SHORT-TERM BORROWING.

New Zealand Herald, Volume LXVII, Issue 20619, 18 July 1930, Page 7

SHORT-TERM BORROWING.

AUSTRALIAN EXPERIENCE. HIGH RATE FOR LAST ISSUE. Tho announcement, published yesterday, that the Commonwealth had issued in London £5,000,000 of Treasury bills at 4 per cent, discount was accompanied by a comparison with tho current rate for British Treasury bills, which were quoted at 2 5-16 per cent discount. The latter have a currency of three months, whereas the latest Australian bills are to run for 21 weeks to December 13. Three issues, each of £5.000,000, have been placed by Australia within the past year —the first was dated September 1 and matures on September 2 next; the second, on November 19, were repaid on June 30. An interesting illustration of the state of Australian credit is afforded by a comparison of the terms for the successive issues, showing the effective rate of interest per annum, as against bank rate and the yield of British Treasury bills, as follows: Bank Rate, Treasury Bills. p.c. British. Australian. Sept. 1 .. 6 £5 11 2 £(• 11 1 Nov. 19 .. r, 417 9 511 2 July 18 .. 3 2G 0 413 Since November the annual yield from British bills has fallen by over 2£ per cent.; tho Australian rate is only 1£ per cent, lower. MAIZE AND WHEAT. EFFECT OF THE TARIFF. CHAMBER OF COMMERCE VIEW. The operation of the maize and wheat duties was discussed at a meeting of the Auckland Chamber of Commerce yesterday. A report on the wheat duties was furnished by the Importers' Committee and it was decided to refer the report back to tho committee in view of further information received. Mr. A. G. Lunn said the Government had placed a duty on wheat and was now unable to lift it. New Zealand was facing a heavy deficit in its wheat production and it seemed that everyone would bo subject to a heavy tax. Mr. W. A. Boucher: The same might be said of maize. At the time of the increase in duty 500,000 bushels we're produced, but now there are only 300,000. It was decided to write to the Opotiki Chamber of Commerce stating that Auck- V land merchants were of opinion that Bay of Plenty rnaize was too lArge for the requirements of poultrygrowers and that it suffered owing to the practice of marketing the maize before it was properly matured; also, that too high a price was asked for the local product and that a further increase in the tariff would strike a heavy blow at the poultry industry. ADVERTISING AND TRADE. DEVELOPING NEW MARKETS. ADVICE TO BRITISH FIRMS. " Advertising is an essential part of modprn commercial machinery," Lord I Riddell, chairman of the Newspaper Proprietors' Association, said in opening a discussion on this subject at a meet ing of the Imperial Press Conference in London last month. " Advertisers should offer the right goods and service, and market them in the right way. The reader profits by advertising, because by supporting the advertiser the reader pets a larger and better paper for his money." The increase of America's foreign trade was largely due to advertising. British manufacturers and merchants should advertise, both at home and abroad. "It gives one a pang to look at the overseas and Colonial newspapers and see the preponderance of American advertising," he added. " 1 love America and love Americans, but I do not want to see the world Americanised. "You should organise a great advertising campaign in this country to display the advantages of overseas and Colonial newspapers as advertising media for home goods. I do not think we should leave this matter to the Government. We ought not to leave it to the Overseas Department. It 'is one of those vital matters that demand tho attention of business men. Until this is done we cannot hope to take full advantage of the vast markets that are open to us." Sir William Crawford, a member of the Empire Marketing Board and vice-chair-man of its Publicity Committee, said that within the last six or seven years the amount expended on advertising had risen from £50,000.000 to £150.000,000 per annum, and the business was only now in its infancy. " Advertising never looks back, but always forward, to tomorrow," he said. "It sets an objective for the manufacturer and forces him to reach up and achieve his goal." Tho purpose of the Empire Marketing Board was to make Empire buying a national habit, but nevertheless if the habit were to be firmly established, education by publicity was essential. Sir Stanley Reed (India) said that as long as the Empire Marketing Board worked on its present lines part of its work' must be a failure. Unless it was carried to the next stage of creating markets and a sentiment for British products in the Dominions, they would be creating a new buying power in the Dominions which would be taken up by their commercial rivals. * PROPERTY SALES. Samuel Vnile and Sons, Limited, will offer at auction at their rooms, S3, Queen Street, at 2 p.m to-day the following properties:— Residence of 10 rooms on eection containing 2 roods 30 poles, with 207 ft. frontage, situated at No. 1 Hanturly Road, Epsom; hous-3 t.f seven rooms, Bayfield Road, Heme Bay - building site, Haverstoek Road, Sandringham; bungalow, five rooms , and section, Auckland Road, Onchunga; house in Pictou Street, near Ponsonhy Road; bungalow, four rooms, 30, Fernleigh Avenue, Ep.-om house of three rooms, Canal Road. Avondale' bungalow of five rooms, Faultier Avenuo, Grey Lynn; bungalow ot four rooms Peary Road. Mount Eden-. bungalow of four rooms. Nile Road, Tnknpunu. William A Home Limited, will offer at auction at their rooms. Home's Buildings, corner High Street and \ ulcan Lane, today: at noon, a property consisting of a freehold serf ion, having 49ft. Gin. frontage to both Balmoral Road and Dunbar Road. Mount Eden, by a through depth of 132 ft., on which is erected a block of four lesidential brick flats, each containing two bedrooms. living room, kitchenette, bathroom. T. Mandeno Jackson will offer at auction at their rooms, i), Commerce Street, Auckland at 11 o'clock this morning, a property in the estate of the late It. 11. Adams, comprising over 15J acres of land, containing quarry, scoria and blue, metal, and house of nine rooms, having a frontage to Raugilira Avenuo, Lake Road and Northcote Road. , . T. Mclndoe and Sou will offer at auction nt their rooms, 30fi, Dihvorth Building, today. at 11 a.m.: Freehold property in Queen Street, Onehungn. having 71J ft. frontage and average depth of 140 ft. and elected thereon wooden buildings comprising " dwelling and shops, situated omjosite Mu ; buildins subdivided VJ 1 " «"- ; a ' l 'auction toRnnfuriy Snirt 1 |, er 0 f Commerce, dav nt noon, nt Lne L nnni ; , o flielSWanson Street, 'I 1 e f'l j, efn gj a'corner (ion with i 12 30 a property situated raVr.Ho"'iWNorth"".. of six rooms.