COMMERCE AND FINANCE.

Lyttelton Times, Volume CXVIII, Issue 18412, 19 May 1920, Page 8

COMMERCE AND FINANCE.

IM DOMINION'S TRADE. ■WELLINGTON HARBOUR BOARD. ; The annual report of the Wellington Haribour Board for tho year ended September 30, 1919, shows that while shipping continues to fall below tho high aggregate to tonnage reached in tho first years of tho war, the jfeoard's revenue and expenditure continue to jjbreak records in each succeeding year. Tho aggregate of inward tonnage for the year was "£,330,982, the highest aggregate in the board's history being 3,153,071 in 1915. The revenuo ,Ju 1939 was £391,014 and the expenditure j*344,0:0, both being records. Tho import 'trade of the port was valued at .£9.&V'3.-72. % against £8,317,739 the previous JW.Jihil* tho oxoort trade was valued at £&.an.«J*, the biggest previous year in this respect feeing 1916, when the value was £7,908,113. The amount of Customs duty collected :n ,1919 was £1.361,502, also a record. Shipments of butter, cheese and frozen meat in 1919 aggregated 92,510 tons, the highest previous asportations being 98,207 tons in 1915. TIMBER EXPORTS. [ Replying to a deputation in Wellington, "on I Saturday, the Prima Minister gavo the following details concerning tho export of JSewi 'Zealand timber:—

•^£'months) - - - 7.500.000 THE HIDE MARKET. • Although returns for hides ore still High. '■aya the Wellington "Post.' yet the market 4s much depressed as compared with wna, ■it waa when:the embargo was lifted Inert) in an absence, of inquiry from London, America and Australia, and in MHbou.iio ■ last Friday there was. a drop of Id to 2d per .pound on the week. Some holders who kept back lines for sales at which they expected to realise still higher prices than were paid at offerings ehortlv after the removal of the embargo aro believed to have lost heavily, n&ving quite missed the market. There have been no local sales held for a month, and tho next offerings should be fairly heavy, but the market at the moment does not promise a repetition of the high rates that •were ruling a few weeks back. LONDON MONEY MARKET. Money can scarcely ho described as having been easy during February (says the niontnly report ot Lloyd's Bank for March), except at one comoaxatively short period whom there occurred a creation of fresh credit by ways and means advances to enabio maturing Exchequer bonds to be repaid. But even at this time tho supply was not as great as had been anticipated in borrowing quarters owing to tho groat and increasing demands for industrial purposes. The demand has been' quite keen throughout the month, and the result is that rates have been very.firm and tho market has found it necessary to Have recourse to tho bank. As is usually tho case in February, tax payments have been en active factor In absorbing supplies. Tenders for £I,OCO,COO in Liverpool Corporation yearling bills were received on February 26, when, the total amount applied for wa3 £1,752,000. Tenders for bills nit £93 83 3d received about 4 per cent, and those above in full, tho average rale of allotment being £& i 6s fa.bd per cent. ' A year ago, when the

bank rate was 5 per cent, similar bills wora allotted on a. basis of £3 15s B.2Sd.

BURNS, PHILP AND CO. By TeleiTapa—Prem» Awoctatiou—Copyright. Australian and N.Z. Cable Association SYDNEY, May 18. At the annual meeting of Burns, Philp and Co., the chairman stated that tlio company was preparing to meet tho development if East-era trade and tho increased requirements under tho new Pacific conditions, including direct services between tho larger island groups. It was intended, in order 10 overcome thn -dislocation caused by strik'o3 and other disabilities and to compete with foreign competition, to form a separate island conpany, with headquarters at Fiji, where tho inter-island services would centre. Everything possiblo whs being done to maintain Australian and British interests against keen outside competition. Tho chairman explained that the new Burns, Philp South Sea Company had paid tho parent company half a million scrip, and sharoholders oi the present company were offered contributing shares in the new own-" pany at par, equal to one share in the now company to five held in the parent company. A foaturo of the company's merchandise transactions is the big increase in tho New) Zealand section.

Year 1916 - - 1917 1918 ' - 1919-20 \eix months) Kauri Super ft - 12,400,000 - 14,000 000 - 7,700,030 8S4.O0O Kiinu Super ft 15.000,000 22,200,000 80,000,000