COMMERCIAL

Grey River Argus, 19 June 1936, Page 8

COMMERCIAL

(Per Press Association.) CHRISTCHURCH, .lune IS. Sales: Comm. Bank of Aust. 19s 3d (2); Qoldsborougli Mort. (cum. div.) 31s Sd (41: Consolidated Brick (cum. div.) 9s 6d; Dominion Builders’ Supplies 6s; Tlunie Pipe (Aust.) 20s (2); Mount, Lyell (’cum. div.) 24s Gd; Mt. Morgan 15s Gd (odd lot). Reported: Govt. 4 per cent. Jnser., 1937-10 (late sale 17th), flo2 12s Gd ; Govt. 4 per cent. laser.. 1952-55, £104; Quill-Mor-ris 4 per eenE (2nd Mortgage'). 1916 (late sale 17th’) £’9; Broken Hill (eontr.) 4S P 9d. 48s 3d; Alexander Alines (15s pn.'dl. "(late sale 17th) 14s 4d; New Zealand Newspapers 41s. AUCKLAND. June 18. Sale®, morning call: Selfridge s old 2Ss; Gas 25* 100: Goldsborough 31s 9d; Perpetual Forests 60s: South British 92s Gd; Stock*. 37/40 £lO2 15-*, 43/46 £lO4 2* Gd. 46/49 £lO4. Sales, neon; Kauri' 23< 7d; Selfridge’s ne'w 27s 3d: Zine pref. 42s 3d; Broken Hill 70s; Glass 91s; Stock. 43/40. £lO4 2s Gd. DUNEDIN. .Tune 18. Sale*; Bank of New Zealand £2 2s j 90; Refrigerating front.") 9s Gd. ' WELLINGTON. June IS. The New Zealand Dairy Board ha* fixed the minimum prices for f.o.b. and c.i.f. sales on a biasi's of. butter 13-Ll. cheese Gid- '"The minimum prices are subject 1o agents''-' selling com-

mission of 11 per cent. Those prices are cqulvaler.f to. butter 108 s Id. and cheese 55s -Id e.i.f.e. LONDON, Juno 17. Gohl 13Ss 3d; dollar 503 7-8; franc 7G 7-IG. WESTPORT-STOCKTON COAL. CIIRTSTCITURCir. June 17. The. West port-Stockton Coal Company i's paving <;IT approximately onethird of its C>f per cent. firM mortgage debentures, states 'the chairman of directors, Mr William Harilie. The last balance sheet for the year ended December 31, 1935, disclosed that secured debentures amounted to £4B 550, with accrued inforest” a;t £631, -making a total of £49.181. Balance at bank oa deposit and in current account, and casth in hon'd at that date were shown at £28,493. SHIPBUILDING. /British Offieml Wireless.) RUGBY, June IG. The Chamber of Shipping’s index of freight rates for May, shows an increase of 3.09 per cent, compared with April, and J 5.45 per cent, compared with a year ago. Another iii<li<-at ion of the recent improvement in the shipping outlook is given by the orders .for six highspeed cargo liners, just placed by the Ellerman line. Two twin screw turbine liners each of 10,6000 tons deadweight for the South African services of Ellerman and Bucknail and Hall Hues, are to be built by Crammell Laird at Birkenhead. Two turbine cargo liners, 9800 tons deadweight for the Indian services of the City and Hall lines by Barclay Curie on the Clyde and two cargo liners, 4.300 tons deadweight for the Mediterranean and Levant services of Ellerman and Fapayanni and Westcott and Leurance line by Gray and Co., at West Hartlepool. These orders are in addition to the cargo liner for the Indian trade, and the last passenger liner for the Bombay service, both under construction on the Clyde for the Ellerman lines. CHAMBER OF COMMERCE. WELLINGTON, June IS. Tn connection with the Empire Chamber of Commerce Congress to he held in Wellington from September 30 to October 7, delegates from overseas will number approximately 200. After completing a tour of the South Island, the party will split into groups to tour Iho North Island, and will be entertained by the Chambers of Commerce, at various centres. CURRENCY WAR RUGBY, June J 7. Recalling that the French Government had stated it was not their policy to de-valuo the franc, Air. N. Chamberlain (Chancellor of the Exchequer) refused in the House of Commons to answer a question based on the hypothesis of devaluation of the franc. Ho said he took this opportunity to deal with what, he described as a “misapprehension” current in some quarters. Mr. Chamberlain said: Our monetary policy has never been governed by any desire to obtain competitive trade advantages. The Exchange Equalisation Account plays the part only of smoothing out unnecessary fluctuations. AUSTRALIAN INTERNAL LOAN CANBERRA, June 17. The Commonwealth internal loan of nine million closed £1,800,000 short, the amount subscribed being £7,200,090. Underwriters will make good the shortage. The Treasurer, Mr. Casey, stated that the subscribers numbered 7650. He added the failure to obtain the full amount was attributed to the improvement in business conditions, more outside avenues being now available for investment of capital, than during the depression. LONDON, June 17. “The Times” city editor says that the Australian loan recovered nearly to par. .PALMERSTON NORTH. June 17. The intensive competition from Australia and Argentine in meat expert was cited by speakers at the annual meeting of Ilie Hereford Cattle Breeders’ Association, as an argument why New Zealand should take steps io have Ihc embargo against the direct importation of live stock from Britain lifted. A motion favouring the lifting was carried. AUSTRALIA-JAPANESE TARIFF QUESTION. TOKTO, June 17. The “Domei” learns that Australia’s reply, received this afternoon, was unsatisfactory to Japan, upon which the official conference decided io submit, the invocation of the trade protection law to Cabinet, which is expected to obtain the Imperial sanction to enforce it on Friday. EGYPTIAN WHEAT SLUMP. ALEXANDRIA, June 17. Tn order to avert a slump in the wheat market, the Egyptian Government is guaranteeing the banks giving advances on wheat. It is officially ulated that it is not intended to raise i prices artificially, but merely to stop 1 panic, consequent on the arrival of the

now crop before thc old crop is disposed of. SHILLINGS, LIMITED. A scheme for the opening of 41 branch' stores has been announced by Shillings. T/'l-. and the first will be opened before the end of the vein. The company, which will deal only Jiwith general, drapery, will open its 1 first shops at Dunedin land Wellington in October. Negotia'Uons for securing a fiui'tahle site for a branch tin Christchurch are beirg carried out. A key staff has been assembled in Wellington. where- preparations being made 1,10 "l 11 '"' 1110 e,lin y’ ton and Dunedin branches. Mr G. M. Stratmore, founerlv manager, of Woolworth’s in Christchurch, fe a member of the staff.