COMMERCIAL

Gisborne Times, Volume LXXXII, Issue 12530, 16 April 1935, Page 2

COMMERCIAL

STOCK ANI) SHARE AIARKET (Press Association). ; Id; . , AUCKLAND, April 15. ~ ' Sales on Change: .-..Sun Ncivs;;' 4d; Talisman, 9s 3d; Dominipn Breweries, lls.lO-i’cl; Bank o-f New Zealand, 50s 9d; Gisborno Sheepfarmers, £lOl ss; Auckland Harbor Board 4-J- per cent. -£108; Government stocks, 1938-52, £107; 1940, £104; ss. CHRiISTCHURCH, April 15. Sales on Change: Commercial Blank pf Australia, 15s 8d; Commercial Bank of Sydney, £l6 9's; Alex-, under Mines, 15s paid, cum. div., 17s 3d; Alt. Lyell, ; 19s 9d (2). DUNEDIN, April 15. -Sales reported: Alilburn Cement, £2 3® 3d; Timaru Gas, £1; Alt. !Ly--ell, 19s 7d; Alt. David, 25,; 1955 stock, £lll 17s 6d. OKARITO RETURN (Press Association). DUNEDIN, April 15- , The Okurito- return last week was 29(016. 17dwt. for 121 hours’ dredging. FUTURE INTEREST RATES. BRITISH ECONOMIST’S VIEWS ALucli of the discussion of rates of interest that. some day the low rates attendant upon the depression will rise appreciably. A modified view is put- by Professor T. E. G. Gregory, the British economist, who accompanied Sir Otto Neimcyer on his visit- to Australia and New Zealand! in 1930. He suggests that in Britain, whePe the. population shows little change in numbers and is- iwell proyided with railways an cl houses, and little capital expenditure is consequently necessary, longterm rates of interest may be lower than rates considered to be reasonable before the depression. In the British money market there is also the uncertainty of the embargo on the export of capital; that- .its-, the prohibition against the raising of foreign loans in the London market. This embargo involves an artifically low price for money in Great Britain. The present policy of trie British Government is one of cheap money, but Professor Gregory concludes that the authorities- w'ill be ready to meet any improvement in the trading and industrial position by freeing the market from control. The effect of devaluation of. sterling is also considered by Professor Gregory, who states that a return to the gold stand ai’d with less gold in the sovereign may tend to bring about a boom similar to- that which followed discoveries of gold last century. Such a boom would: cause the competition of borrowers to drive rates of interest up. NEW COOL STORES. LAND ACQUIRED IN HASTINGS. it- has been ascertained from an authoritative source that a financial group in Wellington lias acquired an extensive area of land with railway siding facilities in the heart- of Hastings on which it is intended to build shortly an extensive fruit pre-cool-ing plant. The plant is to be constructed upon the latest and most scientific lines, to meet the anticipated increased -demands of the district for the pre-cooling of fruit for export nvhen the new harbour construction work at Napier ig completed. It is intended to form a company of substantial capital, largely represented by Hawke's Bay investors and it ig expected the fruitgrowers of the district will have probably one of. the finest pre-codling, and cool storage plants in the Dominion. THE PIITINDUSTRY. BACONER CLASS SHOULD BE FOSTERED. The New Zealand Aleut Producers Board recently drew attention to the great neej for farmers arranging to convert a? large a percentage- of pigs into the baconer class- as they possibly can. 11l regard to the quota fixed by the United Kingdom Government for the present short term i.e. arrivals. April, Alay and June 1935 the stocks of porker pigs, in store in New Zealand at 31st March aTJ d which wiilj bio available fo'i»| shtipmeat in the United Kingdom before c-Otli June will be sufficient to fill our quota for .this period 1 ,.. Accordingly tho . Alinister of Agriculture, acting on the - advice of the Aleut Board lias notified' nil freezing companies that porker pigs killed after March 31, may not bo shipped to arrive in the 'United Kingdom until after June 30. , The Aleut Board has on previous pointed out that the imported baconer trade into the United Kingdom absorbs approximately sixteen times more than the imported porker trade. New Zealand’s share ot this baconer trade is relatively insignificant, whereas her share of tho imported porker trade is substantial. The New Zealand Government and the Aleut Board have, been successful in obtaining an. adequate quota for New’Zealand-baconers for arrival in the United Kingdom, during the calendar year 1935, the quantity fixed for „this period of twelve -months being 12,500 toiffi. From a consideration of the fore going ' fa'cts, . Iti twill, l)b 3ecn that farmers should 1 make. 'their plans, to ; carry on'to the baconer claims as: largo a j percentage of their pigs as possible. / /;, . ~ 100,000 STORE SHEER. AIOSTLY FRO AT THE BAST COAST. SOLD ON WAIKATO SHEEP MARKET About' 100 000 -store, sheep,- mostly from Eais.t Coast districts,, have , been sold . by auction at this- season’s. Morrinsville stock sales. Every Friday during the paist three months

many thousands ofsheep ha ve "been yarded at MorrinsviJle by the three stock;. .agency ffnais; rwjjtfli. - yards in thojvtaiv-.il. Thiis year ftljo auct|:oii_ eernig,j linns, .have teqnccntratcd thie sale. of breeding, ewes and other stor.e sheep at; jVlarrinsvillcyto a creator extent than in former seasons), owing to the central position of the town from tho point of view of buyers from all parts of South Auckland, and its situation at the ■ junction of three railway lines. Most of tho East Coast sheep were shipped to Tauranga and railed to Morrinsvillo, and so "arrived in good condition. A large proportion of the sheep sold were rctrucked 1 and sent by rail to other districts to the order of buyers.