BOARD OF TRADE.

Press, Volume LXVI, Issue 20085, 14 November 1930, Page 20

BOARD OF TRADE.

RETURNS IN BRITAIN.

ALL-ROUND DECREASES

(CKITJtO PRESS ASSOCIATION —ET K.'.ECTE.iO YEIiEOHAPH —COPYRIGHT.)

LONDON. November 1?. The Board of Trade returns for October show that imports decreased by £.19,977,000, exports decreased by £17,607,000, and re-exports decreased by £1,919,000. The principal decreases were: — .. Imports. & Grain and flour . • • • -1,123,000 Tood and drink (nondutiable) . • • • '222 Food and drink (dutiable) 1,516,000 Wood and timber . . .. 1>326,000 Raw cotton ... • • 0,108,000 Oil and seeds, etc. . • 871,000 Rubber ... •• 1,245,000 Exports. Coal . . . - • 811,000 Iron and steel and the .manufactures thereof • . 1,707,000 Cotton yarns manufactures . ■ • • 4,225,000 Woollen ditto ■• • 1,377,000 Miscellaneous manufactured articles . - - - 1,369,000 A British official wireless message says that, although the returns show an improvement in trade during the past month, compared with September values, exports and imports are much below those for the corresponding: month of last year. Exports last month totalled £46,900,000. compared with £42,/00,UW lor September and £64,500,000 for October last year. Imports amounted to £90,800,000, compared with £<B,WU,000 in September, and £110,200,000 in October last year.

TIMBER PRODUCTS.

MANUFACTURE IN NEW ZEALAND. The depression, in the coal and timber industries* was explained from a new angle to a reporter of Thk Press last night by Mr Owen Jones, Forestry Administrator to New Zealand Perpetual Forests, Ltd. He pointed out that, of the major industries, these were about the only two which still marketed the raw product. Others had reached the stage where they took the raw material, it into something better, and then sold it. There were evidences that the timber industry, too, was tending in this direction, and he believed the future would see all kinds of products coming from the tree which would yet supply the country's timber as it did to-day. Wood Pulp. Wood pulp was likely to be one of the principal manufactures of this kind. So far as he knew, no paper from New Zealand trees had yet been made in the Dominion, but there had been some successful results from New ' Zealand timber treated in America. It was also probable that artificial silk would be made from wood. Then there were the different kinds of synthetic" board which would probably take the place of ordinary dressed "timber for flooring and lining; It was amazing to see how this kind of material was being manufactured and used in America. Cellulose had many advtanges over ordinary timber £or some purposes, and it could b© manufactured so as to be quit© attractive. Cutting -a tree into timber involved a waste of about 60 per cent., whereas, by manufacturing it into such products, the loss was only about half that. He believed there were great possibilities in this sphere in New Zealand, which would be all for the good of the timber industry.

TRUSTEE INVESTMENTS.

EFFECT OF OVERSEAS LOANS

i The advantages to the overseas | Dominions of issuing loans in London j which comply with the condition/3 of the Colonial Stocks Act, 1900, and are therefore authorised as investments for trustees, are emphasised in a letter received in Sydney from a London stockbroking firm. "The difference between. British investments to foreign countries and British investments to Australia is that capital lent to foreign countries is lent on the merits of the investment; whereas Australian and other colonial loans are placed inside the favoured circle of trustee investments," says the writer. "That is to say, trustees of deceased estates are empowered to make investments in these so-called trustee securities, whereas they are debarred from, making investments in. non-trustee securities unless specially authorised to do so by the terms of the will. The effect of this is that there is always a demand for these trustee securities, and the credit of countries whose loans come within the trustee class is higher than those which stand without. "Australia could never have borrowed the millions lent to her by Great .Britain on the easy terms which she has been able to do in the past unless her loans had been fixed by British law as available for trustees. Even when Australia was pursuing her headlong course of over-borrowing, and it had become fairly obvious what the upshot would be, so that the average British investor fought shy of Australian loans, yet the underwriters took them all the same, knowing that, by the operation of investment by trustees, these loans would be taken off their hands. Even when Australia raised a few loans in New York, her ability to do so there was largely influenced by the British estimate of Australian credit. " t GERALDINE LIVE STOCK SALE. There was a small entry of sheep at the Ceraldine stock sale on Wednesday. Prices were fair for fats, considering the quality of ™ B k ee J*» and were as follows: Fat Ewes—Eight at 22s Id, 2 at 22a 6d, 9 at 17s, 8 at 16s 6d, 4 at 16s, 3 ahorn ewes at 19s, Stores—Twenty f.m. ewes at 6s lOd, 60 six and eight-tooth ewes at 12s 2d, 71 threequarterbied f.m. ewes and lambs at 8s lOd. TALLOW. Dalgety and Company,' Ltd., have received tna following cablegram from their London dated November 10th: 1 allow—Market unchanged.