FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20498, 17 March 1932, Page 12

FINANCE AND COMMERCE.

EXCHANGE EATE. NEW ZEALAND-AUSTRALIA. REFERENCE IN THE HOUSE. (PBXS> ASSOCIATION TELEGRAM.) WELLINGTON, March 16. Mr W. J. l'olson (C., Stratford) asked in tho House, of Representatives to-day whether the Government would make representations to tho banks with a view of obtaining a reduction of the charges for the service of exchange in conformity with tho reduction ot tho London bank rate. He said Australian banks had reduced the charges by 2s 6d per cent., as a result of the fall in tho uank rate. the lit. Hon. G. W. Forbes replied that representations already had been jnade to the banks, and the mattei was under consideration. Mr J. O'Brien (Lab., West land) asked whether, in view of the fact that the banks now had complete control of tin.- exchange, the Government would request them to % bring the rate between the Dominion and Australia as c-losely as possible to par. He said the rate of exchange between New Zealand and Australia was seriously affecting the Dominion's coal and timber industries, insofar as it favoured tho importation of coal into the Dominion and detrimentally affected New Zealand's export of timber to Australia. Ho declared that if the exchange rate was brought to par it would have the effect of providing employment for a considerable number of inen in these two industries. Mr Forbes replied that tho exchange rates between Australia and New Zealand wero determined by the respective rates of exchange Australia on London and New Zealand on London. If the rates between Australia and New Zealand were brought down to about par Australia would inevitably obtain a large amount of exchange on London through New Zealand, to the detriment of tho Dominion's resources in London. Mr O'Brien: The majority of the banks are prepared to bring the rate down to about par. Mr Forbes said the previous efforts to maintain a lower rate for trading transactions had been futile. An arrangement had been made by which some advantage would lie given the New Zealand exporter of timber, but it had broken down because it had been found impossible to maintain a special rate of that description. Mr O'Brien: I am assured that if pressure is brought to bear on the banks they will bring the rate down to par. Mr Forbes: T will raise the question with the banks.

A CHAMBER OF COMMERCE RESOLUTION. (PBESB ASSOCIATION TBLE'IBAU ) WELLINGTON, March 16. A meeting of the Chamber of Commerce passed the following resolution last night: '"That this meeting records, on hehall' of the commercial community, its apreciation and gratification at the announcement by the Minister for Finance that the Government's decision has been against any artificial raising of tlie exchange rate between Britain arid New Zealand. The Government's pronouncement upon the exchange question has removed the feelings of upsetting uncertainty in business circles that had arisen from recent controversies upon the subject. Relief is felt accordingly." The chairman (Mr C. J. Norwood) said that the inov© to raise the exchange rate had been fought, and fought hard, by the Associated Chambers of Commerce, who had stood for business freedom and minimum Government interference. The Minister for Finance's statement had not cleared the position completely, but it had been a material relief to the commercial community. .

company Sews. AUSTRALIAN DIVIDENDS. The directors of Barnet Glass Rubber Company, Ltd., have authorised the payment on March 31st of an. interim dividend for the half year ended December 31»t on cumulative preference shares at the rate of eight per cent, per annum. No interim dividend will be paid on ordinary shares. The company paid no interim dividend on ordinaiy shares last year, but paid a final dividend of 6 per cent. The directors of the South Australian Brewing Company declared a dividend at the rate of 6 per cent, a year for the half year ended , February 29th, payable on March 30th. Amalgamated Zinc (De Bavay's) Ltd. has declared a dividend at the rate of 5 per cent, per annum for the half year ended December 31st. The dividend is payable on April 9th. The dividend paid for the December half last year was at the rate of 8 per cent, per annum, and the dividend / for the half year ended June 30th, 1931; was at the rato of 5 per cent, per annum. Edwards Dunlop and Company, Ltd., of Sydney, have declared a dividend at the rate of 5 per cent, per annum on ordinary shares for the quarter ended January 31st. The dividend is payable in Sydney on April 16th. A dividend on preference shares at the rate of 5 per cent, for" the half-year ended April 30th will be paid in Sydney on April 30th. Nestle and Anglo-Swiss Condensed Milk Company (Australasia), Ltd., and Reduced, reports that a quarterly dividend on preference shares at the rato of 8 per cent, per annum will be paid on April Ist. On March 31st the Dunlop-P.erdnau Rubber Company, Ltd., will pay a half-yearly dividend on preference shares at the usual rate of 10 per cent. Gr annum. No interim dividend will paid in ordinary shares. Last year the company did not pay any interim dividencf on ordinarv shares, but it paid a final ordinary divdend of 2$ per cent. An increased interim dividend is announced by Amalgamated. 'Wireless (Australasia), Ltd. The dividend is at the rate of 7 per cent, per annum. Last year the interim and final dividends were each 3 per- cent., making 6 per cent, for the year. Accounts of the Poster Brewing Company, Ltd., for the half year ended January 31st reflect the smaller earnings of the Carlton and United Breweries, Limited, as its shareholding in that company is its chief ■puree of revenue. Income from dividends has fallen bv £IO3B, in comparison with the corresponding half of last year, when, however, a smaller net profit was shown owing to heavy pro- ' vision for taxation. An income tax reserve of £1690 is shown. The ret profit shown is £l9 short of the rmount required for the dividend and bonus of 7J per cent., which has been dedared.

FROZEN PRODUCE LETTER. GOVERNMENT STIMULATES PRODUCERS. grading home produce. (From Oub Special Correspondent.) LONDON, February 4. The English of Agriculture is setting a good example to similar authorities in all parts of the world by its recent activities in tho practical measures of stimulating enterprise wnich it is pressing upon meat and other l'oqd raisers in this country. Some particulars of its' activity in this direction are not without interest to New Zealanders. In order to seeuro a larger share for home-produced tood in the Home market, the Minister for Agriculture, Sir John Gilmour, lias recently, been holding conferences of producers and consumers. An important meeting of this kind was held only this week at Westminster, to which were ' iiivited the proprietors and representatives of hotels, restaurants, .and other large catering establishments, includiug railway and shipping provisioning organisations. The Minister's object was to urge all of these institutions to 'make greater use in their businesses of Ilyme-growri foodstuffs, the purchasing power of olio interests represented amounting to nianv millions sterling per annum. At this conference several speakers agreed that it would-be possible to use much more mutton, lamb, and veal in their businesses if it wero produced to the sizes and qualities which • they required. They'emphasised the fact.that they could use large quantities of milk-fed lamb in the first three months of the year if these supplies were forthocming, and there was also a need for supplies of white-fleshed veal, sweetbreads, etc., of the type now produced in largo quantities on the Continent. Mr Arthur Towle, a prominent railway catering manager, mentioned that the supplies of English veal were at present so unsatisfactory from this point of view that the L.M.S. Railway Company had been compelled to discontinue >ts use in. their catering service. Others present concurred in this criticism.

Meat Grading and Marking. . Dominion readers will already have heard much concerning the system of meat grading : and parking which has been set on foot at a. few' leading centres in Great Britain by the Ministry of Agriculture. The system has not yet secured considerable hold on the trade, owing to strenuous opposition—mostly of a passive nature—on the part of meat traders .themselves, iliey complain that great waste of public funds is engendered by this Government syftem, which profits neither the produce!' nor the consumer. The Government stubbornly resists these efforts to checkmate its enterprise, and the most recent proposal is that the Government shall foster the organisation of National Mark Associations among meat retailers np arid down the country. This suggestion has been received with much indignation in butchering circles, which denounce this move as a conspiracy on the part of the Government to organise meat traders against their own industry. It is likely that the National Federation of .Meat Traders' Associations will violently oppose the Mark Association campaign. It may be generally paid that meat marketing appear* to havo tde very slenderest claims-rod.: the' affection of the housewife, who cannot l>,e said in any large numbers to have nsen to this, system of attempting to define between, first and second quality meat. Tin- consumer .appears to 'be content to leave this to' the : butcher and the huyei;. : '. , •

Cattle T.B. Immunisation. which -th<J 'cables teceritJy' spread of the revelation of his tuber- 1 culosis .serum, formula by " that prominent' bacteriologist, Mr Spahlmger, bqarg in it much interest to cattle raisers-in all parts of the 'world. * A brief comment on the situation is that , r ,. Spahlinger; has . convinced many, leading authorities, including' principal parties in- Great Britain,, that, his; vaccine is not /only 'safe' for" treating subjects—human or bovine—because 10 is not based (in living Bafcterial organ-' ism, but that . the - official tests con--dftcted in; England, as Well asom the' Continent of. Europe, have proved' its. almost hundred per cent, reliability in the effective treatment of cattle. 'Official tests, including one most influenwatched in Norfolk, England, appeared to have proved this to the hilt, and now that Mr SpaHlinger has presented his secret to the public in the cause of humanity, having > previously refused alluring offers for its exploitation on a patent-basis, it may possibly transpire that cattle-raisers may be given the opportunity of treating their herds with that degree of universality which will in time go far to eliminate the scourge of human tuberculosis among our populations. N.Z. Prlme Lambs on Smithfleld. Last month's display of prize lambs from the Manawatu Show at the London Central Markets drew the highest eulogium that could possibly be bestowed on a frozen meat display. For their quality,, size, regularity, and condition, the carcases were declared perfect by those who saw them at Smithfield The exhibits, which had been judged on the hoof in the Dominion, were also judged in final carcase form on the hooks in Smithfield, with the result that although Mr R. McDonald's pen of lambs secured first place in both instances, that displayed by Mr H. R. Green came next, according to the London judges' award, although not taking an award in the Dominion.

BRAN AND POLLARD. An increase of 10s a ton lias taken place in the prices of brnn and pollard. The new rates are £5 10s for bran, aticl £7 for pollard. PRICE OF GOLD. (UNITED PRESS ASSOCIATION —BY ELECTRIC TELEGRAPH—COPYBIOHT.) (Received March 16th, 5.5 p.m.) LONDON, March 15. Gold (per fine ounce) is quoted as follows: — £ s. d. March 15th .. .. 514 0 March 12tli .. .. 5 16 8 March 11th ... .. 5 13 8 PRICE OF SILVER. ISBITIBB OFFICIAL WIHELHBS.I (Received March 16th, 5.5 p.m.) RUGBY, March 15. Silver (pence per ounce) is quoted to-clay as follows: March 15. March 14. d. d. Spot .. 18i 18 7-16 Forward .. 18J 18 9-16