FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21423, 15 March 1935, Page 13

FINANCE AND COMMERCE

JVHEAT TRADE IN AUSTRALIA INTEREST IN T N.Z. .MARKETING COMI'U.KOKY SCHEME PROPOSED The propo.'-al of the Australian wheat commission that a compulsory marketin* scheme should be established, which was the subject of a cablegram printed yesterday morning, are regarded here as an indication that Australia will organise some such system »s operate:.- in New Zealand under [he Wheat Purchase Board. The particulars given in the message were meagre, but enough was said to make it appear that Australia may follow the lead of New Zealand. Discussing llie message yesterday, jilr B. J- Lyon, a member of the Wheat Purchase Board, said that the problems in the two countries were essentially different. New Zealand's exports of wheat were unimportant for the most part, but Australia exported more than half of the wheat that she produced. In New Zealand the idea of control was to even prices among, farmers, the industry being protected from imports by a system of duties. Australia would be an exporting country whatever happened, and the energies of the Australian authorities had been bent toward keeping the wheat farmer on his land. Payments to Farmers In the last four years, payments amounting to £10,000,000 in cash had been made to Australian wheat growers, and under the- recommendations of the commission, up to £4,000,000 would be paid this year as a subsidy to growers. The Australian effort was to give a return to the grower of 3s 6d a bushel, f.0.b., and the payments made by the Federal Government were to build the price up to this from the export level. Part of the payment was recovered from a tax on flour. The Australian method was much more expensive, said Mr Lyon, but it had to be done, because so much wheat 'and was useless for anything else, and though the producer was producing at a less, the Government was keen to sec him stay on his land, and was prepared to pay so that he might do so. Wheat is the most extensively grown crop in the Commonwealth, and normally accounts for more than twothirds of the crop land. Because of the low level of world rates. Australian wheat growers, with their substantial surplus for export have for some years been having a very difficult time. The average Australian yield is low. less than 12 bushels an acre, and production is greatly dependent on the weather. The consumption o; wheat by Australians is remarkably high. Australia has tried many systems of control of the market, but none cf them seems to have survived for any tmc. It is thought here that the latest move may be an attempt to follow the lead of New Zealand, because Australian interests have shown great keenness during the last year to obtain information on Ihe working of the regulations here. The Wheat Purchase Board has been most successful in dealing with the industry in the Dominion. REPORT OF AUSTRALIAN COMMISSION MAY NOT BE ACCEPTABLE TO GROWERS (D7TITED PHSSS ASSOCIATION —BT ELECTRIC TELEGRAPH —COPYRIGHT.) SYDNEY, March 14. Mr B. S. B. Stevens (Prime Minister) says that although he had not had time thoroughly to examine the Wheat Commission's report, he had formed the impression that in some particulars the recommendations did not meet With the approval of the state Government or wheat growers. CARGOES, PARCELS, AND FUTURES LONDON AND LIVERPOOL QUOTATIONS LONDON, March 13. Wheat cargoes, after a dull opening demand, became more active. There was large business in cargoes by the tailing ships from Australia. Parcels were lid to 3d down, at Which fair trading was done. Futures are quoted:—■ Mar. 11. Mar. 13. s. d. s. d. London fa quarter) April .. .. 20 3i. 20 6 June .. .. 21 li 21 3 Liverpool (a cental)— March .. ..4 7.'. 4 7J May .. 4 lOg 4 II.JJuly .. ..5 1 5 11 October .. 5 3J 5 3? GUIDE TO ADVERTISERS VALUE OF NEWSPAPER PRESS DIRECTORY u The ninetieth annual issue of the Newspaper Press Directory" has just , appeared, and there can be little doubt # that the hope of the publishers that Jhe work maintains the standard of its Predecessors is fully realised. A wealth with rmation on all matters connected inn and other forms of bn t tic activit - v is contained in the d«i t As in lor mer issues, a good fa?t Prominence has been given to ini£- and statistics about trade, and aio- 5 conn exion a number of articles «e included in the pages of the DirecItnl' an ? on S them being one on IntertSS al trade - dealing with the export jntril 5* the country and its Empire arJ r ma ' n features of ihc publication of • of course, a carefully compiled list £ newspapers and periodicals. These »a«iT ra ?£ ed geographically and topoatelv n.i y and classified approprilfltt; • ther welcome features of the ■SvLS are a resume of the 1934 ■SS*frtismg business under the title j^ ln Ss that Matter in Advertising," ne\Ll Slmilar article upon the modern Jiori£^ Pe i world, "The Trend of the 3KS? Pre ss." Included with the Bano. V? as a supplement is a NewswJ^ p ,° f Great Britain and Ire " anart nich has a considerable sale Whirl, rom the book. The volume, Vjj'fjontains more than 620 pages of the a» . !nfor mation for the advertiser. WJ, *' and the journalist, is puband rvL 6s 6d) bv Messrs C. Mitchell I Wc?gSi Ltd -' 1 and 2 Snow Hi]1 '

—* RESERVE BANK WEEKLY STATEMENT ASSETS AND LIABILITIES II'RESS ASSOCIATION TELKGKAM.) WELLINGTON, March 14. A Gazette issued to-night contains a statement of the assets and liabilities of the Reserve Bank of New Zealand, as at the close of business on March 11:--

WOOL LONDON SALES PRICES .MAINTAINED LONDON, March 13. At the wool sales 8012 bales were offered, including 346 from New Zealand and 4384 from Australia. Approximately 6625 New Zealand and Australian bales were sold. There was a good clearance to Home and Continental account, the opening levels being maintained. New Zealand eales: Greasy crossbred. The Cliffs, top price 10.1 d, average 7Jd. DAWSON'S REVIEW LONDON, March 13. H. Dawson and Company's report on the opening London wool sales says: "Yorkshire trade generally is sensitive to the ultra-nervous condition prevailing in most commodity and financial circles. ' "The cotton slump docs not improve wool chances. Japanese have reduced operations; nevertheless there are strong, hopeful factors which may be effective in the near future. The pressing need is for greater outside support, and it is hoped that Russia will return to the market at an early date." SYDNEY SALES GREASY MERINO MAKES 18d SYDNEY, March 14. At the wool sales 10,156 bales were offered, 9279 were sold, and 801 were sold privately. There was very keen and general competition for all good wools, which were quoted 5 per cent. above the previous day's rates. Other descriptions were unchanged, and inferior sorts continued to display irregularity. Greasy merino made to 18d. ENTRICAN, SIMS AND CO. • REDUCTION OF CAPITAL Resolutions reducing capital to £62,979 16s and cancelling arrears of dividends on preference and A. preference shares to March 31, 1934, were unanimously adopted at an extraordinary meeting of shareholders of A. J. Entrican, Sims and Company, Limited, general merchants. The reduction was effected by writing down 9000 A preference shares from £1 to 17s 6d, 69,392 ordinary shares from £1 to 13s and cancelling 1000 A preference shares which had not been taken up. Preference capital remains unchanged in 10,000 shares of £1 each. CARLTON BREWERY Carlton Brewery, Ltd., reports a net profit of £73,845 for the year ended December 31, compared v/ith £72,306 for the previous year. With £128,170 brought into the accounts, there is available £169,336, the interim dividend of 4 per cent., paid last September, having absorbed £32,679. Final dividend of 5 per cent., making 9 per cent, for the year, required £40,849. THE POTATO EMBARGO TASMANIA AND VICTORIA New Zealand is not alone in having an Australian embargo placed on its potatoes. Tasmania is new under the ban The Premier of that State m a speech at Chudleigh, said it was • a question whether Tasmania would not place an embargo on flour from Victoria. -Despite the attempt of Canberra ofhciyls and the counter threats of Victorian spokesmen, said Mr Ogilvie, the Tasmanian Government would not be deterred in doing its duty for the protection of Tasmanian cereals should the reports they receive justify action. Mr Ogilvie added that the north-west coast of Tasmania was a suburb of Melbourne. Even the hotels were stocked with Victorian beer to the exclusion of the excellent local product, and few women thought they were properly attired unless wearing a Melbourne-made dress, although equally good dresses could be made by their own people in Tasmania. Unless they exhibited a different spirit they could not expect to have the same consideration as might otherwise be forthcoming. On Ihc stoppage of this Tasmanian trade to Viclorh the price in Melbourne jumped £2 a ton to £ll for best.

Liabilities £ s. d. (1) Paid-up capital .. 500,000 0 0 (2) General Reserve Fund 1,000.000 0 0 (3) Bank, notes 9,134,041 10 0 (4) Demand liabilities — (a) State 12,325,998 8 7 ib) Banks 4,648.340 17 4 tc) Other 7,480 5 10 '.5) Time deposits .. — (6) Liabilities in currencies other than New Zealand currency — (7) Other liabilities 50,280 16 1 Total 27,716,147 17 10 Assets £ s. d. (8) Reserve— (a) Gold 3,001,731 0 0 lb) Sterling exchange 22,454,687 9 2 (c) Gold exchange _ (9) Subsidiary coin 179,073 18 11 (10) Discounts— (a) Commercial & agricultural bills ... (b) Treasury and local body bills _ (11) Advances— (a) To State or State undertakings (b) To otner public authorities (c) Other — (12) Investments 2,057,539 0 5 (13) Bank buildings (14) Other .assets — 23,116 9 4 Total 27.716,147 17 10 Proportion of reserve (No. 8 less No. 6) to notes and other demand liabilities 97.29 per cent.