TRADE RECOVERY

Evening Star, Issue 22464, 8 October 1936, Page 7

TRADE RECOVERY

INCOME FROM EXPORTS FARM COSTS AHD PRICES “ We meet this year at the end of a Season which has yielded New Zealand *n income from our exported produce of nearly £54,000,000 for the 12 months,” commGntod. IVXr Amaucl M'Kellar, in a review of the Dominion’s trade position at the annual meeting of the New Zealand Farmers’ Co-operative Association of Canterbury limited, in Christchurch. “This is £8.000,000 more than last year, nearly £19,000,000 more than the Dominion received in the years 1931 and 1932, and is the peak for the seven years (Since 1929.’’ In these seven years, Mr M'Kellar »aid, the country had its export income reduced by just over £80,000,000 from what wbuld have come in had the export income been maintained at the £35,000,000 level of 1929. despite the fact that exports had increased steadily Jn volume during the period. “It is undeniable,” he continued, V* that New Zealand’s general level of prosperity has always been closely alilied to the size of its income from overseas. and this year’s increase to £54,000,000 has been reflected in business generally. “ Satisfactory as is this present trend "towards recovery, the Government’s price index for August, 1936, shows our export prices for pastoral and dairy products to be only 15 per cent, higher than they were in 1914, and 17 per cent, less than they were in 1926, while Wage rates in August were 44 per cent, higher than in 1914 and only 8 per pent, less than in 1926. “ Wages and other costs are now rising, and it is to be hoped that primary produce prices will rise also, etherise we shall again suffer disparities in farm costs and prices which have caused so much trouble in recent years, COMPANY EXPENDITURE. " Recent legislation will increase expenses of this association in the meantime by amounts which we have calculated will aggregate a sum of over £20,000 per annum. It is true that the same legislation will influence this extra money into circulation and that it should stimulate business, “ In some quarters it is stated that the extra profit made _by mercantile firms such as this association, will balance and compensate for the extra outlay. I do not share that view, for I cannot see how money paid out as extra expenses can all, or even a major part of it, come back to traders as profits. It may come back as turnover, but profits these days are only a very small part of turnover. “ However, we are going through a very interesting social experiment, the objects of which must have the sympathy of reasonable people, even while they are doubtful whether the methods will stand the test of experience.” AUSTRALIAN STOCK EXCHANGES Press Association-By Telegraph—Copyright SYDNEY, October 7. The investment market was rather quiet to-day, but there was inquiry for most front-rank industrials at higher figures. Gold shares showed a firmer tendency, as did tin shares.

DURA TUNNEL TRAFFIC The growth of trade between the [West Coast and Canterbury is reflected In the tonnage statistics for the Otira [tunnel. For the first six months of the present financial year 340,102 tons of goods were transported through the {tunnel from the West Coast, as compared with 318,148 tons for the corresponding period of last year, an inbrease of 21,954 tons. Coal and timber were the principal lines handled. {Last week goods carried amounted to 12,604 tons, against 10,941 handled during the corresponding week of last Jrear, an increase of 1.603 tons. The two peak days were Wednesday and (Thursday, the tonnages being 2,457 and 8,464 respectively. SYDNEY WOOL SALES press Association—By Telegraph —Copyright SYDNF.Y. October 7. At the wool sales 12,018 bales were bffered and 11,380 sold, while 2,184 were disposed of privately. The market ruled in sellers’ favour for all descriptions. There was strong competition from Yorkshire and the Continent, preasy merino made 21 id.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bant of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchange (all rates subject to alteration without notice); — Buying. Selling. London—£loo stg. N.Z T.T. £124 £124 10/ O.D. £123 10/ £124 8/9 Australia—£A to £IOO. N.Z T.T. £lOl £IOO 10/

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alterations without notice: — U.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING—

£ s. d. Bank of Australasia 12 0 0 Tooths 2 16 3 CTooheys 1 11 9 Goldsbrough, Mort 1 14 0 ■Morris, Hedstrom 1 6 6 Millaquin Sugar 2 2 9 Electrolytic Zinc 2 4 3 Australian Gypsum 0 19 10i Meggiits 1 7 6 Sargents 1 9 0 [Waldos Shoes (New Zealand delivery) 1 14 0 Cash Orders 1 4 6 Mount Morgan 0 14 8 Mount Lyell ... ■ 1 10 0 Broken Hill Proprietary ... 3 18 3 South Broken Hill 6 4 0 North Broken Hill 9 14 0 Bulolo Deposits 0 2 3 Placer Development 4 18 6 New Guinea Goldfields 0 4 9} Ilawang Tin 0 9 0 Peninsula Tin 1 4 0 Takuapa Tin 1 1 3 Tanah Biji Tin ... 1 0 0 MELBOURNE, October 7. There was a firm market for Indus{rials. £ s. d. National Bank (£5 paid) 7 4 0 British Tobacco 2 2 6 Carlton Brewery 3 3 0 G. J. Coles 3 18 6 Drug Houses ... 1 10 6 lAust. Iron and Steel (pref.) 1 6 0 •Australian Glass 4 14 9 Dunlop Perdriau 0 17 3 Dunlop Perdriau (pref.) ... 1 14 0 [Electrolytic Zinc 2 4 9 Electrolytic Zinc (pref.) ... 2 6 9 [Victoria Nyanza 0 12 9 ■Mount Morgan 0 14 8 Mount Lyell ... 1 10 0 [Broken Hill Proprietary ... 8 18 6 North Hill 9 13 6 Zinc Corporation 4 11 9 Emperor ... 0 15 2 Loloina 1 3 3 Myers 1 3 3 Kauri Timber ... 1 4 7 jSilverton Trams 1 19 § Sulphide Corporation 0 16 5 QETume Pipe ... 0 19 0 Melbourne Electric Stock ... 0 19 3 lYarra Falls 2 0 6

Fiji— £F to £100 N.Z. ... T.T. £90 7/6 £89 New York— Dollars to £1 N.Z .. T.T. 3.95J 3.921 O.D. 3.97^ 3.92J Montreal— Dollars to £1 N.Z .. T.T. 3.95| 3.924 O.D. 3.96J 3.92| Austria— Schillings to £1 N.Z ... T.T. 20.77 O.D. .— 20.79 Belgium— Belgas to £1 N.Z .. T.T. 23.224 O.D. — 25.235 Denmark — Kroner to £1 N.Z. ... ... ... T.T 18.205 17.893 O.D. 18.263 17.903 France— Francs to £1 N.Z .. T.T. 84.00 O.D. — 84.04 Germany— Reichmarks to N.Z £1 .. T.T. 96.93 O.D, — 96.98 Holland — Florins to £1 N.Z. .. T.T. 7.332 O.D. — 7.336 Italy— Lire to £1 N.Z .. T.T. 74.49 O.D. — , 74.54 Java — Florins to £1 N.Z .. T.T. 7.298 O.D. 7.302 Norway— Kroner to £1 N.Z ... T.T 16.181 15.891 O.D. 16.241 15.901 Sweden— Kroner to £1 N.Z ... T.T 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £1 N.Z . T.T. 17.003 O.D. —• 17.008 Noumea — Francs to £1 N.Z . T.T. 82.63 O.D. — 82.69 Papeete— Francs to £1 N.Z . T.T. 82.78 O.D. — 82.04 Hongkong— N.Z. pence to 1 dollar T.T. 18 21-64 18 53-64 O.D. 18 19-64 ' 18 13-16 India and Ceylon N.Z. pence to 1 rupee ... . . T.T. m 22 21-32 O.D. 22 11-32 22 41-64 Japan— N.Z. pence to 1 yen T.T. 17 33-61 O.D. 174 Shanghai— N.Z. pence to 1 dollar T.T. 17 23-32 i8 5-32 O.D. 17* 18 9-64 Singapore— N.Z. pence to 1 dollar ... . . T.T. 34 23-32 35 13-64 O.D. 34J 35 3-16

T.T. (dol) ... ... 3.92| 3.92* O.D. (dol) ... ... 3.92J 3.92 j BUYING— T.T. (del) ... ... 3.95J3.95J O.D. (del) ... ... 3.97g 3.96J