FINANCE AND COMMERCE.

Press, Volume LVI, Issue 16841, 22 May 1920, Page 7

FINANCE AND COMMERCE.

BE VIEW or THE SHAKE MAEEET. The share market has been quiet during the past week. t ! There has boon an enquiry for 3anK oi Australasia "fractions" at £17 10a, with no declared sellers. The capitalisation oi £1,000,000 o: this bank's reserves by Iho allotment to shareholders of two new sharc-3 of £40 each fuiiy paid for every £ve oid shares held came into forcc on the r2th inst. The ban!: is issuing fractional certificates to those shareholders sntitled to them, and on presentation of five certificatesJ he ho.aer i-ill be allotted one new share. Both issues c-' Bank of New Zealand shares have been in deraarrl —the old issue at £92 ss—and th« i:«vc iastx at £23 10s. Sellers are not numerous, and the latest on the local market was asking £25 for the now shares. Insurance shares are fairly strong. -V<4. IrisuraT'Ccs have changed hands at U'J, no change ein<-C the previous cr.d South Eiitieh shares also show litUe change. , | The- repirt of the pr«:wdia?e at the annual mooting of the National Mortgage and Agent v Company, held m London on the 24 th '-.larch last, was published in tho&a columns on "Wednesday Inst. The chairman stated that iho proposed now ;E3ue of capital vould probably bo ma'.ie very shortly. He v.-ent o:i to say that Wore the war it was intended to issue the new «har.-6 at a premium of ' 5s P* 1 share > but 1,131 ns th " market price of the ordinary shares had r '^ e n V ery considerably since then, the directors now thought that they could charge a higher premium, and still give shareholders a substantial advantage. Further announcements are awaited with interest. The Company's shares are wanted locally at £-Z ss, with no declared sellers. In connexion' with the chairman's remarks, quot.-d shore, it is interesting to note that on the ; Ist June, 1914, the shares were worth about; , £4 7a ' ~ The Huddart-Parker market has been | quiet. There haze recent eales at s<>», and at the moment there are sellers at 56s Cd with bnvers at 55s 9d, cs compared with j pollers at 57s Gd, with no b-uyers a week j Tho latest Melbourne quotation is, sellers at 5Ss, with no buyers. | Wcistport-Sfookton ordinary sharps have j advanced in value, and sales have been reTK>rted at 9s 9d as compared with 9* 6d a | week' a?o. Wcstport Coals have chan™d harl3 at ?3s rs against 32s 9d at tho end of last week. ' Waihis have sold a+ 445, with further biiv«b at 4?s 3d, and sellprs at 455, cum a dividend of Is jkt share. Tnliomnns are wanted at the time of writing at Bs, but. sfll-rs are asking 3s 9d, while for Waihi Grand Junctions the latest quotation is, buyers at 13s and eellers at 12s 2d, with business at 12s. GENERAL NOTES. According to private advices in Sydney, there is a likelihood of a further increase in the price of British-made carpets, owing to l ar go advances in wages and raw materials. Large American orders for carpets hp.ve V-en refused by the Homo trade, owing to the coacestion of British orders, and manufacturers are unable to fulfil Australian orders for many months. In January last Axinittstcrs showed an advance of 30 por nent. 6n the prioos ruling in 1918, and a 12$ ter cent, advance in tap?stiy took place in March. At a meeting on May 11th of the gram trade section of tho Sydney Chamber of Commerce, full consideration was given to the fecriffus state of affairs at present existing throughout Australia in connexion with the future of wheat supplies. According to official statistics, the present stocks in Australia are barely sufficient—after allowing for Imperial shipments—to cover Australian renuirements until the n« w - cro P. 13 harvested; at any Tat© until bountiful rains have fallen. It was felt Uiat efforts should be made to suspend shipment of the undelivered balance on Imperial contracts—approximately- 20,000,000 if that ■wore dona the anxiety -which is at present felt by' those in close, tcuch with tho subject would be relieved. After' discussion, the Sydney ChahSbor of Com mo.-co despatched ■the following telegram to the Prime Anm«ter : _"ln view of the serious situation of the ■■wheat supplv of the world, and poor whrat prospects for noxi year throughout Australia, a special mating of gwin section of Sydney Chamber of Commerce to-rlay .lesolvre, from ■the" standpoint of national necessity. that; the export of wheat-and flour should be iraxnediately stopped until the nest Australian wheat crop is assured." -" general merchandise. GROCERIES," ETC. The tea market remains tan, with no alteration in prices so far. Rickett's squa.ro and bag blue has teen in short' supply, but a consignment was landed this week from the Remuera. The lonic, • which left London early in April is dud in New Zealand ehortiy. Among her ia a-shipment of smokeless ehot«un cartridges, wh/ch are needed for the present shooting season's requirements. Sandsoap is-at - present' short of the deawnd, hut 'tho factories expect to be able to fill orders -in about a fortnight a tune. The Wostralia, which has just arrived at Lyttelton, brought over further, consignments of Australian tinned fruits. As this fruit left Australia after tho advance of 2s per dozen tin* had been made, the New Zealand Customs authorities will assess duty as on the increased value, which will leproeent an advance in duty of 6d per dozon tins locally. Local merchants have a grievance against this duty assessment, because if shipment had been available the consignments, ordered some time would have arrived in New Zealand long before tbo increased prices came into force in Australia. .. _ The manufacturers have withdrawn the email size of Glaxo, the medium-large now being quoted at 295. and 775. The revised quotations for on© of the leading makes of cough cure are 17s, 295, and 525. Brilliantshino lias mado a slight advanco in price. ■ Tho market is still bare of wax matches, ana the trado is unable to most the requirements of retailers. The shortage of sugar supplies still continues, and merchants are compelled to kaejj retailers down to'their weekly requirements. Peanuts just landing are being offered at 9Jd a lb. Sydney reports of May 15th, state that the'tea trade is depressed. Pried cabled from Ceylon were lower, and eome houses •were inclined to take a gloomy view of the future, while others asserted that • the market would be stronger when. better qualities ■were offered- Some of the recent samples to band in Melbourne were reported to oe unattractivo, and until tho better reality Ceyions were forthcoming buyers were refraining from operating. Our London correspondent, writing cn April Bth, provides some interesting comments on the position of general grocery lines. In England rico has jumped from 4d to 7d a lb, sugar was up by 2d a lb, | and the shilling loaf is forecasted. The ] lice crop of Siam has failed completely, and that of Burmah has partly failed. Cuban sugar growers are trying to make bi~ profits out of their stocks because the world's supply of eugar is short. We can now have. Boz of sugar per head per week, instead of 6oz, but this excess of liberality is costing the consumer 2d per lb more, tho price now being lOd per lb for granulated, and iOJd for other kinds. "When extra sugar is made available for domestic jam-making, tho rirppb'ea _ additional to tho oidisary weekly distribution vrill cost the housewife Is 2d a lb. This last figure may to regaled a» the economic price of sugar, based cn growers' present quotations. Tlio retail price for the ration would have to be higher than it is if it were uot for'the reserves bought by the Sugar Commission before the world I price went up in December last year. Until | si'gar beet cultivation is effectively restored I in Central Europe, the supplies of eugar will be short of the world demand by several million tons per annum, and tho producers of cane 6ugar will tip to maintain' tho market at a high leVel. Cheaper sugar cap not bo expected thi3' year, and next year's price will depend very largely on the ability of Germany, Czecho-Slov&kia, Austria, ana Poland to reconstruct the sugar beat industry. The greater part of tho sugar consumed in Great Britain before tho war came from Germany and Austria. HARDWARE, Etc. Advices from England by cable notify that emery cloth and glass-paper have advanced in price,, but the extent is_ not stated. Merchants can only accept orders subject to the price ruling at shipment. Linseed oil shows a slight decline at Home of about 2d a gallon. White lead quotations indicate that this commodity is moving up again, this week's quotation showing an advance of £3 a ton. Advice received irom a leading Sheffield steel works house states that all crucibla •teel prices have c been cancellcd. Scrim has advanced to a high price at Heme, this week's quotation showing nn increase of l£d per .yard on last week's. Melbourne advices of May 7th report that tho tone of tho hardware markets generally is ■very firm. Stocks of eome lines ore very ehort and others are unprocurable. A strong 1 demand prevailed for corrugated galvanised ! ton, but very little wasavailable at the Quotations on the baaia of £65 7s, 6d for 28

DQMiMOIi'S TRADE AKD MARKETS.

(DT OUR COMMERCIAL EDITOR.')

gauge. It is expected that tho position will be c;x-ed, how«.\tr, during tho courers of the monih, v.-hen are expected to be available. Galvanised piping _o; ail sizes is very scarce, sr.d buyers great difficulty in procuring ri>.iUiicments at the current firm pnccs of 50 per cent, on list. Ordc-ra have bten placcd ior some time past, but deliveries ato very bi.c.<".vord. English iron and steel manufacturers are experiencinga rush ci orders. Sho.ik'id will not book at fi.'in quotations, but fctipu.ate thai payment shall be at the price current at the time of delivery. A heavy vo.ume of enquires for eteel from Europe, India. Japan, and otbor foreign markets has added to the congestion, and expensive epeciul steels are being purclKiscd ky th-s Uniltd States. Sheet < lead continued firm ye.teiUay at £57 for full roils. .Lesid piping was at ££2 per ton, with an extra 2s per c'.vt for email lots. Ingot tin was held for 4s per lb, and tin piping at 4s id. Cables from America stated that quotations for Tirliy's axes (now l-7s Gd per dozen) had been Trithdrawn, and future orders wou.d"" be fu.fi.led at tho .market price, at the date of delivery. „ohn Dunn, Son, and Co., export merchants, Now York, in their Australasian market letter for April 6tate that during the last momh the iron and steel market has been marking time and driiting— appaTentlv towai d 3 somewhat easier conditions as to tho placing of orders for reasonable deliveries and at tho same time toward higher prices. There is eome reason to think that the stereotyped leply "out of tho market," which haa eo frequently been made by the larger steel interests in ansivcr to enqui:io3 during l tee past few months, has been due not so much to an oversold condition as to an effort oik, their part to reserve a certain portion of their capacity eo that ealos might bo made later . on at the higher prices obtainable for immediate delivery. Tinolale is practically impossible to buy at present from American mills, prices from dealers are higher than the preceding'month. | Building is very active in Ame.iea in structural shapes, and mills ore beginning to talk about inability to handle further orders. Wiro and wire products are not yet in tire New York market, but thcro arc indications that the situation as to placing of oldens will bo easier within a ehort time. Prices have advanced still further during the month. Turpentino prices have continued to advanco rapidly in America, and the market is now at figures unheard of in the trade. This seems to bo entirely due to the lack of supplies, and it is generally expected that price 3 wiil bo maintained until the new crop is on the market in Juno or July. Mescra Dunn, Son, and Co. state in their maikct letter that the market for chemical 9 is very strong, with practically all the leading commodities commanding high prices or out of the market entirely. Caustic soda and j soda ash are now practically unobtainable even from second-hands. Quotations on bichromate of soda are purely nominal, the manufacturers being unwilling to accept business. Logwood products aro still almost unobtainable, although there is some prospect of improvement in the situation in a (few months. Sulphate of copper is stronger owing to the improvement in tho prico of raw copper. Somo satisfaction to tho trade may be extracted from the reported "sagging" of metal quotations in Engliind (says a Melbourne paper). Meesages furnished by the Australian Metal Exchange afford indication that the decline in prices, which set. in several days ago, so far from being arrested, has become accelerated, especially in regard to tin. That metals on spot London, was quoted on April 26th last at £317, whereas the quotation given on May sth was £.'l-23 ]ss, the reduction in market value being, therefore, £23 5s within nine days. Tho downwards movement in , rates has bee® steady of late, and apparently I no influence is operative which can stem tho tide toward lower levels. Forward tin has recoded, in tlio same period, by £20 10s, an abrupt fall of £18 17s Gd per ton between the 4th and sth instant, being attributed to heavy arrivals. NEW COMPANIES. Registration* of tho following now com-. panies is announced in this week's "Mercantile Gazette":— Pilkingtons Motors, Ltd. Ofßce: Jolio street, Akaroa. Registered as a private company May 12th. Capital: £33C0, into SSCO shares of £1 each. Subscribers: —Akaroa— •N:- Pilkinlgtori- 3493, ■ Irene Pilkington 1. Objects: To acquire and tako over as a going concern tho business of motor scrvico proprietors, carriers, etc., lately carried on by Pilkington's Motors, Ltd. Selwyn King, and Co., Ltd. Registered as a private May 13th. Office'; 173 Manchester street, Christchurch. Capital: £10,000 into 10,000 shares of £1 each. Suhpcribr:—Christchurch—Selwyn King 9000, Mary V. H. Kin? IOW. Objects: To purchase, acquire and take over as a going concern, the business lately carried on in Christrhurch by Selwyn Kin?, under stylo of S. King and Co., wholesale woollen merchants and wurcbmisempn. Woollen Mills, L*d. Rejristered Mav 14th. OfPcn: 44 Maria place. Wwignnui. Capital: £200, into 000.000 sTinre= of £1 each. Shareholders: Mart on—ft. L. 1000: Wnngnnni—ft. N. Bu?oT>rt 5m ,T. P'nr. inson 500. Allaji Robinson 1000, P. Hirginbothnin t'Ofl, W. J Poison ROPO. S. M. 3000; Wellini^ton —A. J.- Doherty IDOO. Objects: To erect and carry on woollen mills at Wpnimnui and elsewhere. National Tobacco Co. T?e° , s=t' , TM Mnv sth. Office: HVrald Burdrn'-B. Auckland. Capital: £."f\(?00, info 50.000 shares of £1 Subscribers: Auckland —E. Bond P.' Burns 200, L. A. Lontrnet 200, G. R. Bloomfield 200; TTastinirs —G. P. Rmch 200; Narier—H. W. Aran-°r °fV\ A. ft. Moon orv), J. A. Xi. Hav 200 Obi"'-*": Tobacco manufacturers and geneftl incidental. DROP IN PP.ICR OP FTTRS. The Dunedin agent of a big Irrm in St. Louis, U.S.A., where a fur urio is at present taking place, has received the following cablegram liom that, firm: —"Skins: Beaar, about 25 per cent, lower than in February; hair seals, about SO per cent.; reindeer, about 30 }er cent., opossum, about per ccnt.; silver fox, 25 per cent.; wild cat, 30 per cent.; "lynx cat, 30 per cent.; racoon, 30 per cent.; chinchilla, about 20 per cent.; eamino, about 2-i P°r oent.; minx, 30 pox cent.; liussian sables, Japanese sables, 12i per oent." AUCKLAND HONEY CROP. (SFJiCIAL TO "TUB PRESS.") AUCKLAND, May 21. Tho past year hus been a rather disappointing one tor beekeepers, according to the annual report ox the -i.ucicland Provincial Brancli of the National Beoiteepcw' Associatioxi. "llie honey crop tixiougiiout P x< ?~ vines was the lowest ior niuuy yeturs. ±nis wad lani£ly duo to the drought in the oari} part of tho sea&on Tiiis, together witli theslump in the market with the closing oi hostilities, hid. mudo tho lot oi tiio ooakecpers anything but a pleasant one*. Iho indications wei© that the market woukJ graduaiiy recover- itocxl, and thoy luokod .forward to th« iuturo with brightened hopes, NOTES FEOM WELLINGTON. fraou A SPECIAL COEBKSFONDEXT.) WELLIjNi.Ti'UX'J, .May 21. A persistent demand has set ill ior inscribed stock and war bonds, and prices have risen slightly. There is also a de- . mand for Bank of New Zrcaland old issue, for which buyero are uppaiontly willing to pay £24. Huddart-Parkur shares are again in demand, and business was done to-day at over 663. A new investment known as kauri _gum oil has boon piac-xl on the market, and the I .Parenga Oil Co. 43 the first of these companies, the pound shares now being quo-ea at 325. An txi-ert with a wide experience o£ recovering go.d by tho sluicing process, ha.3 hit upon the iaca of recovering kauri gum in the same way. The gum-diggers in their search did not trouble to save tho small pieces, or chips in swamp land—perhaps they could not savo tho thips—and the export's idea, which has been favourably received, is to eluice this land, and by employing drums or meshes, to save what the diggers have overlooked. A company has been for«n?d in Wellington with a capital of about £GOOO, and some very shrewd investors have taken up large blocks of shares. People here ars wonder.ng what _is tho cause of the 1 rico slump in America, ana what will be th« general effect of it. .The slump may be 'raced back to the sensational collapso..in exchange in .February, when the pound sterling was only worth 3 dollars 2o cents. Orders fiom Britain in particular were cancelled, and sine© stocks have accumulated in America, and tho announcement that exports in April decreased by 100 million dollars should not occasion surprise. The . liigli prices also tended to check home consumption, and the baftks, especially the National Banks, have been restricting credits, forcing weak holders ot stocks to liquidate. This movement has spread it has apparently become general. iius crisis in tho United States has been long overdue, and its effect must be to lower the value of commodities everywhere. America is tho world's greatest producer of copper, and the slump ip tho prices of commcdities has affected this metal. lne S P° • quotation for copper in London on , -29th was £98 7b 6d per and the lolloping day tho price dropped to £of

a fall of £10 12s 6d per ton, in about twenty-four hours. Industrial metals gen- j erally have exhibited a ftrong downward Kn- 1 dcncy ever since February, when they touch- ! ed the high?st level Thus the highest : price reached by copper this year was £122 2s 6d, and the price now, £67 15b, represents a fall of £34 7s Gd per ton. Tin has fallen from £418 lsa to £283 10s, a drcp. of £133 . 5s per ton. Lead has declined from £52 10s j ta £37 fa a drop of .£l3 ss; spelter from | £62 to £Wi 15s, a difference of £17 Ss; and bar jsilver from 7s S.Jd to 4e IOAd, a fall oi 2s 7£d per ounce who are under impression that prices of commodities w:li not fall should endeavour to grasp the significance of ;he retrograde movement in i tli-3 metal markets. METALS. (By Cable—Press As.ociatioa—Copyright.) (Australian ana K.£. Cable Association.) (i!ccti>ed May 21st, 0.0 p.rn.j ' LUNiju-I, auiy 20. Copper—Spot £30 ss, forward £34 15s; elect.ojylic, £i<yj to £ro3. .Leaa—bpoL £37 los, lorward £39. Spelter—Spot £43 15s, lorward £45 15s. 'tin—Spot £278, forward £i 32 15s. Si.ver—sßJd per ounce. The decline in the p.ico of coppcT is due to persistent selling and tiie reduced output in the Midlands, owing to th© 6trika on the canals. AMERICAN TRADE RETURNS. WASHINGTON, May 20. Exports fell o£E by iiJS,Oi,O,OW) ao.rars in "April, as compared with March. The imports dropped by SO,COO,CKX) dollars. CANADIAN WHEAT. RECORD PRICES EXPECTED. (Reuter's Tclegra-ns.) (Received May 21st, 9.30 p.m.) OTI'AU'A, May 20. Mr McGill, head of the Canadian Grain Commission, told a Parliamentary delegation that probably Canadian wheat would 6cll this year a.t three to five dollars per bushel. Owing to the shortage of supplies in other countrijs, there would b; absolutely no wheat for Europe except fiom the Argentine and North America. Canadian wheat would un-. , doubtedly reach record prices. Ho was strongly against fixing prices, and favoured an uncontrolled .market. MEAT 1 COMMANDEER CONTINUED. o MELBOURNE, May 21. The continuation is announced of the meat contracts between Australia and the Imperial Government. They provide for the sal© to' Great Britain of all Australia's exportable surplus. MELBOURNE MARKETS. MELBOURNE,. May 21. Barley—English. 7s 4d to 7s 9d; Cape, 6s 4d to 6s 6d. Oats—Algerian, 63 to 6s 3d. Potatoes—£l3 to £13 10s. Onions—£l3 103 to £14. COMMONWEALTH TRADE FIGURES. MELBOURNE, May 21. The Commonwealtlr's imports for tb2 nine months ended April totalled £62,287,C00, and tho exports £111,960,000. SOUTH AUSTRALIA'S WHEAT SURPLUS. ADELAIDE, May 21. The Wheat Board estimates South Australia's exportable surplus of wheat at 6,000,000 bushels. TALLOW. Booth and Co. have received the following: caVcram from' their London house:— At the "sal as held on the 19th inst. ISU3 casks weie offered, and 1546 casks sold. Better "■rades were unchanged, and inferior grades slightly higher than at last sales. Quotations:—Edible mutton 903, edible beef 90s, wood mutton 87s, good beef 85s Sd, good colour 85s Cd, no colour 81s 6d, gut 77s 6d. 1 CHKISTCHtmCH STOCK EXCHANGE. LATEST QUOTATIONS. Buyers. Sellers. £ 6. d. £ ». d. DEBENTURES— N.Z. Govt. 4i per cent. Bonds, 1938 .. 95 5 0 — BANKS— „ , , - „ c National of New Zealand — 7 2 6 New South Wales .. 36 0 0 New Zealand (old) .. ~ 2o 0 0 Union of Australia ... — 13 15 0 INSURANCE— National .. .. - f J? ® Now Zealand .. 1 1» o LOAN AND AGENCY— Goldsbrough Mort (Mclb.) — 2 11 0 SHIPPING— „ „ Huddart-Parker .. 2 15 6 2 16 6 FROZEN MEAT— • N.Z. Refrigerating (£1 . paid) .. ..2 8 0 2 9 6 N.Z. Refrigerating (103 . „ _ paid) .. •• 17 0 18 8 COAL — . . West port-Stock ton .. 0 9 0 0 10 0; MISCELLANEOUS— ' Beath and Co. •• 1 12 6 1 14 0 Burns. Philp, Sydney (rights) . • - • 0 13 6 — Canterbury Pub. Co. .. 0 19 0 —• D.I.C. •• .. 0 15 0 — Maron, Struthers (1/a pd.) 0 r8 3 — N.Z. Farmers' Co-op. (£2 paid) .. ..2 8 0 2 9 0 MINING—. . " Waihi (cum div.) .. 3 4 3 (PRESS ASSOCIATION TEkEGTtAM.) WELLINGTON, May 21. Sales on 'Cliange—Government Inscribed Stock (1939), £36 7s 6d, (1938) £36 ss;-Hud-dart-Parker (ordinary), £2 15s. AUCKLAND SHARE MARKET. (SPECIAL TO "TIIE FHESS."). AUCKLAND, May . 21. Sales on 'Change—Auckland Gas, i6s 9d, New Zealand Drug, 71s 3d; Parengu. Ore, 32a 6d; New Zealand River Plate, 235. Quotations: —Bank of Now Zealand, selllei 3 £25; buyers £23 ss; National liank, eel lers £7 is lid, buyers not quotihg; Westport Coal, sellers £1 13s Cd, buyers not quoting, Westport-Stockton, sellers 10s, buyeiis 9s, Union Steams, no ee.lcrs quoting, buyere £1 Is 6d; Huddart-tarker, seLers £2 16s 6d, buyers £2 16s; Tali; mac Consolidated, setleas 8a i)d, buyers 8a Id; Wailiis, eellers £2 sa, buyers ±2 3s; Waihi Grand Junction, sellers 12a 3d, buyers 12s; Mount Lyeli, sellers £1 7s, vo buyers quoting; iN.Z. War Loan (1930 4J per cent), no Eellera quoting, buyers £95 10s; N.Z. War Loan (19ij8 *4 per oenu), no sollers quoting, buyers £9o 103; N.Z. War Loan (1U27 5 per cent), no sellers quoting, buyers £97 10s; N.Z. Insurance stock (1927 5 per cent.,, no selloiß quoting, buyers, £97 Ills. TOUEING TRADE EXHIBITIONS. PROGRESS OF ARRANGEMENTS. (raou oua own coeresponuknt.) LUiSr>ur\, Aiurcu 25. The Department of Oversells '11 axlc. wliich is under trra joint Uiiection of UlO Uitrce tho lioard 01 Trade, is now completing a programme tor an extended traae tour of the dominions and otner countries. Iho tour, which starts from England about May next, is leal-'y an extension of the recent Urui»h s Industries Fairs, held in London and the provinces which have been so. very sucCCliSflli. Every endeavour is berpg mado to increasa British trade wimia tire ana gooas which were practically unobtainable in this country in pre-war days are now being manufactured in enormous quantities. 11 ia tlie object of the tour to bring these within the purview of British buyers beyond the seas. In other words, the range of production is to be proved. It is reaiiafld that for every overseas buyer who comes personally to the London, Birmingham, or Glasgow markets, one hundred, and possibly a thousand, stay at home, therefore the expediency of carrying Bri:ish-manufactures to the buyers. Four tours are in process of organisation, one to South Africa, Australia, New Zealand, and Canada; a second to South America; a third to India, China, and the Far East; and a fourth to U.S.A. Roughly, the manufactures and products of some 500 firms are bein" collected, which will be packed in show cases and shipped for the tours. It. is anticipated that there will be about ICOO tons of material handled. Exporters taking part in the exhibition have the privilege of sending their own travellers, but some will naturally prefer to be represented by the local agents. Arrangements are not fully completed, but it i 5 proposed to exhibit at Auckland and Christchurch, and, if possible, also at Wellington and Dunedin. The scope of the exhibition is planned to include toxtiles, cutlery, silver, and electroplate, jowellery, watches -and clocks, hard haberdashery glassware, china, stationery, foodstuffs, fancy goods, upholstery, brushes, guns, scientific instruments, optical r-ocidft photographic appliances, drugs, musical "instruments, tools, implements (hand, agricultural, and miiing), wall rnocrs, washing powders, polishing preparations, sheep , diSs, boots, etc. The aporoximate date of exhibition in ! Christchurch is Octobr lst-lo'h. 1921, Auckland November I4th-C6th. The director of the Dominions tour is Mr L. A. Paish, with I Jlr G. Neill as secretary. THE 1920 BRITISH WHEAT CROP. (FEOJI OCB own CORRESrOS'DENT.) March 25. In order to remove tho anxiety which has [ been expressed by farmers with regard to , tho price of the 1920 wheat crop, the Go- , vernmcnt has decided that eo long as wheat

is still controlled, and thereby deprived oi a free market, the controlled prxc :.omc rrrown .vheat, o; sound qu.i.i >,> "*•" , vested in 1»:0, shall be that of tae : wheei of similar ox c«mparul>l.» quwi.t», t * •• ed that the price so p~id to the home shall not exceed por o. Sir A. G. Bcscovvan (Parliamentary Scc.etar. to the Ministry of Agriculture) sayo_. ••It is most important, in v lf v oi the adverse exchanse end the very 111311 r - freight on the vrar this eolintry should grow as much wheat F O3 Tho r,re most arxious to late its growth, and have decided .hat hom gro-vers scoulJ receive the average P' l^ 3 ,l . which wheat can be l".r,d-d he:e irom ' -roa■ •up to a certain maximum. Orisina.ly thu. ap.licd only to the iss' no.', the for which was to be 100s. ar.d no arrangement was made for the IOiO cro:i. ■ Dut } <?-_ vernment, on consideration, had - this year's crop. Some farmers cicman ec exactly what it cost the country to buy whea from abroad, but this was r.ot a fair ceman , and would lay the farmers open to a cln\i 0 of profiteering, since the cost of foreign whrnt was gently swollen by the exchan-ge, and bv freight, and the British farmer was really selling mora than the Airorican farmer- It was, however, a ® ollT j principle that the maximum rrice hero enouia boar relation to 'he cost oi production, nn-' he thought that a fair price of 76s in w ? 9 just about equivalent to a price of s-js in 19®). Besides theso maximum p«c«s, tn« Government intended, in the n"w AgTici'ltura Bill, to g-ive a guaranteed minimum price ioj tho growor, and these new guaranteed mum crices wov'd rary in accordance with the cost of production." PRICE OF BEFjR AT HOME. (FROM OTJE OWN CORRESPONDENT.) LONDON, Harch 05. Licensed victuallers in London h-ayo been nftified by tlia principal Burton brewing firms that the price of beer 13 advanoea. ine gravity is increased, but the rise _in co3t is from 1503 to 155s a barrel for "bitter, n.n<i from 170s to 175s for "pale ale." At som-: bat-3 tho retail pricc has already ''Tied 0 houses liavo b-een informed that tnc cost will be 1563 for "bitter" beer. Mr "Webber Brown, chairman of fh-2 J Bcction of the area committer, stated that tne production of ft beer of higher gravity was in response to the public demand, ;>ut tn. matter would hi-o to be vtv fully roneidered by tho retailers of London, whose profits had bo n gradually reduced to a levc; which having regard to tho reduced purcnasinp value- of money, taxc3, and the eost or labour, plncod them in a very difficult ration in compa-iFon with o'her traces. 1 ° licensed victuallei-s to-day," ho said, rep regent the labour side of tire trade. We have to do tho work and take the financial responsibility, too." SUPPLY OP PETECXLI ECONOMY NECESSARY. A well-known Wellington resident has directed attention to a warning published ; in America by the Standard Oil Company ; of California, with reference to tie urgent rvcessitv for conser\-ing supplies of petrol. The following, is the statement by the company in the San Francisco papers -under dato April Oth:— There exists to-day on tho Pacifio Coa-t an acute shortage of gasolino. As this company has pointed out on several occasionv, the condition is -due to insufficient production of crude oil and a greatly-increased eonsumption of 'gasoline by industry _ and by owners of pleasure cars. Gasoline w vital factor in the life of the community, industrially and otherwise, and it is of the greatest importance, at this juncture, 'that it be usfld with th-3 utmost discretion, that essential requirements may be supplied. Th© present i? by no mean® the_ season of a maximum demand which comes later in the year. The therefore, J3 likely to bo continuing rather than transitory. Responsibility for meeting the dtuation does not rest solely upon the oil industry, 'fho publio also has a serious duty in the matter. On its part, the- Standard Oil Company j? titraining its> resources and organisation to increase the supply of gasoline. In the fMd it is working for the maximum production of crude- oil. In tho refinery it is working for tho maximum production of gasoline from tho crude oil, and it is spending large sums of money on equipment for new processes, of its own discovery and development, whereby a still greater yield of gasoline will be obtained. The point already line Icon reached where "■a-polino mxirt t« conserved most car?fully. That i", a duty of the public. In consumption of thi3 product essential industri-'fl must necessarily come ' firdt—pleasure utilisation thereafter. Already the company has taken 6t«p9 towards protecting the supply for tho vital needs of industry, which, if lessoned, would -affect the business life of th© community. There is now the danger of a curtailment of supply to non-essentials such as pleasure cars. The assistance of the publio, is imperative. Until lately, gasoline ha "been abundant, and its lavish arid extravagant use lias "been possiole. That time has parsed. Buy as little gasoline as possible. 1 Us© what you must —waste none. CA2TTEEBUBY MARKETS. Friday Evening. Tho movement in oats was ouiy temporary, and prices aie now stable at the rates quoted last -*eek. The shortage of railway trucks and storage, and insufficient shipping facilities are militating against a lively maxket being instituted. • Potatoes are in good supply. Yields are prolific, and supplies aro good, but the local demand is not keen, and as northern buyers ara now regularly supplied with quotas ol their spread-over contracts, thero is not much enquiry from outside. The recent offers or buyers have been from £3 10s to £3 15s, and; farmers are not disposed to unload at that figure, consequently a good deal of pitting is being done. It has been reported that thero is a Pjos•pect offlthe embargo on potatoes being lifted in Australia in the near future, and growers hope that if this does happen the pnccs will advance. However, the lifting of the embargo will not, have any appreciable effect on New Zealand markets until July or August. y , There is to alteration m the barley market renort. A few odd lin©3 are left in the country, but generally speaking the output has been marketed. Chaff is in tho same position aa oats, and ealo3 aro slow on account of the shortage of trucks, storage, and shipping. The following aro prices paid to farmers at country stations, free of commission, sacks extra, except where otherwise stated: — Milling wheat, according to Government prices, Tuscan 7s Sid, f.0.b., Hunters 7s 6id, Pearl 7s 9*d. ' Oata—Gartons, good quality 5s to 5s 2d; Algerians, 5s to 5s 3d; Dun£, ss; extra heavy dark, 5s 6d. Barley—B3 to 9s a bushel. Cat>e Barley—7s. Oatmeal—2olb bags, £33 per ton; 71b bags, £37 per ton. Oatsheaf —£6 15s to £7. Italian Ryegrass—to 6s 9d. Perennial Ityegxass—6s to 7a Si Cocksfoot —iOd to Is. Red Clover—ls 8d to Is lOd. "White Clover—le 9d to 2s 3d. Partridge Peas—B3 to 8s 6d, according to quality. Prussian Blue (nominal), 10s to lis; White Ivories, 8s 6d to 9s. Flour—According to Government prices, £16 10s per ton, f.0.b., Lyttelton, Timaiu, and Oamaru. Bran, according to Government prices, £7 , per ton, f.0.b., main ports. _ Pol. ard, according to Government prices, £9 per ton, f.0.b., main ports. Local prices: Uran, £7 lOa, po.lard £9 10s. Potatoes —£3 10s to £3 15s. Onions—£7 per ton, which is £1 less than the price fixed by the Canterbury Onion Growers' Association. FRUIT AA'D VEGETABLE MARKET. Last week's report again applies to vegetables —ail sous iuivo txsin'iu good euppiy, but a small demand hiLS bceu met wilh, and prices ail round are low. Apples, which aro in good supply, are mee-uug • wiili a smail demand, and prices both, ior cooking and desseri continue to be on the low sue. Tneie is a beiver enquiry for pears, of which the supply in eating torts is limited, ar.d piioes are good. Cookers are in lair suppiy, aiul have gone ofi at <^ L!>e prices. Aii local email fruita are now out ot supply, with tho exception of odd lilies 01 pciiches and tomatoes, which command nig price?. . . Shipments of Auckland passions, tree t-o in - toes, and'kumara3 are arriving by each boat ; from the 2\ortn, A iarge 01 Island oranges came on the market during the week, but the demand was email, ana the sales were slow. A shipment of Island bananas also met wiih the same ception. A fair shipment of Sydney oi „ ! arrived during tha week, the i ru ,t ' i sour, and met with a small _ j shipment of bananas, ex the Atua is Pj j ! about tho middle of next week, and tow«xds ! tho end of the week Sydney oranges, pasj sions, and mandarins are due- , The auction prices during the wees w , ' as follows:- Beet, per dozen bundles lOd to Is; cabbages, Is 6d to 3s; cai . |4s to Ss; carrots, 6d to IOd; P IIXBII . oj lis; turnips, 6d to 8d; per bundle; marrows, 5s to as> F 12s; pie melons, 10s to 14s; bundle; onions Zs sugar bag, ' spinach, Is; potatoes, 6d to 13e sack; swedes, 2s 6d 6U, , t 6ack; carrots, 6s 6d sack; apples, per case, 7s; cooking, per Ib> grapes, Ist, per lb, Is Sd to /s, c - 73 lOd to is 3d; pears, dessert, . d ' r 6i; cooking, 3s 6d; lemons, Co - ora n ? es, : case, 30s; Sydney, per ca=e, i 1 {Cook Island, 15s; Sydney. 12s. passU

Auckland, lis; Sydney, 13s; peaches, cookie?, Gs; desert, Ss 6d; per lb, Td io 9d. ASII3URTOX. Th* pa.'t week has not beer. marked by ar.y outstanding feature b*.islnvMs has Vk-'O" considerably hampsrcl by the inability of tne IJail-.vav I)ep;irimerw to su-aplv rollins stcck. \\ boat—OSsrinrs are i;ow fairly limited owinc to tiie bu.k of the ni i -~ir.cowsed oprj;-i;tior.s meantime. Any linos available ere roadi.y uccpted by the mills. who are having difficulty :n f-emirins- siijrolira to carry thror.™h the year's operations. Ail ■•■uotations at current Government prices for May, viz., 7s- 3Jd. 7s 6id, 7s 9U, f.o.b. Oats—These continue t-o verv firm, and holders are more irclinod to wait developments m view of the serious position in regard to fcldor in Australia. Cabled enquiries are already in hrnd, and tc latest reports, Australia will require to draw euppii-s of ozts, later on, from New i-sniand, re<rard:res of ccftt. A certain amount of bu-1-:<-~- i". oat« has already been transacted with South Africa with definite freight arrsng»rl. Further tiarcls are no'-being-negotiated, and altogether the oat position resolves itself into a very ont> for future months. Quotations Tominnllv on trucks are A. Gartons 5a Id to 5s £d. B. Gartons 4s IC-d fo ss, Danish is Gd to 4b fid, Duns 5s to 5a 3d, Algerians 5s to 5-s Rd, all according to ouality. Ch:iff—Lack of shiiyvin" f-'fi'ifies fer.ds to restrict operations, and quotation are eoc.inally .-£6 15s to £7 on *n:eks for sood. "i'i-ht quality, inferior samples according to quality.

Potatoes—The bottom has apparently dropped out of this market, consequent on the published information to the effect that there is small likelihood of the embargo on New Zealand potatoes being lifted by the Commonwealth Government. Private adyio?s confirm this report, which has resulted in a big slump locally. Prices for white tables are £3 15s -to £4 on trucks, and Dakota Ked arc a shade better. The demand for early varieties of seed is now becoming general. TniAEU. (special to "the peess.") m, . . TniARIT, iJay 21. The information in tha Australian cables that there are SIC,OOO bushels of Australian wheat still to be delivered to the Government, was received by miilers with satisfaction, for it will all he Wanted. Steamers are now engaged removing this wheat. Millers report that up to the present this sec Mil they have been able to purchase only a little more than half as much locally grown wheat as tliey had bought at the corresponding time last year. Thero is an incessant demand ior fowl wheat, but scarcely any is available, and poultry keepers aro in a quandary as to how to keep their birds going. is reported thai a great many p«np.V .-no killing their fowls owing to the impossibility of procuring wheat for them. Oats arc very firm, but are enly offering sparsely. Inquiries are being made from Australia, but so far no business is reported although on the Australian prices quoted today there should bo a margin for profitable export. Gartons aro worth 5s to 5s 3d at country stations, sacks extra. Dun 3, Danish, and Algerians are not offering. Oaten sheaf chaff is in good demand at £7 p?r ton on trucks, conntry stations, second or fair and good quality bbing- quoted at 10s loss, sacks found by buyers. Inouiries have been received from Australia during the week, but so far as could be learned to-day no business had been done.

Barley is not offering freely. There is enquiry for it, but maltsters arc not, prepared to pay the pric?s which were offering early in tho season. Their idea of valuo is 9s on tmcka at country stations. Clovers aro ruiet. Best quality samples of red are worth 2s per pound, and white a little more. A fair quantity of the cowgrass, which is offering will require to be re-dress*d before it is fit for sowing. The cocksfoot market has dropped,- and lOd to lid is now full value for best samples except for those who aro buying to fill forward orders. There is, nothing 50111? in -o-otatoos, though plenty are offering. The tubers are clean and wonderfully free from blight. Very few growers are disposed to accept the prices which aT© being offered to-day, namely, £1 to £-1 5s on trucks, sacks found by Buyers. Potatoes are quoted in Sydney at £13 per ton, and it is regretted that the Australian authorities cannot e?o their way to allow the importation of potatoes there. INVEHCARGTLL. (special to "the press.") INVERCAKGILL, May 21. The stock markets have been fairly brisk during th© week. Tho store cattle market, which experienced a elump recently, hae re-,and-':Conaiderable enquiry has been, made for good, well-bred steers ranging from 18 months to 2J years. This clase of 6tock haa been hard to obtain, and the price for such 'lines can be quoted at from £5 7s Cd to £7 103. There has been little business during th© week with fat cattle, but the market remains the same -aa recently. The works have practically closed upon fat freezing eheep, and only butchers and a few northern buyers are operating. Several good lince of wethers have been trucked North during the week. Prices range from 35s to 425. There has been a good enquiry for good young ewes, and twotooths were 6<)ld at from 28s Gd to 30s, while four, six, and eightrtooth ewes ranged from 25a to 283 Gd. The horse market shows a little activity, tho demand being mostly for four to eight- . year working farm draughts, prices foT fair averago quality being £35 to £45. Oats—Tho marke-t continues firm, but the priccs offering in the North Island are not largo enough to enable buyers to make a profit on the prices farmers aro- asking. A Gartons arc worth 5s Id and B Gartons ss, \bu.t merchants are not anxious to buy, ai3 their only chanoo of making a profit is by holding, end to buy at such a price is somewhat risky. Chaff—Tho chaff market is firm, and prime quality will readily bring £7. Potatoes—The market is quiet. At the prosent time it is not possible to make sales for Bhipment'on the prices aeked by growers. Sales huve been made at under £G 0.t., u.p.s., B.L, and merchants' ideas 6eem to bo from £5 5s to £5 10s 0.t., u.p.s., s.i. Hemp—The shipping market is quiet owing to the lack of space, and also owing' to tho fall in prices in London. For good fair there continues to be a good local demand. Ryevrass—The market is quiet but firm. No sales, however, in the meantime, aro taking place. AUCKLAND. (special to "toe press.") AUCKLAND, May 21. Potatoes—Good supplies are on hand andto arrive. Best quality are selling at £10 ex store. Onions—Tho demand ia not keen. Best are selling at £11. Oats—A fair demand continues at 7s ex store. Buyers seem reluctant to operate in large quantities, in suite of the extraordinary firmness in the South. Barley—The market is steadily rising, and millers axe this week asking more for pearl barley. "Wheat—The heavy arrival of milling wheat is being watched with considerable interest this week, but the millers aro getting it all. -Fowl wheat is unobtainable. Flour —The local mills here recently been stopped for overhaul, and this is making flour difficult to obtain. Bran and Pollard —Both oie ecn-rce for the same reason as flour. Maiie—Tho demand is very keen, th© basic price being 9s 6d on the wharf.