TRADE OUTLOOK.

Press, Volume LXVII, Issue 20412, 5 December 1931, Page 12

TRADE OUTLOOK.

SIGNS OF IMPROVEMENT. A WELLINGTON VIEW. [THE PRESS Special Service.] WELLINGTON, December 4. The occasion of the annual meeting of the Wellington Stock Exchange yesterday was taken by the chairman, Mr E. Uueholz, to review the financial conditions of 1931 and specially refer to the suggested reduction of interest rates by law. In moving the adoption of mittee's report and statement of accounts, Air Bucholz said that the past year would probably go down in history as one of the most extraordinary periods in financial experience. Nations, both rich and poor, had more or less suffered alike. Naturally in New Zealand they had had to take their portion, but the solution of the world's troubles was not at this end. New Zealand's only consolation was that the best brains of all the nations were endeavouring to find some remedy. During the past two years investors in j.ll classes of securities had been in tlio unhappy position of watching their assets steadily shrink in money value, whether such assets were in stocks and shares quoted daily or in houses, farms, or mortgages, where the losses were unknown until something drastic happened. "During this period," 'Mr Bucholz continued, "sharebrokers and their clients have had to face difficult problems as something of an unexpected and extraordinary nature always appeared to crop up. Until about three months ago the trend of everything appeared to be downwards, but since then, I am glad to say, the value of many commodities has improved, and although ups and downs must be looked for, the general feeling is that we have touched bottom and the worst is over. However, it must not be forgotten that we have slipped a long way, and it behoves everybody to watch wasteful expenditure not only personally, but more j particularly that of a national character, whore large public loans , mean a heavy burden in interest charges. Interest Rates"The most important matter for this Dominion in the near future is to keep its credit good, and I wish to make j quite clear the attitude this Exchange adopted on the question of a general reduction of interest by legislation. We have expressed the opinion in the Press and cJsewhere that any statutory reduction of interest would be likely to prove harsh and unfair, as it would be almost impossible to separate hardship from affluence, and any such reductions in many cases would lead to greater hardship on the paTt of the lender thaa the borrower now suffers. "Dealing with reductions of interest on Government and local body loans, we have said the overseas money now in the Dominion would gradually be withdrawn and the inflow of capital from abroad would probably cease; also, the British lender would view such action most distastefully and the high and honourable position that New Zealand now holds in the eyes of the British public would be irretrievably lost. I hardly think one is altogether justified in yet striking a too optimistic note. I can only say there is ft considerable improvement as regards stocks and shares. It is a noticeable feature recently that people are starting to buy who have consistently held off doing so for a very considerable time, and, generally, there are now more buyers about seeking investments of a conservative nature. "In conclusion I would say that we have had enough of pessimism, whicfl is helpful to neither business nor temperament, and the brighter outlook should be kept steadily before us."

NEW AUCTIONEERING FIRM. C. E. JONES, LTD. Mr C. E. Jones and Mr A. L. Jones, who have been for many years associated with the firm of Jenes, McCrostie Co., Ltd., are starting in business as general auctioneers and estate agents, on January 3rd next, and have leased the premises now occupied by Messrs Wallace and Wade at 174 Manchester street. Mr C. E. Jones, who was for seventeen years managing director and auctioneer of Jones, McCrostio Co., Ltd., has been associated with the auctioneering business in Christchurcii for the past forty years.

WHEAT POOL. LfABILITY IN CANADA. (UNITKD MMS ASSOCIATION—B* BUtCTftIO TBUSft»APH—COJPTBIOHT.) WINNIPEG, December 3. The total liability of the three prairie provinces on account of wheat pool guarantees is 22,217,302 dollars, according to a statement by the Premier (Mr J. Bracken) of Manitoba today. The three Governments, having taken over the assets of the pool as security, have settled with the banks. The extent to which each province will be able to realise on its assets will determine the amount of loss, if any, each may have to bear. WHEAT CARGOES. LONDON AND LIVERPOOL. {UNITED PRESS ASSOCIATION-—tit ELIOTRTC TELEOBAIH —COPYKIQHT.) LONDON, December 3. Wheat cargoes are easier and parcels have dropped by from 6d to Is. Futures: —

The spot trade is quietly steady. Australian (ex ship), 30s 6d. Flour—The market is firm. Australian (ex store), 21s 6d and 225. Oats are 6d dearer. Peas and beans are steady. AUSTRALIAN PRODUCE. MELBOURNE MARKET. (XJXITED PRESS ASSOCIATION—BT ELECTBTO TEtSOBAfH—COPtBIOHT.) MELBOURNE, December 4. AVlient—3s Id to 3s 3d a bushel. Flour—£B Gs a ton. Bran—£s a ton. foMiu'd—£s 5k a ton. lliii*—2s to 2s Id. liwrlcv—Ert-iish ra. Unit':--"* Ml.

Per quarter. Loudon — s. d. December ... 25 8 February 25 9 June 26 8 Per Liverpoolcental. December 5 3$ March ... / 5 84 May 5 104