COMMERCIAL.

Press, Volume LVI, Issue 16882, 9 July 1920, Page 7

COMMERCIAL.

— | BRITISH TRADE. , — ! AX INTERESTING SURVEY. j ll> Cable —Press Association—Copyright.) (Australian and N.Z, Cable Association.) LONDON". J;:.y I Mr Stuart McGregor, British Trade Com- | iu;e?sioncr •Australia, has returned to < London. I Ho states - that aitcr comprehensive *n- ! iiuirics :n Great Britain. he linds that Bri* ish progress in reconstruction and je<?t»ll>:i;ont i» : s-.t It is r.ot surprising that thtro has ixer. industrial tiniest utor th? orarai ct the war. It »« k-v-cd that when the war business has worn oti' shorter hear-- and improved ecuuitiotis of labour will result. in greatly increased proauction p.".- unit. The couv.tr>' if experiencing great internal sr.d oxt .Tu.ii tr:uic pr.>sp*>rity. r l he exports for tii,' iiic-t five months of 1920 were at th-> lute of JSI annually. compaied with i'G34,OJO.Otd in 1913. The iormtr lisuio included J:i.*2o<.>.&oo.(XK\ tbval-e of goods produced or manufactured in tt:e United Kingdom. _ _ , Keguvding tl:? prico> niaiiv.fi'.c.tui'cu joo:is, Mr McGregor states thut :t is {clt in many quart •;!« that th*.< present prices arc brginnimj t'> restrict consumption ail the world over, and prices will tend to full, but a slump in Great Britain i; not anticipated. The litianc.'-.il position cl the L nitod Kingdom docs. not any anxiety. Mr MeGrcsrcr savs iic considers that it ivw inevitable that' Uu- United Kingdom's exports to Australia should decrease ill war time to the- advantage o£ Amcrica and Japan, butlie expressed the hope that the current yi would show an improvement- lrotn tile British ,point of view. Mi* McGregor, in a comprehensive article in the Boaid of Trade Journal, purveys Australian progress, arid pays attention partienIprlv to the trade witJi other Do-

minions and possessions, which lias more than doubled in four years. He considers British manufacturers should improve their commercial organisation, in order t:> cop© with their American rivals, whose enterprise appeals to Australians, and is likely to make America a serious competitor of Great Briiain whan she gains greater experience of oversea trade.

IMPERIAL RECIPROCITY. LONDON, July 7. At the Impcjii.il Industries Club'o dinner of farewell to Sir Thomas Mackenzie Sir Thomas ursjd Imperial reciprocal trade. He. described tho New Zealand tariff being in favour of Great Britain, and agiiinst tho la-to eiiDiniis of the Empire. New Zealur.d that spending money with people who mi.jht again be our enemies only assisted in bui.dinj: them up for aggression. LONDON WOOL SALES. LONDON, July 0. At. the wool sales the oU'eiiugs included 1772 baUs of New Zealand wool. Faulty, csi'bonising wools and short scotirixis show a 5 per cent, decline. Others are unchanged. No slipes wero offered. Crossbred Inmbs were uiichaugrcd. Dalgety and Co., Ltd., have received the following cablegram irom their London ofllco, dated July Gtii: —"Wool sales opened with a good attendance of buyers. TIIO selection of wool is fair, but competition is limited, and the demand is very poor, except for tlio better descriptions of greasy merino and lino and medium quality crossbred. Tlwro are heavy withdrawals. As compared with last sale's closing rates, 50 od greasy merino wools are par to 5 per ccnt. lower,_ and other descriptions of greasy merino 5 per cent, lower. Scoured merino wools a.re lit-glccted. Fine and medium quality ctceslued wools are unchanged, while coarse crossbred wools arc neglected." FREE WOOL MARKET. LONDON July C. Tho news from Australia that the woolgiwvers will ba accorded a free maxket for the- sale of tile new clip has been well received in wool trade circles, whoro it is believed that better prices will be realised by the farmers making use of the opportunity of using the free market than will be possible in Australia, whore the attendance of buyers will be mere restricted, and the competition lee® keen. It ha 3 not yet decided whether tho new wool consigned to X»ondou fot sale will bo sold in competition with the unsold wool which tlie Government haa already purchased. It is believed thait this could be adjusted with tho Government, probably before the Australian Bales commence in October. Arrangements will be made, in conjunction with tho British Treasury, for the payment of (substantial bonuses to growers on tho lmporial wool account. , Sir Arthur Goldfinch (Director of Raw Materials) announces that the monthly London auctions will be continued, the quantities being fixed according to the market requircmenta.

WOOL COMMANDEER PROFITS. LONDON, July G. Sir Arthur Goldfinch, Director of Haw Materials, anticipates that the profits on wool subsequent to Match 31st, 1919, will bo very much greater than up to that date. A largo profit will he available for division, even allowing for the possibility of a considerable doc line. Sir Arthur adds that this does not apply equally to New Zealand wool, a considerable portion of which consists of low medium crossbrods, which are cheaper to-day than in 1918, and pays it is difficult to forecast the liquidation of tho wool accounts. If tho eales proceed uninterruptedly, merinos and fine crossbreds will be sold out by tho end of 1920, but the. surplus. of_ low and medium crossbreda and curbonifiin £ SOTt3 may possibly be gold gradually throughout 1921. ENGLISH MEAT PRICES. LONDON, July G. The prices of home-killed meat at Smithfield are practically unquotable, and averago about 12s per stone for beef, and lis for mutton. There is very little business, partly through the instability of values, and partly because there is little demand. Early in tho week there was considerable outcry against alleged attempts at profiteering. Retailers, generally, are angry and say their oustomeis cannot pay the price. The newspapers say the remedy is in tho public's own hands. The people can demand imported meat at control pnoes. The stocks at present are ample. SHARES. LONDON, July 6. P. and O. (def.) —Buyers £440, sellera £.160. UNION BANK OP AUSTRALIA. LONDON, July G. The Union Bank of Australia, Ltd., has declared a final dividend of 16 per cent., tax free. A sum of £20,000 baa been added to tho premises account, £60,000 to reserve, and £81,716 carried forward. NAURU ISLAND PHOSPHATES. LONDON, July 7. The question was raised in the House of Commons whether the Government proposed to control tho selling price of I<a.uru Island phosphates, Col. Amery, Under-Secretary for the Colonies, replied that no arrangements had yet been made. THE COMMONWEALTH LOAN. MELBOURNE, July 3. Si' Joseph Cook has announced that subscribers to the new Commonwealth Loan oi £-<>0 000,000 will have the privilege of convertin" at face value an equal amount of stock held in previous loans. Enquiries made in London as to whether' tho loan could bo floated there showed that, owing to the very largo aroounta invested in .industrial and commercial the lenders were asking rates of interest that made it practically prohibitive far tho Commonwealth to borTCVW there.

AUSTRALIAN MARKETS. SYDNEY, July 8. Oats—Algerian feed 5s lOd to Gs. Maize 7s 6d to 9s. Potatoes —Tasaianion £16 10s to £1" 103. Onions —Victorian £1G to £1G 10*. ADELAIDE, July 8. Oats—ss sd. SYDNEY SHEEP SALES. SYDNEY, July S. At the sheep ?ale3 merinos maintained a stron"- demand, and good prices. South African buyers secured a. c-onsuiera.j-e number. Two Boonoke rams brought GOOja and 525zs respectively. ilr N. Rutherford Enured a Kanov;ni r=.rr_ for 200rs, and Mr G. R. Rutherford paid 73?s and 123gs for t'.vo rains from the »mc fl °tuitin a Wanganciia etud ram, was sold to* a South Australian buyer for 700 sumeaa. AUSTRALIAN EMBARGO ON POTATOES. efforts at removal. («rECIAJ< TO "THE TRESS."' WELLINGTON, Jul; rt. The efforts made by Dr. Thaeker to secure a. roiKoval oi the embargo on tho import of potatoes into Australia were detailed by him in the Boufie of Representatives thia afternoon. Ho said that potatoes were -cry p«entiftil in Canterbury this year, aqd in consequence he had cabled to the Premier of South "Wales, who had passed tho matter on to the Federal Prime Minister. The latter had replied that, owing to the prevalence of powderv scab, the import of potatoes, cn?©n

for food purposes, could not Tx> permitted. The small fanners in Canterbury had btcc. encouraged to grow all the potatoes they iou-d, and now were left with tho crop -with. a flellicg prico oi £3 per ton. whexeaa they I'oitid get £17 ios per ton ia Australia. Tiio jiotato etockg in Australia. he said, were controlled by two rings, which wcro opposed to the admission of our potatoes. There wa-i apparently also a certain amount oi retaliation ior the embargo which existed hero «mn> time ago tigainat tho importation of fruit tree?. Dr. Thucker asked tho Mini9U>r if ho could communicate with Mr Joint Storey. Labour Premier of New South Wult^. and see if lie could secure the admission of potatoes. The Leader of tho Now Zealap.i Labour Party might co-oporato with him. Mr Mnsscy: it is the Federal Government i which controls the matter. Br. Tftockcr: Yes, but the Stale Government might pressure to bear a:;d carsy the point. Mr Massey pnid that ho had had a sre tt. deal of communication with AustraJia in reiard to tho matter, but- nothinsr he had said hud produced any effect. Dr. Thaeker: Can you toll us what pv'.'.vdery scab is .' It have net been able to f:r.d out. Mr Mrpspv: I nm afraid I am not onoiic. cx an authority for that. All 1 know is that it ;< a blight of some sort. Dr. Thaeker: Purely tho Leader of tho Labour l'artv can help you in this matter Ho c>>:i;cj< from Australia, and iliany o;' i friends nnd supporters .ire there. Mr Museey: I'erhups if the Mayor of Christchurch went t-> him and put tho matter tr <uthe point o: view ot Canterbury, it mi'.-ut ' h. I .w >omc eftcct. j FREEZING WOUKS CLOSING. The soa«m bein;* rearly finished ths* IVfaot, Fsirficld, ar.il Pareora frcclin? wo:-.;; '| will eloso down until further notice e-• ( Saturday, 17th injt. i THE SUGAR QUESTION. i A statement by (he I'rime Mini-'.er on t'.io su-jr.ir question will bo found on pa?o 1. J CHRISTCHUF.CII STOCK F.XCHANGF,. | YESTERDAY'S TRANSACTIONS. ' Sale reported:—Union Bank of Australia. v Ltd., .-£l3 13s; Whitcombo and Tombs. ;':s j 17a 6d; Union Bank of Australia, i'lo 1-s tM. • LATEST QUOTATIONS. \ Buyers. Sellers. < i' s. d. £ ». d. t DEBENTURES— * N.Z. Govt. per cent. i hor.ds, i?a?i .. — Os o a 1 (BANKS— j Australasia Oi 10 0 !>5 0 0 ■] Coninicrcinl of Australia J ; 1 p?r cent, cum f pref.) .. .. 6IS fi - } New South Wales .. --- New Zoalar.d .. 0 0 ' " . 5 Royal Bank of Australia. — 1 l' l 15 » Union Bank of Australia. 1" 10 0 13 J - t' i INSURANCE— _ j National .. .. — 3 l ' <; South British .. — IJJ 1 J' > Standard .. •• — :> o o LOAN AND AGENCY— Mort. (Mr-lb.) — - " '> J N.Z. Loan and Hcrcar.- t, tile (ord. stk.) .. — 110 t> 0 1 Permanent Investment n 0 0 j SHIPPING— ' •! Adelaide Steamfihip .. - 12 0 j P. ar,d O. Deferred Stock !"0 0 0 - (■; FItOZEN MEAT— _ j Canterbury •• — lo 10 0 ; N.Z. Rofrigeratinc (10a | paid), cum div. .. — 1 (> 0 COAL— Wostport-Stoekton (S per f cent, non cum prof.) 0 10 6 — §! WOOLLENS- „ „ | Kaiapoi (rights) 07fi0 10 0 | lvaiapoi (prof, r© div. <? only, cum rights) — 1 L 0 || GAS— „ „ | Timaru •• .. GlO 0 — i BKEWERIES— b Manning .. •• - * 3 0 . fe MISCELLANEOUS— | Beath arid Co. (old) .. 114 0 115 0 t Booth, Macdonald .. — 019 0 & Booth. Macdonald (G £ per cent., cum pref.) — ' 013 Is British Tobacco (Aus- % tralia) .. 1 IS '' ~ 6 Cant. Publishing Co. 1! 19 0 110 fe Cooper and Dunca'n .. — 0 18 J Ci Mason, Struthers (14b pd.) 019 0 — N.Z. Farmers' Co.-op. K, (£2 paid) .. - 0 3 -10 0 H? N.Z. Sujrnr of Milk .. 2 10 -- - AVTiitoombo and Tombs — 4 0 (I jf» CEMENTS— „ x i "Wil?<m'B N.Z. Portland — 0 IS * k MINING- „ „ „ K Waihi .. .. 2 0 0 — zi. Waihi Grand Junction — 011 5 | DUNEDIN. . 1; Sale on 'Change—N.Z. Co. fi (con.), 2'Ss 9d, g SALES OF SHARES. | At Oamaru on Saturday Mr Bruco | Christie offered by auction eotio a pawls of shares on ac<x>unt of th» | executors in the' estate of tho late Mrs Eliza- f beth Dowlinft, the whole of them being first- ,! class investment stocks. There waa a lars© (> f attendance, and considerable interest ww ,1, token in tho sale. Tho whole of tho shares • , were sold, Auckland, Wellington, Christ- | church, Dnnodin, and other buyers being: rep- j resented. „ , , S Tho National Insurance Cotapany» Bloares, 520 in number, woro tho first offered, antl | sold as under:—3oo at £3 to W. P. < Reid, 100 at £3 13a to W. P. Reid, 100 at | £3 18s to Thomas Watson, 20 at £3 13a Gd ; to G. W. McDougall. The next line offered wa® 1600 eharee in. tho National Mortgage and A-gnncv Oompany, Limited, which wero sold as follows. 200 at £6 Be to W. E. Qnigley as agent, 200 at £& 4s to W. E. Qpigloy as agent, 150 at £8 Ss to Dr. P. Stanley Foster (Christchurch), 25 at £6 3b to Mrs Mary E. Living- j stono (Windsor), 23 at £6 3a to J. llaze ! (Pleasant Point), 200 nt £6 Is to W. E. Ouijrlcy as agent, 25 to Henry Waters (Black • Point), 25 at £G to J. M. Bunt, 60 at £6 to R. A. Matheson 100 at £6 to A. J. | Sullivan (Dunedin), 300 at £& 0s W ' to W. E. Quigley as agent, 300 at £5 19a | to W. E. Quig-lcy as agent, 100 "at £5 lt>» to W. J. Irving. . * . Tho nest parcel offered wan 500 shares m Mason, Struthers and Company, Limited (20b paid), and these sold as under:—loo at 26* « to L. E. H»inea as agent, 400 at 25e to L. ; E. Haines as agent. , r Tho next pared wao 1000 shaorea 111 Mwwra ; i Mason, Struthere and Company, Limited 1 (paid up to 14a), and sold an under:—2oo at 20s to John Ma-cDoueall (Christchurch), 200 .! at 20s to B. E. H. Whitoombe (Christ- . g church), 200 at 20s to W. I. Bol.m (Ornsi 3 church), 200 at 20» to John Logan (Christchurch), 100 at 20» to Dr. P. Stanley Foster (Christchurcb), 100 at 20a to Jamca Tait.