RECENT TRADE TREATY.

New Zealand Herald, Volume LXV, Issue 20115, 28 November 1928, Page 9

RECENT TRADE TREATY.

QUESTION IN THE COMMONS.

GERMANY AND SOUTH AFRICA.

British Wireless,

ItUGBY, Nov. 26,

Tho Secretary of State for tho Dominions, Mr. L. S. Amcry, was asked in tho House of Commons whether, in the caso of the recent trade treaty between South Africa and Germany, any prior consulations with Britain took place. Mr. Amery roplied that the British Government and tho Governments of tho Dominions were notified by tho Government of South Africa of its intentions. They wero asked to express their views in the manner contemplated by tho Imperial Conference of 1926, and were subsequently kept informed of the progress of tho negotiations. The whole position to-day was that no one Government of the Empire restrained any other Government of tho Empire, but all Governments of tho Empire, if they undertook anything that might have a reaction on the others, informed them in caso they had views to express. THE LONDON MARKETS. PRICES OF METALS. Australian Press Association—United Service (Received November 27, 11.15 p.m.) LONDON, Nov. 20. (Quotations on Nov. 22 in parentheses.) Copper.—Spot, £63 0s 7jd (£6B 6s 10' d); threo months, £6B 8s l£d (£6B 15s 7->d). Electrolytic Copper.—Spot, £74 15s (£74 15s); threo months, £75 5s (£75 ss). Wiro Bars.—Spot, £75 5s (£75 ss); three months, £75 5s (£75 ss). Lead.—Spot, £2i 2s 6d (£2l 3s 9d); three months, £2l 8s 9d (£2l 10s). Spelter.—Spot, £fis 3s 9d (£25 3s 9d); throe months, £25 7s 6d (£25 2s 6d). Tin.—Spot, £239 8s 9d (£232 12s 6(1); threo mouths, £235 8s 9d (£229 2s 6d). Silver.—Standard, 26jjd (2bjd) per ox.: fine 28Jd (28£ d). WHEAT. Wheat. —Cargoes aro steady and prices are unchanged. There is a fair amount of trading to India. By an unnamed vessel to load in mid-December for Calcutta, 46s 3d; by ono to Karachi, 46s l£d; by an unnamed ship to load early in January for Calcutta, 45s 6d. Parcels arc in poor demand at late rates. By the Anchises and Clan MacGillivray, 48s 3d. Liverpool futures, December, 9s 3 7-8 d per cental; March, 9s 4 3-8 d; May, 9s 4 7-Bd. AUSTRALIAN BROWN COAL. OPTIMISM OF DIRECTORS. Australian Press Association—United Service LONDON. Nov. 2G. Mr. Frank Hodges, managing director of the L. and N. Brown Coal Company, addressed the first ordinary meeting of shareholders at Westminster. Ho said the company's property at Morwcll, Victoria, was tho most phenomenal coalfield in the world. Experts estimated that a single scam contained 45,000,000 tons.

The company would not compete with the State mines at Yallourn, but would defer development until the brown coal distillation process was technically advanced. At present (ho directors worn concentrating upon tho marketing of the company s l ights to the process in Australia. Plants would he sent to Tasmania, .Toadga and Lalhil early in 1929. When they were working successfully it was hoped to erect several plants at Morwcll capable of treating 2000 tons a tiny. CANTERBURY MARKETS. LITTLE BUSINESS PASSING. [nv TELEGRAPH.—PRESS ASSOCIATION.] CHKISTCIIUKCU, Tuesday. Little business is passing in tho grain and produce trade. There is a quietness in the. wheat market, but tho clearing of the stores to make room for wool is prompting more offerings. Values remain at about 5s 9d, on trucks, for milling, and 5s 7jd to 5s Sd, f.0.b., for fowl feed. Oats remain firm and a little business has been done in next year's crop. Chaff has been moving with a little more freedom, Auckland taking increased quantities. Business in old potatoes is about over. A few forward contracts have been made in next year's produce at £4 17s 6d to £5 a ton, f.0.b.. s.i., or £3 10s to £3 12s 6d to the grower. GILT-EDGED SECURITIES. HIGHER I'll ICES IX MELBOURNE. Not for a long lime, says Ware's weekly commercial letter, has there been such a sudden spectacular advanco in tho prices of gilt-edged securities as occurred on tho Stock Exchange of Melbourne on November 15. Tho reason was tho announcement that the, Federal Loan Council had increased to £IOO tho prico of issue of tho 5i per cent. Commonwealth Bonds, maturing 1935 or 1942, on offer over-the-coun-ter at the Stato Treasuries in the various capital cities. If tho market had been inclined to bo heavy, such suj announcement would have had no effect at all, but, as tho tone is decidedly buoyant, tho response was marked and immediate. Tho pronounced reaction of tho market to tho announcement, consequently, is itself an indication of underlying strength. The issue prico was £99 since October 26. upon which date it was raised from £9B 10s. which had been tho Loan Council's prico for new loans since October, 1927. A cash and conversion loan of approximately £8,000.000 was raised, after soino difficulty, in May and Juno Inst year at 5| per cent, nt par, but by the time tho conversion of some £36,000,000 per cent, and 5 per cent, loans bad to bo faced, in October,, the market had hardened and the concession of £1 10s per cent, below par had to be offered, that prico remaining as the official level for over 12 months. During tho last two months an easier tone lias boon ruling in tho money market, and this has been manifesting itself in a pronounced upward trend in the market prices of all gilt-edged securities and sound popular stocks. CHICAGO WHEAT MARKET. Australian and N.Z. Press Association. CHICAGO. Nov. 2(!. Wheat. —December, 1 dollar 16 1-3 cents per bushel: March. 1 dollar 21 cents; May, 1 dollar 23 5-8 cents. SOUTHERN EXCHANGES. [DY TELEGRAPH. —PRESS ASSOCIATION.] "WELLINGTON, Tuesday. The following Stock Exchange sale took place to-day:—Government Inscribed Stock, 1932, 5i per cent., £99. CHRISTCIIUIICH, Tuesday. Tho following sales took placo on the Stock Exchange to-dayHuddart-Parkcr, 48s (two parcols); New Zealand Refrigerating (10s paid), 9s 5d (two . parcels); New Zealand Breweries, 565; Wilsons Cement (ex div.), 41s; Mahakipawa, Is 2d. DUNEDIN, Tuesday. Tho following Stock Errchango sales took placo to-dayKildarc, 2s (two sales).