COMMERCIAL NEWS.

Hokitika Guardian, 30 October 1920, Page 2

COMMERCIAL NEWS.

TOtAIU FLAT SALE. Messrs 6. W. Moss and Go. report their sale at Totara Flat Yards on Wednesday as follows: —The advertised entry was duly yarded, but competition showed a marked decline on former sales, and gnviers were not inclined to buy at vendors’ reserves. Several hues were passed under the hammer butplaced by private treaty during the day. We sold springers from £l4 to £l3 17s cows with calves at foot £l*s to £l2, 38 three-year-old steers £lO, five at £0 10, six fat cattle £l2 (handy weights), a. line of good three and four-year-oid bullocks made £l2 10s, fifty fat ewes and wethers sold at 435; 48s 9d was offered for a line of heavy fat wethers, but was not up to vendor’s reserve.

WELLINGTON, Oct, 26. There is undoubtedly a distinct tendency for shares to recede in market value ,and so,, long as the downward movement is slow- and steady, no harm will he dqpe. Such securities as stocks and shares have to conform to ' changed conditions. But what really caused the markets to sag has been the taxation proposals. This, added to the higher value of loanable money, brought about the definite fall in values. The locad bodies are realising that it is not posible to borrow in New Zealand at 51 per cent. The Auckland City Council claims to have made a test

of the market, and lias come to the conclusion that a higher rate must ho offered investors. The Wellington City Council is preparing the prospectus of the loan of £250,000, the first portion of the loan £1,700,000 authorised by the ratepayers, and Mr Luke, the Mayor, is optimistic- enough to believe that the city will get the money. It would be very remarkable if Wellington is experience differs from that of Auckland. We may shortly look for the Government loan, subscriptions to which will be com- ( pulsory. When this loan is on the market all the funds available for investment in such securities will be absorbed.