COMMERCIAL.

Press, Volume LVIII, Issue 17400, 10 March 1922, Page 8

COMMERCIAL.

„ MEAT EXPORT CONTROL.

STOCK AND STATION AGENTS'

REPRESENTATIVE.

It is understood that all the stock and station agents in Christchurch voted for Mr W. D. Ilunt's nomination as representative of the stock and station agents of the Dominion on the Meat Export Control Board, and are firm in their determination to support him for the' position. They are not satisfied with the present state of affairs in respect of the Government s alleged disinclination to carry out the wishes of the majority of the stock and station agents of the Dominion. If, as seems to be the case from the wording of the Act, the appointment of a representative of the stock and station agents is optional, it remains to be seen whether the firms will take uo the attitudo that if thoy cannot get Mr Hunt as their representative they will forego representation on the Board altogether.

(SFECIAI. TO "THH FBRSS.") WELLINGTON. March 9,

Owing to the absence of Mr Massey and the Hon. W. Nosworthy from Wellington, there is still no definite information as to the renson for the Government's objection to Mr Hunt, of Wright, Stephenson and Company, as a member of the Meat Export Board, but further enquiries in well-informed circles lead to the conclusion that the main reason for objection is that Mr Hunt is an avowed opponent of the scheme. As the Board is a Producers' Board, it would be inadvisable to have on it a member oppostfd to the principles, especially as "he would have access to all the secret information gathered in the interests of the producers. Apart from this, there is no objection to Mr Hunt, and his ability is generally recognised.

(press association telegram.) WELLINGTON March 9. The appointment of the following members of the Meat Export Control Board is notified in to-night's "Gazette."

Government Representatives—Alfred Ernest Harding and David Jones, M.P. Meat Producers' RepresentativesThomas Andrew Duncan, John Charles Nattal Grigg, Adam Hamilton James, Simon Jessep, and William Perry.

BRITISH WOOLLEN INDUSTRY.

/ Our London correspondent, writing on January 26th, says:—Last evening Sir Arthur Goldfinch gave a dinner at the Carlton Hotel in honour of Mr Francis "Willey, J.P., on the occasion of his receiving a peerage. Sir James Allen was one, of the guests, and among the fifty ?r sixty, prominent public men,, and a number concornea'with the. woollen industry. . The dinner /was a private function, and the v. .speeches were.more personal than commercial. Sir Arthur Goldfinch made a brilliant, speech, which created-tori-•v siderable impression on the-High Com- ..: missioner. A sentiment expressed more .■: during the eyening was'that trade had made, tremen- - ; : a6m;.Bacrificeß during the war, and it : £f. '&*$')&;Bl#f; owing to ther wool producers 0 that the Bri- |; ■ 'had beefa able to win Mr Willey, 'who vfc>- doiwith the organisation trade cUirmg/the-'waf, i. ;^'ffift^^fobablyf,-:sHes most influential ; S Y paißnato of the trade in Great Britain. ;;" title of Lord ' -Barnby. ;t|

MILLIONS SPENT ON ~ ,

The second annual report of the Incorporated Association of Retail Distributors, of which Sir Woodman Burbidge (Harroda) is president, and Mr Sydney M. Skinner (John Barker and Co., Ltd.) chairman, deals with advertising, and it is computed that the films in the Association spend about 4$ millions sterling a year under this head. . • . In these tunes (says the London "Exchange" of January 14th), when newspaper advertising is recognised as ',_ the <mofit economical, rapid, direct, and . effective" means of reaching the pubHo, 1 the right* use of newspaper space is allimportant. ■ \ ENGLISH PAPER. ''Speaking at a complimentary lun» i obeori given to celebrate his 60th biith- ; sls/ Sir t. f E, R Becker, so well * \ known in,' the wool-pulp and paper ■ 'trades, 1 to same very optimistic remarks with reference to , 7 ' ' w<ft,ture ; of the paper trade in Bri- ** ' tairi*' He said that no one'could do \ * wfyfVtbe materials they possessed what) "V its English paper-maker could do. ., <• TJbere' was no paper in the world to i t l \ compare* with English paper, and there %', tfaVno/inarket in the world that did not jtdmxt that English paper was the „«■ best'they . J c6uld get. Aft paper being v k , l 'iriade to-aay-(says "Newspaper World" ■"*"" * ofJahuary 14th) was being produced at '**" /a?Joss, but that time was passing. With fj- ' regarff to wood-pulps, he said that very ■shortly; be m a better posiV tion with Canadian resources coming to X * their aid„ s ' Never again woHild their -' trade 'bevhejd to," ransom by the Scandmavian or any other association. Their ■*. «p-flT>eratiTe system with Canada would j. be lit' such" a position that Britain " could always depend upon getting a 'A k large "proportion of her raw materials ** . fton> the Empire. i> ,' »* COMMEEOIAL ENGLISH. ~j writing (says "John o' London") is ( *"" J&wbere more apparent than in comU vt ffieraal English, the English of office f'f t The Committee on the V s * Teaching of, English in England has dis/v this. It rightly pillories suu'i "J v abortions aa "pros." (next month), ,' month), "of even date" (of >«lo-daj), "hereby beg to," "your es- *., o HeemeoS favour,'; ''as per, 1 ' "same" (in such awful locutions as "Yours to \" beg to say we. shall give «>-i - to same," and so forth). A X think I'can iorsee the defence of the *•* " correspondence -xlerk. Ho will reply iIC ife* hftdwl not invent this style, and he i expec*e&o|,b.im.'Jßnt *>j »t fceemo, he is'wrong. The U| condemnation fit all this *<&•/ ffgujf" is founded on the evidence they tV took fro/n business men, who expressed / themselves !on "commercial English" in Ja r touch, Ways as these: "A meaningless "t* jargon." 'lt tends to KM in buiness life" (a particusound comment) "Usually an A j.:;; impediment to clear expression," is an- %;*"* otfiai; opinion. $%- f ' $/ -i Wf, C»Me-JPre» AaaooiaSon—CopyriffhU N.Z Übl*'Awocutio&) SYDNBT, March 9. trade on the south coast Wy in consequence of coke Mjj^<4^^t, under-selling Auscokecw American ports. The coke-works at Jelaunless the cost of producthe export trade is

FROZEN MEAT PRICES.

WHY VALUES HAVE RISEN.

GOOD PROSPECTS FOR THE SEASON.

(fbou ottb own coubxsfoxdkct.)

LONDON,-January 26.

Ewe mutton, which was selling before the New Year at 3|d per lb,, can now be sold at 6Jd. Wether mutton previously disposed of at 6d easily fetches 7id, low grade lamb, which commanded no more than per lb, can now bo sold at lOd, and such new season's lamb as is nvailable is making Is per lb. These changes only go to show how mysterious are the movements of what is called the London market. A few weeks ago meat market-men were a dismal fraternity who spent unprofitable days at Smithfield. _ A few hundred carcases at a disappointing price was all they could expect to sell on the most favourable day. Smithfield buyers were satisfying their needs for three days ahead at most. There were so many sellers that the wily Smithfield buyerj q-ioted one marketman against the other and so dragged the prices down to the unsatisfactory level which for so long has discouraged the producers in New Zealand. To-day those marketmen who have mutton and lamb to sell sit at their telephones with smiling faces and hardened hearts dispensing their favours practically on their own terms to those who clamour for their wares. Too Many Agents. No (ne could tell from week to week what was going to happen. As it was with butter, so it is with mutton and lamb, but the rise in the market price of ment springs from a totally drffereut cause from that in the case of butter. In view of the proposed New Zealand Government scheme for exercising some control-upon the disposal of the Dominion meat the reasons for the present improved situation are of considerable interest. During the latter portion of last vear there were a great many atrenU hawking consignments of meat who had no interest in the sale further than receiving their commission. Then there were other less important companies who had bought small Quantities and could not afford to hold on a falling market. As soon as ;;.ev got their meat they sold it. Both these types alwayß had a. depressing effect upon the market. Somewhere about Christmas-time these mailer merchants and agents had got rid of all thev held, and, to-day they are all off the market. There ls.still a good supply of mutton available, but practically all of it, as well as. the lamb, is in the possession of four or five firms, one at least of which is generally known to be a member of a so-called, trust. lt> is probable that two of the firms are the owners of multiple shops,, whose, numbers run into thousands, and in view of the fact that the new season s meat is not due in large, quantities for another sis weeks, they have put a check on their selling operations so that their own retail shops shallnot naye to suffer a shortage. ./■ : v It is just possible that these tour or five firms We conferred together, but even if they have not, the result has been the same. For the time being they hold a monopoly, and consequently prices have .risen to their present level. It is a peculiar example of the effect the large firms can have on the v mar- 1 ket,i> wheh they are-.not .harassed by ■Hreak holders of firms doing business-on that the are not benefiting directly from these higher prices, and that the monopolists are taking all the profit. This is not altogether true, for one at least of the monopolist firms is a farmers' co-operative freezing company, and shareholders In New Zealand are reaping the full benefit of enhanced values. In any case, the present improvement is'having a decided ioflnerice on forward buying; so every producer will ultimately derive some benefit from the change in tho condition of affairs; Good Prices Until June. ;■: .

The monopoly will not last for Yery long, of course, but seeing that the new season's mutton and lamb are in short supply, those in a position to know consider that good prices will continue right up to) the end of June. The Argentine produce, which is due in larger quantities in March and ApnJ, might have a slightly depreciating effect, but seeing that American firms have hod 5 verv bad year they will probably be glad of an opportunity of raising their prices, and they will act in%ympathy vnth>the Australasian market. Retail butchers have already raised their cry, and blame the importers for not roleasing the supplies held in store. Consumers naturally are not pleased. But producers may be confident that their interests and the interests of the big firms on this occasion are not op-, posed Although there are fair supplies in store, the owners of this surplus stock are not likely to repeat the mistake of the British Government and find the bottom drop out of the market: again before they can get rid of it. Their "evil" wayß will be all to the, good of the farmers In regard to the meat pool scheme, I understand that Mr Massey cabled to the 'High Commissioner asking him to ascertain, in the event of its coming into operation, whether the existing agents and firms operating here would agree to help in the distribution. Although all the firms have again protested against anything in the form' of cpntrol. they have jointly signed a document stating their willingness to co-operate m any arrangement that may be decided upon.

NOBDDEUTSCHEB LLOYD.

(Keceived March 10th. 12.10 a.m.) BERLIN, March * TheNorddeutschei-Llcydbacinoe sheet for 1921 shows that while the capital has been doubled and profits have increased from 14,000,000 to 45,000,000 marks, the dividend is only increased from Bto 10 per cent. Twenty million marks have been carried forward.

AMEEICAN SUaAB COMPANY'S : HUGE LOSS; s

(Received March 9th, 10 60 p.m.) m NEW YORK, March 8. The American Sugar Refirunft C6mpany has announced a loss of 2,187,275 dollars in 1921, owing to the decline in prices, j ,

PBXCB OF wtt.tc

'sroouii to "tub nes.") DUNEDIN, March 9. Th*n is » prospect of nulk being cheaper in Dunedm. One firm is already selling at *d«quartoverthe oonnter, and d&uymen ara eohcitmg orders at fid delivered.

THE PROPERTY MARKET.

Extract, from a, letter addressed to a resident of Eketahuna by a Wanganui lasa I agent.—'Things have been quiet of late, but I I last week landed the best deal that has i been done for some time. In the morning D ' sold a five-zoomed house on St. John's HQI for £5250, cash every penny, and in the aftersoon sotd 600 acres at £B7 10s jpex acre, total Lcfthmiißwn IfittJa W 4 .

AUCKLAND MARKETS.

(BFECTJU. TO "THB TOWS.")

AUCKLAND, March 9. Wholesale houses find business on the quiet eide, both in grocery and soft goods, bnt this is looked on as the quiet month in the year for the two trades, as most retailers are busy reducing their holdings preparatory to stocktaking. Collections for immediate business are also quiet, but some heavy booking is taking place for first of April business, and shipments of overseas goods arriving in. the near future. Quotations for both butter and eggs remain unaltered this week. Since last report the position of the potato market in Auckland has changed considerably, less quantities of local-grown of good quality being now offered. As no further business has been done tor export to America, the local market for onions has eased' a little. The advance was due to the sudden demand for export, and once that ended a decline was inevitable. Ample supplies of onions are being offered for the reouiremenfs of the local market. Fowl wheat is quoted locally at 7s to 8s per bushel, ex store. Arrivals'of oats from the South are ample to meet the requirements of the local market. The demand at present is very small, and stocks are light, as merchants have been buying sparingly of late. Delays have occurred in arrivals of onarc from Marlborough, which caused a tempo™ fhortage on this market. It is reported that most of the chaff from Rangitikei is on the light fide, but the colour and quality is gooi. Auckland merchants will most probably draw supp!ie9 of chaff from that district. Rangitikei chaff is now quoted at . 163 - ' . , j A fair demand is setting in. for grass and clover seeds, but it is certain the requirements will not be anvthing like so large this season for the Auckland district. Wholesale current prices are as follows: Flour, £l9 15s (less discount of 2J per cent, par ton in 2001b sacks); sharps, £9 10s; bran, £6 .10s; oatmeal (25'b), £27 per ton; oats, A grade 4s 6d to 4s 9d per bushel, ex store, Algerian, eeed oats 6s; maize, 4s 9d per bushel, in wholesale lines, ex wharf; fowl wheat, 7s to 8s; chaff, best southern. £9 to £9 6s; onions, 9s to 10s per cwt; potatoes, best quality £7 10s pn trucks Pukekohe, new southern £8 per ton, ex wharf.

SOUTHLAND GRAIN AND FRUIT MARKETS.

(gPKCIAT, TO "THE PRM«.") INVERCARdILL, March 9.

Oata—The market is inclined to be considerably easier, and the current quotation for B grade tor delivery spread over several months is 2s IOJd, while for prompt delivery -prices range from 2s IOJd for B's to 3s Id for A's, f.0.b., s.i., without attracting many buyers. Values to farmers are about 2s 3d for A grade, and a penny for B grade. Chaff—Large quantities are effering, and merchants are well stocked, and are not keen buyers. The price for prime old is nominally £3 10s, on trucks. Eyegrass—Farmers are not offering freely, and in consequence prices seem to nave risen above" the' real value of the seed. Clean, heavy lines have been sold at up to 8a 3d A bushel, but lighter lines are not in demand. Clean, heavy lines of Italian are worth Tip to Ss 3d a bushel. Potatoes—A little business has been done for immediate delivery at from £4 6s to £4 10s, on trucks, country sidings. These prices, however, are considerably above the shipping value, and are only for local trade. It is anticioated that when the main crop is fit to dig prices will be on a lower scale. Hemp—The market is lifeless. - Good fair would probably net the miller £3O per ton, but high fair is neglected, and is worth about £26. . . ~ , • Supplies of fruit have diminisaed considerably during the week, *omatdes especially being in much shorter supply. Jam plums are in over supply, and the demand -for peaches is poor. New season's dessert apples are in good supply, and are Belling readily. A shipment of American navel oranges came to hand during the week. Following are the approximate wholesale values':—Apples, Cox's.Orange 10sto 115.6 d for firsts, seconds 8s to 9s, Scarlets 9s to lOa 6d, Worcester Permains 8s to 9s, Jonathans 7s to 10s, cookers 6s to 7s; pears, desserts, "W.B.C. boxes 4s to.6s, bushels 6s 6d U 8s 6d, duchess halves' 4».6d to 6s 6d, bushels 8s 6d to 9s 6d; nectarines, choice 8d tq~4d," jams '2id to' 8d; peaches, crated 8d $ 4d. caaes 21di to Bid; plume, choice dessert Bd,i(irns Id to:2id per lb; grapes Onmaru Hamburg* Is 4d; tomatoes, local hothouse 6d to Bd, Canterbury 2}d to 4d, Central 2Jd to BJd; blackberries 10s to 12s per .bucket. ' . »■-'••.,

LONDON WOOL SALES.

■ (By•■■'• CaMe—Press Aseocistionr-^topyrijhl) ■ (Australian and N.a. Cable Association,), - (Keceived March 9th, 5.5 p.m.) ' , , LONDON, March 8. At tho, wool sale to-day there'was a much brighter tone than, yesterday, with wider competition. There was a good selection of merinos. Choice (sorts were distinctly harder. Crossbreds, .mostly .medium and low sortsi sold well at yesterday's prices, which were about on a parity with February closing rates. • Slipes met a good demand from Yorkshire buyers at full February closing lates. ' ■ A New Zealand lot, E.D., made 41d, «rerag6**od '

The New Zealand Loan and- Mercantile Agency •Co:, 'Ltd., have received the following 'cablegram from London, Under date 7th inat.•—"Wool Sales.—There was. a full :attendance at -the opening of .the sales today. Competition by Home and Continenta' buyers being fairly' active, and prices, as compared with, close of preceding' series, being .in buyers' faVpur. Merino, fine, crossbred, B per. cent, to, 10 per cent.; medium crossbred, ooaree crossbred,: 6 T»er cent, to, 7J ■ per cent.. America is buying , suitable lines of'merino. Opening catalogues were fairly. representative." "

ATJSTEALIAN MAEKETS.

(Keceived March Bth, 8.65 p.m.) . .■■■.,•" SYDNEY, March 0. Oats—Algerian Se 9d, white 8s Ild to 4s. Maize—Yellow Ba 6d to 6s 9d, white 6» Bd. Potatoes—Tasmanian JE6 10s to £B. Onions—Victorian £8 10s.; •:,-...»■ , ADELAIDE; March 9. Oats—2s 104 to. Ba. ;

ATJSTEALIAN WOOL SALES,

MELBOURNE, March 9. The Appeal Board, representing the various woof interests, has allocated 150,000 bales for April, and the same quantity, tentatively, for May and June.

GERALDINE STOCK SALE.

For this week's sale there was a big yarding awl a good attendance. There was considerable range in the quality, especially o£ lambs, and recent prices, having regard to quality' were maintained. Fat lambs sold at 15V6d to 84», the majority at from 18s to 20s, fat ewes lOe to 15s, and fat wethers 18s to 25s 3d. Store lambs sold at 5s 7d to Ms'lOd, ewes at 6s 2d to 18s 6d, four-tooth ewes at 17s"'to 26s &1. six ewes at 14s Id, four, six, and eight-tooth ewes at 18s 9d, full-mouth ewes at 6s 6d, fat and forward ewes at 6s lOd to 9s, two-tooth wethers at 12s 9i. to 13s. 9d, four and suttooth wethers at 15a 6d,- mixed sex lambs at Bs, and culled kmba at 6s 4d. Small pigs sold at from 4» 6d to 12s.

CHRISTCHURCH STOCK EXCHANGE, s

YESTERDAY'S TBANSAOTIONS.

Sales reported.—N.Z. Govt, 4| per cent. Bonds, 1925, £96; National Bank of Mew Zeaiand, £5 17s 6d; Christchurch Gas Co., £6 7s ed Sale on 'Change—Manning Brewery, £3 Be. LATBST QUOTATIONS. Buyers. Sellers. £ a. d. £ s. d.

DEBENTURES— N-Z. Govt.. 41 per cent. Inscribed, 1938 .. 90 12 690 17 6 N.Z. Govt. 4J per cent. iJonds, 1938 .. 90 12 6 90 17 6 N.Z. Govt. 5 per cent.. Inscribed, 1927 .. 93 IS 0 N.Z. Govt. 6 per cent. •Bonds, 1927 -■":. 93 15 0 N.Z. Govt. 5J per cent. Inscribed, 1933 .. 94 12 6 95 0 0 N.Z. Govt. 6| per cent. Bonds, 1933 .. 94 15 0 BANKS— Australasia (cum div.) 11 12 6 12 2 6 National of N.Z. .. 616 0 517 6 New South Wales ..85 5 0 35 15 0 New Zealand .. ..280290 onion of Aust. .. 11 15 0 11 18 0 Union of Aust. (new) (cum int.) .. 11 16 6 12 0 0 INSURANCE— National .. •• . 8 0 0 New Zealand .. ..176188 LOAN AND AGENCY— Permanent Investment SHIPPING— Huddart-Parker (cum div.) ■• P and 0. (def. stock) 305 0 0 820 0 0 FROZEN 7 MEATN.Z. Refrigerating (£1 paid) ..156176 N.Z. Refrigerating (10s paid) .. .. 013 8 013101 COAL- • „ . „ Westport-Stockton ... Christchurch .. 6 6 0 610 0 BREWERIES- , „ „ Crown .. ••• - A -J" ° Manning .. ..840860 Ward ..126MISCELLANEOUS— Beath and Co. .• 1 * 6 Mason, Strutters (£1 pd.J, 1 9 Mason, Struthers (14s pd.) Mason. Struthers (6s pd.) a 0 6 8 N.Z. Drug l Co. .. 213 6 214 0 NZ. Fanners' Co-op. Bonds (7i p.c., 1926) 93 10 0 - Whitcombe and Tombs 218 .0 - D.I.C. (6 p.c. oumpref.) 0 18 » WOOLLENSKaiapoi (10s paid) .. - 012 6

INVEKCARGILI. STOCK EXCHANGE.

(•recur, to "Tim rn»ra.") INYERCARGILL, March 9. Sale:—Southland Frozen Meat, 24a.3d. ■' CLOSING QUOTATIONS. - Buyers. Sellers. £ 6. d. ' & s. d. Bank of N.Z. . .. 3?8» |j» N.Z. Coal and Oil .. - °_f " N.Z. Insurance ... 1 ,, " B Southland Farmers' 20 0 Co-op .. Wright, Stephenson and ' Co. .. •• x ; „ N.Z. Milk Products .. 10 0 Southland Frozen Meat . (£1 ord.) .. .. - ISO Southland Frozen Meat R (10s ord.) .. .. - ° la B Southland Frozen Meat (41 pref.) .. •; - l 6 " Milburn Limo and Cement .... - }" » N.Z. Drugs .. ■ ... i*l N.Z. Paper Mills .. War Bonds (1938 and -1939) •• .. 90 12 6 P.O. Bonds (1927) ~.9810 \0 - Soldiers' Bonds ' .. 9* *& 0 -

' AUCKLAND, March 9. Sales on 'Change i-Government Loan, 1525, jßgftVWar Loan, 1939, £9O -10s; National Bank SB lite 6d; Auckland Trams, 16s (pref.) and 17s 8d; Merediths, , Samoa, 10s; Wilson's Cement, 15s 8d; Grand Junction, 86 -. 6d '. . DUNEDIN, Marcb.9. •. Sale on 'Chang*:—New Zealand Drug Co. (40s paid), 68s. ■''.'.„ o it Sales reported:—Bank . of New : South Wales, £35.105; Wes.tport Coal, 28e 6d; Pand O. (deferred), £305. V • ;. WELLINGTON, March 9. Sale reported:—Bank of New South Wales, £35 10s.