U.S. REDISCOUNT RATE

Sun (Auckland), Volume III, Issue 670, 23 May 1929, Page 10

U.S. REDISCOUNT RATE

RISE CAUSES DECLINE IN STOCKS MANY ISSUES SLUMP (Australian and N.Z. Press Association) Reed. 10 a.m. WASHINGTON, Wed. The Federal Advisody Council at « special meeting with tl # Federal Reserve Board recommended the board to approve increases in the rediscount rate to 6 per cent, for all Federal reserve banks that request such a rise. : As a result of this latest develop- ! meat of the credit situation the stock ; market suffered a broad general de- | cline today, with losses from 3 to 15 I points in many issues, j High-priced specialties slumped more than 10 points, and at times the market verged on an open break hut the weakness was never allowed to go too far, for support appeared at critical moments, and there were intermittent rallies

‘ORANGE DALE” JERSEY HERD

FAIR DEMAND AT AUCTION (From Our Own Correspondent) THAMES, Wednesday. A dispersal sale of Mr. W. J. Hall’s j “Orange Dale” Jersey herd was held yesterday at Matatoki. There was a large bench of buyers, but prices were not up to expectations, although younger stock realised good figures. The top price for bulls was paid for Young Orange Dale Duplex, 130gns. The top price for cows was 230gns., paid for Orange Dale Alice, champion at the Royal Show and other shows. The former was purchased by Mr. : W. E. Busche, of Waihi, and the latter by Mr. H. J. Barford, of Te Poi The total amount realised was 5,631gn5. A number of cattle were bought by Mr. W. A. Withero for Fiji, but the majority will remain in the Auckland Province.* PARKER LAMB TIMBER CO. NET PROFIT OF £3,002 A net profit of £3,002, compared with £3,721 for the previous year, is shown in the report and balance-sheet of the Parker-Lamb Timber Company ; for the year ended March 31, 1929. The ; directors recommend the payment of a i dividend at the rate of 5 per cent, j So far as the timber trade is con- ; cerned, states the directors’ report, adj verse trade conditions are handicapping ! it, both at home and abroad. Building | has been very slack, and competition from imported timber has had the effect of causing further unemployment among New Zealand timber workers. Labour troubles have practically killed the Australian trade for the time being. The Government is considering the question of stabilising the industry in New Zealand, however, and the directors hold the view that a general trade revival is at hand. During the year the company purchased several valuable bushes, which will provide cutting for several years to come, but it must be realised by shareholders that, the procedure involved considerable capital outlay, which will not bp revenue producing for some years to come. The resignation of Mr. W. J. Parker from the directorate is recorded. Messrs. A. J. Haszard and G. J. Brown© retire from directorate, and Mr. Browne offers himself for re-elec-tion. A comparison of the company’s fin--1 ancial progress over the past five years i Is as follows: Year. Gross Net Ended Profit Profit Dividend 1925 £34,105 £7,*13 10 per cent. 1926 36,350 7,034 10 per cent. 1927 39,651 3,9346 per cent. 1928 28,345 3,721 6 per cent. 1929 26.441 .3,002 5 per cent. to income tax. BIG COTTON MERGER TO -STOP PRICE-CUTTING (United Service) Reed. 9.5 a.m. .LONDON, Wednesday. A big merger of spining mills in the Egyptian section of the Lancashire cotton trade is announced. The Times” says it already- includes 30 mills, comprising more than 3,000,000 spindles, but other firms owning nearly 2,000,000 spindles have asked to be allowed to join. The merger’s underlying idea is to prevent pricecutting. HIGH PRICES FOR HEREFORDS Press Association * BLENHEIM, Today. The most successful stud stock sale in Marlborough for many years was held yesterday, when Mr. F. E. Fairweather, Blenheim, sold stud Hereford cattle from j his Stronvar and Glazebrook properties. Cows realised from 9Jgns to iTgns; ! yearling heifers. Signs to 1 Ogns : bull | calves, 6igns to 27gns ; heifer calves, ; 4£gns to Ggns. CHICAGO WHEAT MARKET (Australian and N.Z. Press Association) Reed. 9.5 a.m. CHICAGO, Wednesday. Wheat. —May, 1 dollar 3 cents a bushel: July, 1 dollar 6 1-8 cents; .September. 1 dollar 10 7-S cents; December, 1 dollar 14 3-S cents. MINING NEWS OCCIDENTAL-UNA.-The manager reports for the period ending May 18: “We are still continuing to stope the north end of the No. 2 reef, which is looking well, with colours of gold still showing, interlaced with blend. In the hanging wall of the No. 2 reef we dis- ; covered another reef about a foot in j width, showing nice colours of gold. I Crushing was discontinued for the last three days owing to the water-race being damaged by the recent heavy rains. The damage has now been repaired, and j crushing operations have been resumed, ! working two shifts.” A.P.A. NEW OFFICES The offices of the Australian Provincial Assurance Association. Ltd., as advertised in this issue, are now in 1 Yorkshire House, Shortland Street.