COMMERCIAL

Hokitika Guardian, 19 November 1931, Page 3

COMMERCIAL

ANOTHER RISE. AUSTRALIAN SECURITIES. I United Presei Association.—Ly Electric Telegraph.—Copyright. J LONDON, November 16. Australian securities were again m ■demand, they mostly advanced by • £1 to £2. > [ ' RETURN OF MONEY. I i FROM N.Z. TO AUSTRALIA. '• MELBOURNE, November 17. I The Chairman of the Associated Banks states the Victorian trading l banks are not contemplating any immediate drop in the rate of exchange. Messer® J. B. Were and Sons, stockbrokers, circular advises their clients . that in view of the .uncertainty of the exchange rates,- no time should be lost in bringing back the capital that has removed from Australia to New Zealand and to London two years ago, as the outside exchange market is expecting some alteration shortly. , SYDNEY, November 17. Tlie President of the Graziers’ Association (Mr Tout) said he learned with grave concern that there was a distinct possibility of the exchange •rate being reduced m the near future. “The reduction in the rate now would be directly or indirectly reflected in the wool market, and would certainly act as a check to further rise® in wool prices. ' Wool i® yet selling below the cost of production, and any setback in tlie market would adversely affect all I Australian industry and business.” AUSTRALIAN STATE BANKS. SYDNEY, November 17. The Commonwealth Bank Board are not discussing the exchange position at the meeting to-morrow. It may do so later. Their meeting is to further consider the proposed Saving® Bank merger SYDNEY WOOL MARKET. SYDNEY, November 17. At the wool sales, ,11,204 bales were offered and 10,469 were sold, also one thousand bale® were disposed of privately. Competition was well sustained on Bradford, Japanese, French and German accounts. Greasy merino made 18-Id. SYDNEY WOOL SALES, SYDNEY, November 18. At the wool sales to-day, 11,611 bales were offered, and 10,721 were sold, ■also 2.137 - were dispased of privately. Skirtings ivere particularly firm, and a hardening tendency was noted for coiriebacks“nnd crossbreds. Grejasy merino made 18(2 pence. Comeback wool made a fresh record of 16 pence. Crossbred lambs’ wool sold up .to 151 hence. SHIPPING COYS’ RECONSTRUCTION. LONDON, November 18. The holders of debenture stocks in the Royal Mail Steam Packet Company and 61 per cent, guaranteed preference shares in the White Star Line, will be called upon, probably in January, to consider a scheme for reconstruction, which has been drafted, and is now being considered by the Banks and the other creditors; Meantime afurther extension of the moratorium i-s necessary and arrangements are being made accordingly.

ADVERTISING MACHINERY. LONDON, November 18. A quarter of a million ton® of British-made machinery is on view at a public works road transport exhibition at Islington, London. Apparatus used for constructing,, maintaining ami lighting highways and controlling traffic forms a prominent feature of the show. ),• v