COMMERCIAL

Grey River Argus, 20 September 1939, Page 4

COMMERCIAL

[Per Press Association] CHRISTCHURCH, September 19. Sales: Booth Macdonald (pref.) Is lOd (2); British Tobacco 45s 3d (3>: Electro. Zinc (pref.) 55s 3d. WELLINGTON, September 19. Sales: Electro. Zinc (pref.) £2 IBs, £2 15s. LONDON, September 18. Gold 168 s, dollar 403, franc 1761. The tin quota for the third quarter has been fixed at 100 per cent, on standard tonnages. Bradford tops are- at a standstill. Makers are not accepting the maximum prices, but there is a large output in old contracts. A feature of yesterday’s tender, when £55,000,000 worth of 1 reasury bills were offered, was a sharp rise to £89,160,000 in the amount applied for, compared with £60,160,000 a week ago. The total offered was fully allotted in bills at three months at an average rate per cent, of 71/1.12, compared with 72/0.98 last week. The rate for sterling on New York was again fixed at 4.04 dollars.

CANADIAN POTATOES FOR N.Z. AUCKLAND, September 18. The first, shipment of potatoes from Canada in the memory of grain and produce merchants in Auckland has arrived, and distribution will be made as soon as possible. The consignment of 21,000 bags and crates is one of the largest ever imported into New Zealand. Two-thirds of the shipment will remain in Auckland and the remainder will be forwarded to Wellington, some being railed to-day. When offered at the city markets to-day, the Canadian potatoes realised 19s per crate. About 50 tons, or half of the previous shipment of Californian potatoes which was over-carried to Australia, also have arrived, and these additional supplies will be welcome in view of the short crops in New Zealand. . The shipment from Canada was imported by individual merchants,, but some difficulty was found in obtaining overseas funds and some premium had to be paid.

BRITISH TREASURY BILLS. RUGBY, September 17. A feature of yesterday’s tender, when £55,000,000 of Treasury bills were offered, was a sharp rise to £89,160,000 in the amount applied for, compared with £60,160,000 a ’week ag The total offered was fully allotted in bills at three months at an average rate per cent, of 71s 1.12 d, compared with 72s 0.98 d last week. The rate for sterling on New York was again fixed at 4.04 dollars.

LONDON, September 17. Although the nation switched from peace to war economy with remarkably little dislocation, there have already been some marked surprises. The initial effects have been definitely deflationary. Many thousands lost their employment, resulting in a reduction of purchasing power and saving capacity. This situation is undoubtedly temporary, and will be mitigated when the war economy get into full swing. Signs of a new unemployment problem are already unmistakeable, differing from the old one, inasmuch as it affects mainly clerks, salesmen, and other blackcoated workors. The authorities do not seem to know whether to advise people to spend or not to spend. There are alsb indications that the control of prices is not yet fully effective. A new form of profiteer has arisen, namely, the smaller middleman, who lost no opportunity in raising prices. The “New Statesman” cites rises of 25 per cent, in furniture and hosiery, 60 per cent, in carpets, and 15 to 25 per cent, in many other household articles. So far there have been no fortunes made on the Stock Exchange, where dealings are restricted to a cash basis.