WELLINGTON NOTES.

Hokitika Guardian, 12 September 1924, Page 1

WELLINGTON NOTES.

I.ON DON KXC'IJLANGK RATES. (Special to “Guardian”.) WELLINGTON, Sept. 10 The associated hanks announce another variation of the exchange rates Loudon on Australia. The hanks in London are short of credit in Australia, and possess a superabundance in London, consequently they are eager buyers of drafts on Australia. A Loudon merchant who has to reicivc money from an Australian can sell his :t:i days' draft for L'loo to :i bunk with Australian connections for Clill Ills I'd, while previous to Tuesday he received only .909 8s !!d, so that there is now a saving of ."is. The buying rates London on New Zealand are higher, hut it is the selling rales tliaL afford the test. The hanks in London will sell to a client L'loo credit in Australia for UHI2 Ids in London on telegraphic transfers and this is bs per cent more than it was last week. The transfer of t-'L'IO of credit from London to New Zealand would lie done at 9101 Ills so that the rate on New Zealand on a telegraphic transfer is lids lower which menus a big saving to the producers of this country as com pared with what the Australian producers have to pay. There is. ol course, a big demand for credit in Australia jusl now because the export season has begun there and the season’s wool sales have commenced, but in New Zealand we lmve yet about seven or eight weeks before our export season begins and the demands for credit become pronounced. Our hanks will have no diU’ieulty in providing all the credits that may be required because there is a certain amount ol elasticity in respect to our note circulation, which is non-existent in Australia. It is not know'll definitely whether the Australian Note Hoard has definitely arranged for an increase in the note issue. It appears that the Heard and the hanks agreed that the additional currency should lie 95,()!)().Ofit), repayable as to 9M,IIOI).nf)l) on June .'HI, and as to C—,otltl.lU)o oil July Ml, Ril'd. The Note Hoard however, require* the hanks to pay 7 per cent interest, and on this point the parties are believed to have disagreed, lit! ITA IN'S DEI’R ESSIO.Y.

The remarks of the Prime Mini.xier respecting Hrilain's depression, made at Mangere last week-end are not taken verv seriously here. Mr Massey said that if Germany could get a clear start with 9 10,009,000 to he raised a* a loan it might result, in the most serious competition that heavily-taxed England had had to lace lor many a long day. England was the Dominion’s best market, and, it was to he Imped, would remain so; hui the position in England was very serious, and it the present depression continued it would no doubt reach New Zealand. Wellington people are wondering whetherAir Alassey is trying to prepare the producers to expect another slump. Level headed business men here do not take the same pessimistic views. Tliev point out that the loan ol (MU,(MIO,(HID will carry the still' interest rate of S per cent and is to enable Germany to set. up a new bank on an internal gold standard. Germany lias to nav in addition lo the interest on the hi 910.000.000 at least 9100,009,000 per annum in respect to reparation. At l-ast 95*1.000,000 is to l.e paid out of re veil 'null year and this V ill iinolv.' I lie (lei mall people in lion k \ laso Imu 'in ilnpo'.e nil < on' main- the same heavy taxation lliat her creditors are paying was the aim of Ihe Dawes ( ommit tee. (.erliinn.k must litl.v raw material, and she i* , erlain to he a very big htiyci ol An l ralian wool. It will I.• I'munl in the long inn that the eo-ts ol production in Gerinativ will approximate to the eo-ts in other countries, and Germany will have the further dillictilty ol overcoming special tnrili' barriers and dumpin'' laws. It Hrilnin sutlers Iroin a depression it will l.e because her artisans and mechanics and workers generally are not producing to capacity. Britain will null Ihrimglt against German competition. WELLINGTON COM PETITIONS. T| t .. competitions which began on August I’M will terminate on Saturday and if anything the talent competing |,a s I,ecu better even than last year, and it is evident that New Zealand will not lack for singers or instrum "i.talists of quality. Competitions m I’m dances and canoe dames have appealed to the Maoris of the Wairarapa and tliev have sent three »r l"»> croups ol verv clever perloriners. Ihe H.-sl display of single Poi dancing was verv effective, the rhythm ami pr» the dancers being remarkable. The disappointment of the compel i--1 ions has the choiv tests and It seems necessary that clearer delin,t ions must l.e set up between ehoia soeiel ies and the ordinary church choir II is suggested that the ‘iioir contest should consist "f two grades, -A” grade to comprise el ol to 10 or ••»(> performers and ”H” FT 111 ’ 1 ' *’[ choirs of 211 and under. This would oive the small church climrs a chance.