FINANCIAL

Gisborne Times, Volume VIII, Issue 538, 4 October 1902, Page 3

FINANCIAL

The issuo of short dated debentures in tho colony is becoming very common, and is ono feature that tho London Stock Ex-

change resents. There will be no chance to borrow in London until January next, and even then tho colonies will have to pay dearly for their emissions. Interest rates cannot bo less than 31 per cent., and this will upset the calculations of the State socialists, and will particularly affect tho Advances to Settlerß and Lands for Settlement schemes.

But, it must not be supposed that New Zealand is specially singled out, or that the credit of this colony is any lower than the others. On the contrary, the Stock Exchange quotations for New Zealand securities are relatively higher than the States of tho Commonwealth. Colonial crodit, generally, is lower than formerly, and it is a position the colonies must face. There is nothing very oncouraging in the reports of tho London wool sales now current. Tho cablo messages published in the daily papers, more particularly with respect to tho opening of the saleß, have been very conflicting. The market appears to be firm for fine wools, with a slight upward tendency, but coarse crossbreds aro uDchanged. This is clearly proved by, the prico realisod by the wool sent home by the Gear Company, which fetched an averago of Od per lb. The Gear wool is representative of the class of wool grown in the Wellington district, and Od is apparently a fair average prico. This would not about 4d in Wellington, which is not very encouraging. The Sydney mutton market has slumped, and tho later shipments from this colony must havo resulted in perious loss to the consignors. The general public will not regret this if it leads to a fall in values locally. The avorago householder is finding the meat bill a serious burden. Beef is likely to continue firm in Sydney for a little longer, but prices must eventually slump. Australia has had some splendid rains, and the grass will soon be knee-deep. With plenty of good pasture, tho cattle will soon bo got into marketable condition.

Tho Wairarapa Farmers’ Co-operative Association has had an excellent year, and the balance-sheet now in tho hands of shareholders is the most satisfactory one yet issued by the Association. • The W.F.C.A. made a profit of £11,243 Isjlld, and, with £4611 14s lid carried forward from tho previous year, there is available for distribution £15,854 16s lOd. But, from this amount should bo deducted Government tax and honorarium to directors, for theso are ordinary charges against the Association. —Lance.