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Grey River Argus, 23 September 1932, Page 6

COMMERCIAL

(Per Press Association). WELLINGTON, September 22. Sale: E.S. and A. Bank 965. Reported: Wellington Gas 30s 9d. DUNEDIN, September 22. Sales reported: New Zealand Drug £3, Cum. 1927 5} September Stock £99 ss. AUCKLAND, September 22. Sales: New Zealand Insurance £2 Is, Australian Glass £1 18s, Government Stock 5 A 1937 £96 ss, Bank of New Zealand £2 7s 4d. SYDNEY, September 22. The Commonwealth Bank profits for the half-year ended June 30, were as follow: Note issue department £1,022,000, banking department £231.000, rural credit £34,000, savings bank profit £140,000. BERLIN, September 21. The bank rate has been fixed at four per rent. NEW YORK, September 21. With a vigour that matched its best performances of the summer rally, the market swept buoyantly upward, to-day. Net gains of five to seven dollars, and even larger gains, were numerous while on commodity exchanges, cotton soared more than two and a-half dollars a bale, and wheat by two and a-half cents a bushel. CANADA’S CROP POSITION. OTTAWA, September 22. “The crop year commences with Canada occupying a favourable export position; undoubtedly, the best position held by the Dominion since 1928,” says the Dominion Bureau of Statistics. “The Canadian position, at present, is largely due to two main factors, namely, lack of foreign competition, and the price levels on a sound export basis.” WELLINGTON, September 22. Addressing the Fruitgrowers’ Conference, Mr Robertson, Chairman of the Control Board, said that from time to time it was stated the Board was opposed to forward selling, but this was not borne out by the facts. For several years past, the Board sol i considerable quantities on the forward system. The Board had, however, re-

trained from selling on the forward basis to the United Kingdom, mainly because of the uncertainty of' how such forward sales would react on the fruit sent on consignment. Great Britain was the Dominion’s main market, absorbing 75 per cent, of the crop, and it was essential that nothing be done to interfere with the profitable selling of the crop. The. system of forward sales was adopted with shipments to Canada, and had been used extensively in Europe, and would be adopted in Great Britain when the Board was assured that such action was in the best interests of the growA proposal that a trial shipment of export fruit be made from Nelson, in unwired eases, with a view Io doing away with wiring, was carried. WOOL OUTLOOK. MELBOURNE, September 22. H'lio wool experts declare that if the wool pricey remain at the present levels, the financial return to Australia will be about thirty-four million pounds or slightly above last year’s