COMMERCIAL

Taranaki Daily News, 21 April 1928, Page 14

COMMERCIAL

THE MODERN TREND. INTERNATIONAL CO-OPERATION (From Our Own Correspondent). Wellington, April 19. The formation of the Finance Company of Great Britain and America, which was announced in a cable message, is an event of onsidcrable importance, for it emphasises the modern trend of trade and finance. This new international concern appears to be a combination of a trust company, an underwriting and developing company and a holding company, and its operations must be very useful to the industries of Europe, and particularly the United Kingdom. Trade and business views and sentiments have undergone a very complete transformation since the war. The distinguis l ; :.g characteristic of the nineteenth century was individualism. The dominant note in business and polities since the Great War has been co-operation, trustification, amalgamation, rationalisation. International Shipping Conference, International Chamber of Commerce, League of Nations, Customs, Union, etc., are post-war household words. Though variously defined, co-operation is the basis of the various expressions.

The latest phase in the natural evolution of industry is to co-operate and make use of business. No amalgamation, however, will succeed unless it preserves at the helm of each business to which it is applied the right man, that is the man equipped to guide and direct with the energy, initiative, responsibility and the freedom to act, and act quickly, when need arises. In no industry is this more apparent than in the shipping industry, and it is only necessary to menf.on Lord Inchcape and Lord Kylsaut as cases i n point. Both these shipping magnates control vast fleets, and Lord Kylsant has just acquired the Commonwealth Line. Although British shipping has been depressed for the past six years, it has held its own i n the world, and the British are still the worlds greatest seas carriers.

It must not be supposed that the Finance Company of Great' Britain and America is the first of these international concerns. On the contrary there are many mergers, co-operation or working agreements between European and American industries, and there is belived to be sympathetic eo-operation between the Bank of England and th* Bank of France, the Reichsbauk and the Federal Reserve Bank of the United States. The new Finance Company is a tribute to Sir Alfred Mond, who has been a staunch advocate of International co-operation. Sir Alfred was responsible for the formation of Imperial Chemical Industries, Ltd., with a capital of £65,000,000, of which he is the ehairman. DAIRY PRODUCE MICE'S. By Telegraph—Press Assn.—Copyright. A. and N.Z. London, April 19. 'Butter.—A steady demanck and the market has improved. Danish, 178 s; choicest salted and unsalted, New Zealand, 168 s; exceptionally, 17Os; Australian, 158 s. Cheese. —The market is slow. New Zealand, 97s to 98s; Australian. 94s to 955. THE SHAREMARKETS. WELLINGTON SALES. By Telegraph—Press Association. Wellington, April 19. Sharemarket Sales: New Zealand Insurance, 4s; Bank of Australasia, fractions, 9s 6d; 4J per cent, stock (1938), £97 Is; 4J per cent, bonds (1938), £97 15s; 4J per cent, stock (1939), £97 15s; 51 per cent, stock (1936). £lOO ss; Bank of Australasia, ex rights, £l4 6s; New

Zealand Breweries, 46s 6d. Reported sales: Inscribed Stock, 54 per cent. 1936, £lOO ss; British Tobacco (Australia), ord., £2 0s 6d; Finance, Ltd. (5s paid), 5s fid. Christchurch, April 20. Sales on Exchange: Bank of Australasia (rights), 60s; Standard Insurance, 63s 6d; New Zealand Refrigerating Co. (cont.), 7s 8d; Beath and Co., 32s fid; New Zealand Guarantee Corporation, 8s Id (two parcels); Mount Lyell, 31s Bd. AUSTRALIAN PRODUCE MARKETS. A. and N.Z. Melbourne, April 20. Wheat.—ss 9{d to 5s Old, on trucks alongside steamer; ex store Melbourne, 5s BJd, Flour—£l2 ITs Cd to £l3 2s 6<l. Bran—£6 15s. Pollard — £8 10s. Oats —3s 9d to 4s. Barley—English, 5s to 5s 3d; Cape, 4s 2d. Potatoes—£3 to £4 10s. Onions—£B to £8 10s. IVALL STREET TRADING. A. and N.Z. New York, April 19. The trading in 4,000,000 shares daily has so congested the brokerage offices with clerical work that the Stock Exchange governing committee voted to close the exchange on Saturday, April 1, to permit firms to clear up the work. AMERICAN BANK RITBS. A. and N.Z. Washington, April 19. The Federal Reserve Board has approved of the establishment of rediscount rates of 4j per cent, for the Boston and Chicagq reserve banks, effective on April 20. The move is believed to be a gesture by the board to curb speculation. The New York Federal Reserve Board has made no change in the rate.