COMMERCIAL.

Press, Volume LXI, Issue 18403, 9 June 1925, Page 10

COMMERCIAL.

STABILISING WOOL.

- 4 AUSTRALIAN PROPOSAL. INVITATION TO N.Z. (P&ISS WELLINGTON, June 8. Dr. Reakes, Director-General of Agriculture, stated to-night that official cable advice had been roceived from Melbourne by the Department of Agriculture to the effect that an important mooting of the Queensland Graziers' Convention had decided.that immediate Mops should be taken to. provide for the stabilisation of the wool market, and urged that Sir John ■ Higgins, chairman of the B.A.W.R.A. organisation in Australia, should submit a scheme. Sir John Higgine, said pr. Eeakee, repJiod that it was necessary that some degree of certainty should be estabJinncd, and that a majority of the Australian wool groups would accept a scheme for the systematic realisation of Vool. Before negotiations could bo definitely initiated respecting finance, swing that a very great ainouaifc of money would be involved, he had cabled to London —presumably Sir Arthur (faldflnch, who had been head of the B.A.W.R.A. London organisation—and had boen advised that there was every preapoct that satisfactory financial arrangements could be made provided ; ( that a majority of the wool groups supported the scheme. A further caible from Melbourne stated that a largo meeting of the Farmers' Union and the Chamber of Agriculture unanimously .decided to yak Sir John Higgins to submit a scheme for stabilising wool values, and also endorsed the Brisbane proposals, it was suggested that New Zealand re- : preaentatives might be in • Melbourne jon Juno 23rd, whe'n a further meeting! will bo held, and that an invitation to attend the meeting would certainly be given. The above e,mbodies the information received, and it can be concluded from it that Australian wool growers are seriously considering taking steps to establish an organisation on the lines of B.A.W.R.A. to control the marketing of their ' wool, and that a tentative invitation is extended to New 'Zealand growers to join in with them. This is a matter for New; Zealand wool growers themselves to consider. It in well known that at least one prominent Dominion pastoralist will attend the Melbourne meeting. It must be. horn© in mind that the hulk of the Australian clip consists of merino wool, with a good deal of halfbred, and that Australia, through her his production of these fine wools, has a Dig say in the wool market as regards this class of wool, whereas New Zealand wool is principally the cross- , bred type, in 'which the Dominion -is only one among other ; countries, notably Great Britain and Argentina, who produce wool ; in large quantities; Thus, if an attempt is to be made to .stabilise the wool market by commercial methods, Australia is .. relatively in a much stronger position than New Zear land. . The question is one obviously calling for careful thought and the greatest caution on the part of New Zealand woolgrowers, and is certainly not one upon which %ny commitment should be made without careful ; enquiry and full knowledgo of what methods of marketing are actually contemplated. CITY PROGRESS. BUILDING PERMITS.

STUDY OP ECONOMICS. • i .. , SOCIETY IN SYDNEY. At.! a. representative gathering of.profes-. • sional, financial, and commercial men in ; Sydney recently, under' the chairmanship of Professor R. C. Mills (Professor of Economics, University of ..Sydney), it wag decided to form in Sydney a branch of the Economics Society of Australia and NewZealand. • One speaker asserted -jihat the study of economic problems in New South "Wales , was/ taken far le«8 seriously t(K day than was the case 25 years ago. Whether that be bo or not, the need-for a deeper general interest and understanding of the economic position and tendencies, of the country never more urgent than it is to-day. ' : ' BACON AND EGGS. INTERDEPENDENCE IN MARKET "When eggs are dear there is a comparative shrinkage in demand for bacon. Lately, bacon also has suffered, eaya a fydnsy paper, because of the larga quantities of fat meat placed on the market. One reason for the production of eo , much heavy bacon •this season is the abundance of feed' in the country districts of New South Wales. With anaizo prices ruling at low levels in Sydney, growers have found it more profitable to feed their grain to pigs. The probability of cheaper eggs within the next'few weeks and the fact that the price of pigs lias gone up aro regarded as factors calculated to impart a firmer tone to the bacon market. ' t | ENGLISH MARKETS. * • The New Zealand Loan and Mercantile Agency-Co., Ltd., have ieceived the following cablegram from their London office, under dato sth instant:— . : ."July , wool aales—List® closed Juno 3rd, Port Curtis, Somerset,. Bemuera, Hnrunui, Port Sydnoy, Port Kembla, and Cornwall available. 'iMutton—Better market. Quotations unchanged (last quotations, 29-5-25). "Lamb—Hid per lb (average). "Mutton—Wether and maiden ewes, light <Jd per lb, heavy Gid■ per lb; ewe, light aid per lb, heavy 6id pej lb." . > *-—, y W" DAIRY PRODUCE, f The National Mortgagee, and Agency Co. haVe received ; the following cablegram from their-principals, Messrs A. J. Mills and Co., . London:—Butter: The market 'is firm at 170 a to 172s per cwt. Cheese: The market, is firm. Whito and coloured 92s to 98s per cwt.

BRITISH REVIEW.

STOCK EXCHANGE WEAK.

EFFECT OF ISSUES A .

(«T CABIX—PRESS ASSOCIATION—COPTMeHT.) (AVUmiJAX AXD M.Z. CABLE ASSOCIATION.)

LONDON, June G,

The gilt-edged section of the Stock Exchange is suffering from a severe attack of indigestion, its absorbing power being insufficient to assimilate the recent glut of new'issues, of which tho underwriters have been compelled to take up a very large proportion. : It was hoped that tho distribution of £.50,000,000 dividend on war loans at the beginning of the.month would have had a good effect, but so far tho public has shown no inclination to reinvest this money in any of the new scrips. Consequently, as all these scrips are still quoted at heavy discounts, the underwriters have been compelled to sell large quantities ot other gilt-edged securities, notably conversion loan-stock, with tho result that prices have given way all round. Another feature contributing to weakness was the expectation of further new issues in the near future, but yesterday an impression gained, ground that these new loans will be postponed until conditions become more favourable. Thus the markets closed with a slightly better tone. Other sections of the Stock Exchange reflected the weakness of the gilt-edged market, and there has been a notable apathy in its speculative departments, the one exception being rubl.>er shares, •which show great activity, as the advanced price of the raw material is now 'being reflected in profits and dividends, with the result that new investors are being attracted. Decline of the Franc. A feature of the foreign exchange is the continuous decline of the French franc, and the consequent depreciation of the Belgian franc and the Italian lira. To-day the Belgian frano is quoted at •102.85. An official statement by the French Government explains that tho heavy selling of francs is due to genuine dollar and sterling requirements for the purchase of cotton and corn; but doubts are expressed regarding the correctness of this view, as the import) season is still too far off to necessitate the covering of currency requirements. But even if the official explanation is icorrect, it proves that French importers are anticipating a further depreciation of the franc. Apple Prices Maintained. Apple prices ar© being maintained in a manner -which, has surprised importers. The demand continues to be strong, and supplies are clearing so well that the sellers' ideas are deciJedly "bullish." The present spell of hot weather will bring strawberries along in another week or two, >nd when there is a £lut of them, apples may be affected; but traders generally think this will not last more than a fortnight or three • weeks. Afterwards they expect the demand for apples to "be as Wood as it is now. : . • ■ ; The Wool Trade. The wool trade, is very quiet. Many mills in Yorkshire are closedfor a week or 10 days, the'usual Whitsuntide recess being extended, owing to general slackness, and in some cases in order to curtail production. The only encour-. aging feature is that some spinners, report that -customers are giving out small orders more freely, thus encouraging the. belief that they are of the opinion, that values are now on a basis which 'will bring out business in piece goods, provided there is .no inclination to speculate. However, in either tops .or yarns btryers are preferring to operate conservatively, pending the resumption of wool sales in this country and in Australia. ;

As might "be, expected,- the pfbposil to revive B.A.W.R.A. does not find support in Yorkshire. . The "Economist's" wool correspondent writes: "There are more objections to a scheme like B.A.W.R.A. than there are advantages. There, is Jieithor a national nor an Empire call for it, as there va*. during the war. "Wool growers and wool users will not tolerate State interference, with their-business,* except under .dire, necessity.. The imposition of selling reserves will not compel-users to buy, and this is a fact of which the promoters o£ the scheme seem altogether to have lost sight. If selling reserves are to be fixed the users ought to hare some say in fixing tnem, as industry depends just as much upon the users as on the growers." v

AUSTRALIAN LAMB. (press association telegram.) mL __ „ , WELLINGTON, June 8. The Now Zealand Meat Producers' Board has received a cablegram from its representative in Australia advising that '19,830 carcases of lamb were exported from Australia for the throe weeks ended June sth. RABBIT SKIN MARKET. A temporary rise in the rabbit skin mar- ? in fjew Zealand ia being taken advantage of at tho present time by the hunters of « re xu v blt ' Wlthtile result! that the stores of the buyers, operating in Invercargill were crowded throughout .with those anxious ■ to dispose of tie resulfcof their recent operations (eays the 'Southland Times 1 '). Saturday's prico was 13d per. akin, but* buyers when approached for an opinion ag to whether this price was likely to be maintained for any length of time, remarked that with a decline in the • overseas ■ laarketa. it waa difficult' to foretell what might happen within the course of the next week or two. i abattoir returns.

THE- PROPERTY MARKET. Jones, McCroatic Company, Ltd., sold by public auction, in thoir rooms yesterday, associated with Messrs H. S. Richards and Son, on account of Mr J. J. Collins, a section situated at the. corner of Fitzgerald avenue and River road, containing 24 perches, for £560, to Mr T. F. Crompton; and a section adjoining- situated in . River road, containing 25 perches, to Mr D. Lee, for £550. , SALE OF PURNITURE. Jones, McCrostio Company, Ltd., held successful clearing sales during the. week'on account of the" trustees in tho cßtate of the late Jessie White Kairn, on the premises, Lincoln road, and on account of Mr" G. Everitt, on ■ the premises, Baretta street. Amongst the articles sold the following prices were realised :*-C»rpet £Q 10s, C chairs and settee £l4 ,sb, antique mahogany occ. table £l2 15a, wardrobe £7 10s, runner £3 10s, secretaire £3 1 10s, sewing machine £4 15s, mahogany 'table £6 10s, bicycle £6, coucU* and 2 chairs 1 £2O 10s, 3 occ. chairs £3 10s, ducheese and washstand-£7 17s-6d, single wardrobe £5 ss, bedstead £6, carpet runner £7 15s, carpet_ £s 15s. The fins sold m theix rooms, 483 pairs' of boots, shoes and slippers, which realised from. 2s a pair to £1 5s a pair. Every lot was sold, v tho" rooms being crowded.

CHRISTCHURCH STOCK EXCHANGE.

OTHER EXCHANGES. (press association telbmaks.) AUCKLAND, June 8. . Sales—lnscribed Stock, 1938, £96 15s; South British Insurance,. 50a; Pukemiro Coal, 45e; Nati6nal Umber, 32s 3d; New Zealand Farmers' Fertiliser, 97s 3d. , WELLINGTON, June 8. Zealand Breweries., bonds (cum. div.), ,£l'2a; National Mortgage, £3 16s 6d; New Zealand Guarantee Corporation, 9s 9d; Wellington Deposit and Mortgage, 9s sd; Taranaki Oilfields, 20s. DtTNEDIN, June 8. ' Sales—Bank of Australasia', £U 5e ' 6d;. National Bank (rights),. 26a. ■ Sale Roported—'New /Zealand Refrigerating (confr.), 9s" 9d. .

Buildings .permits issued by the City Engineer during" if ay were: — . 1925-6. 1924-5. • "Ward. Value. No. Value. No. dENTRAL: £ G £ .8 Inner Area >.7,177 - 25,510 Outer.. Area 4,710 10 11,697 8 '26 St. "Albans j.. 28.178 34 19,580 Sydeiiam .. 8,880 '.5 8,281 6,154 13 Linwood 10,334 24 13 Spreydon . ■ Wools ton ' .. . 9,327 < ... 2,975 14 7 5,775. ' 850 12 1 Totals £61,551 100 £66,817 81 ' Pormits issued since April 1st, were: 15)25-6. 1924-5. "Ward. Value. No. Value. No. CENTRAL: £ £ Inner Area , n. 18,116 11 26,130. . 14 Outer Area ..10,130 19 15,671 20 St. Albans .. 89,685 62 80,740 50 Sydenham 10,247 19 19,714 34 Linwood .» 16,776 37 9,809 23' Spreydon .. '18,102 21. 16,795 29 "\Y cols ton 4,840 12 .1,670 2 Total £107,895 181 £120,429 172

The municipal abattoir returns for May are:— Slat ghtered. Condemned. 1925 1921. 1925. 1924. Cattle ... 1774 1817 38 80 Sheep .. 9778 9841 20 214Lambs .. 567 1276 — 1 Pigs .. 1569 1721 19 21 Calves 854 1109 . 24 11

YESTERDAY'S TRANSACTIONS. Sales Reported—Union Bank £14 15s; Bank of N.Z. (ngn*sj, :;os r- parcels); Bank of N.Z? (new), 56a : LOd N.Z. Refrigerating (pd.), 19s 1 5d; South, British Insurance, 50s. Sales on 'Change—National Insurance, 71s; Goldsbrbugh, Hort i (cum), 47s 6d (two parcels). LATEST QUOTATIONS. Buyer Sellers. £ 8. d. £ s. d. N.Z. GOVT. DEBENTURES— 4J per cent. Inscribed, 1938 and 1933 9G 12 6 97 0 0 •U per cent. Bonds, 1938 96 12 6 96 17 6 45 per cent. Bonds, 1939 .\ « .. 96 12 6 97 0 0 5J ner cent. Inscribed, 1933 101 0 0 5J oer cent. Bonds, J933 101 2 G OTHER DEBENTURES- — Christchurch Drainage, 5J per cent. 98 2 G — Christchurch Trams, 5£ per cent. 97 5 i 0 New Brighton Borough, 5% per cent.-"* — 101 0 0 N.Z. Breweries, 10 per cent. Stock _ 1 111 N.Z. Breweries, 10 per ., cent. Bonds — .12 0 Glaxo. 6J per cent. .. 85 0 0 — BANKS— AwisfclaBia. It, 6 Xi — Bank of Victoria '- 4 6 — Comm. of Australia .. 1 9 9 — Comm. of Australia •(pref) 6 11 1 ) :6 13 0 Comm. of Sydney — 25 0 0 National of A'asia (£10 pd.) 1G 4 0 1G 7 0 National of A'asia (£5 pd.) ■ 7 18 0 ' — New . South Wales 41 5 0 — National cf N.Z. (lights) ■".. 1 5 10 16 2 New Zealand (new) .. 2 It 6 2 17 9 Royal (£1 pd.) 1 16 0 1 17 6 Union of Australia .. 14~14 0 14 15 0 INSURANCE— National .. ... 3 10 6 3 11 6 New Zealand ]"lt 6 1 15 0 South British 2 10 3 — Standard 2 3 0 , 2 4 0 LOAN AND AGENCY— Dalgety and Co. — 14 17 G Ooldsbrouph, Mort (cum div.) 2 7 G 2 7 8 National Mortgage — 3 18 0 N.Z. Loan and Mercantile 'ord. etk.) 94 0 0 — SHIPPING— Howard. Smith — 1 15 G Huddart-Pf>rkev 2 4 6 — FROZEN MEAT— Canterbury12.10 0 13 1J, *0 Canterbury (pref.) 5 2 6 5 4 0 N.Z. 5efrig. (pd.) .. 0 19 ■4 0 19 10 N. Refrig. (contr.) .. 0 9 6 0 9 3 WOOLLENS— Kaispoi (^rd.) 0 12 6 0 13 6 COAL— Wostport .... 1 11 9 1 12 0 GAS-t Christchurch 7 11 •0 7 13 6 Timaru — 7 7 6 BREWERIES— Crown 1 14 G — Manning — 1 IS 0 New Zealand . 1 19 3 — "VVard • — 2 19 6 CEMENTS— "Wi'eon's .. 1 11 G — MISCELLANEOUS— / . " B.A.W.R.A. — 0 11 6 Australian Glass 1 10 0 — Beath * and Co. 1 12 3 1 13 0 British Tob?.cco 2 3 9 2 5 0 Burns, Phil? 1 15 G 1 37 G Electro. Zinc (pref.) .. 1 8 6 — ■ ." Mason. Struthers i (£1 ✓ , paid) 1 3 0 14 0 Msscn. Struthers (14s paid) 0 15 G — Mason. Struthers (10s x paid) 0 11 0 — ,N.Z. Drug Co. — 8 6 0 N.Z. Farmers' Co-op.' (6i ner cent. Stocky /■ 1930) 89 10 6 93 15. 0 N.Z. Milk Products . X S 0... — N.Z. Paper Mills ' — 10 0 N:Z. Sugar of Milk v.. — 15 0 Whi'coruhe and Tombs 3 10 0' '3 12 0 MINING— Mt. Lyeil (cum div.) . . 1 1. 7* 12 0 Waihi • .; 1 6 G. —