COMMERCIAL.
PRICE OF PRODUCE. DEOP IN LONDON MARKET EXPECTED. Important information in regard to the cheese .and butter markets is contained in the following copy of a cablegram from, the High Commissioner for New Zealand to the Prime' Minister, dated London, January 27*:— "With reference to your telegram of December 14th: —Cheese—Total stocks held in importers' and wholesalers' warehouses in Great 'Britain on January Ist, 1921, was 18,088 tons. Of these stocks 11,400 tons were Government and 6688 privately owned. Ministry of Food adds that balance of cheese to .arrive from Australia and. New Zealand under last season's contract was 562 tons on January Ist. Stocks of Government cheese, Australian, Canadian, New Zealand, 'January Ist, 1920, amounted to 11,400 tons, but Ministry points out supply was then below demand, in consequence of delays in Australasian shipments. Harket last month was quiet, (Sovernment allotments being poorly applied for, buyers meeting requirements from free Canadian at lower price. With delay in arrival of New Zealand and reduction in Canadian supplies market temporarily firmer, and Government prices been reduced. Government stocks being taken up slowly. Arrivals from New Zealand February-March not likely to be excessive, and this should help market for first quarter. With larger arrivals, however, it is doubtful wheether nrices can be maintained. "ButterT —Government prices not yet lowered, though reduction of 4d per lb retail will be made February 7th. > At ! present prices consumption is limited, and for some time allotments on basis of 2 ounces per lb have been readily taken up. Production in Denmark reported fairly well maintained, market there is inactive, and prices falling off. Supplies generally are good, and tendency is towards lower prices." WELSH COAL PRICES. LONDON, January 28. Experts believe that the worst of the depression i» South Wales • coal has passed. The export prices have fallen from 110s to 655, and are regarded as having touched the lowest level. Confidence is increasing with the receipt of orders. 'BUTTER PRICES TO FALL. (By Cable —Press Association— Copyright.) •(Australian and N.Z. Cable Association.) LONDON, January 28. A further step in the decline of butter prices is anticipated after decontrol. The' Food Ministry's stocks are mounting rapidly, and it is generally estimated that the stock at the end of March will be about 30,000 tons, to whieh must be added part of February and all of the March shipments. It appears likely that the Food Ministry will have to carry 40,000 tons over the summer. In the 1 meantime, supplies greatly, exceed the demand. Owing .to the almost entire cessation of buying by Germany, Scandinavia, and other European, countries, practically the whole of the Danish output is available for Great Britain, to which country the imports from Denmark have quadrupled, reaching 1000 tons weekly instead of 600 tons fortnightly. * PINEAPPLE PRICES. BRISBANE. January 29. The Minister of grate Enterprises has announced that the pineapplegrowers • will be guaranteed os a case for approved pines.. The Commonwealth is financing the scheme: AUSTRALIAN, PRUIT EXPORT TRADE. ■ SYDNEY, January 29,Mr L. H. Freeman, chief partner in the firm of Freeman and Company, London, big buyers of canned goods, stated that the careless and indifferent .methods of the packers and canners "were killing the Australian export trade in canned and preserved fruit. There was a glut \of ripe fruit at present, and hundreds of tons were being destroyed daily or rotting in the orchards. There was not a single export order in Australia at present, whereas there should be . orders for 300,000 to 400,000 cases. He urged the grading "Of goods, true to* sample, so that they would reach the retailer in an attractive, marketable condition.
PREDICTED FREIGHT FALL. MELBOURNE, January 29. Sir Kenneth Anderson and Mr J. Geddes, directors in the Orient Steam Navigation Co., Ltd., predict a fall in freights, which will still further accentuate tho troublesome period that British shipping is experiencing. (Received January 30th, 5.5 p.m.) LONDON, January 29. Freights continue to weaken. Steamer freights for.Australian wheat previously 725. 6& are now obtainable at 70b. ~ •
WHEAT CONFERENCE ECHOES.
SOUTH CANTEBBU3Y FARMERS' VIEWS. ' (srEOIAL TO "THE PRESS.") TIMARU, January 29. The executive of the South Canterbury Farmers' Union met in the office of the secretary (Mr A. Thoreau) today, Mr J. Trotter presiding. The meeting was called to hear a report from the delegates to the Wheat Conference, held in Christchurch last week. The chairman dealt briefly with the principal issues of the conierence, as already widely circulated. JUe said he considered there were many people present at the conference whose right to be there was very questionable. ' So far as the decision arrived at was concerned he expressed great surprise. It was in striking contrast to the finding of the very representative conference held a short time previously in Timaru. Some of the North Canterbury men.appeared quite piqued at the previous conference having been held at Timaru, but he considered it was a better indication of the feeling of wheat growers than the recent conference. The South Canterbury men who attended the conference voted for the fixing of a minimum price for 1920-21, and he was glad to say that the Otago men had done likewise.
Mir J. Paterson said the conference in Christchurch had been conducted on very slipshod, lines. There was no check, on those attending, and it would have been a very simple matter for the public even to have- attended and taken part in the voting. There was no attempt to have the conference, representative, and while some delegates represented branches of the Farmers' Union, others present represented no one, but voted as individuals. In his opinion the conference was held for the purpose of shifting the responsibility of decontrol from the Government to the fanner, and it had succeeded. He was very doubtful if the result would be an increased production. He knew of one farmer who said he would sooner koep his paddocks in grass than run the risk of losing pounds per acre on wheat. Mr'Driufl&n eajd. the Government
had succeeded in getting the fanners to say they did not desire the commandeer. That was what had been wanted. • Membera spoke of the attitude of the North Canterbury farmers at the conference in Timaru as compared with their vote at Ohristehurch, and surprise was expressed that they had turned round so completely. • - One member characterised the action a<« a complete somersault. Mr Hay moved that the executive approach the Minister to continue the wheat control. In his opinion the decision' of the last conference would be fatal to the growth of wheat, and it would be disastrous if that occurred.
Mr Copeland seconded. Mr J. Paterson moved as an amendment that no further steps be taken in the matter. He did not disagree with what had been said regarding the results and disadvantages which would follow on the adoption of the conference finding. There must, however, be finality some time. If they adopted the motion they would be going to the Minister hat in hand to ask him to undo what their felloe wheat-growers had indicated they wanted_ done. ,The amendment was carried by five votes to four.
The question of the representation at the conference was then discussed.
The chairman said he considered "they ought to send a resolution to the Minister pointing out that in view of the method adopted of calling the conference, and in view of the former resolutions passed, the rote taken could not he considered a true one. The conference was far from representative in the -sense that the South Canterbury conference was. The conference in Timaru. unanimously adopted one course, and'the second conference turned down that finding by. 28 vites to 15. Mr Bassett said there were thirty delegates at the Timaru conference. The North Canterbury men he knew voted just opposite to what they did at Timaru. All the Ota go and South Canterbury delegates voted for continuance of control.
Mr Hay said there must have Been many who did not vote. Mr Pnterson said 43 voted but of between 70 and 90, who were present. He objected strongly to there having been ho control or check on those allowed to attend A good many wheat-growers had voted for themselves and represented no other persons. Mr MaeCaulny said if the decision had' gone in their favour they would not have questioned the representation. He did not think they ought to take, any further steps in the matter. It would make them look very stupid. Mr Drinnan said he thought the best thing to do would be to' pass on to the next business, and this was done.
FROZEN PRODUCE LETTER. COLD STORAGE DE-CONTROLLED. (FROM OTTB SPECIAL CORRESPONDENT.) LONDON, December 9, 1920. The Union Cold Storage Co., which has been much in the public eye of late in vfew of (Messrs Vestey's purchase of all the Government frozen beef stocks, frozen rabbits, and a good proportion of the cut mutton, shows in its annual report for 1919, just issued, a further advance ill profits which now all but amount to a quarter of a million sterling. In 1913 they stood at only £105,000, and since then the rise has been remarkably regular. The ordinary dividend is kept at AO per cent.
MEAT STOCKS LOWER. The actual profits made by cold storage companies next year may not be quite the same as at present, as for the first time since early in the war theite is a considerable - amount of spade vacant in the refrigerated depots of Great Britain. It is estimated that about 12 million cubic feet, or about 26 per cent., of the total storage of the country is at.present vacant, and this is unexpected, and due mainly io the big calls for moat from the. Continent, and also the United States. Recently a deputation of cold store owners waited upon the Food Controller to urge that the frozen beef stocks purchased by Vesteys should be stored with fair distribution among the publio cold stores of the' country instead of being transferred as they were to some extent to Vestey's own stores. The Food Controller promised that instructions should be given for this. In the last days of the year the Food Controller announces the decontrol of the cold storajje industry as from December 3ist. This means that the Ministry of Food no longer places its veto upon the free passage of meat and produce in and out of store. The industry generally has made a good deal of complaint of the irksomeness, and also the uselessness, of control for the past two years. / • ■ " COMPETITION AMONG THE
PORTS. The tendency for "combines" to be made between kindred commercial undertakings just now is reflected even in the cold storage industry, were at a port in the West of England the Bristol Industries has been formed of a number of concerns, including the' Avon Cold Storage and Ice Co., Ltd., and some companies controlling motor transport and mineral water manufacture. These amalgamations tend to increase efficiency, and they indicate a strong upward marketing movement now going at at the various provincial ports. Hull, Cardiff, Bristol, and Southampton are likely to benefit considerably at this time, as frozen meat and nroduce imoorting centres, from the fact that raifway rates render bulk shipment to London and rail therefrom more costly in comparison. Dominions' producers' are being appealed to on this ground, and the result of the campaign is worth watching. Where a satisfactory market can ba obtained direct shipment is generally accepted as the more advantageous policy. A NEW INDIAN DEMAND.
Australian meat producers are said to be looking into the possibilities of exports of frozen meat to India now that the Secretary of State for India haa withdrawn a big concession previously held by a company for the slaughter of 200,000 head of cattle every year in India. The change has been made in the interests of local breeding development, and is said to be very acceptable to the Eastern religious feeling. On at peace footing the British garrison in India is said to require more than 100,000 head of cattle per annum, so tfrat the total requirements now forthcoming should be verj considerable.
REPORT ON "TRUST" MENACE. Considerable attention has been paid by commercial'circles, as well "as the British public, to the interim report of the Government Committee on Trusts ■which, has just been issued. This report in the main 'deals with, the effect of the operations of the American meat) companies on the British meat trade, although the action of rings in the hide and'ftt industries is also dealt with. "Ehe Committee puts forward six recommendations for the protection of the meat trade against American Meat Trust aggression. These I may summarise in a few words as follows: —(1) The Government shall consistenly prevent the foreigners getting a greater hold of the beef trade. (2) Legislation shall be levelled where necessary against co-operation between the American companies.- (3) Taxation o"f the foreigner phall be increased to the level of that imposed on British firms. (4) TheV Government's operation of"the Las Palmas works in Argentina shall continue. (6) The Government shall maintain such relations with. shipowners to prevent freight arrangements letting tlner foreigner in further. (6) The Government shall consult with those of other nations for common action against the Trust. At this time of general revolt against excessive taxation, the strong note.in. .the report against the unfair ;
favouring of tfhe American Trust in regard to income tax should have good[influence. The report condemns the tact) that the American meat companies are at present assessed for income tax and excess profits duty only on their merchant's* profits in the United Kingdom, while companies resident in the .United Kingdom, and operating in tihe Dominions or foreign countries are taxed on their profits whether as producers or merchants, and -whether brought to the United Kingdom or not. This is why the Vestey Bros, were forced opt ofi English territory, as they declared that the balance of advantage on tax drains was so great with, the Americans that they could' not. compete with them if nominally resident here.
MEAT AS MANURE. •1,120,000L8S ROTTING AT ABBEVILLE. CONCESSIONS 0 p DISPOSAL • I (FROM OTTR OWN CORRESPONDENT.) ! . LONDON, December 16. ! Following the organised campaign by ■what Mr Bonar Law calls the "Yellow Press," against official waste, disclosures have just been made of what appears to be the wholesale squandering of the taxpayers' money. Huge sales of surplus Army stores were advertised, this week in French newspapers to take place at the Abbeville dump. The following announcement is taken from a catalogue of this sale: —"A very important lot, consisting of prer served meat in gross, and in boxes. The meat is unfit for human consumption, but could be used in the manu- | facture of manure. About 1,120,000 J pounds weight." I "The authorities responsible for the liquidation of Army stocks," says the I "Daily Express," "with utter disregard I of the fact that they have, permitted 1500 tons of food to,lie rotting for two years, have drawn attention to -this ! lot by printing it in bold type." "There are fifty-eight other lots to be sold? and the* catalogue says that no guarantee goes with the sale. What further j quantity of foodstuffs • will the pur- ! chasers find in the same rotting* condition as the preserved meat?" The same journal draws attention to what it calls'"glaring examples of scandalous waste of print and paper." The publishers of the. catalogue,, not content with <he futility of advertising single articles such as a front mudguard, appear to have gone out of their way' to inform the public -what they have not got. This extraordinary statement appears in list R 129, Sheet No. 2: —"Serial No. 51 Spans 6 and 7 M. spares for bolts W.l. screwed 2£in and 4.in. No. in stock—Nil. Bolts hook Jin x 9in. No; in stock—Nil." Every folio tells the name tale. One split-pin is offered for sale -with a wealth of detail. One protection bracket for ignition control gear, one expander tube, and two and a quarter inches of hardened tube steel clamour for purchasers in another. Nothing more cynical than the 6tory of the Abbeville and Audruicq "dumps" haa been revealed in the whole history of two years' prodigality. Who is responsible for this ghastly waste of the taxpayers' money?" "The Times" asks. "When it was decided that all surplus stores should be handed over to that department, a Disposal Board was set up, whose performances have been much in the public eye. Competent men. military and civilian, on the Board are not lacking, but, as public enquiries have shown, jt suffered from constant interference from outside. By November 30th, arrangements had been completed by the distinguished official who then controlled sales in France, for the disposal of all the surplus stores in that country by the end or last July. At the last moment this arrangement was cancelled, and a resident Board was set up in Paris, far from the dumps. For months past it has been common knowledge tha't stores were rapidly deteriorating, but guarded official denials were always forthcoming. The Ministry were warned more than a year ago that it was dangerous . a to hold perishable stocks much longer." A traveller in the devastated areas of Northern France speaks of the dumps of medicine and other bottles at Etaples. Many thousands of bottles of all shapes and sizes are at this moment lying there in a great pile some 120 yards in length. The only people who appear to take the' slightset interest m them are the French peasants, who may pe seen on most days gleaning the more valuable kinds of bottles from the gigantic pile. Every day_ hundreds are broken and destroyed owing to exposure to the weather and other causes. _
The tremendous camp' at DannesCamiers is gradually tumbling into atter ruin. There js scarcely a single whole pane of glass left in the windows of that vast range of hutments; many doors, posts, and planks have been wrenched away. The whole encampment presents a picture of utter desolation. The same confusion exists at the dumps round Bailleul. Many thousands of pounds worth of valuable war stores, of all kinds are slowly being destroyed'by the action of time and, the wintry weather.
TRADE RIVALRY A PROGRESSIVE DEPARTMENT. (PROM OUB OWN COBBESPONDENT.) LONDON, December 10. The operations of the Department of Overseas Trade in its effort to compete with foreign manufactures have been brought more prominently before the public this week by an exhbition of itscollection of foreign samples, numbering about 100,000, and covering a wide range, and representing the productions of practically every manufacturing country in the world. They have been purchased by the British Trade Comissioners, commercial secretaries, diplomatic officers, and Consuls in from 200 to 300 districts, and sent Home for the benefit of the export manufacturer, and for the education of the work people engaged by him. By this work the Department of Overseas Trade is doing a service that it is impossible for a manufacturer'to obtain in any other way, or for an association to render with, the same em-
ciency. The chain of communications with British. Government representatives abroad establishes a link with trading"" conditions throughout * the whole world, and ena'bles tne Department to put its finger on the pulse of foreign competition anywhere at any time. The manufacturer is in a position to see what foreign competitors af[e doing, and, what is even'more important, to learn from the samples, which are all selling lines, what the peoples in the different countries want. All specimens are labelled with the country of origin, the country of sale, the price of the article," discounts, terms of credit, and other data likely to help the manufacturer to compete successfully abroad. If any manufacturer comes to the conclusion that he can supply a particular market the Department is prepared to give him the names of buyers m any part of the -world; if he desires to find- out how any article is made, with a view to manufacture, he is given the loan of the sample for examination at his own works.
Whenever new samples are received of particular interest "to specific industries these are immediately taken to the areas where similar goods are manufactured in this country, and in, co-operation with local Chambers of Commerce are shown, so to speak, at the factory gate. At these provincial exhibi tions»it has now become the custom to invite, in addition to the manufacturers, representatives of the workers, including trade union leaders and shop foremen, so that jfchey, too, 'may have ocular demonstration from the samples shown of the exact characacter of the foreign competition which employers are up against.
N.Z. L AND M.A. COMPANY. ANNUAL MEETING. (from our own correspondent.) LONDON, December 16. As chairman of directors, Mr Warrington Lsing presided this afternoon at the annual meeting of the New Zealand Loan and Mercantile Agency Company. Other directore present were Sir V. • Holt, Messrs A. M. Mitohieon, "W. W. Paine, and A. Shepherd. Before introducing tie ordinary business,,the chairman referred to tfoe. death of their colleague, Mr W. C. Dawes, the vacancy on the Beard! thus caused being under careful conisidera/tiooi, though no announcement could bo nuade at present.
Mir Laing said that an interim dividend of 2£ per cent, on the five per cent, preference stock, and also on the ordinary stock (both eubject to income tax at the full rate of 6a i;\ the £) had been paid in June, and the directors now recommended a final payment of 2£ pej cent, on the former stock less income tax at 4a 6d in the £, which was in accordance with the provisions of this year's Finance Act. The Board recommended a final dividend of 2 per, cent., together with a bonus of 2 per cent, on tihe ordinary stock, <but free of income tax in both oases, Thismeant that the net dividend for the year was £5 15s per cent., against £5 12s per cent, last yeajr. It had been necessary, in older to bring; the value of securities to a figure which waa at or under market value art the 80th June, to provide for depreciation to the extent of £38,592 12s Id, and this very materially edvtrsely affected the year's results. They had added £25,000 ,to reserve account, written doTO premises account by' £IO,OOO, and appropriated £IO,OOO .to staff benevolent fund, finally carrying' forward £23,491 16a id. As to the allocation of £IO,OOO to the staff benevolent fund, the 'directors were now engaged in formulating! a Btaff pension eoheme, which they hoped to complete and have in operation in the near future. The etaff benevolent fund .would be an important factor in carrying' out this scheme, which, would tend to the well-being and contentment of the etaff.
The chairman then explained the position with regard to the double income tax, referring to the recent decision of the House of "Lords in an appeal case. In the Finance Act of the present year, however, a clause had been introduced,' he explained,, which had overridden as from April 6th the Judgment of the House of Lords, and provided that iax -should not in any case be deducted' from' dividends at a rate exceeding the rate of the United Kingdom income: tax as reduced by any relief from that tax given under the English Act. The net result waa that, up to the close of the country's finea> cial year, tho money they- had set aside representing the difference between the full rate of income tax deducted from the preference and ordinary dividends, and the rate at which, tax would have been deducted if.the' relief granted under section 43 of the Finance Act of IM6 could havo been claimed by the shareholders, belonged to the company and not to the individual shareholder. But, us from the 66h April last, they were onlv entitled to deduct from tho preference dividenda the net amount of the tax, which, for the year ending June 80th, 1920 (three-fourths of which was coveredi by the decision of the House of Lords, and one-fourth by the Finance Act of 1920), worked- out at 5s 8d in the £, and therefore, for the final half-year'B dividend on that stock, at 4a 6d in the £, whioh waa tihe amount- of tax which would be deducted from the final dividend. In tho current year, if the same provision of the Finance Act, 1920, remained in force and thp amounts payable for income tax- in the United Kingdom and colonies remained unaltered, they would only be«entitled to deduct from the preference dividends the net amount of the tax after giving credit for. the relieJ received. In order to avoid the complications which would have arisen in the case of ordinary stockholders, they decided to pay the final dividend on such stock for the year ending June 30th, 1920, free of tax. The chairman referred to the recent visit of himself and Mr-Reid (the secretary) to Australia and New Zealand. "I waa p*articuferly struck with the evidence of the high esteem in which this company is held m lAustraiasia," He said, "both as its standing and its method's, and these opinions are not only confined to our own clientele, but to the general business publio as well. One of -the first matters we &ad to consider was the position of the staff. We at once recognised that, notwithstanding all the directors had done'to meet this position, a further revision was desirable in view of the existing conditions of life, and in recogniton of the good work Which was being; done by the etaff. This revision was mads, and I trus't with the result that our officera are contented and that their position is in no way inferior to that existing' in other institutons. I should like to give you my assurance that the company is very well represented, and that our staff is at once loyal and .efficient and imbued with, an esprit de' corps which is admirable. Out visit was full of interest and most instructive, and I venture to think that the result of our full discussions with the executivo on the different phases of the business will prove to bo of advantage to the company." After speaking of the past seasons in New •Zealand'and Australia, Mr Laing explained the position of the wool market. In view of abnormal conditions, he Baid, it waa impossible to -give any reliable opinion a» to the future of that market, but, with supplies so much in excess of the demand, it would appear inevitable that prices must trend in a. downward direction until an improvement' came about in the European situation, and tho foreign markets were again open to us. ■With regard to other descriptions of Australian produce, he said, there had been a heavy fall in values from the high levels touched under war conditions, and until the general financial position improved n.Tjd confidence in the future wasrestor:d, uns2ttlei markets and stillj furthar declining prices might be expected. While the results of this year's working must bo considered satisfactory, the outlook could not be said to be leaesuring. Values of produce had fallen considerably with restricted markets, caused no doubt by financial stringency and the difficult exchange position. This naturally affected their earnings, and they had, moreover, to_ face increasing charges %nd higher taxation*, both here and in the colonies. They could only hope that something might occur later to improve the situation. The directors' report 6howed that, after paying interest on the first and second mortgage debenture stocks, making provision for bad and doubtful debts and other contingencies, adding £25,000 to general reserve, and writing £IO,OOO off premises, there remained a balance of £160,33 a Out of this the directors applied £38,592 to writing down investments to their market value at June 30th, -leaving a balance of not revenue, £121.745. Of this amount £30,000 was paid on June 18th, as an interim dividend of 2J per oent. on the ordinary and cumulative preference stocks, less income tas, and the directors appropriated a sum of £IO,OOO to the staff benevolent fund. This left a balance of £G1,745, which, added to the balance carried forward at Ist July, 1919. (£26,745), made a total balance of £83,49 L Out of this the following dividends were recommended: —Final dividend of 1\ per cent, on £1,000,000 5 per cent cumulative preference stock, less income 4s 6i in the £, £25,000; final dividend of 2 per cent, free of income tax, on £1,000,000 ordinary stock, £20,000; bonus of 2 per' cent, free of income tax, on £1,000,000 ot-du-ary stock, £20,000; making a total of £65,C00. and leaving £23,491 to be carried fcTTward.
Tile directors' leport and ba]aiu»*heet w«» adopted. Mr Alfred Shepherd was reelected director, and Meona Kemn- Sc»»~Senr
dell nad 00. *nd Mr Sydney R. Wcdey tttaa re-elected auditors, their remuneration being iccreaeed from SSO guineas to *6O guinea*. N.Z. AND AUSTRALIAN AGENTS. RULES OF THE NEW ASSOCIATION, i (from ottr own cobrkspondknt.) LONDON, December 16. A tew weeks ago the New Zealand Agents' Association extended its scope to include Australian agents, and decided tto change the name to the New Zealand end Australian Agents' Association. Mr K. H. Robinson* (of Messra Gordon, "Wbodroffo and Cc.) was elected chairman, Mr A. &t. G. Ryder (Nntional Mortgage and Agency Co 3 Now Zealand vice-president, and Mr D. B. Reid (Messrs-Yuill, Ltd.) Australian vice-president. A committee was set up to draft rules, and at a meeting held tins vreek these were considered, amended where necessary, and duly adopted. f Among the . principal rules arc the following:— The objects of the Association shall be to watch, promote, and protect ;he interests of New Zealand and Austialian nroduoers Riid exporters, and to do all such things as may \>-~ conducive to *Ure carrying out. of thos»? objecta. Alenrbenslrip shall be confined to duly eieoted British corporations, cocieties, firrrw, or pertons who act in ithe capacity of agents foT New Zealand and Australian producers and-or exporters. The representative of any Government, public body or corporation, or any* individual with permanent or eppcial interest in or knowledge of New Zealand and Australian ■trade, may be elected to honorary membership at general meeting. Except as otherwise provided the affairs of the Association shall be administered by a council consisting of the officers and twelve members to be elected at the annual general meeting, at which every endeavour (to secure equal representation for New Zen-Ian 1 .! and Australia respectively, and, further, that nil the principal products of both countries are represented. Four members of the coun-rt'l rfiall retire annually and shall be ineligible for re-elec-tion to the council for the ensuing year. The annual subscription shall be £5 ss, payable on January Ist. Mr G-. F. Do Vries (Canterbury Farmers' Meat Company) was elected a new member; and Mir J. Raymond ("Pastoralists' Review"), Mr Alexander Orabb (New Zealand Produce Commissioner), and Major "W. V. Robinson were elected honorary members. TRADE CREDITS SCHEME.
(JBy Cable—Press Association —Copyright^ (Australian) and N.Z. Cable Association.) (Received January 30th, 5.5 p.m.) LONDON, Jtnuary 39. The "Daily News" says the Government is endeavouring to persuade th« bankers to take tho whole Tisk of the trade credits echeine, but there is not the slightest hope of the bankers taking the tisk.
LONDON MARKETS': (Received January 30th, 5.5 p.m.) . LONDON, January 29. Cotton—February shipment 9.17 d per lb. Eubber—Para, 12jd, Plantation 12jd, smoked lOd. Jute—January-February shipment, jEB7. Hemp—Market dull. January-March shipment £sl. Oopra—January-March, shipment £B3 6s. ' Linseed Oil—£3o 10s per ton. Turpentine—Bos per cwt. LONDON -WOOL SALES. The New Zealand Loan and Mercantile Agency Co., Ltd., has received tho following message from London, under date 27th inst.: —Wool Sales.—Sales closed. Mora active competitioh French, Belgian, and American, buyers. As compared with December 18th, merino 5 per cent, lower. Greasy crossbred, 56's Is 6 jd, 50's Is Sd, 44'e to 46's la, SO's to 40's BJd to 9d. At Messrs XL Matson and Co.'s rooms on Saturday, property at the corner of Canal reserve and McGregor's road, Bromley, was sold as follows:—Seventeen- acres, with house of five rooms and outbuildings, at-£2OOO, to Mr W. G. Moore. Fourteen acres, no buildings, at £lls an «cne, to Mrs J. H. Moore. A section of itwo and a half acres, faoing Buckley's road, was sold at £SOO to Mr E. Peters. . ' % ASHBTTRTON MARKET. Tie unsettled weather during the past week has again delayed harvesting operations. I
Wheat—Several lines have' already been threshed out 'of the stook with fair results, although the recent weather has hardly been satisfactory enough to-enable the grain to be in good condition. Crops now fAanding will benefit considerably by «he present rain,' particularly so on the heavy land where they have every prospect of filing out. Oat* —The past week ha® been most, unsatisfactory for growers with rtiheir stuff in stook, as the warm, drizriy rain must cause damage. A considerable area ie n<jw in stook, ftnd farmer® must view with concern the continued broken weather with its' inevitable train of rust, etc. No transactions have been reported on the local market, as merchants report a good demand from growers for storage accommodation, preferring to. hold their oats, rather than acoept ilie present indications. • Merchants report a good demand for seed Algerians for green feeding purpose*, Potatoes—Tbe opierations of the Growers/ Association' are being closely watched by the. local growers."" It is questionable whether the present broken weather way not eventually turn out most unfavourable in.the long run, as already alight traces of blight have leen reported in this county. No business with growers has, so far, leen recorded locally. Ryegrass—A fair number of samples Have been on the local market, and in several instances business has been reported. _ Some of the lines available are of nice quality, but a good many are of a light, flaky: type of seed. Merchants are not displaying any eagerness to purchase (the latter quality. Southland reports again indicate a godd crop of heavy, ehotty seed, with prospects of more reasonable values than the local seed, at growers' p'reseut ideas of value. Prices nominally are as follows:—Ryegrass 23-241b seed 3s 6d to Se small enquiry for light, seed. Italian: Good heavy well marked samples 3s 3d to 3s 9d. -• Cocksfoot— No lines have become available so far. THE PROPERTY MARKET. Jones, McOrostio Company, Ltd., sold by .publio auction on Saturday, in their land sale rooms, on account of Mr Longford, tho property situated at th» corner of Hood and George streets, New Brighton, comprising 20 perches of land, together with residence of 5 rooms, for £740. to Mr Haigh; on,, account of Mr G. B. Brown, his property situate on ■Osborne terrace, North New Brighton, comprising over i-«cre of land and semi-bungalow o£ 5 rooms, for £875, to Mr Robinson. SATURDAY'S POULTRY MARKET. Messrs J. B. Merrett and Co. had a li!T£* entry on Saturday, altSiough the weather was against a full listing. Good prices were oV tuined. Tabic chiebsns .83 Gd to lGs 9d, liens 4s 6d to 8s lOd, ducks 5s to 8? 9\. table ducklings 9s to 13s, geese 9s to lis, turkeys 23s to 525, all per pair. EGG MARKET.
The supply of eggs is easing qff. H» demand is good. Canterbury Egu Circle listings from Monday will be 2a first grades, la 10d seconds per dozen. 6
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Press, Volume LVII, Issue 17057, 31 January 1921, Page 8
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5,901COMMERCIAL. Press, Volume LVII, Issue 17057, 31 January 1921, Page 8
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