COMMERCIAL.

Press, Volume LVI, Issue 16933, 7 September 1920, Page 7

COMMERCIAL.

KREXCH LOAN' IX AMERICA. By Cable—Press Association—Copyright.) (Australian and X.Z. Cable Ass cwtioa.) PAKIS, September 5. The "Echo do Pnris" states ih:;t negotiations with an American financial grouy for ft French loan of 100,0Jf.003 dollars continue. The loan is reparable in from CO to 23 year?, and will bear interest at the rate o- S percent. i HIGH COMMISSIONER'S REPORT. (PRESS ASSOCIATION" TELEGRAM.) WELLINGTON, September C. Tho Hi<rh cnbie, dated London, 4th ins'., says: — M~.n—The market is very cuioi, bevf pnpp!i?s e.vceodinj the demand. C-osins: quotations were:—Boef 1? 4Jd r.er lb. mutton Is !"itl, and lamb Js JO. 1 .. Imported is unchanged. Butter—Tho market is ouiet but firm. Irisb is ouoi-ed nt £21 15s to XC2 y->r c«-i ; , find prices are likely to advance. which will '.~r.-\ to a lersor demand. Tho average price "f Kn»!:sh is £21 9s p&r cwt. Chopse—Th»re is a hotter drraand for principnllv for tho lower gTad«-?. T'iwst fnrminjr is 'mioted nt £9 IPs to £1 °s per cwt. The Canadian «poi nwrk«\t i.q Irmer. Whit*- is worth £~ 3Ss to £3 Cs rnid coloured 9-» mo'v. Quotations, c.:'.(.. ■an<re up to £S Cs, bttt r.o transactions are reported. Hemp—Tli" Manila niaTket is qiu't, but =;'oady. * "J" crude, May-July to Aujru-t-I October a.'« now quoWl nt £•■<• 1 (sfllersl. Th« Xow Zealand market is dull and uncli!>n"od at list quotation-. | Woo!-T!i" r<ihv» hav" clo=c-!. w-.w n ftor.-T si.ttendanee throiiarhout th? <~ri<v'«, and competition was bHfer, Continental linws "UTitin? nio>-o The iVmnnrl was '■hi-flv for fin" wool. Low croSRV" 1 * wore ! ne*rl"Cicd, and tho bulk wew» v-JLVlrnwn. ,\v/rn."" current vnhi<w of Now wools •, r *:_Go to C-l's 2s 1M to "- Pd. 5P to 56 , « i <»« Gd to 3s 4d, *?'& 9s to ?i 2d. 44's and ■*<3's Is 7d to Is 10d, 3G's and 40' a Is *1 to 1g fid (nominal). LONHON IVOOL S.M/FVS. ' Dalgfty and Company, Limited, have tothe following oabl^iram. from their London office, dated September 3rd: — Wool sales clofed with prices fairly maintained. Of tl;& quantity offered, 9-1,431 Imlcs, about 70.500 were cold. English spinners and Continenta.l have been active, b-.it priori wore too lii-rli for Bvr.'.'.ford ! topmakers. Prices, as compared with elosin? rotfA of lsißt sales, wri»:— For er<-a?y and ecoured fine merino wools "i per cent, to 10 per cent, higher, afeo for good CO's to r4's. Other desenptions of merino wools uncha.mred. Sif)>erior f»rea.»y fine ounlity cros-sbred wools 5 per cent, higher; average greasy fin© onality cropsbi-ed wools, pa.r to 5 per cent. hi<rhor; Rrcosy medium quality crossbred wools, -unchanged, whilst gieasy and ecoured coarse wool.'! were neglected. Slipo wools ind pcoure'l fine vitality were unchanged, and rcoured medium quality cros-sbred 5 per cent, lower. The TK>xt series has fixed to open on S*pt/'mber 21st, when 130,000 bales will be offered." NEXT SEASON'S BUTTER. TERMS OP SALE TO IMPERIAL GOVERNMENT. (PRESS ASSOCIATION TELF-CttAM.} AUCKLAND, September G. An important representative- meeting of Auckland provincial dairy factory ropresentotiveo was held in Auckland on Friday, vheffl a recent cablegram received by the Butter Committee through the Prime Minister from, the Imperial Government was discussed. The cablegram was as follows: — "With reference to your telegram of August 26th, his Majesty's Government agree to ex-« tend tie offsr to cover butter delivered to etorea in New Zealand up to March 31et next, and raises objection to the completion) of contracts made prior to August 21st with) United Stato3 and Canadian buyers. Subject 'to unforeseen contingencies, a free market is 1 contemplated in respect of the exportable surplus after March 31st." After a lengthy review and discussion of the position, the following resolution was finally l carried:— "Regarding the terms of tho offer of Mr Massey's telegram of August 26th to the Imperial Government, thia Association recommonds to eell as laid down-by tho terms of their offer dated August 25th, and empowers the Dominion Butter Committee to accept the Imperial Government's offer subject to a free and unrestricted market in tho United Kingdom being granted to New Zealand producers, a free and unrestricted market to mean equal conditions with the dairy producers of Ireland ond Great Britain." A further resolution was carried protesting against any further' payment being made by tho Government from the Consolidated Fund to reduce the price of butter in Now Zealand, and urging that all restrictions on local sales bo removed from October Ist. THE FREE M!ARKET QUESTION. (special to "the PItESS.") AUCKLAND, September 6. .Commenting .on Friday's conference of Auckland butter producers, W. Goodfollow, general manager of the New Zealand Cooperative Dairy Company, said that tho Imperial Government had "agreed to pay tho required price and to recognise American and Canadian sales ae requested, but the provision contained in the cablegram regarding ai freo market was very unsatisfactory. The recent communication from Great Britain, eaid Goodfellow, indicated that the Consumers* Council, a powerful Labour organisation, was endeavouring to induce tho Imperial Government to permanently establish a system of control whereby the in the Dominions would bo paid a lower price for their produce than, for that produced in Great Britain and Ireland. Th*6 butter producers of New Zealand realised that a great principle was at stake, and, nnlojs tho Imperial authorities would promise to pay tho same price for produce imported from the Dominions as for that purchased from the farmers of Great Britain and Ireland, no solo would be made. It was quito evident, added Mr Goodfellow, that if this system of control waa allowed to continue, it would become an established praotico, and in all probability would bo applied not only. to butter, but als.o to cheese, meat, end all other food supplies imported by Great Britain from the oversea Dominions. Unless the roquired assurance roi garding a free market in future wasr forthcoming, there would, declared Mr Goodfellow ! emphatically, be no sale, and the dairy companies of New Zealand would consign theif j surplus produce to Great Britain only after making extensive sales else.whero._ From an economic standpoint it was of vital importance to tho future prosperity of this country that tho producers should sell as well as buyon a world'parity basis. TRADE WITH GERMANY. (sraciAi. TO "the press.") DUNEDHSr, September 6. | Tho question of a trade boycott of England's late enemmiee, and particularly if Germany, was raised at the gathering of tho Overseas Cmb on Saturday evening. Luring the discussion at tho close of Archdeacon ■Woodthorpe's impressive lecture on "British Imperial Problems," Mr R. S. Black referred to certain classes of British born people who [ by their trade had helped Germany to accumulate, wealth. The tipeaker said he hoped i nothing of that kind would happen again. Another member of the Club questioned whether this was a sensible view to -*ike, and suggested that if it was to our advantage to trade with Germany, wo should be well advised to do eo. Ho appealed to ihe Archdeacon for- his opinion on the subjict. Archdeacon 'Woodthorpo declared at once that he "had no sympathy with tho boycotting business at all." Tho first principle of international trade waA mutual service. Germany was the centre of an economic system of many millions of jpeople that depended upon her effort, and any icfuaal to trade with her was only going to pc-rpotuate the misery of Central Europe and peipctuate bad feeling for many yeaia to come. Be believed himself that the attempt to bojeott German commodities would bo a in.stakc, but he left it to the statesmen or. the , political side as distinct from the economic side to protect Great Britain any unjust penetration by Germany, as e!.e aid I in the past for political purposes. It was onlv in that sense that ho would expect the ! statesmen of the Empire to be on the I guard. CARGO PILLAGING. There is probably no better reason to offer for Uu> thieving which i 3 at present coin" on all over tho world than that it is an aftermath of the war. The cargo that is shipped to New Zealand is only a very email part of the woril's turnover, and yet tho amount that is pillaged—-before it reaches the boat, on the boat, or while it is being landed —must in tho aggregate represent a considerable sum. And, tie fctated. New Zealand is only a small spot in the. world. A Dunedin mercliant states that within the last two months goods for the _ value of £163 have bean fctolen. Some of the articles pillaged are as follows:—1201 b almonds, one case sardines, two cases pineapples, one case of schnapps, half a dozen tins of Clever Mary, four cases of whisky out of 150 cases, 10 tins of leas, 34 bottles of bitters, 10 tins of honey, c-4c. So bad has tho position becomo abroad :hat the insurance companies are now -disinclined to cover more tiran 75 per cent, of the total risk of cargo. It is fair to aasiunc- (remarks

t.'ie "Otnpo Paflr Times") that 6omebody has :o pav for those* lossos, and that in tho Ions; nir. thoy have to lie borno chicuv by tho hirircst consumers—that is. tlx> working ol.isscs of th" general public. Ono of the many reasons, therefore., for the high cost ; rf living could, no doubt, be laid to O.k i sticky hand of tho individual who cannot distinguish boV.vccn "mine said thine." PYXE. GOULTV OTTXXESS, LTD.'S REVIEW. j We have received a copy cf the Annual Ro- j view* o; tho wool, stock, meat. and produce '.'u-j-keta ior the /season 1919-20, by Pyne, C'<u:!d. Gninnces, Ltd. A review oi the publication, which is on tho' usual comprehensive 6ca!e, will appear in (o-raorrow's issue. rxrox baxk of Australia. Roiorrin? to tho Fre** Association teilorara advioins th" Union It-nk iin'' clarcd an interim dividend of 403 jx>r siaro r-.d bo' Mis of 12s per share, the ChrUtrimrch f-'tock Exchanse has received the following toleirrnm from the Inspector for Xow Zealand of tho Union Bank:—"Messasv; obvioitslv an error; presumably refers Bonk of Australasia." .UrALGAMATKD WTRELESS. The annua! meeting of the shareholders, of Amalcuuialcd Wireless (Australasia), Ltd., was held at. Melbourne » few duys ugo. In moving this adoption of the report and bal-r.nce-slicet Sir Thomas Rushes, tho cliairma it ')! directors, after referring 1 to tho proS.TAss of wireless telegraphy, and outlining a tcheme already pluced before tho Goveminont for connecting- up Australia with England, said that mnch as t.'ie directors would. like to see their oversea service goiusr forward at once, they did not look upon that as tho company's only future prospect. Present-day activities were T-.rosjressing and exrandin;; very satisfactorily, and thqy looked for steady development in all directions. Their marine v .irelcs3 business was growing continunlly. j The Austrulectric Company, through which a j well-equipped factory and technical orgsini- j nation arc used for general electrical trading, j liad shown remarkable pjfigreas in tho past ] few months, and is increasing its turnover { tnonthlv. Tlio staff is now studying the j latest developments in X-ray v.-ork, a branch which it is to cxpind considerably. "During tho year the compajiy acquired under its permanent licenses various now and un- ' portant wireless patents, ami the value of its patent rights is being ivell maintained. Apart from wireless telegraphy important developments arc taking nlhce in vireWs telephony and diroctioniil wirolcss, and the directors" hop© to give somo demon'trntion of long-distanco vnl-eles.-j telephony in Australia during the present financial year. BROKEN - HILL PROPRIETARY. Commenting on iho fact at tho annual meeting a few days ago that tho net profit) of the Broken Hill Proprietary Co., Ltd., for the year ended May 31ft. was tho chairman. Mr Bowca Kelly, said that, nlihcueh the result -was not a-» good as could have been oxneeted under normal conditions) yet, when allowance was mn«fe> for the. entire cessation of operations at Broken Hill, and! for four months of inactivity nt Newcastle, it might bo resardod as satisfactory. If, during;, tho ensuing twelve months, operations were continuous, ho was hopeful that tho next report would diocloso oven aiare encouraging results. DUK3SDIN - HIDE. MARKET. Tho Dunedin hide sales wore resumed last week after a. lapeo- of approxim itsly frur months. Lnrge cntalocmc" vrero F»ibm-"H'-d by the various selling brokere, but bidding was strictly limited to tho exporters, the ta.nners' representatives takin* '.ho Trills of the offering at bid prioes. These vero conf idcrably lower than values ruling at the laet eaJes held hero. NEW ZEALAND PAPER MTLLS. Some important improvements wi to bo made to tho New Zealand Paper Mills Company's Mntaura mills in tho noar iulure. It is the intention to install a now loir-dnnior machine. This will involve "ho i'-.nutniciion of a now mill, which will make tho Mitttura plant the largest unit of its lund south of the Equator. The new machino will bo capable of turning 1 out 80 tons of per week at tho outset, and this quantity can bo greatly increased at any time tho company think fit. A start will l«e made on tho reconstruction of tho water race as soon *3 cement is obtainable. < DUVATJCHELLE STOCK SALE. At the monthly stock sale nt ')uYimcholle there was a very large yarding. Stores pitsdominated, aa paddocks are now being, eliut up for cocksfoot, and farmers are dcsiio-io of unloading stock. The ual© dragged, olid prices showed a decided fall all round. The ran<*e of values was:—Fat steers i'lS to J023 15s, fat cows £10 10s to £15 ITs 6d, fat heifers £14 10s to £17 15e, eprin#eia £9 17s 6d to £15 ss, two-year-odd steers up to £10, store cows'up to £G 10s, ASHBUBTOtt HORSE FAIR. Tho National Mortgage «vnd Agoncy Company, Ltd,, hold their monthly honse fair i» the Arcade, Ashburton, oh Saturday laet, when about 50 horses were offered by auction. The principal eales were:—-Gelding: (4yre) £49 109, do. (aged) £19, do. (aged) £10, do. (9yrs> £27, mare (aged) £12, gelding (syrs) £33, mer* (7yrs) £30 10s, gelding (aged) £16, more (7yw) £18, hack-mare (Syre) £6 lOe, do. (syxs) £11. THE HARDWARE MARKET. v'SPEOIAL TO "TUB PRESS.") DTJNEDIN, September 6. A prominent Dunedin merchant states that iho" direct consumer and tho general pniblic are all astray in their ideas regarding the immediate future prospects in connexion with the hardware market. They assume, for instance, that because prices have gone up eky-high, they must drop hock to the old level or oomething near it. Thus is utterly impossible, eay» the merchant, who go;s further ©till, and declares that there can be no drop at all for at least ten to twelve months, as manufacturers s4 Home are that length of time behind in their booked orders. • The tendency, therefore, is for prices to rise; indeed, tbey are ete«dlly rising now. The fact that wmo local firms are soling at under Home jiraeea need not be taken aa an indication of a fall; it simply means that they need Teady monoy at the moment to carry on, and ate taking this means of raising it. CHRISTCHURCH STOCK EXCHANGE. YESTERDAYS TRANSACTIONS. Sal© on 'Change—N.Z. Government 4} per cent. Bonds, 1938-39, £93. LATEST QUOTATIONS. Buyers. Sellers. £ ». d. & a.dDEBENTuRES— N.Z. Govt. 41 per cent Insc, 1933 .. 93 0 0. 93 10 0 N.Z. Govt. 4i per cent. Bonds, 1938-39 .. 93 0 0 93 0 O BANKS— National of N.Z. .. 610 0 612 6 New South "Wales ~. U 3 6 — New Zealand .. ~.; — 27 15 0 INSURANCE— National .. .. — Sl6 0 LOAN AND AGENOT— Goldsbrough Mort (Mel.) 2C 9 28 0 National .. Mortgage (cum rights) .. — 6 0 0 N.Z. Loan and Mercantile (ord. stock) .. — 105 oft SHIPPING— Huddart-Parker (cum div.) .. •• 2 17 0 P. and O. (def. stock) 425 0 0 — FROZEN MEAT— N.Z. Refrigerating' (£1 paid) .. - 2 6 3 N.Z. Refrigerating (10a paid) .. .. - 1 4 3 COAL— . ~ Westpoxt-Stockton (Bp.c. uon-cnm pxef.) ... — 011 0 •WOOLLENS— Kaiapoi (10s paid) u. — 018 6 Mosgiel .. ;; — 1 12 0 GAS— Christchnrch .« ..« — elO 0 BREWERIES— Manning ... <•< — < 1 0 MISCELLANEOUS— Booth, Macdonald .. — 0 19 6 Burns, Philp (Sydney) 2 3 0 — Cant. Publishing Co. .. 10 0 — N.Z. Drug Co. (cum dir.) .. .. — 3 10 0 N.Z. Farmers' Co-op. (£2 pa«) .. — 2 10 G N.Z. Sugar of Milk (cum dir.) .. — 2 5 0 AUCKLAND, September 6. Sale reported—New Zealand Refrigerating, 4teCd. DUNEDIN, September 6. Sal© on 'Change—Goldsbrctugh Mort, 4Cs> Od. Sale reported—Goldsbrough Mort, 47s Cd. TEAPOTS AT MINSON'S. A window full. See tihem. Big shipments of china, just marked off, including dinner sots. Minson's (whero you bought the sewing machine). 6 ELECTED. By a largo majority to the position of Leading Photographer. Standish and Preece, Studio," 244 High street. 'Phone Sls. ' 5 "Nazol" is what you want. Penetrating, soothing, healing. No cold is Nazol-propf. Beware of imitations. 2