PRESENT CRISIS IN TRADE.

Press, Volume LXVI, Issue 20088, 18 November 1930, Page 12

PRESENT CRISIS IN TRADE.

GOLD HOARDING BLAMED. VBBITIBU OFFICIAL WIRELESS.) (deceived November 3 7 Lli, 5.5 J( ItUGB\ , November 15 Lord D'Abcrnon. addressing the Liverpool Incorporated Chamber 0 f Commerce last evening, suggested that gold hoarding by the United States and and gold sterilisation might be among tile mam causes of the present world crisis in trade. A fearless scientific diagnosis was the first step require;!; but lie expressed the view that ii the world desired to return to good market conditions in cotton or wheat or any other commodity, and if it wished for higher freights and more trade activity, these ivould be achieved with greater certainty and speed by dealing with the gold currency problem than bv anv other means. •> '■> SYDNEY INVESTMENT MARKET. A STRONGER TONE. COM MON WEALTH STOC KS FIRMER. vp.esii' ASSOCIATION —BY KI.RCTHIC TELi!ORArn--corvaioaT.) (Received November 17th. S.oO p.in.) SYDNEY, November 17. The investment market continues to strengthen. Operators traded with increased freedom to-dnv, the turnover being unusually large lor a Monday. Commonwealth loans again provided the most significant development. Eleven issues shared iii an increase, making gains from 2s 6d to lis 3d. Quotations are now well above the depressed levels of a week ago. The market finished firm with buyers un-

satisfied. This is regarded as a happy augury for the ultimate success of the i.'.1'.5,000,000 conversion and reilenij 'ion loan flotation next month. Bank shares were quiet. MOTUROA BORE. OIL STILL FLOWING. U'HP.39 ASSOCIATION TELȣGRAiI.) NFAY PLYMOUTH, November 17. Oil continues to flow steadily from Moturua Oi) Fields, Ltd's No. 1 bore, ami during the week ending Saturday, the bore was drilled to 3220 feet in san-.lv bhalc, a hundred gallons oi oil baled during drilling operation*. The well also tiowod throe hundred gallons from the 2300 feet strata. The toinp.iny propose drilling to 3330 u-ct betorc testing again. Since the blowout on October 26th, the well has produced 100 barrels, equivalent to 3600 gallons of oil. The managing director of the company, Air (\ N. Taylor, stated to-day: "When it is considered that all this

oil has been obtained in the process ol drilling, and only a few days have bee!) set a«ido f#>r actual testing, the results can be considered very" satisfaet .rv.'' RAILAGE ON FERTILISERS. AN Or AGO PROTEST. JTAftSS AKSOCIATtON TCLXGP.AU.) DUNEDIX. Novombcr 17. The Otaj;o liranch of tile Farmers' (.'nion has dispatched the following tok-Rram to the Minister for. Railways (the IJon. W. A. Veitch):- y "The Otago Provincial Executive of the Farmers' Knion emphatically protects against the proposed increases in th 6 railage on fertilisers and lime, feeling that such increases will detVimeutally affect production further, hit the primary producer, and increase unemployment. The executive is of opinion that stops should be taken to ensure that farmers who receive free railage on lime should send their products by rail." GOLDEN BAY CEMENT. The directors oi the Golden hlav Cement Co.. Ltd., report for the year ended June UOth iast a profit of £42 12s lOd. Purl of the old plait having become obsolescent, its present book cost will ueed to be written off 1 over the next few years. This the directors 1 propose to do out of annual profits, which iin their opinion should bo more than sufi iieient for the purpose. During the latter'part ,of the year the difficulties of maintaining | the output of the old plant were increased due ,to the fact that the installation of tho new i.pliuit uas searing completion, but the re* j rtult of the year'n working has actually been more favourable than was anticipated* Tho new machinery commenced manufacturing oemeut during August, and is proving satisfactory. Cement of the lirst quality is beingmanufactured, and the Board is fully satis* tied that this modern plant will give the fav* ourable result that was expected ot* it. The Board expresses on behalf of shareholders its I appreciation of 'the way in which the management and other personnel at the works have carried on the operating of the old plant under trying conditions during the past year. The deepest regret is expressed at the recent death of Sir Joseph Ward, who had been chairman .of the Hoard since early, in 1929. The valuable services rendered to ,the company by him during his connexion with the Board are duly recognised. During the. ! year Mr George Shirtcliffe retired from the | Board, as he was proceeding overseas, and Mr j 11. L. Nathan was appointed to the vacancy. On Mr Shirtcliffe** return to New Zealand I he was appointed to the Board to fill the

vacancy cuused by the death of Sir Joseph Ward. Mr F. R. "Hogarth, a shareholder-direc-tor,, niid Mr C. M. Ollivier, debenture-director, ore the retiring directors, and both • being eligible. ■ offer themselves for re-election. BROWN, EWING AND COMPANY. Tiic net profit of (he above Dunediu drapery business- fell from .£'4084 in 1929 and £4077 in 1928 to £974 in 1930. The dividends have been maintained at the rate ruling for some years—9 per cent, ordinarv and G per cent, preference.