CREDIT OF AUSTRALIA.

New Zealand Herald, Volume LXIII, Issue 19459, 15 October 1926, Page 9

CREDIT OF AUSTRALIA.

LONDON BROKER'S ATTACK. MR. BRUCE'S REJOINDER. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON. Oct. 13. The Prime Minister of Australia, Mr. S. M. Bruce, intends later to make a complete and considered reply to the pamphlet which was published recently by a London stock-broker and another, attacking the credit of Australia. In the meantime Mr. Bruce has issued the following statement " Tho pamphlet bristles with inaccuracies and omissions. It is presented in a form calculated to deceive the casual reader. Thtu apj a; ; enly is its purpose. " On close analysis it would be foiviid that • the writers were more interested in the politics of tho various Australian' Governments than in the actual question of finance. The result is a mass of biased conclusions, which are based neither on the science of statistics nor on logical reasoning. " One point only need bo mentioned to indicate that the object of the publication was hardly what it purported to be, namely, a warning to the British investor. " The pamphlet is solemnly dedicated to the Imperial Conference of 1926. It was apparently issued to synchronise with my arrival in Britain. I do not Hesitate to say that it cannot be regarded as an impartial review of the financial potentialities of Australia. " Its authors, who profess concern not only about the British investor, but about the British Empire generally, apparently forget to mention that Australia has a rapidly expanding population, 98 per cent, of whom aro British. They appar- ! ently forget to mention also that we havo never defaulted and havo never looked like doing so. " It is moie than regrettable that, at a time v/hen I, as the representative of Australia, am in the van of the fight for Empire unity, there should be forces working which, whatever their avowed intention, are doing a great deal for disruption. " When I ieft Australia there were several representatives of a great American financial corporation who were both willing and anxious to lend money to Australia. They had personally investigated conditions and apparently fount? them satisfactory. "In these circumstances I feel convinced that the sound, conservative policy of British investors will not bo deflected by the pamphlet, which so obviously is incomplete and inaccurate." DAIRY PRODUCE PRICES. NEW ZEALAND BUTTER AT 140s. The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cablegram from its London house, dated October 13:—Butter; New Zealand choicest, market stagnant; nominal quotation, 140s to 1445; Danish, 1735. Cheese, 80s to 82s. Dalgety and Company, Limited, report having received the following cablegram from their London house, dated October 13:—Butter: The market is weak. New Zealand finest, 140s; nomir.d quotation. STANDARD CEMENT CO. Tho British Standard r ortiand Cers su.v Company, the abridged prospectus of which appears in our advertising columns, has L -eri formed to work a large deposit of natural cemeut stone. The analysis sets out that the stone is eminently suitable without further addition. It is situated in Urquhart's Bay, Whangarei Harbour, and soundings taken by that Harbour Board show 30ft. of water at low water spring tides, and close to the woi-ks site. The points brought out in the prospectus are that the company has a practically unlimited supply of firstchvis natural cement rock, with quarry, wha ;f and works in close proximity, with si> and sk-ep harbour facilities. It owns its own cr.al mine containing suitable c ial, an 1 posse-.sen a plentiful supply of '•,'\ite hraeston*, shook* *hii 8* any t'me be requi jd. There is also an a*. ?.>ie supply oi fresh water. The works v. ill be under the capablo management of Mr. J. S. Wilson, formerly manager of Wilsons Portland Cement Works at Warkworth, who has practically made a life study of the cement industry. The property has been well reported on by Mr. Stanley Jones, C.E., Professor F. P. Worley and Messrs. ,T. S. and W. J. Wilson, formerly of Wilsons Cement Company, and l\lr. Boyd Bonnie, late Government inspector of mines. CALCUTTA TEA MARKET. A. and N.Z. CALCUTTA, Oct. 13. At the Calcutta tea sales the market was irregular. Prices were generally six to nine pies lower. Broken orange, Pekoe, common, sold at 13 annas 3 pies; medium, 14 annas; good, 14 annas 6 pies; Broken Pekoe, common, 12 annas; medium, 12 annas 6 pies; good, 13 annas 6 pies; pannings, common, 11 anna.sj medium, 12 annas; good, 13 annas 6 pies. MATAMATA STOCK SALE. [BY TF.LEGIUrn. —OWN CORRESPONDENT.] MATAMATA, Thursday. There was a good yarding and a good attendance of buyers at Dalgety and Company's Matamata stock sale yesterday. Fat cows, medium, made £7 7a to £9 l'is Gd; lighter sorts, £5 17<t 6d to £6 53; rough, £5 7s c )C I to £5 !)s; store calves, realised £M is to £5; others, £'2 lis to £3; yearling Shorthorn steers brought from £3 to £3 Gd; Jersev cross heifers made up to £4 l'2s Gd; others, £2 5s to £3 15s. and yearling Shortborn heifers, £2 7s Gd to .22 15s. Dairy >o\vs realised £7 to £9; heifers, £6 to £9 "'There was keen competition for pigs. Sows brought up to £4; best weaners, 25e to 30a: medium, 183 to 21s and 245; slips, 35s to £2 9s. PROPERTY SALES. The Now Zealand Loan and Mercantile Agency Company. Limited, will offer at auction on the ground, Duke Street. Papakura. at 2.30 to-day. bungalow of 4 rooms oil 1-acre section; also bungalow of 5 rooms on section with frontage of 66ft.„ in grass and gardens, adjoining above. William A. Home. Ltd.. will offer at auction at their auction room. Horne s Buildings, corner High Street and Vulcan Lane, at one o'clock to-day. biuigalow of 5 rooms and kitchenette, on volcanic section. 55ft. 9in. x 135 ft. sm. at 1. Richmond Street off Balmoral Road. Mount Eden: also, under conduct of the registrar of the Supreme Court. 5-rbomed dwelling in Queen's Way, Three Kings, Mount Reskill on section containing 3G.71 perches. C". P. Bennett will offer . the following properties at auction at his rooms, .New Zealand Insurance Buildings. Queen Street, at 12 o'clock to-day:—Two freehold Bection3 in St. Stephen's Avenue. Parnell. near the corner of Awatea Road, each measuring 66ft. frontage by average depth of 138 ft. (by order of the General Trust Board of the Diocese of Auckland): by order of the registrar of the Supreme xiuet, a mixed farm of iOi acrea, with dwelling, cowshed, etc.. a-mile from Tuakau railway station. , _ .. T. Man den o Jackson will offer at auction at their rooms, 9, Commerce Street. Auckland, at 11 o'clock this morning. building sections on Oak-Nui Estate, Crossing. They will abL offer 2 acres with front and back road frontages, adjoining Oak-Nui Estate, in Massey Load, Mangere. George Walker will oner at auction, at his salerooms, 38. Queen Street, at 11 o'clock to-dav, the following properties: 5. Norana Avenue. Remuera, kauri house of G rooms: 15. Hastings Road, Eemnera, bungalow of 6 rooms; 48. West Street, Newton, kauri bouse of E rooms: 26, Browning Street, Grey Lyrui. bungalow of 5 rooms Samuel Vaile and Sons. Ltd,, will offer at auction »t their rooms. 83. Qneen Street, at 2 o'clock to-day, the following properties Cot,tage of two rooms on qnarterncrci section in Rothesay Road, near wharf. Brown's Bay; 3 cottages on freehold lot at 25. 27 and 29. Lower Nclrob Street, city: cottage of three rooms, in Vine Street, fit. Holiers Bav: house of seven rooms on freehold lot, 6R x average depth 140 ft.. at 96. Grafton Road: and. at tie rfcqueai of mortgagee, a farm of, 130 aohw .^Sdmroa. .em Nnrf.l> &nrVlnau3.-Hn^.