Farm and Commercial Section

Dominion, Volume 22, Issue 265, 5 August 1929, Page 14

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUCTION SALES TO-DAY. 8 Willeston Street, 1.30 p.m.—Sale of furniture of 6-roonied residence (E. Johnston and Co.) TO-MORROW. Beach Road, Waikanae, 1.15 p.m.—Sale of furniture and effects (Rumsey Wilson and Co.) 8 Willeston Street, 1.30 p.m.—Sale of corrugated iron (E. Johnston and 8 Willeston Street, 1.30 p.m.—Sale of porcelain baths (E. Johnston and 2 Hawker Street. 10.30 a.m.—Sale of 5seater car (E. Johnston and Co.) Levin.—Stock sale. WEDNESDAY. Dominion Farmers’ Institute, 7.30 P-m-— Sale of 65 residential sections, Hutt Valley (Commissioner Crown Lands). „ a Arney Road, Remuera, 2 p.m.—Sale of residence and household furniture (Rutherford, Robinson, and AusLevin” Saleyards, 1 P-m—Unreserved heifer sale (Abraham and Williams, Manaia,' Taranaki, 10.30 a.m.—Heifer fair (Farmers Co-op. Org. Soc.) 98 Manners Street, 1.30 p.m.—Sale of wholesale furriers stock (Ramsey Wilson, and Co.) Renaud Restaurant. 141 Lambton Quay, 10 a.m. —Sale of entire contents (E. Johnston and Co.) , zw Johnsonville, 1 p.m.—Fat stock sale (W. S and Co., Ltd. and A. and W., Ltd.) THE PRODUCE MARKETS BUTTER AND CHEESE DAIRY BOARD’S REPORT. The New Zealand Dairy Produce Board has received the following market report from its London office dated August 2. Butter. 2/8/29. Last week. N sTlted ala “ d .7 1095.-1.725. 1695.-1725. , unsalted 1685.-1725. 1685.-1725. First whey 158 s. 154 s. Second whey ... 1545. loos. 1695.1725. equals approx. Is. 4Jd.. f.o.b. Deliveries N.Z. this week, 870 tons. In store N.Z. this week, 8150 tons Australian — • Finest salted ... 1625.-16<s. 16-s.-1675. Unsalted 1625.1665. unsalted .. 1605.-1645. 1605.-1645. Ir Salted ream !-~... 1645.-1655. 1645.-1665. Unsalted Dutch—Unsalted .. 1645.-171 s. l(Us.-171s. Esthonian 1605.-1625. 1585.-16-s. Latvian IGOS. loBs.-160s. Siberian ..»••••••• lo6s. Ukranian }?n S ’’?S> 3 ’ Polish 1505.-lo2s. 150 s. French baskets— , Salted 1u45.1645. 1545.-lG4s. Unsalted 165 s IC ’? 3 ’ Danish, 1655. f.0.b., 1725.-l<3s. spot, IGus., 1715., 1735. . , Market slow. Retail prices unchanged. Estimated stocks, all butters In public

stores ar August 1. 17,883 tons, compared with 14,500 tons last year. Cheese.

New Zealand —-White 865.-87 s. 88s.-89s. Coloured 905.-91 s. 925.-935. 80s.-90s. equals approx. 8 l-Bd. f.o.b. Deliveries N.Z. this week, 19.321 crates. In store N.Z. this week, 117.997 crates. Canadian —White .. IflOs.-ll’Js. 1045.-112 s. Coloured 100s.-110s. 1025.-110 s. New season’s — White BGs.-88s. 895.-9 Gs. Coloured 88s.-90s. 91s. 865., e.l.f. AustralianWhite 855.-86 s. 875.-88 s. Coloured 89s. 905.-918. Market slow. Betail prices unchanged. Estimated stocks cheese at London, Liverpool, and Bristol at August l:_ Canadian, 156,300 boxes, last year, 155,000 boxes; New Zealand and Australian, 123,300 crates, last year 68,500 crates. Huntingdon finished discharge butter July 28; Matakana commenced discharge butter aud cheese July 31: Remuera commenced discharge butter August 1; Taranaki commenced commenced discharge cheese Julv 26, finished July 29; Taranaki commenced discharge butter July 31. The board has also received the following advice from its agents in Canada:— Butter, New York, 43i cents; Montreal, 381 cents. Butter stocks. 109.000 boxes, compared with last year, 143,450 boxes.

Messrs. M. A. Eliott, Ltd., Palmerston North, have received the following cabled advice from their London agents:—Butter: Slow; 1695. to 1725.; unsalted, 168 s. to 1725. Cheese: Slow: white, BGs. to 875.; coloured, 90s. to 91s. , , j „ Messrs. A. 11. Turnbull and Company are in receipt of a cablegram from Messrs. W. Weddel and Co., Ltd., dated London, August 2. which reads as follows (the previous week's prices are given in parenDanish butter. 1725. to 1735. (171 s. to 1735.); New Zealand unsalted, 168 s. to 1725. (168 s. to 1725.); New Zealand salted. 1695. to 1725. (168 s. to 1725.); market slow. New Zealand cheese, white, 86s. to 87s. (88s. to 895.): New Zealand cheese, coloured, 90s. to 91s. (925. to 935.); market slow. Canadian cheese, white, 86s. to 88s. (89s. to 905.): Canadian cheese, coloured, 88s. to 90s. (915.). Amalgamated Dairies, Ltd., report having received the following- market report from their London office, dated August 1: Butter. —Our prices unchanged. Anchor, 1745.; market steadier, rather better demand. Danish, 1655. f.o.b. Cheese.—White, 865.; coloured, 905.; market weak. The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly market report from London, dated August 2, is as follows: — Butter. —Market slow. New Zealand, 1695. to 1725.; unsalted, 168 s. to 1725.; Australian, 1625. to 1675.: Argentine. 160 s. to 1645.; Danish, 1725. to 1735.; Siberian, 15Gs. Cheese. —Market slow. New Zealand, white, 80s. to 875.; coloured, 90s. to 915.; Canadian, white, 86s. to 88s.; coloured, 88s. to 895.; Australian, white, Sss. to 865.; coloured, 89s. FROZEN MEAT Australian Pres® Association. (Rec. August 4, 5.5 p.m.) London, August 3. Sheep. North Island.—Light, o}d. New Zealand.—Ewes, 4 5-Bd. Argentine.—Medium 4 7-Bd., heavy 4 5-Bd. Patagonian.—Light s}d., medium 5d.; ewes, 4 3-Bd. Lambs. Canterbury.—Light 8 5-Sd., medium 8 l-Bd., heavy Bd.; seconds, B}d. Other Selecteds.—Light 8 7-Bd., medium 8 1-8(1. North Island. —Firsts, light SJd., medium 7 7-Bd.; seconds, B}d. Argentine.—Firsts, light 7Jd., medium 7 l-Bd.; seconds, 7ld. Patagonian.—Firsts, light Bd., medium 71d.; seconds, 7 7-Bd. Frozen Beef. Australian crops 4d., hinds 5 7-16 d. Chilled Argentine fores, 7Jd. Othere unchanged. Messrs. Levin and Co. Ltd. have received the following cablegram from their London agents, dated August 2:—“Frozen meat quotations (prices on a “delivered” basis, i.e., including storage charges, eartage, tolls, etc.): Down lamb, 281 b. to 421 b„ 8 7-Bd. per lb.; best North Island, 281 b. to 421 h., 8 3-Bd.; ordinary North Island, 281 b. to 421 b., 8 l-Bd.; second quality lamb, B}d.; best North Island wethers, 481 b. to 641 b. 6Jd., 641 b. to 7211>. s}d.; ordinary North Island wethers, 4811). to 641 b., (Id.; North Island ewes, 481 b. to 641 b. 4 5-Bd., 641 b. to 721 b., 4 3-Bd. As compared with last week’s quotations, lamb Is l-Bd, per lb. lower, with the exception of best 28/42’s, which is l-Bd. per lb. higher. Heavy wethers unchanged; ordinary wethers and ewes, 1-8(1. per lb. lower. Market continues weak, and there are no indications of any immediate improvement.” MEAT BOARD’S ADVICES, The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated August 2, advising Smithfield delivered prices averaged for week ending that date, as follows (prices for the two previous weeks are shown in parentheses):— New Zealand Wethers and Maidens.— Canterbury quality, selected brands: 561 b. and under. 6Jd. (6Jd., 6 7-8 d.); 571 b. to 64 lb.. 6(1. (Gd., 6 l-8d.); 651 b. to 721 b„ 5 5-Bd. (5 5-8 d„ sjd.). Other brands: 561 b. and under. 6}d. (GJd., 6 5-8 d.); 571 b. to 641 b„ 5Jd. (5?d.. 5 7-8 d.); 651 b. to 721 b., s}d. (5Jd.. 5 5-8(1.). New Zealand Ewes.—64lb. and under, 4 5-Sd. (4jd„ 4 7-Bd.). New Zealand Lambs.—Canterbury qualitv : 361 b. and under, 8 5-Bd. (SJd., 9(1.); 371 b. to 421 b., 8 1-8(1. (Sid., 8 3-8 d.); 431 b. to 501 b.. Bd. (8 LBd.. 8 l-8d.); seconds, Bid. (Sid., 8 5-Bd.l. Selected brands: 361 b. and under. 8 7-Bd. (9d.. D-jd.): 371 b. to 42 lb.. 8 1-8(1. (SJd.. 8 3-Bd.). Other brands, first quality: 361 h. and under, Sid. (84c!,, 8?d.); 3711). to 421 b., 7 7-Bd. (Bd., Sid.); second quality. 301 b. to 321 b. average. B}d. (85<L. 9d.). Australian Lambs.—Victorian, first quality: Not quoted. Argentine Lambs.—First quality: 361 b. and under. 7Jd. (8d„ 8d.); 371 b. to 421 b„ 7 l-Bd. (7id., 7id.). New Zealand Beef.—Not quoted. Argentine Chilled Beef.—Ox fores, 4d. (4d.. 4 1-Sd.) ; ox hinds. 71(1. (7d., 7id.). Australian Frozen Beef.—Ox crops, over 1001 b.. 4d. (4 1-B<L. 4Jd.); ox hinds, over 1601 b., sjd. (5 5-8(1., 5Jd.). New Zealand Frozen Pork.—Porkers: 60 lb. to 861 b., Sd. (Bd.. Bid.) : 811 b. to 991 b., TJd. ("pl., 8d.); 1001 b. to 1291 b., 7Jd. (7}<L, ■Sd.l: baconers. 1211 b. to 1801 b., SJd. (SJd., Sid.). Remarks: Lamb, market continues depressed owing to heavy stocks in store; mutton market, fair trade heavy-weight wethers, but poor demand for light-weight wethers and ewes: New Zealand porker pigs, nominal prices: New Zealand baconer pigs, steady, with fair demand for all arrivals. LIVE STOCK SALES FEILDING. Messrs. Levin and Co. Ltd. report a large yarding of sheep and cattle at the Feilding yards on Friday. The quality of the sheep was not up to the standard of previous yardings. consequently the prices suffered accordingly. There was another good yarding in the cattle pens, the quality in the fats being better than recently penned. Dairy cattle met with a good sale, especially anything showing quality. The following is a range of prices realised: —Fat ewes, 245. fid. to 255. 3d.; fat maiden ewes. 295. 9d. to 31s. fid.: fat b.f lambs, 255. Id.: fat wethers. 355. 9d.; m.a. store wethers. 275. to 275. 7d.: wether hoggets. 21s. to 245. 7d.; b.f. hoggets. 10s. fid. to 19s. lOd.: f. and f. ewes, 15s. 4d.: 0 and 8-tooth ewes, r.w. S.D. rams, 275. Id.; springing heifers, to £l5 10s.; springing cows. £9 to £l3 10s.: empty cows, £3 10s. to £4 55.; P.A. cows r.w. P.A. bulls, £lO Ils. Messrs. Abraham and Williams. Ltd., report on the Feilding sale on Friday as follows:—There was a very fair yarding of both fat and store sheep, the store yarding consisting mostly of inferior empty ewe« and ewes in la ml). Some fair lines of hoggets met with good competition, hut the aged empty ewes and ewes in lamb were hard to quit. Fat sheep sold on a par with previous week’s quotations. The ewe hoggets offered on a cocun t of Mr. J. Linklater, M.l*., realised 295. 3d. and the wether hoggets 245. to 245. 4d. A large entry of dairy stock sold freely, and store cattle also met with a keen demand. Fat cattle sold at late rates. We quote: Fat wethers, to 335. 9d.; fat ewes, to 295. 4d.; fat lambs. 225. fid. to 305.; ewes, r.w. R.R., 325.; 2,4, and fi-tooth ewes, r.w. S.D. rams, to 305.: ewe lambs, 21s. Id. to 295. 3d.; b. f. lambs. 14s. 9d.: wether hoggets. 245. to 245. 4d.: empty store ewes. Bs. to 15s. Fat cows, £5 Bs. to £7 155.; forward bullocks, £ll fis.: bullocks, £9 10s.: cows and calves, £0 12s. Gd. to £7 7s. fid.: 3-year P.A. heifers, in calf to P.A. bulls. £l2 as. to Cl2 175.: forward cows. £4 to £4 175.; store cows. 30s. to £3 7s. Gd.: empty heifers. £6 12a. fid.; weauer helfera. £2 17s.

to £3 75.; spriuging <lairy_ heifers, £6 to £l4; spriiigiufi cows, £6 los. to £l3. Messrs. Dslgety and Company, Ltd., report having had a very fair yarding of sheep' and a moderate entry of cattle at their Feilding sale on Friday. I here was fair competition for all Stock, and the following are quotations:—Fat lambs, 2-s. 6d. to 2°s 10d.; fat ewes, 235. to 165., tat wethers. 375.: wether lambs, 19s. Bd,. to °ss • b f lambs, 16s. Gd. to 19s. lOd.; m.a. ewes rw. S.D. rams, 20s. Gd. to 255.; emnt’v ewes, Bs. to 12s. 3d.; 2-tooth wethers "7s to 275. Mid.; small 2-tooth wetherB; 10s. Gd., 18s.; dairy cows, £9 to £l4 15s ■ backward dairy heifers, £7 to £8; dalrv heifers. £lO to £lO 10s.; fat cows, £7 to £8; empty cows, £3 to £4; Jersey vearling heifers, £4 15s. to £u; fat bullocks, £l2 to £l6 15s. The New Zealand Loan and Mercantile Agency Company Ltd. report.: Another heavy yarding of both sheep and cattle came forward for- the Feilding sale on Friday The bulk of the offering of sheep consisted of medium to inferior lines of ewes in lamb. These were very difficult to quit Fat sheep and hoggets sold on a par with late sales. Cattle were much in demand and sold well. IV e quote: hat lambs, 19s "d to 28s. 10d.; fat ewes, 19s. lid. to 28s: 2d.; fat wethers, 335. to 385.; two-tooth ewes" r.w. Romney rams. 325.; m.a. ewes r.w. S.D. rams, 205., 20s. 6d., to 2;>s.; wether hoggets, 19s. Bd. to 235. 7d.; twotooth wethers. 275. lOd.; cows and calves, £8 7s. Gd.; P.A. heifers r.w. P.A. bulls, 17S ' MANGAWEKA. Messrs. Dalgety and Company, Ltd., report having had a fair entry of sheep and a small yarding of cattle at their Mangaweka sale on Thursday. Quotations: Small wether lambs, 19s. 9d.; stall ewe lambs, 225. (id. to 265.; m.a. ewes, r.w. Homnev rains, 225. 3d.; m.a. ewes, r.w. S.D. rains, 245.. 255. Gd.; 2-tooth wethers, 31s. 9d.; backward dairy cows, £5 12s. Gd., £5 155.; dairy hlefers, £7 15s. TAIHAPE. Messrs. Abraham and Williams, Ltd., report having yarded a good entry of sheep and a moderate entry of cattle at the Taihape sale on Wednesday. Bidding was keen right through the sale, and they effected a total clearance at very satisfactory prices, ranging as follow:—Fat lambs, 21s. 9d.; b.f. lambs, 17s. 2d. to 18s. 3d.; wether lambs, 21s.'10d. to 265. Gd.; ewe lambs, 295. 6d. to 30s. 4d.; cull lambs, 6s. fid.; 2-tooth wethers, 285.; empty ewes, 18s. 3d. to 255. 6d.; 2-tooth ewes, r.w. S.D. rams, 315.; young ewes, r.w. S.D. rams, 295. Id.; fat cows, £8 to £8 3s. Gd.; fat heifers, £7 10s. to £10; empty cows, £7 10s.; fat steers, £8 12s. Gd.; fat bullocks, £l3; springing heifers, £7 12s. Gd.; springing cows, £9; weaner heifers, £3 Gs. FARMERS’ TOUR TO EUROPE PROJECT FOR NEXT YEAR Dominion Special Service. Palmerston North, August 8. A circular was received at a meeting of the executive of the Manawatu branch of the Dominion Farmers’ Union, indicating that proposals have been made for the organisation of a tour of Great Britain in 1930 by farmers of the Dominion, and that if the trip eventuates membership of the party would be limited exclusively to New Zealanders interested in agricultural pursuits and their wives and families. The tour, it is stated, will be specially arranged to cover the principal agricaltural districts of Great Britain and Ireland, embracing visits to dairy farms, pedigree herds, agricultural shows, markets, storage plants, agricultural colleges, etc., while the Royal farm at Windsor will also probably be Included. The eo-operation and assistance of British dairy farmers and kindred associntions is to be enlisted. The party will bo able to see for itself the manner in which New Zealand products are put before the British public. A short tour of the Continent is included In the Itinerary in order that members of the party may observe the methods of European suppliers to the British market. The party, it is proposed, will leave Sydney on May 10. The six weeks ’tour in Great Britain and Ireland will include visits to Cambridge, Ipswich. King’s Lynn, Spalding, Peterborougii, Nottingham, Leeds, Edinburgh, Aberdeen, Glasgow, Belfast, Dublin, Southern Ireland, Bath, Exeter, Dnbstapale, Yeovil, London, Jersey, and Guernsey. The four weeks' tour of the Continent will enable the party to see France, Belgium, Switzerland, Holland, and Denmark. SOUTH OTAGO FREEZING WORKS A RECORD REASON. Dominion Speci v Service Dunedin, August 3. The South Otago Freezing Company's works at Flnegand were to have closed down to-day, but a meeting of the directors this forenoon decided to extend the season till Wednesday next. To date, 156,009 sheep and lambs have been put through the works, and it is anticipated that there will be an additional 2000 before the season finally closes. The number quoted is easily a record for these w-orks. WELLINGTON STOCK EXCHANGE LAST WEEK’S BUSINESS AND PRICES The volume of business done last week was up to the average, but the turnover in Government securities and bank shares was not as large as in previous weeks. In Government stocks a small business was done in 4J per cents. 1938, at £lOO, and 1930 at £99 10s.; 51 per cents., 1933, were transferred at £99 155., and 5J per cents. (1933) at £lOl ss. Moderate business was done in bank shares, and the Inquiry was not very strong. Bank of Australasia were transferred at £l4 13s. and £l4 12s. Gd., Commercial Bank of Australia at 30s„ Union Bank at £l5 2s. Gd., £l5 2s. 9d., and £l5 2s. 3d., Bank of New Zealand at 61s. 3d. and 61s. Gd., English, Scottish, and Australian Bank at £8 Bs., National Bank of New Zealand at £7, Bank of New South Wales at £5l 12s. 6d„ and National Bank of Australasia £lO paid at £l9 15s. There was active trading In Goldsbrough, Mort, quite a number of parcels changing hands at 465. 10d., 465. Bd., and 465. fid. Dalgefy sold at £l5 45., New Zealand Guarantee Corporation at 9s. 3d. and 9s. 4d., National Mortgage at 85s. 9d., and Wright, Stephenson ordinary at 265. 6d. and preference at 18s. (id. Moderate business was done In Insurance shares, with sales of National Insurance at 165.. New Zealand Insurance at 485., and South British at 68s. Meat shares were In fair demand throughout the week, but the turnover was small. Gear Meat were quitted at 445., and New Zealand Refrigerating 20s. paid at 16s. 6d. and 10s. paid at 7s. 6d. and 7s. sd. Gas shares were In steady demand, but business was confined to Auckland Gas at 245. Id. Shipping shares were dull. There were sales of Huddart, Parker at 455. 9d., P. and O. deferred stock at 555. 6d., and Northern Steam at 14s. 3d. Moderate business was done In coal shares. Waipa Coal changed hands at 15s. and show a distinct upward tendency. Westport Coal sold at 335., Grey Valley Coal at 255. 6d., and Renown Colleries ordinary at 17s. and preference at 3s. 2d. New Zealand Breweries were again easily the best sellers of the week, and prices ranged front 83s. Id. to 83s. Bd. Dunedin Brewery changed hands at 345. and 355., Titnaru Brewery ss. p'ald at Bs. 5d., and Australian Distillery at 225. 2d. The best business of the week was done in the miscellaneous section. Sales were registered of Australian Iron and Steel preference at 225. fid., British Tobacco at 48s. 5d.. N.Z. Farmers’ Fertiliser at 245. 4d., 245., and 235. 10d., N.Z. Paper Mills at 20s. 6d., N.Z. Drug at 775.. N.Z. Farmers’ Coop. B preference at 635., A preference at 695.. North Auckland Farmers’ Co-op. 15 preference at 12s. 3d., Colonial Sugar at £57 12s. 6d. and £57 10s., Electrolytic Zinc ordinary at 38s. 3d.. 3Ss. 9d.. and 38s. 2d., preference at 39.. Dunlop Rubber at 275. 7d., Henry Jones Co-op. at 335. 9d., Wilson’s Cement at 445. and 445. 3d., Sanford. Limited, at 18s. 3d., Beath and Co. Is. jpaid at fis. 6d., Booth, Macdonald, and Co. at Is. 10d„ and Mount Lyell at 435. and 435. 3d. Saturday’s buying and selling quotations were as under:—•

SALES IN OTHER CENTRES By Telegraph.—Press Association. Auckland, August 4. Sales.—New Zealand Insurance, 485.; R&j nown Colleries, 175.; three Auckland Gas,? 245. Id.; Ohinemuri Gold and Silver, 10s. Christchurch, August 3. Sales.—New Zealand Government 4J per cent, inscribed (1938), £100; New Goldsbrough Mort, 475.; New Zealand Breweries, 84s. 6d.; Mount Lyell, 435. . Sales Reported.—National Insurance,l6s. 3d.’ New Zealand Insurance (cum dividend), 485.; New Zealand Farmers' Co-op. 6J per cent, stock (1940), £92. Dunedin, August 4. Sales Reported.—Bank of New South Wales, £5l 12s. Gd.; South British Insurance, GSs.; Goldsbrough, Mort, 475.; National Inspurance, lGs. 3d. (two parcels). DISTURBED MONEY MARKETS AMERICA RULES THE POSITION The money markets of the world appear to be somewhat disturbed at the moment, and the position seems likely to become worse before it is belter. It is believed that the adverse conditions are_ directly due to the speculation on the New lork Stock Exchange. The Federal Reserve Board has been trying for months to check the speculation by securing control of the money market, but so far without success, and probably never will succeed. The Federal Reserve Banks in the twelve districts operate more or less independently of one another, but are subject to control by the Federal Reserve Board in Washington. The Reserve Banks rediscount bills for member banks, but all banks in a district are not members of the Federal Reserve Banks. Lending froqj day to day on Stock Exchange collateral is a source of profit to the banks, for they can keep the whole of their funds employed. The boom on the New York Stock Exchange has been of long duration, and has attracted nation-wide Interest. When call money rates first began to advance it was thought that the rising rates would check speculation, but the fever of speculation gripped the country, and no notice was taken of the advancing rates]. On March 20 the call money rate was as high as 20 per cent., and the only effect was to temporarily check rising prices of stocks, and the weak “bulls” were tossed out of the market. The high call money rate—and it has never been less than 6 per cent, for many months past—attracted all the loose funds in the States, and money was drawn also from foreign countries. On June 20 the loans to brokers totalled 5,420,000,000 dollars (£1,084,000,000), compared with the high record of 5,793,000,000 dollars on March 20. Of the total, demand loans amounted to 5,069,000,000 dollars, and time loans to 351,000,000 dollars. The stock gamble has been maintained not through the help of member banks which are controlled bj’ the Federal Reserve, but by funds from outside sources over which the Federal Reserve Board has no control. The high call money rate instead of putting a brake on speculation has attracted funds from everywhere. The Federal Reserve Bank rediscount rate is 5 per cent., and It was raised to that figure in New York many months ago; it was a gesture on the part of the Federal Reserve Bank to check speculation. The Bank of England rate had to be raised to 51 per cent, on February 7, and although it Is higher than the New York rate It has not prevented gold being sent across the Atlantic. The United States by reason of its huge trade balance, payment for which it refuses to accept in goods, the tariff being prohibitive, can draw gold from Europe, Canada, and the Latin American States almost at will. Besides having a big favourable trade balance, America is now an Important creditor nation. It must therefore be evident that monetary conditions in the States must be reflected in Europe. The effect of credit expansion iiu America on Europe may be seen in tliM movements in European bank rates, as< under: — 1929. Rate raised. I’er cent. Feb. 7—Bank of England 4JtoSJ March- 15—Bank of Italy G to 7 March 25—Netherlands Bank .... 4}tosJ April 20 —Bank of Poland 8 to» April 24 —Austrian National Bank GJ to 7} April 24—Nat. B.R. of Hungary .. 7 to 8 April 25—German Relchsbank ... 6J to 7J May 3—Bank of Rumania 6 Io 8 Probably other European countries have since come into line, except, perhaps, France. By all the rules, the Baijk of England rate should have gone up another 1 per cent, on Thursday, for the stock of gold had dropped to £141,375,637 from £149,466,639 tn the previous week. According to the Cunllffe Commission the bank's inetal reserve was not to go below £150,000.000, and yet the Governor and Court of the bank have not thought it necessary to raise the rate. Their action cannot be questioned, much less criticised, for that body of eminent bankers and financiers are conversant with the pulsations of the money markets of the world. At best, the upward movement is postponed, for as the European autumn advances the demand for credit will become pronounced, as it usually does, aud the bank rate may be forced up. That is one of the probabilities of next month, which ends the third quarter of the year. Corporations In the United States who have made call loans on the Stock Exchanges will call in funds to meet Commitments for quarterly dividends, and the call money rate in New York may again reach 20 per cent, if it does not go above that. If tlie Bank of England is compelled to raise its discount rate for the protection of its inetal reserve, that rate is certain to be 61 per cent., for it is an unwritten rule of the bank to raise the rate by 1 per cent., and to reduce It by i per cent. If 01 per cent, rate rules the primary producers in New Zealand and Australia will feel the effects in the prices of their products which are bound to fall. Indeed, the adverse movement appears to have already made a start. The situation hinges on monetary movements in the United States. FOREIGN ITEMS PRICES OF RAW MATERIALS. Australian Press Association. (Rec. August 4, 5.5 p.m.) London, August 3. Cotton.—Liverpool quotation for American middling upland cotton, September delivery, 10.15 d. per lb. Rubber. —Fine hard Para, lljd. per lb.: plantation first latex crepe and smoked ribbed sheet, lid. Jute.—August-September shipment. £32 ss. per ton. Hemp.—None offering. Copra.—September-October shipment, £2l 17s. fid. per ton. Linseed oil. £3B per ton. Turpentine. 425. Gd. per cwt. Osmiridium, unchanged. EMPIRE’S NON-FERROUS METALS. Australian Press Association. London, August 1. Sir Robert Horne, in the “Financial News,” has unfolded a huge scheme for the consolidation of the Empire’s interests in non-ferrous metals as hold by such influential concerns as the Burma Corporation, Broken Hill Group. Zinc Corporation. and British Metal Corporation. These should be prominent participants in such a scheme, which If accomplished, as will be appreciated, could supply raw materials on an assured plan, and it would really form an Empire ideal. WOODS’ GREAT PEPPERMINT CUREBOX Jaflueuza, Colds.—Advt.

Bu yer S< : ■Iler N.Z. GOVT. LOANS— £ s. d. E *4 <1. 44 p.c. Tun. Stk., 1938 — 100 r,J p.c. ditto, 1933 ... 101 . i 0 101 10 0 5} p.c ditto. 103i> ... 101 10 0 44 p.c. Bonds. 1938 .. 99 17 — 5J p.c. ditto, 1933 ... lilt . i 0 — oj p.c. ditto, 1930 ... 101 10 0 — DEBENTURES— Wellington (Jas <’o. .. 100 0 0 —. N.Z. Breweries (bonds) 1 1 s 0 1 8 9 BANKS— Australasia - 14 13 0 Australian Bank of Commerce 1 14 0 1 14 6 Commercial Banking Co. (Sydney) 2G 7 6 26 15 0 English. Scottish, and Australian 8 8 0 8 9 6 National of N.Z 6 19 0 7 n (I National Aust’asla (£5) — 9 10 0 New South Wales ... r>i 10 0 —— New Zealand 3 1 0 — Ditto (long term) ... 1 8 9 Union of Australia .. 15 0 0 1.) 11 r I NA NCI AL— Goldsbrongh Mort ... 2 « 9 2 7 3 N.Z. Guarantee Corp. lord.) . fi 0 8 r-*

N.Z. Invest., Mortgage, and Deposit GAS— Auckland (contrib.) .. 0 9 1 7 9 0 0 18 6 Ditto (contrib.) 0 13 3 Gisborne 0 13 3 Wellington (ord.) .... 1 12 — Ditto (pref.) .. 0 it! 3 — INSURANCE— National 0 16 1 TRANSPORT— Huddart, Parker (ord.) 5 9 2 6 3 MEAT PRESERVING— Gear 3 9 2 4 3 N.Z. Refrigerat. (£1) 0 16 7 Ditto (10s.) 0 4 0 7 7 Well. Meat Expt, (ord.) 0 9 6 — WOOLLEN— Kaiapoi (ord.) 0 14 1 0 14 6 Wellington (ord.) ... — 7 7 6 COAL— Walpa 0 14 3 0 15 3 TIMBER— Kauri — 0 18 9 National 0 8 0 0 9 6 BREWERIES— Crown 0 7 0 — New Zealand 4 3 9 4 4 9 Sunshine — 0 15 0 MISCELLANEOUS— British Tobacco (Aust.), 3 (ord.) 8 8 7 Burnt;, Philp, and Co. 6 4 7 0 Colonial Sugar —-* 57 17 Dental and Medical .. — 0 11 0 D.I.C. (ord., prem.) .. 0 12 6 Electrolytic Zinc (ord.) 1 18 0 1 18 6 Ditto (pref.) 1 18 9 1 19 3 Howard Smith (ord.) —— 1 5 0 N.Z. Drug N.Z. Paper Mills .... — 4 0 0 1 0 0 1 0 6 Taranaki Oil 0 2 9 — Wairarapa Farmers' (pref.) 0 15 0 Wellington Cordage .. 0 17 Wilson’s Cement .... 4 3 MINING— Mount Lyell Waihi 2 2 9 o 0 3 12 « 0