N.Z. TRADE SOUND

Sun (Auckland), Volume III, Issue 853, 23 December 1929, Page 10

N.Z. TRADE SOUND

JUDGMENT OF DUNEDIN BUSINESS MAN BIG DAIRYING INCREASE Special to THE SUN DUNEDIN, Today. ‘Quite sound" is the judgment of the position of the Dominion in commerce, by Mr. E. R. Smith, chairman of the Dunedin Stock Exchange. In spite of curtailments of business during the last quarter, he considers there have recently been distinct signs '•> a returning confidence throughout the country. Mr. Smith mentioned at the annual n eeting of the ’Change that the collapse in Wall Street, the Hatry sensation in London, and the election of a Labour Government in Australia reacted on the markets of Australia and New Zealand. From London, large parcels of shares were offered at receding rates. Another feature of the market was thr large amount of money annually leaving New Zealand for investment. This was carried out principally in Australia. A higher rate of interest was obtainable there, but the position was regrettable, as the money could he excellently used in developing New Zealand’s industries, instead of Australia’s. There was room for thought on the part of New Zealanders investing in Australia were they to reflect the industrial troubles in Australia and the comparatively safety of conditions in New Zealand. Although wool prices had fallen in New Zealand, the market could be regarded as steady. Prices were still it a payable point, but producers would have to strive to effect economies. There would be some compensation from an increase in lambing percentage. The general position would be much improved by great development in dairy production, which had progressed by leaps and bounds. This season it wan expected to yield £20.000,000 —an increase of nearly £2,000,000 on last season's return. For the first nine months of the year, the Dominion’s exports were £45,654,779, and the imports £36,354,414. More developments were being shown in gold-mining, Mr. Smi*h Pdded.