MONTHLY MEETING OF LAND BOARD IS HELD. COMMERCIAL FINANCE AND MARKETS.

Star (Christchurch), Issue 19035, 2 April 1930, Page 11

MONTHLY MEETING OF LAND BOARD IS HELD.

COMMERCIAL FINANCE AND MARKETS.

DOMINIONS ADVANCE IN WORLD TRADING. ARE BECOMING MORE TO THE UNITED KINGDOM (Special to the “ Star.”) LONDON, February 12. “ The Empire Overseas is becoming increasingly important to the United Kingdom, both as a market for produce and as a source of supply,” states a memorandum on the trade of the British Empire, issued yesterday by the Imperial Economic Committee, and prepared by Sir David Chadwick, the secretary of the Committee. This Committee consists of representatives of the various units of the Empire, with Sir Halford Mackinder as chairman. Commenting on the memorandum, they state: “At the present time the external trade of the British Empire, even when the statistics relating to interImperial transactions are eliminated, exceeds that of any other large unit, such as the United States of America or the suggested United States of Continental Europe.

Movements Since 1913. ” Between 1913 and 1927 the trade of the Empire with the world outside advanced more rapidly than the trade of the world, and yet, with the exception of British Malaya, every considerable part of the Empire found markets within the Empire for at least 40 per cent of its total exports.” The memorandum states that the Economic Section of the League of Nations had estimated that the total world trade in 1927, recalculated at 1913 values, was 20 per cent greater than in 1913.

On this estimate, the trade of the British Empire, taken as the aggregate of the imports and exports, had increased between 1913 and 1927 by about 27.5 per cent. In the two years 1927 and 192 S the rate of expansion, however, was somewhat slower than for the rest of the world. The aggregate of the imports and exports of the various parts of the British Empire represented nearly 30 per cent of the world trade in 1927 and exceeded the aggregate of the foreign trades of the countries in Continental Europe west of the Balkans and of the former Austrian and Russian Empires (excluding the Netherlands).

Importer on Balance. Taking the imports and exports lor 1927 the Empire was on balance an importer of merchandise in that year. During the same year the value of the merchandise passing between Empire and foreign countries was about three times that passing between Empire countries. The trade between the Empire and the rest of the world was in 1927 about the same as that between the Continent of Europe and the rest of the world. The advance of the Empire Overseas since 1913 had been rapid. In 1927 and again in 1928 the total exports from the Empire Overseas exceeded those from the United Kingdom by about 40 per cent, although in 1913 they were below them by some 7 per cent. in Canada and New Zealand, exports in 1927 were, as compared with 1913, greater in volume by about 100 per cent and 40 per cent respectively. In Australia and South Africa the expansion in the volume of trade was about 10 and 18 per cent respectively. In India, although local needs, both for the better cereals and for manufactured goods, were being met by local production to a greater extent than in 1913, both imports and exports in 1928 equalled in volume those of 1913.

Development of Crown Colonies. It was probable that the expansion in the trade (imports and exports) of the Crown Colonies since 1913 had been more rapid than that of other parts of the Empire Overseas taken together. In contrast, the volume of exports from the United Kingdom in 1927 was less than in 1913, though the volume of imports was greater in 1927 than, in 1913. On the whole the volume of merchandise entering into Inter-Imperial trade in 1927 exceeded that of 1913 by more than 20, probably by about 25 per cent. In 1927 Great Britain and Northern Ireland utilised round about 40 per cent more produce from the Empire Overseas (excluding the Irish Free State) than in 1913, and only about 15 per cent more of foreign produce. Meanwhile the export trade declined in volume, but that to the Empire Overseas by about 9 per cent, as compared with a fall of nearly 30 per cent in that to foreign countries. As a whole, trade with the Empire Overseas increased by some 10 per cent or 12 per cent, while that with foreign countries was stationary or declined somewhat.

GOLD FROM AUSTRALIA. LONDON, March 24. The Bank of England has received £2,000,000 in sovereigns from Australia, making the total gold influx from Australia so far this year, £8,641,000. Total shipments of gold from the Commonwealth since the commencement of the movement exceed the aggregate mentioned in the cable message, as one or two consignments are on passage for London. It was stated by the chairman of the directorate of the Commonwealth Bank, Sir Robert Gibson, last month, that the bank had arranged to forward £7,000,000, but about £8,000,000 had already been shipped during the current financial year, so that the total would represent £15,000,000 dispatched abroad through the institution. In addition, it was estimated that approximately £2,000.000 in the metal had been forwarded through private channels before the restrictions on such exports were imposed. The sum, therefore, is about £17.000,000. It has been explained that these shipments do not impair the gold reserve in Australia held against the notes issue, which was shown in the February return of the Notes Department of the bank to equal 58.67 per cent. The statutory minimum gold backing for notes in circulation is 25 per cent.

AUCKLAND EXCHANGE. (Special to the “ Star.”) AUCKLAND, April 2. After a fairly busy time yesterday this morning opened quietly. Bidding, however, was fairly brisk and well spread. Ln the banking section Australasias were firmer with buyers at £l2 10s and New Zealands also advanced a shade, buying limits being raised to £2 17s. Commercials, which sold esterday afternoon at £1 2s, were again offered at the same figure. National Mortgage and Agency Co.'s shares were asked for, with buyers at £3. Colonial Sugar are weaker with sellers at £43 10s, but Electric Zinc have moved up 3 cl, with buyers of ordinaries at £1 6s 6d, and of prefs at

War Loans at £97 7s 6d for 41 per cents, and £99 for the 54 per cents, but none are offering. Bidding was fairly free at the noon call, and in addition to several reported sales others were completed in the | room. Banks were again in request, with values firm. Another parcel of Commercials changed hands at £1 2s 2d, with more offering at the same figure. Buyers of New South Wales raised their limits to £39. For New Zealand Nationals £5 19s 6d was offered, and £6 12s fid for English and Scottish. A sale of New Zealands at £2 17s 3d was the highest since March. Inquiries were made for P. and O. Stock at £2 8s 6d, and 14s 9d was offered for Holden's Motors. Government stocks were firm and buyers raised their offers for 44 per cents to £97 10s, with sellers responding at £9B.

STOCK EXCHANGE. CHRISTCHURCH. Following 1 are to-day’s Quotations:— Buyers. Sellers.

Sales on 'Change.—Goldsbrough Mort., 32s 2d (two parcels); Ne w Zealand Breweries (ex div. ex rights). Bis 6d, 51s 4d (two parcels); Mt Lyell, 36s 4d. Sales Reported.—Auckland Gas (late sale April 1), 23s 9d; Staples Brewery (late sale April 1), 60s 3d. Number of Shares. 200 Goldsbrough Mort. 100 Auckland Gas (late sale, April 1). 250 N.Z. Breweries (ex div. ex rights). 50 Staples Brewery (late sale Ist).. 100 Mt Lyell Mining. OTHER EKCHANGES. Per Press Association. DUNEDIN, April 2. Sale reported—l 936 5J per cent Inscribed Stock, £99 ss. AUCKLAND, April 2. Sales—British Tobacco, 41s 6d; New Zealand Insurance, 48s 9d; Bank of New Zealand, 57s Sd; Commercial Bank, 22s 2d. Sales reported—Auckland Gas (con.), 17s Id; New Zealand Paper Mills, 20s.

N.Z. GOVT. STOCK— E. (1. £ * •j5i p.c. Inscr., 19S3 99 OTHER DEBENTURES Springs Ellesmere 5i p.c., 1933 .. Christch u r c h Gas 54 p.c., 1934 100 BANKS— Adelaide 7 6 Aust. of Comm. 1 5 Comm. of Aust. 1 Comm, of Sydney 21 0 0 21 E., S. and A 6 Natl. of A’asia (£10 paid) .... 14 15 0 Natl. of A’asia (£5 paid) .... x 7 7 ft 7 New South Wales 39 0 0 New Zealand .... 2 New Zealand (“D” Mort. Shares) . Union of Aust. . . 12 0 INSURANCE National ft 14 2 New Zealand .... 2 3 0 Standard 2 10 LOAN AND AGENCY— Dalgety. and. Co. . 11 5 6 Goldsbrough Mort. 1 12 1 1 National Mortgage 3 0 0 N.Z. Guarantee Corporation . . 0 New Zealand Loan 7 8 and Mercantile (ord. stock) United Building Society (ex div.) 0 14 1 0 5 SHIPPING Huddai’t - Parker 1 3 6 0 Huddart - Parker (pref.) 0 19 0 1 0 P. and O. Deferred Stock .. 0 Union (pref.) .... 1 0 0 FROZEN MEAT— Canterbury (pref.) 3 15 3 4 4 9 N.Z. Refrig. (£1 paid) 0 11 0 0 0 N.Z. Refrig. (10s paid) 0 b O 0 S 6 North Canterbury Freezing 0 a 3 Wellington .... 0 ' 1 WOOLLENS— Kaiapoi (17s pd.) 0 10 9 0 12 6 Kaiapoi (7s paid) 0 5 5 0 3 If COAL— Grey Valley f 6 2 1 ft in W estport 1 10 9 I 12 0 Auckland 1 3 S 1 4 71 Christchurch ... 1 6 2 1 8 Christchurch (10s paid) .... 0 IS 0 1 4 BREWERIES— Carlton 1 17 7 1 18 3 18 9 1 0 3 New Zealand (ex div., ex rights) 2 11 3 2 12 0 Staples 2 9 ft 2 11 ft Timaru ........ ft lb 0 Timaru (5s pd.) 0 7 ft Tooheys 1 4 0 1 4 9 Ward 18 0 White Star 17 0 MISCELLANEOUS— 0 1 10 Australian Distillery 0 17 1 1 0 Australian Glass . 2 2 ft Beath and Co. . . 1 V ft 1 S 9 paid) 0 8 6 7 2 Booth Macdonald (pref.) 0 3 ft 3 10 1 4 1 Broken Hill Propty 1 3 ft 1 3 s Colonial Sugar . . 43 2 6 42 12 ft East African Coffete 1 7 ft 1 32 6 Dunlop Perdriau IT 9 ft 17 LI Electrolytic Zinc (ord.) i 1 1 Electrolytic Zinc Haywarcrs Pictures 14 6 Henry Jones Co1 71 0 Howard Smith . . 0 [5 ft 1. ft 0 Mount Lyell .... 1 Lb 1 N.Z. Farmers' Coop. (10s paid) 0 op. C*A” pref.) 2 10 op. (“B” pref.) 2 0 0 18 6 0 Quill, Morris .... 0 12 United Pictures . . 0 L9 Wunderlich .... 1 6 MINING — Mahakipawa ... 74 Kuala Kampar . . 0