FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20334, 5 September 1931, Page 16

FINANCE AND COMMERCE.

EXCHANGE RATE. INCREASE SUGGESTED. BAD EFFECT ON TRADE FEARED. irnLisa association telegram.) "WELLINGTON. September 4. Current suggestions that the bank rate between New Zealand and the United Kingdom should be increased to 25 or 30 per cent, were the subject of discussion at a special meeting of the Council of the Wellington Chamber of Commerce this afternoon. In view of what Mr J. Myers referred to to-day as rumours that the report of the Special Economic Committee would be presented early next week, the question was accorded some urgency by the Wellington Chamber and a special meeting of the Importers' Committee was held on Thursday. The report of this committee was presented i'or discussion to-day. The resolution passed was as follows; —"That the instituting of a managed exchange rate between New Zealand and abroad would so.disturb the l-> 0 ~ minion's trade that it should not be entertained without clear evidence being set out that it would bring relief, otherwise unobtainable." The resolution was an adaptation by Mr W. B. Matheson, of a more strongly worded resolution submitted to the Council by the Importers' Committee. In its report, the committee said that it had considered a proposal that some benefit would accrue to the Dominion by an increase in the bank exchange between New Zealand and the United Kingdom' to 25 or 30 per cent., the present ruling, rate between Australia and Great Britain. Tho committee, after considering many aspects of tho question, was of the opinion that any artificial interference. by way of a managed exchange would hare a disastrous disturbing effect upon New Zealand. At the request of the chairman, Mr L. A. Edwards, representing the British (U.K.) Manufacturers' Association, addressed the Council, Mr Edwards said he was seriously afraid that if 20 per cent, extra were added to the rate, New Zealand would not be able to import, and hence, if she could not import, she could not export. If they were grting to do_ anything which would prevent .the importation of goods into New Zealand they were going to force England ■to look to the Argentine as a market for her exports, and as a source for imports similar to their own. • EXPORT OF APPLES. ' .... • j I A NEW RECQRD. :r'* (VSSM AMOCXATIO* : WELLINGTON,! September 4. Tho Minister for Agriculture (the * Han. A. J. Murdoch) visited a meeting ' of the JVuit Control Board yesterday. ' Mr Murdoch said it-was a matter .for gratification that new records for marketing had been made during the 1930 season. A total of 880,000 ; cwt. at uppies was exported from the Dominion last season. Not only had new records been made-in apple export, but nliut in the pear, cheese, butter,' and lamb trades. The Minister read a cablegram from - the High Commissioner'in London urginc a continuance of the: present dis- - trumting system, especially in early seasons, even if the quantity per ship is not season, the maintenance of the present standard of packs and the retention in London of the present representation for a fixed period., with regard to the question of. the , Government guarantee,,, the Minister ■aid that the aim was ,to dispose of that guarantee ultimately. CROSSBRED WOOL. MARKET PROSPECTS. (TKUS ASSOCIATION TS&WWUC.) AUCKLAND, September 4. Aparently there* is no likelihood of any improvement in values, particularly for crossbred wool, for a considerable time, said Mr A. E. CJoombe, a prominent Australian woolbuyer who is passing through Auckland after a world tour. He said that few on this side of the world realised the , serious condition of affairs, financially , and in Europe, tln America he found the woollen mills doing much .more business than for several years, bat it must bo fully realised by the wool exporting countries that the United States was now producing .almost enough to meet its own reguireinents. He held little hope of an im- ' prorement in wool prices this year. PRICE OF SILVER. ; CONFERENCE TO DISCUSS f PROBLEM. (VKRSO roses ABSOCIATIOK«-3Y KUSCTEIO TEIJSOSAPH— copybight.) WASHINGTON, September 8. An unofficial international conference v 'of financial experts will be held in Paris on September 17th, under tho ' , auspices of the International Chamber 'of Commerce, to study the. problem of .. 'tho depressed priqe of silver. '■ The meeting, whicli was announced to-day far the American section of tlje , International Chamber of Comznefce, was recommended fit a. meeting of the International 'Chamber here last May. Experts have .been invited from Britain, France, India, China, Japan, and the United Mates. . ' conference has peon called, it • vm sftiSf not with soy ldcsx of stabilise Ins tho price of silver, but to advance, ir possible, suggestions to prevent its itfde Hnctuation. _• LATEST QUOTATION. (■aims cmcat wnntw-) 1 RUGBY, September 1. Silver is quoted as follows:—: Spot ud

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UNITED STATES BOND ISSUE. OVER-SUBSCRIPTION ANNOUNCED. (united press association— by elictbio TELEGBAPH —COPYRIGHT.) WASHINGTON, September 3. The 800,000,000 dollar bond issue is over-subscribed. [The United States Treasury announced on August 30th the issue of 800,000,000 dollars' worth of long-term bonds, maturing in "24 years, but callable in 20. The issue bears the lowest rate of interest of any similar security since the war—only 1$ per cent. It is the third issue of bonds by the Treasury in the present calendar year.] FRUIT-GROWERS. CONFERENCE OP FEDERATION. (FBISB ASSOCIATION TILESXAIt.) WELLINGTON, September 4. A proposal for the improved local marketing of fruit was adopted by the New Zealand Fruitgrowers' Federation to-day. It was recommended that the Federation and Board should take up the administration of the "Dominion mark scheme," a voluntary scheme which provides that fruit shall bear a label indicating that it is of a certain standard. In presenting the report or the internal Sales Committee, Mr W. A. Tate (chairman) said fruit-growers had a national duty to supply the public with fruit of the same quality as that sent overseas and at a price of parity. To do. so they must have unity among, themselves and a definite plan to market fruit and to place it within reach of the consumers. So far they had failed to gain any of their objectives. The conference passed a resolution that the Federation . make another strenuous effort to secure the legislation necessary for compulsory standardisation and an alteration of the voting basis in the Act relative to , local control. DAIRY PRODUCE. ENGLISH QUOTATIONS. ("UNITED PBFS3 ASSOCIATION—BY BLICTHIO TELEGRAPH—COPYBIQHT.) LONDON, September 3. The butter market is dull. Quotations are:Danish —124s a cwt. Ohoiceirt Salted—New Zealand 110s to 112s a cwt, Australian 106s to 108s a cwt. Unsalted —About 2s premium. The cheese market is quiet. Quotations are: — - , . ' New -Zealand, white 61s to 625, coloured 63a to' Australian, whit® 59s to 60s, coloured 61* to 625. 1 LONDON QUOTATION^. Dal/tety and Co., Ltd., have received the following cablegram from Samuel Page-Mind Son. dated London,. Soptewbcr 3rd, 1931; sloyr. Danish 122s to 1245, finest New Zealand 100s to lll»> fine ®' Australian unsalted 107s. to 10.95, salted 105s to 107s, g.a.q. 100s to 104s. Oheeso—Market firm. Quotations; New Zealand white 60s to 61s, and coloured 61s to 63»; Canadian spot, white 60s to 61s, and coloured 61b to 635; Canadian c.i.f. 58s .to. 60s; Australian white 59s to 60s, and col-, ouxed 60s toe 61s. : ' ;■ * t A. 8. Patprson and Co., Ltd., have received the' following cablegram from their principals,: J. and J. iiqnsdale and ,Co. {London),; fytd.:-—! ' 'Butter—Slightly less depressed, little mors enquiry," prices steadier. Danish 1235, New Zealand 110s to 11,1s, Australian to 107s. "Oheese-r-Market very dull. Canada lower. White cheese. 60s to 61s, coloured cheese 62s to 635." TTh»< National Mortgage and Agency Co.: ofN.Z., -Ltd.,' have received the ■, following cablegram from their A. J. Mills and Co., Ltd-.. London' J'Bntter—Market slow. New Zealand finest 110s tQ ' Ills. - New Zealand unsalted 110s' to 112s. New Zealand firsts 100s; Danish 118s; to 130s. Australian 103s to. 107s. Continental market Improving. Cheese —Market slow. New Zealand white 60s -to 615,-New Zealand; coloured 62b to 635. ' ....