COMMERCIAL.

Press, Volume LV, Issue 16520, 12 May 1919, Page 9

COMMERCIAL.

BRADFORD WOOI/ MARKET. (By Cable.—Press Association.—Copyright \ (Australian and N.Z. Cable Association.) (Received May 11th,- 5.5 p.m.) LONDON, May 5. The Bradford wool market is firm. A good enquiry continues for Merinos and fine crossbreds. METALS. (By Cable.—Press Association.—Copyright) (Australian and N.Z. Cable Association.) LONDON, May 9. The control of silver has been abolished. AMERICAN MEAT TRUST. (Received May 12th, 12.5 a.m.) LONDO.N, M>vy 10. The "Star" protests against the Government permitting tho American Beef Trust' to h.rndlo half the meat in England, which the Government hne purchased, and ridicules tho feeble compromise under which the remaining fifty per cent, will be marketed by colonial merchants, pointing out they are otherwise temporarily out of business owing to the Government purchasing the Australasian output for the armies of occupation. COMMERCIAL. BOYCOTT. END OP THE "BLACK LIST." Tho "Black List," which, during the war, contained tho names of many hundreds of enemy companies, firms, and persons, has ceased to exist. An order by tho Attorney- • General revoking all notices in connexion with this list was issued in a "Gazette Extraordinary" last week. The "Black List" was an outcome of tho efforts of tho Imperial Government to stifle German trade with neutral countries, and German trado with British and Allied countries through neutral countries. It represented tho results of the efforts of intelligence officers and commercial agents in many parts of the world, and of reports submitted to tho British Board of Trade by British firms and Dominion Governments. The list contained tho names of companies, firms, and persons of enemy connexion doing,business in the United States, South America, Switzerland, Holland, Denmark, Spain, Xorwav, and other countries. The effect of the "Black List" wae far more drastic and sweeping than many people realised. Take, for 'example, tho case of a Spanish firm, which was found to be under German control, using German capital and earning dividends for German capitalists. The name of this firm went on tho list. Im-' mediately it became an offence for any British citizen to hav© dealings of any kind with that firm. The firm was boycotted by the British Empire. But the operation of the list did not stop there. Tho firm found that it could not use British ships, and that it could not easily get space aboard neutral ships, since tho neutral shipping companies had no wish .to be blacklisted themselves. It bccame an object of suspicion to other firms in its own country. Its financial arrangements were affected, sincc its exebango could not go thfough Loudon. In various other ways the firm felt the weight of British financial and commercial authority.

In 1!)16, it will be remembered, *ho Government of the United States protested very warmlv against the blacklisting of businesses conducted in the United States by ✓naturalised and native-born Americans. The Government informed the British Government that this interference with the rights of American citizens in their own country was regarded with disfavour. ■ The British authorities stood firm, tho\igh they stated their readiness to consider on their merits protests made in individual cases. Later, after the United State* entered the war, the Americans became strong supporters of the "Black List" scheme. DECLINE IN STEELING EXCHANGE. Tho decline in sterling exchange which recently took placo was due to the withdrawal tf the British Government's support.

The declino was as much as 5 per cent., and in the opinion of many financial authorities » further decline is likely until the situation is riglit«<l by a more even balance of trad© betwoea Grwit Britain and the United StaU'3.

■During the war Great- Britain purchased from the U.S.A. about £400,000,000 per year, while she sold to that country only about £30.000.000 worth, le«ving a huge balance winch -had to lie Bottled by the transfer of gold and securities, a-nd the establishment of war credits. The eliding- of the war stopped rhe buying- of wa r supplies, which represented by far the srnNiter portion of the total. The great depreciation of Great Britain's resources through the expenses and wastages of' war also had the effect of further tmrtail--1115 lier purchases, and *hereforo tho fall in the value of tbo pound -sterling not so much represent»ivo of actual conditions today os it is a reflection of whut has happened in the past. While the war wns on the British Government could not afford to allow a heavy depteriution in their currency, which was maintained at- an averxg® of i.75 by the means above mentioned. The reason for the support bein? no longer ureessary, tin open market has resumed At 4..t0 to tHo pound Great Britain has to pay more than 5 per cent, more for goods purchased in the United States than she did just prior to the lecent ndvance in the dollar value, and her natural 1 impulse will bo '0 buy less. On the other hand tho poods she has to offer will be rej duced in cnet t-o the United State® by 5 per cent., eo that the probabilities arc that by Britain selling more ai'd buying lees, a normal -trade balance will Tesult.

In this connexion n letter received hy a local firm Is of interest., as it gives a little insight into the laudable business methods of '.it le--\st one American firm:—"Referring to Hie shipment 6ent per s.s. "Whakat&ne we wish to state that on the day we wore ready to dispose of our draft there wa« a big slump in the pound sterling rate caused by factors with which you are probably familiar by this time, and in expectation of the rat© returning- to war-time normal again, we deferred drawing our draft. But contrary to our expectations, the rate is receding 1 instend of advancing-, and we wero to-day quoted tho low mfe of 4 dollars fiO cents. We fully appreciate that to dTaw a draft oil you at this rate would be very muclj to vour disadvantage,' f=o we hive decided to dc-'oy drawing on you until . s%cli time Ui the rate is more favourable." TATTERSALL'S HOUSE SALE. Messrs H. Mat son and Co. hod an entry of GO horses 011 Saturday. The demand was •spasmodic—in eonie cases very £ood, in others disappointing-. A few : of the lots sold were a-s follows: —Account TI. R. Thomas (Met liven), bay mare, -4 off, £1S; brown peiding-, £10. Mrs F. •!. Savill, St. Helens, rh"Btnnt mare, Gyre, £14: W. E. Kniffht (Ohoka), horse, trap, and harness, £13 10a; rlient, horse, <la£*carl, rtnd harness; £44 10s; Millar Bros. (Mount Harding), bav mare, nvi-3, j£T4 ; E. J. Voice (Mothven), bay gelding, 7yTs, £31: roan gelding, Oyrn, £21; and others from £'2 to £1G per quality. THE PROPERTY MARKET. .Tones, McCrostie Company, Ltd., sold by public auction on Saturday, on aocount of Mm Buckler, a residence of 5 rooms, together with 37 -perches of land, - situate at Ko. 613 Cashel street, Linwood, to the Rev. S. Parr, for £595. DUXEDIN FRUIT MARKET. DUNEDIN, M-ay 10. Current wholesale prices, are as follows: — Apples—Dessert, 2to 3id ; Cox's Orange, to 10s; Ribstona, 8s; King Davids, 9s Gd to 10s; Delicious, 10a to lis; local cookers, .Is t-o 4s 6d per oaee. Grapes—Hamburg, to 2s 6d per lb; Gros Colmars, to 3a per lb; Hothouse Tomatoes—Local, to Is 4d per lb; Otago Central, to 3d; crates, to Peaches—Kali-cases, fid to' 3i<j. Pears—Central Otago, ljd to 2H per lb; Canterbury, (is to S3 per case; extra choice, to 10s. Plume—2d to 3d per lb. SATURDAY'S POULTRY MARKET. Mes3ra J. B. Merre-tt and Co. had a good entry of poultry on Saturday. Prices were good, and there was a very keen demand. Table chickens realised 7s 6d to 12s, pullet® 5s 6d to 16s, hens 3s 6d to Bs, ducks 7e to 10a Gd, geese 83 to lis, turkeys 11a to 37s 6d, all per pair. EGG MARKET. There is a keen demand for eggs. Canterburr Egg Circle first grades are 3s. seconds '2s Bd. NEW TRADE OUTLOOK. ORDERS FOB BRITISH GOODS;

The diversion of certain lines of the hardware and textile trades to America caused during the war years through, ibe inability of British fitms to manufacture and difficulties of shipping, was elated on Thursday by Auckland importers to have .bocn checked to a considerable extent since the signing' of the armistice (says the "Herald"). "There was no ether course open to importers during the war than to place our orders with American firms," said Mr S. J. Harbutfc, president of the Industrial Association, /'and the diversion of trade from Great Britain, though unfortunate, -was inevitable. Tho position during the last few months has improved a good deal, and there is, to my mind, no fear that the temporary diversion of trade will have any future baa effect on trade with Great Britain. Tho chief difficulty in tbo situation at seems to be a hesitancy on the part <>f British firms to transfer immediately from war manufacturesto ordinary lines, owing ito uncertainty as to pending changes in tho fiscal system. Tho manufacturers are hesitating whether 1o lay. out extensive pla.na for exportation, or for home consumption, and this is naturally causing delay in tho reorganisation of industries. At tho same time, conditions are certainly much better than they were a few months ago, and I think our American trade will largely revert to England aa soon as England can handle it."

An important point stressed by Mr Harbutt was the development of local industries. New Zealand manufacturers should now do their utmost to develop and capture local trade. ' Before the war, the low cost of British-mode goods made it difficult for local manufacturers to compete, ibirt the great increase in wages at Home had entirely altered conditions, and many lines "could now be made just as well and as cheaply in the overeeaa Dominions.

This opinion -was supported by another largo importeT, who said his firm would bo only too willing 1 "to transfer foreign, trade to British, or, better still, to local markets. "Many articles were unprocurable, save in America," lie said, "and, of course, our trade went there. At the same time we had to bo content with many American article®, which cannot <jorr 4 pare with the British, Take corrugated iron in uuch tremendous demand in this country. Tho American article was inferior in every point to the British, but it waa the beat we could get." There was very little danger of serious competition from Asiatic trade in the majority of lines,' he continued. "A strong bid waa made, following the outbreak of war, for trade in various articles, such ae hardware, (flaes, etc., but experience proved that tho quality was inferior, and very little further business was-done. The situation is row immensely improved, hojvever, he added. "Shipments from. England are coming to hand more freely, and we expect to have ample stocks in hand shortly of goods which have long been scarce and difficult to procure."

MINING. TALISMAN RETURN. (PRESS ASSOCIATION' TELEGRAM.) AUCKLAND. May 8. Tho Talisman return for April was £<171 from 110 tons.