FIANCE AND COMMERCE

Press, Volume LXXII, Issue 21886, 12 September 1936, Page 13

FIANCE AND COMMERCE

business still buoyant

STATISTICS FOR JULY VALLE OF EXPORTS HIGHER I Business statistics for the month of My display, in general, off-season re- | essions- but when allowance is made L seasonal factors, the general tone business activity remains buoyant, “ ys the Abstract of Statistics for August. The value of exports rose in rnly contrary to the usual seasonal tendency; so that, despite a further jjjght increase in imports, a substantial gfgdit balance is shown as a result of external trade in commodities during ae month. Building activity continues to show improvement, judging the latest statistics of building permits issued in the larger towns. In particular a continued improvement in tb C building of dwellings is indicated by the permit statistics for recent months. During the last seven months' 2092 such permits were issued, as compared with 1535 during the same period of 1935. Since the farm-production season -jrtually ends in June, interest at this time of the year centres on indications ns to the prospects for the new season, the 1935-36 season was particularly late, cold and wet conditions in the jate spring and* early summer retarding pasture-growth. The conditions of pastures improved materially in the auttunh, while growth continued well into the winter, with the result that the wane of the production season was somewhat later than usual. The position of supplementary feed is very satisfactory, good yields of root crops having been harvested in most localities; av owing to the late pasture-growth, the feeding-out of supplementary feed was resorted to much later than usual. Infect, in most districts, stock wintered almost entirely on open-pasture growth till the end of July. Stock are reported to be, in general, in good winter condition. The outstanding event of interest in relation to the prices aspect of the farming situation was the declaration of the f.o.b. guaranteed prices for butter and cheese. Differential price margins have also been announced to apply to produce to which higher or lower grading-! points are allotted. The prospect of wool prices appears to be favourable, stocks on hand in the principal producing and consuming countries being relatively low, while good demand from the manufacturing centres continues. Stocks held in New Zealand on June 30 (including wool already sold) totalled 43,700,0001 b (on a greasy basis), as compared with 87,300,0001 b on June 30, 1935. The meatmarkets remain firm, with a rising tendency. There is a good demand locally for yardings of stock, with firming prices. % External Trade The value of exports in July was £4,680,509, an increase of £459,538, or 10.9 per cent, over the June total. An increase in the value of exports between June and July is unusual, exports Of farm oroduce normally showgjt a sham fall in the latter month. Tne_€Xport of butter in July was abnormally high for this time of the year. al.97scwt being exported in r that declared export value being £1536,799. as compared with 212,030 Myear Ued at £1 ’ 02 *’ 078 ’ in Jul y of ~ Exports of lamb were lower in July wan m June—though not to a marked Oftent. Beef and mutton showed slight increases as compared with the fibres, and exports of pork to*s*6 54.5°6cwt in July, valued at as compared with 30,591 cwt in June, of a value of £81.794. „™£.yjdue of imports in July was iT’Tr 87 ’. an inc rease of £96.502 over a 3! i n une - Imports have rematoed buoyant throughout the whole ® the expired portion of the current feiendar year, each monthly total being- materially higher than the total ®*tfae same month of last year, th e enhanced volume of gWa indicated by the statisexcess of export value Jilting from commodity trade during SLl 1 ?'?’ 254 d S, rin ® same last year. The improvement , w °°i anc * dairy products to the considerably vaJue of exports experienced hat the volume of exports be t n h, Bher, owing to a more JWable farm production season. oveTiJ^ ce f s °1 commodity expbrts 2** *inporfe of merchandise usually fa]l June and 'cteasJ fl*’ owin s t° the abnormal intern exports during July, the ex„exports as a result of the tJ?wa S O °Pi r ffnlA radln K in commodi£.Llso.342, as compared with £363 036 ln " une — a n increase of ' Banking tftbite weekly value of bank / individual customers’ acfro- Government) fell 9,241 m June to £14,868,127 a« decrease of 0.6 per cent., but sv6ra^ se r°f 21 ' 5 per cent, over the in July of last year. There has a / a il of 19.4 per cent, in bank jjjJr from the seasonal peak in of th!,’ „fn indication of the approach season °t the year in retiiih * n?dustries directly connected -Jr brining operations. The aggrespvL:Ue of bank debits during the tenths ended July, 1936, was r ( ~j^y r cent, higher than in the same last.year—an indication of increased business activgenerally. tfm Kt ei no . te -circu]ation averaged w 0,514 during July, a decrease or witK I?; °r 0.8 per cent., as compared Of.romon figure; but an increase 3"9’ or 15.9 per cent, over the m July, 1935. showed a fall in July, the iHiwt on deposit during the S h J £8 . 5 ’ 627 * 929) being £1,006,088 . i n ■June. Deposits not beart?est. fell b > r £384,894, while de£iaoo£earlbS interest decreased by s”?®’ the ratio of free deposits to deposits rising from 73.72 per , Aii m 'b* ll6 . to 73.95 per cent, in July. increased slightly during gti-jpeoth, the average amount of outadvances being £45,003,064. A compared with £44.670,300 in June. crpi<. lnCreaKe tn advances and the de-(-J*" 6 m deposits resulted in an inm the ratio of advances to detoe, bom 67.04 per cent, in June to TL Per cent in Ju !y. fun-* ne t overseas funds of all banks faji-fCcount of New Zealand business)

n m £(N -Z )43.956,445 on June d^ £fN - Z -> 4 3-249.698 on July 27, a £ ( N.Z.) 706,747. The latest ttoSt 1 ? £ (N.Z.)2.007,318 below the and°e/L £ eak recorded on April 27, end *;(N.Z.)3902 above the total at the of July last year.

' Building- Activity statistics of building permits th»* +i_ ln the larger towns indicate 'iSi*** * n building activity con« nJrf s ‘ The value of building operaby permits issued in of July was £561,382, an inIbcu i £ 4B 756, or 5.5 per cent., over ’ 13 i if? 81 th June, and an Increase of ' last vff ceo »" °. ver the total in July of hvttftt vJT" A single month’s figures do Atrf give a true indication ■ Movement in building activity

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generally, since fortuitous circumstances—e.g., the issue of a permit for a particularly large building—may affect a comparison based on one month only. This consideration does not apply with the same force in respect of dwellings, which branch of building activity is making the greater progress at the present time. Permits issued for the erection of new dwellings in July were 344 in number, as compared with 340 in June. This is the fifth month in succession in which there has been an increase in the number of permits issued for new dwellings, while the total number of permits issued for this purpose during the expired seven months of the current calendar year was 2092, as compared with 1535 during the same period of last year. The value represented by permits issued for the erection of dwellings during the seven months ended July. 1936, was £ 1,704,847, an increase of 45.4 per cent, over the total in the same period of last year. Taking all building permits into consideration the comparative values were:—Seven months, 1935. £2,405,432; seven months, 1936, £3,316,434; Increase, 37.9 per cent. Unemployment The number of registered unemployed males on the books of the Labour Department on August 1, 1936, was 45,045. an increase of 2106 over the total on July 4. and an increase of ' 2414 over the number on August 3, 1935. The number of men engaged on rationed employment under scheme No. 5 has fallen from 25,387 on August 3, 1935, to 15,945 on August 1, 1936 a decrease of 9442; while the number of men receiving sustenance without work has increased from 14,438 on the former date to 26,296 on the latter date —an increase of 11,858. There were 2804 men registered as unemployed but not receiving relief on August 1, 1936, as compared with 2806 a year previously. The number of men in full-time employment with the aid of subsidies from the Employment Promotion Fund was 8958 on August 1, 1936—a decrease of 8452 from the total on August 3, 1935 (17,410). These men are not included in the statistics of registered unemployed. WELLINGTON WOOL RETURN WINTER SALE AVERAGES (PEESS ASSOCIATION’ TELEOEAiI.) I WELLINGTON. September 11. The Wellington Wool brokers’ Association reports that the gross proceeds from the Wellington winter crutchings sale in August were £46,702 7s Bd, at 8.681 d per lb. or £l2 19s 5d a bale. WOOL PRODUCTION IN NEW ZEALAND HIGHER TOTAL EXPECTED THIS SEASON DECREASE OF STOCKS The following statistics of wool production in New Zealand for the year ended June 30, 1936, and for the two previous years are published in the' Abstract of Statistics for August. The Abstract states:— Information as to production of wool is not obtainable directly; but it is possible to compute fairly accurate figures on the basis of exports and local consumption during the 12 months ended June 30, and the variation in stocks revealed by the annual census of stocks of wool held on June 30. In the following computation of total production, scoured, washed, and slipe wool has been converted to a greasy basis on the assumption of an average loss of 33 1-3 per cent, in weight, while wool exported on skins has been taken at an average of 41b a skin. 1934. 1935. 1936. Million lb. Exports of wool . . 308.9 222.3 344.1 Exports of wool on skins ... ' 14.4 9,0 8.2 Used by New Zealand mills 6.0 7.1 1 .7.8 329.3 238.4 360.1 Estimated produc- ' tion .. 300.5 275.9 316.5 The collection of wool statistics has been reorganised on a basis which permits of the application of the above formula for ascertaining total wool production for each season from 1929. It will be seen that the latest figure of 316.5 million pounds is easily the largest recorded during the period shown. Records prior to the 1929 season (although not on, a strictly comparable basis) indicate that the 193536 figure has never been exceeded in any season in New Zealand’s history. • The hign production of wool last season may be attributed to the Very favourable conditions experienced during the period of growth, assisted by late shearing operations, due to a wet summer. It is now evident that, on the average, the relatively high yield of more than 91b of wool a sheep was obtained at shearing.

CANTERBURY MARKETS

POTATOES FIRMER OVERSEAS SHIPMENT NEXT WEEK (BI OCR COJ4MMCIAL. .EDITOR.) Friday Evening. The potato market is at present very firm, owing mainly to purchases for a shipment of about 750 tons, which will leave for Montevideo on Monday. The shipment is the third to go from Lyttelton this season, and the amount lifted, about 4000 tons from Canterbury altogether, has been of material help in keeping the market firm. Buying has been very active this week, and the price has risen to about £5 5s on trucks for whites and £5 10s for Dakotas. The demand has been almost entirely confined to potatoes for shipping overseas, the North Island having been very quiet. There are indications that the Auckland market, following the higher quotations here, has firmed, but little actual business has passed. It is more than probable that the market will come back alter this shipment has got away, as there are still plenty of potatoes about. The Government Statistician gives the total yield this year as 121,004 tons, against 109,123 tons last year. There has been a rather better enquiry for under-grade fowl wheat this week, and the price remains firm. Graded lines are not in great request, but there is a steady trade for this wheat at prices which are unaltered. More oats are offering, and though the price has not come back, the market is weaker. Chaff has not been in request from the North Island, and the demand is considerably weaker. The recent activity in small seeds has attracted heavier offerings, and though the price has not come back, the market is weaker. Quotations The following are the prices quoted to farmers, on trucks, at country sidings, unless otherwise indicated: — Wheat—Milling grade for September delivery. Tuscan 4s 9|d, Hunters 4s ll|d, Pearl 5s IJd, good whole fowl wheat, prompt, 4s 6d, f.0.b.; undergrade, to 4s sd, f.o.b. Oats—A Gartons to 2s 7d, B Gartons 2s sd, Algerians to 2s Id. Duns 2s 6d. Hyegrass—Perennial 2s 3d; Italian to Is 9d. Cocksfoot—Plains 6d to. 7d. Akaroa 7d to 8d per lb. Cowgrass—6d per lb,. White Clover—7d to 9d per lb. Chaff—£2 17s 6d to £3 a ton. Barley-Feed 2s 3d to 2s 4d a bushel. Potatoes—White £5 5s a ton; Dakotas £5 10s a ton. Peas—4s 6d to ss. Pollard —Large £5 15s a ton, small £6 ss. Bran—Large £4 15s; small £5 ss. DUNEDIN (PRESS ASSOCIATION TELEORA.M.) DUNEDIN, September 11. Business in the wheat market continues quiet. Fowl wheat is in short supply. The broken weather experienced lately has prevented farmers from getting their ground ready for planting spring wheat, and as a consequence the demand for seed is not very great. Fowl wheat rules at 4s 9d a bushel, sacks extra, ex truck, with higher prices ruling for deliveries ex stores. The oat market remains steady, with only a small volume of business being transacted. Shipping prices are unchanged, with A Gartons being quoted at from 3s 4d to 3s 5d f.0.b., s.i., and B’s at 3s lid. Stocks in Dunedin are on the light side and country stocks are also short. With fine weather it is anticipated that a good quantity of oats will be required for planting. The chaff market remains unchanged with 'supplies coming forward from surrounding districts, and also from Canterbury. The value for best quality is £4 10s a ton, sacks extra. Although towards the end of last week the potato market was quiet with sales difficult to effect, an improvement has now taken place, and there have been a number of enquiries for potatoes for shipment to the North Island. Several sales have been made from this port and this has had a tendency to mark up valugs. The quotation locally is £4 15s, sacks included, for freshly picked Arrhn Chiefs, and £5 for King Edwards. A quiet week has been experienced in the seeds market. Enquiries from overseas have slackened off, and few sales have been reported to that quarter. Holders of stocks are content to await developments, as it is anticipated that during October and.. November substantial shipments will be made from New Zealand. Prices for ryegrass remain unaltered, and the same < position applies to the markets for cocksfoot, cowgrass. and white clover. ] The only line in which any interest is ' being displayed has been brown top, and some sales have been made for export. ' ’ SOUTHLAND [THE PRESS Special Service.] INVERCARGILL, September 11. Supplies are very scarce and little business is passing in oats. Any supplies that are available from the country are readily saleable, but very few lines are offering. Nominal values to farmers are 2s 6d for A grade and 2s 3d for B grade. Practically no business is being done in wheat. Fowl wheat lines are in short supply, and they are bringing close to milling values. . The chaff market is well supplied. There is no shipping demand, and the ; limited local enquiry is only slowly absorbing the supplies available. The value t<? farmers for good bright quality is £3 10s. , Ryegrass —Some business has been , done for shipment to Great Britain, ; but so far the quantity disposed of in that direction is not big. Prices offering to farmers, run up to 2s a bushel for lines from the mill and to 3s for machine dressed. . All growers have disposed of their production of Chewings fescue, and it Is now being dealt with by merchants. The market has lacked activity. It is reported that the market for crested dogstail has eased slightly, but the prices to farmers are unaltered at 7d a pound for machine-dressed seed of export quality, and 5d a pound for machine-dressed stripped lines. The

VEGETABLES AND FRUIT

CHRISTCHURCH MARKET Good supplies of all classes of vegetables have been available cn the market throughout the week, and have met with a keen demand at satisfactory rates. Lettuce have been m exceptional demand, realising up to 6s a dozen. Local onions are practically finished, only inferior quality lines being available, and there is now a ' demand setting in for imported. Po- ■ tatoes: The market is well supplied, i and values are lower than last week. New potatoes are wanted, values being up to 4d per lb for best quality. 1 Fruit—Dessert apples: Good quality • lines are realising high prices. In- ■ ferior grade and small fruit are prac- [. tically unsaleable. Cooking apples are • in good demand, and values have ad- , vanced. Pears: Good quality dessert i are scarce, and values unchanged. In- ■ ferior grade are not wanted. Toma- • toes: Local hothouse are very scarce. ■ Supplies of North Island hothouse are [ available, and realising to Is 9d per lb. „ Imported Fruit —A shipment ox , South Australian oranges arrived during the week to a bare market, and i was immediately absorbed by the buyers. A further supply of New Zealand grown oranges will be available next week. Supplies of Queensland pineapples are available, and values showed an Improvement on last week’s prices, best quality realising to 19s a case. Ripe bananas are in keen demand, and values are higher, best quality selling up to 29s a case. Eggs—First grade, IOJd to lid; second grade, 9|d to lOd; duck eggs, lOd to Is. Shipments Arriving—Supplies of Californian lemons, grapes and grapefruit, also Cook Island bananas and tomatoes, are expected early next week. Further supplies of Queensland pineapples are also due next week. DUNEDIN (PRESS ASSOCIATION TXLXGBAM.) DUNEDIN, September 11. -j Supplies of apples have been plentiful and the market has eased a little. The keeping quality of most lines coming forward is poor, and buyers are only operating in small lots. Pears are still reaching the market from Canterbury cool stores. Hothouse tomatoes are now available from the Auckland district. A small shipment of Samoan bananas will arrive next week. The Waitaki, which arrived on Tuesday last, brought approximately 4000 cases of oranges for the local market, and the shipment was at once taken up by retailers. Some lines showed considerable waste, but as with the previous shipment buyers had to fill their requirements at their own risk. A small lot of mandarins also came to hand by the Waitaki. A shipment of Californian lemons will arrive to-morrow by the Waipiata. Californian grapes, which were due to arrive by the same steamer, were carried on to Sydney from Auckland, consequent on the trouble with the watersiders. who refused to unload the Monterey. Grapes will not be here now ; until about a fortnight. Queensland pines are in good supply. CANADIAN WHEAT | CROPS i LARGE DECREASE ESTIMATED OTTAWA, September 10. The Statistics Bureau on Thursday estimated the 1936 wheat crop to be 232.973.000 bushels, compared - with 277.339.000 last year. Oats were estimated at 274,463,000 bushels, compared with 394,000,000, and barley at 74,376,000, compared with 82,876,000. CHICAGO FUTURES NEW YORK, September 10. | Cents a bushel. Sept. 3. Sept, 10. September .. 110 lllg December .. 108 1!0| May .. 107 g 1093 | SKIN SALE AT TIMARU PRICES ON PAR WITH *RECENT RATES [THE PRESS Special Service.] TIMARU, September 11. The South Canterbury Woolbrokers’ Association held the fourth skin sale j of the series to-day, when an offering of 14,000 skins was submitted. The : prices obtained were satisfactory, and were on a par with recent rates. The range of prices was as follows tdead and damaged rates being given in parenthesis):— Halfbred —Full wool. 13£ d (IHd); ; three-quarter wool, lljjd Old); half wool. lOd (7£d); quarter wool, 7£d (s£d). : Three-quarterbred—Full wool, Hid Od); three-quarter wool, 10id (7|d); half wool, 9|d (6Jd); quarter wool, 7id (sd). Crossbred —Full wool, 101 d (81d); three-quarter wool, 9|d (63d); half wool, 9jd (64 d). Merino —Full wool, to 12d (lid); three-quarter wool, to IOJd (8d); half wool, to 7,} d (6£d); quarter wool, 53d (sd). Hogget—Halfbred, 113 d (lOd); threequarterbred, 10id (8]d); crossbred, 9jd (7Jd). First pelts 6d, second pelts 4|d, third pelts 3id.

brown top market is inclined to be dull, and only an occasion enquiry is being received.

Values to farmers for white clover range from lOd to Is. Some selling of potatoes for shipment has been going on, although at a comparatively low range of prices. The value to farmers is about £4.

MELBOURNE MELBOURNE, September 11 Wheat—4s 9d. Flour—£ll 15s. Bran—£s 15s; pollard, £6. Barley—English, 3s 3d to 3s 4d. Maize—ss 3d to 5s 4d. Potatoes —£7 to £8 10s. Onions—£l4 10s to £ls 10s.

MINING

j KING SOLOMON (FXXSS ASSOCIATION TXLXO&AM.) INVERCARGILL, September 11. The return at King Solomon mine this week was 340 z 14dwt for five days’ ■ work. NEMONA DIVIDEND The Nemona Gold Dredging Com- , pany, Ltd., has advised the Stock Ex- . change that it is paying a first divi- ; dend of one penny per share on September 26. Transfer books will be closed from September 19 to 28 inclusive. GOLDEN DAWN The return from Golden Dawn mine for 24 working days to August 31 was £3OIO from 982 tons, with gold at £7 2s a fine ounce. MARTHA OPERATIONS [THE PRESS Special Servlce-l AUCKLAND, September 11. The following information has been cabled to London by the Martha Gold Mining Company (Waihi), Ltd.; “For the period ended August 29, comprising 22 crushing days, 18,331 tons of ore were crushed for a result of 5202 fine ounces of gold and 40,013 fine ounces of silver. This includes 2351 tons mined from the 1 Grand Junction area, which yielded 624 fine ounces of gold and 2614 fine ounces of silver. No. 7 level north-west: Prospecting crosscut from north branch of Martha lode is out 520 feet in light grey andesite.”

DAIRY PRODUCE ■ 1 NEW ZEALAND PRICES LOWER ! RITTER AT 109/LONDON, September 10. The butter market is weak. Quotations: — Sept. 3. Sept. 10. s. s. s. Butter— Danish .. 126 127-128 New Zealand — Choicest salted .. 114 109 Unsalted .. 115 110 Australian — Choicest salted .. 114 109 Unsalted ..115 110 Cheese — New Zealand— White .. 69 i 69 Coloured .. 86i 67 FROZEN PRODUCE TRADE KILLINGS FOR EXPORT MEAT BOARD FIGURES ‘ j The New Zealand Meat Producers’ Board has supplied the following figures showing killings for export at all New Zealand works from October 1, 1935, to August 31. 1936, with last year’s figures for comparison;—

GROCERY TRADE

PRICES AND PROSPECTS

' Although retail trade this week har. been rather quiet, it has been steady and satisfactory. There has been no price alteration of any import. Eggs Supplies of fresh eggs are now heavy and prices have settled down wholesale to lOd for firsts, 9d for seconds, and lOd for duck eggs, which values were being paid yesterday by city stores, free of any commission deductions. Preservers are now operating and this will, it is expected, keep the market on its present level for some weeks. Ginger and Spices A new price list issued by local packers this week, shows advances in mixed spice and ground ginger. Walnut Pieces Walnut pieces, commonly called walnut meat, will be quoted for new seasons’ crop on or about September 23 from Tientsin. Orders will then be accepted by delivery up to April-May dispatch, with insurance cover against grub; but after this period, it is doubtful whether grub insurance can be obtained. New crop generally lands here about December, and until prices are named, little business is being done by way of placing orders overseas. White Lead Cabled quotations for white lead name Champion’s as advanced in price, and any orders booked must now be subject to the recent price increase. Cheese The local market is practically bare of cheese of all sorts. New season’s is not ready, and last year’s make is exceedingly scarce. New cheese this season should be based as regards price on the guaranteed butter-fat and cheese basis of value, and this in turn should stabilise prices and keep them cn an even level. Onions The market for imported onions is developing signs of weakness, and already some North Island importers are offering to supply at a fair reduction below prices quoted last month. It is also reported that because of this position some indents sent to California from New Zealand, have been cancelled by cablegram. Cloves Indications point to higher prices , for cloves in the near future. Advices from overseas state that the present crop is much smaller than last season’s crop, and higher prices are expected by producers. Shellac Advices from India state that the shellac market is steady, with no price alterations, although forward buying is attracting attention. Shellac is a line which, like peppbr, was manipulated by speculators in London last year to such an extent as to cause considerable disturbance in the market when certain speculators, who held huge stocks, collapsed. Bonus to Australian Shippers To assist Australian packers of canned fruits, jams, confectionery, etc., the Australian Government for the month of September is paying an export bonus on the sugar content of fruit products sent to New Zealand, £6 6s a ton, and to other destinations £l9 16s a ton. On other than fruit products (confectionery, etc.), the bonus is higher, namely £8 12s a ton to New Zealand, and £22 a ton to other destinations. Coffee Because of a shortage of supplies, i Mocha coffee has firmed. The present prices are expected to remain until December or January, if not longer. Tea The largest sale of tea so far this season in Calcutta was held last week, when nearly 2,250,0001 b of Indian tea was auctioned. Quality was well up to the average for this period of the season. There was a good demand for broken tea, and commons and low mediums were keenly sought, prices for these grades running three pies higher than at the last auction. Good quality teas were firm at about last auction rates, and some medium leaf lines showed signs of weakness. Average prices ruling at this sale ran as follows:—Broken orange pekoe: Common, nine annas six pies; medium, 10 annas three pies; good, 14 annas six pies. Broken pekoe: Common, nine annas three pies; medium, nine annas six pies; good, 10 annas. Fanning: Common, nine annas three pies; medium, nine annas six pies. Good did not exceed 12 annas six pies. New season’s Panyon (China) leaf teas and bud. have arrived, and are now on sale in the shops that handle these lines. Prices are on a par with last season’s values. The call for China tea Is steady, and will no doubt increase this summer with the better demand for more expensive groceries. The following prices were ruling in Colombo last week for Ceylon tea:— Broken orange pekoe: Common, GIGS cents; medium, 72-80 cents. Broken pekoe: Common, 60-61 cents; medium, 68-72 cents. Broken tea; Common, 58-59 cents; medium, 60-65 cents. Prices for fine grades were not cabled. Rice Mail advices state that with higher prices generally for cereals in Asia, the rice market is hardening. Rangoon rice is expected to hold to its present price, with every possibility of a price increase in the near future. Salmon New season’s Canadian salmon is now due to land, and its arrival will be welcomed. In some quarters it is expected that there will be an upward move in salmon prices, and already advices from Alaska notify an increase in price of Alaskan salmon over opening rates. Last season the Canadian salmon packers were working practically on co*t, and the same appears to be the position this year. Butter Supplies of separator butter and dairy butter are reported as short. The opinion is held in some quarters that the new guaranteed price for but-ter-fat, combined with the activity of the dairy companies, has caused many farmers to discard butter-making, and to sell their cream to the butter factories instead, and that this has resulted in a marked drop in production of dairy and separator butter. Muscatels There is now a definite shortage of muscatels in Australia, and Australian merchants have been advised by the Dried Fruit Control Board that, because of heavy shipments to England and elsewhere, stocks are now almost exhausted. It has been accepted in the trade that there will be no Malaga muscatels this season, and even if some do come from Spain, the prices will be very high.

Cornflour The cornflour market is still very firm, and further price advances would cause no surprise. The South African maize crop thus far is such that very little will be available for export, and, With the disastrous season in the United States, the cornflour industry will be hard put to obtain maize with which to carry on. As salad oil is a by-product in the manufacture of cheap cornflour, this line may be affected in price, but not to such an extent as cornflour. The other source of supply of salad oil is from cotton (cotton seed oil), and packers will be able to draw on the latter if maize oil starts to rise in price.

Singapore Markeia Because of the activities of United States bmyers in Singapore, tapioca and sago have firmed a little, and alight price increases have occurred- ; Pineapples are easier by a very small margin. Pepper is lifeless, and prices are stationary. Nutmegs are a shade higher, and other spices firm. Very little interest is being taken locally in Singapore produce.

BRADFORD TOPS TRADE PRICES FIRMER LONDON, September 10. The Bradford tops trade is slightly firmer following the better reports from Australia. There is a fair demand for crossbred yarns at firm prices. Quotations are;— Last Sept. Sept. year. 3. 10. Merinos — d. d. d. 70’s .. 33| 34 34 64's .. 31 i 32 J 324 60’s .. 30- 31 4 31 i Crossbreds — 58 s .. — 254 251 56’s .. 204 20k 204 50s .. 15 16 16 46’s .. 121 Hi Hi 44's .. ~ . 131 134 BRITISH WHEAT MARKETS LONDON, September 10. Wheat cargoes are quieter and easier and parcels art lower. Futures are quoted:— , _ „ Sept. 7. Sept. 10. London (qr.)— s. <L s. d. October .. 33 11 34 1& January .. 34 3J 34 5 Liverpool (cental) — October . ■ 7 4i u i>£ December .. 7 3g 7 5& March 7 0J 7 2£ The spot trade is quiet. Australian, ex ship, 40s. Flour is firm. Australian, ex store, 27s 6d to 28s,

THE METALS MARKET 1 1 (UNITED PRESS ASSOCIATION —COPYRIGHT.) LONDON September 10. Sept. 9. Sept. 10. Copper — £ s. d." £ s. d. Standard, spot 38 9 U 38 19 4£ Forward 38 13 4i 39 4 Electrolytic .. 43 0 0 43 0 0 to 43 5 0 43 10 0 Wire bars .. 43 5 0 43 10 0 Lead— Spot 17 18 9 18 5 0 Forward 17 18 9 18 5 0 Spelter— Spot 14 0 0 14 5 0 ■ Forward 14 6 3 14 10 0 Tin— Snot 194 5 0 195 12 6 Forward 191 17 6 192 2 6 Silver— Fine, per oz. 19 9-16d 19£d Standard, per oz. . 21|d 21 l-16d

North Island 1936. 1935. Chilled beef (qrs.) 137.095 61,245 Frozen beef (qrs.) 188,055 337.033 Wethers (carcases) 1,020,320 795,826 Ewes (carcases) .. 339,202 697,907 Lambs (carcases) 4,374,375 4,437,466 Porkers (carcases) 424,884 402,118 Baconers (carcases) 201,028 140,159 Boneless beef (ft. c/s) 359,765 291,331 Sundries (ft c/cs.) 347,583 319,572 South Island Chilled beef — — Fr6zen beef 1,504 2,028 Wethers 123,974 153,706 Ewes 408,345 499,659 Lambs 4,414.863 4,401,799 Porkers 26,160 21,058 Baconers 13.960 12,620 Boneless beef 49,495 40,004 Sundries 120.233 87,083 Total Chilled beef 137,095 61,245 Frozen beef 189,559 339,066 Wethers 1,144.294 949,332 Ewes 738,547 1.197,566 Lambs 8,789.238 8,839,265 Porkers 451,044 423,178 Baconers. 214,088 152,771) Boneless beef 409,260 331,335 Sundries 467,816 406,657 Stocks on hand in stores in New Zealand on August 31 (compared with the same date last year) were:— 1936. 1935. Chilled beef ' (qrs.) 2,546 —■ Frozen beef (qrs.) 47,159 72,509 Wethers (carcases) 175,190 107,756 Ewes (carcases) .. 169,461 213,794 Lambs (carcases) 262,776 147,813 Porkers (carcase*) 58,483 32,534 Baconers (carcases) 4,227 6,282 Bonelees beef (ft c/s) 66,559 73,184 Sundries (ft c/cs) 99,908 95,703