PRODUCTION OF LINSEED OIL

Press, Volume LXXXV, Issue 25767, 31 March 1949, Page 6

PRODUCTION OF LINSEED OIL

INCREASE MAKES FOR BUYERS’ MARKET

The long-standing sellers’ market in linseed is coming to an end after last year’s increased production of linseed oil, a London market report says. World production of linseed oil last year rose by 160,000 short tons to 1,252,000 tons. Average prewar output was 1,160,000 tons. The whole aspect of world vegetable seed and oil markets has undergone the most drastic change of th« post-war period, the report adds. Proof that the buyer has at last regained the upper hand is said to lie in: (1) the lifting of Indian export duties last month. (2) Modification of export controls in the U.S A. (3) Canadian withdrawal of export and import controls. The buyers’ supremacy is expected to assist a modification of Argentine’s seed and oil export policy. - World exports of linseed oil this year are forecast at 350,000 tons, compared with 250,000 tons in 1948. RESERVE BANK RETURN The Reserve Bank return for the week ended March 23, with the previous week’s figures in parenthesis, is as follows: Liabilities.—General Reserve Fund. £1,500.000 (same); bank notes, £49,336.973 (£49,063.543); demand liabilities. State, £27.038,891 (£27,494,958); banks, £58.445,905 (£54,671.376); other. £671,084 (£327,547); liabilities in currencies other than New Zealand currency, £39.919 (£242,507); other liabilities. £3,937,543 (£3,911,981). Total, £(N.Z.) 140,970,315 (£137,211,912).

Assets.—Gold. £2.842,836 (same); sterling exchange. New Zealand currency, £50,537,051 (£49,713,795); subsidiary coin. £331,476 (£224.068); advances to State marketing organisations, £4.620,863 (£1,849,525); for other purposes, £38,000.000 (same); other, £4,855,778 (£4.842,449): investments, £37.095.301 (same); other assets. £2.687,010 (£2.643,937). Total, £ (N.Z.)140,970,315 (£137,211.912). Proportion of reserve to notes and other demand liabilities, 39.367 per cent. (39.765 per cent.).

SHAREMARKET INDICES

New York.—Dow Jones (1926 equals 100)

London.—“Financial Times” (1926 equals 100) Ind. ord. Govt. Gold. October 29 .. 119.1 112.98 101.44 November 30 .. 121.5 113.79 U8.97 December 30 .. 121.2 113.66 95.91 January 31 .. 122.5 113.89 89.87 February 28 .. 118.6 113.92 90.70 March 25 .. 112.6 113.66 98.97 March 28 .. 112.8 113.68 98.70 March 29 .. 113.2 113.66 100.74

Shares Rails. Indus. Sold. October 30 .. 61.34 188.62 350,000 November 30.. 51.91 171.20 1.200.000 December 31 .. 52.86 177.30 1,550,000 January 31 .. 52.57 179.12 610,000 February 28 .. 47.71 173.06 740.000 March 25 .. 47.78 175.83 630.000 March 26 .. 47.88 175.82 240.000 March 28 .. 47.81 175.99 700.000 March 29 .. 49.00 178.39 1.800.000