NOTES FROM WELLINGTON.

Hokitika Guardian, 5 October 1918, Page 1

NOTES FROM WELLINGTON.

WELLINGTON, Oct. 2. Tho share market here j s quiet • that is to say, business has been slack for several days. This may he in part attributed to the fact that the Bank of New Zealand, National Bank, and Bank of New South Wales have closed their half-yearly balancing period, and also | that- several of the merchants are onj gaged in stocktaking. The lull, ot . course, is only temporary, and another another revival in the share business may be expected The surrender of Bulgaria and the pjrobhblo surrender of Turkey, will haxe an cxhiliarating effect on stock exchanges generally, but- the question that investors will have. t n consider is whether the return on some of the the shares is sufficient, in view of the probable advance in interest rates. Most, bankers and financiers are of the opinion that when the Goverments lift the embargo they now exercise over the money markets, there will be a scramble for money from States and large corporations, and rates will advance. There are also currency problems to b<> solved for steps must be taken a s early as possible, to reduce the paper currency, which is at preeent very much inflated. In connection with this matter, it is believed that special efforts will have to made to develop the gold-miuing industry, both in the direction of finding new fields, and in reducing the cost of production. The price of gold to-day is the same as it was in 1914, while the commodities necessary for carrying on the industrv have risen enormously.

An illustration of how stupidly the Government departments may operate when they follow too closely the red tape, is shown in the case of shipping produce to the United States. The American War Trade Board insists upon preference being given to pelts, liemp, kauri gum, and copra, and merchants have chartered vessels for tin 1 Pacific trade on the basis of 32d015. 50 cents per ton, the rate fixed bv the Inited States War Trade Board . There are now no pelts for shipment to America, no copra, very little hemp, and less gum, Tn view of this strenuous efforts were recently made on behalf of Now Zealand exporters, through the British Ambassador at Washington to allow tallow to he shipped to make up a full cargo, and the reply has been in the nature of an emphatic refusal. This means that New Zealand exporters who have chartered vessels will have no option but to ship dirt ballast as stiffening cargo and pay the chartering rate about '’£6° 10s. per ton on this dirt. In the meanwhile tallow is accumulating in: this country, it; being estimated that there are now 100,000 casks in store

The produce markets here are firm. The potato market is very firm on account of the stocks in store being greatonly very small quantities will he received from Australia for several weeks tq opine. The potatoes which have lieon coining forward from the South lately have arrived in unsatisfactory condition owing to blight. The wholesale price here is about £ll to £l2 pci ton.