FINANCE AND COMMERCE.

Press, Volume LXV, Issue 19777, 15 November 1929, Page 15

FINANCE AND COMMERCE.

fOOL VALUES.

j S ALE OF SEASON. OF OFFERING BELOW 0* fmn , tf^*l ***"' November I*. mJ« held ia Wellington to- ** anas ths expectations th ** wo ° l »flu'-<l deeliae la "**** ..nj. v --' •««! wi* not so * a* trad* ar.'.;-iri ■••- !!Tfiaurc» wQ '- : . fJ • atkifaal b--= a poorer ■'"•»'»* *•*- eroeabreo wool, for * good «"•£„*. Tki* hw been caused by Thai* waduiM! prevailing »<»'". •JTwiater. Pint »f a!! there »" «& «f grans, then there wen cold the m* ll ' l * w - th ' rMU ' * n ' l SiTto«« »««• through the winter The wool « lacking ia thai characterise-! fb* JCJh'i This, of course, has had ?*et « p"« 1 - La,t -:"' " **. ■TZT—~i t ii« was marketed, aad SmJ prtsea wart obtained for hog'Jtji»a?«'f emasbrad wool, and the Sa latßawl tt-day «Bip«f».J w.th ata* •*»» snows * **'*•* decline. a full beach of buyer*, and sontree were represented. aLsJar aa J* may appear, the market ~L. derived whatever strength waa l jSn J from Australia, and this h«reawioa wealth requires a 3, weight «f New Zealand eros*ITaaai After Australia the AmertrtaMMitttitw were moat active ■I Ha nVaAfofd for super crossbred Mtsroei. Generally Bradford was tXTltlaficwta factor la the market, fclaSaftU houses represented being aaje ft' less quiet. Seme large German lata Wire silent, but Fran'**- »as In IJmm Mat ef the time. There waa *j» i small quantity of merino woo! sWeCncd tt pro*cd very difficult f« •A MotlßO sroo!. aa a mat tar of |ajL«aa taJliag b*!ow erosabrc!. HalfMlk, ia syaafat&y with mahao, were itaask; la fa*t, all Una waolt wrra tajk. sjml thla. it ae*ms is a r«-iuh of f4 ifjartaa of faahioa, and thin has baj|«/4iJMf qaaltf did not r?aUa* as Mh aa «-«. Tlia to, a farmer 'i boat paJb'VjatJ taW .fur lata than bis aaxonj faJHr swaL It la a porttioa that fan■l la' «aaiat»ia«d, and other Stw wools MM i*aa»*a ta ptiaa of «»aabr*da «H4teW aW»a*<ii»*t saJea still prob- «• thnfr tfca pMitioa. I ia ajttMMd thai roofllr about 90 Ceaat. rf th« otTariag waj rirared. tjHUmsraia baisg naostiy of line •a*. It ia etiteatad that hat «3 par aa* «f ta« eatalogwa vera sold under aakaauser.

Ir J. ft. Moodla, ehairaua of the fofißftoo. Waolofoaan' AftoeUtion, in imnory rrriew of th« aurkit, commated oa ia« Meatiest atteadaace of aftr* aad ta« 9uw teUnat they anaed :a th* ooauao aal* of ths New Mud Mm. "It » fntUying," he ) »«j, to «pott that prim for jpto.J to Msaai erooaortd* tro oMaidonbly in tmac* of broken' Idea* of »aluta. Tlit tHHaf *" r «w»H»4i wm exeeediajj ly haa at tie itart fm« Boait, Prasee, •4 Tumaoja. TIW laat-usad ia Moy a feature la tit apeaJa* m|«s of •rjiaw Zeaiaad imml Bradford waa Sttpaniia*' !o aajr MUiJ« extent, ie» j«Mts appamtlj boiaf eoaUaed to iMfer cvoaabred*, light is eo adit ion •*« pat colour, aaM at Mid *o UJd !"*>«■* • '•» oxtra rap«rfia« lots ■"•■»!•* aH«fetir hi|rhar priees. Good ?ff *—g» ■**• HH to 13d, with "J"*"!"*' at lOd to 114 Bayara/ **Jf*»"ti' opfatiena as t-> 'he wool gWjifpasrad to agree .n that it w«a TT W>in, and with some t!CS £*!*! nti? ' ■■'"' ,h **p in th * ZBBf- *!***** h * v ' ( ' »ot eem« »*SP Ho wtater «o w*;i a.* they did SB*,'* - • ***• *' l0 ' • !i;t i* more ?**** *■* httoat ahom wool* taaa taat year. Hugo of pri-w is a* fclJiar.iOtb Not. 14 th. ■ ««. *- -i- d. d. *y ■» tVMobrad—--IMM iri t« i»t n to 14 MP .. .ISi to 17} Hi to I*| fSßfi* .- 13 to 13 10J to 11J IMRiiii to in n to i4j ■HP .. li to V't Hi to 13 tgPt y 11 to Hi »■} to 11 Sir • 7«""i? to i*f i*i to i3i IHI .. 14 to 13} 11 to IS |Wj, U to 13* S>| to 11 ■t" "I Iff to l«i 13 to IS} IMP .. 1U to 14{ 104 to "i ■Hfe, .. 10 to 13 9 to »| •jjplaoi, KMft— JJBK .. I4i to lft| IS to 13| %« ~ 14 to 17 IS to Hf Jl|jg> * '* to 194 IS to IS4 jbHHI isftrio ■— liKl»iai. 11 to I*4 ajHiNhii. 10 to 13 IKjjaat 104 to 15 S to 11 'SKpI 1® to 1»4 H*• •* fjßt.*. it Z 7*4 44 to 54 |JBBBJBS PROFITSUA , oot* tiofcaa* •*•■• ■■Mt ta» tmm mi at •£—** -2 jJUpiJ—a mh. vm. Too •J2J2 mi i»a. •**»• ■^. p, *fj SHHBpt Dwniw !•»» t«** **** i M||B||ji to <u.i.u:. **¥**£ •30MS% than *»••£<«•«' «■■■■ tw a aolMidiarf **? ♦JEM* i*ii iUi] (or dopr«e»ati»»- * *K2**ja» oaot. **• pud t» am. ff to awatanl »*«w^» jaa «a* <»« km •*• «op*» a dmdaai «f I oar aaa*-. ■p^HP 1 ** aWJO la *tow af aaaT tnuMfsrrwl to i«*»Jr»l r»ataiMte a in'.onrt. As •*- «f Attift tWBMIOO IO ••

INTERMEDIATE CREDIT BOARD.

ANNUAL REPORT. Tha report of the Sural Intermediate Credit Board for the year ended June 30th contains a mass of interesting information relating to the purposes of tha Bahama and the policy of the Board in saakiag advances. The report states: "The main purpose of the rural intermediate credit system is to improve the existing credit machinery by <jrganiaation sod supervision and to create * greater degree of confidence in rural securities—mainly chattels and tha lika—than has existed in recent year*, and so to secure a flow of funds i for investment upon these securities at | reasonable rates. In accordance with development*, abroad, the individual | lender, from one point ef view, or l.or- ; rower, from the other, will be replaced j by a corporate concern, the Rural Inj termediate Credit Board. which, by reason of tha extent of its operations I and the wider spread of risk, will, it |i* anticipated, be able to secure the I necessary funds on more advantageous terms than would be poaaible ia the case of individual borrowers. The success of the Board's operations must deI nend to a large extent upon its ability to secure a flow of funds through debenture issues, and confidence upon the part ef tha instating publie cannot be expected if toe Board does not maintain a prudent standard of investment. "The Board If also a trustee In re spert of the advances received by it from tha Consolidated Fund, which are by way of loan only, and it is equally tinder an obligation to safeguard those funds. In view of the fact that by the | Act debentures are constituted trustee [securities, it is evident that it was the i intention ef Parliament that advances j should be made only against adequate j security. To adopt any other lending policy would be inconsistent with the Board's responsibility to the Government and the debenture-holders, and would be opposed to. and almost certainly defeat, the accomplishment of Ihe objects aimed at by tha Introdunlion of this system. The producer will benefit from the policy followed by the Board not only by reason of the more favourable rates of interest at which accommodation is procurable, but also because of the security of finance provided where arrangements are made with th» Board for accommodation '' The Bearers BeaponaibiHty. In his annual report to Parliament last week the Commissioner (".Mr J. W. Mac.ionaid) stated that it was clear that the system waa regarded by some applicants a.s a measure designed to provide loans for farmers who had not an adequate amount of security to support applications for the amount.* which they required for Stocking up or developing i their farms or discharging pressing : liabilities. While the Board waa pre- | pared to take into account all factors j having a bearing upon the applications } submitted to it, including the worth ' ot the persona! element, which was an I important faster ia thla class of fin- ; anee, or the value of collateral securities j offered ia the form of second mortgages j of land, charges over other classes of j assets or independent personal security such as mortgages, there had been a , number of applications which the Board ? had felt it would not be justified in | granting. Those eases were not confined to applications where the security offered waa inadequate. In some cases it had been apparent that the farming prof position was, in view of liabilities at--1 inching to it. economically so unsound j that the applicants would not be in a position to continue for long with their operations. Where this was the position it was felt that no real relief would be afforded by the granting of a loan out of the Board's funds, while there would be a grave rlak of le*« of the Board's funds, which it would be improper for the Board to incur la view of Its responsibility to debenture holders, Value of District Boards. "In cases where there is doubt aa to the sufficiency of the security proffered," continued the Commissioner, "sympathetie attention ia given by the Board and the District Boards to all rale-rant considerstioaa, and, especially where the perseaal risk is shown to be a particularly good one, every circumstance in favour of granting the loan ia gone into fully. Ia this regard tha Board freely acknowledges the valuable services given by the District Be ards. Compose*} te a large extant of practical farmers fajmiliar with local conditions, they are able to judge accurately the prospects of tha ultimate rae-:eea of the fanning venture and the protection which, If a loan were grant ed, would la the meantime be afforded to tie Board. In many instances sngKstiona have been made by the District •rdi fir better financial In regard to laassa, mortgagee, or other liabilities, or improved methods of farming, the adoption of whieh has made it possible to approve loans immediately whieh, aader the pro-existing eircum staneea, w««M nave been approved, or has later placed the applicant* la a position to obtain advances. It is evident, also, from the conditions under arnica loans have been reeonuaended by directors of associations, that the like earefel consideration ana been given to applications put forward by them." EMPIRE COMMERCE. SCHEME TO 3B MAPPED OUT. (samaai ow;ou ■ issues) (Received November 14th, 5.5 p.m.) RUGBY, November 18. In view of ta<» forthcoming Imperial Conference ia 19*5, aa arrangement haa bees reached between tae Association of the British Chambers of Commerce aad ef the British Industries and Chamben «f Shipping of the United Kingdom, representing the commercial, industrial, and sMppin* interests of Bri-. tnia. for a British Preparatory Comanittoe to consider the fcneral question of Empire com mere »al policy with tae object of co-ordination, as far aa poesnble. ef the viewt of the business community of the raited Kingdom and of presenting to the Government its joint recommendation*. ADELAIDE MARKETS. mam* rasas 4eeocuTio*>— sr stscrare Tsxaesutrsi— oosvasaajr.' f«a«elv«4 Seveasaar ****• ».so r »• > ( ADELAIDE. »eve«b*r It. W««at —as »ii a sesaeL riew—*«« ts» a tee- . Bra*—*' l*» • •**• fMtars) — ** *■ * *•*• fiats—a a M a keaaaL BIDES. , Baca,*** N'onavbtr I«U> »" P m ' Hi*-, excepting ««*»■ »*'• «« clJ * l * T a*.