BOOM ON WALL STREET.

New Zealand Herald, Volume LXV, Issue 20113, 26 November 1928, Page 7

BOOM ON WALL STREET.

ANOTHER RECQRP DAY.

SEAT SOLD FOR £IIO,OOO.

Australian and N.Z. Press Association. NEW YORK, Nov - 2n

On the New York Stock Exchange today all records for the volume of business done were broken. A total of 6,942,500 shares wore sold. Prices rose rapidly, but later slumped and closed irregularly. The tickers werp delayed, although they were not so late as usual. The governors of the Exchange havo declared a holiday to-morrow, to enable the clocks to catch up with the work. A scat on the Exchange was sold today for £IIO,OOO. THE STOCK EXCHANGE. NO BUSINESS ON SATURDAY. No call was made on tho Auckland Stock .Exchange on Saturday morning, on account of People's Day at tho Auckland Summer Show. EXPORT LAMB RATES. PRICES FOR NEW SEASON. The opening prices for the 1928-29 season for lamb on tho hook at freezing works are announced as follows: —Up to 361b., 9jd per lb.; 361b. to 421b., 0d; over 421b. and seconds, QJd. These rates correspond with thoso now current in Ha>vko's Bay and Wellington. WORLD WHEAT CROP, AMERICAN ESTIMATES. Australian and N.Z. Press Association. WASHINGTON, Nov. 23. The United States Department of Agriculture estimates the world's wheat crop, excluding Russia and China, at 3,700.000,000 bushels. This is about 100.000.000 bushels more than last year. The Russian crop, it is estimated, will be larger than in 1927, but owing to short ryo crops and other factors thcro will bo no wheat for export. Russia probably will have to import more wheat than in 1927. A large part of Canada's huge wheat crop is said to be of low grade, and a large percentage of it will be used as feed. CANADA AND AUSTRALIA. . TRADE TREATY CONTROVERSY. Australian and N.Z. Press Association. VANCOUVER, Nov. 23. Referring to the request of British Columbian timbennen for a shipping subsidy to Australia, and preference for their timber, tho Province, a Conservative paper, says:—Tho Australian trade tieaty is „of high value to Canada. British Columbia knows that if no other province does. Ontario should know too.

In October Australia bought 1800 Canadian motor-cars. She was, in fact, Canada's host customer for this lino of poods, hnt there arc constant complaints in Australia that tiie advantages are more on tlie side of Canada than on (lie side of the Commonwealth. The figures show that the trade between the two countries is very unevenly balanced. While trade is so "lop-sided," and resentment against the application of the dumping duty remains, it is difficult for Canada to bring Australia to sea the advantage of preference for Canadian timber. If Canada wants to sell more, her sister Dominion will have to make an effurt to bijy more of Canada's products. NEW ZEALAND APPLES. PROPOSED HAMBURG TRADE. [BY TELEGRAPH- —J'UESS ASSOCIATION.] DUNEDIN, Sunday. Advocacy of a proposal to ship New Zealand apples direct to Hamburg is being continued by Air. A. Moritzon, who has received an encouraging letter from Messrs. J. L. Luttcn and Son, fruitbrokers, of Hamburg, in which tho writer states: —"New Zealand business in apples seems to lie. now going the right way. We will probably get a direct service of one or two steamers for tho coming season. The New Zealand style of packing is popular and ucll known, being the same as the American, and we hope 1o handle quite a lot of this next season. The entry duty is reduced from 15 marks to seven marks per 100 kilo, and this will bo a help in obtaining good results." CANTERBURY MARKETS. LITTLE LIFE IN TRADE. [BY TEl.liG ft.\ I'll. —PRESS ASSOCIATION.] CIJHISTCHUJICIf. Saturday. Little life is marking tho grain and produce trade. There is some business of a retail character in small seeds, but other produce is not passing to any great extent. Milling wheat is quoted at 5s Od u liushol on trucks, but not a grpat deal is changing hanfls. Most, growers who are now holding c;'.n afford to bold and many of thoni aro confident that tho season will not produce another heavy finp, in which cw vybeat will ho of good value. Fowl wheat is quoted at 5,i Oil f.0.b., sacks extra. Oats aro maintaining recent values and In. lit lie. business has taken place at 4s h|, 1'.0.1i., s.i., for A (lartotis ami 3s Od for I! grade. Chuff remains steady at ultoqt, £5 1 2s fill a lon, f.0.b., s.i., ami £3 15s to £4 on I rucks. The demand from tho Homo Country for peas l|as ended and vulqos aro no\y down In about 4s 0d on trucks. Most of the pofis grown last year vyilro on contract and as merchants are doing little of this business this year on account of flic, collapse of the lloino demand the area sown is likely to show a substantial reduction. Any potatoes offering are in very small jm|k and sales are oil a basis of £0 to £0 10s a ton on trucks. Littlo forward business is being dono on next year's crop and for most of this trading £3 IBs on (.rucks is l|iu averago offer for whiles apd £4 for Dakotas. New season's onions are not attracting much forward business. Figures mentioned so far are, £5 for January-Fobruary and £4 15s for March-April on trucks. SOUTHERN EXCHANGES. [BY TELEOtUPH.— PRESS ASSOCIATION.] WELLINGTON, Sunday. Tho following fcalo was. fnado on the Stock Exchange yeslprday :—Npw Zealand Brcwpry (bonds)', 255. PUNEDIN, Sunday. Tho following sales were made on ' the Stock Exchange ' yesterday Commercial Bank, 30s 5d (two parcels); National Insurance (ex. cjiv.), 16s 6d; J)jilgpty mid Cojnjwny (ex diy.j, £l6 4s.