OVERSEAS TRADE IN JULY.

New Zealand Herald, Volume LXIV, Issue 19718, 18 August 1927, Page 7

OVERSEAS TRADE IN JULY.

EXPORTS DECLINE £500,000. RETURNS FOR SEVEN MONTHS. [BY TELEGRAPH. —OWN CORRESPONDENT-1 WELLINGTON. Wednesday. Returns of the Dominion's overseas trade in July were issued to-day by the Customs Department. The value of exports was £2,930,972, which is less by' £505,723 than for the corresponding month last year. Imports were valued at £3,249,796, a reduction of £227,807. The month's trading therefore showed an excess of imports of £318,824, as against an excess of £40,908 in July, 1926. The returns for the first seven months of the year are as follows: Seven months. 1927. 1926. Increase. Exports £33,523,313 £32,909,529 £013,78-1 Imports 25.450,500 28,191.183 *2,7.13,083 Balance £8,072,813 £4,715,346 £3,357,467 "Decrease in imports. The excess of exports for tho first seven months of 1925 was £11,134,501 for 1924 £9,561,070.

RECORD WOOL CLIP.

NEW SOUTH WALES CROP. VALUED AT £35,237,000. During the year wihch closed ori June 30 last, according to the estimate of the Government statistician. 495,826,0001 b. of greasy wool was produced in New South Wales This quantity is 91,165,0001b., or 22.5 per cent, greater than the previous record total reached in 1911 Die wool clip for the yeai was equiva lent, to 1.539,700 bales, and its value in Sydney is estimated at £35,237,000. This amount is £714,000 less than the record value realised in 1294 25. The sheep (including lambs), which were shorn to produce this total numbered 51,880,000. the average clip (including crutched wool) being estimated at 8 81b per head. This was an increase of 71b per head on the previous year, and about lib per head on the average ten years a K°; The average price in the grease was 17 l-8d lb., a slight increase on the previous year, but a considerable reduction on 1923-24 and 1924-25, when the respective averages were 23yd and 23 3-8 d per lb.

CANADIAN WHEAT.

CROP PROSPECTS UNCERTAIN. (Received August 17, 5.5 p.m.) A. and N.Z OTTAWA, Aug 16. Owing to the damage done to the Saskatchewan wheat crop by frosts last week it is now generally admitted that it will be impossible to give an accurate estimate of the crop until the threshing season. Prospects are: still good for a better crop than the average throughout Canada, provided the weather remains favourable However, there have been heavy rains recently in Manitoba In parts of Saskatchewan and Alberta rust is now quite general, but only serious with the late crojjs Harvesting is expected to be extensive next week, which is abont ten days later than usual.

BRITISH BANKING MERGER.

LIVERPOOL AND EQUITABLE. The Bank of Liverpool and Martins has entered into a provisional agreement to acquire the Equitable Batik, of the latter will receive in exchange for each share held one fully-paid share of £1 in the Bank of Liverpool and Martins, together with a cash payment of 15s a share. Two directors of Equitable Bank will join the Leeds and district local board of the Bank of Liverpool and Martins. The Bank of Liverpool and Martins was established in 1831 as the Bank of Liverpool, and changed its name to the pre sent title in 1913, on amalgamation with Martin's Bank, since wh-?n other institu tions have been acquired. The paid up capital is £2,348,890. At December 31 fhe amounted to £70,540.528. For the past seven years a dividend of 16 per cent, lias been paid. The Equitable Bank, whose head office -13 at Halifax, was registered in 1899, and has -an issued capital of £IOO,OOO. The bank is one of the very few surviving local institutions in England, and has recorded steady progress. The balance-sheet, as at December 31 last, showed assets amounting to £1,819,160 For the past eight years a dividend of 16 per cent, has been paid, while a reserve fund of £150,000 has been built up. .

YELLOW CABS OF AUSTRALIA.

- DECREASE IN PROFITS. At the annual meeting of the Yellow Cabs of Australia, Ltd., held in Melbourne recently, the chairman of directors. Mr P. W Tewkesbury, said that the fleet, of the company in Sydney numbered 254, and in Melbourne 248 cabs, making a total of 502 The number was considered sufficient to meet all requirements for some time to come. It was originally intended to considerably increase this number, but in view of the competition which had developed, such a step was not at, present justified Gross takings were very much in excess ot those of the previous year, but. owing to operating costs hav ing increased by upwards of £32.000, the net profits * were considerably less than those of the preceding ye&r. The increased costs were due to the effect of the 44 Hours and the Workers' Compensation Acts in New South Wales, and increased wages payable under the Wages Board award in Victoria, 9aid Mr. Tewkesbury It was far from certain that the increase would not be still greater during the current year. The Child En dowment Act in New South Wales was likely to add to the company's wages lull not less than £SOOO a year, and it was impossible to say what the increase would be in Victoria if.the 44 Hours- Act came to be applied there. The amount that oven a small percentage increase on the wages'would be-might be gathered from tho fact that tbe total amount paid in salaries and wages last year approximated £340,000.

SOUTHERN EXCHANGES.

[BY TEIiEGRAPH".—PRESS ASSOCIATION. ) WELLINGTON, Wednesday. The following sales were made on the Stock Exchange to-day New Zealand Breweries, bonds, 23s 8d; National Bank of Australasia (£lO paid), £l7 2s (two parcels); National Mortgage, '33s 6d: Gear Meat, 36s 3d. CHKISTCIIURCH. Wednesday The following sales were mado on the Stock Exchange '"to-day South British Insurance, 57s 9d; Goldsbrough, Mort (rights), 9s; National .Bank of New Zealand, £6 15s 6d; Commercial Bank of Australia, 27s 7d; Goldsbrough, Mort. 455; New Zealand Refrigerating (con cum djv.), 6s 6d (three parcels); British Tobacco, 52r> 6d; Colonial Sugar, £52 ss. DUNEDIN, Wednesday. The following sales were made on the Stock Exchange to-day Upper Nevis, 255; Colonial Sugar, £52 2s 6d; National Bank of New Zealand, £6 15s.