FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20168, 21 February 1931, Page 16

FINANCE AND COMMERCE.

toe depreciated POUND. ' CAUSES OF EXCHANGE TROUBLE. PROXIMITY TO AUSTRALIA. Tho depreciation of the New Zealand pound to the extent of 10 per cent, as compared with the British pound was stated by local, bank man-; agers yesterday to be. a natural effect of New Zealand's proximity to Australia. The Dominion was in the affected woo, and conditions that; affected *be bigger country naturally had a reflected influents© here. "In my/ opinion the cause of the * whole exchange trouble has been that the banks iu Australia have had to agree to giviug their Government first call on London funds,'' stated one of tho managers. "So big a drain on the money available must mean that there is almost none left for trade needs except at a very high price. If the ' ' British. Government could stave off tne repayment of the Australian war debts, or of the interest on them, the money needed by the Australian Government would bo lessened and tne exchange would probably right itself. , . "The circumstances are unusual, anu aU sorts of unprecedented happenings have come to pass. Under normal cir--1 cumstances the exchango between P>ew » Zealand and Australia is i par cent, either way, just sufficient to cover the cost of transit. If, for the sake ot argument, the rate between Australia and London is 15 per ceoit., and between New Zealand and London is 10 par cent., it naturally foUows that the Australian people will tey to g<St their two rimntrieafi extraordin- „ .a-^aiTOVSSas? sp ; wwleome, but the task was one to ; trouble the brains of a'Nwmeyer. • ISAHK OF NEW SOUTH I- : ' WALES. Hit! • 7 ''' s«j' .' £ ' * ' i the shareholders' farther ' " ~ ai * I of w les no i 4 ■ £fcßra(lf<*&W»k&is [ TQTf ftnu ill 1 ;'t *. - y " 'jo*«4«>,: 1 »*on«< 4d t r fenmiy 08. states' that i tft» Logislawrt }s& Pool Aetns p. Temcdy for the Minister <fj>r Agrieul *%: ■£&'. when, the

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WHEAT. CANADIAN STOCKS NEAR NORMAL. DECREASE DURING WEEK. (UHITBP P&ES9 ASSOCIATION—-BY BUECTWC TELBoaApa—oop-snaioHT.) (Received February 20th, 5.5 p.m.) OTTAWA, February 19. •Fort. William advices state that; visible Canadian wheat, stocks have noared normal with a drop, of 5,000,000 for the week. The total now, stands at 194,000,000 bushels, com-\ pared with 213,000,000 bushels a year ago.

UNITED STATES' HOLDINGS. (Received February 20th, 5.6 p.m.) ' WASHINGTON, February 19, 1 Mr Alexander Legge, chairman t-f j the Federal Farm Board, predicta tho • possibility of the Grain Stabilisation i Corporation holding as much as i 200,000,000 bushela of wheat by July < Ist. • . . . ■ . CHICAGO MARKET. , i . ■ : . : ■ ■ ■ 1 . (Received February 20th, 5.5 p.m.) : NEW YORK, February 19. i Chicago wheat: — 1 i March ... ... 791 cent* ' i May ... 88f cents I July ..." ... G9f cents i September ... 69i cents \ MELBOURNE PRICES. February 30th, 4 p.m.) MFJjBOURNE, February 20. Wheat is quiet- and steady. Parcels fetch 3s 4d- and good milling wheat- 2s Shippers offer 2s 2Jd. . LONDON MARKETS. -•"(Jt&spited February 80th, 7.80 p.m.) 'r : ' \LONDON, February I®. ' ' . 'Wlpat. oargesw-Enquiry quiet; Argentina# oow»»i»lJX;.«{fßPs4 Mr ,less . jnoney, with closing tone easier; parcala moqtty 3£ eaglet owlne shipments. t . mdl Apr)), 80s' 4d, } «od Hay, 4s s&d;July, 4a ei. * jTha «pot trjd« itf fairly active, price# tainf - firm;', Australian,' ex' ship, 28» fid to ( 24a. NfW;2EAXAI*(D BUTTER ' J _; -V.'W,PANADA. J' I lT^ 11, ' ! t 1 t ' PROTECTION SOUGHT.^ * S u- f ' t' ***** ' 1 taXTOP rasag assocufsos—« »M9»m / *EIJiGaArB—cbPTUIOST.) 1 ■!* -- , „ ! - VIOTpBIA (British Columbia), Feb. 19. _ pbeiAdvisory Board of the British polumbift Firmew's Institute, in ispreatmtatJoni'td the Aericaltufal Commit'tee of tho to* day claimed that ■ importation* from 'Aipjtajfo.wd vNew; Zealand were do* md»}u|jif'.cpnditioJS9 in thQ-'dairy, tho stmejTand eßiod industries of the J woW^Ok 6 "

EiVsh-m: NS olitical; 3/ **''' f taBMKD M*M * IaSOOiTIOK—BJ WJSCtIUo ; .<,• , •^oMsira-wrautm-); - , * (Beceiysff JPeWnwrj; 20|h,' &5 VM), ' U0« 'to 128*; UH--B*lW4's«W }%4* tOjl28)B; Australian, <Ja»fl Vhtte 87*, colouxw, Mb; Australian, 56k ff* 7*7' ' A>: 8' re-, 1 , »«gr Rave, received" the following mjM»£9 from their ( Iwqd6a rejixeHenrot /Pifoe/ fc ljtw eMier, Dmk zgiJw^ 1 lass 'Amt»lS£2». Oh«6M jaarket plow. p|pun> Wr4o. s64 t coloured. cheese 58a '•i ! '?,£s, following caTjlegrrans has teen received, JjfrJMgety. wf Opmpwy, Ltd.,'- QEristfllitirchi; Son, dated February stwdr Its* ,«|iet, Danish, 'ietfn to.. IMs;. finest i New Zealand, 121s to * aa *' s '*' <l ' '**" *° ,»Mrttly eialer. < Quota* fly l *y .yep'ty*****, wWu bss to 57«, stfoU*dd~«f« to, ,69*;. Canaan not,' Vrbite #»d!foloiw6d, 'i73« to 7&L' 1

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