TRADE AND FINANCE

Evening Post, Volume CXXIII, Issue 18, 22 January 1937, Page 12

TRADE AND FINANCE

PRODUCE & MARKET REPORTS FROM DAY TO DAY

RESERVE BANK LOWER NOTE ISSUE DAIRY ACCOUNT GROWS The weekly statement of assets and liabilities of the Reserve Bank of New Zealand, as at the close of business ; on Monday, January . 18, showing movements compared v?ith the return for January 11, is as follows:— liabilities. e «. d. & GC VuLd I ReSe . r l! 1.500,000 0 0 Unchanged BMik°notes 13,212,490 10 0 t129,758 D Ta) n "af 0 b1Ut ! e . a ~4,334,84S 0 0 1371,192 ' b Banks . 11 061 083 11 4 '318,177 ' (c Other .. . 1,410,396 « 5 *1,032,444 i Other liabilities . 132,284 10 0 * 3 ' 3 ' B £31,651,103 11 7 *1,505,433 ASSETS. s s. d. a V ... 2,801,790- 0 0 Unchanged <b> change ß "*17,698.981 2 1 *923.399 Subsidiary coin . 155,118 6 2 Advances to Stata on Dairy In- r dustry Account 5.963,16 a 8 1 -12,10j Advances to the State for other _ ... . purposes ... 1,800,000 0 0 n , c !l a , n fnJ? Investments .. 3,164,31 a 9 1 Si'r!!S Other assets .. 72,735 6 - t1,j43 £31,651,103 11 7 *1,595,433 , TDecrease. •Increase. Proportion of reserve (reserve less liabilities in currencies other than New Zealand currency), 68.276 per cent., compared with 68.851 for the week ended January 11. The return a year ago as at January 20, 1936, showed the following: K ca . p "!!.l.Soo& \ 1 Knotes Demand liabilities- 4.155,296 Banks •••••• • 10,356,518 Ofh« 404 - 265 Liabilities In currencies other than New Zealand currency Other liabilities 119,ul"•r* 2,801,733 Sterling exchange 2 |'r7l'd7n Investments 'asoi Other assets os.aai Reserve to notes and other deraand J»,44H The proportion of reserve (less r& serve liabilities in currencies other than New Zealand currency), as at the beginning of each month since January 6, 1936, has been as follows. iqoe Per cent. January 6 9 8 - 38fi February 3 'i:::::!: 98.518 March 2 93.392 . April 6 May 4 «•? , Juno 1 • 9C.«18 .Tuly 6 August 3 September I 83.070 Octlbef 5 M.b«J

WOOL RESEARCH EMPIRE CONFERENCE POSSIBLE LEGISLATION The Melbourne conference of wool growers, the proposals of which for a world wool publicity campaign were published yesterday, made an appeal at its opening session last week for the freedom of international trade from restrictions which were jeopardising the future of the industry. The conference also decided to ask that the three Dominions (Australia, South Africa, and New Zealand) should pass uniform legislation governing the sale of woollen goods and to request that this legislation should be enacted in Great Britain. • The Australian Prime Minister (Mr. Lyons), who opened the conference, said that it was not too much to hope that the conference would ultimately lead to a world conference of every country interested, in the wool inMrf Lyons said it seemed to him amazing that a country with such a. small population as Australia should haVe 112,000,000 sheep, or one-fifth of the sheep in the world. It was estimated that wool would _ contribute £60.000,000 to the national income this season. Such a large sum showed the importance to the national e conomyo the wool industry. A great deal could be expected from Empire collaboration in production, manufacturing, and marketing, but all countries interested in the industry needed to work together, and it was not too much to hope that the conference would lead ultimately to a world conference. PROBLEM OF SUBSTITUTES. The Government appreciated deeply what representatives of the graziers had been able to achieve in Australia, Mr. Lyons added. Substitutes for wool had caused great concern, but until recently no reasonably practical plan had been made to tackle the P r °Wem. The Government, at the request of the graziers, had passed legislation to establish the Australian Wool Board. "If you evolve some proposal rails for the co-operation of the Commonwealth and State Governments and their expert officers, youwiUno call in vain," Mr. Lyons said. We shall watch closely the results inference, which, we hope, will ije satisfactory to the Empire as a whole and to each of the Dominions." • The chairman of the South African Wool Board (Mr. M. J. Joubert) said that wool growers had realised that measures to protect the interests of the <;tar>le were necessary. We m oouin Africa do feel that we have been playing with the problem too long, and that we must now f "ledown to a systematic campaign, he said. Replying on behalf of New Zealand, the chairman of the land Wool Board (Mr. Christie, M.P.) that the New Zealand Government would give the assistance it pnnld Wool had maintained m a remarkable manner its place among the greatest industries in the woild, but competition could not be taken cheaply. SCIENCE AS A MENACE. Mr van de Heever (South Africa), who moved the resolution for an international fund, said that science ha considerably reduced th fwoo" of wool. There was no fear that woo would be eliminated, but year after : year the percentages of wool used in manufactured articles were st-adily being reduced. , , he "Sripnce does not stand still, nt e-oifi "nnri it mav be so efficient in the near future that It will become a very serious problem to sell our wool m *Up w av we have done in the past. Mr D T. Boyd (Australia) said that the ulttaate object of the fund was to smooth out rises an^ 1 £ i dl^ v in a kpt as far as possible by i a Renerai sustained demand for wool. On the technical side they had everything to t*nin if the public could be maucea xo use more wool. Wool products could be made more attractive and process costs could be reduced. rrt. A PBSTRICTIONS.

November 2 December 7 1937,. GS 513 January 4 January 11 j£o-i January 18 G-v-jO PRICE OF GOLD (By Telegraph—Press Assn.—Copyright.) (Received January 22, 10 a.m.) LONDON, January 21. The price of fine gold per ounce, 141s 9Jd. s. a. January 20 141 8£ January 16, 18, 19 141 In January 15 141. 7 January 14 141 » January 13 ' January 12 6J January 11 \\\ g January 9 January 7, 8 ft} January 5, 6 141 5.j January 4 141 8 December 1 *■" i, November 2 1U ** DOLLAR AND STERLING (By Telegraph—Press Assn.—Copyright.) (Received January 22, 10 a.m.) i LONDON, January 21. | Sterling exchange, London on New York, 4.90 5-8 dollars. Dollars. January 20 .. I'ol 7 " 8 January 19 4.9-L January 16,'18 ........ 4.911-10 January 15 4.911-8 January 14 January 12, 13 4.911 January 11 *•«.. K January 8, 4914 January 5, 6, 7 4.914 January 4 4.90 7 J December 1 J-j" November 2 4.88 7 8 October 1 4.94J September 1, 3 5.031 August 1 July 1 5.011 June 2 J May 1 - 4.937-8 THOS. COOK AND SON (BANKERS) The local office of Thos. Cook am Son (Bankers), Ltd., has received th< following cable from London. "There is published today the lates balarfce-sheet made up on October of Thos. Cook and Son (Bankers), .Ltd. The balance-sheet of this banking company has always shown a high de- • gree of liquidity and this is fully maintained in the present accounts. The published reserve is' £125,000 and is equal to the paid-up capital. Substantial internal reserves have been further strengthened as a result of the past vear's operations. The total assets of '£4,332,009 include cash _on hand, £707,411: remittances in transit, £210,740; at call, £435.000; bank deposits. £1,953,124; and British, Indian, and Dominion Government securities, £554,618. JAVA EXCHANGE. (By Telegraph— Assn.— Copyright.) (Received January 22, 10 a.m.) BATAVIA, January 21. Sterling exchange, 8.91J guilders to £1. . The rate on January 20 was 8.92 J. POLISH EXCHANGE. (By Telegraph—Press Assn.—Copyright.) (Received January 22, 10 a.m.) WARSAW, January 21. Sterling exchange, 26.00 zlotys to £1. BRITISH WAR LOAN. (British Official Wireless.) RUGBY, January 21. The British War Loan, 3J per cent., is quoted at £105 2s 6d. PRICE OF SILVER. (British Official' Wireless.) RUGBY, January 21. Price of Silver—Spot, 20 3-8 d per oz.; forward; 20Jd. MINING RETURNS. (By Telegraph—Press Association.) GREYMOUTH, January 21. The Rimu dredge return was 299.90z for 132~hours. '

Mr H. T. Savage (South Africa) moved the resolution fegardmg restrictions upon international trade, which stated that . • •. science has devised raw materials which are being utilised increasingly to fi f" p f t aA iffi C ult by such countries as find it dimcuii or impossible to obtain all or part of their raw wool requirements, on account of trade restrictions. Vested interests are established in this way. which will eventually call for and receive protection from the Governments of countries in which they have d* veloped, and for these reasons the ultimate prosperity and even the entire livelihood of wool-producing countries are dependent upon effort being made to enable all wool-consuming countries to buy as much wool as they r6 prgposals for reforms in the sale and advertisement of manufactured woollen goods met with wholehearted supnort from the conference. _ Senator Guthrie moved, and Mr. Christie seconded, • the following That this conference considers it is tive that'their respective Governments should be asked to enact uniform legislation dealing with the advertising, description, marking, and sale or disposal of manufactured goods made o£ wool, or containing wool.

IMPERIAL TOBACCO

INVESTORS DISAPPOINTED ■ (By Telegraph—Press Assn.—Copyright.) \ (Received January 22,11.30 a.m.) , LONDON, January 21. 1 Despite a record profit of £10,268,000 | the market value of Imperial London | Tobacco shares dropped by, £13,000,000 ■ owing to disappointment regarding the dividend announcement and the failure of the expected bonus to materialise, i The "Financial New's" points out that the profit shows only half the rate of increase of 1935. DIVIDENDS DUE. H. M. Arcade—final, pref., 2 3-5 per cent per annum; ord., 3Va per cent, per anum Jan - Victoria Nyanza Sugar—3 per cent. Jan. n Union Bank of Australia—final 3s (sterling) or BVa per. cent, per annum laa ' Ulllaquln Sugar—lnterim half-yearly. 3 per cent Vi," Port Jackson and Manly Steamship Co. —Interim half-yearly at 8 per cent, per annum ••••••• •: Jan - r v British Tobacco—ord. special bonus Scl per share JaD - British Tobacco (Australia), Ltd.— quarterly pref. at d'A Per cent. per annum Jan au Smith and Smith—half-yearly pref., 2% per cent • lan Murdochs. Ltd.—pref. at I\'i per cent. per annum (less statutory reductlon) Fe6 ' Trustees, Executors, and Agency Co. -half-yearly interim at 8 per cent, per annum • Pitt, Son, and Badgery—lnterim halfyearly, at 10 per cent, per annum Commercial Bank of Australia—interiras half-year on pref. at rate of 4 per cent, per annum, and on per annum (Australian currency) Feb. ■' ord. at the rate of 0 2-3 per cent. Auckland Gas—final half-yearly dividend at rate of 5% per cent, per annum Feb - 9 N.Z. Insurance—lntorlm, Is per „ . share Feb. 10 N.Z. Refrigerating—s% per cent, per annum yeb - 17 Electrolytic Zinc—half-yearly, 0 per cent, on ord. and pref Mar. 18 THE FRENCH FRANC. (By Telegraph— Press Assn.—Copyright.) (Received January 22, 10 a.m.) LONDON, January 21. Sterling exchange on Paris, 105 I 5-32.. The rate on January 20 was the same.