FINANCE STOCKS AND MINING.

Free Lance, Volume XV, Issue 817, 25 February 1916, Page 6

FINANCE STOCKS AND MINING.

TRADE questions are receiving a great deal of consideration just now, and more interest is apparently being taken in this matter than in the progress of the war. In this there is perhaps the unconscious acknowledgment that the military situation is satisfactory. The trade question is being dealt with in different ways, but in most places it appears to be the opinion that the consumer wants educating into appreciating the manufactures of his own country. There is no doubt that the consumers do require some education, but this can be accomplished by advertising. •* * # * The Patriotic Exhibition in the Town Hall, Wellington, is one of the special efforts made to reach the consumer, and it is a good effort. Those connected with the exhibition deserve every credit for their efforts, and no doubt a certain amount of good will result. But it must not be supposed that the consumer is the only one who needs educating. Manufacturers, wholesale merchants, retailers,. shop, assistants, mechanics and artisans all need their measure of education, and this the Chambers of Commerce, the Board of Trade, and similar bodies should endeavour to furnish. * * * * The consumers are exploited whatever may be said to the contrary, and .exploited, too, by official sanction. Take the case of butter. What consideration do local consumers receive ? The butter that is sold on the local market is hot graded, or if it is, it is only by chance that it is done. Manufacturers cannot ship a pound of butter unless it is graded, and if there is any excess of moisture a prosecution follows. The loc?l consumers receive no such consideration, and yet they have to pay relatively as high a price as the consumers in the United Kingdom, who receive the protection named. All this is done by official sanction, and it is not quite right. * *• # * But with respect to ordinary manufactured goods, manufacturers, wholesalers, and retailers must do their respective shares if they wish to secure the support of consumers. The basis, however, of any success must depend on the workers. New Zealand workers are getting the maximum of wages, and should, therefore, give the maximum in labour output. It is quite safe to say that production in our factories could

be readily increased 25 per cent, without in the least distressing the workers. -x- * * * The tutors of the working classes unfortunately are half-educated men, looking for political honours and the easy money that comes through politics. These tutors have partly assimilated some wild economic theories of certain schools of Socialists, and these garbled theories are dinned into the ears of the working classes, who are carried away by the pleausibility of the speakers. The working man, who engages to do a full day's work for a full day's pay and only gives 75 per cent. of labour, is guilty of petty theft, but this is the sort of economics he is taught every Sunday evening. * * * * In this desire to encourage all-British trade, with preference to our Allies, there is the danger of dissipation of effort. Already we see the Chamber of Commerce taking one course of action as typified by the exhibition in the Town Hall ; then we have the All-f orEmpire League. the Anti-German League, and finally there is the Government effort as expressed in the new Board of Trade. The objects are the same, but the multiplication of societies and leagues is not going to help forward the scheme. * # * # The economic pressure of the war is beginning to tell in Europe. In Great Britain, France, and Italy the shortage of tonnage is the most serious difficulty. The requirements of the military and naval authorities are very large and continue to increase; but this is not all. Since Britain owns the greater part of the steam tonnage of the world, she has to supply the Allies with shipping. Tims, the export and import trad© of the countries are disturbed, and commodities are dearer. The British Government is doing all it can to relieve the situation, and has sanctioned the output of new tonnage for the merchant service. * * * «• But bad as the position is with the Allies, it is many times worse with Germany and Austria. Commodities required for everyday consumption are becoming increasingly scarce, and the Germans have to draw upon their capital resources. Thus the live stock of the country is dwindling, and unless drastic steps are taken Germany will have very few cattle, sheep and pigs, and the people will be obliged to economise in meat for a long time to com©, unless they import frozen meat, which they are not likely to do. * * * # The financial question is not so serious for Germany as is the food problem. The war is being financed on paper. Specie payments were suspended long ago, and there is no gold in circulation. Even the smaller coinage consists of debased metals. Already several important banks have failed, bringing ruin to many people. But Germany is able to continue the war because she can compel her people to accept the paper

money, and where every one accepts there is no hardship. The trouble wil] come when gold payments are resumed, if they ever are resumed. * * * * The fall of Erzerum had an immediate effect on German exchange with Holland. The mark was further depreciated. If this is the result of the capture of a town in Asia Minor what is going to happen when the Germans are pushed back into their own territory and are besieged therein? The world has witnessed some striking changes during the past eighteen months, but they will turn out to be minor affairs as compared with what is to come. *■**-* All the belligerents will presently have to borrow, and already it is announced that Great Britain is to obtain a further credit of £250,000,000. Germany's fourth big loan is to be brought out at Easter. Italy has .just secured ■£80,000.000, France and Russia will probably also raise fresh loans shortly. What Austria, Bulgaria, and Turkey are going to do for money it is difficult to say, for they are wholly dependent upon Germany, and Germany has nothing to spare. * * * * In local affairs there is nothing to complain about. Trade is booming, money is plentiful, and all who want work can find it. And the outlook continues good. All products are at boom prices, and the country is piling up credit. Deposits are expanding, and they will continue to expand for a considerable time yet. There will, of course, be heavy taxation to meet for pensions and for interest on the war loans, but the country should be able to meet this without distress. _ The live stock market continues active, and prices remain firm. At Johnson ville prime bullocks realised £16 15s to £17 10s, and vealers 35s to 475. At Addington the prices were: Extra prime steers to £18, ordinary steers, £7 15s to £12; extra prime heifers to £14 10s, ordinary heifers £6 2s 6d to £9, extra prime cows to £13 10s, ordinary cows £6 to £9. At Burnside, extra prime bullock& made up to £20 7s 6d, best bullocks £16 10s, medium to good £14 10s to £15 10s, best cows and heifers £13 to £15, extra prime to £16 10s, medium to good £11 to £12 10s. * * * * At Johnsonville, prime wethers sold at 25s 7d to 265, light 245, good ewes 23s to 23& 4d, lighter 22s to 22s 7d, light 19s Id to 19s 9d, prime lambs 20s 2d to 20s 4d, extra prime to 22s 6d, good lambs 16s 6d to 18s 6d. The prices at Addington were: Prime wethers 25s Id to 28s, others 20s 3d to 255, prime ewes 22 s to 30s, medium 18s to 21s, lighter 13s to 17s 6d. At Burnside, extra prime wethers to 365, best wethers 28s to 325, medium to good 24s to 26s 6d, light 18s 6d to 21 s 6d, extra prime ewes to 335, best ewes 25s to 28s, medium to good 21s to 245, light 15s to 17s

6d, extra prime lambs to 255, prime lambs 20s to 235, medium 18s to 19s, unfinished 14s 6d to 15s. * * * * There have been very few transactions recently in investment shares, but prices continue firm. There appear to be plenty of buyers, but holders do not appear to be anxious to quit. Bank of New Zealand (new), buyers £16 7s 6d; Union Bank, buyers £50 10s; National Bank, buyers £5; Loan and Mercantile (ordinary), buyers £80; N.Z. and River Plate, buyers o9s 6d; Wellington Trust and Loan, sellers £7 Is; Meat Export (52s _6d), buyers 54s 6d; Union Steam (ordinary), buyers 26s 9d (preference) buyers 20s 6d; Wellington Woollen (ordinary), buyers £4 18s (preference) buyers £3 6s; S'harland's (ordinary and preference) buyers 24s 6d; W.F.C.A. (£5), sellers £6 2s 6d, * * * ■» In the mining market there are buyers of-Dominion Developing at 355, Murray Creek, 42s 6d; Talisman, 15s. Other mining shaies ;•.-<* quiet.