COMMERCIAL.

Press, Volume LVII, Issue 17296, 7 November 1921, Page 9

COMMERCIAL.

NEW SEASON'S LAMB.

PIVEPENCE IN NOHTH ISLAND. It is understood that one of the leading export firms in the North Island has issued its owning price list lor mutton and lamb lor export. Tho price of lamb up to 361b is ocl per Ik and iu exco.,s a. - that weight W- T [ lis j ncnr * a maximum price of los per head, and is in depressing contract to la*t years opening rate.?, which were irom 9d upwards. Theso ficnres would mean at th„ most o!d and .xl respectively for prime Canterbury. It ii understood that the price Jor seeoiidary ewe muttr-n is as low as 2d. The "enrral impression is tnat though anything in excess of the-se prices is net j-'-tified Lv tho present conditions of the Home" market, the prices lor lam!) will harden later. THE WOOL SALES. It is believed in local wool circles that the present rupture between the hanks and the wool buyers over the question of bilk of lading will cause the indefinite postponement of the tales Exed to ha" held in "Wellington and Christcburch shortly. At present there is no indication of tho position being cleared, and its continuane is creating a serious and vexatious effect on tho impending market. It is understood that some remarkably good limits are now in buyers' hands—limits that are refreshing in view of last rear's prices—andit is believed that these v.-ill not be maintained for any length of time, being duo to a mill shortage in certain importing countries. .Should this opportunity of securing a. good market be lost through this trouble it will be very regrettable. The growers want the value of their clips as soon as possible, and the local sales promised to bo tho medium whereby this was to be secured. The position is serious enough to warrant invoking tho aid of the Prime Minister, who might make representations to England with some effect. Tho position now is that substantial orders are being held for wool, and none can be bought. THE WOOL OUTLOOK. Sir Thomas Mackenzie takes a cheerful view of the wool outlook. "I think wool will move," he said to the members of the Palmerston North Luncheon Club last week. "The Germans are getting credit, I believe, and will bo ahle to supply the orders they ar© receiving. That is arousing tho Homo manufacturers. If the Germans can get. the market they con get the ftnaince. "We have more than touched hcttoin. There are 4,833,000 bales still in hand, or more than two years' supply, but if the articles are. manufactured at sufficiently low prices people will buy. I was surprised to read yesterday "that before the war Germany consumed more wool than tho Home" country Every year she used 600,000,0001b. Of .this she and Austria produced 1 per cent, of the finer and 4 per cent, of the coarser grades." It would thus be seen that once theso countries and our own returned to tho normal it would not be long before the surplus wools were used up. Sir Thomas made Tory caustic reference to | the manner in wliich the British wool controller exercised his functions. NELSON BKOTHERS. (Received November 6th, 11.40 p m.) ■ ~.■.- LONDON, November' 6. Nelson Bros.' divisible profits amount to £71,759. The sum of £23,421 is carlied forward. fA previous message announced that Nelson Bros, had declared a dividend of 10 per cent., tax. free.! DALGETY AND CO., LTD. • / ~~ ... (Received November 6th, 5.5 p.m.) LONDON, November 4. Dalgety's net profit amounts to £140,606, -making, the divisible balance £104,111. A final dividend of 5s per/' share free- of English tax, making 10 per cent, for the year, has been declared. The sum of £50,000 had been placed to reserve, £IO,OOO to the staff provident fund, and £74,111 is carried forward. >• KENYA COLONY LOAN. (By CaM»—Prow Association—Copyright.) (Australian and N.Z. Cable Aflaooiatton.) LONDON, A loan of £5 ; 000,000 for the, Kenya Province of British East Africa has Seen underwritten. It is in Spier cent, stock, the issue price being *95. MOTOR-CAR IMPORTS. .'■TOTAL OF 11,995 LAST YEAR. Tho remarkable expansion during-re-cent years in the importations of motor vehicles, benzine, and accessories is discussed in the last issue of tho "New Zealand Trade Review," which gives the numbers of motor-cycles and other motor vehicles imported during the lost four years:— 1920. 1919. 1918. 1917. Cvcles ... 2,666 1,694 1,122 1,367 Cars, etc. 11,995 6,100 3,094 4,692 The figures for cars,, etc., include vans lorries, chassis, and some eloctricaily'driven from storage batteries, !but of the 11,995 (shown for last year, 10 219 are described aa passenger vehicles other than'busses. Of tho cars, etc., imported in 1920, 7448 wore from the United States, 3852 from Canada, and 615 from the United Kingdom. ... . Following are the values of the various lines for tho last three years :• I 1920 1919 IWB £ £ £ Motor vebides 0,934,239 1,133,321) -451,444 iParts and materials.. 2,044,843 078,772 772,561 Motor cyclea.. 178,858 91,087 W,«4 Parte *nd materials.. 95,560 30,08-2 46,239 Benzine, etc. .. 1,849,339 788,420 829,889 ' Totals .. £7,108,000 £3,038,161 £2,153,857 The total for. 1917 was £1,840,367. These figures do not include lubricating oils and probably some other incidental items, but apart from these the motor trade' accounts for over a ninth of our total imports. Of course, all the benzine is not used for motoring, and there is a large number of necessary commercial vehicles included in the above figures. _ BANK-NOTE LAUNDRIES. Washing bank-notes to make them presentable again is > a United States economy that saves Unci© Sam hundreds of thousands of dollars every year. And this is tho way of it (writes a London banker). The process hy which tho paper is cleansed is just as simple as ■ washing one's soiled clothes* The "bills'' are

soaped, scrubbed, rinsed in cold vrater, and finally dried and ironed. The v.liolo apparatus is mwhanical. The machine consists of different sets of rollers, each we performing a selected part in the cleansing. First the "bills" are placed on endless bands, which pass in and out tne series of heavy copper rollers. The tint set of'rollers revolve in a special > kind of soap. This, with the rotation of the rollers, scrubs the paper clean. Tim dirt removed. they then pass to other rollers, revolving in clean v.atcr, and are thoroughly rinsed. From them they pass on to the last set of rollers, which are heated. When they finally emerge they are not only dry but ironed smooth, and look as fresh and feol as crisp as the. day they were issued. Introducing bank-note laundries into this country has been slighted as a mean* likely to save 3-30,000 banknotes every week*,- as noil as preventing the porm-ladcn paper from spreading disease. Jt is- not generally knov/n that Bank of Encrland notes average a life of only sixty-three deys. Immediately the Bank receives a note back from the public ifc is not put in circulation again. The moment they accept it and the cashier's signature is off, it automatically becomes cancelled. Often'a heap of signatures, weighing twenty pound-;, accumulates in a day. The notes are kept at the Bank for about five years and then burnt. This exno.isivo bonfire mav consist of 90.000'000 redeemed notes. .To counterbalance the loss, upwards of 60.000 new notes are printed daily., so that the; value of the note in circulation at any time is rarely loss than thirty million sterling. By the American system, most of this waste is preventable. As o«r banknotes are ma.do from new white linen cuttings only, they are sufficiently strang to withstand cleansing several times. A MANUFACTURER'S DIRECTORY. MINISTER REPLIES TO CRITICISM. Some criticism has been made of the intention of the Department of Industries'and Commerce to compile and publish a manufacturers' directory, it hav<" ing been stated that such a publication was unnecessary; that it would be expensive ; that the supplying of information required for the director}' 'as unduly harassing manufacturers; and Mat the Department had adopted the schomo to make work. These complaints were brought to the notico of the Minister of Industries and Commerce, tho Hon. E. P. -Leo, who informed » reporter that many enquiries were _ received in tlhe Dominion, aud particularly from abroad, as to whether New Zealand published a manufacturers' di- j rectory, and when the one now being prepared was issued it would supply a | much-needed requirement. "But tho j Department," continued Mr Lee, "did not initiate the work merely because of that consideration. The compilation of the directory was undertaken at thej request of tine Manufacturers' Association. That is to say, the more progressive manufacturers wore-'desirous cm liaving an official record of the articles produced in New Zealand for reference in and beyond the Dominion. As to tho information to go into the directory, details from tho official statistics and from the Labour Department's records j are being used- Thus, there has been no overlapping of the work of separate Government Departments. Moreover, the directory itself- will bo published free of expense, to. the Government as the advertisements are expected to da more than meet the expenditure. Tlw principal item of cost will be printing. So far as the Department's organisation is concerned, the work is occupying only pari of tlho time of two officer*. There will also be a small amount of expenditure connected with postage and paper, bub it is quite certain that the whole of the work of collecting, tiompiling, and publishing will be free from any direct financial obligation to the Government. The complaint has been made that the task set tho manufacturers of answering the Department circular is unduly harassing. Tho Department while wishing to have, the directory as up to date and complete as it can possibly be made, has no desire to insist on the manufacturer supplying the information requested. Many of the manufactories of Now Zealand are well organised concerns, and the . financial and statistical side of the business is so well arranged'that prompt replies have been given to t!bo questions put to them, which can be answered with 'Yes' or 'No,' or a simple number. It is stated that New Zealand is the only Dominion of all the British Dominions which Jtaa not an official manufacturers' directory, and it is remarkable how much ignor-' anoe exists even -among local manufacturers tjheraselves as to the classes or" goods being made in their own country. This has been very well illustrated by tho surprise expressed on every side, at the exhibition now being held in Wellington." FROZEN MEAT. (By Cables-Press (Australia?} «jjd N.Z. Cable Association.) (Received November 6th, 6.5 p.m.) LONDON, November 5. Mutton—Canterbury, light. Cid, medium 's*d, heary- fid; Southland, Bid; North Island, light 5Jd, medium -E|d, ewes 4Jd; South' American, light 64d, heavy 4Jd; Patagonian, light fd, hoa-vy 4jjd, ewes BJd. Lamb—Southland, BJd; North IslwiH. selected BJd, ordinary 8d; South American, light 6jd, heavy 6Jd. Frozen Beef—Australian, orops 3M, hinds Bid; Argentine, hinds 6£d, chilled hinds 8d; ENGLISH KAEKETS. (Received November 6th, 6.5 p.m.) LONDON, November 6. Eubber—Fine hard Para-, 14d per lb; plantation, first latex crepe, 10Jd; smoked ribbed sheet IOJdCopra—South, Sea, bagged, October-Decem-ber shipment, £26 10a per ton. Hemp—CNew Zealand, Beptenibei-November shipment, £37 per ton. / Linseed Oil—£27 10a per ton (equal to 2a 3Jd per gallon). Turpentine— 83s 6d per cwt. (equal to 5» 2d per gallon). METALS. (Received November 6th, 5.5 p.m.) LONDON, November B. Tin—Stocks total 22,891 tons, including spot 3134 toca and afloat 1830 tens. Deliveries during October totalled 3063 tons. LONDON, November i. A conference of zinc manufacturers discussed the Board of Trade proposal* regarding concentrates cabled on October 23rd, and decided to submit an offer for thoir immediate purchase. The conference also discussed the Bosrd of Trade's proposal for a long term contract to run, pari pasßu, with the Board of Trade's agreement with the producers. The matter was. adjourned in order to arrive at a figure at whioh to make au offer. Tho proposed attempt to restore the Ornish tin mines means an amalgamation costing £500,000. The Government is being asked to find half this euroSHARES. LONDON, November *■ P. and O. (def.)-Buyers f 270, «elle» *23°HULL WOOL SALES. LONDON, November *- At a B.A.W.R.A. wool sale at Hull 35,000 bales were offered. The market was firm lor best merinos, but average sorts were '1 to 10 per cent, below London closing rate *- Crosabreds were -unchanged, and ecouredssnd slipes were firm at full late rates. PRICE OFWHEAT. -(Beuter 1 ! TelsgrwßS.) ' NEW YORK, November 3. ■Wheat sold in the Chicago market at 95 cents a bushel. This is the lowest level reached for five years. There ww wild trading in the grain pit. Mr James Patten, predicts that the price will recede much, further- Millers are credited with, driving, down the price.

PENINSULA SALEYAKDS CO. The thir.y-lhiro jcr.efal meciin- of tho sh&reh-olders of t\\e Peninsula Saleyards Com-sv.v was hcid a * Puvaucheilo on Friday, Mr R. Latter, chairman of directors, presiding over a. good attendance | Before cemmencine the business, tho ohair- ■ n?n referred in svmcathetic terms to the ■if>alh of Mr T. W." Wilkins, one of the directors of U;e company, that had taken place on the previous day as the result of » motor .-iccidp-.it. Mention was made of the valuable services ths late Mr Wilkirss had rendered to the com puny, and to the district, generally, and a motion of condolence and sympathy with tie widow and tie family was caried in sileiice, members standing. The meeting adjourned for a, few minutes as a tribute of re=;>eH to the memory of deceased. Chi _ resuming- the chairman moved the adoption of tie annual report and balancesheet. Tho report stated that business for the year had been somewhat adversely affected by tie decrease in the price of all classes of stock. The yarding and paddock foes had amounted to £l6l lgs Gd, a, decrease of £"4 23 on those of the previous year, while stock entered totalled 3821 cattle, and 87 sheep, als against 5812 cattle and ISI sbe-'p. I The profit and loss account 6howed a, credit I of JES2 lis gd. Of this it was proposed | to a pay a dividend of 6 per cent, on paid-up capital, leaving a balance of £-28 14s 6d I to be carried forward. The retiring directors | were M?.=sm W. W. WilKsms and V. Craw, both. | of whom, being eligible, were seeking reelection. The balance-sheet showed receipts I £202 10s Gd, and expenditure £'2o9 lGs Gd on tho cash account; the profit and loss account showed that the sum of £-250 was written ofß property, £l2 10s was placed to tie reserve fund, and £7l 19s accounted for tie previous year's dividends, leaving a balance to oredit of £B2 Ids Sd. Tie report and baSsnce-sheet were adopted. On tho motion of Mr J. R. Thicker, seconded >,-? Mr D. Macphail. a very heaxtv vote- of thanks was accorded tho directors for th"ir services. The two retiring directors and Mr F. Stewart offered themselves for tie two vacancies on the directorate. The election resulted in tie return of Messrs W. W. Williams and Stewart. Mr H. W. Wilkins was re-elected auditor. At a subsequent meeting of directors Mr E. Latter was- uauimottsly re-elected- ohairman. The secretary reported that yarding fees for October had amounted to £ls 7s 6d. The chairman expressed a hope that funds would be available this year to carry out certain improvements, to the yards. WELLINGTON SKIN'S AND HIDES SALE. At the fortnightly sale of sheepskins, hides, and talJow, held at "Wellington on Friday, bidding- for sheepskins showed very little animation, tho bulk of the catalogues beinjj withdrawn. Hides were keenly competed for, all sound, well-conditioned lots fully niaintaining, and in Home cases exceeding, "last sale's level of prices. Calfskins and yearlings showed a decline, of 2d to .Sd per .lb. Tallow, in shipping condition, was in good request at rather better prices. Prices current at tie sale '.7cre: — Sheepskins—Fine crossbred 3d, medium, to coarse crossbred 2d to 3Jd, short to halfwools, Id; damp, salted, and green, 2s Id tn 3s; pelts, salted, Is Id; lambs, salted, 6d. Hides—Ox, heavy HJd to 14£ d. medium BJd to lOJd. ligrhi 4d to 7jd; cut, slippy, and inferior 2£d to 10Jd; cow, heavy 7Jd to lljd, medium 4Jd to Bd, light Bid to 7d, cut, slippy, and inferior Id to G&d; ■ 'bull, stag lid to 3sd- yearlings, 6Jd to 12d; calf, superior, 12* d to lojjd, m»dium to good BJd to 15d. damaged: Id to lid. Tallow—ln caeks, 203 to 275; in tins, etc., 18s to 24s fid. Sundries—Horsehair, 12d. DUVAUCHELLE SALE. The monthly stock sale at Duvauoholle on Friday was masked, by a comparatively smattl yarding, a poor attendance of buyers, and dragging business. The best lino of steers- offered was passed in at £IG. The range of prices included:—Fat steer 3 £lO 2a 6d to £ll 17s 6d, fat cowb £8 to £l4 10s, fa* heifers £7 to £l2 2s Gd, springers £8 10s to £l2 10a, stores £2 13s Gd to £7, bulls (large entry) £1 53 to £5 10s. PRICE OF MOTOR SPIRIT. On Saturday W. H. Simms and Sons, Ltd., received a cablo message from tie Tide Water foil Co.' quoting a second advance in the price of Tydol motor spirit and Smowflako kerosene, of 10 oenis per case, SATURDAY'S POULTRY MIARKET. Messrs J. B. Merrett and 00. had a large entry ' of /poultry on Saturday. Some veryfine classes of etock were, penned, amd realised good prices. Prime table-' ohiokens brought 8s 6d to 15s fid, ducklings 7« 6d to 14a 6d, heme Se 6dto 6s 9d, pullets 5s 6d to 13s 3d, ducks 7b to Us 6d, turkeys 15s 6d> to 42s Gd, all per pair. EGG MARKET. Heavy listings of egga continue to oome forward. Tie Carnival demand has been good, and prices maintained up to those of the previous week, Canterbury Egg-Circle, first grades, being la 3d, and eeconcf grades Is 2d per dozen. 6 GENERAL NOTES. The presidenti of tho Alaska Packers' Association recently slated that although the market oonditkxna for canned salmon this yean: wero much bettor than, they were for 1920, prices for new seaison'a pack were materially lower. While regarding that the size of the pack would bo less thiaa last year, he was net prepared to indicate to what extent it would be so until the exact figures of the output were known. _ The Oalv fomiam Packing Corporation's prices to the American trade for the Alaska, Packers' Aseooiation'e canned salmon, f.0.b., Sao Francisco, were as follows: —Atask*, red &al» mon, 2- dollars 23 cents a dozen, as compared with 3 dollars 25 cents for 1920; Alaska King salmon, 1.75 dollars,' against 8.00 dollars; Alaska Cohoes, 1.50 dollars, against 2.75 dollars; Alaska Pinks, 1.15 dollaifc against X.50 dollars-; Alaska chums, 1.05 dollars, against 1.15 dollars. Additional cost to Australian buyers includes niite of ex» change, freight, insurance, and other charges and duty. International Mercantile Marino Company of New Jersey, which includes the American, Red Star, White Star, Atlantic Transport, and England and Dominion lines, has issued ita report for 1930. Net earnings were 17,454,013 dollaia, compared with 24,6>37,608 dollars in 1020. Preferred dividend has been reduced' from 26 per cent, to 11 per cent. Capital-is unchanged at 49,872,000 dollars. There is a reserve of 23,000.000 dollars, to replace steamers lost or sold, and a reserve of 27,435,341 dollaia for use as working capital, most <?{ which fa invested ' in marketable stock and bonds, the balance being in. cash. The company owns the whole of the abjures in tho following' companies:In the Societe Anorryme de Navigation Belge-Ameaacaine, 13,815,000f.; in tho Inter* national Navigation Company, Ltd., £700,000; in the Aitfoatic Transport Company of West Virginia, 3,000,000 dollars; in the Oceanio Steam Navigation Company, Ltd., £5,000,000; in the Atlantic Transport Company, Ltd., £1,000,000; in FnHerick Leyiand and Company, Ltd., £1,408,650 in preference and £1,200,000 in ordinary; and in George Thompson and Company, Ltd.. £l-18,823 preference, £60,000 ordinary, end £50,000 management; while in the Shaw, Savill and Albion Company it owne £86,365, or 44 per cent, of the £195,375 "B" ordinary shares; 2,608,000 guilders, or 10.4 per cent, of the 25,000,000 guilders' capital of the Holland-America line;' and 32,971 shares, equal to lfij per cent., of the 200,000 shares in the New Xork shipbuilding Company. Since 1914 the company's indebtedness has beau reduced by 38,1:98,183 dollars. The report of the Australasian United Steam Navigation Co., Ltd., of which Lord Inchoapo is ohairman, has come to hand. Profit and loss account shows a credit balance of £54,114 at December 31st last. Thi* with £47,312 for 1919. Interim dividend of 5 per cant, accounted tar £32,260, and final dividend is at the same rate, making 10 per cent, for the year free of income tax aid leaving £9594 to carry forward. Earnings of the company's steamera have again been adversely affected by labour .troubles and strikes, which resulted in many of the steamers being laid up An- interest has been taken in the Caledonian Collieries, Ltd. The property is situated nsar Brisbane, and the investment will give the company control of the output of ooal. Balaaos" sheet comparisons aae gfven below:— 1918. 19J9, 1921. £ £ £ Capital .. 4-15.200 445,200 440,300 Debentures .. 280,336 230,030 2J7.705 Sundry UaaMHties 622,530 1,161359 1,681,467 Fleet, eta, value 565,620 773,550 714,703 ißvestmente, etc 746,739 1,063,021 1,553,306

GROWING YOUR TEA. How numy people have any idea how tho tea they drinJ* is produced? (writes a tea planter in tho London "Daily Mail"). People aro bo used to buying a packet of tea and using bo many spoonfuls to the pot that very few try to find. out. by what processes juicy, green jeavea aro turned into the dry, blaok, aromatic stuff wo call tea. A day in a tea garden in the plucking season would astound 'most people. First, they would be shown the bushes to be plucked—perfect!* flat-top-ped they should be if they Tftfeve been well pruned and tho.pluokipg so far been scientifically done—and from the flat top of each'Hmsh numerous shoots, two and three (sometimes four) leaves and a bud, have pushed their way. These it is the job of the coolie women to pluck, and they do it at an astonishing rate with both hands going at the same time. ~ ~ ... Twice a day, generally, the leaf is brought in to the weighing shed, and the moment a woman has had her basket weighed the loaf is turned out'into the general pile. , \ , From there it is taken away \ and spread out in the withering houseslarge, open structures, each a roof with a number of flat pjatforms under it, a few feot apart, right down to the gaound. Over each platform is spread hessian (sack) cloth, and on this the leaf is thinly spread there to remain and wither. ...,;' . i It is a tioklish job to determine when the leaf is withered to exactly the right degree, and it is not until this lias been decided that the manufacture really e Tlfe*'leaf is rolled in a machine for about 20 minutes— squashed and rolled lust as it would be between two boards or the paIWS of the hands. It is then put through a wire sieve to sepal ate the coarse from the fine leaf. Presently these two grades ate carried of! to %e fermenting room~a long, dark room with cement or tiled floor. l«mfc fairlv cool—where it is laid out Srment. . It foments in a few hours and turns from a bright green to a rusty brown colour. After this it is rolled agam for a few minutes' and then put into a finngS3£ *» this machine >it. vwn i on an endless chain, or tray, throw* a very hot chamber, from which it emlrges looking, more or less like tho

tea you see in shops. It is fired two or three, times until it is quite dry, and, iu fact, properly cooked. Now begins ttie sorting. Tho "cooked" tea. is put through a breaker and reduced to workable 6ize, after which it passes through a number of rotary sieves of various meshes, which sort tho lino from the coarse. In the factory theeo varieties aro packed in special cases and shipped to the agents. Thus .they come finally into the hands of tho blenders, who are responsible for the tea in th« different brands, marks, and names famifcarised to you by tho packets or cases of tea you buy.