COMMERCE AND FINANCE.

Lyttelton Times, Volume CXVIII, Issue 18574, 29 November 1920, Page 7

COMMERCE AND FINANCE.

(BY OUR FINANCIAL EDITOR.) . EXTENSION OF NOTE ISSUE. , . By a regulation mad* under Section U of the Finance Act, 1916, »nd published in ,the current " Owette," tha right of note tptti* <* btoka In New Zealand Is extended, 'by adding to tha total amount of «U ooln. bußion. and publfo securities held by that bank .ni New Zealand the amount of all w*r "!•■» £« vanoes made* by that bank and for tb« tan.l being and from tone to time ootrtandm*.' The phrase "war loan advances" is defined for the purposes of till* wgulaUwto maaa •' «iy money* which have been lent by * •>«£* on security for the purpose of enabling: the borrower to subscribe to the loan authorised to be raised by the Government c* N«w Zealand under the Discharged Boldtew Settlement Lolas Act, 1920."

LOOAIi BODIES' LOANS. The raiainj of the following loan* by loo*i bodias in authorised in the oumat <?*-, sette":'— ' » " Wanganui County Council . • • *f££2 Stratford Borough Council . . • M*.W» Jdanaia Town Board .... ft™ Hawera. Borough Council . • ■ JW" Waimea County ConnoU • • v "ft*™ New Plymouth Borough Council . »».«» Wairoa Harbour Board ; . . • w.OTO Hamilton Borough Council . -. WJW Whangamomofia County Oouneb . W.wo Tamaharo Road Board . . •' lMg» Eltham Borough Council . . • J 35 Waimairi County Council . . • T.ow Mangapapa Town Board . . •; »>?*« Vincent County Council K i • JffiJ Kiwitea County Council . . • «g» Masterton Borough Counotl i • »■»» Mangaorong Road Board . ... ~=; . *■»" Wairau Road Board . . . • **¥ Inglewood County OounoU... . • *»2 Patea Borough Council ... . ,- :*S Manurawa Town Board ~ • • *w« Smaller loans . • • ...• ~' A °™ Total . . • • '•" • ' •* s^4B^ Total authorited ainoe Jtauwrfl. - 1920 . .j . . • &JMM WELLINGTON STOCK EXCHANGB. The annual meeting of the Weltoftosi Stock Exchange was held lastjreek. The xtv port shows that the membership oj tae exchange has had a considerable duning the year, and the balance-sheet exhibit* a satisfactory state of affairs. The year hasbeen a busy one until quite recently, when most classes of shares have shown a tteoided decline in prices. Mr R. Wynn Kirby was re-elected chairman, and Mr A. S. M Shane vioe-ehairman; Messrs P. H. Irwin, C. E Finoh and W. Sloraan were elected member*; ol the committee for the ensuing year.

NEW COMPANY The " Mercantile Gazette" records the following registration:—Canterbury Labour .Exchange Company, Ltd. Registered N 0,,, Tomber 23. Offioe: 106, Hereford Street, Ohristchurch. Capital: £2500, into 600 shares of £5 each. Subscribers: Christ-church-i-B. Beth-Smith 2, H: B. Acland 5, O. Fulton 6; Sumner-rL. A. Rutherford 2; Hinda-J. Studholme 5; Pigeon Bay—E. Hay 10; Culverden—L. S. C. Macfarlsne 10. ObScts: To establish under the auspices of tho antefbury Sheepowners' Industrial "Union of Employers and to carry tm the business of a labour exchange or servants' registry offioe, to employ persons to carry on labour exchange and to purchase and. otherwise acquire interest in any real and personal property.

TARTARIC ACIU. Current London advices give quotations showing very low levels for tartaric and cream of tartar. There seems no justification for this low .level. Few buyers aro operating, and evidently makers are anxious to d© business. Sicily: and Italy are reported to have tartaric materials practically •*- hausted, so that it is possible the, near future Will show a firming. BEET SUGAR.. On the question of the promotion of tb*j beet sugar industry in New brought before the Conference of Chamber| of Commerce at Wellington, Mr S. Orc&arl (Canterbury! stated that half the sugar used in the world normally was beet sugar, and in the United States ,75 pet. cent was beet sugar. The war had temporarily destroyed tha European beet sugar industry, and tfw» British Governm-ent had taken a great interest in the establishment-of the industry ia England. Mr J. B. Waters (Dunedin) said that success in New Zealand would depend on ■ large supply -of beet and factories capable of treating not less than 500 tons of beet a day About 4000 acres would be required to full nish such a supply, and great eare was; r* quired in the crops. The area of supply must be olose to the factory. In New Zea> land it would be necessary to select a specific district for tho industry to-ensure an adequate supply of beet. A considerable amount of field labour was necessary. Mr J. W. Collins, secretary of the Board of Trade, said the promoters would have to satisfy the Government as to the cost of production. It was estimated that eight tons of beet produced one ton of sugar, and the consumption of sugar in the Dominion vra-i somewhere about 7000 tons a year. There was a world shortage of about 4.000,000 tons, but France had made a wonderful recovery in beet sugar, and was jio longer importing cane sugar. Probably Germany would-soon be .able to follow suit. The Goverhmeijt .would be glad, he was sure, if the conference could suggest members for the personnel oi tho conference it was proposed to hold Tha three main difficulties, Mr Collins said, were shortage of labour, the .present high cost of plant and the uncertainty of the existing high prices continuing for any length in ■new of the rapid recovery of the beet sugar industry in Continental Europe. . The motion in the name of the Wellington Central Chamber was: "That this conference accord its hearty, support to the expressed intention of the Government to convene a conference of interested associations to discuss the prospects-of estabhVhinn the beet sugar industry in New Zealand oa a sound commercial basis."

Mr E H. Crabb (Pa-lmerston North) ventured the opinion that only in event of dairy produce falling in price could a beet industry hope to take its place on the class of land required.

The remit was adopted, and the question of personnel was left to the executive to decide.

POST OFFTCE SAVINGS BANK' ' INTEREST. It is anuouncad in the current '.' GtaoUe " that from January I, 1921, interest"will b* payable by the Post Office Savings Bank, at the rate of i per cent per annum on so much of a deposit as does not exceed £SOO, Instead of on bo much of a deposit as does not exceed £3OO as at present,; also that interest, at the rate of three and a quarter per oeni per annum will b<, payable on so- much' of a deposit aa exceeds £SOO and does not exceed £SOOO. instead of on so much of -a deposit as -exceeds £3OO and does not exceed £IOOO as at present. In %h a ctsa of accounts with balances over £6OOO to credit, the aforesaid ratoa of interast will apply only to so much of the balance of such account* as does not exaeed £SOOO. - :••;■■'

! * WELLINGTON'S LOANS. f; .-' I The response made by investors to tha iaI vitatiou to to 'Wellington City Loa>ns has not bean vny encouraging, says I the ' Post." Two loans ore la the -market—j one for £39,000. at 51 per cant with a'currency • o? ten yeaxa, and the other fox £260,000 at, o\ i per oont with a enrrency or twenty years. ; Alt-hough the first-mentioned loan has not yet been fully Mibscribed, it is not causing the authorities very much anxiety. Tbo money is needed to pay off a loan which becomes due early next month. . The loan iot £250,000 is tho first instalment of the bitloan of nearly £2,000,000 recently authorise! by tha ratepayers. The Mayor (Mr J. P. Luke), in conversation with ft "'Post" reporter, said the money was .urgently required. Until it was secured it would a* impossible to make any progress with "tb* authorised works,' although any delay as far as the water supply extension was concerned was not in the interests of the city. However, the Wellington City Council's experience had been the same as that of other local bodies; the response from investors, had been nil. Th* G overnmont. by ,-legislatav* action in tb„ late hours of the session,, had given local authorities cower to apply to 'the Government for authority to' : ,v*i:y" the terms under which the loan could be. put on the market. At present a local authority was not permitted to offer more than SI pei cent interest. Communications had .passed between the council and the Treasury, and tho Mayor said that he WpSfted the position to the council on Tfcimday night-. fie could say that the terms of the loan would b* Marled but h» Was not yiVfii a'goiitto» to *tato the nature ot the variation* "■*■•