealand, coloured 88s to 89s, white 90s to 91s; Australian, coloured 86s to 87s, white 88s to 89s. A. S. Paterson and Co., Ltd., have recevied the following cable advice from their London agents. Messrs J. and J. Lonsdale and Co., Ltd., under date January 30th:— Butter—Market slow, buyers holding off, Danish 171s, New Zealand 151s, 1535; Australian 1525. Cheebe —At the advance; white cheese 90s to 91 s, coloured cheese 88s to 89s. Dalgety and Co., Ltd., Christchurch, have received the following cablegram from their London office, dated January 30th: Messrs Samuel Page and Sons report:Butter—Market quiet. Fair demand on the basis New Zealand finest 1525. We quote Danish 172s to 1745, finest New jealand 151s to 1545, finest Australian unsalted 154s to 1565, salted 149s fo 1525, g.n.q. 144s to 1435. Cheese —Market quiet. Wc quote New Zealand white 90s, and coloured 88c; Canadian spot white 96s to 'JSs, and coloured 96s to 98s. NEW YORK WHEAT MARKET. NEW YORK, January 30. Wheat broko sharply, due to a flood of liquidation when discouraged long holders let go. Poor foreign markets also contributed to the decrease. Wheat closed at the following prices: March 115$, May 1203, July 122J, Sep tember 124 J. U.S.A. CALL MONEY RATES. NEW YORK, January so. Call money remained at 4 per cent, all day. PRICE OF SILVER. (Received January 31st, 5.5 p. m .) RUGBY, Januarv 30. Silver— Spot, Forward, 2rjd. SALES OF CHEESE. A Taiai.aki rie.sags was published in yes le.rday morning's Phebs stating that . B ale 3 of cheese have lately been made by factories in N'orth Taranaki at BJd f.o.b. for the January-May' make ile are informed that the correct price ot these sales was B}d for Januarv-May make, and Bgd for January February. r 'he former price coincides witn the Kales reported earlier in the week bv seveTal Southland factories.

STATISTICAL POSITION OF WOOL.

AN AUSTRALIAN VIEW. The "Sydney Morning Herald,"' referring to the wool position, saya that the figures do not confirm the statement that "the statistical position of wool was never better than it is today." The paper gr.es on to say: During the last seven years the quantity of wool produced in the world annually has advanced from 8,479,000 bales to over 11,000,000 bales, or approximately 3u per cent, more. In 1921-22 Australia grew 1.941,136 bales! and last season 2.862,877 bales, an advance of 47 per cent. Quite apart from the notable advance registered in the manufacture of artificial fibres, the sheep's staple, therefore, is not in the strong selling position it was' some years ago. Japanese consumption has assisted in preventing wool supplies from completely outswapping demand. Actually the strongest year for wool was in 1924-25. Production had increased by that time, but post-war accumulations had disappeared, and the year'B clip practically had the consuming field to itself. That was whyAustralian wool sold at phenomenal prices. Even to-day, were trade abroad good, wool would be selling at better prices. Unfortunately, it is not proceeding in normal volume. The enormous quantities of tops which piled up in combing centres on the Continent up to late October, when a good part of them were sold at prices which involved their manufacturers in heavy losses, clearly indicates that the world is not hungry for wool. Statements can he made of trade combinations, but no sound evidence can be produced of their existence. Only a short time ago English millmen endeavoured to have duties placed upon Continental woollens entering the British Isles. That does not look like any special friendliness among manufacturers. As a matter of fact, competition for business in woollen fabrics is particularly keen. If ready sales of fabrics could be made at profitable prices, millmen would be tumbling over each other to secure raw material. The present depression is largely financial, and consequently cannot be regarded as permanent, but it will not disappear in » day. Meantime, unfortunately, the Australian sheepman is also suffering from drought. Like that circumstance, however, the situation of wool at present is the result of natural causes, and is not the result of the undue influence of any artificial efforts on the part of wool consumers. THE COTTON TRADE. IMPORTANT DEVELOPMENTS LIKELY.

The "Financial News" (London) says that for eight years the cotton trade of Lancashire has been, with the exception of certain sections, struggling against adversity. It has witnessed the steady decline in the volume of its export until ao average of 6651 million yards of piece goods sent abroad during the years lulo-lyia had become but 3934 million yards in 1928. While the volume of trade declined the margin of profit also disappeared, and the inevitable result has been that to-day a substantial proportion of the machinery in the spinning and weaving sheds is out of date and iuetficient, largely because the money is no longer available to provide for obsolescence on an adequate bcaie. AH this would have been serious enough even if it had been recognised as the inevit able consequence of a general world decline in the consumption of cotton piece goods. It becomes much more serious when the known facts show that while British production has been shrinking the volume of world consumption has been rising, and that while our exports have been falling those of Japan have risen, so that whereas for the period 1910-1913 her average cotton exports were ljt> million yards, in 10'.'« they were 1419 million. Most of this increase has been marketed in India and China in successful competition with Lancashire goods. Whatever other conclusions may be reached explanatory of Lancashire's troubles, the main fact now stands out as beyond any controversy. She is no longer producing the goods that are wanted at a price that will both command a sale and leave a profit, while others are succeeding where Lancashire is failing. At last the essence of th« situation is ac cepted as beyond controversy, and Lancashire is settling down to the truth that the centre of the trouble is the high cost of production. At long last it looks as if em plovers and employees were prepared to look realities in the face. The result is that a new spirit of enterprise and experiment is beginning to show itself which before long may well have important consequences in putting the industry on the road to recovery. The general direction that will be taken by these experiments is toward mass production lor large markets. THE WOOL SUPPLY. Winchcombc, Carson, Ltd., in their wool trade circular, state in Australia and other producing countries ample raw material is available to meet consumers' needs. In France stocks of tops, though not as heavy as they were, are still larger than a venr ago. By way of contrast, a French report of early December stated that some sorting establishments in that quarter hive been compelled actually to close temporarily owing to lack of wools. In Germany the quantity of merino tops on hand at the end of November was less than at anytime since February, 19'J7. Perplexing though the present wool situation is, it is not without -oine promising aspects in regard to the more or less distant future. If trade in woollen goods showed an unexpected appreciable revival, it would not be without quick influence on demand for the sheep's staple Despite the irge clip tli* world is growing, its size would not be embarrassing wre business in fabrics proceeding in normal 'olume. When it will revive no person can foresee: but sooner or later it wil) do so. We do not wish to create any idea that an immediate revival in the wool position is likely. Unfortunately on the London market 150,000 bales are being submitted at the current series of sales, or close on 50 per rent, more wool than was offered at the same series a year before. A reduction in the daily quantities catalogued in Sydney from January 28tlt to :toth has been arranged to offset the effects of the London totnK but it is particularly unfortunate thnt at this juncture such a l.'irge quantity should be brought forward in the English centre. BONDS COTTON INDUSTRIES. Bonds Industries, Ltd., is being formed in Sydni y for the purpose of acquiring from the liquidators of the respective companies of George, A. Bond and Co., Ltd. (in liquidation) and George A. Bond Cotton Mills, Ltd. (in liquidation), the whole of the assets of the two companies as going concerns. The new company will carry on the business of hosiery and underwear manufacturers and cotton spinners. It will take over the assets of the two old companies, which will be discharged from all liabilities incurred before and during the liquidation. The approximate purchase price of the two undertakings based upon the balance-sheets of June 30th last is £833,37(3.

A serious position has arisen in the building trade in Canberra. The Commonwealth Bank has decided to discontinue the provision of funds for the Federal Capital Commission for the construction of houses under the Commonwealth housing plan. Building bv private enterprise has practically ceased, and many workmen have been dismissed. Although the bank notified the Commission about two months ago that no further advances would be made to private individuals under the Housing Act. this decision did not immediately affect the local builders. All 1 the houses then under construction by the Commission were completed, and it was onlv a few days ago that the position became serious. Funds provided under tlie Housing Act were the <=ole source from which residents of Canberra could obtain funds for homes. Under the Trustee Act, the use of trustee funds for this purpose in Canberra i« illegal. The Minister for Home Affairs ("Mr Blnkclcy) Ins no-reed to meet a deputation shortly to discuss the nosition. The deputation vill consist of representatives of tlie Rural Lessee*' Asso iatinn. the City Area Joiners' Union the Public Sorvic" Welfare Association, the Institute of Architects, and the Master Builders' Association The acting third Fed". ri ] Capital Commissioner CMr C P-ivicsV who i= to lead the deputation, yril! ;isk the Minister to waive the restriction en advances so far as the Federal Capital Territory is concerned. Order Vour Wholesale Supplies F-rodo Crake Lininss, D P. Segments and Clutch Discs We are Canterbury West Coast A tents for these lines n,; Jo-ks also include all Motor Rubber products P. E. Clark and - ftd 9o Csshel street. ChristW,.-!,' *o!e South Island Agents for 1 SfflS"or Ifcinlonl Teh-graphic

Notes Issued — In circulatior. . 348,017,972 In banking department 62,116,375 Total . 410,134,547 Government debt •■ Other Government securities . Other securities 11,015,100 . 233,694,935 10,806,329 4,483,636 silver com Gold coin and bullion ■• . 150,134,547 Grand to^al . 410,134,517 Fudiciarv issue . 260,000,000 BAXKIXG DEPARTiir ;xt. Proprietors' capital The rest Public deposits • • • 14,553,000 3,587,819 14,59*2,659 Other deposits — Bankers Other accounts .. Seven-day and other bills . . 67,463,302 . 35.9S7.303 2,993 Total .- Government securities .. . 136,187,-:81 54,300,015 Other securitiesDiscounts and advances Securities Xotes Gold and silver coin 5,500,023 13,976,447 62.11^,575 293,6-21 Total . 13G,187,281

Par. Jan. 28. Jan. 30. Pans, fr. to £1 23.22} 123.89 123.95 Brussels, belgas to i £1 5 34.935 34.935 Oslo, kr. to £1 18.159 12.215 18.21 kr. to jcV 18.159 18.185 18.19 Sto ckholm, kr. to £1 18.153 12.107 18.125 12. Hi 18.125 12.113 Am sterdam, fl. iiei _ -lin.* Reichmarken to £1 ■■ 19.500 20.365 20.3C5 Mozitreal, <lo\. to ±1 4.862 4.91J 4.911 New York, dol. to £1 4.862 486 17-32 4. .86 17-32 Batavia. 12.107 12.3 12.13J Prague, kr. to £\ 24.02 1044 161^ Geneva, kr. to £1 25.20 25.185 25.21 Milan 92.40 92.98 92.98 Vienna 34.58J 34.57 34.57 Hclsingfora' 183.28 25.22^ 1931 37.9-25 36.425 Lisbon 4.50 108.25 108.25 Athena 20.221 375 375 Bucharest, lei to it 815 818 818 Buenos Ayres 47.62 41 15-16 44 9-16 Rio de Janeiro 1(5.0 5 U-16 5 21-32 Bombav 18.18 172 17s Shanghai 24i 2-1 — Honsr-Kong 1 Yokohama 24 25.22 18. 24 7-32 : 24 i

La ,st w eet. This we ek. £ s d £ 8 d Consols 54 10 0 54 0 0 Funding Loan, 4 p.c, 1960-90 85 12 6 86 10 0 War Loan, 5 p.c, 1929-47 100 0 0 100 5 0 Conversion Loan, 3i p.c. 75 17 6 75 8 9 Victory Bonds, 4 p.c. 93 12 6 93 10 0 Commonwealth, 5 p.c, 1945-75 . . 87 17 6 85 7 6 Commonwealth. 6 p.c, 1931-41 . . 98 5 0 98 10 0 New South Wales. 4 p.c, 1933 . . 91 0 0 90 0 0 New South Wales, 3 p.c, 1935 . . 82 5 0 83 2 6 New South Wales, 31 p.c, 1930-50 66 5 0 66 5 0 New South Wales, 5* p.c, 1922-31! 97 2 6 97 2 6 New South Wales, GJ p.c. 1930-40 99 0 0 99 0 0 New South Wales, 6 p.c, 1930-40 96 10 0 95 5 0 Victoria, 3 p.c., 1929-49 63 0 0 60 0 0 Victoria. 3J p.c, 1929-49 67 10 0 66 5 0 Victoria, 5j p.c, 1930-40 95 5 0 94 5 0 Victoria, 5 p.c, 1932-42 87 12 6 85 10 0 Victoria, 41 p.c, 1940-60 81 10 0 80 17 6 Queensland. 3J p.c, 1930 98 5 0 98 7 6 Queensland, 3 p.c. 1922-47 65 0 0 63 0 0 Queensland, 6 p.c. 1930-40 96 0 0 03 10 0 New Zealand, 4J p.c, 1948-58 . . 93 10 0 93 0 0 New Zealand, 3 J p.c. 1940 86 10 r, 86 5 0 New Zealand. 3 p.c, 1945 78 1 " 78 2 6 New Zealand. 6 p.c, 1936-51 103 5 0 102 17 6 South Australia, 3J p.c. 1939 79 0 0 SO 0 0 South Australia, 3 * p.c, 1916 or after 51 10 0 51 5 0 South Australia, 6J p.c. 1930-40 98 15 0 98 10 0 Tasmania, 3J p.c, 1920-40 79 0 0 77 15 0 Tasmania, 3 p.c, 1920-40 75 0 0 7Q 0 0 Tasmania, 6i p.c, 1930-40 99 0 0 99 6 3 West Australia, 3J p.c. 1920-35 86 10 0 86 10 0 West Australia, 3 p.c, 1915-35 . . 84 10 0 83 10 0 West Australia. 6 p.c, 1930-10 . 97 0 0 95 5 0