WHEAT FROM RUSSIA.

Press, Volume LXVI, Issue 20033, 15 September 1930, Page 12

WHEAT FROM RUSSIA.

IMPORTATIONS TO BRITAIN. OPINIONS IN THE TRADE. (UKI'i'ED PRESS ASSOCIATION —BY ELEC'I'KIC TJELBORATH—COPrtIiaHT.) . (Received September 14th, 5.5 p.m.) LONDON, September 13. A 2500-ton freighter was chartered yesterday to bring wheat from Russia, supplementing the 62,000 Italian tonnage engaged earlier in the week. The Australian Press Association understands that plans are being matured fgr intense competition later in the month. A comparison of Friday's sales of parcels shows:— Australian —31s. South Russian samples—3os 3d and 30s. The "Daily Telegraph's" Manchester correspondent says: ''lt is not dumping, because Eussian does not compete witii British grain, but is classed with American hard wheat." A leading Liverpool broker savs: "Eussia is supplying a deficiency,. due to a bad crop in Argentina. Russia is keeping down prices against -the American and Canadian pools, otherwise the prices might soar." WHEAT AND FLOUR. LOWER DUTIES URGED. Extensions of the existing agreements regarding wheat and flour in New Zealand are opposed by the Auckland Chamber of Commerce. The Council decided the other day to forward a remit to the Associated Chambers of Commerce conference to the effect that there should be no extension, but rather that the duty on Empire wheat and flour should be substantially revised downward and that the sliding scale should be abolished. TAXED DIVIDENDS. COMMERCIAL BANK'S POSITION. Some uneasiness has been occasioned in the minds of New Zealand investors in Australian bank and other shares at the taxation by the Government of New South Wales of 3d in the £1 on all dividends paid to non-resident shareholders. It was explained at the time the announcement was made that the tax, equal to 1-8 per cent., was deducted only from dividends paid by companies domiciled in Now South Wales, but the impression that the tax is not on all dividends paid by Australian companies is hard to remove. Companies with head offices in Australian States other than New South Wales will remit dividends to New Zealand shareholders without this deduction. On Saturday the manager for New Zealand of the Commercial Bank of Australia, Ltd. (Mr E. P. Yaldwin), was advised by cablegram that no deduction of the kind would be made from dividends payable by that bank on shares held in New Zealand, the head office of the bank being in Melbourne, the State of Victoria.

THE FARMING FUTURE.

DAIRYING IN CANTERBURY.

In the concluding section of their annual Review, Pyne, Gould, Guinness, Ltd., make some observations on the future of farming in Canterbury: "Whilst we consider the difficulties in obtaining profitable returns from farming in the Dominion will ■' soon disappear once the community recognises the necessity for lower production costs, we admit that from present prospects the coming year is likely to bo a worrying one. Farmer® cannot expect any extraordinary rises in prices tor any of their exports, and it will only be by careful management and the cutting out of all possible expenditure that their 'Profit and Loss Accounts' may be expected to 'break even.' Money will probaby be dear and tif.ht, which make renewals of farm mortgages and usual credits for current expenditure more difficult. It is in times like this that the farmer with a long t«nu amortised loan, which never requires renewal, benefits, and we again recommend all farmers to consider seriously the advisability of obtaining this clais of loan when rates of interest becomo favourable. At the present time the anxious objective of the average farmer will be to sell suf-

ficient produce to pay his mortgage interest and general expenses, and to some instances other avenues of income must be exploited. With some knowledge of the profitable results being obtained in - the North Island and presumably other parts *of the minion from cows, we think, that mt ny more Canterbury farmers with suitable land might find a solution of their present difficulties by the adoption dairying as an adjunct to tholr present activities."

OIL PRODUCTION. (OTIOT TRESS ASSOCIATION—BY ELECITvIO TELEGBJLFE —COPYRIGHT.) (Keceived September 14th, 5.5 p.m.) MELBOURNE, September 14. . Mr W. Baragwanath, Director of Geological Survey, reports the presence of oil in six out of ten test bores at Lakes Entrance at depths of 1000 to 1300 feet. SHALE OIL. (Received September 14th, 5.5 p.m.) HOBAKT, September 14. The difficulties of shale oil production at La Trobe are believed to be overcome. Some 350 gallons per day, of excellent quality, are now being obtained; PROPERTY SALES. Messrs H. G. Livingstone and Co., auctioneers, sold on Saturday morning the properties advertised for sale by auction, as follows: — • . No. 29 Hoon Hay road, bungalow of four rooms, with outbuildings and section of 43 perches, to Mr Barlass. Property situated corner Studholme street and" Duncan street, Sprcydon, comprising four acres S3 perches, to Mr Down, for £475. Jones, McCrostie Company, Ltd., sold by public auction on Saturday (in conjunction with Messrs Baker Bros.) the property situate No. 87 London street, Richmond, comprising section of 30 perches, together with house of 4 rooms, for £245, to Mr Bowman. LONDON QUOTATIONS. (Received September 14th, 5.5 p.m.) LONDON, September 13. Friday's closing prices were:— Cotton—October 5.93 d. Rubber—Para 6d, plantation smolced 4d Jute—-September and October, £ls 7s 6d. Copra—September and October, South Sea £l6 7s 6d, plantation Rabaul £l6 10a. Linseed oil—£3l 16s. Turpentine—36s 9d. Osmiridimn—Nominal.