NO ELECTION NEEDED

Dominion, Volume 24, Issue 200, 21 May 1931, Page 12

NO ELECTION NEEDED

Dairy Produce Control Board

THREE VACANCIES FILLED

No poll will be necessary to fill the vacancies caused by the statutory retirement of three producers’ representatives from the Dairy Produce Control Board. Nominations closed at noon yesterday with the returning officer, Mr. P. Granger, of the Department of Agriculture, but the only ones received were those of the three retiring members, Mr. W. Grounds, 'of Hokianga, Mr. Dynes Fulton, of Tuakau, and Mr, W. Lee, of Walkouaiti. Consequently. these three gentlemen have been declared re-elected unopposed. Mr Grounds is the representative of ward one, which comprises the North Auckland districts. As member for ward two Mr Dvnes Fulton represents the producers in ‘the Waikato and the southern portion of the Auckland province. Mr. Lee is the representative of ward eight, which comprises South Canterbury and Otago districts. There are nine wards, each entitled to a representative on the board. Three retire by rotation each year. Representatives are elected for a term of three years.

CANADA’S PUBLIC DEBT

Support for Conversion Loan

Ottawa, May 19.

While no official statement has as yet been made as to the conversion of the 250,000,000 dollars conversion loan, it is estimated that the loan has been subscribed nearly twice over.

It was announced by the Prime Minister of Canada, Mr. R. B. Bennett, in the Dominion House of Commons on May 8 that a Dominion of Canada conversion loan would be opened for public subscription on the following Monday. May 11. “The loan,’ he said, “will remove from the business horizon the dark cloud which every Finance Minister has to meet when heavy borrowings are Impending, and since the expiring bonds are largely held by Canadians, acceptance of 4J per eent. Interest at the expiration of the maturing bonds—--1 per cent, lower than those bonds carried —will indicate faith and belief in their country and be striking testimony of their confidence in the future of the country. “The present intention is to float a loan of 250.000,000 dollars entirely for conversion purposes, no new money being sought. Holders who surrender bonds will receive current interest rates until those bonds would have expired and 41 per cent, afterward. The new bonds will be subject to taxation of both principal and interest. They will have a currency of 25 years, the Government having the right to redeem them at any time after 15 years. Loans maturing in the next three years amount to 1.083.000,000 dollars.” „ , . The gross public debt of Canada at March 31, 1930, was about £520,000,000. 1.083.000,000 dollars is approximately £217,000,000.

UNITED STATES CAPITAL

Big Investments in Europe Acquisitions of foreign public utility properties by American interests have been numerous in recent months, with several large utility and banking groups entering Europe for the first time. Controlled by the Electric Bond and Share Company, a utility holding organisation with more than £200,000.000 in assets, the American and Foreign Power Company has large investments in Central and South American countries, besides properties in Cuba, Mexico, China, India, minority interests in Canada and Japan, share holdings in two utility holding organisations with investments in Italy, France and Germany. Negotiations in progress concern the purchase by the company of control of theElectric Services Corporation serving Bucharest, Rumania, and also the Jalomlta hydro-electric property on the outskirts of the city. Other United States utility combines now have big interests in practically every country In Europe. The Utilities Power and Light Company owns extensive properties -which serve Greater London. An American banking group owns 50 per cent, of the shares in the Berlin Electric Company. Principally directly, but in some instances indirectly, American capital is invested in properties in Spain, Greece, Belgium, Switzerland. Portugal, Austria, Czecho-Slovakia, and Hungary. STERLING EXCHANGES London, May 19. The following rates on forelgu exchanges are current to-day, as compared with the cabled quotations on May 14 and par:—

PRICE OF SILVER

.... . London, May 19. ,„'?“ ver - — 12 9-10 d per oz.; forward, 12*d per oz.

CONDITIONS IN GERMANY

Economic conditions in Germany during 1930 are exhaustively reviewed in the annual report of the Darmstadter and National Bank. Dealing with the banking position. the' board states that the withdrawal of capital from Germany during- the latter part of the year, as a result of political developments, necessitated a constant preparedness. German credit banks were, in any case, badly hit by the many failures in industry, while the unusually sharp declines in stock exchange quotations involved considerable losses in syndicate and security business and Prevented the settlement of a larjye number of current transactions. These conditions naturally had a marked influence on the balance-sheets of the various banks.

CHICAGO WHEAT MARKET

New York, Maj- 19. Chicago wheat: May. 85} cents; July, 59 7-8 cents; September, 60( cents; December, 64 conK

SEARCH FOR OIL

Taranaki (N.Z.) Oil Fields. N.L.. Gisborne, report that for the week ended Mav 1° ! !L 'Y ailan « l No. 2 well they drilled to 400 feet in shale, and are preparing to run IGin. O.D. casing and cement at that depth.

PRICE OF GOLD

London, May 19. The price of gold is 84/0 J per ounce.

The price cabled on May 18 and May 10 was 84/11$ per ounce on both dates.

LONDON DAIRY PRICES

The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London, dated May 19, is as follows:—Butter: Market steady: New Zealand. 109/- to 111/-: Danish, 119/-. Cheese: Market quiet' New Zealand, white. 50/- to 51/-: coloured. 53/- to 54/-.

A new issue of Tauranga Power Board debentures Is on the market. Details on this page.—Advt.

May 19. May 14. . Par. N. York, dol. to £ 4.86 17-32 4.86 7-32 4.866 Montreal, dol. to £ 4.87 4.86} 4.866 Paris, fr. to £ .. 124.33} 124.22} 124.21 Brussels, bel. to £ 34.96} 34.94} 35.00 Geneva, fr. to £ 25.23 Amst’dam, fl. to £ 12.11 25.23 25.221 12.101/ 12.107 Milan, lire to £ 92.91} 92.87} 92.46 Berlin, mks. to £ 20.42} 20.41 20.43 St’holm, knr. to £ 18.14} 18.14 18.159 C’hagen, knr. to £ 18.16} 18.16} 18.159 Oslo, knr. to £ 18.16} 18.16 18.159 Vienna, schgs. to £ 34.60} 34.57} 34.585 Prague, knr. to £ 164.125 164.125 164.25 Honors, mks. to £ 193.25 193.25 193.23 Madrid, pes. to £ 48.8 48.45 25.225 Lisbon, esc. to £ 108.25 108.25 Athens, drach. to £ 375 375 375 Bucharest, let to £ 817 817 818.6 Rio de J., p. to mil. 3 3-8 3 7-32 16 B. Aires, p. to peso 35 1-16 355 32 47.62 M. Video, p. to peso. 30 30.5 51 Calcutta, p. to rup. 1713-16 17 3-16 18 Shanghai, p. to tael 14} 151-8 II.-Kong, p. to dol. 115 8 Hi Y’hama, p. to yen 2431-32 Batavia, fl. to £ 2413-22 24.58 12.107