RUSSIAN OIL.

New Zealand Herald, Volume LXVIII, Issue 20901, 17 June 1931, Page 5

RUSSIAN OIL.

ENTRY TO AUSTRALIA. FEDERAL INQUIRY. [FROM OUR OWN CORRESPONDENT.] SYDNEY. June 9. In recent months there have been persistent reports in Australia that thero is close relation between Russian trade activities in Australia and Communist activity here. With the object of discovering how far these rumours are true the Federal Government is instituting a searching inquiry into the whole matter, which includes the possibilities of enlarged trade between Australia and Russia and the extent to which trade with Russia is bound up in politics. Although the Minister of Customs, Mr. F. M. Forde, states that so far he has not been approached on the matter, there are persistent rumours that a Soviet organisation, known as Russian Oil Products, Ltd., intends shortly to commence sending cargoes of petrol to Australia, to be retailed here at Is 6d a gallon. It is definitely known that somo such move is afoot. Russia is a great potential market for Australian wool and there arc 15 Russian buyers operating here under tho aegis of Textiles, Ltd., another Soviet concern. Federal investigations reveal that Communists in Australia are receiving considerable funds from some source. It is believed that tho profits from Russian trade operations in Australia go to the Soviet, and the suggestion is that these profits are being utilised at their source to further Soviet, propaganda

STOCK SALES. VALUES AT FRANKTON. DECREASE FOR FAT CATTLE. [FROM our OWN CORRESPONDENT.} HAMILTON. Tuesday. An unusually large yarding of fnt cattle came forward at the weekly stock sales at Fraukton to-day. The demand was very weak and prices generally were lower. Cow and heifer beef realised lale rales. lat sheep came forward in medium numbers and no appreciable variation in values was recorded. Fat lambs, of which there was a good entry, were keenly competed for and sold at very full late rates. Exporters and butchers were the principal buyers. A largo yarding of stores, including a lino of wethers from the East Coast, was cleared at moderate values. Both fat and store pigs maintained lato rates. The auctioneers quote as follows: Dalgoty and Company, Limited— Sheep: Prime heavy wethers sold at 14s (id to 16s: medium-weight wethers, 12s 3d to 13s 7d; unfinished wethers, 9s 9d to 10s 'Jd: fat ewes, 8s io 9s 6d; inferior, 6s 9d to 7s Gd; extra prime woolly lambs, to 18s; well finished ordinary weights, 14s to 15s 6d; unfinished, 10s Gd to lis 9d; 207 4 and (!- tooth store wethers, 9s 2d; 137 4 and Gtoolh wethers, 8s; 100 4 and 6-tootli wethers, 8s 6d; 402 4 and G-tooth wethers, 8s 3d: 33 cull wethers, Gs; 177 G-tooth Romney and Corriedale-cross ewes, in lamb to Romney rams, 7s; 178 2-tooth wethers, 5s 9d; 6niall woolly lambs, 3s 9d; store woolly lambs, ss; 59 empty ewes, 3s 9d. Cattle: Fat bullocks. £6 14s to £8 19s; light, £5 Is to £5 14s; heavy vealers, 28s to 40s. Pigs: Prime baconers, £3 5s to £3 lis; porkers, £1 10s to £2 4s; choppers, £1 10s to £3 £>s 4d; large stores, 16s to 245; slips, 10s to 14s Gd; weaners, 6s to 9s 3d; good sows, close to profit, £4 to £4 12s Gd; others, £3 to £3 18s. G. W. Vercoe and Company, Limited.— Sheep: Heavy fat lambs eold at 15s 5d to 16s 6d: lighter, 12s 6d to 14s 9d; light and forward-conditioned, 9s 3d to 12s; heavy fat wethers, 14s 9d to 15s Id: lighter, 13s to 14s 3d; light, lis 9d to 12s Gd; fat ewes. 8s fid to 10s 9d. Cattlo: Light fat bullocks, £5 15s to £7 ss; prime heavy fat cows, £C> 14s to £7 ISs; heavy, £5 10s to £6 ss; lighter, £3 15s to £4 ss: light. £2 103 to £3 7s Gd: extra prime fat heifers, £7 18s to £9 2s Cd; prime, £6 10s to £7 15s; heavy, £5 10s to £5 15s; light. £3 15s to £4; forward-conditioned 3-year-old steers, £3 15s to £4 2s; in-calf Jersey-cross heifers, £2 15s to £4 10s; store cows, 20s to 30s. Pigs: Medium-weight baconers, £2 17s to £3 3s; light, £2 10s to £2 15s; heavy porkers. £2 53 to £2 8s; light, 30s to 38s; choppers, £2 10s to £3 12s: 6lips, 13s 6d to 16s Gd: good stores, 18s to 245; weaners, 12a to 13s

New Zealand Loan ajid Mercantile Agency Company, Limited.—Cattle: Prime fat bullocks sold at £8 2a 6d to £9 Is: fats, £6 lis to £7 12s 6d; light quality, £4 7a 6d to £5 15s; prime fat cows, £4 15s to £5 7s; fat cows, £3 15s to £4 10s; light and unfinished, £2 17s 6d to £3 10s; forward-con-ditioned, £2 4s to £2 15s; stores, 28s to 365. Sheep: Fat wethers, 10s 6d to 13s Id; lighter. 9s 2d to 10s; fat ewes, 8s to 9s 6d; light quality, 6s to 7s 6d; prime fat lambs, 14s 3d to 15s 6d: fats, 12s to 13s 9d: light quality, 7s 6d to lis 6d. Pigs: Heavy baconers, £2 12s to £3 10s: medium, £2 to £2 10s; light baconers and heavy porkers, 32fi to 375; light porkers, 28s to 335: stores. IBs to 235; slips, 14s to 17s 6d; weaners, 9s to 13s 6d. The Farmers' Co-operative Auctioneering Company, Limited.—Sheep: Prime fat wethers sold at 17s: medium, 14s 3d; heavy prime fat lambs, 18s 3d; prime, 13s to 15s; lighter, lis 6d to 12s 9d. Cattle: Runners, £2 lis to £2 15s: vealers, 2Ss to £2 ss: medium to light fat steers, £6 19s to £7 10s; light fat cows, £3 Ss to £4; tillable cows, £2 10s to £3 Is; forward-conditioned cows, 3Sr to £2 6s; stores, 2f.s to 323; boners, 15s to 225; good quality Jersey, heifer calves. £2 lis; .Tersey calves, 23s to 38s Pigs: Heavy baconers, £3 7s to £3 10s; medium. £3 2s to £3 ss: light, £2 10s to £2 15s; heavy porkers, £2 2s to £2 7s; light, 30s to 355; stores. 19s to 255: slips. 15s to £1; weaners, 9s 6d to 15s 6d; bows in pig, £4 5s to £5.

AUSTRALIAN GLASS COMPANY. LARGE DROP IX NET PROFIT. A net profit of £76.768 is disclosed in the pinth annual report of the Australian Glass Manufacturers' Company, Limited, for the year ended March 31, which is £110,400' less than that of the previous year. The directors slate that the operations of the company have proved less satisfactory during the year owing to the general depression which adversely affected the company's operations throughout the whole of Australia. The dividend is 6 per cent, for the year, as against 10 per cent, and a bonus of 2£ per cent, in the previous year. Payment of a final dividend at the rate of 6 per cent, per annum absorbs £27,914, and the dividend of 9 per cent, on the preference shares for tho last six months takes £7875. A sum of £90,663 was brought into tho accounts and a balance of £95,663 is to bo carried forward. AMERICA'S SURPLUS WHEAT. FARM BOARD'S PROBLEM. The surplus wheat in tho United States still very largely dominates tho international wheat market, for it is not definitely known what tho next move of the American Farm Board may bo. Expressions of opinion in tho latest grain trade reports from London were that tho board can hardly continue to hold its stock till tho new crop begins to move, nor is it, likely to sell without bringing its price down to tlio world's parity, and if it docs sell it will come into competition with many other exporters and further depress values.

Many of tl.o American trade authorities looked for about 50 cents for new crop wheat unless a disaster occurs to the spring crops in the United Stales and Canada. Prices havo recently been well maintained in America, but this, it is pointed out, has been almost entirely duo to the Farm Board support of old crops which has reacted a little on the new crop positions, willi a feeling that the board may ..ultimately have to support new crop values for the sake of farmers. However, at the end of "May, its buying is supposed to havo ended. CHICAGO WHEAT MARKET.. CHIC AC, 0, June 15. Wheat. —June. 71 cents a bushel; July, 575 cents; September, 571 centsj December, 61 cents..