COMMERCIAL.

Press, Volume LVII, Issue 17064, 8 February 1921, Page 8

COMMERCIAL.

• , SUGAR SHORTAGE. POSITION STILL ACUTE. At the request of the Canterbury distributing agents, Mr W. Bottrell, chairman of the .Distributors' Committee, has made a statement to the Press concerning the sugar shortage. The Board of Trade, said Mr Bottrell, had a few months ago made an official statement that allotments of sugar to storekeepers would he increased by at least onethird during December, January, and February, in order to meet the requirements of the jam-making season, but unfortunately, through no fault' of the Board of Trade, this promise has not been given effect to. In fact, the supplies which have been made available to merchants in Canterbury were less dunng December end January, than in the previous' months,' whilst naturally "the demand is much greater owing to the Christmas trade and fruit-preserv-ing season. The position relating to supplies is more acute to-day than has •been experienced during the whole of the period of shortage. "Whilst the .businesses of merchants have suffered most severely through the continued shortage, they wish it to be clearly un-. derstood that they think the Board of Trade and its officials have tried to do their best. *Mr Bottrell went on to say, however, that a statement which had added to the difficulties of merchants and storekeepers in dealing with customers, was that made by the Hon. E. P. Lee, president of the Board of Trade, that there would be reasonable supplies coming from Auckland, and that these would be augmented by a shipment of 1000 tons to the South Island which had been purchased in Australia. What had actually happened was that the Government had decided that the 1000 tons of sugar which- was brought from Australia by the Koromiko was to be allocated for the South Island. As this consignment? was being distributed from tho Bluff to Lyttelton, merchants could not expect to receive from it anything like sufficient Requirements. "Tho real cause of the present shortage—information which, so far, has hteen held hack from the public—is the fact that the sugar works at Auckland axe not turnout -their full capacity," added Mr Bottrell. "The works are capable of refining 1200 tons per week, but, from information received, it is doubtful- if the otitput has equalled 900 tons per . vrleek during the! past foujr or five months." ' TRAMWAY BOAED LOAN. The Christchurch Tramway proposed raising a loan of £ 15,850, at 6$ per cent, interest,, for certain tramline renewals, knd arrangements were TTinHa -with the respective commissioners for the 'loan being subscribed at the above rate from the» Tramways Sinking Fund and the Tramways Depreciation Fund. The State Advances Department, however, wrote advising that a loan to local bodies could not "be granted at a rate of interest which exceeded 5J per cent. At the meeting of the Board yesterday, when a tentative memorial to the Government was • submitted for adoption, asking that permission be granted to raise the loan on the abovestated conditions, Sir D. Sykes raised an objection," and said that 53 per cent, was too high a rate for local bodies to pay. The chairman, the Hon. J. Barr, M.L.C., in reply to this remarked that it was very difficult now for local bodies to obtain "loans, and he tonsidered the Board was fortunate in getting the £15,850 offered at 5i per cent. It was resolved to forward the memorial, with Jhoboard's seal affixed, to the Government. IMPERIAL MEAT CONTROL. (FBXSS ASSOCIATION TELEGRAM.) WELLINGTON, February 7. The Prime Minister has lately been in cabled communication with*the Imperial authorities regarding The control maintained by tihe Imperial Government over the prices of all-imported meat. At a recent meeting of the Board'of Agriculture and the Producers' Com-

inittce. a resolution was passed regarding tlii> matter,- and a special request made that, tho control should bo removed, or, if that was impossible, that the prices of lamb and mutton should he adjusted' in order to place New Zealand producers in a better position .relatively to Homo producers. A reply lias now been received which states that the authorities in England cannot see their way to accede to the request, hut that it may be possible at. the end of March to remove the control. HIGH COMMISSIONER'S REPORT. (pr.ESS ASSOCIATION - TELEGRAMS.) WELLINGTON. January "• The Pc-portraent of Agriculture has received t~e following cablegram., dated London, o'.h inst., tram the High Commissioner : Meat—Supplies are more plentiful, but prices are maintained for horn* killed. Arer;izc prices are: Ls ojd, mutt-on Is lG£d, lamb 2s ljd To. Argentina chilled beef is in good supp-y :it the maximum price— Hjrds is, fore? Sd per lb. New Zealand beef is meeting- a slower viemand a*. the following prices: —Ox, hind? 9M to 10} d per lb, fores 7u ti> 7£d per lb: cow, Irinds 7£d to &Jd per lb, fores 5W to 6d per lb, Xew Zealand mutton and lamb ai-« realising maximum prioeH. L-;i:n" jig in very short supply and in good demand. ' Butter —The Government issue is in good demand at JEI4 18a 8d per cwt wholesale fljid 8s per lb retail. Irish is in largo supply owing- to the removal of restrictions, at £l4 to £ls per cwt. (2s 6d to 2s 8d per lb), with 8 slow demand. The price of Danish for this country test week was .€.12 6s per cwt. (2s 2id I>~r lb). Cheese English is ecarce at £8 8s to £9 per cwt. (Is tid to Is 7d per lb). Canadian is cuiet at £7 ICe to £7 18s per cwt. (approximately Is 4Jd per lb), foT white and £7 18s t-> £8 per cwt. (approximately le 5d peir lb) for coloured. New Zealand is in small supply at JB7 ISa 9d to £7 16e per omrt. (Is lid to 1? 4 ->. l per !bl for white and £7 18s to £8 per cwt (approximately Is Ed per lb) for coloured. (J Hemp—The Manila market is dull ant}Tiedining owing to the poor demand. "J" tirade January-March shipment, has been Bold at £SO 10s per ton. February--April übiprnent'is quoted at £SO per ton, sellers. Tho New Zealand market is very dull. Valties nominally are: Hieh points afloat £SO, fair £43 per ton, sellers. Spot is. lay, 10s pel - ton more, but there is no demand. Wool—There, is a better tone at Bradford on account of the demand for top®, for the United States before the higher tariff oomes into force. The improvement Ls only temporary, and does not eoctend to piece go&ds. Quotations—Bi's 4<? Bd, 56's 3s 2d, 4Ca (prepared) Is s}d per lb. THE COCKSFOOT HARVEST. Our Akaroa correspondent writes:— Tiie cocksfoot liarvest is -not being blessed with Wie. favourable conditions that enabled last year's crop to bo cleaned tip in record time. The broken wcatheir of the past few weeks, and more especially the heavy downpour towards the end of last month; have interfered with threshing- operations to such an extent that some of the seed has become more or less badly discoloured. In a few favoured situations down near the sea. level the crop had been harvested and bagged before the weather broke. Tho damage has been dona to crops lying higher up. Nearer the tops of the hills, again, leaping is not quite finished, so lhat if the weather holds good harvesters there may reasonably expect a satisfactory return.. The crops generally are panning out much better than was anticipated in. the early summer. Reports come in of sundry yields of really good ceed of fine;, ercsn quality, while • others, from the pessimists and the unfortunates, state that their crops will not average two bags to the acre. By the time that > the harvest is finished, and thai will not be . for a month at least, even provided wither I conditions are favourable, the whole Peninsula. yield should be a fairly good average, ' including a fine proportion of first-alass seed. ; The price at present is hovering between 7d . and Bd. Sales at the latter rate were re- . ported recently. The fact that a good deal of I Inst year's seed is_ still held will not affect the market beneficially this season. 1 ; TRADE CONDITIONS IN ENGLAND. | (SPECIAL TO "THE' PRESS.") AUCKLAND, February 7. , Speaking of commerce and industry genj erally in the Old Country, whence he re- ! turned on Saturday by the Marama, after ' a nine months' visit, Mr R. »A. Laidlaw, I of Auckland, said he wa» impressed by the ■ great handicaps under whioh British indu®i try is running at present, although he'doe« , not think the present depression will last • long. Mr Laidlaw drew a remarkable picture of the effect® of post-wax conditions in J thk Motherland. Heavy taaatten and, ihl creased prices had .caused greater wages to [ bo demanded by the worker. Wages had ~ advanced and the cost of commodities had : 'now reached a figure "hat made it extremely difficult for manufacturers to cell their goods, and consequently a great and increasing number of unemployed were out" in the streets. What, Mr. Laidlaw said of British conditions indicates that they are very similar, to these which obtain in many parts of the United States of Ameirioa to-day, but there is every indication that Ihis trade slump will not be prolonged. During the coal strike in England, said Mr Laidlaw; production was decreasing very rapidly. Factories were working short time, orders for manufactured goods were on the decline, and in miany instances the manufacturers were proposing to. close their workshops until sufficient ordera had accumulated to enable them to cany on, bub, on the other hand, prices had soared practically to the < limit, and, indeed, it was evident they had in some instances exceeded this, so tha/t intending buyers purchased no. more than ; would satisfy immediate wants. PRICES FOE FAT STOCK. A gentleman closely associated with the meat business informed a representative of the "Wairarapa Age" that §, further drop had taken place last week in the prices of all clo£Bes of fat stock. It was, he said, a reflection of price deflation that was taking place everywhere. Buyers were now offering 40s per cwt' for prime ox beef, and 80s per cwt for cow beef, a drop of.ss per cwf. The prioe of ■ mutton and lamb had receded by a halfpenny per pound. Prime ewe 9 (60lb) were now only worUi 20s, and prime fflj wethers. (651b) 255.. Asked whether these. prioes. were likely to influence the retail "charge for meat, the person interviewed said that a reduction was inevitable, unless the retailers desired to bring themselves within the' scope of the Profiteering Act. He • pointed out that some butchers were killing fat cowb that turned th 3 ecale at 600 dbs, and for . which the ruling price was not more than £B. If retailed at 6d par lb, the butcher was making a orofit of £7 per head without taking into account the hides and tallow. With .prime ox beef at 40s per cwt, it ws easily worked out 'what profit the butchers were maSing in retailing rump steak at ls per lb, and other joints at 9d per lb. The same applied to lamb, mutton a,nd pork. Unlike the storekeeper, the butcher had little highpriced stock on hand. He usually puTchaaed stock as ko reqiiired. it, and oouid more easily adjust retail pnoes to market fluctuations than tmy other class of tradesman. s I PERMANENT INVESTMENT AND LOAN ASSOCIATION. The 60th annual meeting of the Permanent Investment and Loan Association of Canterbury' was held yesterday, Mr H. H. Pitman, j chairman' of directors, presiding. The directors' report was ,as follows: — After paying a. dividend at tiw rate of 6 per cent, for the year, there remained a surplus profit on the years operations of £447 0s Bd. This sum added to the balance brought forward last year leaves £1396 16s Id, to be carried forward' in the profit and loss account. The directors retiring by rotation are Mr H. A. Knight and M. J. J. Thomson, both of whom, being eligible, have given notice of their intention to stand for re-election. In moving the adoption of the report and balance-sheet, the chairman stated at the annual meeting last year he hod expressed, on behalf of the • Board, the opinion that the ' earnings of the year just closed would enable the yearlv dividend to be increased fiom 6J per cent." to 6 per cent. Tho opinion expressed had been fulfilled and shareholders had received dividends at the higher rate. The sum of £447, being the surplus profit for the year, had been carried forward'to the profit and loss account. He also stated that the property which tho Association held last year had been sold for a sum in excess of the book value, »nd that the profit had il the meantime V-een carried/ to the account He also called attention to tho fact that the Association's reserves now amounted to £13,836, showing a particularly strong position. Mr H. A. Knight and Mr J. J. Thomson were re-elected directors, and Messrs W. IF. •Ollivier and W. Jamieeon were elected auditors for the ensuing year. AMJBERLEY MARKET. The Amberley market was held yesterday, when the yarding comprised 1600 fat sheep and a few stores. Fat lambs were slightly easier than at last sale. A pen of exceptionally prime lambs, forwarded by Mr J. S. Russell, of Leithfield, realised 35s 9d. The following were the principal sales: • Lambs —J. H. Hadler, 23 at 23s 9d; E. W. Neilson <0 at 31s 9d; A. J. Blakely, 50 at 30s ot£ '.32 at 23s lOd, 108 at 28s lOd, ol at 32s 6d, 57 at 29s 4d; H. H. Bosch, 23 Sit 27a 7d, 19 at 26s 9d; A. J. Lawrence, 70 at 30s, 33 at 30s 8d; D. Boyce, 111 at 29s 4d, 34 at 31s 6d: Broomfield Esttte, 175 at 30s id: S. "Warwick, 3G at 30s lid, 32 at 306 id; W. Donald, 83 at 3Cs W. Allison,

24 at 29a; J. P. Russell, 30 at 35s 9d, 43 at I 3'2s lid; McAdam Bros.. 49 at 31s lid, 20 at 8i» Cel. 72 at 30s lOd. | ■Wethers—A. J. Blakely, 36 at 23s -Id, 13 at 28?: IJ. Boyce, 14 at 293 sd, 21 at 29s lOd. Ev.-cs—J. H. Had'.er, 14 at Sis: A. J. I Blakelv, 81 at 24a 6d; D. Boyce, 29 at 2-ls . 4d. CRADDOCK'S AGENCY COY.; LTD. j SALE REPORT. ) , Craddock's Agency Coy.. Lfhnite4 j ' phone 5306), report the following eales of j property by public auction and otherwise for ' tho bi-monthly period, ending on Saturday latffc: — On acoount J. W.. "Webb, Esq.: The business premises in Canterbury street, Lytte-1-ton, to the New Zealand Express Co. (auction) ; on account Mra Herbert: Well-fur-nished bungalow, situate Osborno terrace, • North Beach (auction). In conjunction •with J. E. Austin and Co.: Lots 1 to 15 inclusive, No. 1, "Sunnydale" subdivision, Page's road, Bromley, and lots 5 to 15 inclusive, No. 2," "Sunnydale" subdivision—2s sections in all—a mo?t successful clearance (auction). On account P. Carmichael, Esq.; Well-situated residential property, Stanley street, Sydenham, to Mr Slatter (auction); on account- Mr Foster: Clearing sale of Buperior furniture and effects, Strickland street, Spreydon (auction); on Recount Mrs E. Cummins: Capital residential property, Warwick street, Richmond., to Mr .McNabb: on account Public Trustee: Fine orchard property with two large glasshouses, dwelling e'to., Cornwall street, St. Albans, to Mr iPorterfleld; on account Mr Parish: Capital block, containing 4 acres, more or less, Bur wood; on account Mrs SlateT: Her beautifully situated bungalow, situate on The Spur, Sumner; on account Mr Carmichael : Noa. 173 and 175, Brougham street, Svdenhiun, to Mr Palmer (auction); on account Mr Hills: Clearing sale of furniture and effects, otationery, etc., Madras street, City (auction); on account J. E. Lancaster, Esq • His finely situated property, situate Oressy terrace, Lvttelton, to Mr Hannah.; on account Mrs Pollock; Her very superior residential ' property, being No. 129 Richardson street, Opawa, to Mir Robson; in oonjur.ction with Messrs Lohrey and Co.: &uperior bungalow residence, being No. 105 Richmond terrace, New Brighton, to Mr McChntoek (auction); on account Mr B. Shillito: Superior residential property, situate Ferry road City, to Mr Morns (auction); on account Mr B. Shillito: Clearing sale of firstcles? furniture and effeots, Ferry roafl.City (auction); on account Sima trustees: Oapitftl residential property, being No_ 400 Barbadoes street, City, to Mr Mcßnde; on account James Howcry, Esq.: His cental business premises, being 433 and 435, Colombo street, Sydenham, toMrF. Ousack; on account Mrs G. Pratt: 'Her conveniently situated residential property, Brougham street, Sydenham, to Mr Shillito; on account Mrs C. 'Eltoft: Very superior ressdenrt'ial property, situate Park lane, Riccarton, to Mr R. Lang; on account Mra Grant: First-rate residential property, situate Kingsley street, Sydenham, lo Mrs Pratt, on account oi Mr McNabb:_ His .excellent little eemi-bungal<»v, situate m Bordeslcy street, Linwood, to Mr Hooilden. • »-3o CHRISTC'HURCH STOCK EXCHANGE. LITEST QUOTATIONS. BuyeW. Seller*. £ W. i. £ B. 4. DEBENTURES— , N.Z. Govt. 4J per oemi Inscribed 1039 .. - 88 lo 0 • N.Z. Govt. 4J per icent. Bonds, 1988 • ■ N.Z. Govt. 5i per cent. , Bonds, 1933 .. 89 16 0 BANKS- . ■ M o o ■ - Australasia .. " „ a New South Wale* .. 32 0 0 New Zealand " •• _ Union .Bank of Australia 12 2 6 12 7' 6 INSURANCE- ' „ . , _ , New Zealand (cum dir.) 1.70 LOAN AND AGENCY— Cioldabrough Mort. (Mel.) 1 15' 6 117 0 SHIPPING- • k" r ® Huddart-PaTkeT .. FROZEN MEAT— _ N.Z. Refrigerating (10s . paid) •• 10 0 1 0 ft North Cant. Freezing C Sri Westport-Stockton .. —0 7 0 WOOLLENS- . , „ „ Kaiapoi (£1 paid) ..15/0 'Kaiapoi (pTef. re div. ' .oily) .. .. - -16 9 BREWERIES- " ' J Manning >• •• 811 S 816 0 MISCELLANEOUS— . Beath and Co. .. Weeks (£2 10s paid) .. 810 0 Whitcombe and Tombs 217 6 8 3 0 MINING— Mt. Lyell OUT Waihi (own div.) .. Waihi Grand Junction 0 9 0 . WELLINGTON, • February 7. Sale on 'Change—sJ per cent. Inscribed Stock, £B9 los. DUNEDIN STOCK EXCffANGE. (PRESS ASSOCIATION TELEGRAM.) DUNEDIN, February 7. Quotations—Talisman Consolidated, buyers £3b sd; Waihi, buyers '27 a 6d, 6eUew 295; Waihi Grand Junction, buyers 8s; Mount Lyiall, buyers 14s 3d, sellers 15s; Bank of New Zealand (26s paid), buyers 47s 3d, seller® 46s 9d; Union Bank, k buyers £l2 3s; New Zealand Insurance, eellers 27s 8d; South British (10a paid), buyers 31s 9d; P. and O. (deferred), buyers £349, sellers £360; Union Steam (ptref.), buyers 18s 6d; Huddart-Par-ker (ord.), buyers 41s 3d, sellers 445; Westport Coal, buyers 27s 6d, sellers 28s; Brown., Ewing (pref.), buyers 20s; D.I.C. (pref.), sellers. 20s 3d; Golxkbrough Mort., buyers 34s 9d; National Mojrtgage, sellers 90s; Loan and Mercantile, buyers £B4; Dominion Rubber, sellers 245; Dunedin-Kaikorai Trams, sellers 25s 9d; N.Z". Refrigerating (20s paid), sellers 40s 9d; N.Z. Refrigerating (10s pa-id), j buyers 20s', sellers 21s; Brace Woollen Co., buyers 395; Kaiapoi Woollen (10s . paid), sellers IBs 6d; New Zealand Pajer Mills. buyerß 27s 7d. sellers 28s. Gd; New Zealand Drug (40s paid), buyers 59s Gd; JJeir Zenlanl ' Hardware (ord.), sellers 17s; Whitcombe and ; Tombft, buyers 575; Government Bonds, , 1980, ® uyere £9O; Government" Bonds, 1939, ! •sellers £B9; Soldiers' Settlements Bonds, 51 ' per cent., sellers £9O 10». I