COMMERCIAL.

Press, Volume LVII, Issue 17134, 2 May 1921, Page 7

COMMERCIAL.

FINANCE AND TRADE. CONDITIONS IN BKITAIN. (By Cable—Press Association—Copyright.) (Australian and X.Z. Cable Association.) (Received May Ist, 5.5 p.m.) LONDON, April 30. The deadlock in the coal dispute has hhd the effect of curtailing business on the Stock Exchange, and checking the optimistic tone caused by the favourable reception of the Budget. The reduction of the bank rate, though disappointing to some because so small, is regarded as the precursor of a further reduction shortly. But although business is curtailed, the market is not depressed except for home railway stocks. On the other hand, gilt-edged stocks continue to rise, except consols, which will iind a serious rival in the new 3J per cent, conversion loan, the terms of which are described as lavishly generous. It'is expected that dealings in this loan will commence at about 62." All Indian issues havo improved on the success of the seven per cent, loan, which is in brisk demand at about 003 premium. Industrial stocks continue firm, , with a good tone, despite the coal deadlock, though some fears are expressed respecting the future, unless a settlement is soon reached. The movements of foreign exchanges reflect the political position rather than the commercial. The outstanding feature is the improvement in the value of the French and Belgian francs to about fifty-one, which is regarded as showing confidence that an early satisfactory solution of the reparation difficulty will be found. There -is little prospect of any business being done in New Zealand and Australian butter, unless the Govern* ment drastically reduces its price, Danish to-day is offering freely in London at 224s per cwt, so it is hopeless to expect to sell New Zealand at 2665, or Australian at 256s per cwt. Some French gutter is expected in May, but it is hardly likely to come if the glut' in Danish continues.

The metal markets have been fairly satisfactory, although the coal strike has stopped the consumptive demand. The strength of till attributed to good reports from America,, where .consumers are showing more interest. It is reported that - the tinplato factories there are working at about thirty per cent, of their capacity. The American demand for spelter has also improved, particularly irom , galvanisers. Tho position in Europe is unchanged, though there are indications that consumers are bare of .stocks. The Bradford wool market shows a better tone, despite the industrial trouhardening tendency' in quotations. A certain amount of hand-to-mouth. spot business is being done. ■ The deflation of the stocks of tops and yarns has nearly been completed, leaving the position much healthier and firms more comfortable financially. Stocks of piecegoods are fairly large, but are gradually decreasing. There are more orders and a f better tone in every section of the piece-goods trade, both here and on trie Continent. Germany continues very active. There- is no reason to anticipate much change in values at Tuesday's wool sale. The home trade probably will be slightly more active than lately, though the restriction of coal and transport* is an adverse feature. ,

The textile industry in Germany is enjoying great, prosperity. The returns for 1920 show that shareholders have received huge profits and workers' wages have been substantially increased, many earning ten times more than before the war. Many big firms have greatly increased their oapital. Eighteen companies originally employing a capital of ' fifty marks have now increased it to 106 millions'. ■ Thirty-seven companies paid dividends in 1920 ranging from 10 to 36 per cent, and twelve'paid bonuses of 10 to 20 per cent. The English, Scottish, and Australian bank takes over the. business of the London Bank of Australia on Monday.. EAST INDIES"OILFIELDS* AMERICA SEEKS AN INTEREST. (Received May Ist, 5.5 p.m.) '■ I . ' , . .. WASHINGTON, April 30. The United States has, sent a Note to Holland pointing , out that the United States is vitally intecested in obtaining j recognition of the principle of mutual | or reciprocal accessibility, to vital j natural resources, by American Nationals I along with, the Nationals of other countries, believing that' this is the solution I I of the future oil problems of the world, j The Note adds that the United, States is carrying the burden of supplying a large part of the world's oils,, and the Dutch capital has iree" 1 access to American oil 'deposits save»- fen public lands, where it is provided that sitnilar privileges must be given' to American citizens abroad. The United States, therefore, reminds the that American capital is ready to assist in the'development of the Djambi fields in the East Indies, and that a new Dutch company with foreign capital other than American is about to undertake the exploitation of Djambi. The .Note concludes: ,"The .United States, ia aware* that the v laws' of the East Indies pro.hibit a foreign company as such from developing the oil deposits.'! v AMERICAN TRADE FIGURES. (Received May Ist, 5.5 p.m.) . NEW YORK. April 29. The United States exports to Europe in March, were valued at 200 million dollars, as compared with 465 million dollars in Marcn. 1920, while- the imports were 77 millon dollars, a decrease of 50 millions. TRADING WITH ENEMY COUNTRIES. EXCHANGE OP COMMODITIES. j At a meeting of the Wellington Provincial Executive of the Farmers' Union held at Feilding, it was mentioned that a gentleman was endeavouring to formulate Some scheme by which New Zealand produce could be exchanged for goods emanating from enemy countries." Mr G. I. Marshall moved: "That the fact that the British Government is backing the Home manufacturers' cost of production of goods be brought under the notice of the Provincial Conference, and that enqfliries be made, as to wnether the sciieme can be participated in by the Dominion arranging with the British Government." Tie mover pointed out that in pre-war times, large quantities of artificial manures and phosphates, as well as dyes, came from Germany, and she was prepared to supply them and take some products of New Zealand in payment provided some satisfactory basis could be arranged. He felt that the tim® had come when the restriction. forbidding trading with enemy countries should be abolished. This would mean that' there would be a large number of purchasers who could not operate now., If the restrictions were not abolished and. opportunity thus given to obtain greater receipts for the Dominion's output, the country might find itself in a state of bankruptcy. Mr W. J. Poison said he had been_ approached several times by. a gentle-" •man who was prepared to risk a considerable sum of his oyfn money in such j a venture. Mr Poison suggested the

setting up of a committee, to' meet the gentleman and discuss the matter. Eventually >lessrs "VV. J. Poison, A. Robinson, ii. Parsons, and G. L. Marshall wjere appointed. ENGLISH MARKETS. (By Cable—Press Association —Copyright) (Australian and N.Z. Cablo Association.) (Received Mav Ist, 5.5 p.m.) 'LONDON, April 30. ' Meat—Heavy Canterbury sheep BJd, South American sheep &>d, 7sd, and 7a. New Zealand frozen beef 3Jd and Sid, Australian 4d, and 6d, Argentine chilled beef 5Jd and IOJd. Cotton —Liverpool . quotation, American middling upland, June delivery, 7.95 per lb. Rubber—Fine hmd Para lOfcd per lb, plantation, first Latex Crepe, 10Jd; smoked, ribbed sheet, 9Jd. Copra—The market is firm. April-June shipment £2B per ton. Jut:?— The market is steady." April-May shipment £34 p?r ton. Hehip—The market is quiet. April-Tune shipment £4O p?r ton. Linseed Oil—£26 per ton, equal to~2s Id per gallon. Turpentine—72s per cwt., equal to 63 6id per gallon. APPLES. LONDON, April 29. The apple market is firm for all sound fruit. SHARES. Mount Lyell, 12s 9d; Talisman, buyers 6s 2d, sellers Gs 7d. . AVAIHI GOLDMINING COMPANY. (press association telegram.) • AUCKLAND, May 1. The Waihi Goldmining.Company has declared a dividend of sixpence per snare, payable on June Ist. INDUSTRIAL CU-Uf. The quarterly meeting of the Canterbury Industrial Co-operative Society, Ltd., was held in tihe Trades Hall on _ Saturday, Mr H. Hunter, president, being in the chair. The committee, in its quarterly report, stated that the membership had increased from 762 to S3O. The share eni>ital awl loan capital had increased from £2898 14s 6d to £8531 C-e 4d. A butchering department haa been established in a. shop in Colombo street, in the block adioinini the grocery, drapery, and boot departments. The cash sales showed all increase over those for the corresponding •'period last yeaT of £1536 13s 3d; the- purchases had increased during thesame period by £787 6s sd. The reserves now totalled £260 2? 3d. T!he report referred to the unsatisfactory State of the< markets, (Uid stated that there was little prospect of showing a profit durinsr the next quarter. The .Society had affiliated with the New Zealand Co-opjralive Union ond "Wholesale Society, Ltd., and it_ was hoped tbat this would assist in building up the movement. Extensive alterations had been made to the' promises to accommodate, the boot and drapery departments. These departments were not carrying heavy stocks, on account of the abnormal vailing, but there, was a good range of boots and drapery in hand. Regret wrs expressed at the resignation of the secretary, Mr J. Burroww, in whose place. Mr Wilkinson had been acting. Mr IVarc* had resigned his seat on the committee owing; to his removal from Christchuroh. The report, which concluded with expressions of thanks to Mr Wilkinson and ihis assistants, was adopted. Mr W. Mann was elected to the vacancy oauped on the committee by the resignation of Mr Pearce. Tho resignation of Mr J. Burrowes. was accented with Tegret, and it was decided to place on record the Society's appreciation of his valuable femces since the'inception of the movement. Mr W. J. Green was ap{>ointod to tho position. THE PROPERTY MARKET. Jones, McCTOstie Company, Ltd.. sold by pu'Wlio auction on Saturday, in their land sale rooms, on account of the Publio Trustee in. the estate of George Payling, deceased, the proportv situated at tho corner of Brookside and Buraham Toads, immediately opposits the Brooksside school, comprising 23 .perches of land, together with the shop and dwelling of 4 rooms,, to Mrs Ramsay, for £205. SATURDAY'S POULTRY MARKET. Messrs J.' B, Mesnett. and Co. had a large entry of poultry on Saturday.. Excellent prices were realised. Prime quality birdß were" in keen demand, and table chickens realised 7s to 13n Bd, hens 8s Cd to 9s 4d, ducks 6s to 1219 3d, pullets 5s 6d to 255, geese 8s to lis, turkeys 16s to 83s, all per parr. ' EGG MARKET. The egg supply continues remarkably Rood. There is a firm demand, and the public' appreciate the fixation of tho price of eggs by the Canterbury Egg Circle. Firßt grades ■are 3s, seconds 2s lOd per dozen. 6