FINANCE AND COMMERCE

Taranaki Daily News, 21 December 1932, Page 12

FINANCE AND COMMERCE

RATES ON FOREIGN EXCHANGES. STERLING AGAIN IMPROVES. British Official Wireless. Rec. 5.5 p.m. Rugby, Dec. 19. The following rates on foreign exchanges are current, compared With the cabled quotations on- Saturday and

SHAREMARKET TRANSACTIONS NEW ZEALAND EXCHANGES. The following sharemarket transactions yesterday were reported by the Press Association:— Christchurch: Goldsbrough Mort, 21s Id; New Zealand Refrigerating (10s paid),. 3s 2d (3), 3s Id; Big River, Is 2d (2); King Solomon (cum div.), 2s 4d (2). Sales reported: Commercial Bank of Australia, 13s 6d; Union Bank of Australia, £7, £7 Is 6d. Auckland:—Sharemarket sales: Bonds, 1937 54 (Feb.), £99; Auckland Harbour Board 1945 SJ, £100; Commercial Bank 13s 6d; Bank of New South Wales, £26; Union Bank, £7; New Zealand Insurance, 41s; Woolworth’s ' (pref.), 28s 6d; Waihi Grand Junction, 3s 3d; Mt. Lyell, 18s 4d. AUSTRALIAN SHAREMARKET. RECOVERY IN . BONDS PRICES. By Telegraph-—Press Assn.— Copyright Rec. 9.15 p.m. Sydney, Dec. 20. Commonwealth bonds recovered two to six points on the Stock Exchange to-day. Banks displayed a little more activity, but ordinary business was slack. Sales were: Bank of New South Wales, £29 19s; Commercial Bank of Sydney, £l5 10s; Union Bank, £8 15s; Colonial Sugar, £52; Howard Smith, 8s 9d; Tooth’s, ,34s 6d; Toohey’s, 20s 6d; Henry Jones, 375; Dunlop Perdriau, 16s 4Ad; ditto pref., 32s 6d; Morris Hedstrom, 18s 6d; Commonwealth bonds 4 per cents. 1938, ■ £lOl 12s 6d; 1941,- £101; 1944, £lOl 2s Cd; 1947, £lOl 3s 9d; 1950, £lOl 12s 6d; 1953, £lO2 2s 6d; 1955, £lOO 15s; 1957, £101; 1959, £lOl 15s; 1961, £lO2. Sales on the Melbourne Stock Exchange were: Metropolitan Gas, £l2; Goldsbrough Mort, 24s 4d; Herald and Times, 57s 3d.

PUKEKOHE PRODUCE. By Telegraph.—Presi Association. Pukekohe, Dec. 19. No improvement is shown in to-day’s quotations for locally-grown new potatoes, which are the same aS for last Monday, 3s 6d to 4s per cwt., f.o.r. Pukekohe. The demand as before is very poor, the quantity railed from Pukekohe having fallen almost 100 tons a week during the past three weeks. New season’s onions, ■ Which are now available-in good quantities, have fallen Is per cwt. during the past week, and now sell at 7s to 7s 6d per cwt. Large supplies of Canadian onions are held to be the chief factor contributing to the low price.

SHEEPSKIN AND HIDE SALE. PRICES FIRM AT STRATFORD. Competition was keen throughout the monthly sale of hides and skins at Stratford yesterday, the New Zealand Loan and Mercantile Agency Co. Ltd., reports. The catalogue comprised 543 hides, a quantity. of tallow, 1226 sheepskins, and wool oddments equal to 41 bales. Dry sheepskins sold at prices equal to last month’s rates, while hides and tallow also showed advance. Wool sold at low prices, but comparable with those of the main selling centres when transit charges are taken into consideration.

Following is the range of prices:— Salted sheepskins a't per each: Crossbred lambs torn and damaged no offer, pelts 4d to sd, lambs sound 7d, J-woolled Is, full-woolled Is 7d. . Dry sheepskins at per lb: Crossbred pelts sound Id, torn and damaged id, woolly pelts Id, lambs sound 2d, lambs torn and damaged Id, short to i-woolled tom and damaged Ad, J-woolled sound lid, i to iJ-woolled torn and damaged |d, 3-woolled sound 2d, 3-woolled tom and damaged £d, full-woolled sound lid to 2d, hoggets sound 2Ad, hoggets torn and damaged Id to l£d. Hides at per lb net weights: Calfskins, dry no offer, slipy 2Jd, cut 3jd to 4 5-Bd, sound 3Ad to 6 1-8; yearlings, sound (average 241 b) 2jd, cut (average 181 b) 2 3-Bd, slipy (average 281 b) Ijd; cow hides, sound (average 351 b) 25-8 d to 4d, sound (average 461 b) 3 7-Bd, cut (average 301 b) 27-8 d to 3.{d; oxhides ,sound (461 b 3Jd to 4.l’d, sound (average 551 b) 4,]d to 41d, sound (average 741 b) 3 7-Bd, cut (average 461 b) 3]d, bullhides, sound (average 521 b) 1 l-Bd. Tallow: In tins (good) 10s 6d per cwt, in drums 9s per cwt. ' Wool oddments: Crossbred fleece passed in; crossbred hoggets 2.? d lb, crossbred lambs 2d lb, crossbred crutchings seedy Jd to Id lb, Southdown fleece, 4}d to 6d lb, crossbred dead lid.

LIVE STOCK MARKET. PIGS IN STRONGER DEMAND. Carterton, Dec. 17. At the Carterton sale yesterday Wright Stephenson and Co., Ltd., offered a good yarding of all classes of stock to a big attendance. In addition to the usual yarding, a pedigree Jersey herd oh account of Mr. A. E. Miles, of Solway, was offered, and these special entries attracted many dairymen. About 300 sheep were yarded, and although store sheep were not up to last week’s prices, fat ewes and lambs made good money. Pigs were in stronger demand than last week, and prices were firmer. Cattle sold at about last week’s rates. The pedigree Jerseys did not meet with a very good demand, it being rather late in the season to sell this class of stock. However, the vendor was out to meet the market, and accepted any offers within reason. Mr. Clarke's herd, although of outstanding quality, lacked condition, and prices suffered in consequence. Practically a total clearance was effected, as follows:— Sheep: Fat ewes, 6s; forward ewes, 3s Id to 4s 4d; cull ewes, Is 3d; fat lambs, 10s to Ils; ewes with b.f. lambs at foot, 7s 6d (all counted); two-tooth wethers (small), 6s sd. Cattle: Heifers in milk, £3 to £4; springing heifers, £3 to £4 ss; empty heifers (yearlings), £2 to £2 ss; empty cows, 16s to 235; forward cows, 30s; fat cows, 35s to £2; cows in milk, £3 to £4; heifer calves, 15s. Pedigree cows: Glenmore Blossom, 10 gns; Solway Viola, 13gns; Solway Blue Bell, 15Jgns; Solway Lady Surprise, 74 gns; Solway Viola Noble Lady, 12gns; two-year heifers, 6gns; yearling heifers, sgns. Pigs: Weaners, 8s 6d to 12s; slips, 14s to 15s 6d; light porkers, 19s to 235: baconers, 325.

115,000,000 SHEEP. AUSTRALIA OVERSTOCKED. A warning that Australia is heavily overstocked with sheep and that a new market must be fostered for mutton and lamb was given last week by Mr. T. C. Maidment, a Victorian pastoralist. Mr. Maidment observes that it is’difficult to understand why a serious attempt is not made to open markets in the East to take Australia's surplus mutton. In only one year of the last century did the number of sheep in Australia exceed 100,000,000. ‘ This occurred in 1891 when there were 106,000,000 sheep in the country. However, in the next ten years the numbers were reduced until in 1902-3 there were only about 60,000,000 sheep. Two years ago the number again exceeded 100,000,000, and at the end of this year it is almost certain that there will be in Australia 115,000,000 sheep. If prices of wool and meat were good and prolific seasons continued, this would, be most satisfactory. At present it would appear that immediately a poor season occurs it will be necessary to slaughter about 15,000,000 sheep and then endeavour to save the remaining 100,000,000 animals, the average number of sheep and lambs It is probable, says Mr. Maidment, that exported annually from Australia for the last ten years was about 3,000,000, but this represents no increase compared with, the exports of 30 years ago. New Zealand, where mutton and lamb exports have received considerable attention, . exports 7,500;000 to 9,000,000 sheep and lambs annually from an aggregate number of 59,000, «j 0 sheep. This repre-' sents 25 to 30 per cent, of the sheep population, whereas in Australia the exports amount only to 3 per cent., or. at most 34 per cent. zHe asks whether it would not be possible to begin a trade with the East in cheap meat by selling old ewes to a cannery for export.

AUSTRALIA’S TRADE. LARGE INCREASE IN IMPORTS. HEAVY EXPORTS. Basing his Statement on the actual figures of trade of four months, July to October inclusive, and on a preliminary survey of the November figures, the Act-ing-Commonwealth Statistician, Professor Giblin, expresses the ’opinion that there is now practically no chance of maintaining overseas balances through 193233 as a reserve against bad seasons. Imports for five months will be over £26,000,060. Exports for the year of £79,000,000 and Government obligations of £28,000,000 will leave a balance of £25,000,000 to finance the imports of seven months. If imports continue at the average of five months, £5,000,000 a . month, they will have to be financed by overseas credit, whether on account of Governments, or banks, or trading interests. The alternative is a reduction of the rate of imports by the natural operation of an exchange rate. Taking tire statistics of four months, exports increased by £1,128,000, and imports by £6,286,000. The great movement in imports gave a favourable balance of only £lOO,OOO, and, adding the. bullion balance of £2,087,000, there was a total favourable balance of £2,187,000 against £7,253,000 for the four months of 19311932.

The increase in imports was chiefly in productive goods, such as cornsacks £486,000, petroleum £596,000, machinery £332,000, motor chassis £285,000, and chemicals £580,000. The figures indicate more than a mere replenishment of stocks, and with the»further increase in imports in November to £5,800,000 from £3,600,000 in November of 1931, there is a definite indication of a general revival of industry and consequent purchasing power. Exports in October showed increases in the value of butter shipped, despite the adverse condition Of the London market. Butter exports were valued at £1,145,997, an increase of £176,130, and in value were second only to wool exports, which amounted to £3,517,208, an increase of £lOO,OOO. In quantity, compared with the first four months of 1931, exports of wool from July to October were 4 per cent, greater, and prices were a little higher. Exports of butter were 25 per cent, greater; exports of beef were 25 per cent, less, shipments of mutton almost ceased, although exports of lamb were maintained. .xports of lead were 50 per cent, greater but exports of zinc decreased to a similar extent.

par:— Doc. 19 Dec. IT, Par. Montreal, dol. .. 3.80 % 3.78% 4.866 New York, dol. .. 3.31% 3.31% 4.866 8115-16 84% 124.21 Geneva, fr 17.22% - 17.22% .25.22 Amsterdam, fl. > • 8.26 8.25 12.W Milan, lire ...... ■64% 64% 92.46 Berlin, r.m. ..... 13.92% 13 29-32 20.43 ’ Stockholm, kr. .. 18.32% 18.35% 18.159 (Copenhagen, kr. . 19.30 19.29% 18.159 Oslo, kr : • 19.40 19.410 18.159 'Vienna, sch. 28* 28* 34.585 112 . 111% 164.25 Helsingfors, mark 228 228 129.23 Madrid, pes. .... .40% • 40 11-16 25.221 Lisbon, escu .... 109% 109% 110 625 615 .. 3'75.00 Bucharest,, lei .... 5 GO 565 813 6 Bio Janeiro, mil 5%*5% 5.899d Buenos Aires, dol. * * 47.61d Monte Video, dol. 30* 30* 5 Id Bombay, rupee . 18 11-64. 18 11-64 . 18d ■ Shanghai, tael . 20 5-416 2*0 5—16 18d Hong Kong, dol. . 15 9-16 15% —- Yokohama, yen' .. 15 5—16 15% 24.58d ♦ Nominal.