CURRENT TOPICS.

Taranaki Daily News, Volume LVII, Issue 260, 13 April 1915, Page 4

CURRENT TOPICS.

WHEAT AND THE DARDANELLES. The closing of the Dardanelles and the consequent stoppage of exports from the Black Sea ports have been important factors contributing to the rise in the price of wheat. Not only Great Britain, but also Italy and Greece normally import large quantities from South Russia and Roumania, and in the absence Df the usual supplies the demands of Europe on North and South America have been enormously increased. Similarly the possibility that the Dardanelles might be reopened shortly has been a restraining influence on rising prices. If Russian supplies were again forthcoming prices might be affected immediately. Significant words were used by the Chancellor of the Exchequer in the House of Commons, when he said: "If Russia is able within the course of the next few weeks or few -months to expert n considerable quantity of her grain, as I hope she will be, as in fact we have made arrangements that she should, then there will'not be the same need to borrow for purchases in this country or outside, because she can do her own financing to that extent." The forcing of the Dardanelles would also mean the.t a large door would again be opened for Imports into Russia. The port of Archangel was kept free from ice extraordinarily late through the work of a Canadian ice-breaker, but while it was opt-n the strain was greater than the port could bear, and the only other direct free inlet to the huge Russian Emigre has been the Far Eastern port of Vla-li-rostock.

MONEY MARKET. It is yet, too soon after the end of the quarter for any returns to be available, but the bank returns will probablv be published in a few days. We may saiV ly'anticipate that these figures will disclose a very considerable improveme-it n the supply of funds available. There Is ample evidence that the scale of importation is being restricted (partly through inability to r-rueurc the poods": ivliile on the other hand our exports are maintaining r total value well in excess of any previous season. The resuit of this is a heavy credit balance on our side, and this is providing an ample supply of funds for all ordinary purposes Prices for all good investment stocks are keeping very firm, with good demand, showing that there is a fab-lv largo amount of capital seeking investment. Exports for the month of March of our principal classes of produce showed a decided decline, owing to only a few vessels being des patched, but there will bfi B moK vessels during .the c,:„,t JX and we expect to see the volume of our exports, more especially meat, favlv woll maintained for the time of year.N.Z. Trade Review, April 8.