COMMERCIAL

Greymouth Evening Star, 7 September 1939, Page 14

COMMERCIAL

JAPANESE WOOL PURCHASES. [BY CABLE —PRESS ASSN.—COPYBIGHT.] TOKIO, September 6. The Japanese are closely studying the prospects of the Australian and New Zealand Governments instituting control of wool for war purposes. It is generally expected that there will not be much interference with the exports to a neutral country like Japan, who greatly prefers 1 Australian and New Zealand wool, and is likely to augment her purchases as soon as the China trouble ,is settled. Nevertheless, Japan is tentatively preparing to obtain her requirements from South Africa and South America if necessary. ’

AUSTRALIAN WHEAT. ’ MELBOURNE, September 6. The British purchase of some of Australia’s surplus wheat may relieve h severe loss. The fall in production of wheat m Australia and the slump in, world prices cost the Commonwealth over £12,000,000 in the past season, according to figures quoted by Mr John L. Webb, chairman of directors of. the Commonwealth Bank, at the annual meeting jn Melbourne. Mainly owing to drought, the quantity harvested showed a decline of 32,712,000 bushels on the previous season’s yield. Heavy crops in European countries reduced overseas demafid, resulting in large surpluses being held in America, which caused prices to fall steadily during the year. In consequence, the value of Australia’s wheat exports was only £8,757,269, compared with £20,906,601 in the previous year.

N.Z. NEWSPAPERS LIMITED. AUCKLAND, September 6. . An interim dividend at the usual rate of 8d a share has been declared by the directors of New Zealand Newspapers, Ltd., for the half-year ending September 30, payable on October 2. RESERVE BANK PERMITS. WELLINGTON, September 6. As a consequence of the outbreak of war it is probable that many holders of Reserve Bank “permits” for overseas funds for travelling and other purposes will no longer need the exchange allocated to them, states the Reserve Bank. Holders of such permits will be rendering a national service by arranging with their bankers as soon as possible for the reducton or cancellation of their permits in order that the relative overseas funds may be released for essential purposes. Holders of “exchange authorities’ in respect of licensed imports are requested to advise” their bankers promptly if they find they will not require to avail themselves of the whole or part of the exchange allocated to them. STOCK AND SHARES. CHRISTCHURCH, September 7. Sales: Australian Consol Industries (rights) 4/6 (2). Reported: Government 4 per cent, stock, 1940/43, £99 5/-. Woolworth’s (Syd., ord.) (late yesterday) 23/-. WELLINGTON, September 7. ■Sales: Bank of New Zealand £1 18/6, South. British Insurance £2 1/-. Sales reported: Broken Hill £3 9/3. DUNEDIN, Sept. 7. Sale: N.Z. Drug Co., £3/8/-.