OPTIMISM WANTED.

Press, Volume LXVI, Issue 19941, 30 May 1930, Page 16

OPTIMISM WANTED.

AN AUSTRALIAN PLEA. Io an article entitled "Optimism Wanted," Jobson'a "'lnvestment Digest' of May loth has the following upon the depression in Australia. "The lemedy is not going to be obtained by complaining. It is even doubttui whether maltera are really bo bad as depicted t» many, it is possible that U the bottom has not yet been leached it is within sight. Kecent auotiona have shown a distinctly tirniei tone foi wool. There ifi in this country sevoial million pounds' worth of who.it wailing export when the (armors shall have decided to accept current prioes instead ol waiting in vain foi those higher Toveib which will Qevej mature. Excellent rains liave fallen ovei the country, and the prospects for the nest wheat harvest are greatly improved. It is not to be assumed that the prices of the next dip will be as low as those which have ruled during the present season. Wool has come down to a figure at which it is profitable for the manufacturer to buy, and a reasonable margin above that figure will not be damaging to the millman. The next dip will be smaller than this year's, which in itself should be a reason for higher values A great deal has been made by the uninitiated of the, action of the bunks in restricting advances and of the high level to which the London exchange has been raised. The banks make their money out of lending money and transferring money, but they are at the same time the custodians of the funds placed in their charge They can only advance money if they receive money, and whon advances reach to a certain proportion of their funds restriction must take place unless their responsibilities io their depositors are to be infringed. The action of the banks in restricting advances has been financially correct and economically sound It has resulted is a decrease in advances, and as the remaining portions of the wheat harvest and the wool dip are realised these depreases will be enlarged."

PROFITS OF ELECTRICITY.

SURPLUS IN SYDNEY.

Under the direction of the Civic Commissioners the Sydney electricity departs meat, which, at the end of 1928, had an accumulated deficit of £94,212, has shows a surplus of £191.348 for 1929. The improvement is said to be mainly due to the lower costs of production at the new power-house at Bunnerong, but the commissioners state that they have practiced economy in the operations of the department and that an oven better result may be expected for the present year. The revenue in 1929 was £2,549,685.

TOBACCO COMPANY. EXTENDING OPERATIONS TO AUSTRALIA. At the annual meeting of Godfrey Phillips. Ltd., held in London on April 16th, Mr Arthur I. Phillips, who presided, told shareholders that the company and its associates had been doing a very large business In Australia. Their goods, however, were selling at a price 50 per cent, more than that for Australian-made cigarettes. Recently it was announced that trading would he allowed to the extent of only half of the volume of last year. After careful consideration, said Mr Phillips, he saw the gradual disappearance of the demand for Imported cigarettes in Australia on account of their prtoe. and to save the goodwill the company had crested It was decided to manufacture the company's products in the Commonwealth. The proposal to do so was welcomed by the trade and people, and the company was confident that it wonld not only preserve the trade which If had enjoyed and recover that forcibly taken from It. bat would considerably increase It. To avoid double taxation It wan necessary to trade as a separate entity In Australia, and Godfrey Phillips (Annrralia) Pty., Tjtd.. h»d been formed. WhiV (b» registered capital of the.company w»s MOO.OOO. nothinsr like that amount wonld hj" required at the beirinninir of operations. This investment would consist chiefly of Its goodwill In Australia, machinery, leaf tobacco, etc.. thf necessary working; eapttal helnjr subscribed by Interested parties In the Commonwexlth and elsewhere.

Net profit of the London company for Its lsst flnsnHM year was £183.741. compared with J1RR.463 for the previous term. In addition to extend In? Uk working operation* to An«tr*l<a. the fompuny at the end of last year ncqnlrpfl the hn«lnesii of Mm«t« Fairwesther. of T)[i»"*ee. and of Cohen. Weenen, and Co., T4d. The cnmnany M«o owns the whole of the shnres of Mensrs Thomson and Porteons. Rrofland. and a controlling interest In the United Kingdom Tobacco Co.

OKARITO FIVE-MILE BEACH. The secretary of tbe Okarito Five-mile Beach Gold Dredging Company, Ltd., reports that telegraphic advice has been received from the company's engineer at Okarito regarding the commencement of operations on the olaira with the hydraulic elevating plant. A start to sink the elevator was made on May 16th, and, according to the wire received, the hole in which the elevator is beincr sunk has been bottomed at 19 feet The material excavated has been put thronsb a temporary run of boxes without tables, and a return of QOoz Cdwt of gold has been obtained. FAIRLIE STOCK SALE.

The fortnightly stook sale was held on Tuesday, the yarding totalling 1700. The following prices were realised:— Fat lambs, 18 at 18s; fat ewes. 25 at 14s 6d, 12 at 18c, 42 at 18s; fat wethers, t at 265. 11 at 24s 9d, 19 at 20s, 32 at 17s lOd; stores, 47 wether lambs at 7s, 64 at 8s Id, 81 at 7s lid. 64 ewe lambs at 14s Id, 50 at 14s 9d. 68 m.s. lambs at 14s 4d, 23 ewes at 8s 6d, 18 at 4s Od, 100 four, six, and eigbt-tooth at 10s Id, 34 wethers at 14s Id, 12 at 14s, 26 at lis 6d, 40 at 15s, 75 at 15s. Pigs, 8 at lis. Horses: 1 aged gelding at £5 ss, 1 mare at £6. GERALDINE LIVE STOCK SALE. There was a good entry of sheep and pigs at the Oeraldine livestock sale on Wednesday, and prices of good lots oi Jots were slightly above late values. Pigs were in very good demand. Tbe following sales were made:— Fat Ewes—lo at 12s lOd, 13 at 5s 6d, 21 at 12s 9d, 4 at 10s 4d, 17 at Us 9d, 87 at 18a 6d, 11 at 12s 2d, 10 at lis, 26 at Us lid, 9 at 10s, 41 at Us Sd, 29 at 10s lid. 8 at 7s 6d. 5 at 8s 9d, 20 at 12s 9d, 11 at 14s, 13 at 9b 7d, 15 at 13s, 2 at ISs 3d. 9 at 9s 3d. 7 at Bs, 15 at 7s 9d, 80 at Us, 30 at 10s Od. Wethers—B at 265, 15 at 255. Lambs—lo at 20s, 23 at 18s, 2 at 27s 3d. 18 at 16b 6d. 28 at 16s 2d, 2 at 19s 4d, 14 at 17b 7d. 11 at 16s 9d, 17 at 20s lid, 54 at 21s Bd, 35 at 18s 9d, 51 at 17s, 83 at 16s sd. 34 at 22s 7d. S3 at 19s. 36 at 19s. 28 at 19s 7d. 35 at 20s Id. 26 at 17s Id. 22 at 19s 7d. 106 at 17s 2d, 50 at 20s Id. 47 at 19s 7d. 62 at 18s Bd, 80 at 16s 4d, 4 at 19s. 8 at 24* 6d, 17 at 16s 6d. 13 at 14s 3d. 8 at 17s. 89 at 21s. 17 at 16s 9d, 85 at 21s 2d, 35 at 15s 2d. 80 at 20s. 77 at 17s lid. eO at 20s. 56 at 21s Id. 81 at 16s Id. Pigs—3 at 12b, 2 at 295, 1 at 495. 5 at 15s, 1 at 85s, 2 at 4Ss 6d, 1 at 42s 6d, 1-at 40s, 1 at 28s, 1 at 25e, 1 at 235, 2 at 20s, 4 at 19s. 1 at 16s, 1 at 13s, 1 at 15s, 8 at 12s.

HIDE MARKET FIRM. (TJMITED PEESS iSSOCIATIOS — BI BMSCTBIC TELSGRAPB—COPYRIGHT.) (Received May 29th, 10.15 pja.) MELBOURNE, May ». Th« hide market is very firm. ADELAIDE QUOTATIONS. (Received May 29th, 10.15 p.m.) ADELAIDE, May 29. Wheat—4b 4d. E'loiuv-JBlfl Ss. Bran— £7 10s. Pollard—£7 17s 6d. Oats—2s Sd and 2s lOd. NEW ZEALAND APPLES. LONDON, May 28. The Pakeha's New Zealand apples Bold as follow:—Jonathans, lla to 13a » case: Delicious, 10s to 12s.