FINANCE AND TRADE

New Zealand Times, Volume LXXV, Issue 5008, 4 July 1903, Page 7 (Supplement)

FINANCE AND TRADE

With reference to tho meeting of the International Telegraph Conference in Loudon on May I’d, it is evident (says the “Public Ledger”) that tho opposition to tho proposed compulsory enforcement of the Oflicial Vocabulary of Code Words is becoming international amongst cable users. In order to strengthen tho hands of tho British delegates to the conference in opposing the proposal, tho London Chamber of Commerce Ims forwarded to the Postmaster-General, in addition to its own protest, similar memorials from Hongkong, tho United States, Franco, Germany, Belgium, Spain and Portugal, while it is understood that another from Chili will shortly reach this country.

According to the “British Trade Ret view,” the supply of hides and skins in Australasia, China and the Far East and North and South America, as well as in the United Kingdom, is very much below those normally held, and is consequently commanding full prices, which, by the way, are in almost every instance considerably higher than they wore six months ago. The groat famine which prevailed about two years’since throughout nearly tlio whole of tho Indian empire had a serious effect upon the goat, sheep and hide trades, tho results of which aro still being keenly felt in the high rates tho two first-named are still bringing. Indeed, so high is the cost of goat and sheep of good quality that the ingenuity of leather manufacturers has been severely tested to either buy as few as possible, or, as has been moro frequently the case, to fall back upon substitutes, which, of course, come cheaper. Tho great drought in Australia has been tho cause of unprecodontly heavy losses of eheep and cattle, both by death and wanton slaughter, tho latter courso being preferred to tho cost arid risk of trying to keep thorn. For a time tho market was flooded with poor-quality, famine st(iiff; but those have now stopped. and exports have almost ceased. From America, whore the boom in trade has caused a tremendous demand for raw material, tho exceedingly short supply opjalfskins and kips has placed values on a high basis.

Complete figures of Australian trade duringl9o3 have recently become available. Total imports were £67,322,851, of which £01,099,450 represented merchandise. The former aggregate was £746,085 smaller than in 1901. Exports amounted to £70,908,448, of which £51.790,895 was merchandise and £19,111.533 coin and bullion, comparing with £50,206,48-1 and £18,598,954 respectively in 1901. The excess of exports in 1901 was £6,826,502, and last year only £3,585,597. The totals include inters state dealings, and thus arc to some extent duplicated. Details for 1902 are as follows: —lmports—Victoria, £16,868,774, decrease £811,123; New South Wales, £22,299,260, decrease £768,200; Queensland, £7,024,373, increase £876.641; South Australia, £6.070,627, decrease £1,343,572; Western Australia, £7,218,352, increase £790,241; Tasmania, £2,318,070, increase £271,016; total, £61,699,456, decrease £984,997. Exports—Victoria. £13,879,308, decrease £461,929; New South Wales, £19,918,490, decrease £3,074,362 ; Queensland, £6,259,401, .decrease £752,969; South Australia, £7,085,585, decrease £356,941; Western Australia, £1,582,531, decrease £183,375; Tasmania, £3,071,580, increase £329,987; total, £51,796,895, decrease £4”,499,589.

According to the London' “Daily Mail,” a scheme is on foot for a combination of the flour mills of London, with a capital of two and a hall millions sterling. London is promised far-reach-ing results if tho combination is established. American flour will, it is said, be driven out of the market, tho London mills will he doubled in extent, the price of flour will go down, and bread may cost less. No suggestion is made, however, about Australian wheat or flour, or whether it will stand in the deal.

Russian authorities appear to be leaving no stone unturned to utilise railway communication for tea transit between Russia and tho East. Writing in this connection a month ago, tho British' commercial agent in Russia reports that, with the forthcoming opening of regular traffic on the Manchurian railway, the tea trade will receive a considerable impulse from tho . direct communications organised by the now lino, with tho steamer service attached to it, enabling tea to bo carried direct from Hangkow, Shanghai and Ceylon (for Ceylon tea) to tho chief stations of the Siberian and Russian railway systems, including Moscow, Nijni, St. Petersburg and Warsaw. The full oost of delivery per pond (36!b) of tea from the above-named ports will be from 4.79 roubles to 5.1 roubles to Moscow; 5.8 roubles to 5.30 roubles to St. Petersburg; and 5.31 roubles to 5.53 roubles to Warsaw, according to port of despatch.