COMMERCIAL.

Press, Volume LVIII, Issue 17437, 24 April 1922, Page 8

COMMERCIAL.

CHEERFUL PESSIMISM.

WORK, LOWER CHARGES, AND

ECONOMY.

THE PARMERS* OUTLOOK

(FBOH OT7B OWN CORRESPONDENT.)

LONDON, March 14. Just as it is wise for producers and those connected with the export trade in the Dominion to come to London to Study the conditions of marketing and distribution, so it is equally beneficial for thoso who handle the produce on this side of the world to tvisit New Zealand and find out for themselves tue aspirations of the producers, their dirficulties, as well as their misconceptions and their mistakes. This intercommunication is not only beneficial but necessary for the smooth working of the export trade, and the more representative business men in London know of those they serve the sooner will it be possible to bring about those improvements which are necessary to reduce marketing charges to a minimum. There was, perhaps, an indication of the lack of such' co-operation when first the Meat Pool was brought up in the House of Representatives. Mr A. St. George Ryder, London manager of the National Mortgage and Agency Company, is just back from a Dusiness visit to the Dominion, and as he stated at the annual meeting of the company, he will doubtless have a great deal of valuable information to give to his directors Having been in New Zealand during the discussions concerning the Meat Pool, and having also been in touch with the. Prime Minister, and other members of the Government, he will be able to enlighten the members of the Australian and New Zealand Agents' Association en this much discussed but obscure subject. Through private sources I have received news of a certain important meeting i.'onvened by the British Incorporated Society of Meat Importers. At that meeting there were present representatives of the shipowners, representatives of the Port of London Authority, of the storekeepers, the underwriters, and the merchants and agents who handle the New Zealand refrigerated produce in this country. It was decided to form a committee composed of two representatives of shipowners, two ptoreownars, one lighterman, a representative of the London Provision Exchange, a member of the Australian and New .Zealand Agents' Association,- and two members of the British Incorporated Society of Meat Importers. This committee has already met to discuss measures to do away with causes of complaint in the matter of unloading, handling, storage, and marketing.

' New Zealand Stores In London. Mr Ryder had not heard about this meeting, but he was ready to express an opinion on the improvements that could be brought about by such a representative committee. It should not. be a ivery difficult matter, he thought, to obviate the delay, in unloading which, had been an important factor in keeping up the freights. They knew to within a reasonable figure the quantities of, meat that were due to arrive, and it was possible to estimate the storage space .required during each month of the; reason. Sonie arrangement should, he. made that would ensure that -this space was available. T as. soon as it was required; If..there was not enough storage space, up : to-date stores mignv W erected to. be fused exclusively for New Zealand produce. It should be an easy, matter to raise a loan, and the Government would come in very well there:to guarantee the loan, which could then be. raised at a low rate of interest. The stores could be managed by a trust, and such an undertaking might help' considerably in reducing charges.

Provincial Ports. As to the diversion of cargoes to provincial ports, Mr. Ryder bpre out the contention of others that this would require the greatest care. There was a tendency, to. accumulate produce in these .markets, and the agenta got intoserious trouble with the producers/if the Bales were unduly delayed. It often became necessary to rail the produce book to London or to. localities so far removed that the profit was swallowed up. If a careful selection of cargoes -were made, and nothing but wfliat suited ' the requirements of the district sent direct to the provincial sports, there might be some advantage: to be gained. ; The pooling system, in so far as it ■eliminated the. multiplicity of marks; •would, be welcomed by-.everyone here, and would' go fair' to reduce the handling ...charges. Moreover, the freezing works in the Dominion were all ready and willing; to co-operate with the Government in this respect. His own company's works at Longburn followed tfliis system, and though it meant that the local • staff had additional work in. analysing their 'figures when the account sales came in, they were in a better .position to do this than the London offices were to cope with the extra work entailed by the innumerable brands and marks; But, of course, the chief advantage would be in iSpeeding-up of tlhe; unloading, and in preventing the loss and confusion which arises. As for the;' high freights, he was quite siure that: the shipowners would; be only too ready to. reduce.these the moment the cost of • living and wages and other charges-came downj for the simple reason that it was inore. profitable to uhem to get back to normal conditions.

Higher Prices Unlikely. Turning to the impressions h© had obtained in New Zealand, Mr Ryder said that he thought the people, and especially the farmers, were hop ng for higher prices, r and relying too much on them. Prices were now higher ti,ian pie-war rates, and the economic conditions generally Bhowcd a downward tendency. It would be a mistake for thenL to hope for prices in ithe'futufe anything like what; had been got in the past. They needed to prepare themselves for- a lower grange of values, qnd to work their costs down to these. They should keep.alive to every opportunity to reduce tlheir charges, and get their agents to bring pressure to baar wherever there was an.opportunity of economy. Tlie high taxation and the general commercial instability seemed to have got them out: of., the habit .of saving. It would improve .business generally if all these people would work on a little less borTpwed. money, reduce their loans, and not feel aggrieved when the banks and financial institutions i asked them to do so. There Jwas no doubt that all tlhese institutions had been very liberal,' and had done very well for their clients, but it was only natural that they should want to place themselves in a position to_ meet any contingency that might arise, and to get their advances back to reasonable: figures* The people could hardly expect the same accommodation as in normal times. r

Hard Work and Economy. A difficult position had arisen, said Mr Ryder, over tue wages paid in the freezing worus in compliance with, an Arbitration Com t award. He was informed that the men generally were ' 5u y J** tal£e * ower wages, and realised the advantage and justice ot such an llgeme ? t ' but thfi Union leaders noM out for the continuance of the i T^L f ° T term. It was I ■A* o ft*s l gnted policy. I i' ***??* Vovk > "Pleased production, and 11 r AOoaUnuod at nerTcotamiL) -

TIMBER TRADE.

THE COST OF PRODUCTION. (special to "the press.") AUCKLAND, April 23. The exportation of timber from Auckland was tha subject of a private conference between representatives of the Auckland timber merchants and the local officers of the Board of Trade. The merchants desire the lifting of the embargo placed on this phase of the industry in respect to certain classes of timber. It is considered that this would do away with a certain amount of unemployment in the timber trade. No official information as to the outcome of the conference was available. The stagnation in the timber trade was referred to by Mr E. Phelan, secretary of the Timber Workers' Union. He said that uncertainty as to the future prices of timber was causing delay in building operations, it being anticipated that considerable reduction in values was imminent. Personallv he could not see that this was at all likely, for th.3 obvious reason that -production was becoming more costly. The sawmilers have to convey logs for a long distance from the bush to their mills. He thought that a pronouncement should be made by them that no great reduction was. probable. This would have the effect of inducing people desiring to build houses to carry on without delnv. In view ef the fact that one of the Auckland banks wps prepared to lend from £IOOO to £.'ooo bn freehold, the trade should tret together and enderwonr to place it on a better footing. Tn the country districts the wno-es of timber worVers hnd Wen reduced, and now town and country were on an equal footing, so far as a minimum wage went. N.Z. WOOL SALES. ANOTHER SERIES IN MAT. It has been found that there is still a fair quantity of wool that missed the previous sales through one cause and another, consequently it has been decided to hold a round of sales during the coming month. The place at which sales are to be held, and the dates are as given below: — Timaru May 3 Dunedin \ May 5 Christcburch, ... May 11 Auckland May 16 Wanganui ... May 18 Napier May 22 Wellington ... May 25 It is anticipated that the May sales will bring about a ivery full clearance of wool, so that the next season will open with the market bare so far as New Zealand is concerned unless there are woolgrowers who are holding their clips for an improved market, and who are not known to the brokers. EXCHANGE RATES ON LONDON. The following exchange rates on London have been agreed to by all the banks, and took effect on April 19th, 1922: Buying: On demand, 10s per cent., discount; 30 days, 20s per cent, discount; 60 days, 30s per cent, discount; 90 days, 40s per cent, discount; 120 days, 50s per cent; discount. Currencies between demand and 30 days to be charged proportionately. The former rates were: Demand, 5s discount; 30 days, 15s discount; 60 days 25s discount; 90 days, 35s discount. Selling: l On demand, 20s per. cent, premium, 80 days, 10s per cent. Premium ; 60 days, pai\; 90 days, 5s per cent, discount. Telegraphic transfers, .30s per rent. The former rates were: Demand, 25s premium; 30 days, 15s premium; 60 days, 5s premium; 90 days, par; telegraphic, 355. INCREASE IN SWINE. "DTJE TO EDTJCATTVE PROPAGANDA." The results of the educational propaganda of the Department of Agriculture are amply illustrated by the statistics available, said the officer-in-.charge of the pig division on Friday, in conversation with a "Dominion" reporter. "This propaganda has taken the shape of lectures to returned soldiers at file experimental. farms, to the annual schools of farmers, and on the farms in various districts," said the officer. "Look at tne results. We have practically covered the North Island in our tour of lectures, and the result is shown by an increase in the number of swine in the last two years of 98,000 in the. North, as compared with 16,000 in the South Island. We are now centring our efforts on the South Island, and are confident of the same relative increase. Asked for the details of the increase of the number of swine in the North Island, the following figures were supplied:— North Island. —North Auckland, 18,969; Auckland, 33,662; Hawke's Bay, 5276; Taranaki, 20,399; Wellington, 19,797. South Island.—Nelson, 3426; Marlborough, 1325; Westland, 842; Canterbury, 9562; Otago, 204; Southland, 603. . The' total number of swine now in the Dominion is 542..227, as compared with 235.347 in 1919. Bwine in other parts of the Bi-itish Empire number aa follow:—Australia, 695,968; Canada, 4,040,070; South Africa,, 560,155. "A remarkable anomaly in our statistics," said the officer, "is the smallness of the increase ;in swine in Southland, which is a dairying district."

BRITISH WAR BONDS.

GOVERNMENT CONVERSION OFFER,

(By Cable—Press Association—Copyright.) (Australian and N.Z. Cable Associati-a.) LONDON, AprU 21. The Government is ottering to convert about £263,000,000 of 5 per cent. National War iionds, maturing October 1921-Apnl 1923, either into 4i per cent, ten year l ? Treasury bonds at par with a cash payment of £4 per cent., or inK> 3i per cent, conversion loan at £134 for each £IOO.

economy should be their slogan for some time. The reduction of transport and storage charges could -only be brought about gradually. There would be no revolution in prices. They must look for a gradual evolution, and accustom themselves to the lower values. There were indications of an improvement in European trade, and this would be reflected in the Dominion. In the meantime they must take things philosophically. The man who wou ddo best was the cheerful pessimist wlho went in for nnsed farming.

FROZEN MEAT TRADE.

STOEES EXPECTED TO BE CLEARED EARLY. The season for killing and freezing meat for export is rapidly drawing to a close. The killings, which six or seven weeks ago averaged 30,000 carcases at most of the larger works in the district, have now fallen to 10,000 per week, and the prospects are for further contraction (says Saturday's "Dominion"). The sign hea,nce of this is that the quantity to be exported will be less than in the last season, and that the stores will be cleared of me it at an early date. Very little beef has been killed this season owing to the low prices ruling, and the beef market promises to be dull for some time to come. It is stated that Queensland has between 400,000 and 5C0,000 head of steers to ship, and this, with the other prevailing conditions, will operate against prices advancing. At the end of March there were 1,900,000. freight carcases in store, but there has been ample shipping available, and during the next six or eight weeks quite a fleet of meat carriers will be in New Zealand ports. Consequently it is anticipated that all North Island meat should he out of the Dominion l>y the end of June, and South Island meat by the end of July, or a week or two later. As by then all the wool will be cleared, it is thought probable that during second half of the year the exports from New Zealand will be exceptionolly small, and imports being still restricted those connected with shipping and the waterfront are likely to experience a dull period. THE NEW ZEALAND LOAN. (By Cable—Press Association-r-Oopyright.) (Australian and N.Z. Cable Association.) LONDON, April 21. The final instalment of 30 per cent. of the New Zealand loan is payable on July 6th; 20s interest is payable on July Ist. The financial newspapers anticipate a good public subscription. MOVIES AND TRADE. SCHEME TO BOOST AMERICAN ■ TRADE. (PRESS ASSOCIATION TELEGBAU.) SAN FRANCISCO, March 31. The National Association of Manufacturers of America have just announced from New York the inauguration of an effort to have motion pictures used to further a systematic method of trade distribution, that not only will cover the country, but reach into other lands as well. All the nation's industries have been asked to consider the scheme, which, it is believed, will greatly increase commerce. John E. Edgerton, president of the Association, has called a conference at Washington of all manufacturers \vho are interested, and he says there is immediate necessity for the United States to develop its industrial and sales pictures to the highest point in order to keep abreast of other countries in the. war for commerce, America's business having almost disappeared, overseas. "Other countries, having flooded America with goods produced at a figure far below anything we could dream of," he says, "are "now going' into the other sections' of the world preaching the superiority of. their goods and using the motion pictures as one of the most eiteotive salesmen. American goods are bound to suffer, and we must not close our eyes to, this situation. We must go out after this business as' we would for , domestic business, and one of our most valuable means will be the industrial motion picture. Other countries are starting their motion pictures' sales campaign in a very vigorous way, and we certainly should not stay behind any longer." Americans have noted that manufacturers and wholesalers of New Zealand and Australia have recently sent a special commissioner over to the United States with a similar object in view, and only a few weeks ago Commissioner Laurie anpeared before the foreign section ofthe San Francisco Chamber of Commerce, and an.excellent series of motion pictures were projected on the screen at the Palace Hotel depicting the leading' industries of Australia, and New Zealand. The wide diversity of the products of the Antipodes somewhat surprised American business men, and the exhibition of the pictures not only proved a capital advertisement of Australia and New Zealand, but Jaid the foundation for future business between Americans and Antipodeane. Evidently the American business men are alive to the importance of the cinema as a method of boosting American goods, and have decided to imitate the example shown them by Australasians.

NEW SOUTH WALES LOAN.

ISSUE THIS WEES.

LONDON, April 21. It is expected that the New South Wales loan of £5,000,000 at 5 per cent, will be issued at the end of next week. The isbuo price is not yet fixed. (

DOMINION'S COAL OUTPUT.

DECREASE LAST YEAR,

(press association telegram.) DUNEDIN, April 23,

Some figures which were supplied to a reporter to-day by the Hon. G. J. Anderson (Minister of Mines) showed that during ISWI the coal output of New Zealand totalled 1,803,481 tons, a decrease of 40,224 tons asj compared with the previous year. During tlie same period, the number of men employed in the coal mines was increased from 4078 to 4500. For Canterbury, Otago and Southland the decreased output was 55,093 tons, and for the West Coast 16,346 tons. In the North Island there was an increase of 31,115 tons.

COLONIAL WINE EXHIBITION.

LONDON, April 21. The Brewers' Exhibition is holding a colonial wine competition of twentv classes on October 2Sth. Entries will close on October 14th,

PRICE OF TOBACCO.

(special to "the pbess.") DUNEDIN, April 23.

The price of tobacco in Dunedin will be increased from Monday next, in accordance with that niling_in the north. For three or four years Jjuneciin retailers have been passing on to the public the actual advances in the cost prices only, and on one or two occasions where very small advances were made such advance was not passed on at all, with the consequence that Dunedin smokers have beeij able to obtain their favourite "weed" at lower prices than those'ruling in the other centres of the Dominion.

LONDON APPLE MARKET.

A KEEN DEMAND. LONDON, April 22. The demand for apples continues keen. The Westmoreland's shipment of New Zealand apples has been cleared—Cox's 19s 6d to 255, Kitwtones 16s to 20s, Worcesters 17s €d to 20s, Reinettcs' 18s to 19s, Goiden Pippin's 17s'to 22s 6d. The Armagh's shipment of Taemaman apples brought:—Cox's .17s 2d _to 20s, New Yorks 17s to 16s. Alexanders i6s to 17s, Bibttons 17s to 18s, Munroes 17s 6d, Worcesters. 16s to 17a. Pears U ;er tray)— Vicars 3s 9a to 4s, Bosch 5s 9d, Clairheaus 3s 3d to 4s. The Larg's Bay shipment of West Australian apples mnde: —Cleopatras 18s to 19s 6d, Dunns 16s 6d to 19s, Jonathans 12s to 15s 6d. ENGLISH MARKETS. (Received April 23rd, 5.5 p.m') LONDON, April 22. Cotton—Liverpool quotation, American middling Wand, May delivery, 10.09 d pel lb. Jute—Native first marks, April-May shipment, £2B 5s per ton. Hemp—New Zealand April-Juno shipment, £3l rer tan. Rubber—Fine hard Para IOJd per Jb Plantation, first latex crepe Bid, smoked ribbed sheet P£d per lb. Copra—South Sc<\, bagged, March-May shioment, £24 5s per ton. Linseod Oil—£4l 10s per ton (equal to 3s 3Jd per gallon). Turpentin—7ss 6d per owt (equal to 5s BJd per gallon). FROZEN MEAT MARKET. " r " (By Cable —Press A<?°ocintionp—C^p-Tight.) (Australian and N.Z. Cable As-ociatiou.) (Received April 23rd, 5.5 p.m,)s LONDON, April 22. Mutton —Canterbury, heavy 7d. Lamb—Canterbury, light Hid, second 10|d; Australian, best 10jd. Beef—New frozen New Zealand hinds 4d, Australian hinds 4Jd; chilled Argentina l'oie 3 3Jd, hinds 61d. Other meats are unchanged. Messrs Dalgety and Company, Limited, have received the following cable from their London office, dated April 20th, 1922: Frozen Lamb—Demand pcor owing to cold weather. Prices steady. We quote New Zealand prime crossbred lamb, Cantsrbury heavy lid, light 11 Jd; North Island heavy 10Jd, light lid. Poor demand for Australian lamb, for which we quote G.A.Q. crossbred heavy 9d, light lCd. Frozen Mutton—Demand good. Market firm. We quote New Zealand prime crossbred Canterbury heavy 7Jd, light BJd; North Island heavy €|d, light 7|d. Poor demand for Australian mutton, for which we quote G.A.Q. crossbred heavy 6J4, light CJd. Frozen Beef—Demand poor. Market dull. We quote Now Zealand prime ox beef, hinds 4d, fores 2Jd. WHEAT MARKET. LONDON.-Aprit 21. Wheat —Cargoes are occasionally 6i higher. The Nilencde's cargo sold nt 57h l?d, and a parcel bv the City of Norwich at E6s 6d. (Received April 23rd. 5.5 p.m.) .LONDON, April 22. Wheat—Cargoes are firm on higher American quotations. There is a procd British and Continental demand at occasionally- improved rates. Quotations, carsro?s afloat 57s 3d. April loading 57s 6d. Steamer parcels are in fairly active demand at 56s 8d afloat. QUEENSLAND PLOUR MILLS CLOSED. BRISBANE, April 22. Barnes's flour mills at Warwick have closed owing to tb?ir inability to obtain wheat at a price to cover working expenses. Mr Barnes stated that, though his firm was prepared to pay above the export rates, the Wheat Board preferred to export it. • The .stoppage is p. serious .blow to the district. The mill has a gristing capacity of 500,000 bushels a year, and al>o posseses a.storage capacity of 300.000 bushels or onetenth of the Queensland crop. PROPERTY MARKET. .There was a large attendance at Messrs 'Dalgety. and Co.'s land sale rooms on Satur T day morning, when, on behalf of Mr C. H. Ensor, the well known St. James Station, near Hanmer, was offered for sale as a going concern. The station includes 199,000 acres leasehold with 20 years to van, at an annual rental of £670, and 4000 acres freehold (Government valuation £14,000). With the property were offered 13,373 and 850 head of cattle. The auctioneer suggested a starting price of £20,000, but no bid was forthcoming, and the property was passed. ! PUBLIC WORKS TENDERS. The following' tenders have been accepted by the Public Worlds Department:—Goat creek pipe-line, Midland railway, Cory, Wright, and Salmon, Wellington, £1165 10s; Motucka river bridge, 11. Olscri, £1420; Ngatea Post Office, W. Mackrell, Auckland; £323; Cave Post Office, D. M. Corlett, Canterbury, £314. The Public Works Department has accepted the tender of Vicksrs, N.Z., Ltd., Wellington, at £30,000 for the supply of the turbine, for the Waikuto pow%r scheme. This is an approximate figure, as several minor details have yet to be definitely settled. Tenders have yet to be. accepted for generators, exciter sets, and turbine pitgates. EMPIRE EXHIBITION MISSION. ADELAIDE, April 22. The members of the mission repre senting the British Empire Exhibition have arrived After visiting the various Australian States, the mission will proceed to New Zealand. SATURDAY'S POULTRY' MARKET. Messrs J. B. Merrett and Co. had a large entry of poultry on Saturday. Prices were good for prime birds, and there was an allround hardening in prices for growing stock. Table chickens were 6s 6d to 13s 3d, table •ducklings 7s to 12s 6d, ducks is to 9a 6d, 'hens 2s 6d to 9s Cd, pullets 5s Gd to 18s 9d, geese 7s to 9s, turkeys lis Gd to 36s 6d, all per pair. EGG MARKET. There is a good supply of eggs, and the demand has increased owing to tlie lessening of prices. A larger number of pullets' eg 3 are coming forward than last year, as the result of increased stocks. Canterbury EgoCircle first grades are 2s 3d, seconds 2s, ducks 2s, and. pullets Is 9d per dozen. G