AMERICAN COTTON CROP.

New Zealand Herald, Volume LXIV, Issue 19712, 11 August 1927, Page 7

AMERICAN COTTON CROP.

DECREASE CAUSES ALARM. LANCASHIRE TRADE CONCERNED (Received August 10, 5.5 p.m.) A. and N,Z. LONDON, Aug. 10. The announcement that the American cotton crop is expected to be 4,500,000 bales less than last year has alarmed the Lancashire trade. Raw cotton has i;isen suddenly 2d a lb. It is reported that a few firms made large profits. The Master Cotton Spinners' Association has recommended that all mills spinning Amorican staple shall close for a week, in addition to the annual month's holiday. The association says tho condition of the trade is deplorable. Business on the Manchester Exchange is at a standstill. ( MEAT PRODUCERS' BOARD. BENEFITS FROM OPERATIONS. SERIOUS POSITION OF BEEF. [UJT TEUSGUAPH. —OWN COftIiESPONDENX. 1 WANG AN UI, Wednesday. The Wanganui branch of the Farmers' Union was addressed to-day by Mr. T. A. Duncan, of Hunterville, a member of the New Zealand Meat Producers' Board, on the activities of the board. * Since the Meat Board had been established, sajd Mr. Duncan, there had not been sufficient publicity given to its activities. The board's meetings were not open to the press. Tho members of the board were competent men and had the interests of the producer at heart. Their aim was to effect improvements to the trade. Better handling facilities from New Zealand to London was one of the chief improvements that had been effected. Meat was now landed under the best possible conditions. Mr. R. S. Forsyth, representative of the board in London, had tho confidence of the trade at the other end, which was a big advantage. • Better handling between the freezing works and Smithfield had resulted in lower insurance rates, which was a big boon and reflected great credit on the board. The rates were less than half those obtaining when the board first commenced operations. The board had also helped in eliminating a number of speculators, and consequently there had been less fluctuation on the market. The board was also desirous of keeping cost down. The greater the reduction in costs the more the farmer got for his produce. A substantial reduction in freight had also been obtained from the shipping companies. In referring to pork, Mr. Duncan said the industry was a growing one. A meeting had been recently held in Palmerston North asking for a subsidy on pork exported from New Zealand. The Meat Board had turned down the suggestion of a subsidy previously. Where the price was beyond the cost, of production it was not desirable. The board had done everything to help tho pork industry and encourage the export of pork. The position of beef was very serious. Argentina at present was suffering from an over-production of beef. If a trade war commenced between the big companies in (he Argentine, he did not think it would alter the position in New Zealand. He did not think there would be any chance of the price of New Zealand beef increasing while over-production ruled in the Argentine. STERLING EXCHANGE RATE. ADVANCE IN NEW YORK. A. and N.Z. NEW YORK, Aus- 9. The exchange rate for sterling advanced to 4 dollars 86 5-32 cents to-day. This is the highest level that has been reached this year. The advance is ascribed to the reduction by the New York Federal Reserve Bank "of the re-discount rate to 3£ per cent,, lowering the differential between New York and London rates to 1 per cent, AUCKLAND COMPANIES. ONE NEW REGISTRATION. One public company was registered in Auckland yesterday. * Details are as follows : Guil lard's Blue Metal Quarry Company, Ltd. Objects: To acquire the quarry undertaking of P. T,. Guillard, in the Hunua Gorge, etc. Capital: £15,000, in £1 shares. Subscribers: P. L. Guillard, M. A. Guillard, M. J. Connor, A. J. Joyce, R. L. Cleland, O. D. Sutcliffe, and W. H. Ready, one share each. RUAKURA FARM CATTLE. CLEARING SALE HELD. fBY TELEGRAPH. —OWN CORRESPONDENT. 1 HAMILTON, Wednesday. Buyers from all parts of New Zealand attended the clearing sale held on behalf of the Agricultural Department at the Ruakura experimental farm to-day. The stock was not in first-class' condition and bidding lagged at times. Twenty one Shorthorn bulls wore sold, the prices, ranging from lOgns. to 29gns. The average was 22gns. Tho highest price for a Shorthorn bull was paid by Mr. G. D. Goodrich, Taumarunui. Jersev bulls realised from lOgns, to Signs., tho latter price being paid by Messrs. Livingstone and Gore, Tuhikaramea, for the bull Dominion Ferino. Thirteen were sold, the average price being 22gns. Three Ayrshire bulls changed hands at 12. 15 find 24gns. respectively. There was a good demand for Shorthorn heifers, 26 being disposed of at prices ranging from sgns. to 33gns. Mr. G. H. Boyd. Horsham Downs, bought tho highest-priced animal. -The average price wa« 22gns. Pigs sold well. PRICE OF OSMIRIDIUM. (Received August 10, 5.5 p.m.) A. and N.Z. LONDON, Anc. 10. Osmiridium is quoted at £ll to £l2 per oz. LONDON STOCK EXCHANGE. A - , and N.Z, : Sun. LONDON, Aug. 9. Quotations on tho London Stock Exchange to-day included the following:— Ban if of Australasia, £l4 7s 6d; Bank of Now South Wales, £43 ss; Union Bank of Australia, £ls 2s 6d (ex div.); National Bank of New Zealand, £6 14s 6d; Bank of New Zealand, stock, £94; shares, 57s 9d; New Zealand Loan and Mercantile, debentures, £76; ordinary stock, £94 15s. SOUTHERN EXCHANGES. [ iy\- TELEGRAPH. —PRESS ASSOCIATION. J WELLINGTON, Wednesday The following sales were made on the Stock Exchange to-day: —Bank of Australasia, £l4 14s; Bank of New South Wales, £45 2s 6d; South British Insurance, 57s 3d (two sales); Electro Zinc (prof.), 32s 3d. CHRIST CHURCH, Wednesday The following sales took place on the Stock Exchange to-day:—Union Bank, £l4 19s (two); Goldsl trough, Mort (rights), 8s 10d; New Zealand Breweries (bonds). 23s 9d (two); Colonial Sugar, £52 10s. DUNE DIN, Wednesday. The following sales took place on the Stock Exchange to-day:—Auckland Amusement Park (ord.). .lis 3d; Goldshrougli, Mort (rights), 8s 10d.