COMMERCIAL.

Press, Volume LVII, Issue 17224, 15 August 1921, Page 8

COMMERCIAL.

"BULLS" AND "BEARS." BTJTTEE AMD CHEESE MABKETS. A LONDON MERCHANT'S VIEW. Mr Maurice J. Nathan, one of the /managing directors of Joseph Nathan and Co., Lad., in, London, is at present in Wellington, He has been intimately connected with the provision trade tor the past thirty years, and, for all that, ihe takes no pessimistic view of the present withdrawal of buyers of New Zealand outputs. Crystallising his'opinions on the subject, Messrs Joseph Nathan i have advised all their dairy produce Menus that-"the right way to view this position is that sometimes the buns are at work, and sometimes, the 'bears are at work in tfhe market, just according to how the general trading conditions are working." The London dairy produce trade is not confined to prolace of New Zealand. The trading there applies to all dairy produce received from other parts of the world as well as New Zealand. . Mr M. J. Nathan has, m his addresess to most of the factories, pointed out that the butter and cheese market is largelv- ruled by sentiment Consequently advantage is taken of tttie slightest indication by the "bulls" or "bears'' to try and influence the market in whichever way they wish it to go. While beneficial rains have fallen, there are no reports-that they are general, "but advantage is taken of this fact." Messrs Nathan's daily advices from London are. to tlhe effect that, although "there is an easier tone, our advices show that the market remains fairly steady, but quiet, without. any big fall, such as newspaper reports would indicate, and our people at Home still take an optimistic view about the returns that will be received for New Zealand butter and cheese. The recent buying of cheese has no doubt been for special orders, and not in any way speculative, so that, when these orders fire filled, houses who do occasionally speculate in _ cheese,' would no doubt withdraw, feeling that the rates are too high. This in itself would have an easier effect upon the market, and ia quite a manoeuvre that is frequent in connexion with trade of this description." The firm does not that buying orders in New Zealand even at ll|d for cheese were numerous, and that there were still fewer for butter at any it adds: "We see no reason why there should be a pessimistic tone imported into butter and cheese prospects to-day, because, not only does the statistical position point, to reasonable returns, but also the prices are today on a range of values which, do not look to be at all dangerous." A.decidedly optimistic note is struck with reference to butter, and statistics given to show that supplies from France, Scandinavia, and Siberia are' practically nil; from Denmark about ttmlf that of pre-war times. France is a buyer of butter; and England will have to look to Australia, New Zealand, and Argentine for'about 80,000 tons. There is always a market for butter in England, no matter what the price en* how keen margarine competition may be. 'The United States is also a buyer of butter. Cheese is being consumed in larger quantities than ever before, notwithstanding the relatively lessened production. Concluding, Mr Nathan writes:— * / "We see no reason to alter the opinion we have expressed many a time in meetings with factories, tlhat there is no cause to be anything but optimistic feeling that the factories will be satisfied with Reasonable prices forj 'their produce somewhat on a "parity are to-day's market values, as indicated by the trade in their recent buying." THE BXPOBT .OUTLOOK. (PBESS ASSOCIATION TEDEGEAM ) PALMERSTON N., August 13. In inference to statements published regarding the instability of the London butter and cheese markets and that consequeatly a fall in prices is pending, a representative of the "Standard" was informed by the secretary of 'several dairy companies and the agent of a Targe Tooley- street distributing house that these remarks were, in their opinion, misleading, and exaggeratedi While admitting there was a slight easing of prices, the opinion expressed was that the general outlook was for a good market during the coming season, both for butter and cheese. Amongst other ■allegations': to which exception was taken was a statement that owing to the breaking of the drought in England a greater supply of home-made cheese was assured, Dut .it was obvious to exj perienced dairymen thaf; the breaking of the drought had come too late to affect the production, of English-made cheese. Moreover, one large firm which had an order to buy cheese at lljd per lb was still, open to negotiate at that figure. J ts principals had not cabled instructions to reduce the limit. A further instance of the, stability of the cheese market was mentioned. Cable advices had been received that sales of cheese had been made at 136s* per cwt in London, equal to approximately Is per*lb, f.o.b. Wellington.' MEAT REFRIGERATION. A CALL TO PBOGRESS. < "Gold Storage," the leading London journal in connexion with the meat trade, makes the following trenchant remarks on the subject of meat refrigeration:— .''■•-'. \ lfif the. question were asked as to what branch of refrigeration at the present time most loudly called for improvement of method, we should immediately, point the finger to beef re- ' frigeration. There may be other desirable avenues for progress, both in relation to refrigeration machinery and store equipment, but there are several - reasons wny - we hold that progress in beef refrigeration is. not only admirable, but imperative. Let us enumerate them:yChillea v. Frozen Beef. "In the first place the return from war's regime of dire necessity is closing'up the world's markets once more against refrigerated meat of secondary ' value. ■ Botu'VVest Uniithneld ana the Hailes Centrales echo this . oniy too plainly, and Brazil and South Africa already know it to tueir cost. Not that'these promising resources cannot supply the best,, but their secondary proauction,. everyone. will admit, has to be graded up. France is growing fastidious of frozen meat—conhale as opposed, to irigore—and it looks as it cnilied meat alone is to nil the bill for the Continental market in the not far distant future. - The Quest fot New Methods. ' "Now, this is a serious matter for the i>ntisn frozen meat industry, it means that the 'good' of the past is only .the "middling' of the future, and that the 'best,' which must be aimed for, represents a new value perhaps net yet attained. If Europe asks for chilled beef, can Australasia give it that article, and, if not. what will be the result as far as Europe is concerned P We believe, as a matter of fact, that there are already on the horizon the small. ckmds of the solution of * this problem. Atmosphere sterilisation by the atomisation of a

I purifying agent aided safer chilled I transport in large measure even be'fore the war, and we look to see it so again—and not from South . Africa alone. Then there are revised systems of freezing.' There is the low temperature brine process, which science may extend from fish to flesh application, and we understand that not only has our Food Investigation Board got this object well in hand, but that it is only awaiting the completion of fuller equipment at Cambridge to thrash the -matter out in regard to more than one style of progress. Producing and Importing Ends United. "Perhaps not every member of the industry in this country is aware that Australia also has a Government Department of Scientific and Industrial Research. The Commonwealth is treading the same path as deliberately and hopefully as we are here. The thought occurs to Us that as we two sets of pilgrime are both tramping the ,samo road, much would be gained if we 'could achieve some measure of co-or-dination, or, at least, co-operation, in the struggle to the common goal. The Australian investigators obviously are in closer touch with the actual'conditions at the point of production, and, therefore, must be in a favourable position to give much knowledge as to the ideals of method. Any second body of investigators may be relied upon to approach a problem at a different ansle from the first, hence the recommendation we make. The Victorian Institute of Refrigeration is m close touch with the Commorwenlth Council of Research, a s the Cold Storage and Ice Association is with the Food Investigation Board hero, and it will be interesting to s p e if the two trade bodies, which are affiliated, can take any practical' steps alorg this promising route. The Government Directors of Food Investigation in Great Britain and Australia would, wo should imagine, welcome such efforts." AUSTRALIAN TRADE WITH TRANCE. (Received August 14th, 5.5 p.m.) v LONDON, August 12._ Mr "Winston Churchill made _ certain suggestions to Mr Hughes which will form the subject of an interview with the French Ministry during Mr Hughes's visit to Paris. Mr Hughes also proposes to discuss Australian trade relations with France. . SLUMP IN LINCOLN SHEEP SALES (Received August 14th, 5.5 p.m.) LONDON. August 12. The absence of Argentine buyers caused a heavy slump in the prices at the Lincoln sheep sales. Only 162 out of 370 were sold, the average price • being £25, as compared with £4l .last year. The highest price was £147, as compared with £IOSO 'last year and £I6BO in .1919. UNITED STATES TAEHT. WASHINGTON, August 12. The Finance Committee of the Senate adopted a modified scheme, by which , imports shall be appraised at the American valuation, as the basis of a permanent Tariff Bill. * DEPRESSION IN SOUTH AFRICA. CAPE TOWN, August 12. The Acting-Premier, replying to a deputation of farmers at Pretoria, who predicted a black outlook for the grain industry, refused to entertain a proposal for a moratorium or a stoppage of gold export. FROZEN MEAT. (By Oablel-Press Association—Copyright.) (Australian and. N. 55. Cable Association.) (Becedved August 14th, 5.5 p.in) LONDON, August 18. Mutton—Canterbury, heavy, 6Jd'; New Zealand, ewes, 63d; South American, heavy, 5 3-sd, ewes &id; Patagonian, light 65«.-'. Beef—Argentine, frozen fores 4Jd, hinds 9d; Uruguayan, fores Sid, hinds 6Jd; Argentine chilled fores 5Jd, hinds Ilia. KISE IN PBICE OF BUTTER. ' * LONDON, August 12. Tho Government has raised the price of butter 5b all round, making first grado Netv Zealand 2625, and Australian 246 a. ENGLISH MARKETS. . (Received August 14th, 5.5 p.m.) LONDON, August 13.\ Cotton—Liverpool quotation, American upland, September delivery, 8.78 d per lb. Jute—The market is irregular; old crop, August-September shipment, £27 per ton. Hemp—New Zealand is steady; AjiguatOctober shipment £3B per ton. Rubber—Fins hard- Para 12Jd per lb; plantation, first latex orepo ' BJd; smoked ribbed Bheet BJd. . Linseed Oil—£3o per ton (eijnal to 3s lid per gallon).Turpentine—6Bs per cwt (equal to 5s lsd per gallon). Oopra—The market is fluctuating. Sellers are asking £34 per ton for August-October shipment. Wheatr—The Wheat' Commission has completed the sale of its reserve- stocks. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their London office, tinder date 10th instant: —"New Zealand Butter— No change in market (last quotation, July 20th, 1921, £l2 17s per cwt). Cheese—£6 lfis per owt; market firm. Tallow—We quote present spot values for ' the following descriptions:—Fino mutton £2 6a 6d per cwt, good beef £2 7s 6d per cwt, mixed £2 2s per cwt. Frozen Meat—No change in market (last quotations for new season neat: Mutton. Bd to Bid- per lb, lamb Is l|d per . lb, beef, hindquarters s|d, forequarters 3id per lb)." •' , • WAITAIA MTNE DEVELOPMENT. , What appears to be promising prospects are reported by Mr H. H. Adams as having heen met witli in the Waitaia mine, Kuaotunu, Thames. Good returns- were t.-r«vi-v ously obtained from this mine by the old Waitaia Goldmining Company from No. 5 level upwards. A winze was sunk on the •lode below that level to a depth of al>out 12ft, 'where work was discontinued owing to. an influx of water. The mine was recently purchased by Mr Adams and a partner, together with the crushing plant und appliances, with a vie of carrying out prospecting .operations below the previously worked low level. , The water has been pumped out of the old winze and a drive has been i started on the lode from the bottom towards . a point beneath where the payable run was worked by the old company. This drive is ' now in about.9ft from the winze, and the • lode, which is about Ift wide, at the back of the drive, has increased in size at the bottom to over 2ft. It appears- to be ■ gaining in size downwards, part of the lode [ in the drivo has been broken down, and Mr Adams states that the ore shows good dabs ' of gold through it, and that gold is showing 1 in several places in the face, especially at ■ the bottom of tho drive.. It is calculated • that about 60ft of driving will reaoh a point beneath the point where the old company worked the payable ore. { WELLINGTON SKIN AND HIDE SALES. The fortnightly WellingtdE sale of hiues, , skins, taiiow, etc., was held on Friday, the , total ottering being' 3095. hides and caJekins and 4300 sheepskinfi. There was a fair at- ' tendance of buyers, demands weie very limit- ' ed, and* 1 " in consequence biddings tor the k majority of lots were restricted.' Dry eheepi skins were hard to quit,, whilst salteds ae- , clined from* 6d. to 3d. " Prices were as folr lows:—Fine crossbred, 2d to 2Jd; medium coarse crossbred, ljd to 2Jd; snort to hail- \ J wools, id to 2£d; lam bo, 2jja; dead and dam- > i aged crossbred, jd to lid; inferior and badiy > damaged, 4 to Id; damp, salted, and green, I t Is to 2s 3d; .lambs, salted, Is to Is 6d. I Heavy hides were in demand at late rates. > ' Mediums were diincult of sale, lights "were I firm at a Blight advance', yearling and call in good demand. Prices were as follows: — Ox, heavy, otflb up, 7£d to 14Jd; ox, medium, sbib-581b, 4d to &§d; ox, light, 49ib ana ' under, BJd to 6d; cut, slippy, and inferior, • BJd to 7d; cow, heavy, 55ib and over, s a d to l 6§d; cow, medium, 42.b to 42ib, 3ju to hid; [ cow, light, under 421b, 3£d to 6gd; cut, 6 'i£>py, and inferior, Id to 4Jd; bull, stag, V Id to 2jjd; yearlings, lUb to 321b, 4d to I lljd; caif, superior, up to 10ib,' 9Jd to 16d; calf, meaium good, up to 101b, 7jjd to ' 16Jd; oalf, damaged, up to 101b, id to > IOJd. Tallow —A3 compared with the sales held during the last four months, yesterday's com- . petition brightened, and values, according to quality, showed an advance of irom 2s to 6s per cwt. In casks, 19s to 295; in tins, 1 etc., 18s 6d to 20s 6d. ■ | " Sundries—Horsehair, 16.4Jd.

LAND SALE.

The New Zealand Farmers' Co-operative Association, in . conjunction with 'Pyne, Gould, Guinness, Ltd., sold by public auction in .their Land Sale Room, Cashel street, on Saturday, a property in the estate late A. Fraser, comprising L.I.P. of 184 acres, and a five-roomed house and outbuildings, at Spotswood, to Mr Patrick FitzGibbon, Feniside, at £2BOO for the goodwill. WEEKS LIMITED. * At the twenty-third annual general meeting' of shareholder# in Weeks Limited, the report and balance-sheet for the year ended the 25th July last will be presented. The net profit for the year amounted to £7191 13s' lOd, making, with the balance of £1172 &s 6d brought forward from last year, a total of £8363 19s 4d available for appropriation. An interim dividend of 4 per cent, paid on the Ist February last absorbed 'and it is now proposed to pay a final dividend of 6 per cent., amounting to £2700, and making a total distribution of 10 per cent, for the year. It is also proposed to transfer £2500 t-) reserve account, making the total of that account £7OOO, and to oarry the balance of £1363 19s 4d forward to next year. The paid-up capital of the company is £45,000. GENERAL NOTES. As a measure to improve the export trade of Japan, the governor of the Bank of Japan contends that a reduction in prices and greater production of goods are necessary, and for this purpose he has suggested a strong combination of manufacturers, exporters, shippers, and insurance. firms, tuch proposals, in short, are based upon the principal ,of the German Kartel, and the idea 'is to organise such a system for Japanese export trade. The adoption of this principle does not appear to have given any concern to British manufacturers. It is pointed out ' that the chief characteristic of Japanese goods is cheapness, and both quality and durability are frequently negligible factors. China and some other markets may provide scopeifor Japanese trade expansion, but after 'the experience pained during the war period, when Japanese manufacturers were drawn, upon largely, most importing countries now prefer to leave Japanese goods alone. ■ New uses for rubber are receiving the aV tention of growers and in Australia and overseas centres. Employment of the material in rojid construction is in course of development. The report of the British company, Rubber Roadways, for 1920 states that the method of vulcanising rubber cap on to a plain steel plate proved after experiment not sufficient to withstand the heavy traffic which the roadway has to carry,. As a result it was decided to experiment with vulcanising on to expanded metal instead of a plain steel .plate. According to the result'of experiments carried out at Southwaik, the present system seems to have overcome the diliiculties of attachment so far met. with. It will,. however, take some time longer absolutely to prove the efficiency of the present system from an attachment point of view, and also from a commercial point of view. As to length of life of rubber caps the' directors have no doubts, but as to how long attachments 1 will stand the great involved by present. day traffic has yet jto bo discovered. It is hoped during the coming year to lay a section of rubber foot pavement also in Southwark, for which permisslok has been obtained. ; Footpaths would seem to afford the best prospect of speedy development of this enterprise, as attachment should present no great difficulty, while the advantage to the publio in saving in footwear would be very great. Production of lubber floor covering knpwn as "rubber lino is increasing at both of the chief mills in Melbourne. TARIFF EXHIBITION. The tariff exhibition of local manufactures, to be held in the Wellington Town Hall on October 22nd, is a success so far as space is concerned. The available frontage is 600 feet. This has.almost all been taken up. Mr C. J. Ward, president of the Wellington Industrial Association, informed a reporter on Saturday that the big stands would be occupied by the woollen milLa, tanners, boot and shoe manufacturers, saddlers, and bag and trunk makers. .Every industry of the Dominion would have representation. The public will have some powerful object lessons showing what is already made in the Dominion, and how self-reliant it is m regard to special manufacture. The stage will be devoted to exhibits of soldiers' industries, end these will be the only goods permitted to be sold in the exhibiton. The Department of Industries and Commerce will speciallv instructive exhibits of statistics and graphs bearing on the local industrial situation and imports-of competitive goods. The Department will • also have its own bureau in the exhibition. 1 CHRISTCHtTROH STOCK EXCHANGE Sale reported:—N.Z. Government 4J per cent Inscribed, 1938, £B3 17s 6d.