FINANCE AND COMMERCE.

Press, Volume LIV, Issue 16359, 2 November 1918, Page 12

FINANCE AND COMMERCE.

(Br Ocr CoaannciAi, Editor,

Busin«#a generally during the week has lie en on tho quiot side, owing partly to the influenza epidemic and moro lurgdly to tho extraordinarily rapid and sensational developments in Europe. Tho position undoubtedly demands caro and thought, but in some cases tho result on tho markets of the declaration of peace i 3 being exaggerated. -<o one, of course, knows exactly what will happen, but all the probabilities aro against a sharp drop in prices, and in tho caso cl a largo number of commodities arainst any noteworthy fail for eomo time to como. Jt is indeed quite possible that persona limitins, or as has happened in a few instances, mispending altogether their purchases in tho •■xpactation of a BUdden drop at the end of tho war, may find themselves confronted with :i riso in prices, due to the sudden rush of orders. Extensivo clearings front bond have beon taking pLaco recently, in viow, of course, of tbo possibility of the Government dealing with tho tariiT_ this session. Tobacco and tea aro two of tbo commodities of which largo clearances hare bc-.-ii made, and in both cases holders aro absolutely safo, for in neither inatanco is thoro the least chance of tho duty being reduced, while both are regarded as being r.t least able to boar a heavier impost. _ Thero has not been so much doing in cigarettes as theso aro now bearing the additional duty of Sa v>or 1000. Tho commercial situation in tho United States, despite tho rc3trictioas imposed by tho Government, is highly satisfactory. The August bankruptcies numbered only 720, with liabilities totalling les.i than eight million dollars. Only in one previous year have tho failures in August been so small, and only in four years ha 3 tho total indebtedness boon lighter.

GENERAL MERCHANDISE. GROCERIES, Etc. Rcoent shipments that have arrived, or are to arrivo very shortly on tho local market, include a small quantity of the heavier chcmicaln (soda, silica of soda, eto.), and a largo quantity of Calnortiian dried fruits, and a consignment of tinned salmon which was shut out of a previous steamer. The salmon has been opened up, and the samples are good. Owing to tho Government embargo on export, thero is not ..much more, if any, to come. Local merchants havo advanced the pricc • of macaroni to 6d, vermicelli (small lots) to 6Jd or 6Jd lor largo lota. Tho rise is brought about by a corresponding increase in manufacturers' prices. - Sardines arc. firming, quotations for Norwegian quarters ranging from 9s Gd to 9s 9d. Cable advioe from Colombo on Thursday stated that tho tea market was active, and all good sorts sold at advances. Tho Calcutta market has generally advanced by a, farthing to a halfpenny all round. As was mentioned in this column last week, the surrender of Turkey was. cxpectcd to cause a *«sharp riso in lea tho opening of tho Dardanelles admitting of the shipment of Ceylon and Indian team to Southern Russia. During the week, further supplies of Three Caatlo cigarettes, yellow and green ovale, and Of Capstan tobacco havo been received. Small quantities of plug tobacco havo also oome to hand y but there is still a considerable shortage. . Stocks of Elliman'e embrocation, both ißoyal and Universal, aro now available at increased priocs. . , , No: ship's limejuice has been received for como timo, and manufacturers havo had to cease making articles of which it is one of the ingredients. Melbourne manufacture! 3 can accept no fresh orders for peel until alter Christmas. The prico has advanced a farthing in AusA now line, sapolio cleansing powder in tins, is now on tho market, and is quoted at 6s 8d per dozen. „ The latest landed cost of C. and B. essences to reports at tho recent conference: of the Australian Dried Fruits Association,' tho total crop of currants, sultanas,, and lexias was only 11,554 tons, as against l'>o3tons for the 1916 season. It 13 suggested that- it may bo neccosary to import trom California.

HARDWARE. Business is quiot, but with the influx .of visitors for carnival week a decided improvement in tho retail trade should set m au't be maintained into tho Now YearPrices are well maintained. Small stocks of mould boards have arrived, imitation selljljff for 22s Gd, real sellers 3js Gd. Plougli linn is scarce, and is selling in. small lote at up <0 3a 8d per lb. L.H. nails aro worth 63s per cwt. Ijtorso nail# ate soiling vory . frtely at 2s per lb. Horse rasps havo ad-! ranced-slightly, tho prioo now, being C6a per riexetl. Sheep shear* are in good demand, prices ranging from 7Ss to Bte per down. Caustic soda w scarce, but oan bo bought to arrive, ZBob tins 16a per dozen. Scythe stones an very scarce, "and are worth las per* dozen. There i»-» good demand for wiro naifo and gntoplies aro not to tho demand,, Foaciug wire ia quieter, while for barbed there u not much, enquiry. . Letters by the mail giro nor hope of a. gen«zal release of materials for some time. to come nor of a reduction in prices. Latest advice* -regarding beltings of all desoriptions indicate that prices have advanced vtty much, In some,cases to double the former list pricc, which, must mean an increase locally. . , A little bar iron is etill filtering through from. England, especially: small sisee not 00 much .required for munition purposes. _ English corresuondents report that it is etill extremely difficult to Ret tools used in agriculture, euch as spades, shovels, mould boards, skeith blries, and beater-platea. * tffio etiggeation ftoal oftiuufa fttd tbo Umtod States of America that it would facilitate the despatch of goods ordered if they; were sent across the continent to Pacifio ports, ,is not likely to bo accepted by Now Zealand importers to any extent, in view of tho heavy fireight charges. ; ,

SOFT GOODS. Business has been, moderate. There is a ■tendency on tho part of buyers to restrict Tftudhaftea to small lot*, in view ox tho possibilities attendant on tho declaration of aro great difference* o! opinion in tho drapery .trade -at Home.it appoaie, as: to whether .prices will fail after, the ytar.. Ov.o expert, irt giviftgovidcnco in a law. "case lately, .expressed hw belief that. present ptioea Would be maintained for throe or four yeara! "What wo ore going to do this winter for -woollen textures," writes .tho London woman correspondent of * Sydney paper,- "is beyond my comprehension. Thero aro some charming grey tweeds, or that fine popper' and salt mixture, that inen love for tL-eir awn suits. If yon chafico to turn over pieces of good cloth you find tlio prices at twenty-five to thirty ©hillings per yard. Blue set so is quite the most difficult material to got."^ At tho autumn 6ales of furs in New York at the end of September, £850,000 was realised in three days.' Kaw eknhk brought tfie highest price ever paid in the country, and ermine was 35 per cent, higher than in the spring. At tho Ootober sales red fox advanced 10 per cent, and opossum SO per csnt.; rabbit (first and second winter) realised 9a 3d per lb. Prioes aro cxpected to decline ■when the present Government embargo is lifted. Some weeks, ftgo a conference of Wellington trade Tinion'repreaentativoa set up a committee to enquire iatotho problem of the cost of living. Tho committee's report, presented last week, criticised vary strongly tho action ei merchants and tho Government, the former being charged, with committing, and tho latter with permitting, profiteering. Tho committee inter alia, that "Horroclcses' calkoos, actually purchased by cortain Wellington firms at 4}d to 4gd a yard, an now celling at Is 6d per yard. Ilorrockses' flannelettes, purchased at 10Jd per yard, aro now Sb 6d." On this statement the Board of Trsde in a memorandum presented to tho Prime Minister commented as follows:—"Dealing with tho two articles stocked by drapers, vis., Horrocks's calico and flannelette, tho board l*s made inquiries »a to the present position aoaimodities, and ascertained thftt the. retail priccs to-day ar® actually lower than the priccs quoted in. England "by tho manufacturers ,\oiter allowing for landiug charges. Ir. 1015 these articles were lower in price than for many yeara previously, and come drapers took advantage of tho !ow price to stock heavily, and aro therefore now in » position to place the So goods on the marliet at a lower prioo than their less for tuna to competitors can buy wholesale in New Zealand. The- pricc ruling in England for this calico is 15Jd per yard,'which, landed here, works out at Is Bd, whilst retailers are selliuf it at la Bjd per vand. Tho local wholesue price is Is 7Jd. In regard to flanneletH -tho cost in 1915 was Id to 7ja per yard, In London to-day it costs C3}d, plus 15 per or Ss 9a landed in New Zealand. This it retailed to-day at 2s Ed per yard. The piioes generally of these goods are 400 ner cent, higher in England, to-day than they trere In 1914, whilst local prices have advanoed 250 per oeat." DUMPING. AN EVIL ENEMY PSACTICE. . Speakers' at tho Associated Chambers of Commerce Conference ia Wellington on Wecfc>

DOMINION'S TRADE AND MARKETS.

ncsdar, incindir.g importers who cpofce from actual cxporiencc, were of tho unanimous opinion that tlie prootico of dumping on the part of foreign countries had been \r.o chief ererr.y of Dritish trade in the pfe3t, ar.d if sjreat care was r.ot takon it would start all over Ov, 0 6peaker stated that G«rmac;- had for Tears pa*t built up her export trade or. her Tiome trade; that was to say, that one /:rieo vraa charged for an arliolo in home trad? ar.d much less ■when it ©sported in quantities. By that method Germany had been able to out into British trade, and thero v.-.is littlo doubt that, given tho siigbteoi opening, they would do so after the war v.-as over. ilo know of Ms own experience how it was done, not only by Germany, but by America. the German .v.d linoleums wer© cut off .they had vt> go to America. In ono lifio siotlo they were charged 4s a yard when the homo price ■Was 10n 3d. .. .

Mr Jarnea AicLelian (Wellineto>i) said that ho could speak of matters •which bad MtDO under hin own particular notice in his own lino —tho metal tTadc —a# bearing out that tho principlo of damping had been in iorco for a r.nmbcr of years S3 a means 6l fostering Cecrman '.rado. If inr™o factories or a combination of factories found they were making rioro than tho homo market ccrnld tako it waa a aio of dumping, and the poods were shipped away to bo under-sold somewhere or other, ile reminded the conference that the value of goods for duty 7'''launder the new Customs regulations, asaweod on the homo price, but pointed out cosea "where that was scarcely cqoitoble. Thero wera instances wht-ro 10 nor cent, or under of tho goods manufactured in England or some other country wcro for home consumption tbo rest be-in? for eobie speiial marke*. In euch a oaso wa3 it right to fl£a#fe tn© value fur duty on what was being paid for tho 10 per cent, rather than on what wa3 being: paid for the 90 P® r c©nt.? He hardly thought that was right. Ho kufiW of cade# where hundreds of thousands of tons of goods ■Rcro mado for markets and a few thousand tone only sufficed for home needs.

CUSTOMS RETURNS. Tho total Custom*' duties (inciudin- beer duty) collected at Christchuroh during October, 1918, amounted to £65,777 lis lid, a* compared with £3G.619 4a lOd for October, 1017, o-n increase Isst month of £29,158 7s Id. Tho details (shillings and pence omitted) aro: — - , Oct. , Oct. IMS. 1317. £ £ Net Customs duties G2,151 32,903 Beer duty .. .* 3,6-28 3,715 £65,777 £36,613 Tho total Customs and bear duties received at Christchuroh from January Ist, 1918, to October 81st, 1918, amounted to £501,953, as 1 compared with £413,190 for the corresponding period last year, an increase for this year bo far of £88,762. CHIiISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales reported:—P. and 0. Deferred Stook, £il0; Wathi, .£2 sa. LATEST QUOTATIONS. Buyers. Sellers. £ s. d. £ s. d. DEBENTURES— "Whitcoiixbo and Tombs 61 per cent. .• 100 0 0 — BANKS- \ National •• ~ 6 1- o SHIPPING— n Huddar'.Parker .. 2 0 0 2 1 0 P. and O. Deferred , Stock .. .. 410 0 0 — COAIi— • „ „ „ ■ Westport .. ... 111 3 WOOLLENS— „ . Mosgicl -r •• S O 0 GAS- en*. Christchurch - •• — 6 0 & MISCELLANEOUS— Mason, Struthers (£1 $ paid) .. •. () ~ N.Z. Farmers' Co-op. .. 2 3 0 _ o 0 \Vhitcombe and Tombs 6 0 6 — HIKING — ■ Mt. Lyell .. •• .~ „ 110 3 Waihi •• •• 2 6 0 — YESTERDAY'S BUSINESS ON OTHER EXCHANGES. . (I'RESS ASSOCIATION' TEIiKGBAMS.) AUCKLAND. Sales reported :—Talisman, 10a_Gd; Grand Junction, Cs; Yi*aihi, 45» 3d. DUNEDIN. Sales on 'Change:—Huddart-Parker, 408 3d.

CANTERBURY MARKETS, <»t OCR COMMEBCTAL EDITOR.) Friday Evening. The recent ehowers of rain, including a, good downfall on Wednesday night, will <-o a considerable amount of good to orops, whicn wero beginning to languish under the iryins winds of the past nlonth. It has also improved tho {pound for further sowings. There is almost an entire absence of offerings of grain from the country, and any •busing that is done is between merdmnte, wlioso stocks ore very low. There is still a good demand for prime bright chaff, and even now business could be dono if freight were available. Up to £7 103 is still offered at country stations for prime quality, and inferior chaff, which has met with A dragging sale all the winter is now practically unsaleable. £ fairly largo quantity of potatoes hao lately boon shipped to tiho North, and tho clearing of consignments this week practically represents the "closing of 'the season. Up to £11 at country stations has been paid this week. It is not usual to do much businoSS after tho November holidays, and th» year the prices have been sufficient to encourage growers to sell, eo that tho stocks held in tho oountay aoro now down to very small compass, and it would bo difficult to pick up any quantity. The late rains will benefit earlier planted crops, which so far have suffered very little from frcsts. Thero is ft considerable quantity of ryegrass aead in stock, and likely to be moro than sufficient for requirement, but tho backward stoto of the grass this spring does not give ! much promise of a very heavy crop for the j next harvest. Supplies of "cocksfoot are scarce, and there aro not any largo stocks of clovers. ; The following are the prices paid to farmers at country stations, freo of commission 6acks extra, except where otherwise Btated:— Milling wheat according to Government pricc, South Island, 6s OJd, f.0.b., North Island, 4d additional. Oats—Seed Algerians, 4s 9d to .ss, feod 4s 3d to 4s 6d; ssed Gartons, 5s to 5s Sd, feed 4s fid to 4s 9d; seed Uum, 5s to Ss 3d. Barley (nominal). Flour—£lo 10s per ton; 1001b bags, £16 3s; 501b bags, fIG 3Cs; 251b bags, £16 15s. Bran—Shipping £5 10s, local £o~ 15s per ton. Pollard—£7 103 per ton. . I Oatmeal—2slb bags 130 per ton. 71b bags £34 10s per ton. Oatshcnf Chaff—Heavy, bright 10s to £7 10a, medium £S to £5 15s, inferior £4 to £4 10s. Cocksfoot—lOfcd to Is 3d. Hyegrass—Heavy perennial 4s Cd to 4a Sd, 'lighter 4s to as sd; Italian Ss 9d to 4s Sd; Westernxolthe 4s to 4s 6d. White Clover—Clean Is 9d to Is 10d. Red Clover—lb Cd to Is 7d. Pe«s—Partridge 6s 9d to 7s, White Ivory lis to lis 6d, Blue Prtusions 15s to 16s, Bluo Imlxrriala 16a to 18s. Scotch tares—los to lis. rieans—Ts te 7s Sd. Potatoes—l£lo 15s to ill. Linseed—£26 to £27. DAIRY PKODUCE. It has been announced by the Prime Minister that tho sale of the Dominion'* output of dairy produce to the Imperial authorities will not necessitate/, an advance in tho local prices. There aro no changes te note in any line. Tho wholesale prices ore: — ; Butter—Factory Is, 6d net, farmer*/ separator Is -2d, dairy 1a Id. Cheese— Factory Idd, dairy 9d, icaf 9^d. Bacon—Sides Is 2d, rolls Is 4d, hams !s Sd. Honey—Estraciod 6d to 7d per lb. i EsgS—Hen eggs la Id per dozen. FltUlT AND VEGETABLES. Vegetables of all kinds have been in good demand, and prices generally are high, especially for cauliflowers. The lateccsn of the l sasson is affecting supplies Somewhat. Local eniens have been selling np to SOs per cwt. j The first of the new season's potatoes made lOd per lb. Apples ftie very firm, and a few pear* have come on -the market out of cool store. Oversees fruit has been in activo demand, and selling in all ceses at very high 1 prices, particularly oranges, mandarins, pas- ! 6ioss, pineapples, ar.d lemons, the latter ! realising Tecord figures. There will be . <ho usual Sydney shipment nest week, and a side shipment of Fiji bananas is also expected. Island oranges and tomatoes airs due later. Tho following aro the average wholesale prices ob the yrecii—>

Apples, dessert, 12s to 13s Gd per caee, cooking 89 to 10s, pears 7s to Bs, South Australian lemons -Ms to 523, mandarins 19s to Css, Sydney oranges 20s to 2Ga, Valoncias 2Ca to 26e, passions 30a to Ifts, pineapples 25s to 30a, gooseberries to Cd per lb, tomatoes, local, 2s Gd to 3», walnuts lid to Is. AoparagUs So to 9s per dozen bundles, Is, oairrota Is to Is Gd, leck6 4d to 9d, parsnips la to Is Od, radishes Is to Is 6d, rhubarb 2a 9d to 4e, spring onioca 6d to Is. turnips 2s to 2b 6d, cabbages 2b Gd to 4s Gd per dozen, cauliflowers 2a 6d to 19s, lettuce 6d to 2s, cucumbers lid to Is per lb, green peaa 4s 6d to Ca 9d per peck, i« potatcos, iooal, lOd per lb, local onions 30s per cwt., Frisco 35s per crate, potatoes IBs to 23s per sack.

DUNEDIN. (SPECIAL TO "TOTE PRESS.") DUNEDIN, November 1. Thero is no wheat offering from the country. Millers are now taking delivery of the cargo which was landed from Melbourne this week. Tho quality is n> great improvement upon the last shipment. Oats are practically exhausted, and there ia nothing offering from tho country. There in a fair demand from tho North Island, but there i 3 very little with which to supply orders, and a good deal of business is being refused. A Gartons arc quoted at 5s lid to Gs f.0.b., s.i.; B Gartens '5s 9d. Thero are no local potatoes on tho market. All local requirements are being drawn from Canterbury. There are still a few potatoes over from tho last shipment from Australia, which is helping to keep tho price within limits. Another cargo is espectcd any day from Melbourne, and priceo will then probably ease a little. Today's price is £13 10a os track, Dunedin. The chaff market is easier, owing to tho impossibility of securing space for shipment to the North Islanu. Space could havo been filled three times over. To-day's price is £0, ex track, Dunedin. The dispute over the Victorian wheat Cargo now at Dunedin has been settled. _ The Government have left the question of price in tho hands of tho local representatives of their Advisory Board, with the understanding that the Dunedin millers will not be charged any more than millere in other parts of tho South Island.

AUCKLAND. (SPECIAL TO "THE THTS3.") AUCKLAND, November 1. During the week higher prices for cheese aad butter have been announced. Tho local prico of butter in controlled at present, and theTeforo ha 3 net been affected by tho advance, but the price of cheeao on. the local market quickly responded to tho higher prico to bo paid tor export during tho coming season. Potatoes—Stocks are very low, and the market is firm at £17, ex store. Merchants are anxious to rocoivo further supplies of Australian, but no moro large shipments aro expected this season. Southern potatoes aro difficult to obtain at any price. Tho local crop ifl doing eo well that if it had boon in a little earlier, tho acute position would ooon be relieved, but the wet woathor delayed planting eo much that the whole crop is late this year. *Any well grown new potatoes are realising an cxtrome rate at present. American oniens are in full supply, and are selling slowly at 40s per ccAe. The high prico is keeping the consumption down, and only smaltl lines aro changing hands. Tho oats market is well supplied, and small lines aro moving off at to Od, ex storo, which is really below the parity of Southern values, stocks are very light at all shipping ports, and it looks as if there may be a shortage before the nest harvest. Tho position is regard to milling wheat is not very satisfactory, but it in understood that shipping arrangements have now been made that will ensure an - adequate supply from Australia for this market. Fowl wheat ia very scarce, and mast of the Camples a*e poor. Iu the meantime the prico yis firm at 7s 9d. The flour market is well supplied in Southorn and local brand*. Local is selling on the basis of £lfl 10a, in sacks. Brand and pollard—Supplies are a little bettor, but the demand is keeping up. Pollard is soiling rather better than was expected so late in tho spring. Several shipments of chaff have arrived from tho South, but stocks are still short, and most of tho arrivals were distributed at once. The price ia still firm at £16 10s, ex store. Tho maize market is unchanged. The lateert consignments from the Coast aro selling at 63 lOd on the wharf in Wholesale linsa.