FINANCES OF FIJI

New Zealand Herald, Volume LXX, Issue 21520, 17 June 1933, Page 7

FINANCES OF FIJI

FIXING EXCHANGE RATE BUDGETING FOR SURPLUS Legislation to confirm the fixing-of the Fiji exchange rate at 11 per cent on London will be introduced in the coining session of the Legislative Council of the colony, according to the Hon. J. Craig, Colonial Treasurer of Fiji, who arrived at Auckland by the Mariposa yesterday on his way to spend seven months' furlough in England. Mr. Craig declined to .discuss the exchange position as it exists between »Fiji and New Zealand, but said the reduced rate on Loudon had been of material advantage to the colony in many respects. "The accounts for the year 1932, recently closed, revealed a surplus of £18,£00," Mr. Craig said. "1 do not think there are many countries in that position. We have budgeted for a small surplus for the current year and the figures for the first five months from customs duties,' which yield about half of our revenue, indicate that that ■ surplus will be realised." Certain new tariff proposals were under consideration by the Colonial Office, Mr. Craig said, and it was expected they would be disclosed when the new Budget was placed before the Legislative Council early in July. The resolution passed last March, empowering the Commissioners of Currency to buy and sell drafts on London at the rate of £lll for £IOO sterling would also be the subject of legislation. The Commissioners had done a certain amount of business in exchange, but the banks had fallen into line and the new rate was functioning satisfactorily. STOCK SALES TE AWAMUTU PRICES Messri. Dalgety and Company, Limited, report having heid the tri-weeuly stock sale at Xe Awamatu on Ihursday. 'there was a fair entry of 6heep and a large entry of fat and store .cattle, and a good entry of dairy cattle and piss. There was good competition at lull market rates for all classes. Quotations werei—Sheep: Fat twotooth wethers, 17s; fat and forward ewes. 9s 4d; fat lambs, 14s to 17s lid: extra heavy, to It's; aged ewes, in lamb", 7s 3d to 10s Id. Cattle: Fat bullocks, £0 2s Cd; forward three-year Hereford steers. £i 3s: fat cows and heifers, £2 15s to Jl4 2s Gel; fleshy cows, 24s to 455; bonerß, ISs to 355; weaner heifers, '£2 Is to £2 4s: bulls 4Kns.*; others, 25s to £2 12s (id. Dairy cattle: Best dairy cows, early calvers, £5 to £0 10s; backward cows, £3 10s to £4 10s; inferior and faulty, 2as to £2. Pigs: A medium yarding of pigs came forward, porkers beins firm at late rates, while stores were well in advance of last Quotations. Quotations:— Porkers, £1 2s to £1 8s; light and unfinished porkers, 17s to £1 2s; best stores. 14s to 17s Cd; best slips, £1 0s Gd: others. 10s to 13s 6d; weaners. 9s Gd to 14s 6d. TE RAPA CLEARING SALE The New Zealand Loan and Mercantile Agency Company. Limited. Hamilton, report having hold a successlul clearing fame at Te P.apa on Thursday, on account oi Mr. A. C. Johnston. Tho cows met with a firm demand and sold at fully r®cent Quotations. A very good sale was ehected for a number of Tamworth bows, rprices were:—Good quality (early calvers). £5 Ids to £1 ss: £4 10s to £5 ll's: more backward. £3 15s to £4 10s; ffood breeding sows, £4 lis to £5 is: others, £4, to U 10s: small sows, to £l 4s: heavy geldmg. £310s. OTOROHANGA DISPERSAL SALE The New Zealand Loan and Mercantile Agency Company, Limited, Lamilton. report that "at a dispersal sale held on Wednesday on account "f Mr- E. B"?su6t. Otorohan{ca, there was a large gathering ot buyers. The. fact that the prices reahseA for the pedigree cows were sligntly disappointing was due to no individual records being' available and' that the cows were just brought out of the paddocks foi: the sale. Both the in-calf pedigree and gftde heifers sold exceptionally Well, the former averaging £f>, and the latter £7. The .grade cows averaged £7 sa. Best prices for Pe«igree cows were: Glen View \iary, .*° Mr W. 8. Smith. 14gns; Kahuwera Vonnie, to Mr. N. F. Symes, 12tens; Mr. F. J. Saxby, Ebus Belle, lOgns: Mr. F W. Walters. Meadowland Silverleaf, 14gns, Mir. J G. Holmes, Ebus Cora. lHgns; Ebus Choice, lOgns. Others sold from Ggns to loions Two-year bulls sold up to lligns. Best cows, due in July, made £7 10s to £9; good July cows, early calvers. £6 10s to £7 ss; good grade heiters, £0 10s to £7. DAIRY CATTLE AT KAIWAKA [from ous own correspondent! "WAKKWORTH, Friday At the Kftiwftka stock sale yesterday Alfred Buckland and Sons, Limited, offered an Average yarding. Prices showed little change. P°od Quality dairy heifers, close to profit/, realised £5 6s; others. £3 6s to £5; cows. £2 to £4 2s Cd: botjer cows, to 255. Btore lambs brought 7s 6d. SHEEP AT TE KUITI [by telegraph—own correspondent] TE KtnTl, Friday Abraham and Williams Limited report that at their sale at Te Kuiti to-day there was not a large entry ftn^£™^*l ly ftd a total clearance was made. Tho vance in eheep prices was xvell mnintiwned. Fat wethers made 15s 4d; email four-tooth ewes. 10s; two-toQth ewes, rams, 13s; mixed age ewes, Gs 9d to lis. PRICES AT KAMO [from our own correspondent] WHANGAREI. Friday The North Auckland Farmers' Co-opera-tive, Limited, reports that at its sale nt Kamo yesterday there was a lair J' 0 ™ 111 *?- Values were:—Best dairy cows, £4 to lfi ss: medium. £'2 10s to £3 15s: backwaid and inferior, to £1 7s Gd: best dairy heifers. £4 10a' to £5 2s Gd: medium, £2 15s to £4 7s 6d: fat bullocks, £4 9s-to £6: cows and runners. £3 15s to £4 10s r cows and calves, to £2'lss; fat' cows, roou quality, £2 las to £3 10s; medium quality, to £2 7s 6a: store cows, to £1 15s: bor.er cows, to £1 rs G.l: 2i-yenr-old steers,. £2 5s to £2 .Is; 18-months-old steers, to 33a; yearling Jersey heifers, to £1: sows to (arrow, £2 6s to £3 Is: weaner pigs, to 7e 3d. ■ Dalgety and Company, Limited, report that nt their sale at Kamo yesterday there was a fair attendance of buyers. Values were:—Dairy cows, to £3 10s; springing heifers, to £2: empty heifers, to 28s; fat bullocks, £4 10s to £4 14s. GISBORNE QUOTATIONS [by telegraph-—own correspondent] GISBORNE, Friday Tlio entry of fat sheep at (ho stock ealo to-day was tho largest for a considerable tinio. totalling 1130. Bidding was very keen for the whole of the entry, and priys showed a good improvement on lart week s advanced values. Three pens of ewes sold ot 10s 3d to Its Id. A good port of the entry made from 0s to 10s, the balance working from 7s 9d upward. Lambs also improved, values ranging from 9* to 13s 4d. Two-tooth wethers made lis Id and second Prade ewes so.d keenly at 7s Id to 7s 9d. For be< f c.ittre. big. well-finished bullocks innd* £5 75,».d. and lighter. £3 12s'Gd to £4. Good average cows showing a Jereey-cross made £2 imward. Venlers brought from Ifia to 22s fad. according to sire. The sale of store shefep was very keen, with values again advancing. Quality five-ycr ewes, running with Down rams from Totangi. made lis fd, and choice fat two-tooth wethers made 13a sd. Other prices were:-Good wethers, lis 2d to lis 4d; - goad breeding owes, Ss to 10s 7d; first-class hoggets, 9s 4d; fairly good hoggets. 6s 9d to 7s Bd.