DOLLAR EXCHANGE

Dominion, Volume 33, Issue 137, 5 March 1940, Page 10

DOLLAR EXCHANGE

Australian Minister’s View The vital necessity for Australia to cooperate with lhe rest of the Knipire in conserving dollar exchange was einpaasized on February 20 by the Acting-* ederal Treasurer, Mr. Spender. Mr. Spender referred to no specific measures for the conservation of dollar exchange. He definitely refused to comment on the possibility of restriction on petrol sales, with its consequent curtailment of motor-car imports. It is known, however, that there are differences of opinion in the Federal Cabinet about the adequacy of the measures so far taken to limit Australia s exchange needs, and that these differences have related to the petrol position. •‘Only through the closest co-operation of all parts of the Empire can there be a swift victory for the Allies,” said Mr. Spender. “If would be unpardonably wrong to neglect one step which would help to bring victory. “It is not only a matter of Australia's exchange relationship with the United States. We are dependent for the whole of our dollar exchange on Britain and our requirements must be considered in relation to the urgent exchange needs of Britain and other parts of the Empire. Canada, for instanle. may need to draw heavily on available dollar exchange for her part in the Empire air scheme." Victoria Insurance Company For the half-year ended December 31. Victoria Insurance Co., Ltd. record a profit of £32,018, compared with £33,44b in the corresponding period of 1938. Premiums in the period amounted to £206,923, and interest ami rents to £13,461, making a total of £220,384, compared with £212,389 in 1938. Rednsurances ami commissions totalled £76.538, aganst £71,640; cost of management, £42,730; losses, £63,419 Government licences and taxation, £5680. Victoria General Insurance and Guarantee Co. Ltd., which is interested mainly in the underwriting of the risks of A ictoria Insurance Co. Ltd., records a profit of £3644 for the half-year ended December 31. compared with £-1005 for the corresponding half-year in 1935. The directors recommend an interim dividend of 6d. a share, payable on February 23. Pukekohe Vegetables Dominion Special Service. PUKEKOHE, March 4. The outstanding feature in the trade in Pukekohe produce since last Monday has been a fall in the price _of cooking onions from £7/15/- a ton to £7. As harvesting nears an end large quantities of onions are available straight from lhe paddocks. If the fine weather continues tlie hulk of the unsold stocks will be in the sheds within a week or two. amt from then on the tendency may be for the price to harden. Pickling onions are still at 11/- a cwt. and potatoes at £6 a ton. Parsnips were quoted today as high as 6/6 a sugar bag, which compares witli 4/6 a week ago, while carrots were selling today at 4/and 5/- a sugar bag, as against an overall price of 5/- last Monday. Pumpkins today word at 5/- and 6/- a cwt. and swede turnips at 4/- to 4/6 a sugar bag. The current value of beetroot is also 4/6 a sugar bag. Cabbage plants remain at 10/6 a thousand in bundles of 25 and cauliflower plants at 12/6. At present tlie tone in ail brandies 'of the trade is fairly quiet. AUCTION DIARY TODAY. Levin Sale. 11..'11l a im—Mixed Slock. I'nlil.-ituii Sale. 11.30 a.m. — Mixed Steck. 8 Willeston Street, 1.15 p.m.—Household Furniture (Johnston and Co.). 1)1 Dixon street. 1.30 p.m.—Household Furniture <C. AV. Price), In Rooms. 1.13-155 h'eatnerstou Street. 2.30 p.m.—Sale of Residential Property, 31 llangiora Avenue, Kaiwarra, amt 2( Acres at Khandallah. ace. Public Trustee I Gordon Harcourt) tomorrow. Melbourne, Australia.—Sale of Dorset Horn Sheep. Registered Flock No. 9BBFB. acc. Mr. T. S. Austin, Myuna, Mortlake, Victoria (Australian Mercantile I.and and Finance Co. Ltd.). tn Produce Store. Taihape, 11 a.m.—Sale of Freehold Farm. 'l'aihape, acc. Estate late John Cooper (Abraham and Williams. Ltd.). Tillh'npc Supplementary Sheep Fair, It a.m.—7061) Sheep (N.Z. Farmers’ Co-op. Dlst. Co.). Ai Fruit Exchange. Allen ami Blair Streets. 11 n.m.—Salo of Simp and Window Fittings. etc. (Geo. Thomas and Co. Ltd.), 'tnsterlon Sale. 11 a.m.—2001) Sheep. J dinsmivlllo Fat Stock Sale. 1 p.m. — Mixed Stock (Wright Steph nson ami Co. I.td ). THURSDAY. Eketahuna Sale, 11.30 a.m. —315 C Sheep. I Upper Hutt Stock Sale, 1 p.m.—Mixed Stock (Dnlgety and Co. Ltd.).