STOCK WITHDRAWN

Press, Volume LXX, Issue 21146, 23 April 1934, Page 13

STOCK WITHDRAWN

! GOVERNMENT ISSUE DUE I IN 1941 i j MINISTER GIVES REASONS . I [THE PEESS Special Service] WELLINGTON. April 21. | The Minister for Finance (the Rt. I Hon. J. G. Coates.i stated to-day that ' since July 1, 1933, the Government has i been offering 3 : ; per cent, securities Jat par to mature on November 15. i 1941. for public subscription, the pro- ! cecds being used to finance capital i expenditure on public works and to j meet maturing loans in so far as they I were not redeemed or the holders of , : the matured securities did not desire jto renew. In recent months invest- ! mail conditions had changed eonj siderably us was evidenced by the j rise in the market price of Govcrn- ' ment securities. • As a result, applications for 3 : ; per ; cent, stock and debentures had been i steadily increasing in recent months. | On the other hand, consequent upon J the successful conversion operations, < there were no public debt maturities i to be dealt with during this financial j year, so the Government's need for i additional capital was less than would : otherwise have been the case. Furlherj more, the budgetary position was such that every effort must be made to ' keep down expenditure upon interest. i "The amount already in hand, to- | gether with the probable receipts I from Slate investing departments duri ing the remainder of the year, v/ill, ' it is considered, be ample to finance I a public works programme of much ! the same magnitude us was provided ! for last financial year," said Mr i Coalcs. 1 "In these circumstances,"' concluded ■ the M-iistcr, "the offer of 3/' per i cent. slock and debentures to the publie is withdrawn, and no further \ applications will be accepted. Applica- ! lion moneys lodged with any dis- ' trict Treasury office, the Post Otliee, or any branch of the Bank of New ! Zealand on or before April 21 v/ill be j accepted for investment in the issue i which is now withdrawn." i DAIRY PRODUCE J LONDON QUOTATIONS The New Zealand Dairy Produce Board has received the following mar-1-rt report from its London otliee. dated April 20, 1934:- - Builcr New Zealand -Salted 70s < ln.-t week 70s;; unsalted 71s to 73s '7ls to 725); 70s equals approximately 7.98 d io.b. Australian-Salted 09s to 70s 'last week 09si: unsalted 70s '69s to 70s). : Argentine—Unsalted 70s 'last week; 70s) : Danish--58s f.0.b., 82s spot Mast week 61s. 84s >. Dutch—Unsalted 69s to 77s Mas! Week 70s to 775). Esthonian -Salted and unsalted 70s. Latvian-Salted and unsalted 70s Mast week 70s to 71 s». Lithuanian--Salted 69s to 70s Mast week 70s to 71s>; unsalted 70s '7os to 725». Siberian—6Bs. Butter market slow. Considerate variation of retail prices in different districts. New Zealand 9d to lOcl; Danish lid to Is. j Cheese New Zealand—White 42s to 42s (id j (4.43 d f.0.b.) Mast week 42s 6d>: col-; cured 41s 6d to 42s '4.37 d f.o.b.', Mast! week to 435). '• Canadian —White and coloured 52s lo 56s Mast week 52s to 56si. English—Finest farmers' 90s to 08; Mast week 90s to lOOsi.

Cheese market quiet. Retail price: I Nov Zealand (id. '; The board has also received the l'ot- ; lowing advice from its agents in Can- | ada:—Butter: Montreal 21 cents. New 1 York 23', cents. j FOUWAUI) SHIPMENTS FROM AI'STRALIA (rUESS ASSOCIATION TEI.EIRAM.) WELLINGTON. April 22. The Dairy Board has been advised by the Australian Board that it has fixed tlie minimum nrice at which Aus- ■ tralian butter may h;' sold for forward ■ shipment to the United Kingdom dur- ! ing the coming week at SJd and Biid. i These prices arc the New Zealand I f.o.b. equivalent to tlie Australian (c.i.f.e. minimum prices fixed. ■HARVESTING IN WAIMATE DISTRICT i DIFFICULT CONDITIONS MET j ' Though the yields of the grain crop.; i ' in the Wnimatc district this season arc 1 remarkably good despite the unfavour- ; able season, the monetary ivUirn to the farmer will be a little lower than I would otherwise have been the case because of extra harvesting costs. The 1 continual wet weather throughout the I fca:;on and extending into harvesting,! j time, resulted in the mills having 1o operate on crops which were consiclI crably flattened, while in it few eases ; ! the ground was so soggy that the mill ' ; was unable to work. ' It is not thought that the farmer | has been put to very much extra cost ' j through the harvest didicultie.s. but | the mill hands have had to earn their '. j pay over a considerably longer time.; I Th" harvest has been lengthened by : ab.jUt a month, and is oi.'lv now finishing. It has taken a third longer this year tlvni in an ordinary season. A mill-owner said that this season was the wettest he remembered. The nulls were severely handicapped, and' much lime was lost. It was the worst : year ho could recall from the point of view of mill-owners, workers, and' larmcr.;. The harvest has been made more 1 costly to seme farmers because thresh-, mg ircm tlie slook was impossible md stacking had to be done. Slack thteshing is now being carried out : In the Hook district the ilattenin:' of tlie crops was the worst. About Waimate. too, the sodden ground held uj !l ( arve opcTiUiom. causing bogging' ot mills in seme cases. The vields : however. will nu t be poor, 'while taking he district as a whole hey wi I be very satisfactorv. much better, m met, lhan expe :ted The '■"t.y of the grain, also, is much bei-' 1 han ajUieipated. bein;. quite good u) the mam. The harvest of pea crops has been , long diawn out. and not all is cut 1 WAR LOAN STOCK , ! otTJi'i.u. •.viiiKi.Ess ' j ' RUGBY, April 20. ;j British 3A per cent. War Loan stock I is quoted as follows: 1 ] £ f. d. j April 20 .. .. 104 13 9 i April 18 .. .. 104 13 9 I April 17 .. .. 104 6 3 f April 14 .. .. 104 6 3 Anril 13 .. .. 104 6 3 April 11 .. .. 101 6 8 |