INTEREST RATES.

Press, Volume LXIX, Issue 20919, 28 July 1933, Page 13

INTEREST RATES.

STATE INTERFERENCE. COMMENT BY COMPANY DIRECTOR. (racss ASSOCIATION telugum) WELLINGTON, July 27. Speaking at- the annual meeting of the Wellington Investment Trustee and Agency Company, the chairman, Mr G. Watson, said that the company and similar concerns had been affected by the adverse economic and trading conditions as they derived their income and, consequently, their profits, from interest payments. This adverse influence on the company had been greatly increased by the legislation passed by Parliament In an endeavour to mitigate the general financial stringency. Such legislation had arbitrarily reduced interest payable under contracts made between the company and its borrowers, had reduced the interest earned by the company's liquid assets and had made it impossible for u, company to pursue the remedies which were provided by its contracts in the case of default. It was not necessary for him to express an opinion whether this legislation conferred on the community as a whole the benefits which those who sponsored the legislation so confidently predicted. The legislative destruction of contracts involved the destruction of confidence and the lowering of ethical standards of business in the community. Until such confidence was restored and until capital was again running through its former channels, so long would the financial recovery be retarded. Unless such confidence is ultimately restored to the private investor it might well happen that the legislature might find itself confronted with the task of being the only provider of funds to satisfy the future requirements of farmers and traders.

WHEAT TIIADING.

CARGOES, PARCELS, AND FUTURES. LONDON QUOTATIONS. fCKIXED rueas assoiiatk'.v— bt eljctbic 'ITLBOBiVH—COPYRIGHT.) LONDON, July 26. Wheat cargoes are firm on Canadian advices. Manitobas are held for an advance of Is 3d. Australians are unchanged and inclined to ease, the demand being inactive. Parcels are steady, but brilliant weather, combined with free offers of Russian, German, and French, kept buyers out of the market. Futures are quoted: July 20. July 24. s. d. s. d. London (a quarter) September .. 25 3 24 5 h December .. 26 1 25 1 February . . 26 C 25 10 Liverpool la cental) July ■• 5 8| 5 55 October .. 5 lOy 5 7J December .. 6 01 5 9 J March .. 6 3 5 112 i

WORLD GRAIN EXHIBITION.

AWARD FOR SOUTHLAND MAN. REGINA, July 2G. Herman Tielle, of Wembley fAlberta), captured the championship for hard spring wheat in 10-bushel lots, considered the second most important award at the Regina world grain exhibition. .., ~.„ Other awards include D. McGill (Southland, New Zealand) seventh for white oats, medium or late.

SURPLUS WHEAT.

FURTHER SHIPMENTS. The Shaw, Savill and Albion Company's motor-ship Karamea, which is due at Lyttelton this afternoon to load, will include in her cargo from Lyttelton 14,000 sacks of wheat. The Federal steamer Cambridge, which is to commence her final loading at Lyttelton on Monday, will take in 25,000 sacks. Two other shipments of wheat for the United Kingdom will be made from Lyttelton within the next fort-

night. DOMINION BREWERIES, LIMITED.

REDUCTION OF CAPITAL PROPOSED. LTHE TRESS Special Service.l AUCKLAND, July 27. At the annual meeting of Dominion Breweries, Limited, a resolution providing for a reduction of capital from £250 000 in shares of £1 each to £.IOOOOO divided into 160,000 shares of 12s 6d each was submitted. Consideration was adjourned for a month. Referring to the loss of £14,002 for the year, the chairman said that a considerable amount consisted of debit hSces brought forward, and the $K?s thought it advisaUeU extinguish these accounts altogether. KTwas a debit balance m the appropriation account of £Boot>.

THE RAILWAYS

LATEST REVENUE FIGURES. u-KEi-i association: telegkam.) WELLINGTON, July 27. The railway working account for thJ four-weekly period ended June 24, 1933, is as under:— Net Rev. Expend, rev. Section. n £ v - £ £ 104 39G Y212 Kaihu •• fiaß 12 96 '6OB North Island mainline* m 208619 ,2,850 branches .. u ' South Island main line & 15669(} 150,546 0.150 branches .. "».»$ 4 ' OOT 1,140 Westport - 1 -'-' 1182 T 438 Nelson 1 346 2 ,036 '690 Picton •■ Total railway flB 2 ,502 operation .. •»•».*' Miscellaneous 26?07 20>683 services •■ *' ,J __ ■ _.~, Total " iMinus. 6 £&^ P i rU The Jun ? Z4, £1.183,174, and total expenditure w« £]21047> the net pcrThc totals 'oi £1,416.500, iod last year net revenue expenditure £i,<«'*>< >1 "' £192,253.