TRADE AND FINANCE

Evening Post, Volume CXXV, Issue 128, 2 June 1938, Page 12

TRADE AND FINANCE

PRODUCE & MARKET REPORTS FROM DAY TO DAY

ABOLITION RESENTED THE DRAFT ON WOOL YORKSHIRE PROTEST i AUSTRALIA INDIFFERENT \ (By Telegraph—Press Assn.—Copyright.) • SYDNEY, June 1. - Referring to the proposed abolition of the draft allowance on wool, Mr. J. P. Hollowey, acting-president of the Australian* Graziers' Association, said 'it was most unlikely that the graziers would budge from their demand for .the abolition of the draft, and it was ■ * also extreihely unlikely that the British .'wool-buyers would enforce their boy- •* eott andllcut off their noses to spite '■■■ their facest" . . ■ '„.™ A leading wool authority, on the con►Hfrary, poSfed out that the buyers, who •■■'■lj'eady.-'toiok into consideration the ;; draft allowance when bidding, would -continue, lb adjust their prices accord- * "'-.1081? arid/ pay a little less for their Ttftyool, which would therefore defeat the ii"bbject at which the graziers aimed. - • He expfcined that the draft allow- * ance, which was a time-honoured pracrtice in the wool trade, consists of an ; -allowance made by the grower to the buyer of lib in every hundredweight' - of wool bought at auction in order to * cover shoiitages in weight. This, ac- '?. cording to/ the growers, meant a gift about it 300,000 to the buyers when •"the Australian clip totalled £30,000,000. -Sew Zeal;6id and South Africa are involved in the arrangement for the abo- : "ition of allowance. 1 cj Accordhig to the; "Sydney Sun," wool- '•>; Irowers iitTAtfsttalia are not concerned -With the -'threatof the British Wool i-Federation to boycott the Dominion '.'sales if th-fe draft allowance is abolished. " J Promihrtnt graziers contend that the ''''•'federation' is either bluffing or is _ex- •, tr.emely\atoxious to retain full domma- ■< tion over the Australian auctions. The i i Australia* growers, it is jidded, are : preparedTfeo "call their bluff*.' ; The matter is to be discussed at a "' meeting£ctf ,the National Council of the Wool-sellihg Brokers to be held next . MondayTfei Melbourne. ■•--.,. Sometordkers argue in favour, of the continuatncS of the draft allowance. They declare that the .time is not op- : portune ttjfflght the federation. . . It is rectalaed that the Commonwealth Wool Federation in 1932 recommended the abcssi°n of the draft allowance ; because;of:the irritation caused to the '•']. grower*. » ; '.___■. "-—lt'.wa4Reported in February last at -"■ ttie Welßfigtoh wool sale that Mr. Her--1 UertHißJ president of the New Zea--iitod WQril Buyers' Association, who ;?was atteVkding the sale, had received rtfie following cable message, dated -February l 10, from the British Wool " Federatioik, Bradford:—"A fully-attend- " ed meetirfg today unanimously passed ;- the follovpn? motion:— . . ■'■<• That tthis meeting, consisting of ,' colonial -wool, importers and" buyers, - having considered the contemplated. I* legislati-Cte action which is being : taken,toi, change .the terms on which X wool shiU be sold in future in the * Dominions by the abolition of the '■i draft allowance, desures to protest * most emjSiatically against any change -being irHde in existing conditions ■'■ without Hie full concurrence of buy- ' ers' orgaHisations. ' Failingl such agreement and the 3 fullest: coiisultation between buymg ■? and selliibg organisations, we agree '« to take Whatever action this federa- * tton icontlders- necessary to protect '{ aSd maiiitin the interests of our £ members •in this mattsi-.' * The quailtities of wool reported by 1 Dalgety »n4 4Co.Nas sold in Australia 1 and New Z Ealahd during the past three; 'l ye«f on-K the draft i had been ibade, were as follows:—

AUSTRALIAN SHARES j EASIER TENDENCIES * (By Telegraph—Press Assn.—Copyright.) ; SYDNEY, June 1. < There was practically 110 variation in prices in any department on the Sydney < Stock Exchange today. W. R. Carpenter's shares were weaker in sympathy • with reduced prices for island produce. Pastoral shares were also tending ' easier. Sales included:—

. MELBOURNE, June 1. On the. Stock Exchange of Melbourne today trading was still restricted but gold issues and Barriers were more active, with an improving tendency. Sales included:—

PRICE AND RETURN Latest sales, reported-and made on the Stock Exchanges of the Dominion, with, the highest prices and the approximate yields per cent, per annum to investors (all subject to appropriate taxes and exchanges where operative), based on last year's distributions, ana considering redemptioh • and brokerage in the cast* of ■ redeemable securities where dfterf were as follows:— Highest Yield price, p.c., p.a. £ s. d. £ b. d.

i i' 1934-35. 1935-36. 1936-37. * . Biles. Bales. Bales. ? Aiutnlll ...' 3,040,421 2,816,912. 2,924,003 5 KwZeita* 479,797 756.833 686,994 I '[ 3,520,218 3,573,745 3,611,047 J The averasis weight per bale of Aus- * tralian woblTsold for 1936-37 was 297.2 ? lb vSuedTt *20 14s 2d, and New ZeaI lMdwool, Slil.3lb, valued at £22 6s * 8d per bale. \ It has been estimated I thafthe draft! allowance made, by sell--5 ers to buyers), amounts •to 3Jlt> m a 3 New Zealand! bale. That being so, i the average allowance, made on "New Zealand's average return at about 15Jd J Sr lb for 193fi-§7 would have amountJ ed in money (Value to .nearly 4s per * bale Theaiterage price per lb for . the- : IW7-38 mw Zealand sales was ; io,o*3d {&*■})>% ____■,•;,:..'.: 1 I THE FRENCH FRANC ; : (By Telegrapli-|Press ABsn.—Copyright.) i June 2, 10 a.m.) i ' ' LONDON, June 1. : Sterling exchange on Paris, 178J .' francs to £1. \ .- -"■'•■•• ( , Francs. -May 31 ....L m May 4 1.. lg| May 2 ...4. }g*| April 25 ..M 165J Aoril 1 ..Jl 162J .Mardh.26. ..j.. 16315-16 - March 8 . .;-.........• 15515-16 Par. with stating, 124.21 ffancs to *1. '■ / ■ DOLURjAND STERLING >I ; ; (By Telegraph-pEJress Assn.—Copyright.) (Received .June 2, 10 a.m.) '" I : LONDON, June 1. Sterling exchange, London on New York, 4.94 7-8.;

I Dollars. May 30 .1 f£!?H« May 28 ...1..... 4.949-16 May 27 .J.- 4943-8 May 26 .j.-. 4.941-8 May 25 .J.j 4.944 May 24 ..I. 495 *..„ May 2 ..+ 1 ; 18 April 30. ..J.. 4.985-8 April 28 .4. 4.987-8 April 27 .i.>. 4.985-8 April 26 .J... 4.983-8 April 1 .i. 4.965-8 March 1 ± 5 -°2 ,„ February 1/ 5.01 Hg January 1 5.00 5-16 LONDON MOPJJEY MARKET RATES. (By Telegraph—tPress A'ssn.—Copyright.) (Received June 2, 11.30 a.m.) 1 LONDON, June 1. Discount ai»fl short-loan interest rates are quoted as follows:—Day-to-day loans, i per cent.; fine trade bills, three months, 2 to 21 per cent.; bank bills, three months,.9-16 per cent., six months 5-8 per cent-i Treasury bills, two months i per cent., three months 9-16 PeT Ce " ' < NEW YORK, June 1. Call money.is quoted unchanged at 1 per cent. \ JAVA EXCHANGE. (By Telegraph—i Press Assn.—Copyright.) (Received, June 2, 10 a.m.) J BATAVIA, June 1. Sterling exchange, 8.951 guilders to £1. 1 The rate on lW 31 was 8.95 guilders.

PRICES OF BASE. METALS {By. Telegraph—Press Assn. —Copyright.) (Received June 2, 11.15 a.m.) -• LONDON, June 1. The official London (middle) quotations, as reported by the Australian Mines and Metals Association, compare with those previously cabled as

SilverStandard, per oz 18 15-16 dlB 15-16 d Fine • ........ 20 7-16 d2O 7-16 d PRICE OF GOLD (By Telcpnraph—l'ress Assn.—Uopyrißhu (Received June 2, 10 a.m.) LONDON, June 1. The price of fine gold per ounce, 140s 7Jd. s. d. May 31 140 51 May 28 140 9 May 26 140 9J May 18 140 0 May 2 139 6j April 1 140 04 March 1 139 91 February 1 139 7 January 3 139 5 Highest price in 1937, March 6, 142s 7£d; average price in 1930, 85s per oz. BRITISH WAR LOAN. (British Official Wireless.) RUGBY, May 31. The British War Loan. 3J per cent., is quoted at £101 12s 6d. LOAN AND MERCANTILE SHARES. (By Telegraph—Press Assn.—Copyright.) (Received June 2, 11.30 a.m.) LONDON, June 1. N.Z. Loan and Mercantile ordinary shares, £28; preference, £75.

£ s. d. Commercial Bank of Sydney 20 12 0 Colonial Sugar 47 15 0 Associated Newspapers 1 0 9 Assoc. Newspapers (pref.) 13 3, Burns, Philp 2 13 6 Australian Glass 413 3 Dunlop-Perdriau ...... 1 0 10J Felt and Textiles. 1 11 6W. R. Carpenter '.... 223 "United Provisions 0 6 7 Goldsbrough, Mort 1 9 6 Winchcombe "Carson ...... 1 8 0 Wilcox Mofflin 072 Mount Lyell 1 3 0 Broken Hill Pty. : 3 0 9 North Broken Hill ........ 2 0 0 Broken Hili South .... 1 8 1 KUala. Tin 0 16 3

£ s. d. i Comm. Bank of Australia .. 0 15 9 G. J. Coles 4 1 9 Drug Houses 1 3 9 Dunlop-Perdriau ...: 1.011 Aust. Paper Mfrs. (pref.) . . ■ 1 4 9 Yarra Falls 1 18 6 Herald and Times 2 14 6 Mount Morgan / 0 8 10 Mount Lyell ; i 2 10 Broken Hill Pty. .. 3 0 6 Broken Hill Pty. (new; issue) 116 3 Emperor Mines oil 9 Loloma Mines .....; 1' i 3

Wellington. Inscr. Stock,' i',i p.c., ■ 3/3043 '.'it; 100'-.5 0 3 10 0 Inscr. Stock, • 4- p.cv; 15/2/43-46 ,,...a, 103 5 0 . 3 12 5 Australian Glass-..,.. 4 12 3 3 5 0 Broken Hill Pty. ..... 2 19 6 4 4 0 Colonial Sugar .....; 47 5 0 3 . 3 5 Consolicl'. Brick 0 8 11 . 2 16 0 Dental and Medical .. 0 13*11. 7 3 8 Woolworths, Ltdi, ord.' "1*0 0 ' 3 12 3 Woolworths, rights .. • 0 3 11 — Woolworths Holdings 0 15 10 3 3 1 Grey River Dredging .0 12 3 — Mount Lyeir ' 1 2 6 — . Auckland,. Govt. Bonds) 3'A p.c., 15/1/53-57 a. 98 17 6 — Inscr. Stock, 3% p.c., 15/1/53-57 a. 98 17 6 — Bank of tf.Z 247 498 Nat.' Insurance 0 17 8 4 4 10 N.Z. Insurance 2 18 1 3 8 10 Westport- - Stockton (ord.) ............ 0 3 0 . — Farmers' Trading '116 6 10 2 . G. J. Coles 4 1 9 4 11 9 . Herald and Weekly , .Times ' 214 11 4 7 4 • N;.Z."Drug .......... 3 7 6 4 14 9 N.Z. Perpetual Forests 2 0 0 4 0 0 Taranaki Oil 0 9 0 — Woolworths, Ltd. .... 1 0 9 3 12 3 . Woolworths, rights ... 0 3 10 — I Mount Lyell 133 — . Mount Morgan 0 8 9 — , Chrlstchurch. Taradale Borough, iYt ; p.c., 2/4/44 103 0 0 t- ' Comm. Bank Austr. 0 15 6 4 6 0 I Bank of N.Z. 246 49 10 I N.Z. Breweries 2.2 0 4 0 11 British Tobacco ..... 2 7 6 4 4 2 " Broken Hill Pty 2 19 3 4 4 4 Consolid. Brick 0 8 11 2 16 0 J D.I.C.,. ord 0 14 9 4 1 4 I Electro. Zinc (ord.) .. 1 16 6 9 11 9 1 G. J. Coles 416 4 12 1 . Taranaki Oil 0 8 10 — ; Wilc6x Moffliii .... 0 7 2 13 19 0 / Woolworths, Ltd. . 1 0 8 3 12 0 ' Woolworths, rights .. 0 3 11 — Broken Hill- South ' 17 5 — Mount Morgan - .... > 0 8 9 — North Broken Hill .. 1 19 6 — Dunedin. N.Z. Eefrig (10s- pd.) 0.8 4 612 0 G. J., Cdles.,......... 4 1.9 , 4 11 9 Woolworths, Ltd. ..1 Q. 9 3 12 3 Woolworths, rights ..040 Gillespie's Beach ... 0 0 9 — ■ Mount Lyell ioo ~~ Mount Morgan 0 8 9 a.—Market price includes accrued interest . but not brokerage.

follows:— May 31. June 1. Per ton. Per ton. £ s. d. £ s. d. Copper— Standard, spot 33 16 3 32 19 4J Ditto, forward 34 1 3 33 4 4J Electrolytic .. 38 0 0 37 5 0 to 39 0 0 38 0 0 Wire bars ... 39 0 0 38 0 0 LeadSpot 13 14 41 13 6 lOi Forward .... 13 16 10| 13 9 4J SpelterSpot 12 7 6 11 18 9 Forward .... 12 8 1J 12 3 1J Tin— Spot 164 7 6 163 2 6 Forward ... 164 17 6 163 17 6