COMMERCIAL.

Press, Volume LIV, Issue 16362, 6 November 1918, Page 10

COMMERCIAL.

NOTES FltOM WELLINGTON. (FitOU A SPECIAL CORRESPONDENT.) WiiLJLiINGTUJK, .November 5. With three of our enemies out of tno fight, tho prospects oi an early peaco are causing a lot •o£ peop.e some thought' aa to tno conditions that will prevail soon alter hostilities ceaee. a prominent financier holds to th« view that conditions will be good, provided the woolgrowora accept the proposal of tho Imperial Government to purcna-ae the wool for a season after tho war ends. This matter is still in abeyance, owing to the noise of a very small section of wooi-giowcrs headed by Mr Lysnar, of Gisborne. if wool, meat, and dairy produce, which form th© bulk ot our exports, are commandeered for a year after tho. war ends, we will bo in a very safe position during the first year or more of pcace, by which time tiie country will have accommodated itself to the'changed conditions. When peace comes there will 'be an enormous quantity of exportable produce in etore, and the commodities held on Government account would no doubt , get preference ot shipment and pveterenco of aalo-in tho Homo markets.. The' vessels bringing back the returning troops will- be available for the carriage of produce back. to.Britain. Substantial advances will' have been : made against the produce in store purchased by the Imperial Government, but in addition there will be a.variety of other producta.not commandeered, and which should realise good prioea. Thus fo r a full year, if not longer, we will be realising our present income, if not more, and during that period the workers in offioes, shops, and factories will be returning to their places and conditions will. bo gradually righting themselves. There is thus nothing to fear, during the first twelve or eighteen months of peaoe. . As to importers, it would bo unwise of them to curtail their purchases on tho assumption that prices will fall immediately peace ia declaitod. Tho world's supply of raw material is very short, and it wUi take time to recover. Furthermore, the mills and factories must be reorganised, and that too will take time, whilo the shipping problem will constitute a handicap to importing. For a time, at least, imported goods will not be any lower than they are now, and som6 may be ' higher, so that holding stooks of high priced imported goods will not risky. The Wellington produce markets are still supplies of wheat are small and supplies are practically unobtainable. , Fowl wheat is unprocurable,- except, the inferior sorts, for which thoie is acarc ®J anv demand. Poultry men require a good quality wheat for their fowls. The market is absolutely bare of potatoefl, and will remain in that condition until the ss Kaiapoi arrives on Thursday. This consignment will go into immediate consumption and the market will, then be without supplies o^* 'well supplied with onions from America, which are of excellent qualit., and selling at 35s per crate.

THE WOOL PURCHASE. , (special to "the pbess.") WELLIiS GTON, November 5. Complaint has Oecn mauo in eomo q-aitere 0 f delay in tho completion o£ tho arrangements lor the wool purchase. Referring to this, matter to-day the Prime Minister (Mr Massey) stated that thero was. a diiticulty in the way, which required to be removed. As aoon as this was done, tho arrangement that had been mao© betwewi the Imperial authorities and himself for tho purchase of tho New Zealand cap would bo confirmed. , , This arrangement is for tho purchase ot tne clip by the Imperial Government fo r a ftUt season after tho cloeo of the war. NATIONAL INSURANCE CO. (FBESS ASSOCIATION TKLEUBAM.) DUNEDIN, November 5. The report of tha National Insurance Co. for tho year ended September 30tn, shows a credit balance of £10u,273 11a 9d, including the amount brought forward. Out of this an interim dividend was puu in May tOiSuliUo £12,500. Tho sum oi ££>,000 has been added to the Teserve fund, and directors commend tho payment of a further of Is 3d per share and a bonus of M per share (making a total distribution of 3s per share) absorbing £17,500, appropriate fortaxition .£IO,OOO, and carry toiwtwu Aoo,-.d us 3d. • THE EGG MARKET. The weekly egg sale of the Canterbury Egg Farmers' Association was held yesterday sfternoon at the rooms of Messrs Harris Bros., auctioneers, Hereford street. There was a large entry, and every lot wan sold at the following priow:—First grade hen eggs (loz or over) la 3Jd to Is Id, second grade hoi eggi 13 3d. competition eggs Is i>id, duck eggs Is 3d to Is 3ld. I VALUABLE P. AND O. STOCK. RUMOURS OF AMALGAMATION. For some time there hav© been rumours of amalgamations, absorptions, etc., in.connexion with various shipping companies, with the result that tbe prices of their shares have been forced up on the Stock Exchange, and people have beei\ playing the time-honoured game of blind hookey to their hearts'—but not necesearily their pockets'—content (says I "Fairplay" of September Sth). For instance, • the P. and O. stock, which stood at 346 two . months ago, has touched 130 on the strength . of rumouis, some of which aro really amusing, though none more 60 than tho canard to which the "Liverpool Courier" the other day gave currency, and which emanated, it is eaid, from New York, and which positively averted that "(he Canadian Pacific is negotiating for the purchaso of tho P.'and 0 Company."- Consijii.cg tnal, on a iiuo or a '.vitiding-vp, the ue- d 'toes of «he P. and O. Company is £33,000,000—and that the Canadian Pacific, in uny event, would only bo interested in trades to and from Canada, to which ports the P. and O. does not trade, the parentage of the rumour may be regarded with a good deal of innocent scepticism.

MOSGIEL WOOLLEN CO. The forty-fifth annual balance-sheet of the Moflgicl Woollen Company states that the profit and loss account show® a balance (including the amount carried forward) of. £17,772 19s 7d, after writing off £5000 for depreciation, £1718 15s lid cost of_ renlacements during the year, making provision for new wool store, £3000, adding £4000 to reserve fund, and providing a «nim to meet the incomo tas, which is payable during the current year. The director? recommend that a dividend cf 7 per cent, be paid, nnd v bonus of J" mr ccnt., which will absorb £8315 las, leaving £9427 4s 7d to be carried forward to crcdit of profit and loss for tho current year. CUSTOMS REVENUE. The Hon. Arthur Myers, Mininter of Customs, announces that the amount of Customs revenue collected throughout the Dominion for the month of Octolw **•»« £"".P,PR the excise beer duty £21,329. The figures for the month of October, 1917, wero £278,054 and £23,552 respectively. U.S.A. EMBARGO ON FLAX. Messrs R. Burns and A, W. Pearson, representing the Flaxmillers' Association, waited on the Prime Minister on Saturday with a request that he should cable to the authorities in an- endeavour to have the embargo imposed by the United States on Now Zealand flax removed. The American authorities had just cancelled all permits except for 1700 tons. Several vessels had been chartered for the conveyance of hemp to the United States, and numerous contracts were running between merchants mi''"u to fiL these ships, and large quantities of hemp had been sold to the United States, and grave complications had arisen over these contracts. Owing to the small allotment of space for flax to the United Kingdom, the United States had been the main outlet for the last three years, and the closing of the market meant tho absolute stoppage of the hemp industry. It- vns sugtr'-a'M that the strongest representations should be made to the United States to remove all restrictions. Mr Maasey replied that he was already in communication with the British Ambassador at Washington, urgently suggesting that for the sake of the production of til's Dominion the restrictions should bo withdrawn. He did not expect an immediate reply, as in war time all public matters had to bo considered in the order of importance, but if a reply was not forthcoming soon hie would cable again,