CORNER TURNED

Gisborne Times, Volume LXX, Issue 11124, 6 February 1930, Page 5

CORNER TURNED

AUSTRALIA'S ECONOMIC POSITION

SHARE PRICES RECOVERING

WOOL MARKET IMPROVED

United PTeee assn .r:y El. Tel. Copyright (Received Feb. 5, II p.m.) SYDNEY, Feb. 5. The Prime Minister announced today that the - Federal Parliament would re-open on March 12. A conference of Federal and State Ministers is being held on February 20, at which the financial and economic position of Australia will be examined.

The gloomy atmosphere on the Stock Exchange was replaced today by buoyancy, which was the most marked' for many months. Prices of better class securities made an. excellent recovery, the increases :n the share prices representing more than £3.000,000. Australian Ban k of Commerce rose 1/-, the Commercial uank of Sydney id’/-; E.». and A. Dank and Bank ot New South Wales 22/0, and British Tobacco 1/6. Another favorable development is the improvement m the wool market, which it is believed has turned tlio corner. At the wool sales the offerings were 10,001 bales ad 9502 were sold, in addition to 1033 privately. There was very strong competition from the Continent, Yorkshire and tho United States, all the best features of the previous sales being produced. Greasy merino made 23jd. CONVERSION LOAN AT 0 PER CENT. REPORTED WELL RECEIVED United press Assn, by El. IVI. Uepynglu (Received Feb. 5, 11 p.m.) SYDNEY, Feb. 5. Of Australian loans maturing this year, £70,000,000 are represented by Commonwealth 6 per cent, bond stock redeemable on March 15 and December 15. The balance are State issues bearing varying amounts of in terest. Tho first conversion loan las already been launched locally. It will bear interest at 6 per cent, aud lias been well received. Though the prices of Government securities have fallen locally recently, they have not suffered such a severe setback as in London. The Coimuowealtli 5 per cet. 19-13 bonds, for instance, are in demand on the Sydney exchange. at £93 15s, whereas the 5 per cent. 1915-75 stock in London recentlysold down to £BS 7s 6d and are now n orth £B6. Commonwealth 6 per cent 1931-41 bonds are at 30/- discount in London but, locally, 6 per cent. issues are worth par or thereabouts, when tho accrued interest is deducted. As it costs 52s 6d per cent, to buy drafts on London it would not bo profitable for Australian or other investors to earmark funds lor the purchase of 6 per cent, loan stock on tho London market at this juncture. COAL SETTLEMENT NEGOTIATIONS. ROTIIBURY MINE A STUMBLING BLOCK. WITHDRAWAL OF DOLES CONTEMPLATED. Dotted PTe«n Ainm. by El. Tel. Copyright SYDNEY, Feb. 3. Hope has emerged once ■ again from tho silence which enveloped tho latest coal settlement negotiations. All parties, and ■ Federal and State mines, employers and m.iiers’ representatives maintain secrecy over some of the most delicate adjustments yet attempted. It is believed the basis of the agreement will provide for the Federal Government carrying the disputed proportions of (lie production cost reductions until the Arbitration Court gives its filial award. Messrs Scullin and Theodore went to Canberra last night and wijl return to Sydney at the week-end. One of tho stumbling blocks is the Rothbury mine, hut it is rumcured that the State Cabinet will do everything to forward a ,settlement unconditionally on sufficient assurances of sincerity being given. It is reported from Cessnock that Mr. John Brown, owner of the J?elaw Main and Richmond 'Main collieries, visited tlio fields during the week. He declared that if the militants could he : .subdued the trouble Would bo over in a fortnight. Branxtou members of the-Miners’ Federation have been cut- off the dole lowing to their retusal to lilt the “black” ban. It is now stated that the Government is considering the withdrawal of all doles being paid to out-of-work miners on tbb northern held. Cabinet contends that in view of the financial stringency it cannot afford to keep men for whom work is available. Before the actual withdrawal is ordered an effort will bo made To persuade the men to accept work offering. The present figures show that 16-50 miners rre receiving the dole, tine weekly cost of which is £1360. There are also 3000 families on tiie coalfields d- awing an endowment at an average of £3S a year per family.

PEACE IN COAL INDUSTRY HIGH HOPES' NOW ENTERTAINED Oaltrtl Press Aean. by El. Tel Oopyrigbi (Received Feb. B, 10.10 p.iu.) SYDNEY, Feb. 5. The coal conversations between tlie Prime Minister and the Premier liavo been suspended until tlie weekend. High hopes are entertained in Federal political circles that peace in the coal industry’ is imminent. The Commonwealth Government has renewed its offer of nmepenco per ton in wages either to owners or miners, pending further examiation of rates which the industry can afford to pay Certain objections have been made to this offer by Mr Bavin as well r-s by tlie owners. Mr Bavin objects to- i be taxpayers being saddled with a- coal subsidy twice over, since lie is also expected to reduce freight and handling charges, which amount to a less of revenue, while the owners are opposed to a patched peace. The 1 rune Minister inssits that it would be better that these terms be accepted than allow the industry to be ruined The number of unemployed m New South Wales is estimated at 30,000. of which 10.000 are coal miners. The number_of unemployed months ago was 7000. SYDNEY LOAN FLOTATION IN NEW YORK United Press Assn, by El. Tel- Coovritiht NEW YORE, Fob. 4It is understood Sydney has just completed negotiations for the flotation of a loan here. Uni tod Press Assn, by El. Tel. Copyright (Received F&'j. 3. 8.3 p.m.) NEW YORK, Feb. 5. Messrs Blair and Co. state they are negotiating tn c ‘ o «n D ut aecl,ne to indicate the terms at the present time. NO DETAILS AVAILABLE United Cress Assn, by El. Tel. Copyrighl (Received Feb. 5. 11.35 D.m.) SYDNEY. Feb. 5. Regarding the completion of negotiations for a loan in New York in quiries of civic commissioners here elicited that, although arrangements were being made for a loan, there was no information available conrertiing it