COMMERCIAL.

Press, Volume LVII, Issue 17207, 26 July 1921, Page 7

COMMERCIAL.

WEST COAST TIMBER INDUSTRY. OUTLOOK CAUSING ALABM. (unxau* w "rta frkm.") GREYMOUTH, July go. The Chamber of Commerce, at ils meeting to-day, discussed the outlook of the timber industry. Mr J. D. Lynch (president) said the position was critical, particularly the rimu trade. A number of mills had closed, and prospects were not good. White pine mills were on full time, but that trade was menaced by the increased duty on New Zealand timbers by Australia. The duty on white pine was now os per 100 ft, practically putting secondclass white pine off' the Australian markets, and making it unprofitable to export. Coast •merchants, at considerable expense had got the rimu timber trade established; in Australia, yet through recent restrictions that market was now practically closed. The freight from Greymouth to Australia now was 7s 6d to 8s per 100 ft, whereas it was believed Oregon, from.Canada to Australia, was carried fqr 4s per 100 ft. Increased Harbour Board rates, heavier duties, and keen foreign competition made the outlook serious to the Coast timber industry. It was apreed that a telegram should bo sent to Sir Francia Bell, asking him to use his influence to induce the Australian Government to decrease the duties, nlso to seek the co-operation of other Chambers of Commerce, local bodies, and the Timber Workers' Union.

THE WOOL MARKET. 8.A.W.8.A. FINANCE. (AmtMltai and N.Z. C»M» Aawxfotiea.) (By C»bl*—Press As«Coi»tion—CopyrigW.) (Received July 25th, 6.5 p.m.) SYDNEY, July 25. The £22,000,000 worth of certificates which B.A.W.R.A. is distributing represent face value, the total cash distribution being £5,005,000. Of the £10,000,000 worth of priority certificates, the directors are retiring 47.5 per cent., equal to £4,750,000. They are also retiring the certificates of small growers whose individual contribution to the wool pool are valued at £IOO or less. BRITISH EMPIRE EXHIBITION. APPEAL FOB OXTAEANTEEa LONDON, July 24. The Prince of Wales is appealing on behalf of the proposed British Empire Exhibition in London in 1923, regarding which it is stated that it is essential that at least £500.000 Bhould be promised to guarantee the fund in the next few weeks to enable a serious start to be made. The response to the appeal will determine whether or not the exhibition is held. Only guarantees will be requested against failure, which is regarded as almost inconceivable. NEWCASTLE'S LOSS. 'T JAPAN SECTJBES 810 CONTRACT. Information was received fat Sydney on July :12th that a contract had just been arranged for the supply «f 100,000 tons of Japanese coal for BoJnNo details are available, says the "Daily Telegraph," but the advices indicate that this business, but for the restrictions recently placed on the coal export trade by the Federal Government, would have gone to Newcastle. As a matter of fact, Sydney brokers . were negotiating for the coal contract, and they were informed that owing fp more favourable conditions the business had gone to Japan. The loss, is a serious one to this State.' A prominent 'oommercial man yesterday estimated that the loss on the deal in coal alone was about £125,000; and in addition there waft the tonnage and disbursements to be taken into account. , '«•■,. Had this contract been placed in Australia, remarked one informant, at least a (fleet of 20 steamers—many of thent at present lying idle—would h*ve found fairly lucrative employment, while the bunkering and other business would have amounted to & tody sum.

LONDON WOOL BALEB. Dalgety and Company, Ltd., hiavs MMiv«l Uh following cablegram from their London office, darted JuJy 22nd:—"Wool sale* son» tonne fairly animated. Demand, tettteea largely on wool suitable for the Continent. As compared with last aale'6 dosing rale*, paper merino wools are 71 per cent, lower, good merino wools 5 to 71 per cent, lower, good merino pieces and bellies 0 to 7J per cent, lower, other descriptions of ttJenno woola 10 per cent, lower. There is a fair demand for scoured merino wools, which snow a 10 per cent, decline. Very poor de- .# mamd for scoured crossbred wool. Fair demand for fine crossbred slips'and poor.demand for coarse crossbred- slipe. The B.A.W.R.A. are withdrawing 19,000 bales of the least saleable. Catalogues *re being well cleared. The teles close on July 28th." ART AUCTION" SALE. There was a good attendance at the ouotion rooms of Jones, McCroetie Co., Ltd., yesterday afterrooo, for the sole of. solid Bilver articles and. of antique jewellery. Sidding was not very brisk, end) in tie. TBft- ' jority of oases did not reach the reserve; as a consequence few sales were recorded. DUNEDIN STOCK EXCHANGE. (ntUS AfISOCUTIOW TKLWJtUC.t DUNEDIN, July <&. Quotations:—Tatfemaa, buyers to; WeJhi. buyers 29a 9d, sellers 80s 6d; Woihi Gran* Junction, buyers 9a id; Mount Ljrell, buyers 14s lid, sellers 15s Sd; National Bank (er drv.), sellers Ufle; Bank of New Zealand, buyers 48s, sellers 435; Union Bank (cum div.). sellers £lB Is; National Insurance, buyers 67s 6d, sellers 60s; New Zealand Insurance, sellers 28s 6d; South British, buyers 495, sellers 60s; P. and O. (def.). buyers £350. sellers £360; Union Steam Snip Co. (pre!.), buyers 18s: Huddart-Parker, buyers 46a, sellers 46a 6d; Weetport Coal, buyers 260 9d, sellers 27e; Weatporfr-Stookton (ord.), buyer* 7s, sellers 7s 6d; New Zealand Coal sad Oil, buyers 2s 9d; Brown, Ewiny sad Co. (ord.), buyers 28» 6d; D.I.Cf. (ord,), buyers 6* prem.; D.I.C. (pref.), buyers 17« M; National Mortgage, buyers £67; Loan and Mercantile, buyers £81; Wright, Stephenson and Co. (ord.), buyers 28s, sellers 80s; Wright, Stephenson and Co. (pref.), setter* 16s fid: Dominion Rubber, buyers 14s: New Zealand and Malay Rubber (ord.), buyers 8s 6d- Donaghy's Hope and Twine, buyers 265, sellers 27»; Gear Meat Co, (ord.), seJiW 80s 6d: New Zealand .iefrigeratlng Co. (86» paid), buyers 29s'9d; New Zealand Refr get. Sting Co. (10s paid), buyers 16s 7d, seHet» 17s; Southland Frown Meat, buyers 24* M; Canterbury Meat Co., buyers' £lO sellerß £ll 6s; South Otago Preesfa*. bUyers 98s; Bruce Woollen Co. (ord.). IroyeM 2te sellers 26s 6d; Kaaepoi Wootten <10» paid), sellers 2a 9d prem.; Mosgiel Woollen, buyer* 110s; McLeod Soap, buyers £l4; New Zealand Paper (oum rights), buyer* 23a> Bd, sellers 235; New Zealand Paper Ce. (rights), sellers Is; New Zealand Drug 00. (40s paid), buyers 48s Sd; New Zealand Espxeas Co., seEew 17e; New Zealand Hee£ware (ord.), buyers 12s, sellers IBs Si; Mflbuin Lime and Cement, buyers 28s, eeUora 29s ed; Otago Daily Times, buyers .46s 6d; Perpetual Trustees, tellers 86s; Trustees* Etecutcs, buyers 445, seller* 49a; Haw Ze»-

l*nd Sugar of ItS.Hk, buyers 28s; Whitcombe and 'Tomb*, buyurs 61b; Howard Smith, buyers '4os: Smith and Smith (pref.), buyers Jffa 6d,'seHei» 18s; War Bonds, 1930, buyers £B7 6s, sellers £39; 1938, sellers £B3 103; .1939, buyers £BB, sellers £B3 10s; Inscribed, 1988, buyers £B3, sellers £B3 12s 6d; ' InBoribed, 1939, buyers-£BB, sellers £B3-13s Cd; Soldiers' Bonds, buyers £9l 15s;-Inscribed, buyers £9l 12s tld, sellers £92 6»; Postal Bonds, 1937, buyers £9l 10s, sellers £92 6s; Jnsoribed, sellers £92; Bonds, 1929, buyers £9l. OHBISTCHtJBOH"sTOCK EXCHANGE!.

AUCKLAND STOCK EXCHANGE. • (FRJ&SB ASSOCIATION TJH.KGRAII.) ■ "" ' ' v AUCKLAND, July 25. ' Sties:—New Zealand Insurance, 26s 9d, 87e, 27« BdL and 27s 6d;,' Huddart-Parker, «6s.Bd; Colonial, Sugar (Australian), £27 ss; Talisman, 6s 3d. Quotations:—National .< Bank, sellers £3 17a; Bank of NeV Zealand, buyers 495, sellera 48s fid; Union Bask, sellers £l3; Na'tional Insurance, sellers 61s, buyers 58s; New Ze*knd, sellers V27e 9d; South British, Miters Ssv buyers 945; New Zealand and Hirer Kate, sellers 18s Gd, buyers 15a 6d; Loan aad< Mercantile, sellers £B2, buyers i£80; Auckland Gas, sellers 22a- 3d, buyem vSls.6d;.HtJddaxtParker,, Bellers 46s Bd, bny- * en 46s 9d; P. tod 0. (def.),'buyers £B46;' W&oa'a iCement, selleis 14s Gd; Talisman, sellers/6s .'2d, r buyers 6s Jd;,W«ihi, sellers SQs 6d; bay«r»,29a 3d; Grand Junction, Boilers 10s, oilers Bs,6s; War Loan, 1938, sellers £B3 lSftjcbjuyers £B3; 1927, sellers £92, tajsra .£9O; .Soldiers' Loan, sellers £93, lmy«H~£&Mos; Inscribed, Stock, 1927, eeH«r»,£99l 490.

YESTEBDATS > TRANSACTIONS. | Sales reported :—N.Z!. .Government 41 par cant. Inscribed, 1838, £83 10s; P. and'O. De- ' 'ferred .Stock, 494ft; N.?. Refrigerating Co. t(*l paid), cum Sir., 81 10s ; N.Z. Refrigerating< (oomtrib.), 16s 6d.~ »i ■ < •LATEStf QUOTATIONS. 1 ' , Buyers. SeQere. e f r * ». <L & a. d. DEBENTURES— A N.2. Got! 4J per cent. ; , Inscribed, 1988 , .. 83 O 0 8810 0 N.Z. GoH. 6 par.mat. Bonds, 1937 — 9!) 5 0 XLZ. Govt. 6} per cent. Bonds, 1938, ., 91 15 0 93 0 0 ' N.Z. Refrigerating '"8 J L i >- , per cent. 93 0 0 .BANKS- l ,' • « -.' Aiwtrataai*- 4. /; 84 5 0 84 15 0 <Caiinineroia2 - of ?.A.T»tTa3dG» ISO New South 'Wales , .. Union Jo! ( AutnUft, (« ■*•■ ( 4 850 0 -' • -div.) ' ;. ' ., ' »M 13 15 0 INSURANCE— ,1 National .« •• — 8 16 New Zealand, .. ■.* l- e '» 17 6 » 8outh„B:ritish. , 114 8 — JtOkS AND AGENCX— "Dalgety, and Co. 10 0 0 V — /""Gpldebreugh,. Uorf ' ■ , (Mt»). f .. .« '.National Mortgage .. a"7ft " 110'0. SHIPPING—- ' „ ' i ' New Zealand (8 percent. oam'pref.) i' .. ' — 10 0 0 ~, "Union,(5J per cent.com 1 , , pref.V i w .» - ' «* ,0 18 S — .FROZEN HEAT— , - 1 < \ "Canterbury .. T .. i-t 11 6 0 fcw «es*. "_, cum pref.) ' .. — 5 0 0 <iJCu.£ia jftairigerwuiiK \&± paid, cum div.) .. \_ 111 0 , . N.Z.. Refrigerating (XOe St V pe?d,' cum div.), .. 016 0 018 9 Weetport ... »« _ 17 0 ■ -WOOLLENS- ' ' - :S«kpoi (£1 paid)" .. — '16 0 t ( •«2£aiapoi (10s paid) ~ .. 0 12 6 0 18 8 Jlaiepoi * (pxef. pb gxv. 'only) • * > 4 - 1 5 0 Chriatebuxeli ' - ..» 6 10 0 * - - MISCELLANEOUS— Beath and Co. .. 18 6 14 6 Cant., Permere' Co-op ' (Tiin*ru) ' _ 2 13 a Colonial v Sugar ' .. — 27 10 0' WELLINGTON, July 26. | v Sale on « 'Change* —1938 ■ Stock, £91 15a (three. eale»). ,. , - v. . , -DUNEDIN, July 85. 1 Sale oa 'Change :—Huddart-Parker, 46s. | > _1_ —"~"