LOAN OF £100,000.

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

LOAN OF £IOO,OOO.

LONDON OFFER ACCEPTED. I THE PRESS Special Service.] .AUCKLAND, November 17. The Auckland Power Board accepted an offer to-dav ot a. loan ol £IOO,OOO ut <3 per cent, in Loudon in connexion with the purchase of additional plant for the King's wharl station, required owiiv r to the breakdown at Arapum. The Board was notified by the Bank or New Zealand that ir, had received cable advice that J. and A. Sci irngeour could sell the Board s debentures privately at 98 per cent less expenses, amounting approximately to yj per coll t. for settlement on December Ist, interest being payable on June Ist and December lst._ The quotation wais for a loan at 5 per cent. The Board decided to reply that it was preoared to accept the offer of a loan of' £IOO,OOO on the following terms: —Discount 2 per cent., other expenses approximately 2} per cent., and interest at the rate of 5 per cent. This meant that the Board would net £95 5s per £IOO. The chairman, Mr W. -J. Holds,worth, said the loan would be at about f>'. per cent., which was about the best made for some time on the London market. The idea was to get a straight-out loan of £IOO,OOO, and (here was another proposition for £ KM),000 .spread over a period. The Hoard was continuously having to fccnd largo sums Home, which were beinp; killed by the exchange rate. By having a credit there the Board would save a considerable amount. The Board had rover vet had a loan costing less than 4 J per cent The offer was a very fair '•lie, considering that 'some countries were bavins difficulty jn raising monev.

FRUIT PRODUCTION. IMPERIAL RESEARCH BUREAU. I THE PRESS Special Service, j WELLINGTON, November 17. .Engaged at present on a tour of the Empire to establish personal contact with correspondents in most parts of it, JYJr ({. G. Mutton, director of the Imperial liurenu of Fruit Production and oi the ICast -Milling Fruit Research Station, arrived in Wellington by the Mauufiariui to-day, accompanied by Mrs Hatuor.. While in N6\v Zealand Mr Hatton will visit and inspect the various fruit-growing districts, and will advise and confer on the subject of fruit research in connexion with the scheme recently launched by the Government He has already visited Canada, where he inspected the fruit research institutes and famous fruitgrowing areas. After leaving New Zealand he will visit Australia and return to England via Java and Ceylon. The Imperial Bureau of Fruit Production, Mr Hatton explained, has its official correspondents in all parts of the Empire. This personal visit would lie of value to the Bureau in its work rnd would enable it to deal more effective! v with requests received from correspondents. Mr Hatton's survey of the conditions obtaining in different parts of' tlie Empire would furnish it with data that would make possible more valuable replies to requests for information coming from any particular district. That was the main purpose of the tour, said Mr Hat-ton.

HIGH COMMISSIONER'S REPORT. [THE PRESS Special Service.] WELLINGTON, November 17. The Department of Agriculture hac received .the following cablegram, dated 36th ! ir.stant, from the High Commissioner lor New Zealand, London s TALLOW. A\ictiuns H'iti nesl %voek, when ih* catalogue will be small. The market is qv.ict with little change in vahieu. APPLES. The market is siov.\ Presont quotations are: British Columbian Jonathans, 8s to H;s; Oregon 10s to 12s Gel; Califoinian Newton, 8s 6d to 9s 6d. EGGS. Plentiful supplies of colonial are available, and quotations for - these are fairly well maintained, but new-laid values are trer.lcor. Cheaper grades are steady at Quotations art: English National mark, lGs 6d to 27s Ccl; English 'ovdinary pack, 21 r to Danish, 21s to 225; South African 13s Gd to X7s; Australian, 14s Gd to 17&. HEMP. Manila —The uiarltefc was firmer early this, v/cek and on the reserve of sellers ''K.'* grade November-Januory shipments sold up to £23 15*, but closed easier at £23. Sisal—The market improved in sympathy with Manila. Tanganyika first grade good trarks November-January shipment sold at £22 10s. Fair average quality Ocfcober-De-ccmbcr shipment is now held for J£22, and second grade for 20.i less. Mexican—The market is unchanged. Kcw Zealand—Small business is confined to oddments left over from last season at unreported prices. Values nominally are unchanged WOOL. On the Bedford market the firm, tone iOL* pierino tops was well maintained. Fine crossbred is fiteady but. medium crossbred and coarse crophbred are slow with prices slightly reduced. Present guot&ticns for

tops are.: a. W. *. 6. 64 ? a •warp .. .. 2 1 io 2 IV Average 'i 0 io '2 O5 sf>\s .. .. 1 Zh 50's pjepavrtd .. .. 1 U 4C'tr prepared -• ..0 KU SHORTHORN SALE. MRS A. C. TGDHUNTER'S HEKD. The dispersal sale of the Shorthorn herd of Mrs A. C. Todhunter, of Coutts Island* was held yesterday by Messrs Dalgety and Co. and the N.Z. Loan and Mercantile Agency Co.. in 'conjunction. The herd was purchased in 1928 from Sir Leonard White. Rakaia, being founded by Mr White in with purchases from the studs originally controlled by Messrs C. M. Threlkeld, 11. E. Fineham, Henry Pannett. W. B. Cunningham, and J. C. N. Grig/?. The Latigley herd had been strengthened from time to time by the importation of both bulls and cows from Great Britain. Two importations of Mr White were Collynie Proud Knight, by whom most of the younger stock yesterday were sired, and Prince Paul. The offerings comprised 79 head—3l cows, 34 heifers, and 14 bulls. They were brought forward in excellent order, reflecting credit on the herdsman, Mr It. Allison. The heif. ers, notably the three-year-olds, were a particularly fine lot. The attendance of farmerw and breeders numbered about 150 head. Included were a number of North Island visitors, but although they were bidders, no oattle were purchased for shipment north. Local buyers secured the bulk of the offering, with a few head going to the south. The arrangements for the sale were most complete, and the disposal was got through with a minimum of delay. Considering the drab market conditions generally and the fact that beef oattle breeding is little in the picture at the moment, the sale must be deemed a fairly satisfactory one. The 79 head averaged something over £23, and every beast was sold. Amongst the highest prices for cows were: 50gns, 42agns, 35gns, 32*gne, 31gns. 30gns, 27jgDs, and 27gns. A 15-year-old row, Maid o? Windsor, bred by his Majesty the King, made 31gns. Best heifer prices were: 50gns, 39rns. 88%gns, and S23tgns. Top prices for bulls were: 50gns (for the 22-months-old Greenhill Prince Paul). A yearling brought 32£gns, an-other 25gns, and two others 20gns, the balaoce soiling disappointingly.