FINANCE AND COMMERCE.

Press, Volume LIV, Issue 163889, 7 December 1918, Page 11

FINANCE AND COMMERCE.

> DOMINION'S TRADE AND MARKETS.

(Bt Oeb CoMmaciiL Epuoa,

Thftre bas been a great difference betwefcn l»usiness conditions in Christchurch this week as compared with thoso that obtained durjn» tlia previous fortnight, when trade reached low-water mirk. Thi3 week there has been a marked revival, both in wholesale in d retail business, and with the approuch «f Christmas this will no doubt increase-, proTiding that no recrudescence. of the epidemic disturbs conditions again.

■Wholesale firms are still anxious about the course of markets in the future. Tlio position still remains uncertain j» the extreme, and the English mail which came to hand in daily instalments during the week <iid nothing to throw any Jiglit on the situation, because it was despatched before the likelihood of a sudden cessation of hostilities was seriously considered. Present-day buying is thereforooia hand-to-mouth charsclir, except, in the case of lines of which trices cannot reocde for some time. Tho scare about a revision of th« tariff, which was believed in some quarters to be cne of the certaintiea of Hl9 BMsior. of Parliament, has died away, in view of the obvious fact that th> Ho ise will not touch the question this year. As was elated iom» time ago, there wa3 speculative buying in preparation for an increase in c.iitie?, and some pcoplo now find themselves stocked up rather heavily. Tho position S3 regards the transhipment oi sailer cargoes in Australia, ex U.S.A. i<jfts, grow 3 worse. Owing to ihe tying un o'f the iutcrrolonial boats through the ouurantine regulations, and the refusal of the crews to take them to "infected ports" in New Zealand, their congestion in Syiney and. Jfclbourno haa been greatly aggravated. It m staUfl that some 10,000 tons _of cargo aro now awaitin-C transhipment to Now Zealand, and it is held by some that the New Zealand Government ought to have moved in the matter long ago. GROCERIES, ETC. Cabled advicc from Singiporo reports an adranco of £3 per ton in tha price of sago. This bears out ft prediction made some time a"0 that, as soon as hostilities ceased, goods uot produced in Europe would harden in i;iice owing to the revival of demand from Central Europe. An advance in rico may poasibly occur. From Colombo comcs cabled advice of a remarkable rise in doasicatcd coconut, which advanced from £30 to £70 per ton in oni nioremcnt. . ( It is reported that, owing to the ravages of'influenza in Ceylon, difficulty ia being experienced j n harvesting tho tea crops, and there ia a risk of a large quantity being ruined, with a consequent serious slior.age rest season. In spite of-this, however, and of tho probability of a strongly increased demand for tc.i m Europe as a result oi the close of the war, some Netf Zea.anmerdhants arc sr.id to bo very active just now in pushing the sale of tea. A fair demand for Chris, iris _ fruus currunts, raisinsi awl sultanas, *1110. for almonds, haa eet in. Large supplies of new season a American dried fruits cams lo nand by tlio Kurow. and transhipments aro duo any daj irrra Wellington. Consignments by pother vefMl are hardly likely to reach here befors Christmas, owing to her delayed arrival. A rise in price of these fruits is anticipated, with the opening of tho English and Con'cargo of benzine reached Lyttetton otl Wednesday. There ha» been tio marked shortag3 lately, the Government ugulation reetrictin- the quantity that any consumer might hold to four weeks supply, roMaved *ho position materially by prevent in" hoarding. Grocery bags are aa ..scarco m" over, tha mills being unable to anything like the requirements of tho tiaae. Dark Havelock plug" tobacco is unpr6curablo on tho market, but aupphea of A"matic Havelock an-J Diadem are. The manufacturorE are months in arrears with ■ orders for dark plugs. The past month haa been remarkable for the great run on limejuicc, lemon <, and lemou eyrup. Pure limejuice con-

tinues very scarce. , , . . The price of a ehipment of carbonate o£ Boda thttt was lately landed shows a slight reduction, understood to bo equal to vS or 4* per owl. • " Merchants retort that owing to the very Wgh pri&i of ehceps' tongue* this line, which, was Once very popular, has ceased to be a factor in their trade. At one time the 16o* tin could be retailed at a shilling, wnereae now the price is 2s 3d for a, 12oz tin. . Cream of tartar is easing m price. HARDWARE.

There are indications that as the lirat result of tho war having practically coneluded more quickly than wm ahticipated, prices, particularly of heavy lines, will become unsteady. Already cabled advices indicate a drop in heavy line*, but conservative opinion believes that this is merely temporary. Many of our heavy lines, such a 2 galvanised iron, eteel sheets, bar iron, wire, and wito nails, just to mention a few items, were classified as war necessities, and the recent policy of Allies' Governments was to bank up large reserves of these materials. With the close of the war, beinj no father necessity lor these reservee, they_ will ba available for export trade. Such being the oase, and provided bottonls are available, there-is no-question but that this will affect prices here, probably in six month* time, but up tt> then there is little or no likelihood of a fall in prices, while the worldhunger for these heavy staple lines _ is so greaf that these l-eseive stocks to svluch we hare referred, will move ofi quickly, ana at that point prices will prcSoably rise again. Ai far as smaller line® are concerned, such as ahell goods, no immediate fall in prices is expected; indeed, present indications are for still further advances. Unless the United Kingdom is able to run a thoroughly comprehensive scheme of repatriation on na- . tional lines, it will be some considerable °time before the commercial and manufacturing life of the country will resume anything like pre-war conditions. ■' It ia a long time since the xnarkeu have been so bare of wire nails. _ Even with the practical ceissation of building there is a strong and steady demand, which cannot be, satisfied. _ As regards conditions in America, Messrs John Dunn, Son, and Co., writing from New "York on Ootober 6th, eay:—"lt is well to hear in' mind .also that .Government control of the iron and steel industry cannot cease as toon as the war is over; the buying lor ~the rehabilitation of France and Belgium, and possibly also for part of the replenishing of tho world stocks of steel, is likely to be done through Government agencies, rather than private channels. In any event. Government price and production control will be j . necessary for some time after peace coms3 in order to stabilise the market and _ ensure a gradual return to normal conditions. This will- probably mean a moro restricted , market " for the ordinary buyer, but the greater stability of prices will fully com-j pensato for this. After eiuch artificial conditions, if left alone, prices would undoubt- j

edly fluctuate violetifly, and auch a. situation might be disastrous." Recent cabled quotations show considerable fluctuations in prices for bar iron, btit latest advices indicate that the British • Government is fixing the price at which ban in ay be sold. TEXTILES. English. advioea received by this week's mail were of course despatched before the sensational turn of event* in connexion with th® war which marked the early part of last tnonfh. They are therefore concerned chiefly with the continued upward trend of prices, and. the difficulty of getting goods at any price at All. Among other items of information contained in the correspondence received by one leading local firm of importers from its London house are the following:— "Tho price for the lowest quality of serge is 9a 3d per yard—if it can be delivered. "All hosiery is difficult to be had-and very d«ar.

"Alharabra quilts are up ISO per cent, on thg priq«« we last paid, and of white honeycomb, medium quality, About 330 per cent, more than in' 1915.

"There are no colours now to be had in Baldwin'* yams—they are making only black and white.

"Eegardinjj. cretonne*, for tho first line, quoted by you at 12Jd to-day'a prices ia Is lid, the second lino quoted by you at 141 d i 5 now 2s Id, and for the third line, given by you at lojd, the price is now 2s Sd." Commenting on an order placed by tho Christclrurch Lous© for ft colonial make of voollen sports coats,' the London wnter remarks that the price is about 60. per cent, cheaper than that at whioh they could havo been secured from-tho Old Country. It is understood in London that the conXtol of tho wool trade will be transferred shortlv from tho "War Office to the- Board of Trade. Probably largo quantities of wool ■will be feletsed shortly for civilians, and also much khaki, which can be' dyed for civilian clothes. < South African advices state that the n*w« of the signing of .the armistice caused a t*markable revival in the ostrich feather market, which had'been quiescent for years. Considerable eoeculation ■ went on, and there was a great run on black feathers, which, up to tbS middle of last month, had advanced 300 per cent*

A writer in the Melbourne "Argus," discussing. before tha iiguinj of tl«» armistice, the probability of a tail in prices, remarked thut Melbourne importers gavo very little encouragement, to the hop-} of a return to normal conditions. None anticipate a speedy dron in prices. "It will bo next spring,'' ?;nd tha head of a largo business, "before any appreciable lowering of priceo will be Been—perhaps not even then, becauso a great dt-al depends upon the condition of Europe."' Cottons, he thought, would, be the first lo fall—then silks,. tlieu woollen goods. The scarcity of labour and other conditions havo Tesulted in a greatly reduced cotton crop in America this year. crop is many million bales oliort. and it will be a year before this <sliortago can be rectified. This merchant, inde«d, anticipated a further rise in some kinds of cotton stuff. Linen goods must also contimie to bo because it will bo some time before the old growing areas will be able to be reorganised. Woollen goods will be subject to a similar «kman;l trom Europe. "All tlio evacuated territories will bo resuming manufacture, and raw material will be urgently wanted, so that the prics of wool will be maintained Australian wool has already been contracted for by the British Government at a price to ba maintained for twelve months after the end of tho war, nnd that fact alone will keep prices steady here." "The world is bare of fr.brics," said one. authority, "and it will be a long time before normal conditions of production and distribution can bi resumed."

"Prices will nevAr be eo low again,'" said another, "because the English workmen, the; European workmen, will nevor bo anked to work for euch low wages again." That fact need not necessarily, of course, keep up prices. If improved wages and conditions of work led to increased -working" capacity, and increased output by the workers, the balance .would be But business men wero not sanguine of that result. CANTERBURY MARKETS. Friday Evening'. The market las shown little recovery vet fiom tho disorganisation caused by the influenza cpidemic; and it will not bo until there is more shipping available that much improvement can be expected. There is un absence of offerings of any knd frotn growers, nnd any business that is passing is in conmxion with stocks on hand. A few orders are still coming in for seeds for the summer season 1 * sowing. The supply of old potatoes is now practically exhausted, and the . new crop, both lceal and northern, is now becoming more plentiful, though it is later than usual. Tho rains during the ,'atter half ot last month have greatly improved crops of all kitds, and there are better prospects than ha 3 been tha caw for the past few year;. The following arc the prices paid to farmers at country itations, free of commission, flacks extra, except where othorwiso stated: Milling wheat according to Government price, South Island, 6s Oid, f.o'.b.; North Island, 4d additional. . Oats (nominal)— Best Algerians, 4s 9d to 5s 3d, feed la ikt to 4s 6d; best. Cartons, Ss to 5s 3d, feed 4a 6d io 4s 9d; best Duns, os to 5s 3d.

Barley (nominal). Flour—£ls 10a per ton; 1001b bags, £16 ss; 50lb bags, .£l6 10s; 251b bags, £16 15s. Bran—Shipping £5 10s, local £5 15a per ton.

Pollard—£7 10s per ton. Oatmeal—2slb bags £30 per ton, 71b bags £34 10s per ton. Oatshoaf Chaff—Heavy, bright £6 10s to £7 10s, medium £3 to £5 15s; inferior £i to £A 10s.

Cocksfoot—lOJd to Is Bd._ Ryegrass—Heavy perennial in 6d to 43 9d, lighter 4s to 4s Bd; Italian 8# 9d to 4s 8d: WesterawolthH 4s to 4s 6d. "White Clover—Clean la 9d to la lOd. Red Clover—ls 6d to Is 7d. Peas —Partridge 6s 9d to 7s, White Ivory US to lis 6d, Blue Prussians 15» to lCs, Blue Impsrials lGs to 18d Potatoes—£l3 to £15. . DAIRY PRODUCE. 2&> arrangement lias yet been made apparently as to how the wholesale price of butter is to b& regulated with respect to supplies for the local market, and at the same time maintain the present maximum of 13 8d per lb retail. Some of the grocers hare been telling:' local, factory butter at. .Is 7rl per lb retail, and others have kept to la 8d Two of the factories that were allowing special discount to grocers have now discontinued it, ill view of the rise in the export value. ' The wholesale 'prices are:— Butter—Factory Is 6d net, farmers separator Is 2d, dairy Is Id. _ Cheese—Factory lOd, dairy 9d, loaf 9id. Bacon—Sides Is 2d, iollb Is 4d, hams Is

3d. Hbney—Extracted 6d to 7d per lb. Eggs—Hen egjs Is 2d per dozen. FRUIT AND VEGETABLES. The supplies of regetabW have been, good, and prices have remained fairly steady, >o potatoes havo been offering more l Ereel r, and i* • northern supplies are now on the mar ket, prices* have eased. Cherries and locally grown strawberries have be«n Wuimate strawberries flra £ w tho first few lots making good prices. A few cases of lHftis havo come forward, but the nrtilitv was "Door, and pricfta low. Apples s!" r «™.d r&n*. » a •"rfiv.ta?. 1 .;™£ » <£ the vreek yere:-- caWj local Is 3d to Is w» P® r ls g<} tomatoes 2?. d, strawbemea Is 6tt to iB a ' Is lOd to 2o sd, w ? lnut * Gd t0 jid, new Asparagus 6*. to 8 s 7d to Bd, carets \t I spring onions Is Id to rhubarb 2s 6d to as, p ° . cabbages 2s rs.J'p-«. =d «o» onions 80s per cwt.

dunedin. (iMCIili TO "I HE ) DUNEDIN, December G. sat** market very uadc - chaff, Any ealfat £8 10®, I?ite«xtrf « Aiding, for shipping purposes. "llm Iwaai*. l '? stom pol»t~J «•«- ic» imd there will be nothing doing -until the i«* muds'i eupphtg are available. AUCKLAND. (SrECIAL TO "TBS PRESS.' ) AUCKLAND, Deoember 6. ■B.iamert in the produce trado » Business scarcity of supplies. er 7 0n if Hare stocks of southern produce been J ale y *hZn the? are at this moment, and the iSS3i.SE. ««■'*£ ■ .TtoTSZ SUahtTSlt»» ««*» m» euppliea. longer quoted, and Old potatoes * T ? ™ f ro m the South no mow noUtoee hare-been much this yc*r. * P demand is Tcadmore plentiful, and * B Tbo pricc i 3 stc ady ily absorbing eupp itore, for beet grade. of Tkl! g kih« Twice for onions reported last *Sk JJPtattmaintained, and American f vrtex n*» ~ CM , Local are verylow, and probably do not ££lunt to m2sh more than 100 cases m fertJunfc. Horrerer, buyers are not opcSta- at all heavily, especially. as a few mv season's are already »PP°? rI ?J-.. , Vi demand has decidedly deB u£d Z of oat*, and it would pletad tne iociu great difficulty in 285* «r . <»», a. I«;,vS"h«fore the new harvest is in. Stocks South oefo wii«rht at all the chipping euppliea hero will continue K even if able. Good feed is iirm at Ss lid, ex Bt T r L demand for oatmeal is much quifter. Quality continues poor. Bran and pollard *» short of requirement. AU the small lots of cbafi that ha re recently arrived have beAi distributed, and tha market is again bare. Gw-1 quality is £17 ox store, and there is no eign of a fall, specially as freights are now up to record rates. . . , , , The demand for maize is rather quiet, but the price haa been more than maintained on

account of the email arrivals from tkc Coast. The epidemic completely put a etop to all shipments from the Bay of Plenty, and *!ie lalc=t small consignments have beea placed on tho basis of about 7a lOd on tlio wharf. Store etoefcs are very light, ar <* eeems impossible to get any from Sydney for some lime. There is a fair demand" for eeci maize. AUSTRALIAN MARKETS. (By CaMc. —Press Association.—Copyright) (Australian ind N.Z. Cable Association.) (Received December 6th, 7.3.) p.ro.) SYDNEY, December C. Oats —Algerian feeding, Is 6d to 45 C*i; Trillin?. 4s 10d; Tasmanian, 3s 3d to 5s 4d. Mairc—6s Id to Ga sd. Potatoes—Tasmanian, i' 7 to X 9. Onions—£l4. ADELAIDE, December 6. Oita— £s l°d. MELBOURNE, December 6. Bhl'lev —Chsvaiier malting. 5s .Id to 5s 9d: C'a'j" 's 2<l to -ts Id. o»t=—Algerians, Is Hl'to is 3d. Potatoes—£s lCs to £6 lCs. Onior.a —-11 to —H j CINDER WASTE. The National Salvage Council supplies i fomo surprising information relative to cinder' estimating t:i:- waste ab>;; c as being equivalent to 2.220,000 tons of coal a year (writes our Loudon correspondent. London 33 responsible for a cinder waste exprcsitd in coal equivalent oi iialf a million ton 3 a y-tar. The object of the cinder saving caii:pui'_ r n started by tho National Salvaga "Council is to induce local authorities who are at present wa3tel'ully disposing of refuse to screen it. Apart from other products of value, the recovery of the cinders now going to *\vp.stc, reckoning coal at 26s- a ton, means an. annual saving °f X'"2,894,000. The labour saving also would be great. On the basis of the IUI6 colliery output it would take II.OOS miners, working a whole year, to raise the Amount of coal which in heat value eqnaJ3 the cinder 3 annually dumped into municipal refuse heaps. NEW COMPANY. Registration of tho following new company ij aunouueed in this week's "Mercantile Gazette": — Hutchison's Scales, Ltd. Rep,'-'. November 27th. Office: G3 Cathedral square, Chri9tcburch. Capital: £2000, in 2000 shares of £1 each, Subscribers: Christchurch —T. C. Field, R. S. Badger, W*. Miles, 1'". Dav\;, and AV. Jeffs, ail 25 shares each: W. E. Couzii-s and !•'. H. Bedford. 10 shares each. Objects: To purchase aud acquire from tho debenture-holders of Hutchison Scales Co., Ltd., the benefit of all pa ten Is, otc., in connexion with tjie manufacture cf working of weighing 6cales and to carry on tho tusinesa of manufacturing scales, etc. CHRISTCHUKCK STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sale on 'Cha-ngeMason, Struthers, .£1 la. LATEST QUOTATIONS. Buyer*. Sellers. £ s. d. X i. d. BANKS— Commorcia' of Australia. (I per ccnt. cum prof.) ■■ • • 6 8 0 — INSURANCE— . National (cum div.) .. 3 o 0 — New Zealand .. .. 11 0 0 — Standard .. • - 2 4 6 LOAN AND AGENCY— N.Z. Loan and Mercantile (cum div. ord.) 92 10 0 — N.Z. and River Plate 119 6 — SHIPPING— P. and O. Deferred Stock .. •• JOO 0 0 — FROZEN MEATN.Z. Refrigerating .. 2 a 0 - o U MISCELLANEOUS— Burns Pliilp •• — 1 lo 0 MINING— Wcihi Grand Junction O H 0 — YESTERDAY'S BUSINESS ON OTHER EXCHANGES. AUCKLAND. Sales:—Bank of New Zealand, £13 2s 6d; New Zealand Insurance, £11 2a 6d; Taupiri Coal, 19a 3d; Auckland Gas, 26s 9d; Auckland Tramways, 193 9d; Waiotlie, 10« sd.