COMMERCIAL.

Auckland Star, Volume XXXVIII, Issue 254, 24 October 1907, Page 6

COMMERCIAL.

Auckland Star Office, Thursday, 23rd October," 1907. . Business has shown a slight improvement during the past week, but although not .wishing to write la a pessimistic tone, it would be idle to deny that the transactions are of a somewhat hand to month character. There is an indisposition to buy lines, but it is to be hoped this will be overcome when the new tariff is in operation. There has been considerable difficulty in obtaining a ruling from the Customs Department as to whether all infants' food will be free of duty under the new tariff or not. We understand that the Merchants' Association have been negotiating with Sir Joseph Ward on the subject, and -he has replied to the effect that a Governor's Order will appear in the "Gazette" this week, declaring Allen and Hanbnry'B, Mellins', and many other kinds ot Infants' food free of duty. There have been the usual Southern and Australian arrivals this week, and shipping work on the wharf has been fairly brisk. Rice, although firm at producing centres, is somewhat weak locally, owing to most of the importers holding their stocks. Kaleidoscopic changes have ' again occurred in the sago and tapioca market- Purchases of either of these lines have been of a highly speculative nature during the past three months. Messrs. Brown and Poison's agents advise a rise of £1 per ton in the value of low-priceed cornflours, but as against this there will be a reduction of lid per lb iv doty, after the Ist of the month. Quotations for macaroni and vermicelli have advanced id per lb. ■ ' The market is firm for preserved ginger, and all descriptions of tinned fruits, pineapples, especially, showing an advancing tendency. Fungus has been in good supply for the past month, but the weather has on the whole been unfavourable for receiving this line in good shipping condition, and much of what comes to hand has to be turned out in the local warehouses In order to have it properly dried, trices remain unchanged, with the probability of a decline during the coming month. Prices for flax have shown a serious falling off latterly, and may be reckoned at fully £10 per ton lower than they were at this time last year. This is solely due to the fact that Manila hemp is ruling much lower in price, and this affects the market for New Zealand flax. The weather latterly has, however, not been favourable for the operations of flax millers, and, consequently, the market is not likely to be flooded at the low rates now offered. The kanri gum market, while not so strong as It was some time ago, is certainly a little better than the position as reported last week. It may now fairly be stated to be steady, but the fear is that as the dry weather sets in, the supplies of gam may increase so as to be more than the market can absorb at the present rates of orders received. Of course, such a state of affairs might result in prices being dropped; but, on the other han£, the hot weather would also mean a less quantity of the better class of gum being sent In, as the diggers usually turn their attention to the swamps when the summer starts in earnest The prices now being realised for superior ordinary and re-scraped gums are no doubt at what some consider a dangerously "high figure—so much so,. that the larger buyers are disinclined to operate until' prices reach a more moderate level. Bled bush is dull of sale, and does not appear to be in favour with the American trade. Advices from London show that the deliveries of kauri gum from London for the month of August were considerably above the average, and the stocks in that market are now lower than they have been for some considerable time. Although this has led to an advance in values, the prices ruling in London are not on a parity with those being paid here at the present time. The bulk of the business on the Exchange since last report has again beeu the result of a disposition on the part of holders to accept lower prices for shares in mining companies. Investment stocks, on the- other hand, while maintaining their values, have not seen so much business this week. Taupiri coal shares, however, sold on several occasions at 20/3, at which price there were still further buyers. An advance took place in Kauri Timber shares during the week, paid-up being asked for as high as 26/, without sales resulting, while contributing issue reached 0/0, after which later transactions were at 9/6 and 9/7. Auckland Tramway shares were transferred at 23/3, and N.Z. Drugs at 52/, but D.S.C.'s did not recover much of the fall in price that took place last week. An improved feeling was manifested as regards Waihi shares sales being made once more up to £S 10/, after which more sellers came in, and lines changed hands as low as £8 7/. Grand Junctions sold at 40/6, and Bxtendeds at 5/3 and 5/6. Numerous transactions have taken place in Tairua Broken Hill shares at from 5/11 to 6/1, and back again to the former figure. It is freely rumoured that this company will soon be again paying dividends. Probably for a similar reason the Komata Reefs also advanced since last report, and are still firm. As a lot of dead • work, has now..been done by this company, it is just- possible that the shareholders are now about to get some return for their expenditure, as it is now a long time since they had the pleasure of receiving a dividend. Talisman Consolidated shares have improved a little in price this week, sales being" made up to 43/; but Crowns, in spite of a better output of bullion, failed to maintain the recent advance. The New Waitekauti mine continues to produce parcels of picked stone, but it has not had ranch effect on the market. Tairua Triumph shares are still firm, the 6d paid issue selling at 3/, and contributing at 2/. Thames Unes generally showed little alteration since last report.

Potatoes.—Since last report, arrivals of I potatoes were represented by 380 sacks by [ the Victoria and 1500 sacks from the South. The market shows a substantial advance this week, having risen £2 per ton. This is principally due to the sharp rise In the Tasmanian and Australian markets generally, the outcome of the dry weather prevailing throughout the Commonwealth. Tasmanian stocks of potatoes have been drawn apon very heavily for the past sis months, and arc therefore now reduced into small holdings. 'Fhe, comparative failure of the crop in New South Wales has increased the demand for potatoes from Tasmania., and prices at Devonport have advanced from 37/ C per ton f.0.b., at which figure imports were purchased for Auckland, to £4 10/ per ton. Latest cable advice from Melbourne Indicates a further rise in the Victorian market, potatoes being now quoted in that State at fC 10/ per ton. It will bo seen, therefore, that this market is dominated by the prices ruling in Australia. The ravages of blight in New Zenland the last few years caused a much smaller area to bo put down in potatoes last season, and the yields were also exceptionally light. The result naturally Is that markets here are governed by the prices ruling in outside centres, whence supplies of potatoes are drawn. The substantial advance reported in Australia this week was therefore at once followed by a corresponding rise in price in Auckland, and merchants are now working at the equivalent of prices in the Commonwealth, when freight, duty, and cost of handling are added. These three items add £2 10/ per ton to cost of potatoes landed here, lo which ha? to be added the importer's profit, and allowance for loss inevitable in handling potatoes so late in the year. As far as supplies of potatoes in New Zealand are concerned, Invcrcargill carries a fair stock yet of table TJp-to-Dates. In Canterbury stocks are light, and Oamaru is practically cleared already. It will therefore be seen, that it will take those centres all they can do to supply New Zealand's requirements for tho nest six weeks, which is about the earliest date on which new potatoes may be expected to reach this market in sufficient quantity to affect market values. Some early lots in the Auckland district are shaping satisfactorily, but owing to the prolonged bad weather what may be termed the second early area was very small this year, but the main, or late crop, should be a large one, judging by the area put down. Whenever there has been a few days' continuous fine weather a demand for seed potatoes set in, and about the middle of September a good lot of potatoes was put in, but these should not be ready for market until about next January. So far as the progress of the potato crop is concerned, reports from various sources point to the fact that while there is appearance of blight, the damage, generally speaking, is not anything like so serious as it was last year at this time, and it is therefore hoped that this disease is dying bnt. Quotation this week for Ut>-to-Date table potatoes is £7 10/ per ton. and for Tasmanian redskins £S, and a further advance in price is considered as most probable in the near future.

Maize.—Following other grain, maize has again advanced in price, and has now reached the comparatively high price of 4/2 per bushel for wholesale lines. This nre, however, does not represent the limit at which business has been-done in maize during the past week, as a considerable

quantity of maize held in store has been cleared on a bare market, at even higher prices. Arrivals this week included 300 sacks of. maize j from Noumea, .which was rapidly cleared at the. above" figures." The Waiotahi and" the Paeroa''bronght 700 sacks of maize from the coast, all of which went into immediate consumption- Owing to the high prices reached by oats, maize is still the cheaper feed of the two, consequeutly even at present rates it continues in good demand. Advices from the Coast indicate that stocks of maize there are very light, and what there is is practically in the hands of a few. growers. Whakatane and Opouriao still hold about 2000 sacks of maize, and there is still a little left at Opotiki and other parts of the Coast. Farmers are, however, busy with their late crops, and not anxious to deliver maize, therefore arrivals during the next few weeks will be very light. Oats. —The market for oats continues exceedingly strong. Most reasonable estimates put the quantity of oats,now held at the Bluff, at 25,000- sacks, ".and this has passed from the hands of'growers, and first. holders to speculators - who are now holding for considerably "higher prices. These high prices seem fully. warranted, as oats in Tasmania have advanced 8d per bushel, and Australian prices generally are very high, owing to ■ the serious outlook due to the Continental dry weather. The area down in oats in the South this season greatly exceeds that of last year, but it will be at least the middle of January before the first of the Canterbury oats will reach the market, therefore, until that time New Zealand will have to depend entirely on its own-supplies of oats, as further supplies from Vancouver cannot now be expected, owing to the increased prices asked. B grade oats, ex the Wanaka, on Monday, are quoted at 3/1 L which means 4/1 ex store. iT _ . Chaff.—Owing to the wet weather that has ruled for so long, very little local chaff has been sent in as in many districts, the machines cannot get out owing to the state of the roads. Southern chaff is in good demand, and finds ready sale at the late advance, prime 'quality being worth £7 10/ ex wharf, and £7 15/ ex store, for oaten sheaf. The s.s. Torgauten is now loading chaff at Picton for Auckland, and will bring a full cargo, most of which has been sold at the above figure. On her return she will load at Lyttelton for Onehunga with a further cargo of chaff, and is due at the latter port about the 2nd of November. This is being sold to deliver from ship's side at £7 10/, and" at side stations at £7 12/6. Any-small lines of local chaff coming to hand sell at rates varying with; the quality of the article, he earlier plant-, ed oats in the Auckland district are looking very well. Advices from the South as Okoroire, also indicate that the oats are doing exceedingly well, and will be ready for cutting in December: The new chaff will undoubtedly commend very high prices, as there will not be sufficient to affect the market value until about next January. Onions.—The market for onions is now exceedingly strong, and the price has advanced £3 per ."ton this week. Last week the Australian quotation for onions was £7, and now it is £10. As Auckland draws all its supplies at present from that quarter, values here are regulated by the above figures. This week's quotation locally is 12/ per cwt., but for lines to be delivered next week, 13/6 Is asked. Of course, there - are no supplies now from California, since | the 'Frisco mail service was dropped. Agricultural Seeds.—Business in these lines has been quiet, although there is still a very limited. demand for seed potatoes, bnt nothing like what-it would have been had the weather been more favourable. Algerian seed oats are still in demand for sowing late areas, bnt the bulk of the business is now past for this season. New season Swedes, for which prices were published a fortnight ago, are now meeting with a little inqnlry, but it will probably be next month before much business will be done in this line, when it is considered that very large areas will be put down. Fowl wheat is now practically off this market. For what stocks are still held C/ 3 is now asked, and of course this practically checks all demand. Milling Wheat.—-There is practically no change to report in the position of the market for milling wheat this week, Holders are still very firm in their attitude, and quotations are now 5/10 to G/ f.o.b. The latest London advice is that a further rise of 2/ per quarter has taken place. Latest reports from Australia indicate that now if rain should set in -the wheat crop would still light. Therefore,- prices throughout the next season must rule above the average of the last few years. It is, i therefore, doubtful if Australia will have any wheat for export this year. \ Bran and sharps "are in good demand at late rates. Manures.—A good inquiry continues for I bonedust. The Harbutt is now at Timaru, | and is due in. Auckland in another week with shipments of Japanese superphosphates, the bnlk of which will be delivered i from the ship's side. Guano is meeting with ready sale, bnt basic slag is neglected, now that top dressing pastures is about over. AUCKLAND PRODUCE MARKETS. Farm and Dairy Produce.—Butter, fac-' tory. lid per lb, farmers' separator or dairy butter, 7d per lb; fresh eggs,. lOd per-dozen wholesale; cheese, farmers' from' 5d to 6£d per lb, factory, 6}d to 7T1.... . . Grain.—Oats, B grade; 4/L ■ex • store; Algerian seed oats, 3/9; Southern milling', wheat, 5/9; f.0.b., sacks-.extra; fowl wheat, 5/6, iex store (sacks in"); maize, 4/2,1 for wholesale lines on the wharf. .i Potatoes. —■ Up-to-dates;".' £7 10/; Tas-; manian redskins, £S. *''.. V. Flour — £13 15/ per ton (less discount): wheatmeal. £13 15/ per ton (less discount)sharps, £6 7/6 per ton; bran, £5 12/ C, wholesale. Chaff. — Southern chaff, £7 15/ per ton, ex «tore. Onions. — Victorian onions, 12/6 per cwt, ex store. Coal and Firewood Markets.—Neivcastlo coal, at yard, 27/ per ton, delivered 32/Westport, 30/; Taupiri, best household, ton 29/, discount 1/ for cash; half tons 15/, discount 6d; quarter tons 7/9, discount 3d; delivered, 12 sacks to the ton—tons, 28/, for cash; picked steam, 12 sacks to the ton— tons 26/, discount 1/ for cash; half tons 13/6, discount 6d for cash; quarter tons 7/3, diseonnt 3d for cash. Firewood: Uncnt, at wharf, 7/ to 0/ per ton; delivered, 12/ uncut, cut 13/ to IG/. HIDES, SKINS. ETC. MESSRS G. W. BINNEY-AND SONS' REPORT. We submitted very large catalogues of hides, skins, tallow, etc., at this week's sale. * Hides: Market-continues firm. Ox, extra stout, 6id to 7id; stout, 6d to GJd; medium; oid to s}d; light, 4-jd to sid; cow, best lines, -4Jd to 4ld; good, 4_>d to 4gd; stags', 3Jd to 33d; calf skins, sjd to Gld; scored and sloppy hides, 3jd to -lid per lb. Sheepskins: Market very firm. Extra large to 8/6; large, 7/G to G/6; medium, 5/6 to 6/3; small, 4/ to 5/ each. Tallow: Market remains the same. Best mixed to 27/6; good, 25/ to 2G/6; medium, 23/ to 24/6; inferior, 20/ to 22/6 per cwt Rough fat, l}d per lb. Cow .tails, 1/8 per dozen. Bones;--£4- 15/ per ton. • • -* (By Cable.—**ress Association.—Copyright.) .(Received 8.40 a.m.) Z'■ -"LONDON, October 23.-."----snver/;a/43. :::. It is reported that the output of quicksilver from the Califorhian mines' is decreasing:.. -' -J •' Copper: On-spot," £5G 15/; three months, £o5 o/; electrolytic. £55 10/. Tin: On spot, £140 v/; three months, £139 10/. At the billow sales 1835 casks were offered, and 1079 sold. - Fine mutton, 3G/3medium; 33/6; fine beef, 35/; medium, 33/. Bank of New Zealand four per cent guaranteed stocks are quoted at £102.