FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 19971, 4 July 1930, Page 14

FINANCE AND COMMERCE.

WORLD WHEAT SUPPLY.

increase in production. ADJUSTMENT , IN, ACREAGE SUGGESTED. (cent PBISg ASSOCIATION—B? ELECTBIC TILEGEAFH-I-OOPTTEIGHTJ . (Received July 3rd, 5.5 p.m.) WASHINGTON, July 2. The Department of Agriculture in a special report on the world wheat out: look declared that an extensive adjustment in wheat acreage must be made if wheat production is to be profitable to growers during the next six or ten years. This was necessary, the report declared, td meet the intensified competition in the world markets due to tho increasing production of other countries and the lack of demand. Discussing the ■ necessity of looking forward for longer periods than before, and the increased production coupled with inadequate demands, the report stated:—"The area in south-western United States in 1919 was 14,000,000 acres larger than in 1910, while that of Argentina, Canada, and Australia wu 28,000,000 acres larger. The expansion during the last few years was made possible by improved equipment, new wheat varieties and improved cultivation practices, particularly where the rainfall was scanty. Thus wheat has been raised on lands hitherto thought unsuited. Large areas of such lands are still available at low costs in the important surplus procuring countries. Within the next decade Russia is likely to reenter the export field as an important competitor."

AUSTRALIAN STOCKS.

NEW ZEALAND INFLUENCE. Stagnation on the Australian Stock Exchanges can be understood when it is remembered that the Federal Government is issuing a 6 per cent, loan for £10,000,000 which is being taken up very satisfactorily, says the "Sydney Morning Herald." It Tjould seem that" . investment funds are flowing toward gilt-edged securities. The return from Government bonds is in many cases better than can be obtained from spme of the more highly-prized shares. There baa been a good deal , of buying of certain groups of shares based on the hopes of early appreciation in value, but prices now being paid appear to . more than anticipate the probable advance. The withdrawal of New Zealand investors from the Australian market has no doubt aggravated, the dullness. In the meanwhile there is apparent very little change in Australian conditions. " Though , the published rates of exehange Australia on London have remained steady for some time, there has been no material easing of the exchange position. The Australian export season has just ended, and it will probably be found that depletion of London funds has been accentuated, and will remain 'at a low level during • the next month or two, when returns ; from the new export season should begin to hove some beneficial effect. At the Australian end the acuteness of the exchange position has in some degree undergone a slight reaction in recent weeks. The correctives applied by the bajtks and the expedients adopted by . the Federal Government are performing gradually • their work of restricting e imports.The 'rates quoted by the banks for London money have become actual rather than nominal. The lessened demand for accommodation has arisen out , of necessity. The process of rationing imposed by the 'banks has impelled customers to cut their requirements aceerding to the facilities available.

hire-purchase agree- ; MENTS. INFORMATION BUREAU SET UP. . framß. wuew' juhocultiob—BT BLXCTBIO - TBUWWra—COPTBIOHT.) LONDON, July 2. A hire-purchase information bureau, covering houses with a capital of £10,p00,000, has been'established in London. All hire-purchase agreements r will bo registered, and thus the firms iHil be able ' to; estimate the ; extent of customer*' commitments and ascertain whether they had faithfully carried out their agreements. In order to prevent the trade secrets of one inn- becoming- known to another, 1 all rthe information will pass through the bureau, which, will, be as secret as the clearing house of the big banks. - Motor agents, furniture and gramophone ' dealers, • and big departmental stores are supporting the scheme.

MARKETING OF FRUIT.

DECISION OF GROWERS. (SM9S isaocuxiox tIIiMMM.) WELLINGTON, July 3. Hie N«w Zealand Fruitgrowers' Federation conference discussed the local marketing of fruit. A report was sub mitted on behalf of the, Internal Sales Committee, winch' is' still of opinion (bat;— • (1) Compulsory standardisation is an urgent necessity and indispensable to •access. . . (2) Local control is imperative.. , (8) A bureau of statistics is required immediately. , , . (4) Advertising, although absolutely necessary, shottfa be withheld until standardisation is a<• reality, and then fhnnM be Dominion-wide. Mr Brash sftid that th<? mandate for the present should' be standardisation and advertising. He moved that the conference express appreciation of the work' done bylhe Local Marketing Committee, and pledge itself again to do everything to assist the Committee to. secure a successful vote on the quesfciiih 'of local control for the purpose of patting into force compulsory standardisation and a levy for advertising Mr Firth (Auckland) se<ionded the motion, which was carried. The ' following were elected to the f.ocal Marketing. Committee: —Messrs W. A. Tfcte (GrevtownV. H Paynter (Hawke's Bav), C. Ballantvne (Auckl Isnd), J. Dicker (Tasman}, F. W. Con* L (Canterbury), and E. Kinnaird I <Otag6).

MEAT BOARR

ELECTORAL COMMITTEE. (FIIZBS ASSOCIATION TXLEGBAII.) WELLINGTON, July 3. The returning officer announces that lie fias received the following nominations of delegates to represent the various' districts on the Electoral Committee ot tile meat t'roducers' jioard; Auckland —H\ It. aeutlon (Hamilton;, (J. iv Wilson (i'io 'Vioj, rl. E. Worsp (, vV hungareij. Two delegates aro required. • Giauorne—J. E. Benson (Ormond), i£. •«'. lifack '(Gisbornej. Xwo delegates are required. .Messrs lie iiaon and liiack have been declared elected.' Hawke's-Bay—I£. Averill (Hastings), It is. Chadwick (Dannevirke), J. H. Joll (iiavblock North), A. V. B. lteed (Napier), G. D. Tod (Nuhaka). Four delegates are required. West Coast—'l' Currie (Brunswick), J. Knight (Feilding), L. B. Wall (Kairangn). Three delegates are required, and Messrs Currie, Knight, and Wall have been declared elected. Wairarapa—J. M. James (Masterton), M. AicLeod (Martinborough). Two delegates are required and Messrs James and McLeod have been declared elected. Marlborough-Nelson-Westlam}—G. L. Mend (Motupiko), T. Morrin (Seddon), J. H. Stace (Spring Creek). Two delegates nre required. North and Mid-Canterbury—A. P. Rruce (Pendarves), L. R. C. Macfarlane (Culverden), It. M. Morten (Tai Tapu). Three delegates are required and Messrs Bruce. Macfarlane, and Morten have been declared elected. South Canterbury—G. A. M. Macdonald (Orari). J. Trotter (Fairlie). Two delegates are required and Messrs and Trotter have been declared elected.

Ota go—J. Begg (Dunedin), J. D Revie (Crookston). D. J Ross (Hillgrove). Three delegates are required and Messrs'Begg. Revie. and Ross have been declnred elected. Southland —J. Christie (Wnrepa). A. S. Holms (Wnimahaka), H. Smith r\Vniknkf\ Valley). Two delegates are required. In the rase of the Auckland. Hawke's Bay, Marlborongh-Nelson-Westland, and Southland districts, the number of nominations exceeds the number of delegates required.. A postal ballot is therefore being conducted, and the necessary ballot paper is being dispatched to each eheepfarmer owning not less than 100 sheep in the districts concerned. The Electoral Committee elected from the above will meet in Wellington on August 28th to consider the eighth annual report and statement of accounts of the Board, and to elect two producers' representatives on the Board, for which the following have been nominated—J. O. Coop, Ataahua, Little River, T. A. Duncan, Hnnterville (sitting member), and Adam Hamilton, Invercargill (sitting member).

CABLES AND WIRELESS, LIMITED. SENSATIONAL FALL IN SHARES. (TJHITID ; PRKSS &BSOCIATZOH —BY EUSCTKIO TSLEOBAPH—COPYBIOHT.) [ LONDON, July 2., Gable and Wireless, Ltd., are not paying a dividend on A and B ordinary stocks. They are only ; paying interest .at 5j per cent, on cumulative preference: stock. Following the announcement that Cables, and Wireless, Ltd., is not paying dividends, the'shaies fell sensation-! ally, A shares from £36 10a to £3O 10s- B from £l6 to £l2 10s, preference froiji £B7 to £75 10s, making a total drop in market capitalisation of fUiout £10,000,000 and over £29,000,-; 000 as compared with the highest prices last year.

PICTURE THEATRES.

WELLINGTON DEVELOPMENT. [THE PRBBB Special Serrlce.] WELLINGTON, July 3. Important developments in the picture theatre business in Wellington province are foreshadowed by the registration of a new company known as Kemball's Tbeatree, Limited, to acquire the extensive interests of Mr W. It. Kemball, who controls about 80* cinema theatres in Wellington. The initial capital of the company was registered at £72,600, in a/,oUO preference shares of il each, and 35,000 ordinary shares ol £1 each, the whole of which stand in the name of Mr W. R. Kemball, with the exception of 10 ordinary shares, subscribed to by Mr W. K. Kemball, jnr. . . By a special resolution carried immed.ateh after the registration of the company on Tuesday, it was decided to increas© the capital to £200,000, divided into 100*000 additional ordinary shares, and 27,500 additional preference shares of £1 each on the same conditions and rights as those covering the initial share capital. It is reported that a further development is likely to take place in the direction erf a working arrangement between Kemball Theatres, Limited, and the Fuller-Hayward moving picture theatre interests.

MANUFACTURE OF CIDER,

[THE PBESS Special Service.] WELLINGTON, July 3. "In view of the great development and improvement of cider-making in England in recent years, and the extent to which this wholesome and refreshing beverage (varying in strength •from that of ginger beer to 7 per cent, of alcphol) has since the war displaced French and German wines in London clubs, 1 cannot help wondering why it is not more largely manufactured in this country, if not on a factory scale, as I have myself conducted it as a useful outlet for bitter-sweet apples in the surrounding district, at least as a sideline to that of the fruitgrower," remarked his Excellency the GovernorGeneral (Lord Bledisloe) at the Fruitgrowers' Conference. "There may be many areas where Kingston Black, Foxwhelp, and other bitter-sweet varieties of apple commonly grown for this purpose would thrive well, and their juice in the form of cider possibly prove, as it has in England, a useful specific recommended by the medical profession for the cure of rheumatic ailments which, I understand, are not uncommon in some parts of New Zealand."

HIDE MARKET. (Beoeived July 3rd, 9.35 p.m.) MELBOURNE, July 8. The hide market is irregular. Heavies, lights, and badly prepared paroels are on»•igbth to a farthing lower.