INDIAN COTTON TRADE.

New Zealand Herald, Volume LXIV, Issue 19658, 9 June 1927, Page 9

INDIAN COTTON TRADE.

REPORT OF TARIFF. BOARD. ATTITUDE OF MANCHESTER. (British Official Wireless.) (Received June 8, 6.25 p.m.) A. and N.Z. RUGBY. June 7. , Representatives of the organisations of employers who are engaged in the Lancashire cotton industry met to-day in Manchester to consider the report of the Indian Tariff Board on the cotton textile industry and the demands fat* protection and the decisions regarding them of the Government of India, -which have just been published. The Tariff Board had recommended financial assistance for establishing bleaching, dyeing and finishing works at Bombay and a bounty for a certain number of years, and by a majority had proposed that the import duty oil cotton piecegoods should be increased from 12 to 15 per cent, for three years. The Government of India has not accepted the recommendations for a bounty or an increase in import duty on piecegoods. Legislation will be introduced in tbo autumn to remove the import duties on textile machinery and stores, which was also recommended by the board. The Manchester meeting to : day declared that this decisioii does not directly affect Lancashire. The hope was expressed that a position would be created in which the requirements of the Indian market would be met increasingly by her own manufacturers in their class of production, and by Lancashire in goods upon which she concentrates. THE LONDON MARKETS. * FOREIGN EXCHANGES. t (Receivod June 8, 5.5 p.m.) A. and N.Z. LONDON. June 7. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on June 2 and par:— _ , „ , June 7. June 2. Par. Brussels (belga) . . 34.96 34.96 5.045 Paris (fr.) .. 124.00 124.00 25.225 Stockholm (kr.) .. 18.14 18.15 18.159 Oslo (kr.) . . 18.7$ 18.71 18.159 Copenhagen (kr.) . 18.17 18.18 18.159 Berlin (r.m.) . . 20.50 20.49 20.43 Rome (lire) . . 87.87 8(5.65 25.225 Calcutta (pence) . 17 63-64 17 15-16 24 Yokohama (pence) 22 15-16 22 7-8 24 J Hongkong (pence) . 24| 24i Montreal (dol.) .. 4.85} -4.85 9-16 4.866 New York (dol.) . . 4.855 4.85} 4.866 Amsterdam (fl.) . 32.12} 12.13} I'i.lO Batavia (fl.) . 12.13 12.131 12.10 THE METAL MARKETS. A. ana N.Z. LONDON. June 7. (Quotations on June 2 in parentheses.) Copper. —Spot, £54 14s 4£d (£54 9s 4£d ; three months, £55 6s d (£55 3s l^d). Lead.—Spot, £25 6s 3d (£25 3s 9d); three months, £25 15s (£25 10s). Spelter.—Spot, £2B 17s 6d (£2B 17s 6d); three months, £2B 18s 9d (£2B 18s 9d). .Tin.—Spot, £295 7s 6d (£292 16s 3d);' three months, £2BB 17s 6d. Silver.—Standard, 26 3-16 d per ounce; fine, 28Jd (28 5-16 d). NEW COMMONWEALTH LOAN. STATES TO TAKE LARGE SHARE. .* (Received June 8, 5.5 p.m.) A. and N.Z. -LONDON, June 7. It is understood that a ! Commonwealth loan is impending, of which the larger part is for Queensland, and some of uie other States. : This method will secure the most favourable terms on behalf of all. Probably the interest will be 5 per cent., and the, price of issue 98. NEW ZEALAND FRUIT. * ——— LONDON MARKET PRICES. The London representative of the New Zealand Fruit Export Control Board advises that fruit from the Delphic has been practically cleared, while the Argyllshire has commenced discharging. Tho market is stated to be stead}'. Soft fruits will be placed on the market next week. Tho following prices for apples are quoted:— Cleos, 16s to 18s a case; Sturmef and Statesman, 15s to 17s; Jonathan and Delicious, 12s to 16s; Dunns and Homes, 15s to 16s. CONSOLIDATED BREWERY, LTD. ALLOTMENT OF SHARES. The Consolidated Brewery, Ltd.. was registered yesterday, when the first meeting of provisional directors took place. A number of shares, considerably in excess of the minimum subscription, were allotted. Mr. Angus Bunting, of Auckland, was appointed chairman of directors. The company has been formed to purchase and operate , the Hawk Brewery, Napier. In the prospectus it was stated' the minimum subscription on which the directors could proceed to allotment was 17,000 shares. A total of 30,000 shares of £1 each was offered for subscription. CHICAGO WHEAT MARKET. A. and N.Z. CHICAGO. .Tune 7. 1 dollar cents per bushel; September; 1 dollar 44 cents. TARANAKI OILFIELDS. [BY TELEGRAPH. —PRESS ASSOCIATION.] t NEW PLYMOUTH. Wednesday. Taranaki Oilfields, Limited, report:— Waiapu No. 2: Well drilled to 1575 ft. in shale, with some conglomerate in last 20ff. Taranaki No. 3: Hole clear to 110 ft. 1 Ground shows signs of caving near the surface. We are now endeavouring to secure tho same. Gisborne No. 1: Transport and erection delayed by bad weather. SOUTHERN EXCHANGES. [BY TELEGRAPH. —PRESS ASSOCIATION.] WELLINGTON. Wednesday. The following Stock Exchange sales were reported to-day:—Goldsbrougli, Mort and Co. (cum dividend and rights), 50s 6d; Manning and Co., 19s; 5£ per cent. Stock, 1936, £101; Bank of Australasia, £l4 15s; English, Scottish and Australian Bank, £8 6s; National Bank of New Zealand, £7 3s 6d; New Zealand Insurance (two parcels), 39s 9d. CHRISTCHURCH, Wednesday. The following sales took place on the Stock Exchange to-day:—New Zealand Government Inscribed Stock, 4£ per cent., 1938, £97; Now Zealand Government Bonds, per cent., 1938, £97 5&; New Zealand Government' Inscribed Stock, 1939, £97; Bank of New South Wales v rights), £25 10s; New Zealand Insurance, 40s; Dalgety and Co., £l3 17s 6d; British Tobacco, 53s 9d; Holden's Motors, 40s 3d; Mount Lyell (cum div.), 28s; Bank of Australasia, £l4 15s 6d; National Bank of New Zealand, £7 3s; National Bank of Australasia (£5 paid), £8 13s; Goldsbrough, Mort (cum div.), 50s, 50s 2d; Stockton Coal (pref.), 2s lOd; Christchurch Gas, 24s 3d; Staples' Brewery, 39s lid (two); Electro. Zinc (pref.), 34s 3d; Henry Jones Co-op., 445; P. and O. Deferred Stock, £2BB. DUNEDIN. Wodnesday. j The following sale took place on the I Stock Exchange to-day:—Bank of New] Zealand, 603 9d. J