COMMERCIAL.

Press, Volume LVI, Issue 16946, 22 September 1920, Page 9

COMMERCIAL.

KOREIGX EXCHANGE < -aoV—p ro£A Association—Copvrisht.'. (Australian and X.Z. Cablo Association.) f . IrOXDOX, Sept emfcer 20. a-Tnr-l /i? rei 7 ri l> "tc.iwgc rates on London - rj. ino lolicvin« comparison:— ■p„ ■ ~ . Par. Sept. IG. Sept CO. r cL J'~ T - • •• ---- "<3.10 31.-.:, a. (kr.: .. i 5.2.*9 iV.S - . it'V' Calcutta gold gov. 22Jd '2Z'-d •: LOnt^ e . n l (dol.) .. 4.50 :!.Sd'. 3«2 S I c , v '', ' or ' ; Wci.l .. ", y | iokoham.l (yen) .. -;r. sua zy < d % I HIGH COMMISSIONER'S REPORT.

(Pit ES.a AS?OCrATXON" TELEGRAM.) n ti- September 21. r •', e Ul c r l Commissioner";; c.aMojrram, date-l London, 19th, is- as foiled — ro-'at at T>?' re V™" 1 supply c? Ki-rILA !p, 1 n «* firmer but trade is dull, i n". avora-,v price of Wet' i~ Is 5d per 1!) mutton Js U'.d, and l.u-b 3s C.'.d. There is no change in the price o£ imported iaeai. and Uie demand is moderate. j..-, " £r Th? average prico of English is 7-r h l™ ;- w ;- >s a small mipnlv oi I- ~sh, b,U the demand is limited owing to in pnc< - Presini quotation 5 • i v i2 15s - understood th? loocl Minister lies arrajn;cil for live rouewa! of the Danish contract at JEIS per c.-rt. C.i f. Tae purchase was made with the co-operation ot the. and German Governments or "" v keep prices to tlie consumers as iov.- as porf.ille. Cheo&e —Trade is rerv <niiot. En-Fsh i« movintr at- J&S His to £!) Us pc-r cwf. For Canadian the demand ii moderate. White i? v.ortli is to £'3 2?, and coloured £S '2s to c.i.f., aro irregular at lleiup The Manila market is quiet, biit steady Prices are <inn. J jjrade. OcfoberDccember shipment-, has been sold at £68 ICS, which figure ihipnirr.l Juno-July or Au•zast to October, November or Decern V>e,r. is now tjuoted ct. The New Zealand market >- steady but. without animation. Spot quotation., arc t-'li-iitiy liieher. Hi S h poin t : 3 selling: at .Ssl> and fair at JC5i, and shipment Au.gnet. ty.-ntcniher, or October at £54 and «£«>! respcc lively. ITonoy -The market; i>-> firm I'iit qitie+, fotp b<sst quality. The demand is cliieflv for th© cheaper sorts. New Zeal ami first *»rado sold tins week at per ovrt. Second grade is quoted at nominally IK)* per cv;t.

HOME B.UTTEK SUPPLY.

NEW" ZEAL AND KIRS' COMPLAINT. (frou oup. ovrx corrkspoxdent.) LONDON, August 5. It is officially estimated that tlio total quantity of imported butler available for tha year ending- March 13-21, will not exceed 90,000 tons, against a pre-waa* supply of more than 200,000 tons. British production during jjhc winter month? is practically negligible, and no appreciable supplies oi Irish butter will reach (ho British ma.rket from November to April next. In theea circumstances, the official vi?w is that the Ministry of Food, a), any rate throughout next winter, must inevitably continue to be tho aoie purchaser of imported supplies. A free market might bring rather more butter, but the price would -rise to 'is or 5s vi. Lb, and the able distribution of a commodity in acutely short supply would cause great discontent.

During l discussion on tlio Ministry of Food (Continuance) Bill, objection was raised to a clause which' it was maintained gave the authorities power to regulate the import of any article of food.

Sir D. Maclean (Liberal M.P. for Peebles) complained that this provision would interfere with the free flow of food into this country. Ho understood that New Zealand had quite recently made an offer of 20,009 tons of butter to be sold in tho open market in this country. The Ministry, however, had said that this was to be dealt with through them, and they would distribute it. That was blocking business with all parts of the world. Moreover, there was a greater amount of shipping in tho world than before the war, and ship 3 were still being turned out from the shipyards, and they would want to got business. If the free flow were to'be checked by this autocratic bureaucracy tho food would not comc here, and an inoroaee of price would lie at the door of tho Ministry undor this clause. Mr Palmer said that the •power asked by tho Food Controller waa a power to "rig the market." Mr Kiley said that tho Dominions wero protesting, through the Colonial Officc, against' saich powers as were embodied in th® Bill being put in the hands of a single Minister. To . entrust any - individual with the importation of a commodity and to {?iv*> him power to prevent anyone else competing with him was a dangerous principle. The "Evening News," writing on tho eul> joct of New Zealand butter, sayn;—"New Zealand is in the field with a hot protect against our Government's high-handed prooeodings in tho butter business. 'The butter-makers have been told that. unless they will sell their «cason'a output to the Food Ministry «the Ministry will simply prohibit any import of their butter hero. One of the main reasons for the grumble is that our Ministry pays a low-grade prioo for a lugfe-grade articlc, and 'uses the profit on New Zealand butter to cover the high coat of expensive butter bought on the Continent. Finally, tlx; New Zealanders say that there can be little reason for talk of a butter shortage when our Food. Controller, by a deliberate threat that imports will bo prohibited "unless the butter belongs to tho Ministry, gives every inducement to New Zealand to hunt lor other markets and dispose of her butter supplies—as she is already doing with hex beat mutton and lamb— : tjb America.." LONDON WOOL SALES.

DIFFICULTIES AHEAD. (ntou out. own coMuesroNDE.vr.) TjOX&ON, August 5. In the report covering .the last series of London wool sales. wlncrk closcd on. July 16thj Mr A. D. Henderson (Xew Zealand Farmers' Co-operative Association), mentions thai the- quantity withdrawn, from day to day was large, amounting to some 45 ucr ccmt. of the offerings, while prices axe generally from 5 to 10 per cent, lower. Tho only exception to this dcclino is superior fino greasy 3T«w Zealand crosabreds, which were about 5 per cent, higher than in June. Medium qualities, at one time in fair demand, finished 7j per cent, lower. Coarse descriptions wore unsalonbie, and prices for them are nominal. Scoured and eliped croasbroda were generally 5 to 10 "per cent. lower. Sineo then so mo 5000 bales of South Afri-

can wools have been offered, but the competition was very poor.. It was not eo much a question of hisih iimils: buyers simply would not bid. Aa a- resuit only 450 bales •ware disposed of at the auctions, but afterwards a few more low were placed. Prices for what was soid indicated a fall of about 10 to 15 per cent, compared with Juno Rales. itr Henderson says it must ho recognised that there are difficulties alioad. Owing to ■the largu amount of wool that lias- accumulated, stocks are larger than ever before, and when taken with the new clips now in sight they are too large for tho present consumptive demand, and even if tho wool could be passed on to the various centres of manufacture with the rapidity of pre-war years, there is not enough machinery to deal with exich a volume of supply. The restriction of credit, and the Ireavy taxation, ;ire- also unfavourable factors. On tho other hand, th©re are important favcrurable influences. Stocks of the raw material in users' hand» are sTonerally very light, and there arc no substantial stocks of manufactured u'oods. Then, sooner or later, it is expected, iliat tlrere will be an unprecedented demand from the millions in Central European cetretrico, who are absolutely destitute of woollen gooJs. This circumstance before iong may tn make itself felt, and ihc marked prospcota far all good wools look very favourable, but faulty and coatee woo!?, which are in larse supply, will probably go much 'ower in vahie.

OTAGO HARBOUR BOARD DEBEXXUBJiS. (PRESS ASSOCIATION" -TELEGRAM.} DUDfEDIX. September 21. The trustees of th.o Dimcdin Savings Bank bavo resolved to tender for £5000 worth of Otago Ilarfcour Board debentures at par, which bear interest at oi per ccut. SHORTAGE OF CEillvXT. (srECIAL TO "THE PRESS.") r AUCKLAND. Son tern be r 21. The ihortaro of cement for building purposes in Auckland is mcst acute. Owin-? to the coil shortage, Wilson's Sen Zealand Portland Coment Co. are only orvr-rat-ing one kiln, the weekly output from vrhicii I 13 approximately six Inmdrtxl toaa, or hnlf the normal output. Even if the works iveiv" i operating at full prcejare, it it. stated that the quantity of cement manufactured would not be equal to the demand which, at the present time, is fairly considerable. The company have acquired a coal mine site ck>3e to the . worts, but it will be some time before they will be getting sufficient coal from this eourco to keep goins without supplies from outside. DLW'EDIX, September 01. The cement shortage in New Zealand is now » greater trouble than it was a year S£o. Wilson's big •works in Auckland, from which 6530 tons of cement came in August, bad to cltse down for want of coal on August 28th. Thus tho whole burden of supplying tire Dominion is thrown on the Go'.deu Bay Co.'s works at Takaka-, and tho Jfilbutn Co.'3 works in Ota jo. In regard to tlic ililburn

Co., th cir stocks arc.- almost exhausted. operations ba-ring boon retarded lately by (lie poor qualify of ill© coal snpplied from the West Coa/st. It ia bad luck that the output should be thus restricted at a tiiiio when t.he Dominion at large is crying out for cement. SKFTON DAIK.V ASSOCIATION. Following on their adopted policy to pay out during the coming- fee.i=»on tho highest p.iasiblo twice for butfer-?ai :o all suppliers, tho "iircotors 'if the Seffon Dairy Company decided, at flieir meeting las' \veok, to pay 2a 4d r.er j-b. for all butter-fat supplied during the month? of August and September. CANTERBURY MARKETS. Tuesday livening. The out market is praclicaHy unchanged. Occasional lines have passed c.n u basis of 4"s f.0.b., is-.i. Farmers' offerings are practically nil. and apparently there- arc. few oats in gi-o-jicas' hawks. Although tlioro in r.:> subsidence in values on the- week-end report, the tone-'of tiie market is. one c: depression. It is uuderslood that th<> possrbililv of export to Britain has been discussed, but villi wJia't prospects is not known. ' Au outlet there would certainly jump matters, and cause a flutter amongst "pap?r" holdeTS. A few small jjarcels of wheat axe coming: in from farmers who missed their sowing'. Seed lines are showing activity, a fair amount of business having- occurred between merchant*, -particularly in white clover. IJy-o-grass und cocksfoot arc nlso causing enqoiry, the prospects for a "big- autumn consumption of the latter in the North Jsland beincr brisrht. Thei )v>tato position is unaltered. It is al6o unexcited by the impending- arrival of the Australian expert. Ituch viluablc time has been frittered away. The following are price* paid to farmers at country stations, free of commission, sacks extra, except where otherwise stated: — Milling wheat—According to Government prices; Tuscan 7s 6d, f.0.b.; Hunters, 7s 8d; Pearl, 7s lid. Oats—Ga.rtons (nominal), 3s 3d. to 3s •Id. Uarlcy—Sß to 9s a bushel. Oatmeal—2slb ba.ge, £33 per ton; 71b bags, £37 per ton. Onjahea t—Jtu 1 Ox. Oatahoaf—£s 10s to £5 17s Gd. Italian Ryegrass—Gs to 6s 3d. "White Clover—ls 10d to 2?. Perennial Ryegrass—6s to Gs 9d. Cocksfoot—9d to Is. . , ;.Cowgnasß—ls 7d to Is Bd. Alaike—ls 9d to Is 11a (undressed). Partride;®. Pea.s—9s Gd io 10s. according try quality, Prussian Blues (nominal), gs to S3 6d, White Ivories 8s 6d to Ss 9d. Flour—Acoarding to Government prioas,. £16 10s per ton, f.0.b., Lyttelion, Timaxn, and Oa,maru. Bran—According to Government -price, £7 15s per ton, f.o.b. main, ports. Pollard—According to Government price, £9 15s per ton, f.0.b., main port». Local prioes: Bran £8 ss, pollard £10 Be. Potatoes (nominal, on trucks) —£1 15a to £2. Dfltota. Reds £2 ss. Onions (nominal)— For good sorts £16 to £18. RANGIORA MARKET. The Rangiora market was well attended yesterday, in spito of the rain. Tho entry of sheep consisted- of 255 fate and 676 stores, Thero was practically no demand for tho fats, only five small pens being 1 gold, 'wethers bringing- 40a 6d, best ewes 41s 9d'to 43s 3d,' and others 303 9d to' 345. Tho Bales of etores weie:—46 two-tooth ewes in lamb, at 353; 28 four and six-tooth ewes and 32 lambs, at 25s lid, all counted; 24 Bound-mouth ewes and 2+ lambs, at 15s Bd, all counted; 46 owe hoggets, at 83s, 65 at 2Ss 2d'; 36 wether hoggets, at 29b, 73 at. 27a 7d, ana G3 mixed 9ex hoggets at 27s 3d. Catllo—Thcro *in an entry of ibout 100 head, mainly dairy stock. Good springers sold at £16 to £21 103; medium quality, at £9 7s 6d to £13 10s; springing .lieifers, £9 to £10 2s Gd; empty cows, £S 17s 6d to £9 12s Gd; yearling steers and heifers,- £3 to £3 12a 6d; calves, to £1 10s. ' Pigs—About 100 were penned. Baconero m-ado £6 to £8; porkers, £5 ss; stores, £4 to £1 12s; and small pigs, 30s to 455. •In the poultry department roosters brooght 12s 9d;: hens, iOs; pullets, 10b 3d; and turkeys 20s Gd. In the produce yards oats sold at 4s Gd to Gs; grass seed, 3s Gd to 4a; oatslieaf chaff, 5s to 7s 6d a sack; straw cliaiT, 3s; potatoes. 5s to Ts-.; turnips, 5s 6d to Ca; onions, 2d lb; and apples, 5s to 8s Sd a case. ASHBURTON MARKET. Tho entry of fat sheep at the Tinwald , iTards yesterday comprised 4OS wethere, 5 1 ewes, and a. couple of hoggets. The market wa3 'much easier in tone, and out of 498 wethers 330 were passed at auction. Tho principal sales were:—Wethers: 10 at 5-s Ud, 18 at 51s, 17 at 37s Id, 13 at 4as, 7 at Mb, 1 Uat 39a !>d, 8 at 45s Id, 18 at S6e , 30 at 375, 14 at 4s, 14 at 45s Id, 15 at iSs, 32 at 44s Gd. liwes brought 22a 6d and 27s' 3d, and hoggets 2Ss and 37 s Cd. Stores—There was a yarding of 3?45. It was a dull eale all through, and 204 i were passed at auction. ' • The principal b»Jcb wow. —53 mixed sex crossbred, hoggets at Stfs, 32 fat and forward crossbred wetliers ut 3fi» E?d, 26 mixed Bex b-Ogjets at 23s Id, 11-t.wo-tooth thre€-quarterbred wethcra at -Ifl j £0 60 thrw-quarterbred sound and fajlingmouth ewes at 33s Gd, 30 failing-mouth owes ind 33 lajnbs at 13s 3d, 115 two-tooth tnreeiuartorbred ewes at 35s vd, 100 hoggets a. jSo wether hog S et6 at 24s lid, 167 six and 'ight-tooth three-quartern red ewes at 3JS<ia, 17 tw.i-ooth wethers at 31s 9d. Cattle —Thero wae a good yarding, mostly -.tores. Pat steers brought £19 10s to £-4 '0s fat heifore £13 to £18, fat cows £17 Lsr.' Store cows brought from £o -« » £6 176 Gd. Springers Tealised £1- to i,l* j». SUCCESSFUL CLEAKIXG SALE. Jones, McCrostio Company, Ltd., held a successful clearing sale ou Monday and lueslav last on account of Mrs N. C. Grant on ;he p!?mises, W-airaraj.a U-rra«, Fendalton + hey having told the property to -ir IticJtirds) Amongst the items sold were: l>icy•jM, 'which realised £9 10s and £7 10s; card -t ±'5.J W3, cabinet £IS. tea sen-ice £6 10s, Occasional chairs from 32s Gd to £6 los each, tfaterficlds £10, £10 ss. and £20 10s; "\asefl jo to £3 5b each, oTermantel £I<, "■T® l '.•53, rug to match £5 2s 6d. sidelxiurd £.!7 I,*.' dimii'-f table £15. buset £11 3 leather > : ,syclwir 3 £CU. dining chajre £24 ItH - =ett.js £'5 10s. 2 easy" chaiis £ii> r> '*<-•»- lional chairs r24. Spactbe piaro £74,Jdjrtn -ba.;ns £12, carpct, -t"22 10s, oak hu.l sf—t iail co,biiiet £21, <ircrsor £6 ss, u.laja )mo:eum £25, sHiv carpet £23, carpets fcO, ««, c-;;o joand iIS: wsrdrobo i_ s , dncheßso "ha=t £18, wood Wdatead £13, wararobe ilO, inches*" £9'los, dcchosso chest £i> oa, two ...t rood b«lsteads £10 <i thcr ? oot3s ' !i cotrespondinsly satisfactory price?. .w itudebakcr motor-car r«-a!ifed £-o. - 1 iotiji realisation was o\-er £low. J EQ 'Jr MARKET. The wecklv ejer 'sie of the Canterbury Egg Farmers' Co-operative Association was held n ths rooms of Messrs Harris 8r03., 1»3 Hereford street, yesterday afternoon. The juantity of eggs offered eclipsed ail previous •ecords. Buvers were numerous, and bidling T.as spirited All lots were sold, at he prices:--Her. eggs, Ist grade, N- hen egge, 2nd '.race. Is lid: ducks , -S; view Zealand Utility Touttrj- Club, 2s. 6

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CHRISTCITCRCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales reportedN.Z. Gov<»rr.meul Ah oer cent. Inscribed StocJc, 1339, £9:5; N.Z. Ko friscratin.? (Ids paid), £1 4«. LATEST O.tTOTATIONS. Buyer*. Seller*. £ s. d. £ 8, <1. DEBENTUBESN.Z. Grrvt. 4% per c«nt Bondj, 193S .. — ' 93 5 0 N.Z. Govt. per cent. Bonde. 3330 .. — M 0 c N.Z. Govt. 5 per cent luac., 1927 .. 9o 0 0 • — BANKSCoaimercial o£ Austra'ia (4 far cent, cam pref.) .. .. 614 0 — National of Netr Zealand — 6 11 0 Jioyal Bank .. .. 112 0 — Union, of Australia .. — 14 4 0 INSURANCE— Standard .. .. — 3 0 0 LOAN AND AGENCY— Goldsbrouph Mart (Melb.) cum rights .. — 2 7 0 National Mortgage, "rights" .. .. 017 .6 . 2 0 0 National Mortgage, cam rights .. .. — o 17 G SHIPPING— Hucld',llt-Parker ' *.■ — 2 15 0 FROZEN MEAT— N.Z. Refrigerating (£1 paid) — 3 7 0 N.Z. Refrigerating- . (10a paid) . .. .. — 1 < 0 COAL— Weatport- ... .. 1 10 0 — WOOLLENS— Kaiapoi .. ... - — 1 " 0 Kaiapoi (pref. re dir. onlf) — 111 G GAS— Chrifitchurcli • » — 6 0) BREWERIES— Ward .. .. — 1 6 a MISCELLANEOUS— Beat!), Schi«» Fclftcad (cum div.) : .. — 110 6 Bootii, Macconald .. — 0 19 6 Cant. Publishing l Co. .. 10 0 — D.I.C. .. .. — 0 17 6 .Eclipse Pctrpl (lOapd./ 0 5 0 0 8 C Mason. Struthers (£1 paid), cum rights ■ — 1 14 6 N.Z. Drug 1 Co. .. — 8 9 0 N.Z. Sugar of Milk •(ox div.) .. — 210 0 Papuan Products ... — 0 2 3 . Whitcomb©. and Tombs — 4 0 0 J\.Z. Farmers' Co-op. (£2 p»id), cum div. 210 0 — AUCKLAND, Saptember 21. Sale reported—P. and 0., £430. DUNEDIN, September 21. Salea on 'Cbang©:—Weatport Coal, 30s: New Zealand Refrigerator (oon.), 2is; Papuan Products, 2s. Sale tepotUxl:—P.' xnd'O. (deferred), £436. AUCKLAND STOCK EXCHANGE. (Special to "the priss.") " . AUCKLAND, September 21. Quotations:- I—Bank1—Bank- of Australasia, sellers £92 15s; National Bank, sellers £6 lis 6d; Bank °f New Zealand, sellers £27 10a; Union ißank of Australia, sellers .£l4 2s-6d, buyers £13- 18s; National Insurance, sc-llers £3, IC3; buyers £3 14b; New Zealand Insurance, sellers £1 9a 9d, buyers £1 9d 3d; South British Insurance,' sellers £9"18s, buyers £9 14s fid; Standard Insurance, sellers £3; Loan and Mercantile, buyers £102; Loan-and Mercantile (pref.), Golfers £70,- buyers £62; Weetport Coal, sellers £1 lis; Hudd*rt-Parker (ord.l, sellers £2 16s, buyers £2 14s; ,P. and O. (Deferred)sellers £450, buyers £120;' Union Steam, (pref.); sellers £1 0s 9d; Colonial (Fiji"); sellers £22'7s 6d ; Kaiapoi Woollen, (ord.), sellers £1 19a; Talisman 1 Consolidated, sellers 7« 6d, buyers 6® lOd; Waihi, eellora £1 lis 3d, buyera £1 13s 6d;' Waihi Grand Junction, sellers 10s 7d, buyers 10s; N.Z. War Loan, 1927, at a per cent., nellera £91 ids. ; ; WELLINGTON SHARE MARKET. ' (smciaz. to "thb ph*ss."> WELLINGTON, September 21. Quotations—lsacrilicd Stock, 1938, buyers £93-2« Sd, sellers £93 103; War Bondk, sellers £95 IO3; Bank of Australasia, eeliera- £94; Bank of New South Wales, sellers. £34 10s; Bank of New ZealantL, sellers.£27 10s; Union Bank, buyers £14,. sellers £14 se; Equitable Building, buyers £9 .12a 6d; GoHeb rough, Morfc (cum-riglife),-sellers 475;- Wellington Investment, sellers 12s . 3d; Wallittgtoi! Trust a.Ti-,1 Loan, buyers -£6 ss; Wellington Deposit, buyera 8s 9d; Wellington. Gas (preference), sellers 17s; National Insurance, buyers £3 14s; South British, buyers £9 12s Gd; New Zealand Refrigerating (10a paid), buyers 23s 9d; Gear Meat, buyers 465; P. and O. (deferred trust stock),' buyers £42j; HuddaxtParter (ordinary), sellers 55s Gd; Waipa Goal, bo Here IGa; Timber, -buyera 33s 9d, sellers 37s fid; Wilson's Cement, seMcTH 17s Id: Sharlaod's, buyers 30a .Gd; Wairara.pa Farmers' (£5 paid), buyers £G 14s.