COMMERCIAL.

Press, Volume LVI, Issue 16850, 2 June 1920, Page 8

COMMERCIAL.

LONDON TTOOL SALES. DECLINE IN PRICES. (By Cable —Press Association —Copyright.) (Australian ;tud N.Z. Cable Aseocialtoa.) (Received June Ist. 5.5 p.ui.) LO-WDON, May 31. Following on tho recant dtcillnss ia pricce at tho London, Provinckl, and Antwerp wool sales, the trade gor.-eraily expected that the London auctions, which opened to-day, r.-ouid produce lower rates, but the extent of decline- (5 to 20 per c;nt. below lust _ London ealcs clc.sirir rales) an'a:Ttici;j-tio-s. A total of 11,620 bals-s was offered, of which 2707 bales were New iitsland, and the selection was a fiiivlv representative cr-;. Thoro wr.s a lar.sr-2 :.ttendcjice, but tho bidding- wsis vc.y slack. j Yorkshiremon would r.ot buy mcrfw. o'l ContioC'iital buyers operated sparingly in thorn at an all-round deciiuo oi iro*iu 15 to 20 per cent. — Fine crossbreds met with elow bidding- at from 10 to 15 p»r cent. tWine.lledir.m and lower grades found bettor support at f.botit 5 per cont. deeiinc. New Zealand wool from tho "Struan" clip made 41d. FOEX-IGN EXCHANGE KATES. LONDON, May 81. The. foreiifn rate« 011 London afford the following comparison: — Par. Slav S7. May 31. Paris dr.) .. 25.22 51.25 50.05 Christina, (kr.) .. ]B.IG 21.55 2J.63 Stockholm (kr.) ... 18.15 15.20 Colcufta (roe.) .. 10.11 25id 25K1 Montreal (dol.) .. <t.S3 i.SS 4.9.3 Tf."w York (dol.) .. -t.Rfi S.S3? 3.8k.i Berlin (n-.k.) .. 20.43 14.C — METALS. (Eeceived June 2nd, 1.10 a.nO LONDON. Mny 51. CoppT—Spot £95 Es, forward £03 15s; electrolytic, c?pf>t £105, fonvard £107. Jjfad—Spot £30, forward .€4O. Spelter—Spot £M, forward £4G s=. Tin—Spot €275 15?, forward £2SO 3a. Silver—s7sd per oiuico. " sheepskins Dalg-sty end Company, Limited, havei received tho following cablegram from their London offico, dated May 33th:—"Sheepskins. —At the sales 11,500 balca wore offered, ar.d 3000 eold. There was a fair demand. Prices, as compared with closing- rates of the last sheepskin sales, have declined 20 to 25 per cent." v HIGH COMMISSIONER'S REPORT. The High Commissioner's cablo message, dated May 29th. is as follows; — Butter. —There is no change in the price for butter under Government control, hut a reduction is anticipated to the large supply and decreaain? price of Home- | orodvccd. Tho price of English butter 13 I from 2e 4d to 3a 4d wnolesn*o = at 21 markets. The ?v>'n.pe nrioo is 23 lid. Moderate supplies of Irish butter ato comi'i ■* forworcl. Factory liiitter at £11 4s to £13 le per cwt; cresunory, £14 to £15 5s Sd. Chef®e nnder Government control q-ioted nt:—Wholesale, Is std; rctpil, 1» Sd. Tho roaximam fixed prfco of retai] has been removed in the case of all imported cnr-eio with tho exception of Govortiment supplies. The demand for En?rH?r cheese is restricted, a"d are lower, with fairlv BttpCheddar, la 7d and 1s Bd. Canadian qnot°tirin3. c.i.f., have further dochncd to .£3 to £3 ss. . , Hornn.—The. Manila market 13 eteady, imo fair bw,ine6s is doin?. "J" grad"., «nlySeotember and Ansnat-Octoher shinmeita, fold at £G5. February-A'p.ril .« wa-y-Tnly btb -now qno+"d at £S?!. Tb- IW Zoal?.nd markot dull. _ onoto hirfi noinfc snot «t £59; Ir , • February-April ehipment, £34 to £o2 TcspecThA marVH is vcrr quiet, ftud low prade is pellin- slowlv. . Ther<> is no demand for des'rintions, although tho feeling- here is favourable.

NOTES FROM WELLINGTON. 'FROM A STEOTAT, rO-T'^rornKKT.) WELLINGTON. Juno 1. Ever since the conference of primary producers was held in Wel.ington last I'lluisday, tit tho instance of the Agricultural Department. the share market has been easier. Investors have begun to realise that there are 'dangerous possibilities in the preicn„ situation, and are consequently holding back. There is ail abundanco of money lor which some outlet must be found. It is believed that tho -will shortly is"=ue a loan for a substantia, amount at a higher rate of interest than was offered for th° war loans, and there are the loans of local bodies also to come on the market. These issues may absorb some of tho credits. A diversity of opinion exists as to the prices of commodities. Some think that values will remain at about their present level, or may even go higher, while others believe that the downward tendency has bogun. Commodity values have fa.lon in tho United States and Japan, and the fall has spread to England since Selfridges announce a reduction in prices ranging from 5 to 10 per cent, over a fairly wide range of goods. The cost of production is given as. the cause of high priccs, afld no doubt it is, and wages form tho chief item in tho cost of production. Priccs cannot fall unless the workers of Ihe world produco more without a corresponding in-crerao in taonray wages, which is quit© impossible; or money wages must come down, which Feems equally imros-iblc. Prjoss and wages must rise indefinitely in a vicious circle, if there were no check. The only check that can bo applied is to limit the amount of money in circulation, or what is tho Eaine thing, to restrict credit. When such a check is imposed—and this involves raising the price of money, the interest rat© —some branches of industry arc pulled up, and speculation is curbed. Unemployment then occurs in the industries that cannot make a rate of profit to enable them to run at full capacity. This has actually occurred in tho Northampton boot factories, and the Leeds clothing factories, where short time is being worked, according to recent cable messages. The result of unemployment is a lessened spending power, and a consequent fall in general prices, and this process ia cumulative. There cannet bs a fall in prices without bad trade and unemployment, and as this is not an ideal world, a choice of evils will have to br> made. The world is in an awkward dilemma. CA>"irERBtrF»Y GRAIN MARKETS. ' Tuesday Evening. In accordance with tho provision made for storage in the wheat piice3 fixed by the Government at the biginnin'g- of tho Eeason an all-round rise of Id *per bushel came into effect to-day. The wheat trade ia elightly brisker. A fair volume if ousmess has been done in oats during tha fsst few (I l n, but there is no chang© to record in pric«. Clover seeds are being purchased by merchants at slightly advanced prices, and this market is more animated now. There has been little or no business, however, effected with cocksfoot or ryegrass, ar.d the quoted prices for these are nurelv nominal. Tile rumour on M" fhat th-* Australian embargo on potatoes had b?cn r?n:ovca cau«d' a little stir, but app?r--r.t-lv the report was ooly an antMrpat"c3 f or a local merchant to-djiy reccivei a

cablegram from Sydney indicating that tho embargo was not yet lifted. Tho removal of tho embargo is, however, likely to occur tt any time. Owinj to the wet weather very little digging l has' been don© in the last week, and consequently thero ia not much coining on to the market. Tho ruling rate ia now £1 jier ton. There is no change to report in tihe chaff mn-kot. Railago facilities have improved a little. The following are prices paid to farrneTi tt country stations, free of commission, sack a extra, except where otherwise stated:— Miliinp wheat, according to Government prices, Tuscan, 7s id, f.0.b., Hunters, 7a 'id, Pearl 7s lOd. Opts—Gartens, 13 grade, to 5s 18; Algerians, Ss to Gs 3d; Duns, 5s to 5s 3d; extra heavy dark, 5a Gd. .Barley— i<3 to 93 a bushel. Cane B?.rley—7s. Oatmeal—2sib bags, £33 per ton; 71b bags, £37 per ton. Oatsheaf—.€G IBs to £7 6s. Its!lan Ryegrass—to 6s 9d. Perennial Ryegrass—6s to 7a 3d. Cocksfoot—lod to Is. Red Clover—la lOd to 2s. Waito Clover—la 9d to 23 2d. PaitrHr,'d Peas—Ss to Ss _6d, according to quality. Prussian Blue (nominal), 10s to lis; White Ivories, Ss Gd to 9p. FJour—According to Government prices, £16 10s per ton, f.0.b., Lyttelton, Timaru, and Oamaru. Bran, according to Government prices, £7 per ton, f.0.b., main ports. Pollard, according to Government prices, £3 per ton, f.0.b., main ports. Local prices; i-Sran, £1 10a; pollard £9 10s. Potatoes—£l. Onions—Up to £6 10s a ton. Canterbury Onion Growers' Association, pricc, £S a ton. EAN-GIOHA MARKET. Or/ing to the rain the entry at tho Rangiora, market yesterday was a very small one, only 121 fat sheep, 713 stores, 4 head of cattle, and 13 pigs being yarded. The sales were: — l*"at lambs—For Adam Smith (Fcrnside), 13 at 23s 7d; J. Croit, 7* at 22s 9d; fat ewes— for V. r . Crane, 37 at 23s rd • A:'am Smith, 16 at 265, 7 at 243; H. iletherell, 18 at 2?a lid, 42 at 28s. Wethers—G. Croft, 13 at 33a 4d. Store Sheep*—6B aged ewes at 15s Id, 104 four and six-tooth ewes, in lamb, at 20s, 78 four and six-tooth wethers at 27s lid, 48 hal/brcd wether lambs at 17s 2d, and 15 merino ewen, in lamb, at 12s 7d. Several lots were passed in. Two cows 6ola at £7 10s each, and one at £2 32s 63. _ Baoon pig's made £5 Ea to £6, and pork-ora £3. In the poultry department roosters sold at 9s 2d a couple, and hens at 5a 6d.

ASBHURTON MARKET. Tho entry of fat sheep at tho Ashburton yards yesterday comprised 1037 ewes, 381 wether 3, and 630 lambs. There was a good attendance, and full values was paid for anything of extra 'porime quality, but otherwiso 1" or 5 was a general all-round drop of fully 2s a head. The top price for wethers was iiis for a lot o£ 14, sold on account of Mr F. Clemens, of Newlands, while Mr J. Hunt, of Ashburton, "got 35s 7d for a line- of 22 lamb-3. Tho range of prices was: —Prime owes to 325, eecond quality 26s Od to SO3 4d, extra prime wethers to 87s, prime 31s 3d to 325, medium 23a 5d to 30s, extra prime lambs fcr> 35s 7d, prime 2!fe 9d to 32s Bd, lighter weights 253 2d to 2Ss 2d. The principal eajes were: —

Ewee—23 at 00s Gd, 18 at 25s 2d, 4-1 at 24s 3d, SG nt 2is 4d, 21 at 235, 14 at 29s 3d, 42 at 235, 27 at 2-ls 7d, 143 at 325, 90 at 21s, 92 at 30s 4d, 60 at 27s sd, 53 at 2Cs Gd, 43 at 2Gs, 82 at 25s Od. Wethers—2o at 31s 6d, 18 at 30s 2d, 3i at 36s Od, 15 at 36s Bd, 10 at 31s 3d, 14 at 375, 14 at S2s 64, 20 at 32s Id, 18 at 29s 6d, 16 at 33s Bd, <>0 at 30s.

Lambs—23 at "Ms. 22 ot 35s 7d, 19 a.t 2C-s Cd, 125 at 24s 7d, 48 at 29s Id, 39 at 28s 2d, 3,1 at 3'2s Bd, 30 at 29a 9d, 84 at 29s Gd. 76 aft 28s 10d, 89 at 25s Sd, 30 at 27s sd. Store Sheep—Tho yarding totalled 3797. The demand was limited, and of the yarding* 1713 wore" passed at auction. Tbo sales were: —247 full and failing-moutli halfbred ewes at 30s Gd,' 158 at 14s 6d, 199 mixed sex lambs at 15s r.d. 196 six rnd cisrht-tooth halfbred ewes at 33s 3d, 75 mixed eex crossbred lambs at 21s XOd, 101 four-tooth crossbred wethers at 20s, 40 two-tooth three-quarterbred ewrs at 2Cs, US at 27s lOd, 230 sound-mouth halfbrad eves r.t. 253, 8X full and failinsr-mouth ewes at 9s 4<L, 28 aged ewes at 15s, 200 fourtooth halfbred wethers at 295, 91 two-tooth halfbred ewes and wethers at 223 4d, 22 n-pod ewes at 17s 6d, IG2 p-ound-mmith merino wctHers at lGs Id. 203 full and failing-mouth ha''Vrvl at 13s 3d.

Cattle—Thero -was a poor yarding. Springing: made £13 10s to £16, and a fat cow £10. '

CEiIENT SXTPPI.IES. Tee following telegram regarding cerr.cnt supplies has t«?n sent to the Primo Ministe- by llr P. R. Climie, on behalf of the Canterbury Progress League':—"Building tradoi in Christcburch arc tzcoodingly inconoeming unfair troatincnt in i«gard to cement supplies. 1 am given to

understand that during the period of shortage Christehurch haa only "received approximately 1500 tons as compared with 9000 for Auckland, 5000 for "Wellington, aud COOO for Luuedin. Will you plea-so undertake to see that Ckristchurch receives its full 6hare in the future, and that immediate relief is provided? The position is certainly becoming serious, unless prompt action is taken by the Government, THE OUTLOOK FOR DAIRYING. (special to "the TRESS.") AUCKLAND, Juno 1. The outlook for the dairying industry was referred to to-tla-7 by Mr J. G. Harkne-2a, secretary of the National Dairy Association, at the annual conference of the North Auckland Dairy Companies. In his opening address Mr Harkneas congratulated the dairy farmers on having experienced a good season. Notwithstanding the unsettled state of matters generally, ho said, if any man could look with confidence to the future, it was tho. dairyman. The export figures for the year ended April oOth last showed that 333,918 boxes of butter had been exported as compared with 491,199 boxes' exported during th-9 sama period of tho previous year. The cheese export had ehown a large increase, this year's figures being 169,998 crates as compared with 89,183 crates for the previous year. The standard of the output for the fienson had also been well maintained. Referring to the future prospects of the industry' Mr Harknors eaid the immediate prospects greatly depended on the decision of the ImperiaT Government as to whether the Government. requisition would continue. The Dominion Butter Committee . had made every possible" effort to have the position determined, but this had not yet been accomplished. Ha emphasised the necessity for the exercise of economy and increased production as the only mean? to rcduce the cost of living and enable tho country to meet its war debt. CUSTOMS RETURNS. CHRISTCHURCH FIGURES. The Customs collected at Christchurch for May, 1929, totalled X 105,097 IGa 2d, compared with £71,665 7s 5d for May, v 1919, an increase of £33,412 8s 9d. Details, shillings and pence omitted, arc: — AT-v, May, 1920.' 1919. * £ £ Net Customs .. 103,097 G7,873 Beer duty .. 4,078 3,731 DUXEDIN RABBITSKIX SALE. . Medium catalosr'es werr* offered a-i Dune din cm Monday, and wero aij/ cleared at values that showed an advance on last &a'o -1 pricca. Incoming and autumn ports advanced 2d to 4d per lb, while lower-grade skins increased Jd to I'd per lb. Quotations : Early winter docs, to 73d; early winter bucks, to 6<id; incoming winters, to 57d; late autumns, t0.43?d; tmbimn, it 4fld; early autumn, to 42d; prime racks, to 292u; light racks, to 2J{d; cummers, to 'J3Jd. small, to IFd; winter blacks, 1o 80i<h incoming blacks, to 60£ d; autumn blscics, to cOd; summer blacks, to 30d; horsehair, to 32d. HIDE PRICES LOWER. The sale of hid<M at the New Zealand Farmers' Co-operative Association s rooms yesterday afternoon attracted fair attendance, but the proceedings were lifeless. Price 3 fell considerably, ox hides bringing about 4d lb, cow liidet Cd, yearlings <d to fid, and calfskins 12d to Hd less. There were many passings. TRICE OF GOLD. (PHIB3 ASSOCIATION TELEGRAM.) WELLINGTON, Juno 1. The Treasury announces th'.' following in-. formation received from the High Commissioner, dat*d London. May 27th:—Official prices of goW to-day £5 fs 6-1 p-r ounce for shipments to India and South Africa, THE CITY MARKET. Report of Friday's weekly ealo: —Mare £.1 53, gelding £6 03, pony, agid, £3, light spring dray, harness, and aged mare £41 gig £5 2s 6d, grubber £3, tr t harnosa £10, do. £10, r. saddle £4 10s, ret pony hamCHS £5, pony, gig, and harness £3 7a Cd, separator £4, horse covers £2 Ss, dog 30s, ferreU 10s to 20s cach, incubator £12 ss, gun 3.'/\ bicvcle £2 2« G'l, SCO eackn oat sh r af 6s 9d to 7s, sacks Is 3d to Is l&J, wardroom £6 7s (id, rh-rval £5 ss, h. fitand £? 7= Cd, taC'l 2s,' chaits 83 6d each, quilts 2G-), stove £2, biscuit in-zl 10s 6d sack, eundries at ruling rates. Thefe was a j-rre stte'-.dar.c" and one of tho bs»f sales tsok place. Having sold nearlv 2 acrcs at Western terrace account Mr Lunt and 4 rooms at Studholme street, Snrcj-don, account Mr T. Smytce. H. C. Smith, Proprietor and Auctioneer, a FARMERS' SALEYARDS. F. P- Claiidge. and Co. report having rold at their weekly market: —Hor&c-», draughts t'ss £'35, half draughts And i.ac!:-; X*2o, £15, *11 1C«, £12 10s, £12 ss, £12, £10, £7 15s, £5 10s, £6 2a Gd, £i lUa Gd, £4 SS, £3 10s, £1 15s, £1 1C«; weanera lis od, ferrets 10s, 10a Cd, sli'.ep tlcg I'J I Ob, opting dray £19 ditto £17 ss, govemesi ccrt £50, cart £11* farm dray £18, do. £17, drag £17, dog cart £29, trap £16 10s,' gig £14 14s, potato ! digger £10, trap £13, mangle £2, separator £? ditto £6, g'-te 325, harness £5 10a, I d.'. £3, do. £1 ISs, do. £2 lis, part set £3 ] 2a dr. collars £1 ICs, 17a Cd, collar, etc. 31s Gd', covers £3, £2 .-s, £2, £1 lis, ISs, whips | 3a Gd to 10s, quantity old harness, cart seat, and cushion £1 17s Gd, fowl wheat £1 7s Gd, sorrell Feed 53 9d to 7s Cd, cha2 7Gj quantity table and pig potatoes, onions, etc., aiso lot of sundries. Poultry, Saturday, pnceo somewhat easier than tho previous week. F. P. Claridgc and Co., Tuam ar.d St. Asaph 6tre>ets west. C EGG MARKET. Tie weekly egg sale of tho Canterbury £g. r Faimors' Association waa held ye&Lerda./ afternoon at Messrs Harris Bros, zuotion rooms, Hereford stroet. Thero was a very large entry and 0 good atter.dr.noc of

buyers, bidding being keen. All lota wer* eold at the following prices:—First grade hen. eg;:e 2s lid to Ss Id, second grade hen eggs 2a lld to Ss Id, duck 2s lOd to Be. G CHRISTCHURCH STOCK EXCHANGE. LATEST QUOTATIONS. s Bayers. Seller*. £ e. <L £ ■. d. DEBENTURES— Govt. 4J per cent. Inscribed, 1938 .. — 96 15 0 N.Z. Govt. 4J per cent. Bonds, 1938 .. 96 6 0 — BANKb— Australasia (fractions) — 18 0 0 Commercial of Australia .. .. alO 0 — National of N.&. .. — 7 0 0 New South Wales (ex div.) .. .. — S6 7 G New Zealand (Old) ... — 21 0 0 INSURANCE— New Zealand ... —• 1 14 9 South British .. — 10 0 0 LOAN AND AGENCY— Dalgety and Co. •• — 12 12 0 >"n.'ioTNil Mortgage .. 6 0 0 610 0 SHIPPING— Huddart-Paiker (6 per cent, cum prei.) .. — 116 COAL— Mt. Torleisso Colliery .. — 0 13 6 Tauoiri .. 0 18 G — WOOLLENS— . , Kaiapoi i.. .. — 10 5 0 GAS— - . Wellington .. .. 10 0•10 10 0 MISCELLANEOUS— Beath and' Co. (New) .. — 1 15 0 Burns, Philp (Sydney), rights .. .» 0 0 — Mason, Strutters (lte paid) .. 0 18 3 — N.Z Sugax of Milk .. — « WMtcombe and Toaibs 310 0 4 0 0 MINING— Waihi Grand Junctiom — 0 13 0 AUCKLAND STOCK EXCHANGE. (SPECIAL TO "THE PRESS.") AUCKLAND, June 1. Quotations —Rink of Australasia, Gollors £97 10s; National Bank, sellers £7 Is; Bank ud, feiifiß £24 sa; National Insurance, sellers £3 193; New* Zealand Insurcnce, sellers £1 14s, buyer® £1 13s 9d: South British, sellers £9 18s; Westp:irt Coal, sellera £1 13s; Huddart-Parkor, eellors £2 14s 3d; P. and O. (deferred), buyers £185; Union Steam (pTef.), buyere £1 Is od; Now Zealand War Loan, 1930, at 4J per cent, lin --is £05 15s; New »almd War Lean, ' 1938 at 4£ per cent, buyers £95 15s; New | Zealand War Loan, 1927, at 5 l>er cent., buyeis £97 10s; Talisman Consolidated, sellers S3 Cfl, buyers 7o 7d; Wa,ihi (ex div.), sellers £2 2s; buyers £2 Oa 9d; Wnihi Grand Junction, sellers 12s, buyers lis Sd. DUNEDIN, Juno 1. Sales on 'Changes-Bank of Not/ Zealand (new issue, fully paid) £23 10s.