AUSTRALIAN LOANS

New Zealand Herald, Volume LXIX, Issue 21359, 7 December 1932, Page 7

AUSTRALIAN LOANS

PROSPECTS OF CONVERSION LOWER EXCHANGE ADVISED LONDON", Nov. 30 "Australia must not be led away by the success of the recent conversion loan," said Sir Mark Sheldon in an interview. Discussing the £80,000,000 of Australian loans, most of which may be converted at three months' notice, Sir Mark Sheldon said:—"The conversion of these outstanding loans is far from easy because tho situation in Loudon is delicate and complicated. by the American debt position and also on account of tho tremendous loss of investors' income through the inability to get, funds from debtor countries. .Between <IOO,OOO and 500,000 people are. directly interested in these Australian loans, apart from tin; institutions holding them. They aro wonderfully sympathetic, but if notice of repayment of high-priced loans was given to-day it great proportion would not bo renewed owing to the difficult situation hero.

"Although there is the utmost goodwill toward .Australia," he proceeded, "influential people are asking why Australia does not obtain relief for herself by adjustment of the exchange. It has been pointed out that tho utmost Australia can expect from a big conversion scheme is a new rate of 4 per cent, saving probably £1,500,000 in interest a year. On the contrary, the. adverse exchange on debt services here costs approximately £8,000,000 annually. There is h strong feeling that this should be Australia's first lino of attack in adjusting the debt situation. "Further, there is criticism by some loan-holders with Australian interests that certain States havo passed legislation affecting the personal covenant in mortgages, which, in many cases, has meant loss of income. They arc naturally afraid that the idea might spread, and this must be adjusted before Australia can look for the unanimous support of British investors. In any event, it would be suicidal to attempt any unnecessary conversion even in the most favourable conditions until after the British Budget is brought down in April. Regarding some loans, including the New South Wales £10,000,000, repayable in July, there is no option but to convert; but I have no doubt that he operations will be concluded on terms satisfactory to Australia, if action is taken to allay the fears of bondholders regarding some of the State legislation."

COUNTRY STOCK SALES PRICES AT FRANKTON IMPROVEMENT FOR FAT SHEEP [FROM OCR OWN correspondent] HAMILTON, Tuesday An increase on last week's quotations was shown for all classes of fat sheep at the Frnnktou stock sale to-day. There was a good entry of ewes, but a smaller yarding of wethers. The average offering o£ spring lambs also sold under good competition. Tat. cattle were yarded in good numbers, values remaining film at the rates ruling last week. There was a good demand for an average entry of fat pigs, i'rices for baconers remained firm at last week's values, while porkers again showed an improvement, selling readily under keen competition. Stores and weaners sold at rates on a par with those of late sales. The auctioneers quote -Js follows: G. W. Vercoe and Company, Ltd.—Sheep: Prime fat wethers sold to 14s; fat, lis to lis Id: unfinished, 10s to 10s 9d; prime fat ewes, maiden, 10s to 10s 9d; fat ewes, lis lo 7s; unfinished, -Is Sd to ss; fat hoggets 10s to 12s; heavy fat lambs. ]2s to 12s !0d: lighter, 10s to Us Od; unfinished. 9s in 9s 9d. Cattle: Vealers, _lss to_2ss; medium-weight fat bullocks, .£5 to .£5 r>3; lighter, £4 10s to £1 18s; prime heavy fat cows, £3 15s to X'l Is; heavy, £3 to .£3 12s I'd; lighter. £2 5s to £2 15s; light. £1 6s to £2;. prime fat heifers, £3 10s to £4; lighter, £2 153 to £3 ss; light. £1 5s to £1 15s. Pigs: Extra heavy baconers, £2 3s to £2 Is; prime. £2 to £2 2s; heavy. 35s to 39k; lighter, 30s to 345; heavy porkers. 2<is to 295; light, ,22s to 255; good stores. His to 21s; slips, lis to los. Gd; weaners, gs to 103 od. New Zealand Loan and Mercantile Agency Company. Ltd.—Cattle; Prime fat bullocks sold at £4 ISs to £5 17s; medium, £4 7s Gd to £4 17s Gd; lighter. £3 17s Gd to £4 ss: well finished cow and heifer beef, £3 Pis (id to £1; good quality, £2 17s Gd to £3 10s: medium, £2 5s to £2 los; lighter, 3Gs to £2 4s; light and killable, 28s to 31s; stores. 18s to 255; inferior, 12s to IGs. Sheep: Prime wethers, 12s Gd to .14s; medium, lis to 12s 3d; lighter. 10s lo lis; infeiiorly fatted, 9s i>d to 10s; best ewes, 5s 9d to Gs Gd; medium, 5s to 5s Gd; light and inferior, 4s to ss: pen of 100 aged store ewes, 4s; best hoggets, lis 9d lo 13s Gd; others, 10s to lis Gd; prime lambs, lis Gd to 12s Gd; medium. 10s Gd to lis 3d; lighter, 9s to 10s; inferior, 7s Gd to 8s Gd. Pigs: Heavy baconers, £2 to £2 ss; medium, 3Gs to 395; light, 31s to 355; heavy porkers, 28s to 30s; medium, 25s to 275; light. 22s to 245; large stores, IGs to 18s Gd; slips, 13s lo 15s; good weaners, 9s to 10s Gd; others, Gs lo 8s Gd. Jlalgeiy and Company. Ltd.—Sheep: Extra prime wethers made up to Its; mediumweight, los_ 3d to 12s: unfinished, 8s 9d to 9s 4d; ordinary fat ewes, 4s (id lo (ss; unfinished nnd store ewes, 3s Gd to 4s; a pen of extra prime lambs. 14s 4d: other heavy lambs, 12s to 13s: medium-weight fat lambs. 10s (id to lis Gd; unfinished. 8s Gd to 9s 3d. Cattle: Medium-weight steers, £4 13s to £5 Is; young cows and heifers, £3 5s to £1; aged cows and moderate, quality. 35s to £2 los; light fat cows. 27s Gd to 37s Gel; runners, £2 lis to £2 Ms; vealers, 12s to 225. Pigs; Heavy baconers. £2 to £2 2s; medium, 3Gs to 38s; light, 30s to 355; heavy porkers, 27s Gd lo 32s Gd; medium, 24s to 2Gs; light, 18s to 21s; large stores, 18s to 225; medium, 15s to 17s Gd; best, weaners, Jos to Ms Gd; others. 8s to 10s. Farmers' Co-operative Auctioneering Company, Ltd.—Sheep: Prime maiden ewes sold at 8s Gd lo 9s Gd: fat ewes, Gs 2d lo Gs 8d: medium, 5s 4d to 5s lid: killable. 4s lid to 5s 2d: prime fat wethers. 12s (id to 13s sd: fat hoggets. 10s 9d to lis Gd: lighter. 9s 9d to 10s Gd; heavy fat lambs, 12s Gd to 13s (id: medium, lis to lis 9d. Cattle: Medium fat steers, £4 18s lo £5 2s; lighter. £4 lis to £4 Ms; fat heifers. £2 Ins to £3 (id: light, £2 to £2 10s; heavy fat cows, £2 15s lo £4 3s; medium, £2 Ills to £3 7s (id; killable, 2Gs to 325: boners, lis (o 2is Pigs: Heavy baconers. £2 to £2 3s: medium", 37s to 395; heavy porkers, 29s to 325; light 24 sto 28h : stores. JBs to 235; slips, 13s to 17s; weaners, 9s lo 12s (id.

OMIXEWAI QUOTATIONS The Farmers' Co-operative Auctioneerin" t onipany, Limited, reports having held its Ohinewai stock sale yesterday, when a good yarding of cattle came ■ forward, consisting mostly of good quality cow and heifer beef. Prices remained very firm at late rates. Store cattle values remained unchanged. Values were:—Heavy fat cows, X' 3 ]6s to £4; medium fat heifers. i.':i PJs to £3 IGs; medium fat cows, £3 5s to .£:) 12s; light fat cows and heifers, £2 8s to t'2 17s; billable forward-conditioned cows. 30s to 38s; store cows, 20s to 27s 0d": boner cows, 12s to 19s; bulls, potters, 30s to £2 10s. T A UMARI LN Uf PR ICES [ IST TET.EGKAIMr—OWN CORRESPONDENT] TAU\I ARUNUI, Tuesday There was a large attendance of farmers from all parts of the central King Country at the. stock sale to-day. The yarding comprised 120 piss. 800 sheep and 20 bead of cattle. The demand for pigs and sheep was fair, but prices showed no advance on late rates. Best wcaner pigs made 10s to 12s; email weaners, 2s (id to 9s Gd : porkers, from His to 22s (id; sows, .£l. Fat ewes, shorn, realised 7s 7d: woolly two-tooth ewes. 12s (id: ewes and Inmbs, to Gs Gd. Good dairy heifers made £3 3s, and bulls to £5. HIDE AND SKIN SALE PRICES LITTLE CHANGED Little variation occurred in values at. yesterday's fortnightly sale of hides and sheepskins held by .Auckland brokers. Thero was a large offering, and a satisfactory demand existed for all classes. The quality was generally good. For tallow inquiry was fair, prices remaining about level. Prices for the offerings of good quality ranged as follows: Hides.—Heavy ox, 4]d: medium, 4 Id; light, 3Jcl; cowhides, all weights, 3jd to 4d; yearlings, best, djd; heavy, 4Jd; calfskins, sd. Sheepskins.—Dry: Fine crossbred, threequarter to full wool, 3id ; medium crossbred, 3d; coarse crossbred, 2Jd;. half-wool medium to fine crossbred. 25d; coarse crossbred, 2j d; quarter-wools, best grades, 2d; second grade. 1S d: pelts, tjd. Salted: Three-quarter to full wool, large, 3s 3d: medium, 2s 9d : light. Is 8d; pelts, 5d to 7d; lambskins, 8d to lOd. , Tallow.—Best mixed, lGs to IGs Gd a cwt; others, 143 Gd to 15s.