COMMERCIAL.

Press, Volume LVI, Issue 16881, 8 July 1920, Page 9

COMMERCIAL.

MINISTHY OF MUNITIONS,

sx dealings in raw materials * cah'e—Press Association—Copyright.) Ai3»ir»liar. and N.X. Cable Association.} (Received July 7th, fi - 5 1 5 -™-' LONDON, July C.

J*p o rt Of Lord Invcrforth, Minister of ylitiops. on his world-wide dealing in tw 'eria's k"k ai - °- Government, ha 3 It euow 3 that the total espenVarch 31't 13W. £277.000,030, ditarc to -kaici* - L « >■' • ,•. ' and tho total sales £-223,000,000, making- the tarcovcr *502,000,000. "h» cost c" administration amounted, to A 3 m, while the net profits accruing to tho 7',. £ ria! Government were £21,311,.13, and *».CU,*l3, nearly £20.000,0C0 paid out in rebates o: profits on Home "xto "cxpendKu.-e for the year ended March -llO 1 ' exceeded £KW.000.000, while tho c*h receipt* were over £170,000,000, bringing ihC lo llei:nt'r .. .. £393,433.140 Expenditure • ■ £373,273,171 TJje accounts ehow that all the money ad-va-ced by the State- for the purchase of rav.--•niterials has been refund** with interest, I*a1 * ar = e stocks, especially of colonial wool, are still unsold. \ table of the principal raw materials purchased to I'JIU ffives colonial and foreign wool and sheepskins as 2,211,320,1191b. The equipment for the Army and Navy included 1,168,000,000 S3nd bags and 164,000,000 pj::3 of fcoors. c: r Artbu# Goldfinch, Director of "Raw Material? in his accompanying' memorandum, states that the saving effected on military equipment is estimated variously at from £30,000,000 to £200,000,000.

THE WOOL COMMANDEER. L'IPERIAL GOVERNMENT'S PI?OEITS. LONDON, July G. Common ting oil the wool 5 0.-ition, Sir Arthur Goldfinch (Director of Kaw Materials) stated thai at the present timo the dovniward movement of prices was beginn,Vj t 0 take cffcct, but only a diversion c.f the public demand from the finest wools cculd materially reduce their prices, since the finest wools had been lately consumed faster than they had been grown. It could be confidently maintained, ho »sid, that tbe prices fixed in the wool contacts wer© fair and reasonable when made, ar.d t!'c arrangement for rash payment, irrespective oi shipping facilities, were of immense benefit to Australia. Nobody could jir.ve fcresoen the extraordinary boom in merinos, and it was extremely doubtful if the farmer would have got the benefit of tho boom if the contracts had not existed. On tbe other hand, the British public comnlainfd that the profit-sharing r.rrangcmcnls unduly increased the price of wool to tbs British public. It v&s sufficient to say that a division of profits was an essential part of tbe contrtifs, as farmers were obliged to sell at 151 d after tha market Lad %isctt far beyond that price. Tho trading account foT 15 months to the end of March, 3918, 6howed 'he iroSt on Australian .wool to have been £2,374,934, and on shfepikina £30,2G2, ..nd on New Zealand wool and sheepskins £383.011. The figures for the year ended March 31st. 1919, were £9,019,433 cn Australian wool and £117.563 on and £2..100,839 on New Zealand wool and sheepskins. The stocks on March 31st., 1919, were to hie d at £7,181,120, £1,133,751, aad £2,371,150 respectively. STATEMENT BY Mil MASSEY. ■ (SPECIAL TO "THE PRESS.-" 5 ", "WELLINGTON, July 7. The figures given out by tho Director of Baw Materials (Sir A. H. Goldfinch) regarding profits on wool, arc not the latest to be compfled. The Prime Minister is in possession of a more complete and up-to-date return, but he h:is been given the information ■under the seal of confidence. Mr Massey explained to-night that the cublcd figures did not reveal the position fully so far as Ne-.v Zealand was concerned, since wool and eheepekine wcro counted together, and the prcfita on. sheepskins did not return to the New Zealand producer in tho same way as those on wool. Ho added that tho known profits accruing ,to New Zealand up to March, 1919, totalled one million and a half in round figures.

NEW ZEALAND MEAT." HOME PRICES. (FEES 9 ASSOCIATION TELEGBAM.) WELLINGTON, July 7. In Tiew of the recent lifting l of the Imperial it is interesting to nots ' that cabled advice lias been received by B. Arlow and Co., of Wellington, that ealea of Canterbury lamb have been made by L. C. • liallantyns and Co., London, at lOd per lb, ■ c.Lf.e., for shipment next year. This prioo is equivalent to 7id f.0.b., whicn is about Id over what the British. Government had been paying for prime mutton. However, English buyers are only offering sd. c.i.f.e., which is equivalent to only 2£d per lb, . f.0.b., New Zealand. As against tho previous commandeer priccs of 6jd for beef, English, buyers are offering7|d per lb for prime ox, and 6Jd for prime cow. This is equivalent to 5d and 4d reBpwtively, f.0.b., New Zealand, ae against tho. commandeer price of 5d- and 4 Jd. The outlook does not appear to bo rosy • foy prime wethers, if New Zealand producers • have to rely on the English, market, but, on 'the other hand, the Eastern and American j markets are offering to buy our prime mutfon at almost double wliat English buyers " fire offering f.o.b. here. Those interested in New Zealand meat are therefore looking to , New _York competition to force the English j pries up. NEW COMMONWEALTH LOAN. : (Received July 7th, 10.30 p.m.) MELBOURNE, July 7. In the Houso of Representatives, Sir Joseph Cook slated that tho new Federal loan of £25,000.000 would be raised in Australia. It would be mainly used for repatriation. Nominally the rate of interest would be C per* cent., and a bonus with the first interest payable would make the effective Tate £6 Is per cent. Tho principal would be repayable at par in December, 1930. If "voluntary eubrcriptions failed to realise the amount asked for, compulsion would be used. SYDNEY SHEEP SALES. (Received July Ttli, 8.5 p.m.) SYDNEY, July 7. The merino etud ram Goliath was sold for ' 1500 guineas. Another ram brought 600 guineas. LONDON "WOOL SALES. (Received July 7th, 9.55 p.m.) LONDON, July 7. At tho wool sales yesterday 10,033 bales were catalogued, mostly faulty merinos and medium to low crossbrodE. Two-thirds were - withdrawn. Prices wero from par to 5 per : cent, decline on the last London closing 1 ; rates. No supcr-merinos or fine crossbred* ■were offered.

POWER ALCOHOL. . MELBOURNE. July 7. T j r^P°f t of tho Institute of Science ajid Industry, urging the encouragement of the ItiDduetion of power alcohol, has been adV *p se v reported tin by the Board of Trade, whose decision haa been accepted by the

WAN'OANUI WOOLI.EX MILLS. (riIESS ASSOCIATION TELEGRAM.) WANGANUI, July 7. At a meeting: of the provisional directors of the V/arypjiui Wooilen Mills, Ltd., to-day it v,-as announced that the first issue of £120.00!) had been largely oversubscribed. It was decided to immediately issue another £S-'\o9Ci. in order that tV.o p-uolic might lir.t be disappointed. It is probable that the orisinu! proposal a3 t 0 the size and -scope cf tr.c n.i'U will i>e considerably enlarged, in view ot the large support given to the company. A« showing tho democratic nature of the iespor.se, it is significant. that already over 1-1 A) subscribers have appli-.-:l for share?, nrd that th\> apclicanta are located in all part? of New Zealand nnd Australia snd as far afield us the Friendly Islands. CARRIAGE CF POTATOES TO NORTH" ISLAND. (sphtiai. to "the press."') WELLINGTON, July 7. Having promised yesterday to make en<!'iiries regarding cargo space for tho carriage of potatoes from tba South Isiar.d to the North Island, the- Minister iiiado statement to-day concerning the result of his efforts. In co'ifoqiwncf of the question asked yesterday by Mr David Jor.rs. ".aid Mr Massev. he had communicatcd vvi:'- the general marager of the Uni:ir. Steam Ship Company, and hs.i inn xorcivc-d a reply stating that tlie romp any v:as aiming at running a regular succession of boat? with a view to eiviny relief to the producer*, and also for the carriage of coal. Tho Waipori was loading r.t Lyttelton for Auckland, while the- "Wan aha v.'uo also lifting- a cargo in tho South Island 'Ihe company's vessels had suffered delay recently owing to bad weather. There was a prospect now that tbe producers cf the South Island would have a belter chance of getting their produce av:av, and there wouid be chcapcr potatoes fcr tho North Island.

r-TJICE ii:n Tribunal ro:ejved the 'iollowinf tele ?-v.;c: —'A't.r corcidcri.v; figures rc'.atir!» So tho cost <;f u-tpurt.sfiion submitted to them, the Board have decided that the price of 2Gs prr ca:-': wholesale, ksa trade discount of Is lid, is reasonable. The increise was mad-j with the full knowledge ar.-.l apprc\al of -the Board." FKEEZINO "WORKS CXOSING DOWN. Owing to the reason Vicing completed, and no furtber ftitpiilie* of stock being available, lbs New Zealand lief; iterating Company anp.onnce that the Islin'flon, Smithfieid, and Pukcuri frscxiug work", will be clos-.-d on Saturday, 17th in-:t., until further notice. PHCENIX COMPANY. I'.jr tho year ended December 31st th© jeport cf the Phoanix Assurance Company, LimiU'.l, state, that there have been passed to profit and loss from the fire, accident, and marine accounts, gross profits of £63G,0"7, but the provision of £138,260 for income tax, excess profits duty, and other luxes in respect cf thrs.? profits has 1 educed them to £193,377, while intsrMt amounted to £187,600. The directors have transferred : 25,000 to office premises account, t;lid a balance of £335,375 i 3 carried forward. The directors recommendid that a dividend of 12s pershare be declared, payable in two instalments of P>3 cnch, on May Ist and November Ist, 1920. This compares with a total payment i;i J. 919 cf lis per share. The holders' of Phoenix (Norwich Union Fire) shares were to receive on May 2Cth a proportionate amount of Is per share instead of Pi. All dividends are subject to deduction of income tax. PRICE OF AMERICAN TOBACCO. Since Monday the retail prioea of all Williams's tobaccos, which are imported from America in a manufactured .state, have "Been advanced, and *are now 11-d. to Is an ounce according to brand (says the Melbourne "Argus" of June 25th). The reason is tho rapid advance in tbe price of tobacco leaf. In 3916 the price in America, of unmanufactured tobacco leaf was 15s rents a lb; today it is 62 cents. This is due to the fact that in tho United Si-a.tes tobacco and cotton are grown on exactly similar soils, and the liijrh price of cotton during the la3t two years has made it a more profitable crop to produce. An exchange rate against the importer from the. United States has also helped to increase the landed costs. It is claimed by importers of American manufactured tobaccos that the consumer ha,3 had all the advantage out of the st-ocks in At.stralia, and that the increase has only been put on now with the arrival of new ehipmenis bought in America at tho 'ncreaeed rates. Indeed, both tho importers of manufactured tobacco and the Australian '.obaoco manufacturers claim that in all the recent increases the consumer has been civen all tho benefit of accumulated stocks bought before the rise, and that they -have never t;ad-"d ou the basii of "replacement cost." The probable effect of the new increase in the prices of imported tobaccos will be to decrease their sale very largely, for the tobaccos manufactured here are not affected. The prices for these goods were advanced a few months ago, and they arc to stay at the figures then fixed.

WHEAT TRADE REGULATIONS. The Wheat Controller furnishes the following- return for tlio period ended July 7th: — Threshing returns received to date, 4,201,165 bushels. "» Contracts to purchase—Good milling, 3,350.043 bushels; fowl wheat, C 4,980 bushels. Amounts paid, to farmers tliroiigh Government brokers, i' 1,179,729 9s 4d, representing 2,970,472 bushels. » SALE OF MOTOR-CABS. Jones McCros'ia Company, Ltd., held a successful motor-car sale at Messrs Scott's stables yesterday. There wag a large attendance of tho public, and bidding was eijirited. The following cars were sold:— On account of Mrs Thonihill Cooper, 3-eeater Scripps Booth for £355; on account of Mrs Moore, 5-soatcr Ford, for £175 to a client; I and on account of Sir T. G. Fox, 3-seatcr I Hupmobile for £115. j CRADDOCK'S ACENCY CO., LIMITED. AUCTION SALE REPORT. Craddock's Agency Co., Limited, sold by public auction at Mr A. D. Hamilton's premises, Canterbury street, Lyttelton, yesterday, on account of Mrs James Smart, her property, being No, 42a. Eietsx street, Lyttelton, to Mrs L. A. Carson for £230, ana on account of Mr D. Smith, his property, l:eing No. 82a Oxford street, Lyttelton, to Mr .T. Blackler for £220. A small section in London street was passed in at £195. Tho Company begs to intimate that in response- to a number of requests they have openc.l an agency in Lyttelton, in the above premises. They will be pleased if intending purchasers and also prospective buyers will be good enough to favour them with particulars of their requirements. No effort will be «<pared to effect business to the entire satisfaction of rdl concerned. 6412 NEW COAL MINING COMPANY. The public wilt heartily welcome any venture that promises t/o augment the supply of coal for the Dominion, and therefore an opportune announcement is the abridged nroepectus, published in yesterday's issue, of tlv» Westrxirt-Charleston Coal Quarries and Timber, Ltd. The company is being formed for the purpose of acquiring and working a coal area of 262 acres, that is estimated to contain over eight million tons of liigh-class lignite coal, eminently suitable for household purposes. Tho deposit of coal, which is at Charleston, on tho West Coast of tha South Island, ' is said to have an average thickness of more than 24 feet (over the whole area.),* and lies practically upon tho surface. Therefore all 'ho expensive methods incidental to tho usual underground coalmining aro absent, and householders may

expect to purchase fuel at a lesser price than that at- present ruling. -»n authoritative report by Mr J amm Bi=hop, M.1.M.E., manlgcr of the Taupiri mine, is published, and epoaks highly of th.3 Charleston deposits. Other expert opinions ore also [riven. The capital o: tho companv is £125,000. The public are offered IK),000 shares, r.r;d the remainder —16,000 fully paidup share I !—are to bo issv.ed v< tho vendors in payment for their interest ari tho leases and heid by them. The> vendox« undertake r.ot to sell or transfer any if their {■hans until such time as tho company rrachca the dividend-paying stap?. Ths directors of the company are all well-kEOjn business men. Prospectus and apnlica-t;on /emir, mav ce obtair.e'l from tho local broker. Mr Arthur L. Gray, St-rwart Dawson's BuildinTs. Ki?h stree*. Chnstchurch, or from the interim secretary. Mr D. G. Johnston, Messrs Watkina, Huil, Hunt, and AVhoeler, Johnston street, Wellington. BURNSIDF. MARKET. (PRESS association telegram.) DUNE DIN, Julv 7. There :t' yanlings of fat etock offered for «aie at H'jriisidc t>da.y. Generally tho eotry thov.'ed signs of tho prevailing scarcity of winter feed, the (.TlaJity on the v:i;o'.e. nor of a high standard. Ail cl-usscs reali3?<l high prices. Lambs were very d?ar, and but-cliers were able -to secure a stna'.l i;i;siVt on'.y for Icaal use. This v.-st- duo to the of th-s freezing buyers to socuro supplies for export purposes. The price ycr.iised P'T pound for lambs in t;:>- bare carcase was about lid per lb. Mutfon w-s also very dear, realising C-l nrr lb :-i the bare carcase. Fat cattle shoved a c , v :.i^ra"?"i *■ being sold at £:i : iv £1 p>r head above the prices wliich ntl'd at l;*- r t v.'-ek'a sale. Fat C'nt'.lc—Tb--e wrio a yarding of 197 1; The •ru.vli'.y could have l*»n improv-T.-,on. :j..*5 quite a rnimbcf of tbe> auimal« "tTe.vj lacked "Ani?h. Prime btulocks sold T £22 to £26 17s Od, meditun £18 10s to £21. i *'i? au:l unnnisht'i i'ls and .l.pwards, prime ifcrs £17 to £20 15s, medium £11 It's to ;: ,| i 10s, light and a : ;?d £10 and upwards. Store Cattle —A email yarding was offered, •,n quality of which was not very good. The -.ritry was clearod at prices on a. par with week's raie.-. Eat SlKe}j—226G were penned. The c t \iality rhowed a slight improvement as compared with the yarding*; of the past few weeks, and an excellent mj.lt resulted. Prices may b'- on.t,t'_*l at- 53 per head in advance of those which ruled n. fortnight ago. Extra prime heavv weight wethcrA made 65s to 71s, prima 50-:- to 60s Od. medium 42s to -47s (id. light and atnlnished 35s and upwards, e-xtra prima heavy weight oP? to 725, prime 1&3 to 55s 9d, medium -I?! I to 4Gs 6d, light and aged Ms and upwards. Lambs —There was a. yarding of 1070 head of fair quality. Freezing buyers were operating for all lines suitable for export, iind prices' showed an advance on late rates. Piime mqdc Sl-s to "fe, medium 3Gs to 063, and light and unfinished 23s (xl to 2)s. Pi K s—A fairly larso yarding was penned. Competition throughout was keen, and prices wore 03 per head above last week's values. Best baconcrs realised from 10H to Hid per ib, atr.l best porkers from lljd io la OJd per lb. Store pigs fold at prices on a par with last week's sale.

CHRISTCHURCII STOCK EXCHANGE. LATEST QUOTATIONS. Buyers. S©Ums. £ a. d. £ a. <1 DEBENTURES— N.Z. Govt. 5 per cent. insc., 1027 .. 93 0 0 — BANKS— Australasia .. • ■ 03 0 0 Commercial of Australia — 2 12 6 Now South "Wales .. — 35 12 6 New Zealand .. 25 0 0 26 5 0 Union Bank of Australia. — 13 12 6 INSURANCE— , „ South British .. — 10 J ° Standard .. •• — 3 0 0 LOAN AND AGENCY— N.Z. Loan arid Mercantile (ord. stk.l .. — 107 0 0 N.Z. and- Eiver Plat© — 12 6 SHIPPING— Adelaide Steamship .. — 1 " X Huddart-Parker .. — 2 17 0 P. and 0. D>cferred Stock 170 0 0 510 0 0 FROZEN MEAT— Canterbury .. — 15 10 0 N.Z. Refrigerating (10a paid), cum div. .. — 16 0 North Cant. Freezing — 4 0 0 COAL— . ~ „ Mt. Torlesse Colliery .. — 0 1-6 Westport-Stockton (? por cent, non cum pref.) 0 10 6 — .WOOLLENS— _ n '* Kaiapoi (rights) .. 07 "G 010 0 Mo.'giel • • • • — 7 2 6 Wellington ... 10 0 0 — (JAS Timaru .. 6 10 0 — ■BREWERIES— Manning — 4 5 0 CEMENTS—. ' Wilson's N.Z. Portland — 0 16 3 MISCELLANEOUS- . „ „ Eeath and Co. .. — 1 15 9 Booth. Macdonald (6 per cent., cum -pref.) — 0 19 3 Cant. Farmers' Co-op. (Timaru) .. 216 G — Mason, Struthcrs (14s pd.) 010 0 — N.Z. Farmers' Co.-op. (£2 paid) .. 29 3 210 0 Wliitcombe and Tombs — S 17 6 MINING- „ , „ Broken Hill Proprietary — 0 3 8 Waihi 2 0 0 — AUCKLAND. July 7. Sales on 'Change—South. British, -£10 Is, Wilson's Cement, 16s Id. WELLINGTON, July 7. Sale reported—Union Bank. £13 12s Ed. DUNEDIN, July 7. Sale on 'Change—Union Bank, £13 14s. CONSOLIDATED GOLDFIELDS, LTD. The following: telegram ha-B been received from the Attorney of the Consolidated Goldfields of New Zealand, Limited: —"Crushing returns for Consolidated Group for Jurie: — Progress 1 : Crushed 1250 tons, value £1161; working expenses £1880, development £114. Blackwater: Crushed 2128 tons, value £3S6<; working expenses £3585, shaft £436, development £545. Shaft has been sunk cO feet, total depth' 1570 feet. COLONIAL WOOL MARKET. BID BY MANCHESTER. (rROil OCR OWN correspondent.) LONDON, May 20. Satisfactory progress is reported toward, tho development of Manchester as a woolimporting centre, and tho city is fast becoming a keen rival of London in tho Australian and New Zealand wool trade. While it might bo an exaggeration to suggest that Manchester will in time supercede London as tho centre of wool distribution, tho fact remains (says the Manchester "Daily Dispatch") that London no longer holds the monopoly she formerly possessed. The item of transport charges bulks largely in manufacturing co6ts to-day, and in t-hia respect Manchester offers to the manufacturer who purchases wool stored there a big reduction. Wool bought in London costs tho heavy sum of 583 2d per ton to convey it to Bradford, but wool purchased in Manchester can bo delivered ill Bradford at a charge of only 22s per ton—a saving of 36s 2d per ton, or upproxiroately Is 9d per bale. It is not surprising, therefore, that in many quarters feeiiug H strongly in favour of Manchester taking a still larger eharo of the wool trade, particularly by establishing a market, but excepting private transactions, no actual pales have so far taken place at tho port. Up to a few years ago all tho raw material of this type imported into Britain passed through the Port of London, and the brokers there had complete control of storage, inspection, sale, and despatch. Owing to the vastly increased demand For wool textiles created by war conditions, the shipments of wool gradually became tco large for London to deal with, and the necessity of finding an alternative centre became imperative. To cope with the difficulty, and purely as an emergency measure, a cargo of wool •wa-s diverted from London to Manches*ter. That was m 1016, and from this unpretentious, and more or less accidental, beginning, a steadily increasing v trade in Australian and Now Zealand wool has bec-n built up. It is claimed localiv that the conditions under which inspection can bo "mado at Manchester cannot bo equalled in any part of tbc world. Tho Port of Manchester Warehouses, Ltd., are the body responsible ior the storage of the wool prior to the eale, and afterwards its despatch. Tho wool inspection sheds comprise three buildings, capable of housing 250,000 bales. They are thoroughly watertight and floored throughout with concrete. The bales of wool are ranged in tiers cf three, and the end 3 of the bales open for inspection can be viewed under a northern, light. The • first inspection of wool at Manchester took place in October, 1919, when tho comparatively small baleage of 7635 was on view. By March of this year the number tod grown to 15,000, and during tho past week the large quantity of 20,112 bales has been eet up. Future indications are for still larger amounts, a a two notable cargoes have lately reached tho docks—one coming by the steamer Shropshire. Meanwhile the attual sales of wool take place in cither London or Liverpool, but it has been suggested that auctions might bo held in Liverpool and Manchester alternatively. Certainly there exists no reason why it ehould be neceesary for a Bradford buyer to journey to Manchester to inspect the wool and then to make a further trip to Liverpool to effect a purchase. It requires no elaborate extension of premises to establish a market