CHEERFUL MARKET

Sun (Auckland), Volume III, Issue 751, 26 August 1929, Page 10

CHEERFUL MARKET

LONDON BRIGHTENED BY AUSTRALIAN GOLD REPORTS FROM HOME (Australian and N.Z. Press Association) Reed. 9.5 a.m. LONDON, Saturday. Although the holiday season is at its height, and business on the Stock Ex- i change is somewhat restricted, the tone ; of most of the markets is cheerful, and ! prices are well maintained. The unfavourable monetary conditions, especially the heavy drain of gold from the Bank of England and anxiety regarding the result of the Hague Conference, might have been an expected cause of depression and nervousness, but the reverse has been the case, and with gilt-edged stocks leading the way almost every section is showing an im- j provement in prices. Txie news that Australia is shipping' £1,000,000 in gold to England has been welcomed, being regarded as an evidence that Australia is anxious to help to improve our monetary situation. Regarding this, the ‘‘Financial Times” writes:—“Australia has a direct interest in the monetary condition in other parts of the world, especially in London and New York, on account of the essential part .which loans play in the development of the country. The Federal Loan Council had hoped to borrow further in London shortly, but the trend of events has put that practically out of the question, whild the general hardening of the money rates is likely in the course of time to react on those ruling in the Commonwealth itself. In such circumstances it is obviously to the advantage of Australia to take any tseps that will be likely to retard or prevent the development of still more unfavourable conditions in London. It-is to this purpose that the shipment of £1,000,000 is sent bv the Commonwealth Bank, and other similar ones are believed to be in prospect, and will be devoted to building up the Bank of England’s gold supply. This knowledge has already had the effect of increasing confidence to some extent, even though it is recognised that the shipments will replace but a small part of the amount recently withdrawn from the Bank of England.” DAIRY PAYMENT TE AWAMUTU RETURNS JULY ADVANCE SUM (Special to TEE SUE) TE AWAMUTU, Today. For July at the Te Awamutu Cooperative Dairy Factory, there has been a month's advance of Is 6d cash for first quality cream. This represents a payment of £1,731, compared with £1,665 in July, 12S, when there was an equal rate of advance. Butter made during- the month was 28,4341 b, an increase of 1,4511 b on the amount in July last year. The company has made a final adjustment with its. suppliers on the but-ter-fat for the past season by paying, clear of share capital, Id a lb on the season’s supply to the end of February and lid a lb from March to May. A dividend of 6 per cent, on share capital was paid. * CARBONISING SLACK SOLVING PROBLEM IN WAIKATO After extensive investigation in Engfand, Germany and America, it has been decided to form a company, Waikato Carbonisation, Limited, to operate a plant for low-temperature carbonisation and “briqueting” of Waikato slack by the Lurgi process. The annual report of Renown Collieries, Limited. announces the decision, which has been brought about by the problem facing Waikato colliery owmers for the disposal of slack coal. Ill© report describes the problem as serious and mentions that, within the next few months, the development of Arapuni would bring about the loss of the largest customer in slack. Close attention had been given the question The Renown directors had acquired a substantial interest in the new undertaking and to enable that to be accomplished, it would be necessary to shares* 116 remainder of the Preference SOUTH AMERICAN EXPORTS MEAT FOR EUROPE Exports of meat to the United Kingdom from Argentina and Uruguay, excluding supplies from Patagonia in two weeks up to August 15 were: 208,800 quarters of chilled beef, 3 150 quarters of frozen beef, 60,911 carcases of frozen mutton, and 123,250 carcases of frozen lamb. Shipments in the same period to the Continent of Europe were 58,710 quarters of frozen beef, 11,981 carcases of frozen mutton, and st>s carcases of frozen lamb. The New Zealand Meat Producers’ Board received the advice from its representative in Buenos Ayres. TALLOW IN LONDON A cablegram on August 23 to Dalgety and Company from its London house states tle next public tallow sales will take place on September 4. «,

WAIKATO LAND PROBLEMS INVESTIGATION OF NATIVE TITLES (From Our Oicn Correspondent) i HAMILTON, Today. j A search has been made into the: titles ot native lands, about 9,000 acres ! m area, between the Waikato River ! and the Raglan Harbour, for the pur- 1 poses of closer settlement, as rite re- ! suit of a deputation of Rangiriri ! settlers which approached the Min- i Lands - the Hon. G. W. Forbes, j last May, according to information re- j ceived by Mr. W. Lee Martin, M.P. j Before he could agree to the saie of I these areas, said the Minister, he would have to satisty_ himself that proper provision was made for the natives to undertake farming with reasonable financial assistance. There was, undoubtedly. a land problem in the Waikato. and the question had been engaging his attention for some time. No assistance had been given the natives in the past, and even if it had j been he was not sure that the titles j would have given sufficient legal security for loans. Mr. Forbes said that he proposed to ! apply a scheme that would secure the proper organisation of the titles for! farming purposes as well as for alienation