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FINANCE AND COMMERCE., Press, Volume LVI, Issue 16889, 17 July 1920
FINANCE AND COMMERCE.
DOMINION'S TRADE AND MARKETS.
'E'vTBV/ OF THE SHARE MARKET. | A :'r:: - a:;vv:.t ':: b"?inv=3 has loon trans- J j.tri on ;:.o -S'.aie market, during 1 the past j v;c :■'.;. and ii:oro r.ppears to bo a firming j terv'enev :?: ir.voataicnt stocks. r.-.-'oi: L>i:. : k shares have been offered at ' £1 > 175 Ci. .'".m. dividend. Owing to !•. mis-jvu'-I.'t s/ the Lindnn ciWo tii3 ajnouni of I •;;:■ Union Bank j'ntl dividend wre wron?!) - ' : :r.tr-i in t:»i-. column on Saturday last. Ad-v'.-c Ini= i.ov; i.con received that the bank has : d;.-!::;nd u :ir-:l dividend of 8 per cent., or f--r.fr .;b::i"-. making, with the interim, divii'c:'d, naid iv. January laat, a total of 15 | -~-'- cti't. :■■>:' tho yenr—not 1G per cent. as .'t-'r-d b-i i-Tek. Knvly in the week bnsi- "-,,'/" •.••j/;c-;ior'cd a: i'l i and £13 18s, cum ' B.'.'-k sharer- arc nov.-. ex dividend :s; :i iof.'.ilins" t- per share, and have b.::i cs;:.;d at i."5 It-, with buyers at iC . 13 "n.: rf r'r.'.v Zealand shares do not show i t.--;c ; i alteration in value, sales having been i\ •rjor't'-d at ±-1 I"-"- — , .'-25 153, and £26 dur- j Ti:" V~. and <•'• Deferred '•tori: mark:), has j r „. i r . lH ,-i to i.rpi'ove, and- recent business I j,., s 1>.jo!: d"!'j- at .'.'"(JO. a;; compared with ! iii> and i'•'■>') dnr::::- tho .previous \vcsk._ | The Hndr!.. rf-Paikci- i;;::rket has been quiet ;r.•.:!"". T3u-d-cr'» 'v.'.s done early in the rveek j r.: .",."5 Gd ::;:d .".5; Od, and the latest quota.'.re— Layers Sis, scdlers 575. _ | Goid-brontrh, -lort shaves show an irnr.rovtir.cnt in price. Towards the end of week shares changed hands at 46.1 Gd, followed bv sales at 475, and the latest quo- - tsiioii shows ■ buyers at 475, with eellcr3 at HiKaiapoi V'oollen Company "rights'" have frid at uriees ranging from Ss to .10s, and there arc-* further j-vdlo-s at 8s 6d. with buyern i Bering 7-- od. The •"rights"' close at noon •>r: Tuesday, the CO'.h inst. Cum t!:e "ricrht;,'' the ordinary shares of the company ha.vo been quoted with buyers at 4f>s, aad scdlers at 425, with business at 41s 3d, ::i'd the preference shares have been offered a! 365, without declared buyers. The annua] report 'if the AVaibi Gold Minr.fr Comoany was ipr.blished in full in these nmnins on ""Wednesday last. The chairman mcntior.od that owing to rising- costs of production and tailing values of ore the company will have, to face a considerable reduciinn in profits for the current year, and still further reductions in future years aro in he anticipated. With tbo assistance, of tlje dividend equalisation fund, it was hoped to pr.v the two remainintr quarterly dividends f.>r the present year, but ii could not bo dcSnitelv stated that, the payment would bo made. The latest ((notations for the shares arc—Buvers at 37s 9d, with sellers at 395, as rnmcared with business at 10=, 403 Od, 393 fid, "and 33s td earlier in the week, arid buyers at 4fts £d and &-:llers at 41s a week aio. Waihi fii-and Junction? are offered at" lis Td. with buvers at 103 6d, and recent sales af lis, rnd Talismans are wanted at 7s 7d. with sellers at Ss, share; having changed lately at Ss. . GENERAL NOTES. TVe shall take the opportunity later of referring to the statement regarding; the Gore rnment's agreement -with the Colonial S-.:gar Company, made by the Hon. E. P. Lee in the House yesterday afternoon. A report, appears in another column. Business operations in Christchurcli aro still largely tempered with discretion, borne of uncertainty as to what is going to happen. The softgoods firms report excellent business. Expansion approximating 41 rier cent, in the revenue of the United Kingdom, was recorded for the opening quarter of 1900-21, as compared with the last previous financial year, for April to June. Synchronously, there was contraction of more, than 40 per cent, in expenditure, and the surplus of income over .outgo for the three months ended June 30th last, was £30,258,214. That represented betterment £245,661,532 on comparison of tho figures.with those for the corresponding period in 1919, when there was a deficit of £215,403,318. About a month ago the Chancellor of the Exchequer declared, and with good warrant, that no other country had attempted a financial effort comparable with that .which Britain was making. The debit of 100.000.C00 dollars to Argentina, he add?d, would bo reduced within a few days; the loan of £20,000,000 by Japan would be paid off in a month, and provision had been mode at Home for' a reduction of the national debt by £230,000,000 this year, and next year without additional taxation.. In the rate of financial recovery, which is revealed in the statement, relating to the fir*t quarter, there is indication, eaya a. commercial writer, that the forecast will be fulfilled. If tho increase in revenue and the decrease in expenditure are maintained, the task of reducing the debt in the amounts
(IST OUIt COMMEBCIAr, EDITOE.)
mentioned by Mr Chamberlain, ought to ">3 fairly easy of discharge. Great Britain notified some months ago, her intention to pdy back to the United States her moiety of the An : z!o-French loan of £109,C03,000, 'p.;:d, jt is understood, that in anticipation of that redemption operation, shipments of gold have already been forwarded, on account of Great Britain, to the States. According to the- index numbers of the "Statist,'' th» widespread belief in April that a fall in tho genera 1 price-level was imminent hns.-iot been supported by events. On tho contrary, price-: have advanced, and the indications were for further increases in the cost of living for some months to come, as compared with the March figures, an advance of 4.3 points, or 1.6 per cent., being recorded for April. The rise in prices, as compared with April last year, 13 44.1 r>?r evnt., ant as compared with June, i'Jli, 1221 per :;ni. The cause of the increase in Acril i* to be found in tho feodst-uffs group, which advanced 4.0 per cent, during the month. From a broad aspect the increase in the rate of excos-s profits duty, by striking at production in ai' its stages ; is bound to fall on tho consumer many times over, while the growth of industrial unrest Jill the world, over, the disorganisation of the financial machinery, the ?cute under-produc-tion of nearly all commodities, all tend to maintain it not accentuate, tho present abnormal level of prices. ob«rver3 of the banking situation in the Uniled States were predicting further action 'looking toward curtailment of credit facilities by the Federal Reserve Bank as a result of a' conference of'the Governors of tho Federal Reserve- Banks with the board, It.is understood, states the Guaranty Trust Company cf New York, that most detailed information was laid before the conference, mid that no phase of tho credit position v.-as unexamined. Among the impoitant measures suggested was an amendment to the Federal Reserve Act providing for progressive rate 3 in the case of heavy borrowers, tJis claim being that this would save the smaller and more conservative borrowers from the burdens of higher discount rates, •'. hilo exacting them, from tho larger beneficiaries of the system. For the year ended December 31st, the Oceanic Steam Navigation, Company, l.td. (White. Star Line) shows a profit of £1,746,624, after providing for excess profits, duty, and contingent liabilities, etc. From thi3 profit there has been deducted debenture interest, directors' fees, income tax, depreciation, donation to Superannuation, and benevolent funds, and after allowing for a transfer of £100,009 to the general purposes i'und, tho balance at credit of profit and loss account is £534,512» including £21,936 brought forward from the preceding year. Dividends absorb £750,000, equivalent to 20 per Cent, on the capital of the company, 2nd the balance of £104,512 is carried forward. Liabilities figure a.t £12,736,320, cf which £3,750,000 i 3 capital, and debentures £1,865,900. General reserve amounts to £1,430,000, insurance fund £200,000, general purpos?s fund £1,300.000, sundry creditors £4.085,907 and profit and less account £104,512. Assets include .steamship?, etc., £4,914,322, plants and stores £231,655, trade investments £814,282, general investments £2,619,798, sundry debtors, etc., £3,867,903, and cash £288,359. The fleet totals 438,000 tons, and 76,000 tons additional were under construction. GENERAL MERCHANDISE. GROCERIES. A supply of sugar, tho first bearing the new price, reached Lyttelton in the middle of the week, and has practically all been distributed at the ex-store-price to retailers of 52s 6d per cwt,. k.33 3 per cent, in f. ven days. Tho quantity received was quite inadequate, and wholesalers are having groat difficulty in trying to meet the bare 'requirements of customers. Several stores" axe quite destitute of sugar. -The prices of many commodities in common use are,affected by the higher cost of sugar. Several lines of confectionery have advanced from 2d to 4d per lb, and a marked increase m the cost of'biscuits has also taken place. Prices for golden syrup and trjaole i sve bean readjusted. Two lb tins of syrup are quoted at 9s 6d per.doz, 7's at 40s .-At r-G's at 34s cwt; treacle, 2lb' tins 9 S per • doz, 7 s 385 per cwt, 56's 32s per cwt. Cut loaf sugar, supplies. of which are now obtained from Sydney, will be quoted,, en next.amval, at 64a.cwt, ex store. Previously, the Sugar Co. used to pay f roightT from Sydney on this commodity, but it"ia now sold free on board at Sydnev. Icing'sugar, when available, will . s-.obably cost in tho neighbourhood of ted por lb. The manufacturers of- jelly • crystals have revised their prices. The different grades have all advanced approximately one-third. A new price-list for jama is being issued. One well-known manufacturing firm increased tbair prices for jam and marmalade by 2d per lb, as from the 12th inst. It is roported that an upward movement in taking place in the price ' of cheese,''and that it may touch Is 2d per lb, f.0.b., at the factories. Sago is nominally. quoted at 50s per cwt, but owing to the fall in the market ami in the rate of exchange, most firms are stlling below this figure to cut their losses. A Colombo cable: of "Wednesday' last reported tho tea market as very firm, prices having for the second.. time in a few days risen by 3 to 4 cents per-lb. "The collapse of tho local' tea market" (says the "Sydney 'Morning Herald" of last Saturday) "is complete. Fairly heavy stocks arc held by most importing houses, % and oil agree that it is extremely difficult to effect 6ales, even, at prices which ehow a. considerable loss on cost. One house was yesterday prepared to book orders at prices no less than Is 4d per lb under the landed cost. A parcel of 630, packages was offered «'t auction, but owing-to the poor demand, practically the whole of the catalogue was withdrawn. Importers who have supported British grown tea, have been particularly ■ unfortunate in that considerable quantities of Java tea have been dumped on to this, market. It is asserted that some firms in Java, who have been speculating largely in tea, have now been forced to unload, and are shipping their holdings to Australia -on consignment. Reports by cabjo from Colombo indicate an advance in the exchange rate, and that at this week's auction there was a steady demand for good teas at unchanged prices. One message stated that Great Britain and other consuming countries had begun to operate,' and that there was a move afoot amongst the managers of tho large tea-growing estates in Ceylon to induce the growers'in India to restrict pluckA first lot of new season's rice arrived this week. It is understood that it hes all been sold to arrive at 5Gs 6d cwt net ex ship, Lyttelton, plus primage duty. The market has firmed a little, and it is probable that tho noxfc shipments will be sold at about 60s. For the first time for several years quotations have been received for Mediterranean sultanas. Tho prices are high, the "extra choice" grad-3, which is not comparable with Mildura quality, being quoted by merchants at Is 3Jd ex ship, Lyttelton, for arrival in December. No guarantee is given, however, that shipmjent will be made by that date. New season's salmon is being quoted. This year the exchange is more favourable than last year, but against this the salmon itself costs more f.o,b. than last season. Prices, therefore,, will be on the same level. . Advice from England reports an increased cost of 2s 6d to 2s 9d per dozen for C. and
B. essences. The local makers bare also raised their prices. j Prices o£ >"cw Zealand-made pickles, eauces, j and vinegar hare risen slightly in the past ' few davs. Spices are slightly easier, mace, nutmegs, and pepper each showing a small decline in cost. The market, according to yesterday's cable advice from Penang, is likely to harden again. The scarcity and high price of paper has cauf?d an advance of about 2s Cd a dozen in writing pads. This will make tho previous shilling line cost about isd. HARDWARE. The prices of ail Australian-made wire sails and w:re goods have advanced £2 per ton. English wire, plain, is quoted for December ebipmznt at a £5 rise over last quotation, and barbed at i'S -advance. A cable report indicates that the market still shows a- rieing tendency. Latest quotations for sheet lead and lead pipe >how no change. The local price for sheet lead has declined to £60. and for pipe to £03, as a result of the arrival of supplies bought after the recent fall. A slight fall has occurred in the local price of galvanised corrugated iron, "Orb" brand being available ;it £72 ICs, and cheaper brands at about £70. merchants' prices. English bar iron has advanced to £30 per ton. and shewing bars to £10. The Aj'awa's shipment of shelf goods vras landed at prices much higher than any previously paid. Comparisons with pr?-war priced reveal the following a<lvancc3: —Slashers 3ls doz., now 13Cs doz.: handled axes 51s, now 132o; ehise'.s, ljin heavy Hsurplos, 20s doz., new 545; brass cup-hooks 5s per gross, now IS3; tower bolts, strong. Gin, about 4s 6d doz., now ISs; a standard English rim lock 4ts per dozen, now 12£s. Bits and augers arc quite three times clearer than formerly. fc'-ports goods have also become much more costly. ,Slazenger's "Demon" :acqu£t, which used to ba retailed at 21s, now costs somewhere in the neighbourhood of 455. Tennis ncis, formerly obtainable at 22s C\i, cannol now be sold at less than 70s. Recent advice from Home notified an advance in the price of golf clubs, which will add about 2s to their already high cost to the player. It is reported that wallpapers, which have experienced two increases in cost this may rise again shortly. The Explosives Trades, Ltd., which controls all the British cartiidg-;-ruaking firms, recently advised an advance of 2s per liundri\] on sporting cartridges. This inor&ase will affect the next shipment to reach the Dominion. _ Reports from England indicate that Amarica is buying stainless cutlery in Sheffield for home consumption. Th 0 trade in. the Unitad States has apparently not risen to the possibilities of business in the i.ew steel, although American people are ea.ger to buy I the knives. The "British Trade Review"
asserts that only small quantities of stainless Cutlery are made in America, that tho Quality is unsatisfactory, and that the Sheffield cutlers have beaten America hollow in this important innovation. Sheffield not onJy invented stainless cntiery, but is almost a'.one ill supplying it to tho world. The American quest for stainless-cutlery has so far been almost u, failure, as Sheffield ha? very little to spare. So greatly does the cutlery demand exceed the output thai most of the makers can supply only regular customers on a ration basis, and in these circumstances they are not disposed to cater for outside buyers. British and Dominion buyers are goiting practically all that is made. The Americans state that they could take- tho whole of the Sheffield output, and would be willing to pay liigher prices than are. now being obtained. The quantities being shipped across t-he Atlantic are, however, comparatively small. Prices of all cutlery have gone up. Sydney merchants ' we-re icported, at tho end of last week, as being- most dissatisfied with tho position of th-3 linseed oil marlcet. A large percentage of the Australian-made oil, which is at present being sold at 12s 6d for raw and 12s 8d for boiled, cost the merchants 13s 6d and 13s Sd, and they contended that tho makers should have pupported th-p market until auch time as the stocks wore sold. Supplies for delivery during August and September could have been booked at lis Cd and 11a Sd, but very few orders were placed, as tho majority of consumers were looking for oven lower : ates. SOFT GOODS. Tlie following extract from a letter of May 20th by the London buyer for a leading New Zealand soft goods firm gfres an expert's opinion of the probable course of the markets: —"During tho past month I have been down into various markets, and would like to now give a special leport on the conditions existing to-day. While every class of goods that we buy is etill high in price, and as difficult to g;t as before, I do think that by the end of this, year wo "shall see a slight easing of prices. Of course, it "is* very difficult for one To try and predict exactly that the market will alter, but .according to tho information received through' the medium of conversation with different poople,' this 13 the conclusion I have come to. Only last week two large swards were made, one of 30 per cent, in the hosiery trade, and 28 per cent', in Lancashire, increases which are bound to make increased cost of production. But my idea is that tho first difference will be brought about by a certain amount of slump caused by financial trouble. While I am sounding this warning I do' not want you to think that I am afraid that the bottom of the market will drop out, but I certainly do not think we shall pay any higher prices than those rul;' ing to-day, and I think there will be short periods when perhaps we,. shall be able to go in on a little lower basis. Ido not think there is any likelihood of a big drop in prices, what with the increased cos-t of manufacturing in all its branches, including dyeing and finishing, ia. which there have been further advances in wages during the. past month, and also the fact that manufacturers are practically full up' with business. Ido not think there is' anything serious to worry about, but should we get financial trouble there is no doubt there will be a' fair quantity of goods thrown on to the market, and this will bring down prices." In a subsequent letter the same writer says:—"l expect you are now getting various trade reports thai nmny. papers arc full of regarding falling nrices. -I have very little to add to my last report. Personally I ■don't think there ia going to be any big drop in prices, either in cotton or wool. As a matter of fact, a Manchester manufacturer who spins his own yams and weaves as well, predicted to-day another big boom this year." * Some of the documents lately received by soft goods importers in Christchurch do not hold out much hope for any speedy fall in price?. Of. a'shipment now on the water for this market it is reported that dress goods \bought at 10s 6d were worth 15s £d at the data of despatch, and others costing 12s had risen to 18s. Cotton crepes had risen from 3s GJd to ss. lid, and other lines from 15s 7d to 19s, le 8d to 3s-3d, 2s 2Jd to is Bd, and so on. , Some cretonnes showed an advance between data of purchase and despatch of close upon 100 per cent. Ticks had gono up 25 per cent. Hosiery, bought at SCs. was worth. 435. In the period mentioned the price of one line of shirtings had increased from 13Jd to 23?, d, .and- another from 14d to 2CJd. Silk eloves invoiced at C<l were 71s on day of shipment, boot and shoe laces had risen from In per cent, to more than 30 per cent., Jmitterl tie« invoiced at 'J2s Cd '.ere costing 15s Cd. ' In the whole shipment there does not appear to-;lie a single line *hat bad not gone up in price since the date of purchase. A Sydney paper of last week reports a •fairly substantial fall in the vsjee of all *ilk goods during the previous few weeks. The main" causes of tho decline are said to be the. failure of Japanese speculators to finance the'ir holdings -and a decline in exchange rates.
STATEMENT BY THE MINISTER. «• (rRESS ASSOCIATION TEJ.EGBAM.) "WELLINGTON, July 16, In the House of Representatives this afternoon, tho Hon. E. P. Lee reviewed the sugar position. Ho said that since the outbreak of war New Zealand consumers had sugar in greater quantities, at a lower price, than any other country in the world. New Zealand did not produce sugar, but, as compared with Australia, which, was a sugar producer, the who.esale price in New Zealand from 19U to 1920 snowed a saving in favour of tho Dominion amounting to two millions sterling. This was the direct result of various arrangements entered into between the Government and the Colonial Sugar Companv. Under the new agreement with tho company tho New £ea.anu Government contracted to purchase raw sugar f.0.b., i-'iji, pay transportation charges to Chelsea, and also the'actual •■cost of retining and distributing the ic-sultiiig sugar and by-products tkrwb. tho company's agency to the ultimate 3 consumers. "Though tho new agreement by which the Government buys raw sugar at £35 rer ton, f.0.b., Fiji, necessitates an increase from 3*d to 6d per lb retail tor reiiuea sugar," the ilinister went on to sa-v "the New Zealand consumer continues*'in a better, position than consumers in other countries, except in some parts of Australia, though as tne price in Auckland will be £17 per ton, f.0.b., compared with £49 10s in Sydney for the same grade, it*is probable that New Zealanders have some advantage over Australia as a whole. The l\A agreement at £23 15s, f 0.b., Auckland, tL lenlwell for three months, April-Mav-June, although the company coiud have obtained £»') in *he open market, the DonSi thus savins. » very large sum in
three months. The company was not anxiousto sell to ye W Zealand ot the low" price, but acted in accordance with tne spirit of the old agreement. Raw Jaya =u-ar for forward delivery, could rot be obtained at !c*s than £SO, and wlntes woiud co«t £30 The provisions of the new agreement, the Minister said, were summarised as fellows: — ~ . - Th" comnanv threes to sell a maximum or C5.C00 tons of raw sugr,r, New Zealand s estimated requirements for the year, a. a rate or £35 per ton of 34 standard s.ipr. i f.0.b., Fiji, including the present export duty of 10s per ton. the New Zealand Oovern- ■ ment ruving freight at. the rate of 2,s Ul per ten. jlaw sugar is lo be paid for m | accordance with landing weignts and analysis at the companv's refinery at Auckland (*f tho analysis shows the sugar to be above or below the 91 standard, the price, wul be ad- | jur-ted accordingly). Costs between ship and | rcfinerv lo bo borne by the Government. The ■ companv will refine sugar with all care and , skill' in ncrprdi'.nce with established prsc- j tice. The chargo for refining shall net include anvthing for depreciation or replacement of 'plant, or the company s office excen=e<i The Government will pay the coffiPanv"a mannging charge of 22s 6d per .on of raw melted or solid, and the company further undertakes to act as sole agern of tho Government for the distribution of the su'ar and tha by-products, at a charge of 7s per tor. oil the basis of tho prices fixed by tho Government. Tho term of agreement is July Ist, 1920, to July 21s-, "'lt is explained," the Minister added, "that tho management charge of 22s Oct included income tax, estimated at Ss; bd. .e:nui°- onlv 14s for the company. It is also pointed'out that, this purchase of raw sugar involves no capital outlay on behalf of tne Government, and if tho retail prices arc preservc-d, thero will be no encroachment 011 tho Consolidated Fund. The statement proceeds to detail the considerations taken into account in fixing tho price to consumers, ana expressed the opinion that £47 vol. protect , tho Government against loss. The world s j production and consumption of sugar .or *ome years has been increasing (from : 4,000,000 tons in IS3S to 21,000,000 tons in , 1913;. During tho war period the produc- j tion fell off tons. Europe last , season produced ou'.y 3h million tons, as | against 9,827,000 tons in 1913-14. IN ew 1 Zealand's average annual consumption ot j 1201b per capita was maintained whilo great shortage prevailed in many other countries. The position of. the world's Fupphes 'vas not fullv realised till last October, sinco when a riish by FUgar importing covmtries to obtain as much as possible resulted in a sou•aticnal rise in prices. The latest known Quotations for sugars were as fol.ows:— May 3th, Mozambique browns, for shipment, Au"u=t-September, 1920, £91, f.0.b., say, £96, c. 'and f.; May BUI, Cuba sugars, for shipment, January-February, 1921, £96; Java whites, for shipment, June-July, 1921. f.0.b.. refused by Planters' Syndicate. Whilo ♦ho New Zealand Government was negotiating with the company the Eritish Government bought 50,030 tons of Java raw sugar •>t £53 12s 6d per ton, f.0.b., for delivery between July and September of this year, and an important New Zealand user of sugar was compelled to get 300 tons cf Java sugar to aun-mont his supplies, paying £52, f.0.b., ♦he price landed in Wellington being £67. When the same firm wanted a further inipnlv the price auoted was £92, f.0.b., These facts showed that tho Colonial Pugar .Company had not tak?n advnntaee of its position to extract tho full economic price for raw *ugar from the Government. New Zealand had seen a great increase in the number of "oda fountains and sweets shops since ■■914. An extra con°umt)tiou of suear in nastry, cakes, and miscellaneous confectione»y was one means whereby many thousand* nf yieople in the Dominion "did their bit" in tho war in tho name of various patriotic funds. New Zealand's" per capita consumption of sugar for five years was: — Year. Lbs per person. 1913-14 ■.. -■• 128.80 1914-15 .. .. 99.68 1915-16 .. .. 129.92 1916-17 .. .. 120.96 1917-18 .. .- t 133.48 The averages, in other countries for the last year pre-war, and last year, were: — Pre-war. 1918-19. United Kingdom .. 74 55 Franco .. ' .. 38 40 Italy I .. '..12 ' 17 Scandinavia, Holland, Switzerland .. ..60 50 Germany .. ..40 40 United -States ... -.81 85 N&w Zealand was thus the highest consumer in the world. Details of the tables -how that the estimated cost of production of a ton of sugar was £46 5s 9d, and the estimated return from 60)000 tons was set down at £2,777,484. '• ISPSCUL TO "THB PBSSS.") I At tho conclusion of his statement the iion. E. P. Lee said it would be evident .hat New Zea.and had been getting cheaper sugar than any other country in tne world, and it was to-day getting cheaper sugar. The aveiago consumption in New Zealand was .xceeaingiy .arge. In view of . all the cirutimstances ana tho world's troubles, ho taought New Zealanders might congratulate tiiemsclves that in as for as sugar was concerned, they were in a very satisfactory position. Mr Witty: It's a very one-sided affair. Mr Lee: Well, my hon. friend will have an • opportunity of debating it later on many occasions, THE FINANCIAL OUTLOOK. Tlie chairman, of the Auckland Stock Exchange (Mi George Creagh) waa asked on Xhursday whether, in view of the financial outlook, there was any indication at present of a disposition on tho part of investors to hold off in anticipation of a possible easing in prices in the near future. "1 am not amongst the pessimists,", eaid Mr Creagh. In iny opinion, whatever may be the position in other countries as the result of the rece/it war. New Zealand at all oventa is scund. The banking returns just-published are evidence of that. As far as business on tho exchange is concerned, prices of investment stoclts have been well maintained, and good husiness ,is being done. Many lines' are higher in price than they were a year ago—an evidence that there cannot have been any great disposition to unload. Mining, of course, is dull, but that is not a new development, as conditions have not altered much in that respect for the last five years. As far as property is concerned, that there is "plenty of money about is shown, in several big transactions at high figures in Queen street, and other properties that have been reported of late." , MEW COMPANIES. Registration of tne following 1 new companies is announced in thU week's "Mercantile Gazette": — - Wtiirau Valley Saleyards Co., Ltd. Registered Julv 7th,' Office- Hillersden. Capital: £500. in fOO shares of'£l each. Subscribers: G. 11. Andrew 25, J. O. Austin 10, and G. H. Broadndge, J. A. Fowler, W. T. Fowler, J. R. A. Gifford, A. il. Nees, F. L. Murray, F. E. G. Ward,' and E. H. Williams- 5 shares each. Objects: To provide yards, etc., for custody, etc., of live and dead stockand dairy produce. Rimu Gold Dredging Co., L*a. (The). Registered Julv 12th. . Office: Johnston street, Wellington, Capital: £250,000, into £1 shares, of'which 50,000 are preference shares and 200,000 are ordinary shares. Subscribers: Hokitika—R. E. Cranston, F. AN. Ford; Wellington—E. W.. Hunt, M. Myers, A. K. S. McKenzie, H. F. O'Leary, D. G. Johnston, all 1 share each.- Objects: Dredging at Rimu Flat, Hokitika. •' DAIRY PRODUCE. SOUTHEENi CHEESE OUTPUT. (SPECIAL TO "THE PRESS.") DUNEDIN, July 16. - The feeling amongst dairy farmers in rc"ard to sellia"- their output, to tho Co-opera-Tivo Wholesale- Society in England is not bv any means unanimously in iavour of the schema. During the pas,t few days a number of the factories in* this province havo sold their season's output of cheese to tho Toolev Street houses, at prices ranging .rom 1".2 d "to 12id per Jb, f.o.b. The corresponding vrices" before the Government control was lifted was IOJd per lb. While the farmers as a whole, favour co-operation in the matter of selling their produce, they object to being tied to one particular channel of distribution. INSURANCE COMPANY'S PURCHASE. The Eagle, Star, and British Dominions Insurance Co., Ltd., have recently purchased in Wellington th« four-storey ferro concrete building now occupy !>y the company in Panama street, which is one of the best business sites in that city, and extensive alterations are being made.
PARA RUBBER CO., LTD. Th- first annual meeting of tho Para Rubber Co Ltd., was hold on Thursday evenin- when the balance-sheet for the first year 3 tfSdino- was laid before the shareholders. The figures showed a very satisfactory year 3 business. Full depreciation on working plant, *nd all expenses incurred m serdinj I director to tho United States, who fiied up a .satisfactory tyre agency, ht-.vc been bitten 02. Tto cum « £10C0 w a3 earned to reflerve, and after this was done, a dividend of 8 per cent, per annum, witn a bor.ua of 4 n«r cent., making 12 per cent, per annum,'was declared. Mr G. Skjellerup presided. SALE OF GEKMAX PROPERTIES. (PRE 33 ASSOCIATION TELEGRAM.? AUCKLAND, July 16. ' Tho -whole cf the leasehold properties of the D.H. and P.G. (in liquidation) in Tonga
were sold by public auction in Nukualofa on Wednesday. The pror.citks consist of leaseholds from the. Government of Tonga, upon which the German firm had established it 3 trading stations. Advice has been received from the auctioneer that the properties realised £71,000. BANK OF ENGLAND RETURNS. (Received Julv 16th. 11.10 p.m.) LONDON. July 15. The Bank of England returns for the we:k ending July 14th uffird tli2 following comparison with these of tho previous week: — Jul?-7. July 14. *£ £ Coin and bftion .. 119,455.000 121.470,00* Re£«?rv-> .. .... lC,i 11,009 17.C92.i0 Proportion of rcservo to liabilities' p.c. 12.20 12.45 Note circulation. .. 122.744.030 124.235.0C0 Government deposits 17,i?56.C00 17,671.000 Other 'deposits""' .. 117.t>35,000 119.523.000 Government purities 52,<5-"5.C00 OtieT securities •- 53.655.000 7i-.623.0C0 Short loans, 5\ per cent.; three- months bilk; eg per cent. • • GOVERNMENT SECURITIES. LONDON, July 15. The following aTe tho latest quotations for Government securities, with a comparison with those ruling last week: — Laet week. This" week. £ 3. d. £ e. d. 21 per cent. Imp. Con. 47 0 0 47 0 0 5 per cent. lino. War Loaai .. 85 1.1 0 86 « 0 3S uer. cent. Iran. War Loan .. v .. S3 0 0 S3 17 6 5J per cent. CVealth Loan . .. .. *95 0 0 95 15 0 Si per cent. C'wealth " Loan .. .. 91 0 0 MID C N.S.W. I's, 1933, Jan.Julv .. .. 73 10 0 75 0 0 N.S.W ."3Vs, 1935-50, April-Jan.-Julv .. C 3 10 0 G3 17 6 N.S.W. 3'o, 1935, Anril-October .. 58 10 £ 59 5 0 Vic. i's, 1920, Jan.-J*ily £S 0 0 13 15 0 Vic. 3i's, IS2I-6, J«n.July -• .. SI 0 0 81 12 G Vic. 3*'s, 19'i9-40, Jan.July .. 57 0 0 57 7 6 Vic. 3s, 1029-49, Jan.- „ July .. .. 60 0 0 GO lo 0 Q'lnn t 4's, 1924, Jan.July .. .. SG 0 0 £5 0 0 Q'iand 3J's, 1921-24, I j Jan.-July .. S3 0 0 S5 0 0 j Q'iand u s, i92i-47, Jan.July .. .. 54 6 0 54 5 0 ! Q'iand 3J's, 1930-40 .. 94 0 0 94 0 0 In.Z. 4's. 1929, May- | Nov. .. .. 91 10 0 92 15 0 N.Z. 3i's. 1940, Jan.July .. .. 65 10 0 66 0 0 N.Z. 3'e, 1945, AprilOctober .. ... 58 0 0 58 15 0 ' S.A. 3i's, 1916 or after 65 "0 0 65 15 0 S.A. 3's, 1930, Jan.July .. .. 48 0 0 48 0 0 Tas. 34'0, 1920-40, Jan.- » Jjily .. .. 64 10 0 65 10 0 Tas. 3e. 1920-40, Jan.July .. • .. 61 0 0 61 0 0 W.A. 3J's, 1920-35, MayNovember ..7100 70 15 0 W.A. 3s, 1915-35. May- . November .. 6S 0 0 67 17 6 FOREIGN EXCHANGE RATES. (Received July 16th, 11.10 p.m.) LONDON, July 15. Tho foreign exchange rates on London afford the following comparison : — Par. July 12. Jul? 15. Paris (fr.) '.. .. 25.22 .46.77 46.70 Christia-nia (kr.) .. 18.10 23.66 23.25 Stockholm' 'kr.) .. 19.15 17.78 17.65 Calcutta (rpe.) 10 to gold sov. 22Jd 225 d Montreal (dol.) .. 4.85 4.4S 4.41 New York (dol.) .. 4.86 3.95 3.88 i SHARES. , (Received July 16th. 11.10 p.m.) LONDON, JuV 15. Waihi Junction. —Buyers 9s Bd, sellers 10s Id. ANTWERP WOOL SALES. (Received July 17 hh, 12.20 a.m.) LONDON, July 15. At the Antwerp wool Bales 10,000 bales of Australian wool were offered and 3300 were ecJd. There was little choice,, and moderate competition. Prices were tho same as. on June 24th. France was the principal buyer. ATTSTEALIAN wboiiLEN INDUSTRY. (B. Cable—Prees Association —CopyTitrht.) (Australian and N..Z. Cable ..eeociation.l LONDON, July 15. The Board of Trade Journal has published details of the -scheme of the Commonwealth Bureau for converting wool into textile goods. Tho Yorkshire "Post" states that if the project is carried into effect the results in the United Kingdom, especially in the West Riding,' will be revolutionary, aa the British woollen industries will be deprived of the major portion of their raw materials. But the very magnitude of the scheme may cause it to be received with more interest than alarm in this country. The Yorkshire "Observer," while' strongly opposing the proposal, admits that the scheme has been launched at a time when the conditions in its favour are more propitious than they have ever been y or are likely to be again after Europe is restored. The "Observer" concludes' that so long as the conditions in Europe are such that while the United Kingdom machinery obtain ample supplies, there is nevertheless a surplus beyond its requirements, which is not taken by Continental consumers, the greater will be the inducement to Australians to establish a giant to manipulate their wool.
ITALIAN TRADE WITH AUSTRALIA. LONDON", July 13. An energetic movement is ajoot to promote increased trade between Italy and Australia. Italian industries greatly need raw materials, and the country requires a- heavy supply of foodstuffs. A large part of south, central, and eastern Europe will also draw its eupplies through Italian ports. •An Italian shipping lino.is already linking, up Australia with Italy. The banking, industrial, and commercial interests of Italy ore seeking to form a commerce organisation, to develop trade with Australia. Austria i 3 prepared to transact 50 per cent, of her .trade through Trieste. A similar organisation is being formed to stimulate trade between Canada and Italy, and enquiries are also being made regarding the prospects of obtaining Australian coal, as efforts to secure American coal are not promising. NAURU ISLAND AGREEMENT. 'United Service.) LONDON, July 15. The shareholders of the Pacific Phosphate Company approved of the Nauru Island and Ocean Island bargain. A questioner asked why £3,500,000 had been accepted, complaining that the company gave the Government many millions. The chairman replied that a fair prioe had been obtained by peaceful negotiation, whereas arbitration would probably have realised less. The directors were guided by the most competent advice, and consulted nine-tenths of the shareholders before bargaining. The price represented sixteen.. years' purchase baEed on the average profits of the 6ix, best years before the war. ■;, The company noted £150,000 compensation, to the directors, | METALS. j LONDON, July 15. 1 Copper--Spot £90 7s 6d, three months £92 7s Od; electrolytic £106, wire bars £111.Lead —Spot £31. forward £25 15s. Spelter—Spot £11. forward £42 10a. Tin—Spot £-265 17s Cd, forward £271 15s. Silver—s3Jd per ounce. CANADA'S DEBT. OTTAWA, July 14. It is announced that Canada's net debt is 2,300.000,000 dollaTS. A QUEENSLAND LOAN. LONDON, July 13. It is expected that Queensland will issue a loan when tho Victorian conversion loan closes on July 21st. AUSTRALIAN MARKETS. MELBOURNE, July 16. Hides—The market is firm at a farthing to a halfpenny better all round. Barley—English, 7s 9d to Ss; Cape, 7s to 7s 3d. *' . Oats—Algerians. 5s 5d to 5s Gd. Potatoes—£l2 to £13. Onions—£l2 10s to £13. *
TALLOW. J \ The New Zealand Loan and Mercantile ; Agency Company, Ltd., advise having received the following cablegram from London '■ under date July 14th: —"We quote present epot values for the following descriptions .of tallow: Fine mutton, £3 83 per cwt: pood beef, £3 5s per cwt: mixed, £2 19s per cwt. Small demand. Downward tendency.*' Dalgcty and Company, Ltd., have received the following cablegram from their London office, dated July i Ith :—\i allow : Scarcely anything doing. At the weekly auctions 1575 casks were offered and 140 sold. Since our last wore prices are lower by 4 per cwt. We qnote prime mutton 70s, and good colour mixed 645." ! Messrs Booth and Co.'s London house reports:—At, the tallow sales hold on trn 14'h inst. 1576 casks were offered and 135 sold. The demand was quiet, with a further decline in values. Nominal quotations are:—EdiMo mutton, 70s; edible b?of, 7:2s Gi: good mutton, 67s Cd; good beef, Gos: sood colour, GU 6d; no colour, 335; gut, 54s Cd. , LONDON WOOL SALES. LONDON., July 13. At the wool sales mcrincs were -j-.chuiiged. Fine crossbreds were firru at full late r.itc=. There were heavy withdrawals cf lower and inferior sorts. BRADFORD TOPS MARKET. ' LONDON". July 15. Bradford tops makers' quotations are easier, r but there is little more enquiry. Sixty-fours quality 9Jd, fifty-sixes 70d, fifties 52d. ENGLISH MARKETS. j LONDON. July 13. ! "Wheat —The market ia quiet. No Australian is offering. Flour—'There is a small demand. Australian parcels on passage sold at 645. Oats —The market is firm. La Platas, on spot, Gls to 61s Cd. Peas—The market is quiet, and prices are unchanged. Beans—The market is dull. New Zealand Duns are quoted at 115s. Sugar—Granulated 112s. CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales reported:— N.Z. Farmers' Co-op. (6 per cent, cum pref.), £5 ss. LATEST QUOTATIONS. Buyers. Sellers. £. s. d. £ 6. d. DEBENTURES— N.Z. Govt.- UJ per cent. bonds, 1033) - - 96 O 0 BANKS— Australasia. .. ..MOO — National of New Zealand .. -- — 6 17 0 Union of Australia (cum div.) .. — 13 17-6 LOAN AND AGENCTV— Goldsbrough Mort (Me-ib.) 2 7 0 2 8 0 N.Z. Loan and Merc. (ord. stock) .. — 107 0 0 Permanent Investment 0 2 6 — 11 SHIPPING— Hvddart-PaTfor .. — 2 17 0 FROZEN MEAT— ri Canterbury .. HlO 0 — N.Z. Refoweratinsr (£1 1 pa ; d), cum div. ..' 2 S 0 2~0 0 N.Z. Refrigerating (10s 6 paid), cum div. .. — 16 3 COAL— W"ot.Tvorf-Stockton .. — 0 9 0 1 WOOLLENS— • Kaiapoi (cum rights) .. - — 2 2 0 Kaiapoi (cum ris-hts, pref. Te div. only) — 1 16 0 j Kaiapoi rights .. 0 7 $ 0-86} Mosgiel .. .. — 7 0 0 3! GAS— f 1 im<mi .. .. 610 0 — l MISOEL-LANEOUS— l; B-ath aid Co. .. — »1 15 0 1" Bums, Philp (Svdirav) — 2 0 0 I Mason. Struthor? (14s pd.) 019 6 — * N.Z. Farmers' Co-op. |' (£2 paid) .. 2 3 0 210 0 f N.Z. Sua-ar of Milk .. — 2 6 6 L WHtrombe- and Tombs — 3 17 6 MTNTNG— . . 1 Waihi .. ... — 2 0 0 AUCKLAND. * \ Sale on 'Cha-n~e.— Gas, 275. 1 WELLINGTON. \ R*mort*cl p«W.—Bank of New Zealand, j £25 16s, £25 17a P<l. t DUTEDTN. °aJe on 'Change.—New Zealand Loam and , Mercantile, £101. AUCKLAND STOCK EXCHANGE. ; (special to "the press. ") j AUCKLAND. Julv 16. 1 Quotaitions.—Nationa, 1 Ba->k, rollers £6 l«s; ( ■Bank of N.S.W.. sel>r* £35 10a: Bank of ] I New Zrahuid, sellers- £26 2s Gd. buyers £25 I ! 17a' 6d; National Insurance, sellers- £3 179; i NZ Insurance, seller- £1 14s; South Bri- < ti*h.' sellers £10 2s; Westport CoaL buyers I £1 10s 3d; Westport-Stockton, sellers 9a 3d; ] Huddart-Parker sellers £2 16s, i buyers £2 14s; Union Steam (pref.), sellers 1 ■"1 Is 6d; Talisman Consolidated, sellers- 83, ' buyers 7s 7d; Waihi. Fellers. £1 183 6d. buyers I £1 18s; Waihi Grand Junction, sellers lis, 1 buyers, 10s 8d; N.Z. War Loan U930 at 4J < per cent.), buyers JEM ss: N.Z. War Loan < (1938 at ih per cent.), sellers £95 15s; N.Z. < War Loan" (1039 at 4J per cent.), sellers £95 1 IBs.
TTAMILTON AND HAMILTON. E. Hamilton. G. Hamilton. SHAREBROKERS AND PUBLIC "SECRETARIES. 90 HEREFORD STREET. Telephone a' 4283. P.O. Box SC4 H5325-4486 CANTERBURY MARKETS. f Friday Evening. There has been an easing in the oat market during* the week. It his not reached the •extent of a slump, but, as is always the case when an inactive market has been in operation for a time, weak sellers present themselves. An extensive line has •been disposed of to Auckland by a local firm at a reduction on local quotations, but this should not be taken as a reflex of the actual position. The fact, however, that tho North. Island is becoming less dependent each year on Canterbury supplies is a factor that should hi borne in mind, and suggests the possibility of northern merchants' activity "in tho market 'some months ago being prompted more by speculative reasons than local necessities. The bulk' of opinion locally is that the easing is only temporary, due to the recent inactivity. Tho detailed announcement regarding nest season's wheat prices has removed a good deal of uncertainy, and will undoubedly give a stimulus to further swing. Should j there be an exportable surplus the fact that I Australian prices hava also boen guaranteed ! will operate to keep the export price near I the guaranteed minimum. j The potato market is lifeless, and values have further receded for any business offering. . Merchants, havo refused business, at £4, s.i., f.0.b., which is equivalent to less than £-2 15s at country stations. There is a general impression that the talk about disease i 3 Australian political camouflage, to protect Tasmanian and Victorian growers. A local firm has been advised by its' Sydney agents that tha position has resolved itailf into a pull between these growers on one hand and the consuming public.' on' tho othsr, and it is hoped\that the latter'a turn will come soon. Advice. received to-day by cable from a northern merchant in Sydney is to tho effect that strenuous efforts are being made "to lift the embai'go, and it was expected ihat this would shortly bs done, subject to stringent conditions. It is rather remarkable that, whilst potatoes here can scarcely be made to pay the cost of digging, they have been selling in Canada at extraordinary prices. Quotations in Montreal papers o£ June 2nd were 7£ dol (31s) per 701b bag, equal to £49 per ton. In America prices were also very high, and the prospects for a sufficient crop next season bad. The position is one over which our Government could profitably spend the price of a cable, as the margin is surely sufficient to cover any conceivable expense of transport. Bran and pollard, according to Government revision, have increased by 13s a ton. The following are prices paid to farmers at country stations, free of commission, sacks extra, except where otherwise stated: — Milling wheat, according to Government prices. Tuscan. 7s 4d, f.0.b., Hunter?, 7s 7d. Pearl 7s lOd. . Oats—Gortons, A grade, 4s 9d to 4s lOd ; B grade, 4s- Odf Algerians, 2s to 5s 3d; Dune, 5s to os 3d;, exra heavy dark, 5s Cd. Barley (nominal)—Bs to 9s a bushel. Capo Barle*,' —7s. Oatmeal—2slb bags, £33 per ?on; 7lb bags, £3T per ton. Oatsheaf—£6 15s -to £7. . Italian Ryegrass—6s to Cs 9d. Perennial Ryegrass—6s to 6s od. Cocksfoot—lOd to le. Red Clover—ls- lOd to 2s Id. "White Clover—ls 9d to 2s 2d. Partridge Peas—Ss 6a to 9?. according f.o quality, Prussian Blues (nominal), 8s to 9s, Blue imperials 9s Cd to 103; "White Ivotics, 9s to 9e 6d." Flour—According to Government pike", £16 30s per ton, f.c.b., Lyttelton, Timaru, and Oamiru. Bran —According to Government price, £7 15s per ton, f.0.b.. main ports. Pollard—According to- Government price, £9 15s' per ton, f.0.b., main ports. Local prices: Bran, £8 £5; pollard, £10 ss. Poatoes—£2 12s 6d to £2 15*. Onions (nominal}—£6-
DAIRY PRODUCE. E""s have further eased, and are now offering Tr-cely at Is Gd to la Sd. \Tho!eea:o rates are: — Butter— Factory Is 7d net, farmers ecpa- r rator Is sd, dairy Is 4d. . , . l Cheese—Factory lid to lljd, dairy lGd to Honey—Extracted 7d per lb; sections, 10s 2 6d per dozen. 1 Eggis—lj, Gd to Is Sd a dozen. Bacon—Rolls, Is Gd per lb; sides. Is 41a- « hame, Is sid. c ___ i FRUIT AND VEGETABLE MARKET. J Vegetables have been in good supply, with the demand fairly good, and prices slightly 'ower than last week. Tho market for apples aaid pears remains unchanged. Sydney fruits have been hi good demand, and onuses, mandolins, and Navels all sold at hign prices. Passions wore again in short sup- < ply, and , prices were exceptionally high. A 1 shipment of Cook Island oranges and ban- 1 anas, and also 'Frisco Valencias and lemons has been delayed in arrival, and will not 1 be on the market until Monday. Marmalade oranges—both Poorman and Seville— 1 have been in short supply, and prices have 1 been exceptionally high. The Moeraki, on Thursday next, is expected to bring pines, passions, mandarins, and oranges. The 1 Paloona, with South Australian oranges and 1 lemons and also Mildura, lemons, is -due to arrive 'here about the end of next w-eek. Fiji , bananas, ex-Atua, are due to arrive in Lyt- . telton about Thursday or Friday next. Following are auction rates during the week:—Apples, local, per case 7s to 3s; apples, cooking, per case 6s 6d; lemons, 'Frisco, per case 445; mandarins, per case 22s 6d'; orange 3, Navels, per case 21s Gd; oranges, Sydney, per case 20s; oranges, marmalade, ncr casa 225: oranges, Valencias, per case 445 l ncars, cooking, .per cose, 5s to 6s- pea,i'3, dessert, per lb lOd; walnuts, per lb'is Id to Is 3d; beet, per doz bundles Is Gd to Is 9d; cabbages, per dozen Is to 23 9d; cauliflowers, per dozen up to £s 6d; carrots, per dozen Gs to 8d;, celery, ' per bundle 6d to 8d; kumeras, pet lb 4d; leeks, per bundlo 6d; lettuce-, par dozen 4d to 8d; marrows, per dozen 4s to 9s; potatoes, per sugar bag 2s Gd; onions, local, per sugar bag 4s to 4s 6d; onions, per cwt 7s 6d to 9s; parsnips, per dozen 6d to 8d; potatoes, per sack 8s; pumpkins, per dozen up to 18a Pd; radishes, per" dozen 6d; rhubarb, per dozen 6s Gd to 7s; spring onions, per dozen' Gdj turnips, per dozen Gd io 8d; spinach, per dozen Is; swedes, per sugar bag 2s. TIMAP.U. (SPECIAL TO "THE TRESS.") TIMAKU. July 16. 'The chief interest on tue local market this week centres round-the offer'of thc'liovernnient in regard to wheat prices for the- growing crop as published m to-day's papers. So far - as could bo gathered to-day the offer is likely to meet with general approval on the ljart of farmers, as under any circumstances, minimum, prices of 7s 3d, 7s 6d, and 7s Od for .the. ditfeient varieties of wheat are assured. Though farmers aro doing their part to get in all the wheat they possibly can, it is not considered likely that a sufficient area will be sown to produce a surplus over tho Dominion's requirements. Winter sown wheat is now looking well.. There will be much more wheat sown in 'the spring this year than usual, provided the work is not unduly retarded. The oat market is quiet, and very few lines aro offering.' Merchants are prepared to give •Is lOd to 5s for Cartons, but stocks appear to bo in l small compass. Oats are still . wanted by North island merchants, who have to buy to fill forward sales. Oaten ,sheaf chaff is- worth £6 to £G 10s per ton. The potato market is still lifeless. Efforts to get the Australian embargo removed continue, and there will be a further meeting of the South Canterbury I'otato Growers' ' Association at Temuka to-morrow to take other action. The price to-day for good tablo potatoes is from £3 to £3 lOs per ton on trucks,, at country stations. It i 3 reported here that sorno sale 3 have been mado in North Canterbury as low as £2 103 per ton. The Prime Minister i 3 continuing hi 3 efforts to make it possible to shin New Zealand potatoes to Australia. DUNEDIN. (special to "the ritESS.") DUNEDIN. July IG. Tiie oat market remains firm, with light offerings from tlio country. Bright heavy lines, suitable for milling purposes, aro readily disposed of. Spaxrowbills and other short, plump lines aro in strong demand for fowl feed raquirements. Seed varieties are also receiving attention. Prims milling 13 worth Ss 2d. to Ss 3d, and good to best feed ds Sd to 5s per buahel, sacks extra. Tficio is practically no milling wheat offering, while fowl wheat remaina unprocurable. Large consignments of potatoes continua to arrive from the- North, and Iho supply exceeds the demand. Any con-signmeuis which are not primo tabie3 are being stored. Best Canterbury are wosth £4 10s per ton (sacks Is Sd). There is'still a fair amount of chaff coming forward, with a tcsuH that values have». etised slightly. Medium to good is worth £7 10s to £3. and light and discoloured £7 to £7 10s, sacks .extra. INVERCARGILL. ISPECIAL TO "THE PP.ESS.") INVERCARGILL, July IG. < Oats—Th© market is very quiet, but holders are firm. North Island mercha;:t3 are- offering to sell for forward delivery at os Gd, f.0.b., southern ports, tor B glad?, and some- oats have been purchased by local traders at this price. This 13 equivalent to about 4s 7d on tn-cks to farmers, sacks cstra. ■ Chaff— The market continues firm, supplier just being about equal to the- demand. Prime quality is worth £7 to £7 ss, 0:1 trucks, ut country sidings. Potatoes—The market is very dull, particularly for table potatoes, which merchants show lio disposition to buy. Somo Hues of "Gamekeeper" have been offered by farmers at as low as £4 on trucks, sacks in, without, eliciting business. Tho market appears to have very little- chance of recovery unlcs3 the ombargo against export to Au.; : tralia 13 removed. Hemp—The market continues very dt-.L. and advices from. London point *o a farther decline in values in Egslar.d. It would be difficult to place lovCltir ?.t X.\o, on trucks, to-day, but. good fair stili continue, veiy saleable owing to scarcity of supplies. Ryegrass—There is a frsod enquiry for dressed seed, both wholesale and retail, and s several sales have been made recently of fair--1 sized lines for shipment to the North Island. The pries -ranges from 9s 6d to lis, accord--1 -'ag to purity and weight, per bushel.
BLENHEIM. (SPECIAL TO "THE PRESS." > BLENHEIM, .Tuly 16. Chaff is quiet, and dull of sale, owiug mainly to tli? lack of shipping. Prices ;ir« nominal at about fl 10a cut and delivered. Not a great deal of cowgra«s is offering just now, and business is quiet, at about 2s per lb. Nor is tlicro much doinj with hay. Sowing operations aro proceeding under satisfactory conditions. An extensive area is devoted to oats, and apparently about tho ■usual proportion' of barley is or' will bo put in. The indications aro for a larger sowing of wheat than in recent years. AUCKLAND. (SPECIAL TO "THE PRESS.") AUCKLAND, July 16. Potatoes —Tho market - is quiet, at 8s 6d ex store, with littlo prospect of a permanent improvement unless the Australian embargo is" lifted. Stocks' aro still very heavy. Onions —Best are selling rat 16s, repicked, ar.d a further advance 13 "expected shortly. Oats—Tli« market is weak, and large quantities ore offering at about 63 6d on . tho wharf, and 6s lOd ex 6tore. Wheat—Fowl wheat is unobtainable. Bran and Pollard—Both have advanced 15s per .ton,, but supplies -are practically unobtainable. Cbaff —Tho market is firm at £17 10s, ex 6toro, with a keen demand for all that arrives. ' _ . Maize —The demand is keen and the prico j firm at 3a 6d, ou the wharf, in wholesale lines.
FINANCE AND COMMERCE., Press, Volume LVI, Issue 16889, 17 July 1920
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