TRADE OUTLOOK

New Zealand Herald, Volume LXXV, Issue 23053, 2 June 1938, Page 9

TRADE OUTLOOK

POSITION IN BRITAIN. LESS FAVOURABLE TREND SUCCESSION OF SHOCKS [nioil OUR OWN correspondent] LONDON, May 14 An admission that the position of trade and industry in Great Britain was somewhat less favourable than a year ago was made by' Sir A. Steven Bilsland, chairman of the Union Bank of Scotland, when addressing the annual meeting this week. There had been, he said, a recession of business, mainly because confidence had received a succession of shocks —in the continued crises of the Spanish War; in the conflict between Government and business interests in the United States; in the outbreak of war in the Far East; and in the recent events in Europe. World production between September last ) and March, 19H8, had lost half the gain made since 1935, the. downward trend of world trade hacl persisted, and this was reflected in the fall in freights and the increase in laidup shipping. The volume of exports of British manufactures during the first quarter of ]938 had returned to the 1935 level; the fall in British trade with foreign countries had been compensated only partially by an increase in exports to the Empire. The rise in figures of unemployment which had particularly affected the textile industries had been balanced to some extent by increased employment in the armaments industries. In the United States of America a steep decline in activity had taken place last autumn. The outlook was uncertain, but it appeared that the recesi sion had reached the bottom. The effects i of disequilibrium in one country were : felt far beyondi it, and while there was ! no doubt that there had been a downward movement in the world trade cycle, there seemed to be no reason for them to fear a severe slump, although it was idle to expect an immediate resumption of their recent rate of 1 activity. j ' INVESTMENT TRUST BRITISH AND DOMINION DIVIDEND OF 3 PER CENT The accounts of the British and Dominion Investment Trust, Limited, Auckland, show a profit of £'2601 for the year ended March 31. There is ! £3503 at credit of the profit and loss j account and the directors recommend | the following appropriations:—Transfer to investment fluctuation reserve, £IOOO, increasing this fund to £8000; payment of a dividend of 3 per cent, £1590, and directors' honoraria, £l5O, leaving £763 to be carried forward. The directors' report states that the general fall in man ufaet tiring, indus-. trial and banking shares is reflected in the market value of investments, which at balance date disclosed a depreciation j of 5.7 per cent. Investments are dis- ! tributed in the following proportions:—. Bonds and debentures, 15.43 per cent;; banks, 20.54; insurance, 3.06; traders,, 12.16; manufacturing and industrial,. ! 43.35; metals, 2.35; investment trust* 1 3.11. • v The retiring directors, Messrs. W. | Fletcher and E. H. Rhodes, are avail-, able for re-election. Paid capital is £52,995. Assets total £66,199. Investments at cost appear at £52.103, the market value of which at March 31, 1938., was £49,179. Debtors, are £7162 and cash £5709. JERSEY CATTLE BREEDERS' ASSOCIATION MEMBERSHIP AND FINANCES [BY TELEGRAPH —PRESS ASSOCIATION] INVERCARGILL, Wednesday The New Zealand Jersey Cattla Breeders' Association. held its annual 1 meeeting in lnvercargill to-day. Qnly | once previously was the annual meeti ing held in the South Island, at Nelson some years ago. Mr. G. T. Bell, ' president of the New Zealand council, , presided. i Messrs. E. D. McLennan (Papabura), ! W. H. Booth (Carterton) and C. G. " C. Dernier (Foilcling) were elected life f members of the association. Mr. B. C. > Leach was declared elected as Haiwke'a • Bay member of the council, and Mr. \ J. H. Morison (North Auckland) as > northern member. • I The membership stood at 1802, stated ! ! the annual report. Registration figures ? | for herds represented. an advance on >j previous years' records, * the .numbers ! being 5990 males and 9614 females. The | balance-sheet showed a profit. of £2BB on the year's working. The president said that the reserve account, which had been built up during the depression, had been drawn on for 1 £2269 in subsidies during the year. ? | Since 1926 £58,934 had bc-cn returned 1 to members in subsidies for testing. Of late years there had been some . criticism of the scheme of herd testing, . 1 said Mr. Bell, it beilig alleged that it ' | encouraged the raising of the butterfat content of milk rather than the i yield. The speaker had thoroughly in- " | Vestigated the position as president for ' i many years of the Taranaki Herd Testi ing "Association and had found that milk production, especially among Jeri 1 seys, had not suffered. > i The association had repaid to its » | members by subsidies about half of fhe I registration fees paid, said Mr. C. G. j C. Dernier. The association's fees were > among the lowest in the world. He 5 claimed that the C.O.P. system of test--1 ing should not take second place to the I O.H.T. test. t THE BUTTER MARKET > , [ QUOTATIONS IN LONDON LONDON, May 31 1 The butter market is steady. 'Choieasti ■ salted: Australian, 121s; New Zealand, " 1235. Unsalted: Australian, 1235; New • Zealand, 1255. i' 3 The latest quotations for New Zea- - land butter show a decline, of approxis mately Is 6d per cwt. on the rates - ruling at the close of last week. 'I he - current rate is approximately lis above s the London lauded equivalent of the s guaranteed price, which is around 112s I per cwt.