NOT “TAPERING OFF”

Sun (Auckland), Volume III, Issue 895, 12 February 1930, Page 12

NOT “TAPERING OFF”

STATE 5-i- PER CENTS STILL SELLING WELL OFFICIAL STATEMENT Press Association WELLINGTON, Tuesday. A recent statement appearing in a Southern paper to the effect that applications for 5 h per cent. Government securities were tapering off was brought under the notice of Sir Joseph Ward today, who announced that the statement was quite contrary to fact. He added that applications for Government securities were coming in at quite a satisfactory rate, and that no falling-off had taken place. “The comparison made in the newspaper between Government and local securities,” said Sir Joseph, “warrants little notice, as investments in Government securities are generally made on grounds not common to investments in local body securities.”

PRODUCE MARKET QUIET

POSITION IN CANTERBURY Press Association CHRISTCHURCH, Tuesday. In the opinion of at least one local merchant, high prices asked by growers for their produce this season are preventing merchants from operating freely.- In addition to this, the absence of demand from the North Island is very discouraging. Some new wheat is now coming into store. Some of it is in good'condition, while other lines aro out of condition. Prices are still nominally 5s 9d for Tuscan, 6s for Hunters, and 6s 3d for Pearl, on trucks, but it is difficult to locate buyers. Fowl wheat is slightly easier, and is now quoted at 6s and 6s Id, f.0.b., sacks extra, for prompt shipment. A certain amount of forward business has been done during the past days on the basis of 5s lOd f.o.b. for AprilSeptember delivery. The position in regard to oats is that A Gartons have been sold this week for prompt delivery at 3s 6d on trucks, while Dunns have changed hands at 4s 6d on trucks, country stations, but only one or two lines have come on to the .market so far. a grade Gartons for forward delivery, which were sold last week at 3s lid, f.0.b., s.i., for April-September delivery, show a slight firming tendency, and business was done yesterday at 3s 117 d for the same delivery. B Gartons for forward delivery are inquired for at 3s Sd, f.0.b., s.i., but sellers are asking 3a 9d. The forward business is between merchant and merchant. There is good inquiry for chaff, but it is difficult to procure. Today’s quotation is £5 15s for old, and £4 15s for new. The position in .regard to potatoes remains unchanged The crop is making good growth where it was not affected by flood waters. The only line on the small seeds market to which reference need be made is danthonia. There is a good inquiry at present for the seed, chiefly from the North Island. Sales of. danthonia seed have been made this week as high as Is lid a lb f.o.b.

CAMBRIDGE STOCK SALE

The New Zealand Loan and Mercantile Agency Company, Limited, Hamilton, reports:—At our Cambridge sale yesterday we penned an average yarding of cattle, sheep and pigs, which mot with a steady demand, and we effected a total clearance. Young fat COWS and heifers made £S lls to £9 10s; plain fat cows. £7 3s to £7 ISs; fleshy killable cows. £G lls to £7: cows in fresh to forward condition, £ 5 9s to £6 6s; store Jersey cows, £3 6s to £4 10s; small weaner Jersey cross heifers, £2 Is to £2 10s; to 3-year-old steers, £7 12s; Friesian heifers, in calf, £7 15s; dairy cows. 10s to £lO 10s: heavy bulls, £7 15s to £9; lighter do., £6 to £7 ss: shorn m.s. lambs. 15s to 15s 6d; fat porkers, £3 to £3 8s; unfinished do., £2 10s to £2 15s; large stores, £1 ISs to £2 2s: medium do.. £1 12s to £1 15s; slips and good weaners, £1 2s to £1 7s.

COMMONWEALTH BANK

AMENDMENT REQUESTED Reed. 9.30 a.m. MELBOURNE, Today. A deputation, from the Federal and State Labour organisations asked the Federal Attorney-General, Mr. F. Brennan, to amend the Commonwealth Bank Act to enable the bank to enter more actively into competition with other banks, to permit more liberal support of the primary industries and the development of reproductive works; Mr. Brennan indicated the Government was in agreement with the request and the question would come before Cabinet.