FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 21991, 15 January 1937, Page 13

FINANCE AND COMMERCE

STOCK EXCHANGE ACTIVE SOUND WOOL PROSPECTS : The Christchurch Stock Exchange yesterday was again ■ with interest keen in Australian industrial issues. The business was fairly wide, and price levels were well 'Sained. Some stocks showed substantial advances. v> cablegrams indicate that in Great Britain and ' °lt there is a feeling that the present increased wool W ™-ill be maintained, at least for some months. The LonSTsales continue with prices firm and an active enquiry. inures compiled by the Meat Producers' Board show that , hj production in the South Island this season has so far lam SnSderably larger than it was last season. There has . in North Island production, but the total for the Dominion is larger.

LONDON WOOL SALES COMPETITION REMAINS STRONG COOP SELECTION OFFERED (tSPO TJBJKSS ASSOCJATION— (,'OJ'YKIGHT.) LONDON, January 13. AtU« wool sales. 5957 bales were dfettd. including 1787 from New Zeatoii A total of 8561 bales were sold, tteis was a good selection offered. jjieJyof Australian merinos. Competition was strong, the Home trade lecuring the bulk. New Zealand lots sold as follows: Gwasy crossbred. Panikau (top price jfid),: average 18id. WOOL URGENTLY BEQUIRED VERDICT OF LONDON SALES CREDIT A VITAL FACTOR LONDON, January 13. Oaivson, Sons, and Company, comoenftig co the wool outlook, states: •Londco's verdict may naturally be tjpecttti to give a further fillip to consuming centres. Raw material is urgently required in every textile centre of the world, and it seems that ianand for the moment has outpaced supplies. But it is impossible jet to gauge whether this eager call will fee permanent for the rest of the tmon. l u £be vital factor of credit will come ijto play and facilities will &jt to be considerably expanded to ccjs with ,the new situation. "Bradford topmakers are finding difficulty in''keeping pace with the rapid advance in prices, stocks of tops and taw wool are abnormally low, and the peatwt problem is the, temporary scarcity and dearness of crossbreds. But the'raw material seldom has occupied a stronger position in respect I to demand.and values." NEW ZEALAND OFFERINGS TiRGE PROPORTION OF WOOL SOLD "" A pgnificant increase in the quantity Mwool offered in the first six months ««« present selling season is shown atores of sales in New Zealand to jtesmber 31, 1936. compiled by DalWyjind Company. The 'figures also aowa most significant decrease in the ■wwt of wool offered left .unsold. JJ all selling centres, wool was sold «J follows: f ....- . Offered. Sold. s»l r," Bales. Bales. S?2 Dnt hs. 1936 .. 179,762 177.586 oKWojjjtfo jg35....... 171,625 160,359 A 1 unso 'd in the 1936 K P J? tall £ d " b " nly L2 P er cent, of SS er l»g-but m the previous period Wool aggregated 6.6 per cent. lirJS e < mg - The tolals include team V les sold in the off AFFECTS PRICES MAINTENANCE OF LEVEL '■ PREDICTED *• FSZ3S ASSOCIATIOH—COPrRIQHT.) Th. ~W A§ H IN GTON, January 14. ae Department of Agriculture rest for V i CB 3n indication that on account weign rearmament programmes. ( 0 , : pnces will maintain high levels <* of «?,?i, few months. Increased **£*2Ss officers' uniKf f contributed to the demand. •* on «; c £ ns "mer countries prices Wh *SS hjl ß he , st levels since 1929. *ldth*ili' su PP lies relatively small foike W™ and stron g- The maritime «as increased domestic prices. Em pire conference OPENED ,C °HMONWEALTH SUPPORT . OFFERED '> c£ BOUR NE, January 14. 'P*«W F ?efc C ? t - of E,n P iro w ° ol >/ «* PWm„ la . tlves - opened to-day l*?for ? Duhli^f ,mste i'' is considering bask C '& , and on an are present JP* Primp and South Africa. SwtS? B Mlnister > Mr J. A. Lyons, 0 ? of the Common: bKM °1 any Practical *B* « L Sa,d n he h °P e d that the «&W to !Lw onferenc e would be CT«£staS , ™ ce a " countries in «°°L HeXß ß3^ ll as Production l A, Wra& f^ a i ed that th e income m the sale of w °ol for -r°' ( l00,00O t Beason would be :' Sports of tallow WW 10 * from New Zea: 5 tons . compared with Xwlaftii corresponding period fc'fcwffiSiS t0 flgures compiled

HIGHEST EXPORTS SINCE 1930

BRITISH OVERSEAS TRADE RETURNS INCREASE IN IMPORTS ALSO RECORDED LAST YEAR (BRITISH OFFICIAL WIKELESS.) RUGBY, January 13. Preliminary returns of overseas trade in December and the totals for 1936 show an increase in exports last ■month of £5,598,931, compared with December, 1935, and the highest exports for any year since 1930. British exports last month were valued at £40,516,000. compared . with £38,441.349 in November. Re-exports were £6,100,000, against £4,342,816 in November, and £5,432,397 12 months before. The value of imports was £83,657,000, against £78,671,000 in November and £67,413,000 in December, 1935. For the whole of the year, exports totalled £440,719,000, compared with £425.834,000 in 1935, and £395.985,000 in 1934. and re-exports for the corresponding periods were £60,416,000, £55.303,000. and £51.243,000 respectively. In 1936 imports reached the value of £848,936,000, against £756,041,0C0 the year before and £731,413,000 in 1934. The increase of exports in December last was proportionately about twice as great as the increase of imports. WHOLESALE PRICE LEVEL (BRITISH OFFICIAL WIRELESS.) RUGBY. January 13. As measured at the Board of Trade, the average of wholesale prices last year was 6.1 per cent, highei -than in 1935. RECORD PRODUCTION OF BRITISH STEEL (BRITISH OFFICIAL WIKELESS.) RUGBY, January 13. More steel was produced in the United Kingdom last year than ever before. The output" of steel ingots' and castings totalled 11,698,200 tons, against 9,858,700 tons in 1935, which was also a record production, exceeding the previous highest tonnage of 9,716.544 in 1917. The production of pig iron last year was 7,685,700 tons, against 6,424,100 in 1935. , THE METALS MARKETS | (ÜBITED PHEES ASSOCIATION—COPYRIGHT.)

Fine, per oz 21Jd 21d s Standard, per oz .. 22. 13-16 d 22 11-16 d PRICE OF GOLD LONDON, January 13." Gold is quoted at £7 Is 7d a fine ounce. PRICE OF SILVER (BRITISH OTFICJAI. WIRELESS.) RUGBY, January 13. Silver is quoted at 21d a fine ounce for spot and 20Jd for forward. BRITISH WAR LOAN ■ (DUiriSH OFFICIAL WIRELESS.) RUGBY. January 13. War Loan, 3i per cent., is quoted at £lO5 ss. AUSTRALIAN PRODUCE SYDNEY MARKETS (UNITED PEE3S ASSOCIATION—COTYRiGHT. >' SYDNEY, January 14. The wheat market is firm owing to further sales to Italy. Bagged wheat is nominally 5s 6d, and bulk lots in the country 4s Bj,'d. equal to about 5s 3?d, ex trucks, Sydney. Flour—£l2 15s. Bran and Pollard—£6 10s. Potatoes—Tasmanian, £l4 10s; Vicr torian, £ 13. Onions—Victorian Globes. £22. Maize—Yellow, 5s 9d to 5s lOd. LONDON SHORT TERM MONEY MARKET LONDON, January 13, London discount and short loan interest rates are as follows: / .. ' Day-to-day loans, J per cent.; fine trade bills, three months, 2 to 2i per cent.; bank bills, three months, g per cent.; Treasury'bills, two months, \ per cent.; Treasury bills, three months, \ per cent. '

RESERVE BANK FIGURES

WEEKLY STATEMENT ASSETS AND LIABILITIES (PRESS ASSOCIATION TELEGRAM.) WELLINGTON, January 14. A Gazette issued to-night contains the following statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business on January 11: Liabilities

RAILWAY WORKING ACCOUNT DECREASE IN NET REVENUE U'IVESS ASSOCIATION TELEURAM.) WELLINGTON. January 14. The railway working account for the fourrweekly period ended on December 5, 1936, is as follows— Net Section. Rev. Exp. Rev. £ £ £ Kaihu .. 329 004 --275 Gisborne 1,621 1,779 —l5B North Island ! main line & i branches 316,828 294,984 21,842 South Island main line & branches 193,120 207.968 —14,848 Westport 6,148 5,207 941 Nelson . . 569 1,702 —1,133 Picton 2,354 3.427 —1,073 Total railway operation 520,967 515,671 5,296 Miscellaneous services 70.339 43,698 26,641 Total .. 591.306 559,369 31,937 The total revenue from April 1 to December 5. 1936. was £4.960,698. The total expenditure was £4.571.370. and the net revenue was £389,128. The totals for the corresponding Deriod last year were:—Revenue. £4,429.424; expenditure, £3,998,042; net revenue, £431,382. FROZEN MEAT NEW ZEALAND KILLINGS ' FOR EXPORT SOUTH ISLAND LAMB TOTAL INCREASES An increase in the lamb killing for export from the South Island is shown in figures supplied by the Meat Producers' Board. The figures show killings for export at all New Zealand works from October 1, 1936, to December 31, 1936. . North Island 193 C. 1935.

LONDON RETAIL PRICES The New Zealand Meat Producers' Board has been advised by its London manager that the following retail prices were being quoted for New Zealand lamb and mutton retailed in London during December. 1936.* These prices, represent a fair average of the prices quoted by the better class shops in London for the best quality of New Zealand lamb and mutton. New Zealand Lamb. Per lb. d. f - ..12 Shoulders .. .. 11 Loins .. -.11 Necks .. .. 6 Breasts .. .. 3 Forequarters .. .. 81 Hindquarters .. 114 New Zealand mutton (wethers):— Legs .. .. . 9 Shoulders .... 8 Loins .. •.. 8 Necks .. .. 4 ,; Breasts .. ..2

LONDON, January 13. Jan. 12. Jan. 13. Copper- £ s. d. £ s d. Standard, spot 51 10 0 54 5 n Forward 51 13 U 54 ,5 7>3 Electrolytic 56 0 0 59 0 0 to 57 0 0 59 10 0 Wire bars 57 0 /0 59 10 0 Lead- ' '• Spot 28 5 0 28 11 3 Forward 28 1 3 28 8 9 Spelter— ** Spot 21 18 0 22 15 0 Forward 22 1 3 22 16 3 TinSpot 230 15 0 231 5 0 Forward 230 12 6 231 17 6 Silver—

£ s. d. (1) General reserve Fund 1,500,000 0 0 (2) Bank notes 13,342,248 10 0 (3) Demand liabilities- - fa) State 3.963,656 3 4 <b> Banks 10.742.906 4 7 (c) Other 377,953 0 3 (-1) Time deposits — (5) Liabilities in currencies other than New Zealand currency — (6) Other liabilities 128.906 16 8 Total 30,055,670 14 10 Assets (7) Reserve— fa) Gold 2,810.790 0 0 (b) Sterling exchange 16,770,582 9 10 (c> Gold exchange — (8) Subsidiary coin .. 157,645 9 5 (9) Discountsfa) Commercial and agricultural bills — fb) Treasury and local body bills — (10) Advances— (a) To State or State undertakings— (1) Dairy industry account 5,751,058 14 0 (2) For other purposes 1.800.000 0 0 (b) To other public authorities — <c> OMier — (ID Investments 2.700,315 9 1 •(12) Bank buildings — (13) Other assets 74,278 12 C Total 30,055,670 14 10 Proportion oi reserve (No. 7 less 1 No. 5) to notes and other demand lia- I bilities, 68.851 per cent •

Chilled beef (qrs.) 34,108 25,387 Frozen beef (qrs) 3,350 11.901 Wethers (carcases) 57.378 134.825 Ewes (carcases) .. 12,750 14,102 Lamb (carcases).. 1,308.617 1,353,226 Porkers (carcases) 83,201 96.253 Baconers (carcases) 97,032 79,985 Boneless beef (ft. carcases) 26,692 55,712 Boneless bobby veal 54.093 32,145 Sundries (carcases) 39,358 41,104 South Island - Chilled beef — — Frozen beef 148 — Wethers 13,359 9.940 Ewes 1,722 629 Lambs 295,666 204,596 Porkers 4.563 5.203 Baconers 5,278 / 4.206 Boneless beef 1.281 2,092 Boneless bobby veal 13,576 12,425 Sundries 5,968 4,552 Total Chilled beef 34,108 25,387 Frozen beef 3,498 11,901 Wethers 70,737 144,765 Ewes • 14,478 14.731 Lambs 1,604.283 1,557,822 Porkers 87.704 101,455 Baconers 92,310 84.191 Boneless beef,- .. 27,973 57,804 Boneless bobby veal 67,672 44,570 Sundries 45,320 45,656 Stocks on hand in stores in New Zealand on December 31 i 1936. and Deccmber 31. 1935, are:— 1936. 1935. Chilled beef 2,332 1,594 Frozen beef 2,459 10,480 Wethers 28.953 56.368 Ewes 6,518 7,407 Lambs 750,704 480,543 Porkers 33,551 • 31,041 Baconers 32,359 32,818 Boneless beef 13,532 33,745 Boneless bobby veal 79,651 69,075 Sundries 18,265 21,156