FALL IN EXPORTS

New Zealand Herald, Volume LXXV, Issue 23215, 8 December 1938, Page 11

FALL IN EXPORTS

COMMONWEALTH TRADE

IMPORT RATE DECLINES REVISED WOOL ESTIMATE Australian exports for the current year, as estimated by the Commonwealth Bank, will be about £130,000,000, Australian currency, provided that abnormal carry-overs of wool and wheat are sold and that prices remain steady. The total compares with £154,000,000 in 1937-38. The fall in imports noted in September, the bank's latest bulletin states, became more marked in October. "If the rate of How evident during recent weeks continued for the rest of tho year imports during 1938-39 would bo valued at about £118,000,000, as compared with £139,600,000 last year. Part of the fall may, however, prove to be temporary. It is possible that there was some disorganisation of shipments during tho recent international crisis, and efforts may have been made recently- in Australia to reduce stocks." Export prices have remained at .about tho same level. The National Council of Wool Selling Brokers anticipates that its official estimate compiled in June, 1938, will prove to be too high by about 100,000 bales. If this proves correct, the clip this year would be about 9 per cent, or 300,000 bales less than last year's clip of 3,338,000 bales. DEBENTURES AND SHARES QUOTATIONS IN LONDON LONDON, Dec. 6 Sales of debentures and shares on the London . Stock Exchange to-day included the following, the prices on November 22 being given for comparison: — Nov. 22 Doc. 6 .£ s d £ s d Dalcrety (1 p.c. deb.) 06 0 0 06 0 0 British Tobacco .. 1 17 0 1 16 0 Goldsbrough-Mort . 113* 116* Dalgety .. .. 516 3* 515 0* P. and O. (def.) . l 2 10y a 12 0 •Nominal. BANK OF ENGLAND FIDUCIARY ISSUE RAISED (Received December 7, 0.5 p.m.) British Wireless RUGBY, Dec. 6 The Chancellor of the Exchequer, Sir John Simon, announced in the House of Commons to-day that he had given directions, at the request of the Bank of Kngland, that, as from December 6, the fiduciary issue, which was reduced from £260.000,000 to £200,000,000 in 1936, should be temporarily raised to £230,000,000 to meet seasonal demands. BASE METALS FIRMER MARKET IN LONDON LONDON, Dec. 0 Following are to-day's quotations on the London metal market, compared with those of yesterday:— Dec. 6 Dec. 5 Per ton Per lon £sd C s d Copper, stan., spot 42 6 3 42 2 6 Copper, stan., 3 mos. 42 11 3 42 6 10 l / 3 Copper, electrolytic 4t O O 47 15 o to to 48 15 0 18 15 O Copper, elect., wire bars . . .. 48 15 0 48 15 ' O Lead, soft, snot .. 15 3 V/-, 15 4 4V a Lead, soft, forward 15 6 10% 15 8 iy 3 Speller, spot .. 13 0 4% 13 5 7'/ s Spelter, forward .. 13 13 11/,l 1 /, 13 jC O Tin, stan., spot .. 213 12 6 212 17 *> Tin, stan., 3 mos. 214 7 C "213 17 6

HUME STEEL NEW ISSUE

50,000 PREFERENCE SHARES

The directors of Hume Steel, Limited, Melbourne, because of the expansion of the company's business in the last year, have decided to increase subscribed capital to £IOO,OOO by the issue at par of 50,000 7J per cent cumulative preference shares of £1 each. The directors consider that contracts in hand and prospects justify the issue. Business expansion to date has been largely met by advances from Hume Pipe Australia, Limited, which owns two-thirds of the ordinary capital. The loans received from this company and from other sources in the past' have borne an interest charge of more than 5.} per cent.

lIIGHGATES' LOSS MEETING OF CREDITORS The accounts of Highgates, Limited, Sydney, for the 19 months ended September 30, show a loss of £22.704, which was struck after transferring £9863 to establishment account. The report states that on September S the company's creditors were called together, as the directors found it impossible to meet commitments,on due dates. The creditors appointed a committee to investigate tlio affairs of the company, and later agreed to grant an extension of time for payment of accounts. The report adds that in considering the loss it should be remembered that the period covered by the accounts includes the initial trading of the company and the unsatisfactory periods immediately before and after the winter season. BUTTER TONE FIRMER NEW ZEALAND AT 105/LOKDON. Dec. 6 The butter market is firmer.' New Zealand choicest salted is quoted at 105s pei cwt.; unsalted, none offering. Australian, salted, 102s to 103s; unsalted, 105s. The latest quotation is the same as that ruling at the close of last week. On an f.o.b. basis, New Zealand butter is now Avojrth about 12.45(1 per lb., against the guarantee of 14.89 d per lb RECORD PORK EXPORTS NEW AUSTRALIAN LEVEL Official figures show that this year's exports of pork from Australia have easily established a new record, Complete records are not yet available, but the figures so far obtainable' aggregate 33,960,0001b. for the last 32 months, an increase of nearly 40 per cent, coin-' pared with exports in the previous year. Teu years ago Australia was ex-, porting less than 200,0001b. of pork a year.

CRUTCHINGS SALE VALUES AT GISBORNE [by telegraph—own correspondent] GISBORNE. Wednesday A Kale of wool crutchings and skins was held in Gisborne when there was an offering of s,"it bales, 20 fadges, and 111 sacks of wool, 83(18 sheepskins, and 107 hides. There was an attendance of buyers from Auckland. Hnwke's Bay, Wellington and Gisborne. Values were easier for skins, but wool was at ahout the same level as Inst sale. Rates were slightly in buyers' favour. Wool prices reached the following:—-1" leeco, to lod; first crutchings, to 8d; second crutcliinss, to <ill; bellies and pieces, 6,-d to <d; dead wool, to B'id; locks, to 4, s il' , s ' ra '?. J fleece, 6d to l>d. Sound_ pelted full woolled skins sold up to 7d and ~VA-