INTERNATIONAL TRADE

Evening Star, Issue 23353, 24 August 1939, Page 9

INTERNATIONAL TRADE

NECESSITY OF HARMONIOUS WORKING STABILISATION OF CURRENCIES APPEAL BY CHAMBER OF COMMERCE« LEADER The drawing up of plans for adjustments that would give all countries an opportunity to share in the, resources of the world on a basis agreed upon as being fair to all was suggested by Mr Thomas J. Watson (America), president of the International Chamber of Commerce. The suggestion was made at the opening ot.the Tenth Congress of the International Chamber of Commerce in Copenhagen. Mr Watson said that the Chamber was working for international stabilisation of currencies,! limitation of armaments on lines to be agreed upon by all nations, adjustments of trade barriers on a basis fair to all countries, and n better distribution of raw materials, food, and clothing throughout the world. These were the basic points of their programme and in his opinion they were fundamental to the establishment of world peace. The world ; produced enough' of, the necessities and comforts of life to supply adequately all, people in all countries, but the talents' of the people, the quality of the soil, and the natural resources , of the earth were unequally divided. That resulted in the production of surpluses in certain countries. The important economic job of the International Chamber was to find a way to distribute those surpluses and make them available to people in other, countries who needed them on a fair basis, BIG NATIONS’ ADVANTAGES. The strong nations, as a result of their industrial, .financial, and military resources, enjoyed greater comforts and security than many of the less fortunate small nations. Therefore all big and strong nations must assume the responsibility of adjusting international problems that would bring forth opportunities for all to enjoy their share of peaceful security and everything they needed which the world produced. With that in mind he would propose, he said, that the six or seven leading countries of the world should appoint a committee of economic experts to work with representatives of the Government and of business to make a thorough study of the economics of their country from the standpoint of their needs, what they would like to get from other countries and what they would have to contribute to other countries to the mutual advantage of all. When these committees had arrived at tentative conclusions they could appoint representatives to meet together and, in collaboration with the International Chamber of Commerce, make the plans mentioned above for adjustments that would give all countries an opportunity to share in the world’s resources. The door to peace was open and it was the responsibility of every right-thinking person in every country to keep it open. TOMATOES FOR SAUCE GROWERS RECEIVE HIGHER PRICE ' [Per United Press Association.] AUCKLAND, August 23. Representing an increase of £1 a ton on last year’s prices, Auckland district growers of tomatoes for sauce manufacture will receive £8 a ton for their crop throughout the approaching season. Dissatisfied with _ the rates which have been ruling since before the depression, the growers recently countered the manufacturers’ offer of £7 10s a ton with a request for £9 6s Bd, and in the subsequent negotiations Government mediators assisted the parties to reach a compromise of £8 a ton.

Captain Currey, who was appointed the growers’ representative at a meeting called by the Auckland Commercial Gardeners' Society, said the increase in the season’s payout over that of last season would be about £3,000, the output being estimated at 3,000 tons. As a result, contracts being let at the present time for forward delivery in several months’ time would involve a cheque to the growers of about £24,000

MINES AND METALS BUND! GOLD DREDGE OPERATIONS SUSPENDED INDEFINITELY The Bundi sold dredge, owned and operated bv tne_ Bundi Tin Dredging Company (No Liability) at Camerons, near Greymouth, has closed down for an indefinite period. Thirty-one dredge workers are affected by the closing down. REPORTS AND RETURNS Grey River. The Grey River dredge return is 254 J ounces from 93,852 cubic yards treated in 128 hours. REGENT THEATRE SUCCESSFUL YEAR REVIEWED QUALITY OF FILMS WELL MAINTAINED A satisfactory year’s operations were revierve’d at the eleventh annual meeting of the Regent Theatre Company Ltd. last night. The chairman of directors, Mr John M‘Donald, presided. The quality of films exhibited had been well maintained, said the Chairman, moving the adoption of the annual report and balance sheet, while the amenities of the theatre itself continued in excellent condition. The directors had recommended the payment of an increased dividend of 6 per cent., depreciation had been increased by £SOO, while the mortgage had been reduced to £21,882. “ The commencement of any picture concern is a most trying period,” said the Chairman, “ but our concern has now developed into a more general business.” The motion was carried. ‘‘The company is in a satisfactory liquid financial position, and as a trading concern it is operating very successfully,” said Mr J. H. Mason, representative on the directorate of J, O. Williamson Theatres. The retiring directors, Messrs J. H. Mason, Harold Edwards, and N. Oram, were re-elected, and directors’ fees were fixed at £3OO. Votes of thanks were passed to the board, the manager (Mr R J. Bcnnell), and his staff. FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dun. edin, quoted the following rates for purchases and sales of foreign exchange (all rates subject to alteration without notice)

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) to-day quoted the following dollar rates on a New Zealand currency basis. They are subject to alteration without notice:—

London— £100 stg. N.Z. T.T, O.D. £124 7/6 £123 18/9 £125 £124 19/8 Australia— £A to £100 N.Z. T.T. O.D. £100 10/ £100 10/ £100 £100 Fiji— £F to £100 N.Z. T.T, O.D. £90 £90 £88 12/6 £88 12/6 New York — Dollars to £1 N.Z T.T. O.D. 3.7743 3.7793 3.7310 3.7320 Montreal— Dollars to £1 N.Z T.T. O.D. 3.7726 3.7813 3.7326 3.7336 Belgium— Belgas to £1 N.Z T.T. O.D. 22^339 22.414 ' 22.029 22.034. Denmark — Kroner to £1 N.Z T.T. O.D. 18.140 18.200 17.830 17.832 Finland— Marks to £1 N.Z. ... ... T.T. O.D. 184.88 185.28 179.08 179.18 France— Francs'to £1 N.Z T.T. O.D. 142.97 144.22 140.47 140.49 Germany— Reichsmarks to £1 N.Z. ... i T.T. O.D. z 9.281 9.283 Greece— Drachmae to £1 N.Z. ... T.T, , O.D, . 429.20 429.35 Holland— Florins to £1 N.Z T.T. O.D. 7.084. 7.124 6.934 6.936 Italy— Lire to £1 N.Z T.T. O.D. _ 70.97 70.99 JavaFlorins to £1 , N.Z T.T. O.D. 7.069 7.109 6.919 6.921 Norway— Kroner to £1 N.Z T.T. O.D. 16.130 16.190 16.840 16.843 Noumea— Francs to £1 N.Z T.T. O.D. 145.46 148.96 138.71 138.75 Papeete— Francs to £1 N.Z T.T. O.D. 144.86 146.36 138.86 138.90 Sweden—' Kronor to £1 N.Z T.T. O.D. 15.731 15.791 15.436 15.439 Switzerland— Francs to £1 N.Z T.T. O.D. 16.769 16.869 16.499 16.502 Hongkong— N.Z. pence to 1 dollar ... T.T. O.D. 18 3-64 18 1-64 18 27-64 18 27-64 India and OeylonN.Z. pence to 1 rupee ... T.T. O.D. 22 7-32 22 3-16 22 1-2 22 1-2 Japan— N.Z. pence to 1 yen T.T. O.D. - 17 37-64 17 37-64 Manila— N.Z. pence to 1 peso ... T.T. O.D. 31 33-64 31 27-64 32 7-32 32 7-32 Singapore— ’ N.Z. pence to 1 dollar ... T.T. O.D. 34 27-32 34 34 35 21-64 35 21-64 South Africa— £N.Z. to £100 S.A. T.T. O.D. £124 4/3 £122 17/ £124 17/ £124 17/

U.S.A. CANADA. SELLING— (Per £1 N.55.) (Per £1 N.Z.) T.T. (dol) . .. 3.72 1-16 3.72 1-8 O.D, (dol) . .. 3.72 5-16 3.72 ■ 7-16 BUYING— O.D. (dol) . .. 3.77 1-8 3.78 3-16