COMMERCIAL

Poverty Bay Herald, Volume LX, Issue 18064, 15 April 1933, Page 2

COMMERCIAL

NEW ZEALAND MEAT LONDON RETAIL PRICES The New Zealand Meat Producers Board has been advised by its London manager that the following retail prices were being quoted for New Zealand lamb and mutton retailed in London during March. These prices represent a fair average of the prices quoted by the better class shops in London tor the best quality of New Zealand lamib and mutton: — , Lamb.—Legs, 10d per ,1b.,; shoulders, 9d; loins, 9d; necks, 4d; breasts, 3d; forequarters, 7d; hindquarters, 9d. Mutton (wethers).— Legs, 8d per lb.; ; shoulders, 7d; loins, 7d; necks, 3d; breasts, 2d. sank op Adelaide PINAL DIVIDEND The directors of the Bank of Adelaide have declared a dividend at the rate of f 4 per cent, per annum oh the paid-up i capital for the half-year ended March i 27. The dividend is payable oh May 3. I Transfer books will be closed from April . 20 to May 3. inclusive. J With tne interim dividend at the same J rate, the distribution for the year is l unchanged. ■ AMERICAN CURRENCY j .—\ . < ALL-ROUND WEAKNESS l NEW YORK, April 13. I The 'pciiind sterling leaped 5 I*l6 cents upwards after heavy trading on ; Thursday, to, close at the c.ablb rate ; of 2 5-10 cents higher at. 343$.cents* ; The Canadian dollar is § of h cent i stronger, at S3J. Foreign exchanges generally rose in relation to the American dollar, especially European gold currencies, the pound and the Canadian dollar. French francs enjoyed the best gains for many months, jumping 4 5-16ths points to a cable rate of 399. the highest rate in recent years. New high leyels for the year were, also recorded bv Dutch guilders, which went up 22 points to 40.68, aiid Belgian belgas up 15£ points, to 14.11. Swiss 1 francs advanced 23 points to 19.60. 1 Sterling at one time was up nearly < six cents to 347 cents. Scandinavians 1 also stepped forward. The upward flurry is attributed by some dealers to j speculative operations in Europe, based j principally on the reports.-of fecent in- ‘ flationary discussions at Washington. ‘ - '"" - i IMPROVED WOOL DEMAND £ «... 1 EFFECTS OF GRADUAL ADJUST- j MENT f SYDNEY, .March 29. J Winchcombe Carson, Limited, report: ( “Developments ixi the wool market of late have been of a more cheerful nature. ( Any change in prices for irierino and , the finer crossbred wools has, been in ' owners’ favor. On the average,., values have . been ; par to. 5. per cent, j above the rates ruling, at this time last ( year, and selling prospects look much , more favorable than at that tifne. Trado ( on the Continent was exceedingly de- ( pressed during the first Half Of 1932, | and demand for wool was feeling the ill-effects of those circumstances. “From July i to the end of February Continental countries took 993,530 bides of wool from Australia, the total being 199,445 bales larger than for the same •period a year before. Europe, like all other quarters, evidently has become more accustomed to the depression, and the population apparently is now purchasing woollen textiles more frriely. As far as export trade is concerned, the Continent has suffered decreased busi- | ness, but internal trade in the various i countries has Shown ah iriiprcrfement. A similar experience has been srien in Australia. Local mills have found a better demand for their products. The | change has been brought about by two , factors. Naturally the public cannot indefinitely refrain fropi buying, apparel. ( Wear and tear takes its toll .and replacement of clothing eventually becomes necessary. But, probably, the greatest influence is the met that the price of goods now more closely conforms to reduced public purchasing power than it did during the two preceding years. “In the earlier periods pf the defiession, prices for wool had fallen, bun,the cost of manufactures showed yery.Jittle 1 change. Expenses in the mills. Warehouses, and retail establishments were still maintained on the higher levels ruling up to 19£9.. Qradgally all concerned realised that the depression, was a fact, and was likely, to prevail for some time. Adjustments became pcs-. i sible and reductions in wages, manufacturing and distribution costs, were made. As a result, cheaper goods ire now available, and business in most miarters 1 has generally shown better volaine. “Vast scope for improvement still exists. With the help of exchange rates the Commonwealth clip is selling at figures in the vicinity of, pre-war levels; but in terms of gold the value bf wool is about half 1913 basis. Actually, therefore, the value of wool on a gold basis , needs to approximately double to reach pre-war level. That essential lift in rates will probably be a gradual process. All slumps end sooner or later, and just as depression unexpectedly crept upon the world, anticipation of the time of its disappearance is difficult, Agreement in regard to the correction of the man-made problems of debts and tariffs is not easy to attain. Nations like individuals can. only be convinced that remedies must be applied when cold facts demonstrate their absolute necessity. The world, however, now certainly appears to be reaching that 'give and take’ of mind. “Meantime wool is likely to remain in good demand at about current flgrires. Supplies in the world’s markets are now small and will. not, increase until the new clip is available next September. That fact should assist in keeping/ demand in recent strength.” AUSTRALIAN WOOL BRITAIN THE BEST CUSTOMER According to an official statement issued by the .South Australian Wool Buyers’ Association, Australia shipped 2,133,565 bdles df wool to overseas destinations betxveen July 1 and the end of last month. Of this total, New South Wales exported 936,584 bales; Victoria, 487,717; Queensland, 324,387; South Australia, 152,305; West Australia, 190,263, and Tasmania, 33,309. Of 358,480 bales shipped from Australia last month, 97,631 bales were shipped from Victoria. Of Australia's total shipments ,ddr-1, ing the period mentioned, 604,618 j bales were shipped to British ports, i 472.412 to Japan, 329,452 to France, j_ 270,568 to Germany, 193,383 to Belgium and 147,17fi to Italy. !

SYDNEY STOCK EXCHANGE SYDNEY, April 12. The Sydney Stock Exchange closed at midday to-day until April 20. I Morriihg sales Commonwealth bonds, '4 per cent., 1938, £ll)3 12s 6d; £lO bonds, 4 per cent., 1938, £lO 6s; 1944, £lO ,6s; 1953, £lO 6s; Australian Gas, £6 18s 6d; Broken Hill Proprietary, 30s 9kl ; Dunlop Perdriau, 17s 3d; Colonial Sugar, £55.