TRADE AND FINANCE

Evening Post, Volume CXXIII, Issue 142, 17 June 1937, Page 12

TRADE AND FINANCE

PRODUCE & MARKET REPORTS FROM DAY 10 DAY

AUSTRALIAN TRADE

THE CREDIT BALANCE

OVER £31,500,000 IN

STERLING

'Evening Post," June 17.

Although Australia had an overseas trade debit when the exchange rate o:i London was raised to 30 per cent., and subsequently fixed at 25 per cent., New Zealand, on the contrary, had a substantial credit balance when the exchange rate on London was raised i'rom 10 per cent, to 25 per cent. The circumstances of the two countries were entirely different; and yet, it would appear . that so long as Australia's rate is 25 per cent., the New Zealand rate of exchange on London is not likely to be reduced, inasmuch as both countries produce for export identical commodities, with the addition for Australia of wheat and base metals. .

However, Australia today is in a comfortable position as to its overseas trade. The full year's returns will not be available until next month, as the Commonwealth Government's financial year closes June 30. The Australian returns for the ten months ended April 30 last show a decided improvement on those for the corresponding period of 1935-36. The exports from Australia during the ten months in review have exceeded imports in the same period by £31,561,000 sterling. For the corresponding period of 1935----36 the excess of exports totalled £23,814,000. The export excess already recorded this year will provide a substantial surplus after the meeting of Australian debt services and Governmental charges overseas, which are about £26,000.000 or £27.000.000 sterling for the year. Last year, the excess of exports -was about £4,300,000 sterling short of this total. THE TRADE FIC.LT.F.S. Exports. Ten months. ]!>3."-.lli. IS3G-37. Increases. Sstsr. fists. fists. Merchandise 86,1211,000 99,203,000 13,070,000 Bullion and specie .. 9.052.000 f1,447,000 SIm.OOO Total ~ 03,211,000 105,C32,000 15,H1,000 Imports. Merchandise 70,031,000 73,331,000 5,300,000 Bullion and specio ... 1.363,000 1,757,000 394,000 Total .. 71.397,000 77,091,000 5,604,000 XP°r excess 23,514,000 31,301,000 7,717,000 It should be noted that all the above figures are in sterling. IN AUSTRALIAN CURRENCY. A comparison of exports in Australian values for the ten months of 1035-36 and 1936-37 is as follows:— Ten months, 1033-30. 1930-37. Increases. £A. £A £A Merchandise 107,138,000 124,204,000 17,116,000 Bullion and specio ... 10,531,000 11.511.000 980,000 Total ..117,909,000 130,065,000 18,096,000 . Commodities exported in larger quantities in this period included wool, beef, lamb, mutton, sheepskins, tallow, silver, lead, and zinc bars, expressed in Australian currency. Greasy wool exports increased in value from £42,952.561 in the ten months of 1935-36 to £50,750,823, a reflex, since the quantity exported showed only a small increase, of butter market values. Butter exports were lower, and were valued at £6,425,450, compared with £8,202,653 last year. RETURNS FROM WOOL. The contribution of wool to the increased value of Australian exports for eleven months this financial year amounted in Australian currency to £56,058,273, for sales totalling 2,687,853 bales. The average value per bale this year was £20 15s 2d for greasy and £23 8s 8d for scoured, or an average for all wool of £20 17s Id per bale, or 16.6 d per lb for greasy and 24.9 d per lb for scoured, or 16.8 d per lb for all wool. Wool received in Australian stores to the end of May amounted to 2,839,214 bales, of which 2,644,269 had been disposed of, leaving a balance of 194,945 bales to be dealt with, and sales are being held in various centres throughout the current month.

AUSTRALIAN SHARES

METALS GENERALLY WEAK

(By Telegraph—X'rcsa Assti.—Copyrißht.)

SYDNEY, June 18.

There was considerable irregularity in investment prices on the Stock Exchange today, but the market had a good, healthy undertone, borne Barrier shares were much weaker.

Sales.—Bank of New South Wales, £3G 2s 6d; Commercial Bank of Australia, 18s 6d; Colonial Sugar, £48; Mercantile Mutual Insurance, 31s 6d; United Insurance, £10 13s; Associated News, 22s 6d; Associated News (pref.), 23s 6d.

Huddart Parker, 38s 6d; Adelaide Steam, 31s 9d; British Tobacco, 50s 6d; Tooths Brewery, 565; Tooheys, 33s 6d; Carlton Brewery, 645; Australian Glass, 93s 6d; Dunlop-Perdriau, 225; Winchcombe Carson, 39s 6d; Anthony Hordcrn, 19s 3d; Felt and Textiles, 35s 9d; United Provisions, 10s 3d; General Industries, 20s 6d. Electrolytic Zinc, 50s 6d, and (pref.) 53s 3d; Mount Morgan, lls 7d; Mount Morgan, New Zealand delivery, Us 7d; Mount Lyell, 41s; Broken Hill Proprietary, 78s 6d; North Broken Hill, New Zealand delivery, 70s; Broken Hill South, 47s 6d; Larut Tin, 19s lAd; 'Loloma, 17s 6d. ■ MELBOURNE, June 16. On the Melbourne Stock Exchange, today most activity was shown in bonds. Some leading industrials were inclined to weaken, but the tone improved at the close.

Sales. —Commercial Bank of Australia, 18s 7d; National Bank of Australasia (£lO paid), £14 10s; British Tobacco, 50s; Carlton Brewery, 63s 9d; G. J. Coles, £5 8s; Australian Glass, 935; Dunlop-Perdriau, 21s lOd; Hume Pipe, 19s sd; Silverton Trams, 35s 6d; Felt and Textiles. 35s 6d; Yarra Falls (rights), 3s 6d; Victoria Nyanza Sugar, 17s 9d.

Electrolytic Zinc. 50s 3d. and (pref.) 535: Mount Morgan, lls sd: Mount Lyell. 40s; Broken Hill Proprietary, 78s 3d: North Broken Hill. 69s 9d; Broken Hill South, 46s 9d: Emperor. 15s 8d; Loloma, 17s Id; Sulphide Corporation; 14s.