GRAIN AND PRODUCE

Dominion, Volume 25, Issue 264, 3 August 1932, Page 12

GRAIN AND PRODUCE

Auckland Market Prices POTATOES STEADY Dominion Special Service. Auckland, August 2. The potato market, is fairly steady, due to the fact that the Wingatui’s consignment from the south, which arrived yesterday, was light, and merchants are drawing on store stocks. The price has moved up 5/- a ton. Quotations now rule from £B/5/- to £B/10/- a ton. The market is still well supplied with Japanese onions. The market for oats and chaff' is steady. The importation of wheat from Australia has apparently had no effect on the market. Local quotations are unchanced at from 6/4 to 6/5 per bushel. Maize is coming to hand more freely from the Bay of Plenty. Some of it has found its way to local stores, and is sell* ing at about 6d. below the price asked for African. There is still a good demand for pollard, and limited quantities are coming from Australia. Values across the Tasman have risen, and dealers will have to ask about 10/- above the local mill prices to meet their landed costs. Bran is meeting a rather better demand. BANK ADVANCES How They are Distributed . Discussing the question of the assistance given by the banks to every section of the community, Mr. A. C. Davidson, general manager of the Bank of New South Wales, says the nature of their business makes them keenly interested in the welfare of the community as a whole. This is well illustrated by the way in which their advances are spread over all sections of business and industrial activity. In his speech at the annual meeting of shareholders on May 27, 1931, the chairman of directors of the National Bank of Australasia, Ltd., stated that their advances were spread over the various sections of the community in the following way: Number of primary producers, 42.7 per cent.; mercantile, 20.5 per cent; secondary industries, 8.4 per cent.; professional and unclassified individual borrowers, 31.2 per cent; Government and municipal, 2.2 per cent The Bank of New South Wales also maintains at all times a careful regard to the way in which its advances are laid put. Of these advances about 25 per cent, are to the pastoral industry, about 16 per cent, to agriculture, 14 per cent, to commerce, and the balance is well spread over all other sections of the community, due regard being given to their importance in the general national welfare. These other sections include manufacturers, the dairying industry, building industry, investors, professions, etc., as well as the contributions made to government and municipal finance.” BRIGHTER TRADE PROSPECTS An Australian View

An expression of opinion that the trade outlook was now considerably brighter than at any time during the last two years, and a denunciation of manipulation of overseas exchange for political purj>oses, were the main features of the address by the retiring president at the annual meeting of the Sydney Chamber of Commerce last week. Mr. Hawkes said there was now confidence in tho future, as all Australian Governments were united in wholehearted co-operation to meet present difficulties. Experience in the present crisis had shown that until Governments adjusted the balance between revenue and expenditure, there would be no prosperity in industry, or commerce. Governments had power to levy on the community for financial requirements, and business could not go forward confidently if the finance for trade or production was liable to be restricted, or the expected profit turned into a loss by the imposition of new taxation.

Mr. Hawkes said it was becoming plain to the- thinking public throughout the world that tariffs were a prime cause of international friction, and were fundamentally unsound. As far as Australia was concerned, the chamber was satisfied that the only proper policy was to endeavour to effect a sound revision of the tariff. The first consideration had been to relieve the pressing burden on the primary producer in order to bring down production costs. It had consistently advocated adequate protection of basic industries, which were natural and beneficial to Australia, But excessive tariffs for protection of uneconomic industries had raised the cost of production in major secondary industries, hampering their operation on the home market, and precluding the development of their export trade. Revision of the tariff would result in substantial relief to consumers, and would lift from primary and major secondary industries a considerable portion of costs of production. The task of bridging the gap between costs and prices must be faced resolutely. In regard to overseas exchange, Mr. Hawkes said the chamber wanted it regulated by the Commonwealth Bank Board purely in the interests of Australian money requirements. He opposed the contention that woolgrowers and wheatfarmers would, be ruined if there was not an increase in the exchange rate. He strongly opposed tlie manipulation of the exchange rate to produce economic results other than the exercise of monetary functions. Sound management would regulate the rate of exchange at a level which would maintain sufficient credits overseas to meet all national requirements without accumulating idle funds. Such requirements should be viewed in the light of a long-range policy, which' would take into consideration possible reductions, in tlie total value of exports and the possibility of extraordinary payments. SYDNEY STOCK EXCHANGE Buoyant Conditions (Rec. August 2, 9.40 p.m.). Sydney, August 2. There were buoyant conditions on the Stock'Exchange to-day. with little variation in prices, bonds representing a large proportion of the turnover. Sales: Commercial Bank of Sydney, £l5/10/-; Bank of New South Wales, £29/5/-; Bank of Adelaide, £5/19/-; Colonial Sugar. £4O/15/-; MiUaquin Sugar, 2G/6; Dunlop Berdrinu. 13/1; ditto., pref., 29/-; Tooheys, 19/6; Tooths, 29/9 ; Australian Glass. 40/9; British Tobacco, 32/1 i; Goldsbrough, Mort, 25/-; Winchoinbe Carson, 21/-; Broken Hill Ppy., 17/3; South Broken Hill, 44/6. Commonwealth Bonds. 4 per cent., 1938. £9B/7/6; 1941. £9B/3/9: 1944, £9B/5/-; 1947, £9B/5/-; 1950, £9B/10/-; 1953. £96/16/3: 1955, £96/15/-; 1957, £96/12/6; 1959, £96/15/-; 1961, £97 2/6. Morning sales: Commonwealth Bonds, 4 per eent.. £9B/7/6: 1947, £9B; 1955. £96/15/-; 1961, £97/12/6. Commercial Bank of Sydney. £l5/10/-; Australian Gias. 40/3; British Tobacco, 32/-; Tooths, 29/71. Melliourne, August 2. Sales: E.S. and A. Bank, £4/12/-; Carlton Brewery, 33/6: Dunlop Berdrinu, 13/1: Henry Jones, 32/-; Mount Lyell, 19/11. ’ Melbourne Steamship Co. Directors of the Melbourne Steamship Co., Ltd., have decided, subject to audit, to pay dividends for the half-year ended June 30 of 3 per cent, on preference shares, making 6 per cent, for the year and of 3 per cent, on ordinary shares, making 5 per cent, for the year. The dividend on ordinary shares is similar to that paid last year. The dividends will be payable on the date of the annual meeting, A'OWt IX