CONDITIONS IN BRITAIN.

Press, Volume LXVI, Issue 20028, 9 September 1930, Page 12

CONDITIONS IN BRITAIN.

1 PESSIMISM UNWARRANTED I FINANCIAL EXPERT'S OPINION. i [THE PBESS Special Service.] WELLINGTON, September S. That the economic position of Great Britain to-day was by no means so bad as it is painted was a definite pronouncement by Sir Otto Niemeyor, when asked for his view to-day. It was very easy to take exaggerated views ono way or the other, he said, but personally he was net at all pessimistic about the situation. There were some bad features, such as the unemployment figure of 2,000,000 and the depressed state of many of the "heavy" industries and the cotton industry. On the other hand there were many other industries, including the motor trade, that were in a much better position. There had been a great deal of industrial development in recent years in the South of England. In addition there had been a very great deal of what was known as rationalisation of industry, and this was still in progress. Taking everything into consideration, said Sir Otto, he was inclined to the view that public opinion in general was rather unduly pessimistic about the present position of Britain and her future. Gold Standard. Dealing briefly with the problem of gold and its relation to commodity values, Sir Otto said the currency question was an iaternatkinal one that was most certainly capable of solution. "I have always believed that there is no alternative to the gold standard, but, of course, all that it does is to relate a whole series of countries to a single measuring rod which is the value of gold. The gold standard itself does not fix the measuring rod." The gold problem could bo dealt with in two ways through the Bauk of International Settlements or through the League of Nations. "Much progress has been made toward co-operation between the banks in Europe, where distances are less and bankers are more closely connected, in the direction of co-operation between the central banks and the new Bank of International Settlements," said Sir Otto. "This is a new venture, a now undertaking in which nearly all the big central banks in the world are concerned. It i 3 in the making, and we do not yet know what it will produce, but it is a more systematised effort at co-operation than there has been so far. Co-operation has been a spasmodic and individual effort, but it has become a little more systematised, and no doubt that will spread to other countries." There was, however, said Sir Otto, room for a great deal more co-opera-tion and also for "a lot more central banks." Ho declined to comment on the hugely increased gold holdings of tho Bank of France during the last twelve months. Commodity Prices. Regarding commodity prices, Sir Otto Niemeycr remarked that these were still falling throughout the world, and showed no signs of ceasing to fall. The result, particularly in the case of Australia, was to be seen in the prices of wheat and wool. It was difficult to see any rise in either of these products. "Of course," he said, "the problem of the export price of wheat is one that does not concern New Zealand, though you are very much interested in wool and dairy produce. New Zealand has two great advantages over Australia in that you have a very much more varied production and no droughts to contend with." THE WOOL STOCKS. GOVERNMENT STATISTICIAN'S FIGURES. Sistisfioa relating to 6tockd of wooJ held in tbe Dominion on June 80th b»ve been prepared by tho Government Statistician from returns supplied by woolbrokers, woollen mills, freezing works, wool-scouring works, shipping companies, harbour board stores, farmers, and the NeW Zealand Railway Deportment. As in pant years, formers comprised the only ffroup from which a full response wis not forthcoming. The great bulk of these, however, furnished returns, aDd consequently the tables appearing below are complet* enough for practical purposes. The total quantity of wool was 75,896,6361b, I classified as follow*: Total all Greasy. Scoured. Classes, lb. lb. lib. Merino 1,710,049 487,322 2.887,087 Halfbred 5,002,280 670,541 0,209,616 Corriedale 1,376,983 33,770 1,521,200 Other (including crossbred) — Lambs 3,006,125 327,548 9,038,045 Bhecp 40,132,812 1,610,186 60,909,549 Unspecified 263,180 16,688 2,831,180 Totals 52,396,429 8,145,064 75,396,635 The following shows the quantities of wool in the actual physical possession of the interests specified below: — Total all Greasy. Scoured. Classes. Jb. lb. lb. Woolbrokers (holding permits) 27,666,768 480,841 32,928,184 ■Woollen mills 8,897,345 336,219 4,447,353 Freezing works 102,104 513,438 7,825,599 Wool-scouv-ing works 1,698,420 489,088 3,239,905 Shipping companies 1,551,940 924,044 5,083,503 Har. Board stores 127,958 1,737 1,007,225 N.Z, Railways Dopt. 72,114 134,129 335,690 Fanners 17,284,780 265,568 20,529,088 Totals 52,396,429 3,145,064 75,396,636 HIGH COMMISSIONER'S REPORT. [THE PRBBS Special Service.] WELLINGTON, September 8. Tbe Department of Agriculture has received tho following cablegram, dated the 6th instant, from the High Commissioner for New Zealand, London: TALLOTV. The market is steady, with little business passing for want of fresh material. There is no change in prices. HEHP. Manila-Tho market is easUr. "K" grade August-October shipment lias been sold at £2O 5» and November-January shipment at £2O 2s 6d. . SisaJ—The market for African is quiet and easier. On the basis of fair average quality quotations iue:-No. 1, £2l to £2l 15s; No. 2 £2O to £2O 16s; good marks, 5b more. ' Tow- -The market is dull and prices are lower. Nominal values are:—No. 1, £l6 10s; No. 2, £ls 10s. „, Mexican Sisal and Hemp—The market is unchanged. New Zealand Hemp—The market is qmet, and no first-hand ealea are reported. APPLES. The market is slow at present. Quotations are:— Stunners, 53 to 7s 6d; Dougherty, 7s to 10s. EGGS. The market is steady and stocks ore clearing, with prices practically unchanged. WOOL. The -Bradford market is quiet, with a. fairly good tone. Quotationa nominally are unchanged. LINSEED The following cablegram, dated the 4th iiibtant, has been received from Landale and Clark, Ltd.,, Calcutta, with reference to the Unseed market:—"We quote £ls 7s 6d for lineeed per ton. c. and f.. Sydney, for immediate shipment. The market is dull."