COMMERCIAL.

Press, Volume LIV, Issue 16206, 8 May 1918, Page 8

COMMERCIAL.

(By Cable.—Press Association.—Copyright,) (Australian and N.Z. Cable Aaeociu km METALS. LONDON, May 6. Tin—Tin is quoted at £380. Silver —Silver is quoted at 49|d per oz. Other metals are unchanged. HIGH COMMISSIONER'S CABLED REPORT. The Department of Agriculture, Industries, and Commerce haa received tho following cablegram, dated London, May 4th, 1918, from the High Commissioner for New Zealand :— Meat—Market conditions ar© unchanged. Regulated supplies at maximum fixed prices. Butter—Market remains unchanged. Stocks in cold store are heavy, but release is restricted in order to meet tho demand. Ghceso—Demand i 9 in excess of supply. Estimated New Zealand cheese 6locks, London and Bristol, 25,086 crates, against 25,939 crates at same time last year. Hemp—Manila and New Zealand, market quiet and prices unchanged. Business being done under Govornment control. "Wheat—Moro offering by order of the Government. No change in prices. Oats—Market quiet, offerings small, no change in prices. GRAIN AND PRODUCE MARKETS. (by our commercial editor.) Tuesday Evening. Til© accumulation of stocks of produce awaiting shipment is now beginning to have an effect upon the local market. It is stated that there are four hundred loaded trucks nt Lyttelton, and the stores are all fall. Consequently any lines of grain and produce that find their outlet in the north aro now becoming more difficult of sale, and then only at reduced rat£6. Oatahcaf chaff and potatoes especially are affected, and oats to some extent. There i 3 no demand for further supplies of chaff at present, as local merchants are overstocked. The same may bo said of potatoes, the price of which has declined to about £5 IDs at country stations. There is not only a scarcity of shipping, but there appears to be considerable delay when a vessel does arrive in port, owing, it is said, to the shortage of men. The time losf in this way would very 6oon equal the vovasfo of a vessel to Auckland and back. I

Wheat is still offering steadily, and take.i readily by those millers who still have unfilled warrants.

The following ar© the priccs paid to farmers at country stations, fro® of commission, sacks extra, except where otherwise stated:— Stilling wheat, accordig ft. Government price, South Island, Mav 5s lid, Juno 5s lljd, July 6s, August 6s OJd, f.0.b., North Island, 4d additional. Oats—Seed Algerians 4s 6d to 4s 9d, feed 4a to 4s sd; milling Gartons to 4e od, feed 4s la to 4s 3d; seed Duns 4s 6d to ss, lighter 4s upwards; good quality Danish to 4s Gd. Barley—Prime malting 6s 3d to 6s 6d, medium 5s 9d to 6s.

Flour—£ls 10a per ton; 1001b bags, £16 ss: 501b bags, £16 10s; 251b bags, £16 15s. Bran Shipping £5 10s, local £5 15s per ton. *

Pollard—£7 10a per ton. Oatmeal—2slb bags £26 per ton, 71b bags £26 per ton.

Oatshcaf Chaff—{Nominal), heavy bright £o lOs to £5 15s, medium £5 to £5 Ss, "inferior £4 to £i 10s

Cocksfoot—loid to Is 3d. Ryegrass—Heavy Perennial 4s 6d to 4s 9d, lighter 4s to 4s sd; Italian 3b 9d to 4e 3d; Wcsternwolths 4a to 4s Gd. White Clover (Nominal)— Beet Is lOd to ?<s.

Red Clover—ls 3d to Is Sd. Pens—Partridge 7a to 7a 4d, White Ivorv 18a to 13$ 6d„ Blue Prussians ISs to lGs Blue Imperials lGs to 2Cs. ' Scotch tares—los Gd. Beans—6s 6d to Gs 9d. Rape Seed—4d to 4ji. Omons—£s. Linseed—£23. Potatoes—£s 10s.

RANGIORA MARKETS. pJiIS? W " S j n entry of 2804 sheep at -tho Rangiora yards yesterday, of which 1709 were fats, which E old well at recent rates, liie range oi prices was:— For fat cwcb, extra prime, 32s lOd to Sis 3d ?H rUn | 9 - £? S 1 tO . 3 !f Vd > medium 25s to 27s 3d, lighter 22s to 235. I r at lambs made from 29s 2d to 31s fiH good 2Gs 3d to 28s, lighter made from 23s 4cl to 24s Gel.

Prime fat wethers made 23s 4d to 31a 2d iho principal lines so.d wore:—Fat ewes:' o "diner, 45 at from 28s Id to 29s Id; fa. Mcuowan, 25 at irom 26s 3d to 30s- R Judson, 50 at 25s 4d; A. J. Cooksley 55 at from 28s lid to 31a 7d; client, 53 at 235; G Lang, 34 at 21s 8d; S. Gardiner, 2.0 from io 3 | V J," 3 ii lambs: S. Gardiner, oj "itr « 8 • ■ Gcering, 49 at 29s 2d; W. Atkinson, 60 at 23s 7d; A. Giies, 53 at 30s sd; D. Morris, 50 nt 56s 3d; T. S. Hiatt, 65 at 22s j W. Pavelka, 6f> n- i 2d « l tl; W * H ' Bo >' ]e > «<■ 2Us Id; Dickon Bros., 26 at 275; client,' 48 at 23s 4d; A. Mci Master, 60 at 233; J. Hobcroft, 103 at 26s lOd; Anderson and Berry, 70 at 27s 6d; K. Peach, 32 at 28s 4d. Aethers; W. Pavelka, 48 at 30s 3d; Morgan Williams, 102 at from 29a 4d to 31s 2d; D. Graham, 30 at 31b.

The entry of stores was 1097. The market showed a dragging tendency, several lines having to be passed. Aged ewes made 14s Id, two-tooth ewes in forward condition made up to 25s lOd, two, four, 6is, and eighttooth ewes in lamb made 225, forward lambs 21s 2d, ewe hoggets 263 Id.

Tho principal 'line sold were 85 aged ewes at 148 Id, 125 two-tooth ewee in forward condition 25s lOd, 73 two, four, six, and right-tooth owes in lamb 225, 56 forward 21" 2d. 56 owe hoggets 2Gs Id. Cattle—There was a yarding of 33 head, bu; only a few saio3 were made. A Jat cow realised £12 ss, a two-ycr-nld heifer £G 10a, and springing heifers £10 03 to £16. There were 120 pigs sold. . Baconers made from 803 to 113s, stores made from 45s to 50s, small pigs made from 12s to 256. In tho poultry department roosters made 6s 6d a couple, hers 3s 3d, and duc>n 6». In the produce yards chick wheat 5s to fa 9d a bu«he!, oats 5s to 5s 6d, Caoe barley ss, grass-seed 3s 6d, wheat meal 16s a 6ack, mixed pi? n;e»l l"s rd, oatFlKa f chnfT is to 6s, potatoes 10s to 12?. 6d, swedes 4s, carrots -Is 6d, apples 2s to 5s a ca«e, pears to ss, onions llil lb. CLKARING SALE. Acting under instructions from the- executors of the estate of the late Mr Ralph Coe, who died while on active service abroad, Messrs Pyre and Co- and the Farmers' Co-op. Association held a clearing S3le of the stock and the household cCects at the homestead, Goush's Bay. There was a large attendance of Peninsula farmers, and the bidding was keen and spirited. Among tho "ales were:—163 two, four, nix, and eighttoo'h 1*", ; 174 two, four, and sixtooth ewes, 325; 25 four and six tooth ' wethers, 31s 6d; 217 ewe lambs, 25s 6d; '15 wether lambs, 22s 9d; 10 18-months-old cattle £7 17. 6d; 23 18 months-old cattlo, £ti is'cd; 27 cattlo, mixed eezes (13 months), ! £3 10s" 3 cows with calves at foot, *6 ss; • empty'cows, £8 2s 6d; 11 empty heifers,. £8 10s; s cows, calvcs at foot, £8; cow in ! profit, £14 ss; horses from £5 upward*.

STORAGE ACCOMMODATION IX TAR AX A KI. -.riUJSS ASSOCIATION" TEI.EORAM.) NEW PLYMOUTH, May S. At a meeting of tho Turanaki Producers' Company, it was decided to take up £25,000 worth of tharce in the Taranaki Farmers' Meat Company, on tho undertaking o{ tho latter to erect additional storage accommodation at Smart road. At previous meetings it was decided to increase the storage at the Producers' Company's works at Moturoa, tho estimated cost being £21,000. Arthur Morton (chairman) pointed out that when things wero normal, tho proposed additional buildings at ths Motiiroa works wouid be unrcmunerative, whereas the meat works couTq put thorn to very profitable use, besides which the great bulk of shareholders lin the meat works wore dairymen. Tho extra space would enable nearly the wholo of tho season's butter output to be stored, and would leave tho Moturoa Works free to i accommodate about 110,000 crates of cheese, ! which, with the accommodation of the fac- ■ •tories, would provide for the reason's cheeso output. TIXWALD STOCK SALE. . Fat Sheep—There was again a good yarding of fat sheep and lambs, including 21S1 1 ewes, 170 wethers, and 4285 lamb«. The top price realised was 28s for a couplc of wethers sold on behalf of Mr H. J. Chapman, of Willowby. A line of G4 wethers, sold on account of Mrs Butterick, Wakanui, brought «<«: a couple of lambs sold on account of Mr J. Prendergast, KiiMton, 35s Gd; 8 wethers sold on account of Mr W. G. Gallagher, Mayfield, realised 35s Cd; and 25 wethers, sold on account of Mr J, M. Smith, realised 355. Uthor prices were:—Ewes: 70 at 255, 23 27s 4d, 38 27s 2d, 26 32s Fd, IJ3 29s Id 43 ?r>3 lOd, 38 30s, 120 30s, oG 80s 9d, 19 '283 7d, 31 27s 7d, 14 313 4d, 24 23* Id, lO 81s id 1* 003 6d, 18 23a fid, 50 2 F .i 14 ?c a o.j 31s 7d, 46 23s lOd, 15 2Gs, 22 29b 3d, 40 *338 32 2Ss lOd, 14 295, 25 2«s 7d, 35 2Cs lid, 52 22s 7d, HG 28s 9d, 31 27s fid, 28 2ra 8J 18 ; 25s 3d, 8 28s 3d, 45 31s Cd, 29 24s 4d' 59 29s 7d, 56 24s Bd, 30 25i Gt, 4 ?(1 ?ij 'gp a 6 24s 7d, 83 23s lid, 100 2Gs, 81 £Ss. A line of 78 ewes pass?d at 27«. "Wc.thora • 2 at 35s 3d, 20 31s 2d, 3 355. G 32s •» f!8« 8 PS-s Gd, 64 37s Gd, 50 325, 25 3os, 5 34s Gd! 3 3-ls. Lambs—2 at 36s 6d,' 17 23s 6d, 18 23s 9d 21s 2Ss, 37 255. 20 2Gs, 22 ':ss, J1 bin Id 100 2os Bd, 97 24a 9d, 52;3!5, no M, ]7 25s sd, 100 26s Id, 147 2£s, 291 26s 7d, 80 SOs lOd, 50 28s Id, 33 31s sd, 37 2?s Sd 19 '24s Gd, :'tf 25b, 4fi 25*. PI ?.9« i/l 'or) 2<4s Bd, S8 23s 9d, 146 28s Id, 189 26s 7d, 102 27s lid, 100 275, 313 27s 7d, 75 SOs, lOd, 63 28s lid, 87 EEs, 116 Cfs Gd, 37 28i Bd, 197 2Cs, 13 i:Bs 7d, 43 27s G.i, 2&3 4J, 39 245. A line was passed at 2os, and 398 at 26s Bd. Cattle—There was a yarding of about 40 cattle and a good demand for tlicce offered. The top price was £18 for a fat cow sold on account of Mr "Watson, Tinwald. Other prices realised were:—Fat heifers £15, £'2. £13, £8 ss, £14, £11 12s Gd; fat cows, £13 15s. £J1 16s, £'0 7s 0 1 , £'■? o fl <• j. *.... „f s £3, £12 10s, £11 10s, £10 10s, £15, £14 10s! £12,' £8 16s, *£8 10s. A couple of veaiets were passed at £3 17s Gd. EGG MARKET REPORT. At tho auction sale of guaranteed frceh e SS B > held yesterday by Messrs Harris Bros., there was a real good entry considering the time of the year. Every lot was sold at the following rates:—First grade lien eggs 2s 9Jd per doz, second grades 2s 7<l to 2s 8d per doz, duck eggs 2s to 2a 5d per doz. 1

TUADE WITH JAPAN. FUTURE PROSPECTS. (SPECIAL to "the ritESS.") WELLINGTON, Hay 7. Tlie visit to New Zealand of tho Japanese Consul-General in Australia in tho interests of_ trade between this country nnd Japan, raises the question of whether anything can ■bo really accomplished which would be ill tho nature of a square deal. Tho official I figures available are up to 1916 only, and j theso show as under:— ■ Imports. Exports. Year. £ £ 1913 151.106 2,001 1311 .. .. 232,364 69,508 Ul3 .. .. 313,671 137,461 1916 .. .. 616,903 110,043 These are the New Zc-aland figures, and it will be soon that the imports from Japan' have expanded rather rapidly, and that in 1916 we imported nearly 6ix times as much as we exported to Japan. Our exports were practically confined to wool, which accounted for £108,617 in 1916, £127,061 in 1915, £53,223 in 1314, and £2645 in 1913. The wool exports wouid probably be very email now owing to the embargo On the other hand, owing to advancing prices and the difficulty of obtaining goods from Europe, we have had to rely to some extent upon Japan, ' and in 1916 we were forced to draw upon that country for larger quantities of lancy gocds uad tools, glass and glassware, china and earthenware,- wife and netting, hardware, drugs, boots and shoes, drapery, haberdashery, rugs, watehee, paper, etc. It is a question whether this increased trade can be maintained as time and again importers have found a very striking diScrcnco between sample and bulk, and this is not conducive to confidence, which, must exist in international trade. It is believed in some quarters that when tho European markets aro again free to send us tho goods we require, Japanese trade with New Zealand will shrink unless tfc© merchants and manufacturers of our Oriental Ally improve tho quality of their goods and their trading methods. There docs not appear to be any scope for expansion in our export trade to Japan, except in wool, and perhaps in hideo and skins. INSUKANCE SHAKES. RISE IN VALUES. (special to "tiie press.") WELL.I>. GTOX, £lay 7. There appears to be a movement in Now Zealand Insurance shares, which are tending upwards. It is difficult 'to obtain a trustworthy opinion to account for this rise in values, but it is probably due to the anticipation of tho company distributing a larger dividend than was the case during the last financial year, when 10 per ccnt. wae dia- j tributed. This is quite a feasible matter, | for it is well known that insurance companies, like shipping companies, arc profiting by the war. The marine insurance rates have a very fair margin of profits, but it doee not follow from this that the companies have indulged in any exploitation. War conditions were a new experience to them, and they rightly took care to safeguard themselves, but now, with the vast improvements in the defence against submarine attacks, there should be afforded the public some- measure of relief from tho hi o 'h rates.

Another factor that has helped underwrite ere is the noticeable improvement in the moral hazard respecting firce. Buildings and building materials, stocks of merchandise and furniture, axe much too valuable

now to be allowed to vanish in emoke, uj possibly more care is being taken to pretest lirrfl. It is also safe to say that joat arson and inctr.diarism are non-existent.: Investors apparently place a high valuq the present and futuro prospects of item.' ance shares, for at present market value* tU shores yield a comparatively small to investors. Thus the National ißsnrum Company yields £4 2s 3d per cent, Jf«r Zeiiand Insurance £1 13s, South British £| . 17s lOd, and Standard £0. Capital, eho»lj ; lx> worth more than this, but if invetloa are content the matter must bo left at tint, CHIUSTCHURCH STOCK EXCHANBti YESTERDAY'S TRANSACTIONS.?* Sales 011 'Change:—Tuupiri Coal, 1&, ;'i LATEST QUOTATIONS. , ; Buyers, S»l]m £ 8. d. £V? BREWERIESManning .. .. 3 0 0 fiTi Ward .. .. _ sl] COAL- ' ' Taupiri .. ... 0 17 9 Wcatporl -Stockton .. — $.1% Wostport-Stocktou (S . ' v-'" P-r cent, pref.) .. 0 110 011» FINANCIAL— " ? ' X.Z. Loan and Mercantilo .. .. 86 0 0 ■ X.Z. Loan and' Mercan- ; ; tile (pref.) .. __ Si h i I meats- . I N.Z. Refrigerating .. — ; i lq'l MISCELLAXEOUS- • "■' Cooper and Duncan .. 012 0 -015 -» D.I.C. .. .. 010 0,.- ; | Consolidated Dentil 14 0 —i'.| X.Z. Farmers' Co-op. .. , Papuan Products .. .0 2 4 Wcelcs, Ltd. 512 G -w! MINING— ' .. •;-:S Wu i h i .. «. — DUNEDIN. Sales:—Waihi Giand Junction, ltsvMi Wcstport Coal, 30s 3d; Taupiri Coal, OK