COMMERCIAL.

Press, Volume LIV, Issue 16209, 11 May 1918, Page 11

COMMERCIAL.

(By Cable.—Press Association.—Copyright.) (Australian and N.Z. Cable Association.) TRUST AGENCY COMPANY. (Received May 11th, 12.20 a.m.) LONDON, May. 9. Tile Trust Agency . Company . Of Australia, shows a profit for the year of £72,999, the balance carried forward being £25,175. AMERICAN. WHEAT. WASHINGTON, May 8. The Agricultural Department forecasts the winter wheat yield at 572,000,441' bushels, compared with 418,000,000 last yeaf. GRAIN AND PRODUCE MARKETS. (by our commercial editor.) Friday Evening. Private cable messages received in Australia state that good general iains have fallen in the United States, and crop prospects are favourable. Much spring wheat has already been sown, and. the acreage has been increased. Official advices from India indicate that the crop there will be a record. Reports from Canada are encouraging, and the crops of wheat importing countries also promise well.

Notwithstanding the inducements offered by the Government of a guaranteed minimum price of 6s 4d per bushel, f.0.b., and a free market for next year's wheat crop, it does not appear as if much interest ia being taken at present in the question of wheatgrowing in New Zealand. It is probable, however; that thero will bo a considerable sowing of spring wheat, as comparatively little land has been prepared for autumn sowing, the fixing of next season's price having been delayed too long, thus leaving the position too indefinite. Advices from the North Island do not encourage a hope that thero will bo even as much wheat grown as there was last season, and from Blenheim it is reported that oats and peas are being given the preference over wheat. The fact that Southland farmers appear to be reducing their acreago devoted to growing oats should make this ccreal more profitable in other districts.

The offerings of wheat 'are somfewhat scarce at present, and both milling and fowlwheat is readily taken ae it is offered at the Government prices. It will be seen from the return® fuumished by the Wheat Controller that barely 3,000,000 bushels have been threshed yet.

The oat market is very quiet, not only on account of there being so little grain offering, but there is a lessened enquiry from other markets. Most of tho Southland crop i 3 now said to be out of farmers' hand 9, and although there is little business to be done with the North Island on account of the shortago of shipping,, merchants are holding fimily and asking 4s BJd to 4s 9d f.o.b. Bluff,, for A" grade Gartone. The oatahcaf chaff market is affected by want of means to transport to the northern markets. Merchants are not stocking tip any further at present, and consequently values have ca*ed somewhat. Prime is nominally worth £5 to £5 10s at country stations, and for tho local market £5 15s might be obtained. Very little of tho chaff that ha 3 como forward, however, can be classed ns prim*, either in weight or colour. Tho potato market is in a somewhat doubtful position nt present, owing to importations from Australia having begun. Tho ncw» that a shipment of 1300 sacks that had arrived at Dunedin had been condemned naturally aroused considerable interest in the ■ local market. The view taken was that if lliis shipment was a fair sample of the Victorian potatoes, they were not likely to depress the market hero to any extent. The following information regarding the shipment in question is taken from the '"Otago Daily Times": —"The first cargo of Melbourne potatoes for the season has arrived at the Dunedin wharf, but ths business has proved disastrous for cither tho consignees or consignors. There were j'ust over 1300 sacks in the shipment, and the whole cargo has been condemned by the local Government inspector (Mr Dyke). An inspection of the potatoes showed that Derwent-s, White Elephants, and Snowflake wero included in the line, and that the tubers were very badly graded. Mr Dyke had roaio a comprehensive examination. The peculiar part of the transaction is that each of the lots was accompanied by a certificate from the snider in Melbourne that the potatoes were free from disease; but there was no doubt about the prevalence of blight and scab in th» shipment. Some of the potatoes were rotten, and emitted u very bad email. Allowing that tho potatoes cost £5 ICs, 1.c.b., sacks in, Melbourne, the loss on the transaction, not counting the freight, etc., runs out at about £450. The potatoes must either bo shipped back, or the merchants to whom they were forwarded must take steps to destroy them. It seems a pity, in view of the shortage of locally-grown potatoes, that the whole cargo should have to be destroyed, as a great quantity of the. imported stuff is sound. Mr Dyke's duties, however, are clearly defined, and ho was left with no option. The cffect 'of tho condemnation of the

Melbourne lice Bhould bo to further firm the already very firm market in Otago. The local market has weakened during the past few days, mainly owing to lees enquiiT and to the fact that merchants are anxious to make further purchases "until they see a prospect of getting them away. The market valuo is said to be nominally £5 10s per ton at country stations, but as a matter of fact several sales have been made during the last darnvtwo as low as £5. The Otago and Southland markets are reported to bo firm, and the fact that an importation has been made from Melbourne to Dunedin indicates that the latter market was unable to depend upon local supplies.

in seed lines the principal change is in white clover, for which lower prioes are now being offered, and sellers are not inclined to accept. Red clover show 3 litt'e alteration. Peas are neglected. 7s to 7s 3d being the best prioes now offered for par* tridge. Onions are a little firmer, £5 5s now being offered.

The following are the prices paid to farmers at country (stations, free of commission, sack 3 extra, except where otherwise slated: — Milling wheat, accordig to Government price, Sontii Island, May 5s lid, Juno 5a 11 jd, July Gs, August Gs'OJd, f.0.b., North Island, 4d additional. Oats—Milling Algerians 4s 3d to 4s 6d. feed to 4e sd; milling Cartons 4s 3d to 4« 4d, feed 4s Id to 4s 3d; eeed Duns 4s 6d to ss, lighter 4s upwards; good quality Danish to 4s 6d. Barley—Prim© malting 6s 3d to 6s 6d, medium 5e 9d to 6s. Flour—£ls l(te per ton; 1001b bags, £16 se; 501b bags, £16 10s; '2olb bags. £16 las. Bran Shipping £5 10s, local £5 133 per ton. Pollard—£7 10s per ton. Oatmeal—2slb bags £26 per ton, 7lb bags £26 per ton. Oatsheaf Chaff—(Nominal), heavy bright £5 10s to £5 15s, medium £5 to £5 ss, inferior £4 to £4 10s. Cocksfoot—loJd to Is 3d. Ryegrass—Heavy Perennial 4a 6d to 4s 9d, lighter 4s to 4s sd; Italian 3s 9d to 4s 3d; Westernwolths 4a to 4s 6d. White Clover (Nominal) —Best Is 6d to 13 9d. Red Clover—ls 3d to Is sd. Peas—Partridge 7s to 7s 3d, White Ivory 13s to 13s 6d„ Blue Prussians 15s to 16s, Blue Imperials 16s to 20s. Scotoh tares—loa 6d. Beans—6s 6d to 6e 9d. Rape Seed—4d to 4id. Onions—£s Bs. Linseed—£23. Potatoes —£5 to £5 10s. ' THE WHEAT SUPPLY. The Wheat Controller, Mr W. G. McDonald, furnishes the following return of wheat for the period from April 23rd to May 7th. THRESHED. Bushels. Tuscan or Longberry .. 1,959,382 Hunter's varieties .. 385,132 Velvet or Pearl .. .. 473,004 Seconds and fowl wheat .. 142,926 Total .. .. 2,960,444 CONTRACTS TO PURCHASE GOOD MILLING. Bushels. Tuscan or Longberry .. 2,024,227 Hunter's varieties .. 623,313 Volvet or Pearl .. .. 458,318 Total .. .. 3,105,860 CONTRACTS TO PURCHASE FOWL WHEAT. Bushels. Seconds and fowl wheat .. 287,958 AMOUNT PAID TO BROKERS. Total paid to brokers £643,358 Os 8d for 2,156,113 bushels. DAIRY PRODUCE. There is a shortage of prime butter in Australia, tho chief supplies coming from Queensland, where the production is heavy. The prices are lower than in New Zealand, first grade factory being worth only Is 4d per lb wholesale. Cheese is also in short supply in Australia, tho official quotation for matured being lid per lb. Thore is nothing fresh to report in the local market, supplies of butter, cheese, and bacon being normal. Eggs are, however, dearer, in consequence of supplies still being short. The wholesale prices are:— Butter—Factory Is Gd net, farmers' separator Is 2d, dairy Is. Cheese—Factory lOd, dairy 9d, loaf 91d. Bacon —Side 3 Is 2d, rolls Is "3d, hams Is 3d. Honey—Extracted 6Jd to 7d per lb. Eggs—2s 6d per dozen. FRUIT AND VEGETABLES. Vegetables continue in plentiful Bupply, and potatoes and onions have come forward freely. Tomatoes are now about over for the season. Apples are in good demand at moderate prices, and there is a poor sale for pears. A shipment of Island oranges and bananas will ehortly be on the market. Wholesale average prices during the week wore: — Apples, dessert 5s Gd to 7s Gd per case, cooking 4s to 5s Gel; peais 2s to 6s, Fiji bananas 17s to 2Cs, San Francisco lemons 30s, South Australian lemons 20s, Cook Island oranges 13s to 14s, pineapples 15s to 18s, passions 14s to 16s, Cape gooseberries 6£d per lb, walnuts 8d to lOd, tomatoes 5d to 7d, sauce tomatoes 2s to 4s per case. Beet 8d per dozen bundles, carrots 8d to lOd, leeks lOd, parsnips lOd, radishes Bd, turnips 7d, cabba/es Is to Is 6d per dozen, cauliflowers 3s to 83 6d, lettuoe 9d to Is 3d, marrows Is 6d to 3s, celery 6d to 8d per bundle, onions 6s to 83 per cwt, potatoes lis to 14s 6d per sack.

TIMARU. {SPECIAL TO "'THE TRESS.'?)

TIMARU, May 10. There is not enough fowl wheat offering to fill ordcra coming to hand. The oat market remains the same as last week, there being practically no offerings. Good G art-one aro worth 4s 3d to 4s Gd, on trucks, country stations, while Buns are worth 4b 3d to 4s 9d on the samo basis Algerians are not wanted, as tho demand from the North Island has been filled.

By reason of the shortage of shipping and storage space, there •is scarcely any demand for oatsheaf chaff. Nominally its valuo is £5 10s per ton, on trucks, for prime, and £1 for medium quality.

A. few lines of white clover are heing offered, but they are not meeting with a ready sale at sellers' ideas of values. The market is much weaker, Is 3d to Is 9d per pound being the best obtainable for farmers' dressed samples, according to quality. Partridge peas ara nominally worth 6» 9d to 7s, on trucks, country stations, tho market having eased owing to th© impossibility of shipment.

Tho North Island markets are reported very much weaker for potatoes, and there has been a resultant fall in -values here. There are practically no orders coming to hand from the North Island at present, and values are quoted at £6 to £6 5s per ton, on trucks country stations, for whites, and Sa more for reds. Merchants requiring potatoes for immediate shipment maj* bo in a position to pay a littta more to secure their requireLast week tho Dunediu market reached £10 per ton owing to a temporary shortage, which has since been met by increased consignments. Importations of Australian potatoes are being made into North Island ports, and these aro having a depressing effect on the market. So far as the supply is concerned, there does not appear to bo much prospect of a surplus should there be tho usual demand, but the position is rather obscure. Tho present weakness of the market is said to have emanated from Christohurch.

Fairly large shipments of wheat, potatoes, and milling produce have been nude to the North Island from Timaru during tho week, and what ia wanted now is- a sufficiency of steamers to clear the stores of tho chaff which is here awaiting shipment.

DUNKDIX. (SPECIAL TO "THK TRESS.")

UUNEDIX. Mm- 10. Oata are a shade easier in prioe. This is due to a certain extent to the absence of shipping, and buyers are not very keen to purchase, as the stores are well filled with wool. The nominal quotation for A Gartons is 4s 3d to 4s 9d, and B's <3 7d to 4s Bd. All lines of milling quality wheat are readily taken by miliera at Government rates. Fowl wheat ia in very short supply. The potato y:eld is disappointing Only prime table sorts meet with a strong demand. The quantity of chaff coming to hand is quite eoual to the demand Prime oaten 6heaf chaff ig in most request, and sells at £6 lCs to £6 15s, medium to good £6 to £6 lCs per ton (sacks extra).

INYERCARGILL. (SPECIAL TO "THE PRESS.")

IJiYEItCAIIUIL.L, May 10. The oat market continues quiet. There is not a great deal of enquiry, and offerings from the country are not large. Xot more than 130,000 sacks are in Southland stores, which is not a large quantity for this time 0: the year; 4s to Is Id on trucks is offered to farmers for A grade Gartons. There haa been a considerable quantity of chaff offering, but owing to lack of storage and shipping accommodation, merchants are not ka3n to buy. The best price offering is £5 15# on tracks for good heavy quality, but varjHoro aro not keen to sell at this* a~ure.

Potatoes continue firm, although there is little demand from the North Island. There is, however, fair local and Dunediu enquiry. arc offering to £6 100 on trucks for best table quality, and in some instancea

higher prices have been given. There is a good enquiry for seed potatoes, mainly Up-to-Dates and Sutton's Supreme. Dressed ryegrass continues to move off quietly, and _prices will probably harden. Clovers, cocksfoot, timothy, and other grasses are abnormally high, so that the 3emand for ryegrrass should continue firm. Undressed perennial is worth 3s 3d to Is; crira heavy samples, 4s 3d. BLENHEIM. (SPECIAL TO "IHE PRESS.") Hoy 10. Chaff remains in much tho same position aa last week, but prices are inclined to be easier to farmers, on account of the lack of shipping. The main shipments are being made to Auckland, and no vessels are offering for thst port just now. The regular trade with Wellington proceeds in the .usual way. The price to farmers is £6 10s per ton in the stack. A fair quantity is coming forward, and all is good quality. Seed oats are inclined to be easier, as a good dee.l of the sowing has been done. As in past seasons the bulk of the eeed supplies is coming from the South. Potatoes remain steady at previous quotations. A fair quajitity of cowgrass is still offering. The market is slightly easier, Is 61d being paid for prime samples. Tho quality of the seed appears to be very good and above the average. White clover still commands high figures, as much as 2s 4d per lb being paid for good quality. More than the usual quantities are coming to hand. Of lucerne seed very little is threshed yet; la Id is being paid for prime lines. The barky market has finished. There are no new features in the wheat market. From present appearances there will not be as much sown as last season, the present trend being in favour of oats, of which a fairly large area ha 3 been sown, and i 3 already well in leaf. The cropping of peas is also a popular proposition, the high prices for contracts being a big inducement. A considerable number of contracts have already been signed for at prices up to 12s and 15s a bushel. This level of prices is ,a record. Hay remains steady. There is a poor demand for prime hay suitable for racehorses, the North Island being the market. AUCKLAND. (SPECIAL TO "THE PRESS.") AUutCLAAD, May 10. Tho produce trade is of some interest this week on account of tho distribution of Australian goods. Ample supplies of good quality potatoes havve arrived lrorn the South, and, with the largo stocks at present on hand, are having the effect of keeping the price down. Some Australian rcdskuis of splendid quality also came to hand by the I'iot sieamer and sold ao high as £12 per ton ex store. Good quality Canterbury potatoes command from £10 to £10 10s per ton. Advices from tho south arc to the effect that in the absence of any demand irom the north, tho tone of the potato market is easier, but this is only likely to bo temporary. It is very likely that stocks of potatoes will soon be considerably reduced, as shipping facilities on the coast arc very limited.

Onions arc selling rather better at £10, tho lower price having no doubt increased the demand. The quality is keeping up well and buyers do not hesitate to lay in good stocks at the present lavourable rates. It is considered that a substantial rise in price will take place shortly. Stocks of oats are reported to be light, and little business is passing, best feed selling at 5s 7d ox store. Another cargo is expected from the South within tho next week. Algerian oats are still being asked for. and it is thought that a much larger area will be put under that crop this season in* the Auckland district.

Milling wheat is unchanged, but fowl wheat is firm with supplies very limited. It would appear uiat importation from Australia will be absolutely necessary during the winter.

Bran and pollard quotations stand nominally ut i! 6 lUs and ±'8 10s respectively, but no supplies can be obtained this week at any price. Only on© insignificant line of maizo has arrived from the coast since the lost report, and the price remains nominally unchanged, at 7s 4d on the wharf. During the scarcity a good business in Australian maizo is being done, Victorian being in specially heavy demand on account of its better condition. Quotations range from 7s Gd to 7s 9d, cx store, according to the quality and size of the parcel. A novelty has been introduced into the trade this week by the charter of a Btearner to load chaff at Ljttelton on behalf of Auckland merchants. This will lift most of the accumulations there, as hundreds of trucks are reported to have already acciunulatcd at the port and at inland stations, but a fewpeculiar complications are reported, and it is more than likely that a good quantity will be left behind. Blenheim chaff is readily selling up to £12 10a per ton, and a fowlocal growers have somewhat relieved th© position by sending in eomo substantial consign meats. Some of tlieso were of very fin© quality and realised up' to £11 at station, . which is prohably a record for modern times. Of course this price has only Jieen paid, for very prim© samples and unfortunately a good deal has been far from satisfactory in regard to quality. . . Th© advent of winter weather is. increasing the demand for barley and best eeed is selling tip to 7s, ex store. The demand for linseed is increasing, hut unfortunately supplies are limited, and the outlook for the winter is not bright, The price liaa advanced to £27, ex store. Hay is in limited supply, and the best is selling up to £8 10s per ton. Straw also is very scarce, and is selling up to £6 ex store. GENERAL MERCHANDISE. Trade during the week is generally reported to have been steady, a trifle quiet m one or two directions, but, on the whole, The feeling of anxiety as to the immediate future which appeared to exist in fiomc quarters last week consequent on the calling up of the B class of the Second Division, has been allayed es the result of the large number of men who are understood to have Men rejected by the Medial Boards. The fear that trade would suffer through the calling np of the younger householders, with a consequent diminution in many eases of the spending power of a considerable section of the public, is now seen to he unfounded. _ Some interest has been taken in the visit of th® Japanese Consul-Goneral, as indicating Japan's hopo of securing a larger eha-re of Ne-.v Zealand's trade. Japan is already making her way into lines of business, which were formerlv very largely in the hands of German manufacturers. Whether Japan holds permenently the place in our import trade that 6he has won, and is strengthening, as a result of the war, depends largely upon the manner in which her manufacturers comply with our busine«i3 requirement and methods of doing business. They must seek to win the reputation willingly accorded by British business men to Chinese traders'—the reputation of being as good as their word and of never repudiating a bargain. Thi popular belief that "For ways that are dark and for tricks that are vain, the heathen Chinee i 3 peculiar," is a libel eo far as it reflects on China's commercial community. Japan's commercial standing will be immensely improved when her manufacturers and merchants enjoy the reputation 'for probity that China's have well earned.

The anxiety of Japan to secure a firm footing in the world's markets is indicated by the action of the Kanegafuchi Cotton Spinning Company, which at its rccent half-yearly meeting decided to set aside 10,000 yen, approximately £10,000, as expenses for the despatch of a commission to foreign countries to inveetigate commercial possibilities after the war. The company could well afford thij enterprise, for it paid a dividend at the rats of 50 per cent. per annum. HARDWARE. There is little to report, prevailing conditions being much the same as week. Several steamers are due to arrive shortly from overseas, and there is Tcsson to believe that the shipments they are currying will eaee the position a3 far as .the shortage in a uuniber of leading lines is concerned. Several saiier shipments arc due shortly in Australia, and if speedy transhipment can be obtaiued, liard-warc importers; will further e» perie:ice relief. The shipping position is still obscure, owing to a phethora of conflicting reports, so that many people are simply waiting to see what turn's up.

Referring to American indents, recent advices do r.ot hold out very rosy prcapects as to the immediate execution of" orders. The United States is deeply engaged in war work, und the country's export trade in consequence will therefore suffer. However, it k understood that large consignments are already on the way.

There is an acute shortage of tin in. tho Dominion, and it seems that some time will elapio before shipments can be secured from Australia.

Th© scarcity in hardware stocks in Australia is becoming a matter of some concern. The position appears to be worse in the Commonwealth than in Now Zealand, and it is believed that it will grow still worse before it improves, consequent on the increas- | ing difficulty of obtaining irorn the Umwd , States irtidcs which have long been unoo- J teinablc from Great Britain. A leadingmanufacturing firm in the States recently | informed a Melbourne merchant that it had ' ceased to turn out any 6mall sized in scisoors, barbers' shears, cjjd similar tools, bec?'"?se P ar t of their works has been eitionid for Government work, including the • making of surgical instruments. In nearly ; all lines carried by ironmongers there li&ve o<ren large advances in prices in nume* ou ~ instances as much as 100 per 'cer.t. A letter received from a Sheffisld manufacturing S rIU gi7«s eorne idea of the difficulties u nder j which production is carried on. After men- t tionuis that a number of large cloth knives

had been forwarded, tho letter says:—"Theae ■will probably bo the last knives of this type that wo will be able to eupply till after the war, as our last man capable of forging them has just been called up by the War Offioe. A Sheffield price-list gives a note stating that no further supplies of saws and of several other articles are available for exoort.

The fact that nothing containing more than 5 per cent, of brass can bo exported from Great Britain shute off new British supplies of brass tacks, looks, and many other things into which brass enters. rumours current for some time past ar r an S e ®ents w ore in progress for the production of lead manufacture® in Australia ? n '. ar £® scale are on the point of materialising. As is pointed out, tho raw material of such manufactures is one of the main products of Australia's mineral areas. It is said that a 6ite suitable for the purpose of manufacturing whito lead has been secured m Now "South Wales, and other commodities made from the metal will bo suxed ° €r * necessary capital is asTEXTILES. s<^ ods during the week has been satisfactory, but quite uneventful. The fr^J 0n t l nS , ° f Prioe* and scarce l Ve I ? et their novelty, and the sidftr ihlJ* perforce to devote conatockl att<!ntloll to the task of conserving C° nß ul-General paid a visit mSVV 0 T® ° f the wholesale houses and «wL fr . int f rest » inspecting the class of goods required for the Canterbury trade, V Umber casee, he admitted, factnrer* th. B or Jap»n«eo manulearnpjrs ' j ~ l a *ter, however, are apt to S,, lU ?°.doubt make an effort g °^ s of th « kind wmted. New Ynrt 13 (4 at recent activity in the belief tW A market w as due to the mandJrW^ 6 G °T nment '6 aciion in com!y7i s, a number of Dutch steamers Livernor.l j tonnage to carry cotton to caused bv succeeding slump was rbT^^wJ that the were France TT 1D » transport of troops to PTin o) factor in the VTtsent ma foods is the C«t of cotton tba? gauged from tho fact that perlb in?Ljv T orth in F <*ruary 1® 3Jd " ' , W ', a "Jtwted a ' 23.32 d for lver P°° l the same month. Ion" l;*? 1 " t dlac ° v « r y iae been added to the of for wooL "Wool dogs' hair waL announced lately that gs nair was being wovon into fabric.

GROCERIES. a rfcT in fo ? lin ° in the air that ih«™ \ . pl ? ce of tca occur in vance on the r£'l m ) Con6e ? uerlco of tie ad-in-r to ? market > wt « re . accordwere nuoLV report ' common qualities la 3d f o lf. SydneyT *° f to the Colombo tea sale of ordinnrflv tteJe was an extrar much Uve market, and all grades were the ? • future.of the sale was brol-An >~, S prices paid for common E-enerill fannings, which generally obtained between 60 to 64 cents shown* a rise of about 16 to 20 cents S a , nd medium leaf grades were 6to 10 i rer \ and eimiJar broken grades advanood about 3 to 6 cents Some fine lines of tea from Java are expected to arrivo m the Dominion nhortlv. aV v i • 60me ago were terribly fougii, but since tiien they iuvo greatly improved, and are now said to be smooth and sweet. If tho supply can bo relied upon there may be a big future for these teas. IJiey will havo to pay a duty of 5d per lb a„ainst 3d paid on teas grown within the JMiipiio. Large stocks pro available at prices which the Melbourne "Argus" describes as reasonable. Tho paper urges the removal of the embargo placed some time ago on the importation, of Java teas into the Commonwealth. . This would seem to be a wiao «tep in view of the fact that Australian stocks of tea are barely sufficient to meet ihe demands of the next few months, and Ceylon prices are too high for Australian buyers, who formerly secured from there moro than half of the forty million pounds that Australia imports annually. The market for new' season's Australian currants is reported to hove opened at 3d to 4d per lb higher than last season. Sultanas, as wo mentioned last week, are in very short supply and none may bo available for Now Zealand.

Kerosene advanced 6d as from' Monday last.

Supplies of sugar have been short for sonic time owing to tie irregularities of shipping. Tho situation, however, was relieved during tho week, supplies coming to hand more freely.

There is a decided shortage in cocoas, small Bournvilles being almost unobtainable. _ Th© export of cocoa from Great Britain is prohibited, so that there is no immediate chance of stocks being reinforced from that 1 quarter. Some cocoa is arriving from the United States.

Tho people, of whom there are many,, who are inclined to grumble loudly at the higher coat of groceries in Christchurch, may find some consolation in tho knowledge that there are others who are much worse off in this respect than themselves. That this is so is shown by the February price list of a British firm of grocery and provision merchants which does ti very largo wholosale and export business. We have picked out a number of lines and give below their wholesale price in Britain and their retail price in Christchurch. The latter is given in parentheses:—

Tea—Cheapest 2s 4d (Is 6d to Is 8d), arrowroot 8d (8d), Lima- beans Sd (9d), harict't beans Gd (6d), candles Is (lid), chicory 2s (Sd), colic© 2s 4d (2s), cornflour —Brown ' and Poison's IOSd (8d), cream of tartar 3s 9d (Is), cooking figs Is 8d (10d), flour, 7lb bags is id (Is. 9d), dried peaches Is 8d (Is), apricots Is 8d (13 3d), canned fruits, 2ilb, apricots 2s Gd (la 4d), peaches 2s 6d (Is 4d), pears 2s lid (la 6d), leaf gelatine Gs 6d (6s) honey per lb Is 7d (Is), hops 2s (Is Gd), Hudson's extract of soap per dozen packets Is (2b), jam, 2lb jars, apricot la lOd (2s), black currant Is lOd (2s), greengage is 7d (la Sd), marmalade Is Bi<l (2s), lemon peel la Id (Is 2d), essences Is (Is 2d), lentils 7d (6d), linseed 6Ad (3d) macaroni Is 2d (8d), safety matches, small Bid (9d), condensed milk Is ljd (Sd),. cocoa and milk Is Gd (Is 9d), cofieo and milk Is lOd (Is 9d), Coleman's mustard, lib 6d (lOd), peanutß Is Id (8d), split peas sid (3Jd), pep-•p-er 2s 2d (Is Sd), sardines 9id (lOd), lunch tongues 2s lOd (2s), rennet Is Id (Is 6dty' rico 3id (3jd), kitchen salt 14lb 9d (2s), soap, bar, 2s 5d to 2s IOJd (Is 2d to Is 3d), sugar (sold only by lb at Home) 5Jd, 2Jd, loaf OJd (Id), golden syrup, 21b tins la 2Jd (7d), flake tapioca 9Jd (sd), pearl ditto. 91d (lid), sago B£d (4d), treacle, 2lb tins 4s 4d (Is 9d), vinegar 3s 3d (2s 2d), ham 2s 2d (la 4d), Vacon Is 7d and 2s 2d (Is Id and Is 6d), beef suet Is 6d (6d), cheese, colonial, Is 4d (Is Id), lard Is 6id (Is Id), cocoa, Bournville, lib 3& 2d (3a 6d), half-pounds Is 7*d, la 3d. . It must bo emphasised again that the first price given in each case is the English wholesale price, the second is the retail price in Christchurch. Tho comparison i 3 instructive. The tea bought by the Imperial Government in India and Ceylon is to be known as National Control Tea. Its distribution is regulated by the Food Controller, and he haa fix:di the maximum price at 2s 8d per lb, a Bmall additional charge for delivery being permitted. It is an offence for traders to mix National Control Tea. with any other tea, or to sell such a mixture. The piica is said not to yield the Government amy profit. . , , , , The increase in t 110 cost of foods ana groceries in the various States of Australia between July, 1914, and March, 1918, is stated by tho Government statistician to be as follows: —New South WaTcs 34.3 per cent., Victoria 31.8, Queensland 36.1, South Australia 23.7, West Australia 11.4. Tasmania 35.6. , x , In a report regarding tho trade presented to the Commonwealth Government by the Inter-Stato Commission last mouth, it was mentioned that of 69 retail shops in Melbourne metropolitan area, whose returns were submitted i'.nd gated, 39 made an aggreate of profit of £-948 in a vear, or an average profit of £76 each. Taking the whole 69 shops together, the total capital represented was £103.500, and the? total turnover £102,808. The l° ss on the whole was .'.'1871 2s sd. or about 1.81. per cent, on the capital eniDloyed, and about 0.46 on the turnover. Thin amply demonstrated an absurd of ur.remunerstcd effort and capital. Tho Commission had been informed that not fewer than from 203 to 300 gvocsrs went in and out of busuK-rf* every v:ar. as they could not main the business pay. If larger shops, well equipped and with an ample staff, could be kept continuously and well employed, the public would be verv much better provided for at less cost. The attention o? the- State Governments was directed to tho advisablenoss of considering the question of licensing gTooers and dairy produce dealers, with a view to minimising the wa3tc in distribution which now takes place. The chief cauw of the high priccs of groceries were considered bv the Commission to bo the higher cost of most of the materials used in connexion with ir.?nufacture. preparation, or packing, increased cost of importing, increases in wages, wasteful methods of distribution, and the increased snendin? power of the community arising frcm the Government's larga v-Rr e-pecditure. A contributing cause was d"mi"a 4 ii'r tjoMtion occut>i6d by associations of wholesale merchants and manufacturers. i

DRUGS, CHEMICALS, Etc

A striking illustration cf the advance on p-<~war experienced by v.'hol«s::ie druggists is given by the fact that the landed cost cf oiive cil received this wesk by a iiim, * ? ■'-!> beior<* tho was as i p'f ssa-un. was 33a. Tho firm was eelling last wee's al 22<3 ed. It is now becoming extremely difficult to get many-kinds of chemicals. All potitsh salts aro veri" in Drice. and meat

unprocurable at any money. This was almost wholly a German trade, there being unlimited supplies of poiteh in Darmstadt and in Alsace-Lorraine. Importers have lately fallen back on America for their supplies, but it is understood that an embargo has been, or is to be, placed on their export from the States. Some dyes are now reaching New Zealand from English works that before tho war had been shut out of the market by German competition. No makes by the huge British Dyes Corporation, founded with Government help eoon after the war began, have as yet reached this country. America, however, is supplying some, possibly the output of same of the German firms engaged in the industry there. Japan is sudplying some drugs, and quinine is now obtained from Java.

serious shortage is reported in methylated spirits. The raw spirit comes from Australia, being produced in the manufacture of sugar, but the wood naphtha and the pyridine used in methylating it used to be got from German;/. The former is now furnished by America, and the pyridine, until supplies were cut off, used to be procured from England. The Customs Department now. permits the employment of turpentine for methylating instead of pyridine. Phosphorus is almost unobtainable. Nono is now available from England, one reason being that transports will not carry it The Agricultural Department i 3 understood to be anxious to seoure supplies, but without success. Strychnine, formerly 2s 6d, is now 10s Ed; it is scarce, and makers cannot accept further orders.

Tho bottle difficulty is one of the greatest now experienced by wholesale druggists. Tho price of many descriptions lias risen so high ob to bo prohibitive. Eight-ounce dispensing bottles, once obtainable at 12s 6d per gross, are now offered at 545. Japanese bottle 3, which are of fair quality, have idvancod, and so ltavo Japanese freights. American bottle makers, who produce a very fine article, can also turn out cheaper bottles than the Japanese. None may be exported from Australia. A cargo of rough salt is understood to be on the way from California. Caustic soda is quoted at £98 f.0.b., Sydney. PETROL. It is understood that a small cargo of 8000 or 9000 cases is to arrive before long. The price is stated to be 28s Gd net. According to a report of March 7th higher prices for all grade? of crude oil were expected to bo announced shortly in the United States, owimj to the rapid increase in consumption and the marked decrease in production and in stocks of petroleum. This decision was reached nt a conference between ■the oil director of the Fuel Administration and leading oil representatives in New York. Nothing WH3 announced officially on price fixing. Tha trouble seems to be largely a matter of transportation. Tank car mileage that averaged thirty-six miles per car per day in 1917 dropped to approximately twelve miles in January and in the early part of February probably even below this figure. Tie total stocks of oil in the United States approximated 1G0,000,000 barrels, and in addition to the 320,000,000 barrels produced last year 20,000,000 were used from reserve stocks. Increase of consumption has been steadily climbing for ten years past, the annual average increase in that period being something over 6 per cent, of the previous year's consumption. THE COST OP LIVING. (SPECIAL TO "THE PRESS.") WELLINGTON, May 10. The co3t of living is often made the subject of resolutions by Trade Unionists, and the Government can scarcely be expected to control pricee all round. Much has been done by the Government in this respect, but the powers of the administration over economic laws are very restricted. As n matter of fact, New Zealand is no worse off than many of tho States of the Commonwealth. Comparing the prices ruling in February last with those current in July. 1914, according to the figures furnished in the "Monthly Abstract of Statistics," the rise in the food groups of groceries, dairy produce, and meat was 33.64 per cent. If wo compare this with tho States of the Commonwealth we obtain the following:—New South Wales 34.3 per cent., Victoria 31. per cent., Queensland 36.1 per cent., South" Australia 23.7 per cent., West Australia 11.4 per cent., Tasmania 35.G per cent., New Zealand 33.64 per cent. The Dominion exhibits a smaller advance than is recorded in New South Wales, Queensland, and Tasmania. The Commonwealth average is 30.5 per cent., so that New Zealand is not mucli above that. Even such a comparison is not likely to satisfy those who find the cost of living a. serious draw on the puree, for they can point to the fact that the productions of New Zealand, such as butter, cheese, meat, and eggs, are much dearer, or rather have risen to a greater height than some commodities that are not produced ill the Dominion. Thus it may be pointed out that New Zealand does not produce an ounce of sugar, although a considerable quantity ta refined in Auckland, aud yet the advance in the price of sugar is extremely trifling as compared with, say, meat or butter. Then again, with respect to tea, which is not produced in the Dominion, a very fair tea can be still purchased retail at 2s per pound, aa was the case before the war began. However, there is a general rise in values, and tho New Zealand experience is no exception to the rule. The burden falls upon those with fixed salaries who have received no consideration in the way of bonuses or advances.

OTHEU ITEMS

GOODS AWAITING EXPORT.

PRESSURE ON STORAGE SPACE AT AUCKLAND. Tho congestion in Auckland stores, both as regards commodities requiring cold storage and other products for export, is stated by merchants to bo extremely serious. Practically all the available space is heavily taxed, and there does not appear to bo much prospect of any substantial shipments being mado in the near future. Enquiries from exporters elicited the information that there was a- great accumulation of hemp, tallow, and pelts. It had been anticipated that the congestion would bo relieved by sailing vessels running to-America, but it is now understood that thtee will not ,bo available (telegraphs the Auckland correspondent of the "Otago Daily Times").

A prominent produce merchant stated that tho position in respect to tallow was particularly serious, inasmuch as tho importation of -tallow into tho United States "was prohibited for all shipments not mado beforo May Kith. In respect of hemp, pelts, and aides, there was great congestion, while tho position in regard to hides had not been satisfactorily adjusted between the exporters and tho Government, thus making matters worse. Fortunately the flax mills would be closing for the winter at the end of May, and the cessation of supplies would probably enable the stocks in store to bo reduced before the resumption of milling' operations. Tho cheese and butter output had bsen cleared up to January and February respectively, and the position in respect to these commodities was fairly satisfactory, iis thcro was a cliancs of the present stocks being cleared before the beginning of next sepr.on. In view of tho present congestion in uU the stores, however, it was regrettable that a vessel should have been allowed to leave Auckland recently with cargo space for hunreds of tons unfilled. He thought legislation should bo po6s;d to prevent ships leaving Dominion ports until they were fully loaded. NEW COMPANIES. This week's "Mercantile Gazette'' reports registration of the following new companies:— Star Hotel. Ltd. (Auckland!, private company, Capital: .£2300, in 2foo shares of i'l each. Subscribers: Auckland, The Campb?ll and Ehrenfried Co., Ltd.. 2700; A. S. Dunhart, 100. Objects: Hotel and general incidental.

Lion Brewery. Ltd. private company. Capital: i'lCO.OI"), in 100.000 shares of £1 each. Subscribers : Auckland. Ths Campbell nrd Khrer..'ri- > d Co., Lid., 50.0.11; the Great Northern Brewery, Ltd.. 50.000. Objects: To carry on busings z.i brewer?, general merchants, pr.d general incidental. New Zealand Plat?rs, Ltd. private company. Capi':>!: £300. in SCO flharc3 of £1 each. Subscribers: Wellington, T C Dawson. 60: O. Fiiscernld, 1P0; C. E. jrai'dslny, CO: W. H. Morton, GO. Objects: To carry on the business of electroplaters. eniraver.-, ctr., and to carry into efftet an agreement rnHe M.Tch 13th, 1913, with th? liquidator cf the John Burns Electroplating Co.. Ltd.

Murie and Ritch'e Lid. (Wellington), private company. Caoittl: £~2CO, in 7200 shares of £1 each. Subscribers: 'Wellington, T. Murie, 3000: J. T. Ritchie. SCOO. Objects: To acquire as a going concern ih<i business of indented and agents fccr-.tofore carried on at 110 Woken eld -tWet. Wellington, undar the style of Jccetea unrl Murie.

Armour and Coxpany of ArGir»!asia, Lid., has increased tha coital of tli" company to £100.00? by tho cf additional capital to tie aEC'ont cf £39.M0, divided into 16.000 shares of £5 I'-cr. Tho o£ice cf -the coasD any is in Chris'-church. SHORTAGE O" FLOUT! AT GISEORXE. An encouravijj sight was presented this morning by the appcarance of tho Union Company's steamer Rosamond, berthed at Xc. 4 ahed wharf discharging flour from the South Island (says Tuesday's G is tor no

'IHerald"). For some weeks past the supply of flour in Gisborne has not been by any means too plentiful, and owing to the South Island works closing down for overhaul eonie time ago, und the movements of shipping, a shortage of flour was threatened. Since that time Gisborne supplies Jiavo apparently just "marked time" with her requirements. The present shipment, however, will greatly relieve the position.

EXPORT OF HONEY. (PRESS ASSOCIATION TELEGRAM.)

WELLINGTON, May 10. The export of honey is likely to bo heavy this yeax, us it is now one of the favoured commodities, and will bo taken by steamers whenever possible. Tho price for export is r.ow about £150 per ton. There are about 270 tons in store at present.

NEW ZEALAND PAPER MILLS. (PRESS ASSOCIATION TELEGRAM.)

DUNEDIN, May 10. The directors of the New Zcalaa* paper mills recommend the payment of a dividend of 4 per cent, lor the six months, -making 7 per cent. lor . tho year. BAKER BROS. WEEKLY LETTING REPORT. Baker Bros, adviso having let the following properties during the past week:—On account Pierce 13r05., residence Kilmore street, to clicnt; on account Mr Isaacson, rosidencc Barbour street, to Mrs Mahoney; On account Mr 'i'urton, residence Osborno street, to client; on account Mr Ohivcrs, residence Buckley's road, to Mr Hill; on account Mrs .Stott, furnished residence, Manchester street, to client; on account owner, furnished residence, Hardwick street, to Mr Edge; on account Mr Manning, rcsidenco Hoon Hay road, to Mr McKnight; on account owner, bungalow, Mersov street, to Mrs Jennings; on account Mr Armstrong, house Buccleugh street, to Mr Knox; on account Mrs Gildors, furnished rcsidonce Bealey avenue, to Mr Whitehead; on account Mr Belf, house Tilford street, to Mr Fisher. 9967 CHIUSTCHURCH STOCK EXCHANGE. LATEST QUOTATIONS. Buyers. Sellers. £ s. d. £ a. <1 BREWERIES— Manning .. .. 3 0 0 3 i 6 COAlj— West port-Stockton (8 per cent, jtref.) — (J 11 3 FINANCIAL— Wri/ht, Stephenson and Co., Ltd. .. 8 0 0 — MEATSN.Z. J?cfrigeratingg .. 117 G — SHIPPING — linddnrt-Parker .. 119 6 2 0 0 WOOLLENS— Jvcinmi .. .. — 7 2 C MISCELLANEOUS— Mas.ii). S'ruthers (XI paid) .. .. 12 3 — N.Z. Consolidated Dental 1 5 C' — MINING— Waihi (cam div.) .. 117 6 — YESTERDAY'S BUSINESS ON OTHER EXCHANGES. (t'P.ESS ASSOCIATION TELEG BASIS.) DUNEDIN. Sales: —Huddart-Pnrker, 39a 6d (five parcels): New Zealand Refrigerating, 38s; .\ew Zealand Drug;, 52s Cd; New Zcoiand Paoer Mills, 21s. Sale reported:—Donaghy'a Rope, 2fis. MINING. TALISMAN CONSOLIDATED. During tho month of April the Talisman Consolidated, Limited, crushed and triaiad lioo tan*, yielding bullion -.alucd at £11,£12 10s. The cost for tho month totalled £3 15a 9d, made up as follows:—Min; development, 21s Gd; minin-, 25s fid; milling-, S2j lid; general, as lid. The directors have £~v.t to London tfca cablegram:— •'.%0. 15 level, south drive from 14C5 feet to 1303 fcci: Suiajsis froai is'j3 ieet to 1512 fc'U; v.iith, i' 2 inches; vaiue, £1 is. No. 16 lc-vei, north drive, from 317 feet to CGI feet; v.iitb, iC inches; va.uo, Bs.