GILT-EDGED STOCKS

New Zealand Herald, Volume LXX, Issue 21469, 18 April 1933, Page 5

GILT-EDGED STOCKS

FIRMNESS IN LONDON STOCK EXCHANGE CHEERFUL FACTORS IN IMPROVEMENT LOXDON, April 16 Cheerfulness reigned on the London Stock Exchange when business closed for Easter, conditions having improved steadily throughout the week. Giltedged stocks particularly were firm. The 3J per cent War Loan reached a new record of £lO2 2s 6d. Several, factors contributed to tho improvement, notably tho growing belief that the conversations between Mr. Mac Donald and Mr. Roosevelt in Washington will have good results and possibly lead to tho deferment of the payment of the next instalment of tho war debt due in June. Other "bull" points arc the progress made ivitli Britain's negotiations for trade .agreements with other nations, more optimistic views about the forthcoming Budget, especially the possibility of a reduction of the beer duty, and last, but not least, the cheapness of money, which is regarded as likely to continue, and the reduction of the Jsew York bank rate. All these factors give reasonable hope of a continuance of buoyancy when business is resumed on Tuesday. SHIPPING TRADE SLACK POSITION IN ENGLAND LOXDON. April 16 The shipping newspaper, Fair Play, quotes the remarks of a cargo-boat owner in discussing the enormous oversupply of tonnage. He says it must bo a case of the survival of tho fittest. To this another owner replied that there is not an over-supply of tonnage, but an under-supply of cargo. It is pointed out that if the trade of the \v6rld had increased in tho same percentage IS years after 1914 as it did in the IS years previous to that date there would not be sufficient tonnage to carry'' cargoes. This was borno out as recently as 1929, when practically the whole' of the vessels of tho world were employed. . . The present unfortunate position m the shipping trade is due to the fact that over 30 nations have stopped importing, while other nations are cutting'down their imports as much as possible. THE QUOTA SYSTEM POINTS FOR DOMINIONS LONDON, April 16 The, Board of Trade returns for March afford an interesting illustration of the merits of the quota system. Under this system bacon imports for the month decreased 24.3 per cent, compared'with 1932, jet the decrease in money was only 1./ per cent. On the other hand, butter imports increased by 26.3 per cent, but the value decreased 14.6 per cent. The money value of the March imports m 1932 was £3,616,619, compared with £3.086,006 in March, 1933. In view of these figures it is not surprising to find many importers suggesting that Dominion producers, in their "own interests, should accept quotas. LONDON FRUIT MARKET PRICES NOT SATISFACTORY LONDON, April 16 The apple season in London has not opened too well, for the first arrivals of New Zealand and Australian came on the market when it was still abundantly supplied with American trait. Although buyers naturally prefer newer fruit" from' the southern Dominions, thev could not exercise this preference to 'its full extent because a considerable proportion of the first arrivals was not as satisfactory as is usual in early shipments . , Much of the fruit was immature, and bitter-pit was very noticeable in Cox s and Ribs tons from Tasmania, Victoria. Western Australia and New Zealand. Furthermore, some varieties appeared to be over-ripe. Consequently the prices realised so far have - not been satisfactory, and importers are becoming anxious about what will happen when really heavy quantities arrive a few weeks hence. .. Pears generally have done well, except Victorian Williams, which did not arrive in good condition. AUSTRALIAN BUTTER INCREASE IN EXPORTS CANBERRA, April 17 The 7 Minister of Commerce, Mr. F. H Stewart, states that for the period July t 1932, to April 8 1033 A„»tralia's exports of butter totalled 3,6-17,745 boxes, or 650,000 boxes m excess of the figures for the corresponding period <if the previous year. Shipments to the United Kingdom to date show an increase of 23 per cent above the same period for last year REFRIGERATION NEEDS DOMINION ASSOCIATION The New Zealand Association of Refrigeration has been formed in VVeUington with the object of advancing the science of refrigeration. Mr. A. L. Helford, inspector of fisheries, has been elected chairman. In a. circular tho association states:— " Heil iberation has proved to be tho chief support in the economic welfare of tlio population of New Zealand. It is remarkable that New Zealand continues to lean upon other countries for investigation and research bearing upon those vital industries allied to or dependent upon refrigeration. So tar Irom her place in the' van of progress ocing commensurate with her needs, New Zealand is frequently the last to adopt approved methods in common practice in countries in open competition with her. CALL AND DIVIDEND LIST Dividends- . Due Electro. Zinc, pref.—arrears, halt year ended Dec. 31. 1931. 4 p.c. Apl. 29 British Tobacco—pref., quarterly, f>» P-c. p.a. ... ... • • Apl. 2!) E., Jri. mid A Bank—interim, 2i pc Ma.v 1 Bank of Adelaide—final, 4 p.c. p.a. May 3 N.Z. Investment Mortgage final, 2 p.c. . . • • • ■ Muy Irnnerial Chemicals—final, ord., 3j p.c June 1 CallsGolcofada Mines, Ltd.—id a share, making 0d paid . . Apl. -0 Waitahu Mining—Cd a share, making 4s ti share . . •• Apl. -o Building (Wellington), £1 a share, making .£6 paid, eecond payment of 5a . - • June 30