MORE GOLD IN HAND

Sun (Auckland), Volume III, Issue 655, 6 May 1929, Page 10

MORE GOLD IN HAND

BANK-RATE REDUCTION MOOTED FINANCE IN BRITAIN (Australian and N.Z. Press Association) Reed. 9.5 a.m. LONDON, Saturday. The condition of the Stock Exchange docs not show any change, and dullness characterises most of the markets. The political situations, both at Home and abi’oad, are having the effect of restraining business. Prices of gilt-edged stocks are generally well maintained, especially Colonials. A steady increase in the Bank of England's stock of gold, which ?s now more than £8,000,000 in excess of what it was when the bank rate was raised in February, has had the effect of improving investment securities, and as the stock will be further increased next week by the arrival of 1,000,000 sovereigns from Australia, the position is regarded as so satisfactory that some people are talking of the possibility of a reduction in the bank rate in the not distant future.

Such a reduction is very desirable in the interests of prospective borrowei’s, notably Queensland, which has £12,000,000 55 per cents, maturing on July 1. Arrangements for a conversion loan for this amount must be made shortly. The success of the Melbourne Board of Works loan has received most favourable newspaper comment.

BRITISH AGRICULTURE

LOANS ON LONG TERMS EDUCATION AND RESEARCH British Official Wireless RUGBY, Saturday. All*. Walter Guinness, Minister of Agriculture, stated in the House of Commons last evening that £585,000 was* being spent annually on agricultural education and research. But he said increased expenditure on this work must be faced. Referring to the Ministry’s proposals to strengthen the economic position of agriculture, Air. Guinness said the Agricultui’al Alortgage Corporation set up under last year’s agricultui’al credit system had become operative, and had advanced long term loans for the purchase and permanent improvement of farms up to £1,250,000, and it was examining applications for other loans to the extent of a further £2,250,000. Dealing with the sugar beet industry, he recalled that before the war there were only three factories in England which produced 10,000 tons of sugar a year. There were now IJT factories, which produced 195.000 tons of sugar.

SMITHFIELD MARKET

MEAT BOARD’S REVIEW The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated May 3. advising Smithfield delivered prices averaged for the week ended that date, as follow: New Zealand XVetliers and ATaidens.— Canterbury quality, selected brands, 561 b and under. 7ld a lb: 571 bto 641 b, 6ld: 651 b to i2lb, sgd; other brands. 561 b and under, 7d: 571 b to 641 b, 6£d; 651 b to 721 b, sgd. New Zealand Ewes.—64lb and under, old. New Zealand Lambs.—Canterbury quality. 361 b anrl under. 9gd; 371 b to 421 b. 9ld: 431 b to 501 b, Sid; seconds. 9d: selected brands, 361 b and under. s «d: other brands, first quality, 361 b and under. 9.1 d; 371 b to 421 b. B|d: second quality. 301 b to 321 b. average 9d. Australian Lambs.—Victorian. first quality; 361 b and under, Sgd; 371 b to 421 b. Sid. Argentine Lambs.—First quality, 361 b and under. Sd: 371 b to 421 b, 71d. Argentine Chilled Beef. —Ox foi’es. aid: hinds. 71. New Zealand Frozen Pork.—Porkers, 601 b to SOlb. 10}d: Sllb to 991 b. lOd; 1001 b to 1201 b, lOd: baconers. 1211 b to ISOlb, 9^d. Lambs.—Market steady and unchanged. Warm weather is required to increase consumption. Mutton Market.—Trade slow. Market quiet for wethers and ewes. New Zealand Porker Pigs.—Shortage of supplies of home-killed is helping the market, but the season is closing soon. New Zealand Baconer Pigs.—There is a. good demand for all stocks arriving.