FINANCE, COMMERCE AND MARKETS.

Auckland Star, Volume LVII, Issue 37, 13 February 1926, Page 6

FINANCE, COMMERCE AND MARKETS.

GRAIN AND PRODUCE. SOUTHERN MARKETS. POTATOES FOR AUSTRALIA. (By Telegraph. —Own Correspondent.) CHRISTCHURCH, Friday. Wheat of fine colour and quality is now being offered by farmers and parcels have been purchased by merchants at 7/ a bushel on trucks. This price is above mi!ler=' official limits, which apparently are about t>/9 a bushel, f.0.b., s.e. Cocksfoot also is making its appearance on the markets, but the quality is not impressive, and the ruling values are from 7jd to S.d a lb on trucks. Although trade generally is remarkably dull for this period of the year. interest in potatoes is kept simmering through the eager entry on the market of Australian interests. It was reported yesterday that rain had fallen in the drought areas and had put out the fires. This led to the expectation of a declining interest. .Sales were made at £7 and £7 15/ a ton. f.0.b., s.i.. but late yesterday afternoon a contract was entered into at £S. One notable aspect, is that even Tasmania, a producing State, is inquiring for potatoes. However, while this overseas demand is manifested trade for coastal shipment is quiet. There are plenty of buyers in Canterbury, but few sellers. The latter are quoting £7 5/ a ton. f.0.b., s.i., for April, May and June, and there are offers at £7 for May-.Tune. Merchants offer £5 to £.3 5/ on trucks for potatoes for Australian shipment. Growers might secure £."> 10/ and even £6. The oats market is fairly firm, quotations for As. for April-September, being on the market at 4/0, 4/9. and even 4/10 a bushel, f.0.b., s.i. Sales have been made of B's at 4/<U a bushel, and there are quotations at 4/7. While the North Island is inquiring it does not appear as if much business has been done with The North. On trucks merchants offer about .3/9 to 4/ for whites and from 3/6 to 4/ for Algerians. Chaff is very iirm at £S 5/ a ton. f.0.b., si., for April-May. there being very few sellers. While rates for machine-dressed ryegrass are unchanged, the high prices that have been paid have caused a reduction in demand. Merchants offer 9d to 1/ on trucks fur white clover and G/6 on tracks for No.-l Partridge peas. Peas are quoted at 7/0 a bushel, f.0.b., s.i., but there are no buyers. At £16 15/ linseed is a trifle firmer. KAURI GUM. MINISTERIAL STATEMENT. MAY GIVE WRONG IMPRESSION". Mr. Charles Andreae, a well-known merchant of Auckland, writes as follows : — All those who have read the reports in the newspapers of the work and the speeches of the Minister of Lands, the Hon. A. D. MeLeod, in the Far North, will be impressed with his sincere desire to help the kauri gumdigger and to relieve his distress, which in certain places is evidently acute^ Every merchant and broker connected with the trade is heart and soul in agreement with him in this desire, but I think very great care is requisite at this juncture, that nothing should " 0 out to tiie world which could in any way be misinterpreted, and which might do more harm to the trade than anything that has so far happened. The Minister's words will be reported everywhere as coming from the New Zealand Government, and I fear that when he advises diggers, in some parts, to eliuck kauri' gum, it will be exao-o-er-ated abroad and manufacturers will soon wipe kauri gum off the slate and will not include it iv their plans and formulas at all in future. Something like it happened to Zanzibar animi, 1 finer and harder gum than kauri. This quality was in every varnish manufacturer s formulas: it became so scaTce at a certain period that they had to eliminate it. and, instead of the stocks of tins g,,m still held appreciating in value, there was no demand hardly for them at all. We here know that what tho Minister advocates and advises is not that diggers chuck their present livelihood, but that they should turn to other occupations as well, but the users of kauri gum abroad, already averse to all this talk or control, may take a wroncr view of what is intended, and I implore the Minister to make the point quite clear to them. Kauri gum is going through a bad time, a longer bad time than usual. It happens to every article under the 'sun. Has it not happened to wool, to rubber? We have io wait for the turn of the tide. If one wanted to kill kauri gum, no more effectual method could be adopted than to stop the production, or to even Unduly curtail it. MXLK BY-PRODUCTS. SIR FRANK HEATH IMPRESSED. Casein is one of the most interesting substances that exist according to Sir Frank Heath, the distinguished British scientist, who has been greatly interested in the dairy business in the Waikato. Sir Frank said lie believed there were tremendous possibilities for further research for a full .utilisation of the byproducts of milk. We were only at the beginning of dairying Tesearch. There was a great deal to be done towards discovering the full utilisation of whey and buttermilk products.

AUCKLAND WOOL SALE. OPENS ON THURSDAY NIGHT_ WOOL POSITION REVIEWED. On Thursday night next at seven thirty the second Auckland wool sale will commence. Messrs. Buckland and Co. opening on a catalogue that will aggregate 20.000 bales. From all the information that can he gleaned at the moment, the sale should result in a satisfactory clearance. The 'Olivers who are expected to arrive on Wednesday morning to inspect the wool in the various stores, will find Auckland's contribution to he, generally speaking, in capital condition. Compared with the first sale, which was held on November 27..next week's offering will include some lines that are seedy or tog stained, and the hulk will lie heavier in yoke, but the character of the wool on the whole will he quite attractive. The catalogue will also contain some nice lots of lambs" wool that should produce keen competition. So far as can be judged from the latest reports of sales at other centres, there should be a keen demand and animated bidding. But the price "Ah," in Hamlet's phraseology, "there tbe rub." Last Auckland sale was bad enoueh, for the averaee price recorded per bale was under £17 as against the boom fisrure of £27 in the previous season. Even at that. Auckland growers were lucky, for at the sales immediately following- the local fixture, prices slipped badly. Subsequently they have recovered and as already indicated there now seems to be a healthy demand for wool, but it is at a lower range of values than obtained in November last. Even the most snnquine broker does not expect to reach the figures of the first sale, and general opinion is that rates will be several pounds lower. Sir Harold Beaucbamp mentioned recently that this season's exports are likely to be £12.000,000 lower than was tbe case in 1024-25, and it is quite evident that the largest share of this huge deficit will be attributable to the decline in the values of wool. In 19?4-2."> the average price per hale of wool sold in New Zealand was £33 13/10; this season it is safe to say the figures will be well under £20. Commercial experts who have been preaching for some time the doctrine that the farmer must get used to lower values lor his wool have been justified in the result, but this is little consolation to the .growers whose productive expenses have advanced as inevitably and as ruthlessly as those in other industries. the position is likely to be faced frankly by the farming community as it has throughout the present season, and the rates offered are likely to be accepted for the bulk of the catalogue. True, in a case like the present, there is a disposition to try the London market, which at -the moment seems to offer higher prices, but if actual parity is looked for, there is no real advantage. In the one case the farmer sells his wool for cash and gets his money; in the other he ships in the hope that it may on arrival in London be greeted by a favourable market. Obviously the latter course is a pure gamble, which most commercial people avoid when possible. CHRISTCHURCH SALES. THE RANGE OF THE PRICES. (By Telegrapn.—Press Association.) CHRISTCHURCH, .Friday. The range of prices at to-day's wool sale was as follows:—

Merino— Super Medium Inferior Corriedale— Super Medium Inferior Fine Halfbred— Super Medium Inferior ITedium Halfbred— Super Medium Inferior Coarse Halfbred— Super Medium Inferior Three-quarterbred— Extra super Super Medium Inferior Medium Crossbred— ■Super Medium Inferior \ Coarse Crossbred—'' * Super Medium Inferior Pieces— . Merino Halfbred, firsts . ', Halfbred. seconds . . Crossbred Locks Bellies— Good Low to medium .. Crutchings— Good Low to medium .. 18d to 3Cd to i-Vl to 17Jd to lad to 12jd to 17id to l!5d to lljd to lGd to I4Jd to lljd to 15d to 13 Jd to Ojd to to 12Jd to lOJd to 91d to lljd to 9$d to 8jd to lOJd to Old to 8d to Old to lid to 8d to ojd to 4d to 9d to 6jd to 6Jd to 4*d to 19Jd 17Jd 15jd lnjd 17d 141d 20d 17(1 14Jd lSd 15 id 14d iejd 143d 12jd 17Jd 14d 12d 10id 12Jd Hid 3id 12d 10id 9Jd 164d loid lO^d 94d Oid 12d Sid oia Cid