FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22418, 3 June 1938, Page 15

FINANCE AND COMMERCE

NEW YORK MORE CHEERFUL DAIRY ADVANCES INCREASE More healthy conditions on the New York market have induced a brighter tone in Australia, where a number of advances were recorded on the Stock Exchange yesterday Trad- ' ing was, however, not particularly brisk. Locally there was a moderate turnover and a number of advances in price. An increase of £521,800 in the total of advances from the Primary Products Marketing Department Account is shown in this week s Reserve Bank figures. Sterling exchange held has increased by £ 157,300. Among the liabilities, notes show a decrease of £184,400. Demand liabilities to the State are shown at £576,700 higher, to the banks at £214,600 higher, and to others at £39,200 higher. A small increase in net profit is shown in the accounts of the Devonport r erry Company, and dividend is maintained at 5 per cent.

TIN BUFFER POOL PROPOSAL ACCEPTED BY MALAYA PRICE BETWEEN £2OO AND £230 CONTEMPLATED i (UNITED PRESS ASSOCIATION —COPYRIGHT.) LONDON, June 1. The Colonial Office announces that Malaya has voted in favour of the tin buffer stock proposal by a two-to one majority, as it is understood that the Dutch Indies, Bolivia, and Nigeria also favour the scheme. The Government has decided to accept it in principle, subject to satisfactory negotiation of a detailed •scheme. The Associated Press is informed I that the pool will buy tin when the [price falls below £2OO, and will sell when the price is more than £230. lit will be started with contributions equivalent to 7J per cent, of standard tonnage operations, and will be secretly controlled from London. SHEEPSKIN PRICES STEADY :hristchurch auction The Christchurch Woolbrokers’ Association reports holding a sale of sheepskins yesterday, when fair sized catalogues were submitted. Competition was keen and prices were on a par with recent rates. The following was the range of values:—’ Sound. Faulty. Halfbred — d. d. d. d. Three-quarter to , full wool .. 8| to 9 7 to 7J Half-wool .. 7 to 7i 5i to 5£ Short to' quarter wool .. 5i to 6 4 to Three-quarterbred— Three-quarter to Tull wool .. 71 to 73 6i to Half-wool .. 6i to 63 43 to 5 Short to quarter wool . .... 5 to 51 3J to Crossbred-Three-quarter to ~ full wool .. 7 to 71 5J to 6 Half-wool .. 61 to 61 43 to 5 Short to quarter wool .41 to 51 31 Merino— Three-quarter to full wool .. 7 to 71 6 to 7 Half-wool .. 61 to 61 43 to 5 Short to quarter wool .. 41 Hoggets— Half-bred .. 73 7 to 71 Three-quarterbred 6| 6 to 61 Crossbred .. 61 to 63 6 to 61 Pelts .. 21 to 4 1 to 2 STUD SHEEP SALE SOUTHDOWNS AND ENGLISH LEICESTERS An important sale of stud sheep was aeld at the Addington Show Grounds yesterday, when the English Leicester ewe flock and part of the Southdown ewe flock of Mr H. J. Andrew, of Maheho, North Otago, were disposed of by auction. More than 250 English Leicester ewes and 80 Southdowns were offered. Though the attendance Was not . large it contained a number of keen buyers, and the sale, considering the large number of sheep offered, must be a satisfactory one. The sale was conducted by Dalgety and Company. The buying points were well distributed, some pens of English Leicesters being secured for the North Island and others for Otago. The best of the English ewes made from sgs to 7gs, with an exceptionally good two-tooth, which was bought by Mr T. L. Jenkins (Sheffield) at lOgs. The average of the big offering of Leicesters was between 4gs and 41gs, and this included more than 100 four-shear and aged sheep and ewe lambs. The Southdowns met with a keen sale, the popularity of the breed and the success of the breeder at the principal shows stimulating the activity. One small consignment was bought for the Argentine, and most of the others were secured by provincial breeders. Most of the one-shear -sheep ranged from 6gs to Bgs, the two pens of the best, each of five, making 9gs and lOgs. these were bought by C. and T. Anderson (Dalmeny Park. Hawarden), who -some time ago purchased the entire southdown stud flock of George Me- ■ Bean (Springston). Tim following were the prices received:— English Leicester One-shear-! at lOgs. ’lO at 7gs, 5 at 6gs. 10 at sgs, 10 at 4gs, 10 at 3Jgs, 30 at 3gs, and 5 at 2Jgs. Two-shear—s at 7gs, 5 at s£gs, 5 at sgs. 5 at 4Jgs, 5 at 4gs, 5 at 3igs, 10 at «jgs. Three and four-shear—so at 2ps to ogs. Pour-shear and aged—2igs to 7gs. Ewe lambs—2gs to 4gs. Southdowns Five at lOgs, 5 at 9gs, 5 at Bgs, 35 at 7gs, 5 at 6£gs, 15 at 6gs, and 5 at s£gs. SHEEP FOB JAPAN 15,000 TO BE BOUGHT THIS YEAR ftWITED PRESS ASSOCIATION— COPYRIGHT.) TOkIyO, June 1. _ The Ministry for Agriculture and Forestry is importing 15.000 Australian and New Zealand sheep in 1938. These will be distributed among farmers north Japan. >

SYDNEY WOOL SALES GENERAL COMPETITION FOR FLEECES GREASY MERINO REALISES TO 18d (UNITED PRESS ASSOCIATION—COPYRIGHT.! (Received June . 2, 11.55 p.m.) SYDNEY, June 2. Competition was fairly general for well-grown fleeces and skirtings at the wool sales to-day. Continental, Yorkshire, and Japanese buyers were the principal operators. The market was without change compared with last week. . Greasy merino realised to 18d. The offering consisted of 8756 bales, of which 6480 were sold, and 1130 were disposed of privately. RESERVE BANK FIGURES WEEKLY STATEMENT ASSETS AND LIABILITIES (PRESS ASSOCIATION TELEGRAM.) WELLINGTON, June 2. The following is the statement of assets and liabilities of the Reserve Bank of New Zealand as at the close of business on May 30; — Liabilities £ s. d. (1) General Reserve fund .. 1.500.000 0 0 (2) Bank notes .. 13,816,733 0 0 (3) Demand liabilities—(a) State ... 4.666,372 3 11 (b) Banks .. • 7,343.018 13 10 (c) Other .. 264,163 13 0 (4) Time deposits .. (5) Liabilities in currencies other than New Zealand currency .. .. (6) Other liabilities 297,371 3 9 ‘ Total .. .. 27,887,658 14 6 Assets (7) Reserve—(a) Gold .. 2,801,791 0 0 (b) Sterling exchange .. 18,278,993 6 0 (c) Gold exchange (8) Subsidiary coin .. 227,184 5 9 O) Discounts—(a) Commercial and agricultural bills (b) Treasury and local body bills .. (10) Advances—(a) To the State or State un-' dertakings—(l) Primary Products Marketing Dept. 3,775,712 6 3 (2) For other purposes .. (b) To other public authorities .. (c) Other .. (11) Investments .. 2,735,564 16 7 (12) Bank buildings (13) Other assets .. 68,412 19 11 Total ... .. 27,887.658 14 6 Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities 80.799 per cent. BANKER ADVISES CAUTION • —— FUNDS FOR LENDING SMALLER The chairman of directors. Sir James Elder, at the annual meeting of shareholders of the National Bank of Australasia, Ltd., in Melbourne, said that the present economic situation was somewhat less comfortable than at the date of the last annual meeting. The margin of funds available for lending had been narrowed, while the cash position had shown an adverse trend. Because of these movements a more cautious lending policy might be expected* and this might be prolonged if imports maintained their uncomfortably high level without an upward movement in export values. Referring to the report of the Royal Commission on the monetary, and banking system in’ Australia, Sir James Eider said that the less legislative control of banking there was in Austrafia the better would the national interests be served. Much had been said with regard to increasing the central banking powers of the Commonwealth Bank. The present Dowers of the Commonwealth Bank were ample for all reasonable purposes, and any additions to them could only be effected by means of irksome legislative restrictions on the trading banks. It would be the height of folly to attempt to increase the powers of the central institution at the expense of the trading bank system. No central institution, however powerful, could give to Australia the service given by its trading banks. “The road for us to travel,” he added, “is co-operation between the principal parties concerned—the Governments. the Commonwealth Bank, and the trading banks. We must hold the Australian banking system fash to its British mcorings, and oppose any attempt that may be made to attach it to the framework of a type which has proved so unavailing in America and elsewhere.” BRITISH WAR LOAN (BRITISH OFFK’IaI WIRELESS.! RUGBY. June 1. War Loan, 31 per cent, is quoted at £lOl 16s 3d.

EXPORT OF N.Z. POTATOES SALES TO AUSTRALIA FARMERS’ REQUEST TO GOVERNMENT “Australia wants our potatoes, and we can well do with the market. You should press the Government strongly to go further into the matter," said Mr W. W. Mulholland, president of the New Zealand Farmers’ Union, speaking in favour of potato exports to the Commonwealth at the Farmers’ Union provincial conference yesterday. Mr Mulholland spoke to a remit from the Waimairi branch: “That the union should protest against the Government’s dropping of the question of the entry of New Zealand potatoes into Australia.” He said that when he. was recently in Australia he was asked at why New Zealand would not take Australian onions. His reply was a question to them, “Why don’t you take our potatoes?” Mr Mulholland suggested that the conference should not only express the opinion contained in the remit, but also urge the Government not to take any onions from Australia until they took New Zealand potatoes. A member said New Zealand was not likely to want to buy Australian onions. ■ Mr Mulholland said that New Zealand would want more onions later in the year. The conference adopted the remit. ONION IMPORT REGULATIONS NO OVERSEAS SUPPLIES UNTIL OCTOBER GOVERNMENT ANNOUNCEMENT (PRESS ASSOCIATION TELEGRAM.I ■WELLINGTON. June 2. Acting on the recommendation of the Onion Marketing Advisory Committee, which has made a careful analysis of the stock position, the Government has decided to allow the importation of onions from northern hemisphere countries on vessels arriving at New Zealand ports between October 5 and November 30. Importations will be subject to permits by the Minister for Customs. COMPANY NEWS GOLDSBROUGH. MORT Goldsbrough, Mort, and Co., Ltd. announce a final dividend of 5 per cent, for the year ended March 31 1938. which, together with the interim payment of 2 per cent., makes a total of 7 per cent, per annum. This is a reduction of 1 per cent compared with the distribution made a year ago. DEVONPORT FERRY [THE PRESS Special Service.! AUCKLAND. June 2. A rise in net trading profit of £917 is shown in the accounts of the Devonport Steam Ferry Company. Ltd., for the year ended April 30. Earnings for the period totalled £19,939 after providing for depreciation and the directors’ fees. Together with £2OO received upon mortgages written off, and £2343 brought in, there is £22,482 available. The directors recommend a final dividend of 2i per cent., making 5 per cent, unchanged, for the year. The year’s dividend absorbs £7500, and £12,669 is allocated to income tax. writing down of shares, and to placing an amount to plant replacement account. This will leave £2313 to be carried forward. MINING BARRYTOWN The Barrytown dredge return for the month of May is 4730z for 466 hours and 194,000 yards. MOSSY CREEK (press association telegram > GREYMOUTH, June 2. The Mossy Creek dredge return is 270z 13dwt for 9334 yards and 132 hours’ dredging. METALS MARKET LONDON, June 1.~ May 31. June 1. Copper— £ s, d. £ s, d. Standard, spot 33 16 3 32 19 4'J Forward .. 34 1 3 33 4 4J Electrolytic .. 38 0 0 37 5 0 to .. 39 0 0 38 0 0 Wire bars .. 39 0 0 38 0 0 Lead— Spot .. 13 14 4J 13 6 10J Forward .. 13 16 10| 13 9 4| Spelter— Spot .. 12 7 6 11 18 9 Forward .. 12 8 U 12 3 14 Tin — Spot .. 164 7 6 163 2 6 Forward .. 164 17 6 163 17 6 Silver— Fine, per oz 18 15-16 dlB 15-16 d Standard, per oz .. 20 7-16 d 20 7-16 d PRICE OF GOLD LONDON, June 1. Gold is quoted at £7 0s 7id a fine ounce. PRICE OF SILVER (BRITISH OFFICIAL WIRELESS.) . RUGBY, June 1. Spot silver is quoted at 18 15-16 d a fine ounce and forward at 18|d. ASSOCIATED BANKS’ DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. (Per £1 N.Z.) dol. dol. Selling— T.t. .. .. 3.36 9-16 4.00 13-16 O.D. .. .. 3.97 4.01 3-16 Buy in e T.T. .. .. 3.99J 4.04 O.D. .. .. 4.004 4.051