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TR ADE AND FINANCE I
'Ihe dcinaml for sterling on Anierii-au
account is tmubntotl. A messaRo from
Tjomlon reported that on Tuesday Xmv
York cxclinnge had reached -1.045, llic
highest figure recorded since April, 1023.
Thc Melbourne associated banks were
| yesterday advised from 2Cew* York that
j the dollar exchange demand rale, -which
I Imd been quoted to them at 4.G4$i on
lucsday, liad reached 4.0GU. I'ar of
e.\cimnge is 4.SG 2-3rd. A London message
dated Urd inst. gives both the N'c\v York
nnd thc Montreal rate on London at
4.&39S. A tor cablegram from Sew York
quotes sterling at 4.tjG1,2.
Tn view of the attention which is now
being given to forestry and timber sup
plies tho following statistics, supplied yes
terday by a leading authority iu thc tim- 1
ber trade, arc of interest: — !
VICTORIA'S TIMBER COX.StJMl'WX AND j
STOCK, j
Super Ft. P.C. |
Local production, sawn .. 3u7,DSl-t(X'0 .. 2!l.lo !
13o., do., ? ? ? .. -1.10 !
Inter-State, sawn ? .. 11.22
Overseas Imporhjtions —
Drfssod ? *i0.S03AX» ..
: rndrcsseil ? ]:iO,27U,OCH» .. WJt
Ticcos quotctl to 32 x 1 , T.TM.OOfl .. 2.W
370,742,000 . .' 1U0.M
Vietorhi's estimated population at .'51st D«f;«in
!K?r, 1W2U, 3,W-7,'7y souls; per capita in super, i
feet, 1230.39, |
The Commonwealth box ic-iuiri'nu'nt^ !
wero 10.18 pci' cont. of Hit; total imports of ;tll I
timber for the period twelve months to 30th ;
June, 3P21.
TIMnKR IMPORTS (ALL SOFT WOODS) INTO '
AUSTRALIA FOR BOX MATERIALS, TWKIA'E !
MONTHS TO 30th JL'NK.
Victoria
Super Tt. Took.
P.C.
UiuIivshimI, for majnifucitirt;
. of boxes as escribed .. 25/211,420 .. fi4.7(i
For making: boxes cut to
sizii and dressed, or part
ly dressed ? 10.*-ti0,2o2 ..
For making boxes cut to
size, but undressed .. .. 2,025,412 .. 50.
Kew Zealand white pine,
undressed, n.e.l., for but
ter boxes ? 1233,403 .. 30.1m
44.02S.402
At tho wool sales held in Australia
lately Americans have been the keenest
buyers of super wools, while taking con
siderable quantities of other sorts. Tn a
review of tbc wool position in the United
States the 'Textile World. tho latest
number of which reached Melbourne by
yesterday's mail, stated that tbe situation
was dccidedly better. Prices in the Boston
wool market continued to advance, and a
favorable feature was an increase of
U, 000, 000 lb. in consumption during August
as compared with July, while the Septem
ber figures when available were considered
likely to show a further advance. Mure
men's wear fabrics and knitted goods, and
this had created a better situation with
regard to yarns. The position of cro«s*
breds seemed more secure than mermoes
owing to relative cheapness and intrinsic
quality, especially grades from 4S's and
below. _ Decrease in stocks of wool wan
becoming a rather disturbing clement.
The new domestic; clip was six months
away at the earliest, and any large sup
plies from iorcign sources appeared to be
out oi the question, by reason of the very
high prices demanded. Foreign wools, ii
was thought at tlie time, could not be im
ported with any degree of safety by wool
dealers, and it- was thought to be probable
that they would leave the manufacturer to
shoulder his own burden. As a matter
of fact, there was less wool in the United
States at the time of writing than for
several years past, and it looked as though
some radical changes in policy bad taken
place, the question having been raised as
to whether it was necessary for the United
States to cany a supply of. say. 500,000.000
lb. of wool from year to year. *A conserva
tive note was struck by those who said
that tbe -peeulative element in wool pur
chasing continued to be progressively
eliminated as the market went higher.
There were some who professed to believe
that when Germany and Japan hud filled
their immediate requirements in the
foreign markets in absence of American
buying lower prices would be seen. Tt
was also pointed out that on so high a
wool level as prevailed throughout the
world manufacturers were more than
likely to confine their purchases to their
immediate needs, and to cease the accumu
lation of stocks for which there could be
only a prospective demand, that might
not materialise. Whcthci the journal's
anticipations will be fulfilled as the .selling!
season advances has yet to be seen, but
so far they are not supported by happen
ing.; at the sales in the Commonwealth
and in London.
A summary of the statement of the P.
and O. Steam .'Navigation Co. reached
Melbourne by cablegram from London yes
terday. After allowing for depreciation
and debenture interest, the credit balance
for the year ended 30th September last
ia .£ 1.072,000, including £101,000 brought
forward. Dividend is 5 per cent, on the
preferred stock, nnd 12 per cent, on the
deferred stock, tax free. The report of
the directors states that the mail service
has been carried on tinder some difficulty
owing to the loss by enemy action of
many fine ships, but that next year there
is every prospect of. reversion to the full
pre-war schedule on all lines. The com
pany hopes to resume at the beginning of
102.1 the fortnightly service to Australia
by moans of tbe tonnage now under con
struction. Kor 1922-23. after providing
for depreciation, and setting aside
£105, 7o7 to the insurance fund, there was
a ercdit balance of £817.075, including
£101,700 brought forward. Dividends were
at the above rates.
Gold received at the Melbourne branch
of thc Royal Mint during November last
consisted of 54.2G fine oz.
A return furnished yesterday by tho
Commerical and Industrial Bureau of the
Board of Trade shows, that for the year
ended 30th June last the value of woollen
goods imported to the Commonwealth
was £5,003,182, as against £S, 343, 737 _for
the year before, a falling off of £2,050,555.
Dividend of Od. per share has been de
clared by the board of Sydney Cold Stores
Ltd. The distribution will be made on
22nd inst., and transfer books will bp
closed from 12th to 22nd inFt. The divi
dend will be available to Melbourne share
holders at the National Mutual-buildings,
Collins-street.
Of 00G casks offered at the Loudon
tallow sales on Wednesday 170 casks were
sold at Gd. per cwt. decline.
Value of investments in companies
handling musical instruments is _ now
largely affected by volume of trade in in
struments operated mechanically, which
is reflected even in thc returns of concerns
not making a feature of the newer inven
tions. Thc statement of Nicholson and
Co. Ltd., musical instrument and music
sellers, for the six months to 30th Sep
tember last shows that after setting aside
£4504 for depreciation and taxation net
profit was £12,473. For thc precedjng
half year thc amount was £12.077. Divi
dend is at thc previous rate of 10 p.c. p.a.,
requiring £0041, and £2582 is carried for
ward. The company operates on £102,820
paid-up capital. During the past half year
reserves and balances were increased from
£23,999 to £26, Sol, and bank overdraft
from £14,020 to £G0,779, while sundry
creditors were reduced from £130,43G to
£100,218. In the assets, stocks and hire
agreements enhanced from £273,009 to
£205,820, shares in other companies being
entered at £ 10.828. real property at
£G5,690. and book debts at an increase
from £5095 to £0395.
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