COMMERCE, MINING, AND FINANCE

Evening Star, Issue 21916, 31 December 1934, Page 5

COMMERCE, MINING, AND FINANCE

REAL ESTATE YEAR “PUZZLING AND DIFFICULT” BRIGHTER DAYS AHEAD The year 1934. has proved one of the most puzzling and difficult years in the history ot real estate (says the Canterbury branch of .the Real Estate Institute of New Zealand). The optimism of twelve months ago, due to'improved wool prices, resulted in a revived condition of business, which it was hoped would gain impetus month by month. But as others of our main products failed to keep pace with the improvement in wool, these hopes proved somewhat disappointing, and the state of business, particularly during the middle part of the year, did not come up to expectations. This was a somewhat! puzzling condition, as it was felt that, with the increasing pressure of stagnant capital, trade recovery would have been more apparent. It is realised that these conditions were purely due to persistent world-wide disturbances which had an adverse effect on trade generally. Despite these passing phases it is pleasing to be able to record a more definite, if slow, recovery during the closing months of the year, and with the increasing surplus of bank deposits, coupled with a consistent reduction of interest rates, it is felt that 1935 can be anticipated with , more confidence and brighter daj’s will be experienced. The difficulty seems to have been timt the man with confidence had no money, and the man with money had no confidence, but it does’seem that there is an increase in public confidence.

■ Conditions seem to point to the fact that the vast ; amounts of' unemployed capital will, under national economic pressure, find their way into circulation again. Moreover, those acts of expediency which have been placed on the Statute Book l in ' most, civilised countries, while apparently justified for the sake of sectional .advantages, are now proving in tnaHy cases to have fallen short of, the .final - solution of . the, problems they were created to meet. Many >of : the economical hurdles still remain to be overcome.

• ■ A factor which must have a permanent effect on the national finances is the proposed National Mortgage Corporation, which must undoubtedly have the effect of placing in the hands of a Government department the bulk of the private financing of the country. : ■ From the : official, statements . so far published if is evident that the fullest precautions ■ will be taken against a repetition, of the over-optimistic financings of the last fifteen years. A small percentage will doubtless be provided for l guarantee fund purposes, and the net results'should be for the ultimate benefit, of the farming community. But it is obvious that very large numbers of mortgages will continue to be carried] by the private mortgagee fop the obvious reason that the reduced current value of the security will not enable the mortgagor ]to benefit by the Government finance. EMPIRE BUYS MORE BRITAIN’S BEST CUSTOMERS . Increasing exports to the British Empire are announced in a report,of. the Empire Industries’ Association. In the first ten months of 1933 exports of British manufactures to foreign countries exceeded those to British countries by more than £11,000,000. In the corresponding period of this year, however, exports of British manufactures to British countries overseas exceeded those to foreign countries by more than £4,000,000. Manufactured exports to British countries last year totalled, £110,700,000, and this year £127,900,000, an increase of more than £17,000,000. Those to foreign countries have increased by about £2,000,000. BANK ADVANCES UP INCREASE CONTINUES Evidence that the increase in bank advances, which began in September, is being continued, is provided by the banking statistics for November. Although the ratio of advances to deposits is still abnormally low (69-26 per cent.) advances increased by £2,900,000 during November, making the improvement since August approximately 7J per cent. Deposits have fallen by, £4,700,000, or 7 per _ cent., . since August, but are still considerably above normal. SHIPPING REVIVAL REFLECTION OF IMPROVED TRADE IN BRITAIN

A ship which had been laid up at Cardiff docks for three and a-half years went to sea again • last month, states an English newspaper, in speaking of the general revival of trade’ in Great Britain.

The steamer was the J. Duncan, owned by J. Duncan and Co., and had been given up for dead. Her new lease

of life started with a commission to take 2,000 tons of coal to Bordeaux. All the firm’s fleet of eleven vessels are now. back in commission after protracted inactivity. It is another indication of shipping recovery in South Wales. Three years ago half the vessels registered at .Cardiff were idle. Now only about a dozen are off- the active list. NATIONAL BANK OF NEW ZEALAND The general manager of the National Bank of New Zealand Limited announces payment on January 5 of an interim dividend at the rate of 4 per cent, per annum, free of tax, for the half-year ended September 30 last. The above dividend will be payable m New Zealand, at any branch of the National Bank of New Zealand Limited, at current rates of exchange for demand drafts on London on the date of negotiation. This makes the interim dividend equal to £2 9s This bank shows its capital and reserves as under: —Subscribed capital, £6,000,000; paid-up capital, £2,000,000; reserve fund (invested in Government securities). £1,000,000; currency reserve (invested in Government securities), £1,000,000; reserve liability of shareholders, £6,000,000. In addition there are undivided profits carried forward of £lO6 416. In the balance-sheet. liquid assets stand at £12,289,000, which are equivalent to 68 per cent., or 13s 7d in the £ of total liabilities to the public, and for every £1 of its own funds the bank is holding only £4 7s 9d of the public’s money. MEAT MARKET Press Association—By Telegraph—Copyright LONDON, December 29, New Zealand Sheep. Canterbury and North Island cross-bred wethers and maiden ewes; North Island —4B-561b, 51 d; 57-641 b, 5Jd; 6S-721b, sd. Ewes: Under 481 b, 4jd; 48-641 b, 3Jd; ,65-721 b, 3fd. ■ Australian Sheep. Eirst quality cross-bred and/or merino, wethers; 40651 b, 41d; second quality, 30-551 b, 4gd. Ewes: '3O-551b, 4|d. Argentine Sheep.—First quality crossbred wethers: 48-64!b, 43d; 60-721 b, 4Jd. ' Patagonian Sheep.—Wethers and/or maiden ewes: Under 501 b, 33d. Argentine Lambs. First quality: 361 b and under, 6Jd; 37-421 b, 7d. Second quality: Average about 28ib, 6Jd. New Zealand Lambs.—Canterbury: First quality, 37-421 b, 6)d; 43-501 b, 5Jd; second quality, average about 321 b, 6id. Other South ’ Island: 361 b and under, 6-Jd; 37-421 b, 6Jd; 43-501 b, skl. Selected North Island, including Downs: 361 b and under, 7|d; 37-421 b, BJd; 43501 b, 5Jd; second quality, average about 321 b, 7d. Other North Island: First quality, 361 b and under, 7gd; 37-421 b, 7|d; second quality, average about 321 b, C^d. Australian Lambs.—Victorian: First quality, '36lb and under, 6|d; 37-421 b, 7d; second quality, 361 b and under, 6id. Other States: First quality, 361 b and under, 63d; 37-421 b, 6-Jd; second quality, 361 b and under, 6Jd. All States: Third quality, average about 261 b, s|d. New Zealand Frozen Beef.—Ox fores, 160-2201 b, 2|d; ox hinds, 160-2201 b, 3JdAustralian Frozen Beef.—Ox hinds, 1601 b and under, 3|d; ox hinds, over 1601 b, 2id; ox crops, 1001 b and under, 23d; ox crops, over 1001 b, 23d. Argentine Chilled Beef.—Ox . fores, 160-220ib, 3§d; ox hinds, 160-2201 b, 6Jd. New Zealand Pigs.—First quality; 60-801 b, 6Jd; 81-1001 b, 53d; 101-1201 b, 5Jd. ' . Australian Pigs.—First quality: 601001 b, average about 801 b,. 5Jd; 1011201 b, sid; . PERTH STOCK EXCHANGE Press Association—By Telegraph—Copyright PERTH, December 30. As the outcome of record business during the year the membership of the Perth Stock Exchange has been increased by nearly one-third, and for the first time in history two daily calls have been instituted. RABBIT MARKET Press Association—By Telegraph—Copyright LONDON, December 29. Rabbits. —First large, ex store, 16s to 16s 6d. METAL MARKET Press Association—By Telegraph—Copyright LONDON, December 281 (Received December 31, at 1 a.m.) The following are the official metal quotations:— Copper: Standard, £2B 2s 6d; forward, £2B 10s 7id. , Electrolytic: Spot, £3l 10s; forward, £3l 10s. Wire bars, £32. Lead: Spot, £lO 7s 6d; forward, £lO 7s 6d.

Spelter: Spot, £ll 15s; forward, £l2 Is 3d.

Tin: Spot, £228 os; forward, £228 6s 3d.

Pig iron : Homo trade, £3 7s 6d; export, £3 2s 6d. Antimony: British, £74 10s; foreign, £57. Molybdenite, £1 14s 6d per unit. Wolfram, £1 18s 6d. Silver: Standard, 24gd per oz; fine, 26 5-16 d.