COMMERCIAL.

Press, Volume LVII, Issue 17125, 21 April 1921, Page 7

COMMERCIAL.

N.Z. FARMERS' CO-OP.

ISSUE OF HALT A MILLION BONDS At a meeting of directors of the New Zealand Farmers' Co-operative Association of Qaiiterbury, Limited, it was decided to issue 5 or 10 year bonds to the extent of half a million, of which applications aro invited from the public for £230,000. The bonds will be issued to bearer in denominations of £25, £3O, and £IOO, and will carry interest coupons at tho rate of 7£ per cent, half-yearly, free of income tax. Tho object of this issue 1 is mainly to provide a greater measure of assistance to farmers during the present financial stringency.

PRICE OF BUTTER.

TO STAND UNTIL AUGUST. (TRESS ASSOCIATION TELEGRAM.) WELLINGTON, April 20. The new arrangements regarding th« price of butter are to stand until tho end of August, when next season's production will be beginning. Tho embargo on export will then bo lifted. Tho Government anticipates that the necessitv for control will then cease, and the local price will be fixed by tho London parity price, as was the case before the war.

in the meantime the maximum retail price of butter sold for cash remains at 2s 3d per lb. The producers' original proposal was that the factory price of butter for homo consumption after the expirty of the Imperial contract on March 31st should be 2s 4sd. Then meetings of the producers were held in Auckland and Palmerston North, and the factory price was fixed tentatively at 2s 2sd. It was on'this basis that some grocers announced the retail prices of'2s 7d and 2s Bd. Subsequent negotiations between the Government and the representatives of the producers led to the factory price being fixed at 2s Ui. This is the price that producers are to receive until the end of August.

WOOL PROFITS.

ABOUT THE £8,000,000.

Among the matters that will receive the attention of the Prime Minister in London next month will be the- claiir of New Zealand farmers against tht £8,000,000 of undivided wool profits now in the hands of the British Government. This profit was made on tlio sale of New Zealand wool bought unaor the requisition scheme. T-lio Imperial authorities state that it will all ue absorbed by the losses that will be made on the realisation of the unsold portion of the requisitioned wool. The "Dominion" says Mr Massey is lik,ely to argue that each, year's wool transaction ought to be treated separately. It has been 6tated that the Now Zealand fanners' claim is for half the undivided profit. The claim, as a matter of fact, is for morethan half. New Zealand sold wool to the British Government under the original contract at a fixed price, plus half the profit made on any wool re-sold for civilian consumption. The same arrangement was made by the British Government with Australia. During one of hia visits to England M* Masseyjfound that a very much larger proportion of New Zealand wool was being used for military purposes than of Australian wool. He •ointed out that this was unfair to New Zealand growers, who were suffering financially because their wool was specially saiitaMe for military purposes. The British Government agreed, in response to Mr Massey's representations, that after March. 31st, 1918, Now Zealand wool was to carry the same profit as Australian wool, provided that the profit was in'the wool. If Australian wool was sold at a profit of £4 per bale, the Australian'growers' share of that profit would be £2 a bale. The ■New Zealand grower then would bo entitled to a profit of £2 a bale. He would take all the profit if it did not amount to more than £2 per hale. He would take £2 and the ."British Government would take £1 if the profit amounted to £3. If the profit amounted only to £1 per bale, then the New Zealand grower would get that amount. Under this arrangement the New Zealand growers would have received the whole of the 1918 profit, nob half of it.

SHARES. (By Cable—Press Association—Copyright.) (Australian and N.Z. C&blo Association.) LONDON, April 19. Bank of Australasia, £73 14s; Bank of New South Wales, £2«; .national Bank of New Zealand, 105s; Bank of New Zealand. £77 {guaranteed stock) and 435; New Zealand Uoan and Mercantile, £9O ss. AN INDIAN LOAN. LONDON, April 19. The underwriting is proceeding of an Indian Government loan, of £7,600,000 at 7 per cent., five or ten year bonds, at par.

AUSTRALIAN WHEAT PRICES. LOytDON, April 19. The o.i.f. prices of Australian wheat have, been reduced to 76s for f.a.q., 71b for A grade, and 65a for B grade.

NEW ZEALAND PRODUCE ASSOCIATION. LONDON, April 19. The New Zealand Frcduce Association, with a capital of £lo,oio, has been registered. The directors will bo appointed by the Co-operative Wholesale Society and the New Zealand Producers' Co-operative Marketing Association.

LONDON WOOL BALES. Dalgety and Company, Limited, haYe received the following cablegram from their London office, dated April 18th:—"Wool eales—The fourth scriee commence May 3rd. Thirty-seven thousand bales of free wool aro to be offered, including 15,000 bales carried forward. The list clceed on March 17th." The National Mortgage and Agency Co. of New Zealand, Ltd., have received tho following cablegram from their London office:— "Wool saks closed, belter tone, v.ith German demand 46's-48's. As compared with opening good medium rather dearer, fine and coarsf qualities unchanged."