COMMERCIAL.

Press, Volume LVII, Issue 17206, 25 July 1921, Page 7

COMMERCIAL.

FINANCE AND TRADE. ENGLISH EE VIEW. (By Association—Copyright.) (Australian ttnd K.Z. Cable Association.) (Received July 24th, 5.5 p.m.) LONDON, July 23. The reduction of the bank rate has caused a more cheerful tone on the Stock Exchange, with improved quotations for gilt-odged securities, but those who anticipated an increase in business have been seriously disappointed, for all sections remain dull, especially j industrials, to which cheaper money; might have been expected to give a stimulus. Optimists are looking forward to a further reduction to 5 per cent, before the autumn demand for money commences. If the reduction occurs, there may be a recovery of activity, but in the meantime there is bo indication that investors are departing from their recent attitude of locking up money in fixed interest securities rather than speculative investments. _ A feature of the Stock Ex- j change is the firmness of recent gilt- ! edged issues, many of which were at discount, but now aro quoted at substantial premiums, owing to the Treasury's embargo on now trustee issues while the Government's new bonds, are under offer. Interest in the foreign exchange market centres round- the dollar. The recent slump in the American exchange is attributable mostly to speculative buying in dollars hero and selling in .sterling at New York. This is likely to increase the dollar supply in the autumn, when trade demands will bo strongest. Prospects for the forthcoming Australian and New Zealand butter season appear to be very favourable. Traders anticipate a strong market till March. Owing to the drought, the English output ceaaed exceptionally early, coninelling Devonshire, Somerset, and other dairying centres to buy Government butter instead of marketing their own. Similar conditions caused a shortage of American supplies, and if the exchange position remains as at present, America is likely to buy large quantities in the near future. The drought in Europe forced France, Germany, Switzerland, Norway, and Sweden .to buy Danish butter. Even Austria and Jugo-Slavia are finding money to purchase Danish. Some Continental buyers also are taking Australian and New Zealand butter from the British Government. Stocks of several hundred j tonß have already gone to th 6 Continent. It is estimated the Government stocks are about 35.000 tons._ whinh are likely to be exhausted by mid-October. After that, the market must be almost entirelv dependent on supplies from Australia and New Zealand. The outlook for cheese is equally satisfactory. The recent set-back is-largely attributable to the heated condition of one or two recent arrivals from New Zealand and Canada, which were offered at low prices, but the effects of the drought here are permanent. No matter how much rain falls now, production must be far below requirements, especially as the heat caused a largely increased consumption of cheese in preference to meat. . Yorkshire wool-manufacturing trades are not showing much sign of revival, though a few mills are running full time to wdrk off arrears. No general increase in activty is possible till new orders arrive on a much larger scale, but some improvement may be expected' from the lower cost of production, due to the revised combine; tariff and reduction in wages, as some wool has been held up pending adjustment of combing charges. Germany is a serious competitor in this branch of industry. Most of the German combing factories are busy, and are fully booked up for hal? a vear. French mills also are active, while a large number of Bradford plants are idle. Germany also is buying largely tops and noils from Prance and BeWum. Messrs KJreglinger, of Antwerp. report, that Germany has been the dominating factor of the top market, and is able to quote comparatively tow prices for dreßS goods. #

WOOL BY SAILER. \ a reminder op the past. Shipment of wool by sailing ship waß, of course, the; only way many years ago. The trade gradually gave way to the steamers, but it took a long time in dying. Some years before the war it practically came to an end, because of the higher insurance rates on cargoes by sailer. as compared with those on wool by steamers. It has, however, been revived, and the reason is not to Lxj found in modification of the insurance fates in favour of shipment in sailing vessels, but in the present depressed gtate Of the wool market (says the Wellington "Post"). The steamer's average passage is about 42 days, that of the ©ailing ship about 90, and the wool owner, buyer, or grower who is shipping by sailor cannot tell what wool will be wortlh three or four months hence, whereas he knows what it is.worth to-day, and probably will be worth, in six weeks' time, if the market improves by the time the sailing vessel arrives Home with the wool. :then the shipper will have done well; if it is about the same as it is now. then some 12 or 14 Weeks' storage will have been saved by shipping the wool in a sailer. lie largest sailing ship 1 in the world is the France; she is owned by Frenchmen, and her tonnage is 7000 tons. She is to come from Lyttelton to Wellington for Wright, Stepihenson, to load wool when Bhe completes discharge of a cargo of coal for the Government. The fourmasted barque Rewa, ex Alice A. Leighbelieved to De the largest British-owned sailing ship, is at present in port, being loaded by Scales, Pacific, Ltd., the Vercingetoruc, another French dhip, is bef,ng loaded by the West Coast Freight Seduction Committee (Zohr&b and Co.), and the Patnpa was loaded by Scales. Pacific. These four sailing ships will aocount for carrying from New Zealand from 40,000 to 45,000 bales ef wool. They are taking it at Id per pound, as oompared with the steamer iftte of ljd per pound; but, the rate for shipments oy tme France will be Jd, plus 10 per oent. trimmage, less 5 per cent. She will take tallow at £3 XOs per ton, aa against £8 2s 6d, the current steamer rate. It is, of course, very much cheaper to run a sailing ship than a steamer, but the speed of the latter usually compensates for the higher freight rates. In the present state of t)he market it so happens that it is in a way more convenient, and may prove less costly, giving a higher return to the owner of the wool to ship by sailing vessel, regard* less of the length of passage.

ENGLISH MABKBIB. (By Cab!*—Prws Association —Copyright.) (AwtnUim ud NJS. Cabl# AaeofttaMoa.) (Reoeifed July 24th, 6.6 pjn.) LONDON, July 23. Cotton—August, (U>2d per lb. Jute—The market ia dull. JtUy-Angtwb shipment is quoted at £!tl. Hemp—The marlcet U slow. The quotation far July-B*ptejttb«r shipments la X36| 108. Bubber—Ptera lid, Plantation 9id, smoked fljd. Copra—The market is steady. July-flept«a* feer shipment to quoted at £B3. Oil ■ JB9 6* p«r toz»Turpentine—»o» p«g> cwt. Sheep—Canterbury light Bid, Dttdltm Bd, heivy 7d, Southland aid North Island* Bdj New Zealand ewes 6Jd, South Ameiloan light 7Jd, heavy Qd> Patagoniia light Aid, fceavji ejit 6dL

Froien Beef—New Zealand aew soM<yn'«s fores 3Jd, hinds 6d, old lores Bsd, bind* 6Jrt, Australian new crops S}d, hinds B|d, old BJd uid s id, Argentine fores 6)4, hixwf.« 6Jd, Uruguay 3jd and Cid, chilled Arvonfln" 4Jd and lojd, Uruguay Jd and OJa. Wears A. H. Turabull and Co. vi 'i:i receipt of the following cablegram Messrs W. Weddel and Co., Ltd. —"Tslloir market has advanced 2s to 3s, mutton tallov first grade <23, beef tallow first grade 44*. nixed tallow first (Trade 10s to tie, inferior 82s to 80s; market firm." ADELAIDE WOOL BALES. (By Cable—Press Association—Copyright ; (Australian and N.Z. Cable Association.) ADELAIDE, July OX There was spirited bidding at tb» r.inth eories of wool solei. The w«t ground w*' almost wholly recovered. DUXEDIN VTOOL SALE. (press association telegram.) DUNEDIN, July Al. The wool eele, fixed-for Tuesday, has !>«'■ postponed in accordance with instruction* oi tho Wool Committer, owing to the shippir.'r difficultly. August Bth I 9 suggested a* tb". probable date. TRADE WTm CHINA. 2y Cable—Press Asscci- tio&—Copyright., ustralian and N.*.. Ca 1 1? Ass elation.) PEKING. July 32. "Hia Australian Trade Commissioner Sridrowsed the business men of Shanghai in thr general Chamber of Commerce 011 the subject of tho prospects of the development of Chino-Anstraiian trade. He said th:tt Australia now seriously intended to eater ih« China nwrkot. Tho fii-si requisite *H art improvement ef the means of 00mnr.ur.ic3toon. The steamship companies wo-.e papered to start direct earing* from Australia to China provided sutticisnt enrsfo was offering. The Commissioner described tho wii!o range of Australian exportable products, <: which a comprehensive display of aamplow was exhibited in the chamber, and attracted the close attention of those preiont.

LONDON WOOL SALES. <fly Cable—Press Association—Copyright ! (Australian and N.Z. Cable Association > LONDON, July 21. At the mixed B.A.W.H.A. and free wool sales competition for merinos was welt maintained, especially for the Continent, atul prices ailmost reached June parity. Cros*breds met strong competition at full Into rates. DUNEDIN CITY LOAN. (special to "the tress.") DUXKDIN, July 23. Tlw» cnoh subscriptions to the Dunedin C ity Corporation 6 per cent, loan has now reached the ie;'pctnbl© sum of £60,000. WAIHI GRAND JUNCTION MINK, (miss ASSOCIATION TKLSOKAM.t AUCKLAND, July 24. Tho Wailii Grand Junction inane, fir 'lie period emledl July oth, crushed 4700 ton* of ore for a yield of 17300 i of gold and STMoz of silver. The same period last year yic'dcd £9418 for 6000 tons. NEW COMPANIES. Registration of the following new companies is announced in lott week's "Mocontile Guzetto":— Wflimate Advertiser Co. Registered •* a private company, July lilth, 1921. Oftbe: No. 11l Queen street, Waimate. Capital, £4(00, into 4000 shares of £1 each. ffubssnbrrs:' Waimate—Add a K. Sarg«nt 3100, Auetin P. Sargent 200; Dunedin—Honor Peareo 700. Objects: To Acquire and toJto over as apoii.g concern tho newspaper and general frinliatf and publishing businets recently carriuS on nt Waimate known as the "Waimato Advertiser." Dunedin-Wnngamii Shipping Co. Regi'tered Jiily 16th, 1921. Capitol. £*0,(100, Into 30,000 shares of £1 each. Subscribers: Wnnanmii—S. Holm; Onmaru—R. K. Ireland; Dunedin—R. Cnddie, R. J. Hudson, C. Speight, K. S. E«mssv, and J. B. Sliackloclt, all one share «ush. Objects: 'Po carry on oil or any of th« businesses of shipowners, shipbrokers, proprietors of docks, end all oihw businesses relating to tho shipping industry ' GREATER CRYSTAL PALACE, LIMITED. The balance-sheet has been circulated of Greater 'Crvstal Palaco. Limited, as at June 25th, 1921,' together with the profit and' loss account for six months ended on that date. Tho profits from Crystal Pnlace Theatre boa office receipts, scre?n advertising, sweet rights and rents, are shown as £3729 14s lid, ana rents received from StaTland bnl'dinff were £686 17a Bd, matting a total of £4416 12s 9d. A sum of £3B 14s 6d has been written off preliminary expenses, a little &ttx 1 _ per cent, or ft total of £370 16s 6d his MCA provided for depreciation of the Crystal Palace.buildingi, and about 21 per cent., or £lB2 10s 6d, has been allowed for deprsdstiton of the plant, fittings, and firrnShinm . of the theatre. . Thr ground rent of SMflana j buildings is shown as £497 10s, and a f tim of £72 has been written off the valne of this ; leasehold, which has abont fifteen years to run. Interest charges totalled £1239 to 4d and rates and insurance premium* amounted to £246 0s lid l , leaving a balance to the credit of profit unci loss account of SUM 14s sd. The nominal capital of the 00apany is £20,000 in 20,000 shares ot'Sl md I, of which on the 25th June, 1921, there wvra allotted and fully paid 8360 chares. Tbs -directors' report r.fntcs that aincs tho data of the a further 8000. thare* have been allotted and fully paid up. The balanco of purrhasea money dne is stated n* £84,000 in addition to a mortgage oi £SOOO at 5 per cent, over Crystal. Palaco. Other liabilities are amounts on bank overdraft £220 16s 9a, and snndvy creditors £728 8s lid. Among tba iMset«, freehold property (Crystal Palace) itU/uis in the balance-rheef at £10,009, the iruii'dingrt thereon, less depreciation referred to aboro. Appearing at £36,465. The plant, fitters, aid furnishings of the theatre, lew depireciation. are elbown at £5146. The Starland Isnsehold, lees depreciation, stands in the books at £1928, and the balance of preliminary expenses is £lB5. ■- Other items among the anI seta are cash in hand £l3 4s 7d anil anndry debtors £129 7s 6d.

THE FRUIT FLY. RESTRICTION OF IMPORTS. Recently o .consignment of aandauis valued at £BOO was rejected at Auckland and taken out to sc* end dumped overboarJ, as it woe not accompanied by a certificate from the, country of origin that no fruit fir eswttil willhin a radiue of a mile from wbetw tho fruit mi grown. It i toted than that this step wbb unnecessary, it being contended thaj the climatic conditions of New ZealatrJ preclude the possibility of fndt>fijr becoming' established here. The Director of the Horticultural Division of tiie New Zealand Department of Agriculture, in a report on tho eubj«;t, aaserta that several outbreak* of fruit-fly bars occurred in' New Zealand, and on two occasions, cfte at Blanboim and. one at Napier, tho fly waa found to have wintered over and attacked fruit in these localities the following Drawn. The isolation of these areas and the complete destruction of all fruit within • certain radius resulted in the complete destruction of the fly. In spite of tho cat* now exercised fruit-fly appeared in five small orchards in DargavilW laat yeir, and every cave will liove to bo taken in that locality during the coming season with a view to ite eradication. Tho above facte, ooapled with what appears to be authentic ililmumM that fruit fly has become established in Teacm nia, ho regards aa sufficient to warrant the enforcement of stringent regulations sfsiast this pest entering hew Zealand. The director refers to tentative imup ments being made with the Fijian authorities, which he lwpes will result in Fijian fruit coming into New Zealand, and he justifies alt that New Zealand bae done in tbe past in the way of exclusion of affected fruit* by quoting the action of Hawaiian authorities, "I might further point out," be «m, "that tho authoriiee of the Hawaiian Za> landa. despite the fact that fruit flvto wesent in the islands, absolutely piohiWl the introduction of any cls» of fruit from countriee where fruit-fly exists, and further w«te prevailed to remove the embargo against >sw fceeknd fruite only on «n assurum tost fruit-fly did not exist within New Zealand, and then only on conditio® ♦fcat all fruit shipped sbauid be covered by » certificate declaring that no farm of fmit-fly was *nown to exkt within New Zealand, and Uwt the fruit in question bad not at any lime, ewn la transit, come into contact with frnit grown fn Australia.

THE POTATO MABKET. It would seam m if potato* •» again btoemo ft ding on th* CDtfkti Agtioo!i> writing in the "Farnmra* Union Advocate," remarks:—"We all know what happened laet ytar, when a iargn quantity of good,potetoM wete allowed to go to waste, aome ia the ground and aoma is Ihe pita. Hopes were entertained that mattera would 1m better thia Beacon, but prion are tvtj low indeed—too low to pay for the cost of production. Aucklend, thai outlet of potatoci that lwa eared the aituation for ua again and again, ia now willing to buy, but the prieee oSezed Dill not allow farmer* to t*t mora than SO* or ESa a. ton on trnoka At country atationa. Thia «how» that «x* plenty potato—able. There k «rideotly an trmmmif, and low prieee anat consequently rale." *

SALE OF FURNITURE AKD PICTURES. Jones, McCrostie Company, Ltd., held a successful clearing sale on account of the trustees in the estate of the la*e. Mrs C. Andrew, on the premises, Btrwt. city. Vmonest the items sold were the foilowin„. SfeqtTaro SB, overmantel £2 £9 10s cabinet £2 108, mirror £1 las, waidxLlaTdSSe £l6. bedstead *3, runn* £8 109, hallstand' £3 12s ($, .carpet equate £7 108, mirror £3 ,2a Get, dining chairs £6, table and cover £2 17s, outside goods, carpenter's tool*, etc.. selling at satis.ectory pneesAt- the sale of pictures, on accountofHr Sohapiro, held the following day, m their rooms. painting "The ' Messenger' realised ST pSSE? "Without .Words £lO 10s, painting "Tho Fisher*' £lO 10s, painty "Grape Harvest" £ll P ort^ t£js ing"Cattle" £lB 155,: painting .' Sunset £5 M } portrait oi lady £lO 10s, P -Oattle' £lO 10a, portrait of gentleman £2 23, liaintln "Clmroli jDooi" miniature on ivory S3 18s 64, small china plaque £3 Bs. ' PROPERTY SALE REPORT.. Croddook-B Agency Coy., iwld hy auction; on Saturday, on account of /Mr Mcdonald, his residence, being No. -74 Clumbellor street, ■ Shirley, to Mr L., N.; Tweedie, for'£7Bs. * 851,4 THE PROPERTY MARKET. Tho N.Z. Farmers' Awn.; .LW.,__ec>ld U public, auction in SatSfday,* under. power ol the mortgagee, tile property situated 59 Elizabeth street, ,I*)wer Hiccarton, ooniprisdng i-acre with **?* roomed modern house thereon, for £660, to . Mr J.,8. 2feak. . . BABRY'S BAY DAIRY COMPANY. . ■ Theannual meeting of sharelialders of the Barry's Bay Dairy Company was held on Friday afternoon,. Mr S..J.Vegan presiding. , , The annual-report referred to the success • -of another year's work. Th© o "*;iyt ,of whey butter was 11, tons, 6 of Mre lold at W end .3*BdVto. supplier, andjtiw, balanos tdither Imperial Government . «f .o.b.V LjrtteKoh;~" The, oneese output, totalled, \ 2lMbn«. Of this 165 tons w» to Weddel end' Co. at Is 2d f.«.b. •38' disposed of. locally, and- the balance, Shipped to Ixmfcon for sale. *The average r teet for the season vnm'S.7, and it took ltf3Blb of" nkilk to make'lib dteow. Tfot "•cßwotow p«oi*Xed to pay a_dwideml of 7 per, osnt: {(MrtSrlSrss> to ,^ a ? T \ • pliers a'bonus ':ot-.7d;~m«JaAg a total, payment' for' the season of 2>, 7d per ib; to write off £260 s depreoi ot cm building* and " plants,! «nd» o»rry forward a baianoe of showed:—Oheew mncuJ factnring aoconnt £6128 6ft,9d. butter nianuSotaSg aooonnt £llOs 18s' Id, bonus to t>Hsro £6233. IBs Id, .wages, repaira, nates, i and generUExpensesMmjO* sd. > Thei pro- : flf - oTirl tloM ft balance of Jnm M* * The «set. tcfallin-««S ' '£8520.' rnmdiy dibtoia, £4400, .> stock #<569 16s ■ J | 'i'*"i'THs inwial' ®sparti«afi*bi»lanCMheet were of thinks' were aeoootded the diiee*taS. v,'"V, - ' x „ ; The'retiring ditectois r Wakelis, «»d W A. ChurchlU, wsrs tmanii ' intrasly r^ t sleoted.i; Mi- C. ,W. Leete was r»- «• * + 11 At-ia «ft*scroent meeting of. the directors -Ijj. Vogan was nntmimonsly «-eleoted chairu EMtn. < ' I I < ji > * j satubdats touitbt mabket. 'limjnfote Gtand NajjonJ ' * ™ aettaadZand prime biris,r«alia?6d good pnees. T4Wte were Sg'ed toi 14s Bd, hens * Se. 6d to Joa|§d,> pidlets 6b 6d to 188," duofea * ,fo fld to 13B»8dj*gee#6 &to lis, turkeys l«s to 'tKs all per Jpir. •• -t. iyr. /^EGQ s MARKET.' • » ' JLe«» continue t® come forward freely. OinterhSrj^eg"' Circle first grades xeabsedl Is , le ( Sd, ducjoj Is lOd per doMn. 6 'STOCK EXCHANGE. • l "'i 4! Frozen Meat, NOIESJ . ■ Timoai" of-. May^2Wih: ei&toa that -X officially informed by-'the -Boud of " W ( U» result "of e, conferenoo \* J i%atw«cn. tlw Goveinment and a- deputation ol • ' •.■^S:6<mtl^^lrio^'Sii^rJ , Aßeooiation, o, w,.| - : ' sugar been agreed npon " tal;6 effect « from" tho Ist June, whereby | , sugar now eold retail at tho con.- i " pries -of 7Jd pSr lb at Dnrbso, and -"Bd!T>er~K> ! elsewhere k xn the Union, will bo '• in 1/nrbvn, sad sidt *ye£ lb 4 elssiri»z» in the Union. These now „ prices ;will b» subject, to periodical oouninar T . •* 'Soa the Boaict of Control,! »ia with th» Sfgv Associatiomait * xDurban' .and such xension will be based upoa '-"the the ■ prioo' of sng*r in 1 the world's xnadcete. It should bfc under- - -stooJ Jiy- the ;pablio (oontumes < the affinal '<tlfltamey» that &e mow prices"'now ansounoed > prices ;in<. Mtailens'' cbopa' foo. "-■ fltStgrjidsi'wfiile yellow'BngsrJ 'and- that -•l{h(K>gh*'zii«admTm? riot; arranged for No. 2 or No. 8 gjrade eocsbi wiU lower prices." Private messages Itom Cucutta lein > Au6tsalia week, stated' that riff- :i*»swa»AjeetiA»tod« that tie rooming fr; ' jutßV«rop >in,v]jidia would beibnhr aboat 60 ' per cent of that of last year.* Tbs eatimata > -x ' vbad zn • ;•. is ,ry-..-; » v Ctlcutta jute mills ,\ nLiell'into lis*/in the of a four-day 'te'&o end of September.

Afterwards it was arranged that ell the* mills would adopt this .practice, tut a stipulation was made that on one month's notioo being given the mills could cease to_ bo ei ! party to the agreement. At the beemnim? of Jun& the mill which originally refused to join in the proposals gave notice of its intention to withdraw from the arrangement made, but recont cable'' mess-ages advised that it had been agreed .by all parties to continue the four-day working. week system until the I end of September. The announcement had j an immediate effect upon the Calcutta market ror corn packs, wMoh advanced about 2d a dozen, but this increase in price go fair has not been reflected in Australia. Subsidies have been paid for . some time I by Japan to the ships of the Nippon Yusen | Kaisha running on the Puget Sound, Austrailian, and European routes.. Now a bill haa I been introduced into the Japanese Diet to substitute a direct payment for mails carriedliristead of the old form of subsidy. The amount received by the company will be reduced .by aboqt 60 per cent., but it is expected ..that it will benefit from, the freedom/ j from. restriction.' ' Heavy subsidies will be continued to the San Francisco and. South American services. • Messrs W. P. Malcolm and Co.; of London, on May, 1921, issued their -first printed report on the flax trade since the outbre-aki ol war in 1914. The stoppage of supplies of flax from: Russia, which was .the principal source of 'shipment, and/ the generally unr settled state :of trade, were.responsible)' for . the discontinuance' of the reports. After the war the three newly constituted Stateo, Esthonia, Latvia, end -Lithuania declared flax «i Government monopoly.' Two of them sold euch monopolies to private firms, and »» a consequence flas.inoreasedl in price from £925 tp £4OO-per ton basis. None of. the 1920 orop has come forward, end it : is estimated thai about 20,000 tons aire in stock. No estimate has been compiled of the quantity of flax available from Russia, but it to thought that exports cannot exoeed: 20,000 tons.. This comporea with a crop of 506,000 tons in 1913. The increase in. the price of flax during 1919 and the*early part of 192Q meant that large crops wore sown last year, but the heavy fall Jin the . pried of the product baa Involved many people in ruin. The conclusion, that Messrs Malcolm and Co. #<r» jived at is that the continuance of present, conditions in Russia means that the linenindustry in the near future haa to, face serious difficulties through' a failure to obtairu raw materials. .-