COMMERCIAL.

Press, Volume LVII, Issue 17315, 29 November 1921, Page 8

COMMERCIAL.

THE TARIFF. AUSTRALIAN FOOTWEAR. (SFZCUL TO "THE KRESS.") AUCKLAND, November 28. The proposal to put Australia in the third schedule of the tariff with regard to footwear does not meet with the approval of boot retailers, although the local manufacturers approve of the Government's attitude in this respect. In the course of an interview recently, Mr Hector Clark, president of the Auckland Boot Manuiacturers' Association, set forth the viow of the average manufacturer on this subject, and to some of his remarks exception has been taken by Mr E. E. Kitchener, Auckland manager for Messrs It. Pearson and.Co., importers. Mr Kitchener repeat 3 the assertion of retailers that the closing of our doors against Australian footwear would place something like a monopoly in the hands of New Zealand manufacturers, alleging that with the door virtually clor>od against American footwear, and with trade in the United Kingdom still in an unstable and chaotic state t there would bo no competition, thus giving the local manufacturer the monopoly mentioned. He asserts that the English manufacturer ennnot yet supply regular or adequate quantities of boots, nor at a price that will enable him at present to successfully compete in the Dominion market by climbing a tariff wall of 25 per cent., plus 15 to 25 per cent, additional landing charges. In reply to Mr Clark's statement that very little footwear came from Australia'until 1919. and that imports from England practically ceased after the second year of the war, and to hi 3 query as to where retailers got their supplies from during the war, Mr Kitehener savs the following figures from the "New Zealand Official Year Book." for boot and shoe imports, most of which came from Australia, supply tho answer:—l9ls, £409.937; 1916, £505.114;. 1917, £493.109; 1918, £589,042; or an approximate value of two • millions sterling for four years. Mr Kitchener contends that not a pair of children's shoes is made in New Zealand, and says that the average local n\inufa£tnrer would candidly confess that he did not want the business or that he is not properly equinped for handling it. "In adopting this policy of retaliation against Australia." said Mr Kitchener in conclusion, "we injure ourselves in the orocess. It is a Question of biting off one's nose to spite one's face."

EXPORT OF MEAT. MINISTER ON OUTLOOK (fbess association telegram.) WELLINGTON, November 28. " The Minister of Agriculture stated to-day that the direct exports of frozen meat- to the United Kingdom for the year November Ist, 1020, to October 31st, 1921, including both free and} Imperial Government meat, were as * follows: — 0 Beef, quarters ... 789,898 Mutton, carcases ... 4,932,841 Lamb, carcases ... 4,379,908 To which must be added the following New Zealand meat which it is estimated was transferred from -the United States * of. America to the United Kingdom during that period—mutton carcases 460,000, lamb carcases 750,000, malting 8/total of New Zealand meat exported to the United Kingdom during the year ending October 31st, 1921, of— Beef, quarters ... 789,893 Mutton, ... 5,392,841 . Lamb, carcases ... 5,129,908 ,The stocks of frozen meat remaining on hand in New Zealand at October 31st, 1921, were as follows: / Beef, quarters ' ... 114,784 Mutton, carcases .:.. 261,746 x Lamb, carcases ... 354,000 ' Equal to a total of 772,000 601b freight carcases of oil classes of meat, as compared, with 3,494,000 601b freight car- * cases which were held on band in New Zealand at October 31st, 1920. It is estimated that the New Zealand killings of meat for export during the . ensuing season will amount to about — v ßeef, quarters ... 300,000 Mutton, carcases... 2,000,000 i Lamb, carcases ... 3,600,000 . So, that with stocks on hand there will - be available for export to the United - Kingdom during the year November ,Ist to/October 81st, 1922 'Beef, quarters ... 414,724 ' Mutton, carcases ... 2,261,746 A Lamb, carcases ... 3,9p4,000 "A reduction on the previous year's exports of: Beef quarters 375,169, mutton carcases 3,131,095, lamb ■ carcases , " 1,175,908, equal to: Beef quarters 47 per cent., mutton carcases 58 per cent., lamb) 22 per cent, on the.above figures. , It would appear that the prospects .for a reasonable return for New Zealand meat in the near, futun are very much better than the trade cables which ._ ' have'been received lately indicate. It 1 • is'plain, adds the Minister, that if the. United Kingdom can absorb such a. ■ ' large quantity of New Zealand meat as ' , they consumed last "year, which was a ' year of strikes, and unemployment, there should be a good demand for the ' decreased supply during the ensuing , year. - PRICE OF; BUTTER. SEDUCTION T2f AUCKLAND. (intouL to "mnw.") AUCKLAND, November 28. * Another reduction in the price of butter -in Auckland will be made to- - -morrow. The Auckland section of the Dominion Butter Committee has de- ' cided to fix the price of first-grade but* < ter in pats at Is 9d per lb wholesale—a reduction of Id per lb. The wholesale price of first-grade butter of the, now, make was reduced by 2d per lb on November 2nd, so that the present reduction makes a total drop of 3d per lb since-the opening of the season. In consequence of the reduction of the wholesale price, the Grocers' Association has reduced the retail . price of first quality butter from 2s Id to 2s iter lb. The position of the butter market in.' Britain, . and. the reasons that prompted a further reduction of the local price, were discussed by Mr Claude Motion, chairman of directors of the New Zealand Co-operative Dairy Company, Ltd." "As a guide to the fixing _. of local wholesale prices," said Mr Motion, "we have no definite information as yet of sales of the new season's superfine butter on the London market. We only know that new season's 'butter arrived at Home ten days ago and that shipments continue to remain . undischarged. We ate, therefore, dependent on expert London opinion as - a>; forecast of < values; which indicates - " that the local price here ia relatively a halfpenny too high. Seeing, how* i-cver, that a penny reduction in toe local wholesale price will asgure to the con- " smserforthe^timebeingsuperfine butter at a retau price of not more than 2a per lb> s> reduction of one penny .^dßsv

in the wholesale rate taking effect from Tuesday has been decided on." "The majority of those most closely in touch with the position," added Mr Motion, "hold the opinion that the price of Danish butter on the London market will recede, and New Zealand superfine advance, and that tJie prices of Danish and New Zealand will ultimately approximate. Apart from market contingencies, on quality basis alone, there should be no marked differences in the values of the two. If this forecast should prove correct, the firming of prices on the local market must follow.''

WOOL SALES DEADLOCK (razss association txlkjjuu.) WELLINGTON, November 28. No further advance has been made in holding the deferred wool sales. Negotiations are proceeding between the buyers and the banks. BRITISH TRADE REVIEW. THE FINANCIAL OUTLOOK.

CBy Cable—Press Association—Copyright.) (Australian, and N.Z. Cable Association.) LONDON, November 26. The stock markets have been overshadowed by domestic foreign, and political considerations. The outlook was leas hopeful in view of the possible outcome oi the Washington Conference, but, despite this, and the lack of public interest, quotation* have been fairly well maintained, gilt-edged securities generally showing a hardening tendency on the easier money conditions, though the upward trend in colonials has been cnecjkod by the small subscription to the South African loan, of which tho underwriters expect to receive a considerable proportion. Business in industrials is meagre, but there are few alterations in prices, though armament securities are fiat as> a result of the Washington proposals. The general slackness in business is causing members to agitate for the re-introduction of tho pre-war system of fortnightly settlement* They considei the absence of speculative facilities responsible for the present stagnation. There is & distinctly easier tone in the money market. Floating credits are abundant Yesterdays issue of Treasury bills was allotted at the unexpectedly low average rato of £3 14s 2d per cent. The outstanding feature of the foreign exchange market has bees the weakness of i th* frano. The fluctuation of the Belgian and French rates have been of a feverish character, reflecting the general uneasiness felt regarding the German reparation payments. Thero has been considerable speculative selling of francs, and, as the general' feeling towards the French exchange has become somewhat pessimistic, even in France itself, there has been little support to counteract the selling. It seems paobable that the dollar exchange will be influenced for some little time by the Washington Conference, and a higher rate than four dollars to the £ sterling cannot at present be expected oiipurely economic grounds. The decline in wool values at the London auctions had only a slight effect on Bradford, where it was expected and completely discounted in advance. Now that ojperations have settled, down and improved business is being done at Tuesday's level, the tone at Bradford has improved. Though top-makera are not operating extensively, there is. a I good enquiry practically for all qualities of tops. Spinners, 'however,, aro following ■ a waiting policy, pending some, further fight <n the course of raw material values. A good effect was caused by ; the.B.A.W.R.A.'e state; menti regarding the statistical position of wool, showing that; the consumption of merinos exceeds the - production, and that, if the sales continue on the scale. of..the l**t three months, the supplies of merinos will be eshausted'by July. .. '....■.■•' The outlook: in the 1 .metal markets generally continues "to improVe, especially for. copper. The demand ior electrolytio from the' "United States and Germany, "its' principal consumers, has- attained large proportions, causing a considerable.reduction jn'~the heavy i.tocks. If the present'rate of consumption continues they should'soon h* to a fairly normal level. It is unlikely that the mine production .will be increased until the world outlook for.ore i» settled, and present stocks of electrolytic'are'greatly reduced. Tin is meeting with:o. good, demand from consumers in South" Wafce, America, and Germany. Stocks in the last are still large, oo that a big. advance, in price is not probable, but a gradual hardening is expected. There is a shortage of lead in the London market, due, to the, Continent buying largely supplies"„ which, hitherto' have been coming here. Producers;.in America and Mexico are holding-, for higher prices. Spanish ship-: ments to the United Kingdom are on a reduced scale. .'■•.■'"''! |

Wheat freights -continue: on the down grade. The present! rates are:—West Australia, 46s 6d;- Victoria and South Australia, 60s. These 'low .rates are rendered possible by the fact .that a. fair, number of steamers'ore taking coal to Colotabo. It is expected that the..arrivals of: butter to the end . ©fs the year will amount to 170,000 boxes of Australian and 246,000 boxes of New Zealand. In' view of this large supply. there' is little prospect of % niajintenance at the present prices', but there' is an excellent' demand'' for all good butter, and the'decline in':prices.'is not-expected to be serious, atr any rate not till the New Tear. SYDNEY WOOL SALES.' • (Beoaived November 29th, L2s'a,m.)" . SYDNEY,-November 38. . At the wool sales there was. a. better demand. Prices were firmer, with' m alight advance all rouind.'. Japan, ancF, the 'Continentwere operating , freely . for the finer classes. :v '■ ,', j PBICE OP CHEESE.'.' . (Beeeived'November'39th, 1.25 a,m.)SYDNEY,- November 28. Owing to the heavy stocks, local cheese has declined Vr 14 to lid ' . ' . DAIBY'PRODUOB. The New Zealand Loan and Mercantile. Agency Co., Ltd., have received the following cablegram '■ from' London offioe, under date 25th lost.:—"Butter—New Zealand Government first grade:. Market firmer. (Last nictations £9 18s to £lO per owt)r CheeseWhite £5 6e per cwt, ©olonied £5 4e;periowt. Market steady." •-.: v •,

AUCKLAND GAS.COMPANY.. An extraordinary general, meeting of shareholders of the Auckland Gaa,Conpany. Ltd., was' heldJ recently,- to ■ consider, the following proposals:— .'„♦.■»'■='■ 1. To capitalise the sum of £102,984, being part of undivided profits at credit of premium capikJ'j'acooiinit,, and distribute; the amount amongst. holders -of contributing shares in the proportion of 12s\to the holder of each contributing sbare by means of fully paid ordinary shares of. £1 each,"rfractions to be r paid! : in.oaah or, by fractional certificates. ..", ' ■:''■''• ■'"' '•'"- J ■■."■■ ». 3. After, the above proposal has been carried out to capitalise, a further sum of £105,780 being pw of undivided profits at credit of* reserve fund and profit and loss account, and distribute the-amount amongst all •shaieholders'in proportion, to,amount paid up on shares'held, by them respectively, by means of fully paid.ordinsjry shares of £1 each, fractions to he paid m cash or by fractional certificates; . '. ' S. To capitalise'the sum of: £34,828, being the balance of premiums to be paid by holders of. contributing shares, as soon assuch amount has been called, up, the distribution to be made to holders of contributing shares the proportion of 4s to the holder of each' contributing share by means of fully paid ordinary shares, and to distribute such further pert* of the undivided profits to holders of such shares by means of hilly-paid shares as may be necessary to equalise the dividends paid on both fully paid and contributing shares.. Tractions to be paid in'cash ox by the issue of fractional certificates. - : -.-- , - ,', ... , . . After the ppsitk>a;h«d4>een fully explained by Mr Upton, the' meeting \manimoualy passed the three resolutions. . • - The contributing iharet were issued at 100 per cent, premium, and the. Company pays dividends -on double the amount of capital paid up on the shares. A call of 2s per share on aoooun*,of; capital and 2s per share on account of premium'is now payable,' CHBIBTCHUBCH STOCK EXCHANGE. . YESTEBDAY'S TRANSACTIONS. Sale reported:—K.Z: A Govt. 5j per cent. Inacribed Stock," 1938. ''«»;»«. ■■'■ „ _ Sale on" 'Change:—Golosbrougn Mort (ttelb.),-«lll»6d. .... LATEST QUOTATIONS. Buyers. Sellers. DBBENTtFBES— Govt. H per cent Bonds, 1938 .."84 15 : 0 85 6 0 NX Govt.' 61 per' cent Inscribed, 1938 .. BANKSAnsbalam ' .. 85 12 6 86 0 0 , National, of N.Z. .. SlB 0 —.. New South Wales .. Union of Australia .. 11 13 6 11 17 6 New Zealand ..386 LOAN AND XGENCY— N.Z. Loan, and Mercantile (cum div.) (oxd.) ' Ni. and Biver State OIT •

SHIPPINGUnion (5J per ceni. cum pref.) -• - 019 0 FROZEN MEATNX Refrigerating (£1 paid) IBS N.Z. Refrigerating (10a paid) .. •• °'* ° G Chri3lclmrch •• 616 0 6 0 0 TIMBER— Kauri, "cum div." .. 15 6 MISCELLANEOUS- . . n Beati and Co. N.Z. Farmers' Co-op. f7| per cent. Bonds) - 9. 10 0 Whitcombe and Tombs 215 0 UNLISTED COMPANIESCaaterbury Publishing Co. .. 019 9 - MINING—'At. Lyell .. 013 5 - Waihi Grand Junction 0 8 3 WELLINGTON, November 28. Sal* on 'Change—Union Bart?: (new), £i 10s. AUCKLAND STOCK EXCHANGE. (PKCSS ASSOC KTIOV TZLEORAV. 5 AUCKLAND, November 28. Sale.—Union Bunk. £ll 15': Bank of New Zealand, 48s 9d; Waihi, 21s 3d; "War Loan, 1927, £9l 105. Quotations— National Bank, buyer* £■> 13s; Bank of New Zealand, rellevs 49s 3d, buyers 48s 9d; Union. Bank, sellers £l2, buyers £ll 10; Union Bank (new issue), sellers 92s 6d, buyers 89s; National Insurance, buyers o7s; New Zealand, sellers 28s 9d, buyers 2£s 4d; South Briti«h, fellers 355, buyers * 6(1; N.Z. and River Plate, buyers 17s 6d; Loan and Mercantile, sellers £B3, buyers £18; Westport-Stockton, sellers 7s 3d, buyers 6s 3d; Auckland Gas (ex right*), Fellers 225; Auckland Gas fcontrib.), sellers 21s; Hud-dart-Parker, sellers 44s 3d, buyer* 43s 6d; Union Steam (pref.), sellers. 19s, buyers 18s 6d- Kaiapoi Woollen (10s paid), buyers 12s Pd; Colonial Sugar (Fiji), sellers £10; N.Z. Drug, sellers 535; N.Z. Paper Mills, sellers 235; N.Z. Refrigerating (cont.), sellers 15s 9d- Wilson's Cement, sellers 15s 7d, buyers 15s 3d; Waihi, sellers 21s 6d, buyers 21s; Grand-Junction, sellers 8s lOd, buyers & 6<J: Wo- Loans, 1930, buyers £B9; 1938, sellers £BS 10s, buyers £B4; 1927, sellers £32, buvers £9l; Soldiers' Bonds, sellers £92 10s, buyers, £92 2s ed; New Zealand Inscribed, 1927, fellers £92, buvere £9l; 1929, sellers £92; 1938, buyers £B4 15s; 1939, sellers £BS 2s 6d, buyers £B4 15s; Soldiers' Inscribed, sellers £92 10s, buyers £92 2a 6d.

DTTNEDIN STOCK EXCHANGE. (PRESS ASSOCIATION TELEGRAM.) DUXEDIN, November 28. Quotations— Rising Sun, buyers 8s; Nckomai Hydraulic, buyers 12s; Waihi, buyera 20b 9d, sellers 21s ed; Waihi Grand-Junc-tion., buyers 8s 4d. sellers 9s; Mount Lyell. buyers 13s 6d, sellers Us; National Bank, buyers 112s 6d, sellers 114s 6d; Bank of New South Wales, seller* £35 10s; Bank of New Zealand, buyers 48s 9d, sellers 49a 3d; Union Bank, buyers £ll 12s 6d, sellers £l2; Union Bank (new issue), sellers 925; National Insurance, sellers 58s; New Zealand Insurance, buyers 28a 3d, sellers 28s Sd; South British, buvers 84b, sellers Sss; Standard, Bellers 50s; Union Steam (pref.), buyeirg 18s 3d, sellers 19s 6d; Howard Smith, seller*. 41s; Huddart-Parker (ord.), buyers 43s 6d, sellers 44e 6d; Westport Coal, buyers 26s 3d, tellers 275; Brown, Ewing and Co. (ord.), buyers 245; Brown, Ewing and Co. (pref.), buyers 18s; National Mortgage, sellers 70s; Wright, SteDhenson and Co. (ord.), buyers 20s; Wright, Stephenson and Co. (pref.), buyers 14s; Donaghy's Bope and Twine, buyers 28a 6d; Dunedin Stock Ex Piopy., sellers 40s; New Zealand Kef operating (20s paid), sellers 29a 9d; New Zealand Refrigerating (10s paid), buyers lAs 3d, sellers 15s 3d; Bruce Woollen (new islue), buyers 6s 9d prem.; Kaiapoi Woollen (ord.), buyers 25s 3d; Kaiapoi Woollen (new), buyers 13s 3d; Mosgiel Woollen, buyers Ills; McLeod Bros. Soap, buyers £l4 55.; New Zealand Paper Mills, sellers 23s 6d; New Zealand Paper Mills (new issue), buyers Is, sellers 2s prem.; New Zealand Drug (£2 paid), buyers 62s 9d, sellers 63s 9d; New Zealand Express Co., sellers 15s M; Smith and Smith (pref.), buyers 16s; Wilson's Portland Cement/ buyers 15s 3d, sellers 15s lOd; Milburn Lime and Cement, buyers 295; Otago Daily Times, buyers 465; Perpetual Trustees, buyers 83s 6d': Trustees Executors, buyers 465; Whitcombe and Tombs, buyers 555; National Electric, buyers 255, sellers 28s; War Bonds, 1938, buyers £BS; 1939, buyers £BS; Inscribed Stock, 1938 and 1939, buyers £BS, sellers £BS 10s; Postal Bonds, 1927, buyers £9l; Soldiers' Bonds, 1933, buyers £92 6b; Soldiers' Inscribed, 1933, buyers £92 ss, sellers £92 10s.