BANKERS AND TRADE

New Zealand Herald, Volume LXXV, Issue 22983, 10 March 1938, Page 11

BANKERS AND TRADE

HEALTHY CONDITIONS ' OPTIMISTIC VIEW TAKEN RECESSION ONLY TEMPORARY An optimistic view of the trade outlook was taken by the chairmen of two of tho " big five " British banks at their annual meetings in London last month. Both Mr. 11. McKenna, chairman of the Midland Bank. Limited, nnd .Mr. B. E. Beckett, chairman of the "Westminster Hank, Limited, saw no ground for discouragement. " "When we look to the future I see no cause for pessimism," declared Mr. McKenna. "We must not underrate the importance of American developments in their effect on other parts of the world. If tho recent -shrinkage in American business should for any reason persist, then it seems likely that the slow but substantial growth of world trade may be definitely arrested. " British industry is financially and technically stronger than before the last depression. "World markets are not generally over-burdened by vast stocks of materials, and producers are better organised to adjust their output to demand. While, therefore, I do not minimise the importance of American influence, I think it would bo wrong to deduce from recent commodity and Stock Exchange movements that we are necessarily on a lasting downward curve." Mr. Beckett said that, fortunately, recent news from the United States was more encouraging, and the view was gaining ground that the next few months would see a resumption there of the recovery movement. " 1 have put forward a pica for sober judgment of our economic position," ho concluded, " and have endeavoured to show that to take alarm at this juncture is harmful and unwarranted. Our pace has slackened, but our reserve of strength and our stamina should sustain us through the present vicissitudes and enable us fully to play our part whatever the future may have in store for us." FACTORY PRODUCTION AUSTRALIAN RETURNS ALL ROUND INCREASES SHOWN [from our own correspondent] SYDNEY, Feb. 20 The total value of finished goods produced in New South Wales factories during the statistical year ended June .'JO, 1937, and of the work done during that period, was £192,812,414, according to the Government statistician, Mr. T. Waites, in preliminary statistics compiled from the annual returns of factories. The returns relate to establishments with four or more employees. "Since the lowest point reached in depression years," Mr. Waites states, " the number of factory employees, amount of factory wages, an:l the value of factory production have ail increased by approximately 60 per cent." " The value of materials used," the report states, " was £109,593,494, and fuel consumed was valued at £6,408,305. The net value of production, or work done in tho factories, representing the excess value of finished products and work done over tho value of materials used and fuel consumed was £76,810,615. " During the year, the number of factories operating increased by 240 to 8726. The net value of factory production. representing the value added to raw materials by factory processes, increased by 10 per cent, the amount of wages paid by 10 per cent and the number of factory employees by 7 per cent. GOLD AND SILVER QUOTATIONS IN LONDON LONDON, March S Fine gold is quoted to-day at £6 19s 7Ad an oh., compared with £6 19s BJd yesterday. Silver is quoted at 20 l-16d an oz. spot and 19 13-16 d forward, compared with 20id and 20d yesterday. The quotation for silver at p.?r fine oz. is compared with 21£ d yesterday. PRICES OF METALS TIN FIRMER, COPPER EASIER LONDON, March 8 Following are to-day's quotations on the London metal market compared with those of March 7: — March S March 7 I'cr ton Per ton ,f s (1 £ s d Copper, stan., spot Hi) 18 It 40 3 9 Copper, stan. 13 nios, 40 3 I'/a 40 8 1A Copper, electrolytic 44 O 0 44 5 0 to to 44 10 0 44 17 0 ! Copper, elect., wire bars . . 44 10 0 44 17 fl i Lead, soft, spot . 1 <"> <1 10VJ 1 •"> •"> 7% I Lead, soft, forw'd 15 9 4V 3 I~> 9 4 A Spelter, spot . . 14 1 lO'/a 14 1 10 A Spelter, forward . 14 0 3 14 O 3 Tin, stan., spot . 18.1 11 3 IS", 8 fl Tin, stan., 3 nios. IS", 7 0 I!S."> 5 0 TESTING OF HERDS WHANCAREI ASSOCIATION [BY TELEGRAPH —OWN CORRESPONDENT] I WHANCAREI, Wednesday The following are the averages of the Whangarci Group Herd Testing Association for. February:— Whangarei Group. Number of ! herds, 17; number of cows, 039. Averin go. 5111b. milk, 4.9 test. 26.41b. fat. i Highest herd, 105 rows, 33.1411). of fat; j lowest herd, 69 cows, 21.931b. lat. ' Highest cow, 611b. fat. Maungakaramea Group.—Number of herds, 18; number of cows, 760. Average. 5371b. milk, 4.9 test, 26.121b. fat. Highest herd, 40 cows, 35.181b. fat; lowest herd, 30 cows, 17.671b. lat. Highest cow. 541b. fat. Maungatapore Group.—Number of herds, 24; number of cows, 1132. Average, 5131b. milk, 5.3 te.st, 27.021b. fat. Highest herd, 43 cows, 33.531b. fat; lowest herd, 45 cows, 20.731b. fat. Highest cow. 621b. fat. Iluakaka Group.—Number of herds, 14; number of cows, 653. Average, 5621b. milk, 4.7 test. 26.471b. fat. Highest herd, 48 cows, 35.021b. fat; lowest herd, 54 cows, 18.741b. fat. Highest cow, 581b. fat. AVa ip u Group.—Number of herds, 21; number of cows, 916. Average, 5201b. milk, 4.6 test. 24.1 lib. fat. Highest herd, 20 cows, 3111). fat; lowest herd, 35 cows, 16.691b. fat. Highest cow, 551b. fat. Hikurangi Group.—Number of herds, 30; number of cows, 1867. Average, 5741b. milk, 5 test. 28.561 h. fat. Highest herd, 68 cows, 36.431b. fat; lowest herd, 4ft cows, 23.221b. fat. Highest cow, 631b. fat. Association Averages.—Number of herds, 124; number of cows, 6267; average, 5151b. milk, 4.9 test, 26.791b. fat; highest herd. 68 cows, 36.431b. fat; lowest herd. 35 cows, 16.691b, fat; highest cow, 6411). fat. Five Highest Herds. —36.431b. fat, 35.2411)., 35.181b.. 35.021b.. 33.531b. Five lowest herds: 16.691b. fat, 17.671b., 18.131b., 18.741b., 19.451b.