PRICES KEEP UP

Sun (Auckland), Volume IV, Issue 1023, 14 July 1930, Page 11

PRICES KEEP UP

’CHANGE HOLDS DESPITE TRADE DEPRESSION PROBLEM OF CONSUMPTION l6ndON, Saturday. The Board of Trade returns can only bo regarded as disquieting, lor they show a decrease of exports for the first six months of the year of £65,000,000 and a decline in imports of £63,000,000, compared with the same period in 1929. * The outstanding feature of the export trade is the heavy fall in the sale of cotton and woollen goods, of which practically all countries are smaller buyers, especially Germany, France and Eastern countries. Another feature is the reduction in exports, especially luxuries, to Australia. For instance, motor-cars exported thither in June were valued at £l5O only, compared with £11,700 in June. 1929. Lord Inclicape at a meeting of the P. and O. Banking Corporation gave what may be accepted as the main reason for the decline in commodity prices when he attributed it to the world-wide over-production, particularly of raw primary materials. OVER-PRODUCED Lord Inclicape argued that until this surplus of supplies over demand is overtaken by the world’s consumptive capacity we cannot expect to see a stabilisation of prices sufficient to restore confidence, which has been disturbed by the sever© depreciation that lifts occurred. With the trade of Britain in this unfortunate condition, it is satisfactory that the tone of the Stock Exchange is confident and that investment securities show considerable strength, British funds especially being in demand, with prices tending upward. BETTER WOOL OUTLOOK Discussing tho wool position, the Yorkshire “Observer” takes an optimistic view. It says:—“Before the London sales were opened the movement in the buyers’ favour was expected to be much more drastic than has occurred. Accordingly the effect of the Coleman Street test has been to create a feeling of greater confidence and banish the fear of any marked departure from values. “The opinion is now freely expressed that the recent depressing influences have had comparatively small effects upon that sensitivo instrument. the •Coleman Street sale room. Its latest record is a distinct encouragement toward the view that wool is all right and may bo regarded as having been hammered down as far as it is to go, at any rate this season. DAIRY PRODUCE PRICES BUTTER MARKET STEADY A. IT. Turnbull and Company, Limited, has received the following cablegram from W. Weddel and Company, Limited, dated July 11* —Butter: New Zealand, unsalted. 146 s to 150 s; salted, 134 s to 1365; Danish. 147 s to 148 s. Market is steady, but little business doing. Cheese: White, 75s to 775; coloured. 81s to 83s; Canadian white, 81s to 84s: Canadian coloured, 80s to S3s. Market quiet. The New Zealand Dairy Produce Board has received the following market report from its London office, dated July 11, the prices for the previous week being in parentheses: Butter.—New Zealand:' Salted, 134 s to 1365. up to 137 s (134 k to 138 s), (last year, 1 G9s to 1725); unsalted, 146 s to 130 s (146 s to 150 s). (last year, 168 s to 1725); first whey, 126 s (128 s); second whey, 124 s (1265). Deliveries New Zealand this week, 1,000 tuns. In store, 11.158 tons. Australian: Salted. 131 s to 134 s (132 s to 1335); unsalted. 130 s to 134 s (132 s to 1345). Argentine: IJnsalted, 124 s to 130 s (124 s to 130 s). Irish Cream; Suited: 136 s (1365); unsaJted. 140 s (140 s). Danish: F.0.b., 142 s (1425); spot, 147 s to 148 s (146 s to 148 s). Estonian, 138 s (138 s). Siberian, 130 s (130 s). Ukranian, 132 s (1325). Polish, 110 s to 126 s (110 s to 1265). French baskets: Salted, 138 s to 140 s (138 s to 140 s). Market steady. Retail prices unchanged. Cheese.—New Zealand: White, 75s to 77s (75s to 765), (last year, 89s to 90s); coloured, 81s to 83s (81s to 82s), (last year, 91s to 925). Deliveries New Zealand this week, 21,642 crates; in store, 130,669 crates. Canadian: White, 80s to 83s (78s to 83s); coloured, 81s to 84s (80s to S3s) ; c.i.f., 7Ss to 79s (78s). Deliveries, Canadian, 4,510 boxes; in store, 114,799 boxes. Market quiet. Retail prices unchanged. English finest farmers, 90s to 945. « MERCHANT REPORTS Amalgamated Dairies, Limited, has received tho following cablegram from its “office in London:—Buttter: Our prices unchanged. Market still very quiet. t Finest, 138 s; Danish, 148 s spot, 142 s f.o.b. Deliveries, New Zealand, 998 tons; stock, 1,158 tons. Retails unchanged. Cheese: White, 765; coloured, 81s to 82s; Canadian, white, 77s to 80s; c.i.f., all coloured. Market steady, but quiet. Retails unchanged. Leonard and Son, Ltd., has received the following cablegram from Mr. A. O. Rowson, London, dated July 11: Butter New Zealand, finest, 135 s and 1365; first grade, 1345. The market is fairly steady, but .the outlook is uncertain. Cheese: New Zealand white, 755; coloured, 82s. Deliveries: New Zealand and Australian, 21,728 crates; Canadian, 4,510 boxes. Stock: New Zealand and Australian, 131,264 crates; Canadian, 114,799 boxes. GOLD DISCOVERY CLAIM MADE AT TOKOMARU ■Special to TIIE SUN PALMERSTON N., Today. It is reliably reported that a strike of gold has been made in the Tokomaru district, Horowhenua. It has been known for some years that traces of gold have been found in tho Tokomaru Stream, which runs from a deep gorge in the Tararua Ranges, just north \of the Mangahao hydro-electricity- works. Mr. E. R. Martin has been making geological investigations in the district and, having found quartz-bearing rock at the mouth of the gorge,, he put a charge of gelignite into it. The result • is said to be better than, was expected. Mr. Martin was given permission to continue his investigations by the owners of tho property, Messrs. J. It. Moody, and R. Kelly. He has now staked out a claim. Tests of the quartz in Wellington are stated to have revealed a return of gold well above the recognised payable minimum. LONDON MARKETS LONDON, Saturday. (Last week’s prices are given in parentheses.) Cotton.—August delivery, 7.16 d (7.lid) a lb. Rubber.—Para, 7d (7 1-Sd) a W>; plantation and smoked 62d (5 15-16 d) a lb. . Jute.—New crop, July-August shipments, £2O 15s (£2l 10s) a ton. Hemp.—No business done. High point fair, July and August, nominally quoted at £24. Copra.—August shipments, South Sea. £-18 7s 6d (July-August, £1S); plantation, Rabaul, £lB 10s a ton. Linseed Oil. — £37 (£4O) a ton. Turpentine.—36s 9d (38s 2d) a cwt.

CALF CLUB WANTED

NEW SHIELD DONATED From Our Own Correspondent TE AWAMUTU, Today. Suggestions for the formation of a Calf Club were received from the Affiliated Council of A. and P. Associations at a meeting of the executive of the Te Awamutu Agricultural, Pastoral and Horticultural Association on Friday evening. The question .was referred to tho incoming committee. The annual meeting will be held on Friday, August S. Tho following resignations were accepted:—Messrs. G. H. Kendall, Pokuru: S. H. Armstrong, Cambridge; B. Myers, Auckland. The School Banner is to be replaced by a wooden shield presented by My. Mejville and My. Ray. The banner is to bo presented to the Kakipulru School. In future each winning school will receive a cup also. The balance sheet was adopted.