COMMERCIAL.

Press, Volume LVIII, Issue 17610, 13 November 1922, Page 8

COMMERCIAL.

DOMINION'S SUGAR SUPPLIES. EE VIEW BY THE BOABD OP TRADE. A general review of the position relating to the sugar supplies for the Dominion, and an outline of the activities of the Government in regard to this commodity, aTe instanced in the following summary prepared from a comprehensive report by the chairman of the Board of Trade. Government control had found the only satisfactory method of adequately providing for the Dominion's supply under the world-market conditions and eenfral industrial conditions that prevailed during the latter period of the war, and shortly after the armistice. The war had" had a. disturbing effect on European production. The total world's production is still behind that of the years immediately preceding the war. The main cause was the injury inflicted by the war on the beet-sugar industry in Europe. The Government had made during the years from 1916 to 1920 exceedingly beneficial arrangements ■with the Colonial Sugar-Refining Company, and finally purchased the whole of the company s supply, on the suggestion of the compaHY, Zealand obtained th© 1920 supplv at a price of £35 10s per ton, whereas the average price paid by the British Government during 1920 was £O7 8s Od per ton raw, and the average paid by the Australian Government for the same period was £59 17s 5d per ton raw. Tho Government had arranged that the present maximum of 3Jd per lb could be maintained for the coming jam season, and the supply would be sufficient to meet the Dominion's needs until June 30th, 1923. New Zealand's advantage in regard to price in the last seven years is estimated at ju3t under £5,000,000. The Department was indebted to the High Commissioner for regular cables and reports on the world's sugar-markets. Summarising the position, it may be said that the Government had provided (1) a good supply of sugar considerably in excess of that available for any other country in the world for the past seven years; (2) lower average prices than elsewhere; (3) a stable market which had avoided dislocation of trade and financial embarrassment to merchants and others concerned in the distribution of sugar. FINANCING AUSTRALIAN EXPORTS. THE EXCHANGE PROBLEM. (Received November 12th, '5.5 p.m.) v LONDON, November 11. The "Financial. News," discussing the proposals for financing Australian exports, says:-"The two; factors which have given rise to the present state of affairs are, first, the Australian import tariff, and, secondly, the ban upon gold movements. The problem, stated (imply, is how, despite them, to cany onthe exchange business with the least lock to customers and trade. We fail to 'lee why the Commonwealth banks and. .the? Australian banks holding balance in Lonjlpn canno); splve tho ques- • . tirin i between' them.' If the Common-. we|3th BatiS vere bills on the pther &u»tt&lian banksas cover to the extent of the oversea balances available, the balances in' the form of father note, iisue would become avail- < ab|e in Australia forthwith; Theire ia jioireaaon, other than statutory restriction, why the Commonwealth Bank's cover shonld remain limited to gold eOfk'and bullion or , specified gilt-edged investments; Eirst-class bank billß are gijs-egded securities in' everything sAve name—in fact they are, the best ]jSjj|aiblesecurities. The situation, when . : discloses a flaw in the Com-. ' Bank Act involving the limitation which hinder? iairalian 'biuiness from/ co-pperating. awfully .as'they might'>ahd ought'to ■ Jmatiy of notes secured oh -bank balance available /"> automatically, Jie retired '" /M&he .bull mitnrecU *" "" would" "readily be "*'I;;A'WJISRAN BANKER. f[ r > irV« \ ' • "."ft 1 1 ' ' . |eßlr^'Thowiß. r the yej»ran c'lebwted 'his birthday'in J days,#go. ' ' ' -i of pur Thomap is largely f pt banking in New South. a "time when the Tank' j' ewjjntf pii''Jjetweep Q6orge street and. ■*>' people to go ' r r . fresh water, Sir - the "State and "this historical and covered buildings. 1 '-a; Thomas one particular ec- • " '' oa^on^'bpoij"which, as a boy of 12, the' Tank Stream. He dived 'p, off,Hhe Jbank about Hunter street. The ; r ; >.. pnfil he reached Cirr, J' in thai - creek, loading bales pt ■j >:»" rolled ib loiJig polM-from the shore on y 'deck of the vessels. Young '■i/.' : l>ibba elimbed on to the'anchor , chain .1 * of th'e 'brig' to rest, 'but he had not , there'long before - some other who were also bathing, came wipi him. They'ducked - -fcun? e|Cei«ove)yyipushing' him' under ,uiftil{ise>xbached bottom, and he was : ' rm wrfy \4tpyrne&> ~7 ' ;4?Jt was-touch and .go," says Sir Thomas, as he .tells, the 1 Btory, "bat I back to the arfehor chain, and after ' . reeovering (foiled home. My ynuiso.ahnoved'.at'the I had run," ' 'iV added, 5? gafa me, a sopnd 1 f- ,thrEihing." ff'w* s " r ', " sft home that I; words were: '-•, Sir Thomas innter of the faer^ajrj^l noesßUpping,

WOOL TRADE AT HOME. VALUES CONTINUE STRONG. (FBOM OUR OWN CORRESPONDENT.) LONDON, October 3. Commenting on the fact that there has been considerable grumbling by wool-growers and exporters about the length of time thej r have to wait before they can get any money from the sale of their material in London, a Bradford corresondent calls attention to the fact that in New Zealand the practice of . several small brokers combining to class j *their wools and ship them direct to London, the proceeds to be shared among the owners afterwards, is not unknown. The most workable plan to overcome the long waiting period in London would be for growers to combine to send enough wool to Hull or Liverpool to make practicable a sale ; of private wool in either of these two centres. Let the quantity be big j enough —say not than 10,000 bales at a sale —to attract the attention of all users, both Continental and home trade, and probably a sale could be arranged in a month from the time of arrival as against three months at least in London. Perhaps it is somewhat too early to pronounce an opinion (says the special correspondent of the "Daily Telegraph"), but it will be a surprise if the weight of fine wool now in sight can be lifted without a slight set-back in values. A stiff struggle is proceeding among topmakers, spinners, and manufacturers. The last-named still affirm that they cannot sell piece goods on the presnet basis of wool values, and both spinners and manufacturers are determined not to follow the pace set by the raw material. Of course, if the present position of wool is maintained, spinners and manufacturers "vyill be compelled to follow, but being covered to the end of the year, the majority are refusing to pay 5s for 64's tops. Topmakers who have had wool bought are now sending tops forward, and there are more spot lots available, several spinners stating that last week they had more samples sent in than during the past month. The position at the present time is very uncertain, and the slightest evidence of an ease in values in Australia would compel topmakers to quote something less on forward account. All last week it was possible to buy an average 64's top for January delivery at 4s lOd, and warp 64's at Id to 2d more. These prices have been quoted by large importing topmakers in several cases, and to-day, in face of firm markets everywhere, 5s is the outside price that can be made for the best warp 64 'a in Bradford. j OUTPUT OF COAL. BRITISH AND AMERICAN MINERS. A comparison of American and British figures for coal production shows that the average mine worker in the United States produces more, than 700 tons yearly, while output in the United Kingdom.is at present reported to be only about 223 tons per worker, the National Bank of Commerce in New York says in its magazine, "Commerce Monthly" for September. ',' A substantial increase in the productivity of British miners has been effected since the British coal strike of 1921. In 1913 the iverrfge annual output per worker was 258 gross" tons, and in 1915 it waa increased to 265 tons..r Following that year, however, the average output ' dropped ' steadily until for the year 1920 it amounted to no more than 182 tons, but the current .output of coal is reported to be at an annual rate of about 223 tons per worker. While this is still below the pre-war rate,; it represents a considerable increase oyer previous post-war years. The average output per man in the United States is in striking contrast to that in the United ££nigdom. ?he 1918 average, for the United States, was no less than 681 tons, and it was steadily increased to 768 tons for the year 1918, declining to 743 tons in 1920, the latest available year.. . "This striking difference is. due largely to the greater use of machine mining in the United Spates. Prior io the war less than 9 per cent, of British output was machine mined, against 43 per cent, for the United States. Since then there has been some increase in the tiseof machines in tho United Kingdom, particularly in the Scottish, fields, where about onequarter of the output is now mined by machine. In the Welsh fields/ however, Only Wo per cent, of the output is machine mined. - The relatively limited use <of machine methods in the United Kingdom is in\ part ascrib- ! ed to hostility of the workers, who fear displacement, but in good "measure it is said to be due to the physical characteristics of many British mine?, which render the adoption of machine , mining impractical; or difficult."'' , N.Z. FROZEN MEAT. SHIPMENTS OF 1921-22 SEASON. The following figures'of shipments of New. 'Zealand' frozen meat for the' 1921-22 season. >*at» supplied by the New Zealand Meat Pro: duoera' Board:— Shipped from New Zealand.

On Hand in N.Z., October 31st, 1922. North Island 1.9,762 1,031 128 Boutlr bland 814 ' • . Total 11,576 , 1,031 7,218 Total (in 601b freight carcases) including sundries, 66,962. 9 _ The killings at all works during the.192122 aeaßon commenanij November Ist, 1921, to. ■October 81st,: 1922 (in 601b freight carcasee) WMi-^ North Island .. , 8,898,254 South Island ... .. 2,113,443 ' " 6,011,697 BUTTKB AND OHEESE. Messrs A. H,. Tumbulland Co. am in rsoeipt of. a cable from Messrs W. Weddel and' Co., Ltd., dated London, November 10th. fearing»>u. foUowi-yDainsh'butter, 220 ato 228s (last week's price (220s to 223 a); New Zealand nnsalted, 224s (last week's prioe 218s to-2205); Nfiw-Zealand salted, 21 4b to 216s (last. week's prices 206 ato 210e). _ Market steady. First quality other' qualities (sorts) slow.' New Zealand-cheese,-wlufe and coloured first' grade, 188s to 18G» (last week's 124s to'l26#. : Stocks exhausted. \ Ifepsis Dalgety and Company, Ltd.,' Christ, church, lmve :-xeceived - the following cablo fwaii Aair london office, dated November 6ttpl922:— *' ".^Butter—Market, firm* "We quote Danish 3225:*-. New Zealand salted .2145, finest Auatjalian salted 9065, unealted Site, Australian i M)bd *>yerage quality 198s. ■■■■.. ( n* Che&e —Market steady. Wo . .quote .> Now ' lS® 8 ! Australian 1245.

FINANCE AND TRADE. CONDITIONS IN BRITAIN. STOCK EXCHANGE OPTIMISM. (By Cable—Press Association— Copyright.} (Australian and N.Z. Cable Association.) (Received November 12th, 5.5 p.m.) LONDON, November 11. Many things have contributed to the feeling of uneasiness on the stock markets—notably, the renewal of excursions and alarums in the Near East, the chaotic state of the Continental exchanges, and the near approach of election day—but despite all these adverse factors the Stock Exchange ha 9 maintained an optimistic feeling, and the general tone has retained its comparatively firm character. Lord Curzon's speech ou Thursday had a assuring influence, and though foreign securities, especially French, have naturally shown some weakness, & 1 edgeds generally have developed strength, a noticeable feature being the support given to Colonial Government stocks. The attitude of the Stock Exchange is well described by j* financial writer, who savs the disposition of the market has been to ignore all unpleasant factors and emphasise every favourable point, such as the low money rates and the abundance of funds awaiting investment, and even to place a favourable interpretation on the unsettled condition of Europe and the ■Home political crisis. The point has been made that the disturbed economic political conditions on the Continent will serve to hinder any revival of international trade, and teud to perpetuate easy money conditions. Another writer says: "The confident feeling that, so far as our own trade and industry are concerned, we have in prospect much better times next year and a bumper year in 192-1, is undoubtedly a sustaining influence, and in the light of this week's events it would seem that only an actual outbreak of hostilities in the Near_ East would cause any serious break in prices. Even that is doubtful provided England and France'' stand together, as any trouble should be easy to cope with and easily confined to a narrow area." Rise in Cotton. The striking rise in the price of cotton is attributed to the reduced estimates of the American crop, increasing exports from the United j States, and greater activity in American textile centres.. The question, of supplies is causing uneasiness. It is estimatea that the United States' yield this season will not exceed 10,000,000 baleß, and the consumption last season; totalled 12,800,000 bales. The higher prices are adding to the difficulties of the Lancashire spinners and manufacturers, as it seems impossible to get buyers of cloth for the Eastern markets to pay' the advances required;, therefore everything points to a reduced consumption of manufactured goods. The canned fruit trade continues depressed. The firmness in the dried fruits markot has passed away,. and prices generally are easier. The shortage of cheese continues. The/ arrival of the Armagh's 3000 crates of Australian cheese was welcomed. AU large cheese was promptly sold, but loaf cheese is only saleable at a price several shillings below the other. Loaf .cheese "is quite unsuitable for the English tirade. AJH.P. SOCIETY. > All A.M.P. policies effected under participating tables, before the close of business on December 31st next, will be"'entitled to a share of the surplus to be, distributed as at _ that date.. Examples of bonus additions as at December 31st last, on policies taken out in November and December, 1921, are given in an • advertisement in this issue. . ■ INDUSTRIAL CO-OPERATIVE SOCIETY.. Hue quarterly meeting of the Canterbury Industrial Co-op. Society,-Ltd., was held .on Saturday night, Mr L» B. Hart presiding over a fair attendance. , , . , The preeicbent announod that the store had opened a ooal agency..and a tailoring agency, a nd urged members to patronise the store more than they had "done in the . past. Pirofesaor Candliffe delivered an address on "Co-operation." .' He said that the co-open* tive movement' was a characteristic product of the nineteenth oentoiy, and proceeded to Bketoh its history. It was begun by the Boohdale pioneers in 1644, and it was remarkable that the Yorkshire and provinces were the birthplaces of hotii the workers' cooperative movement and the Workers' Educational Association. Twentyeieht weavers had eacb anbscribed . £l, which was a big sum in those days, and the total amount had been invested in groceries. The groceries were retailed at lower pnow than those charged .by the other retailers in tie district. The Society had proposed to build, houses for ite members to relieve unemp.oyment, and to accomplish other schemes for their betterment. The Rochdale pioneers had organised a scheme from which grew a completely different industrial life; they, were reeponeible for the pTesent systern of trade. In, 1920 tli© movement in England nm grown to include fourteen hundred societies, -with, four million members, and a capital, ot ■ £l7 000,000. The employers numbered 140,000. and' the turnover was £300,000,000. It had spread to Germany, Russia,, France, and practioaJiy all European countries. • At the close a yote of thanks was accorded the speaker. SOUTH CANTERBURY MABKBTS. , (SPBCIAI TO "THE PRESS.") TIMAKU, November 11. The Government's estimate of the area in wheat and oats for the 1922-3 season haa jußt been gazetted, and it is interesting to note that, as against the actual area of 355,890 acres riown in wheat in'the 1921-22 season, the estimated figures- for this season are 285,000 acres, a falling off of approximately 75 000 acres. As- far as can be ascertained, the falling off is spread over all the wheat-: growing districts of the Dominion,' but, notwithstanding the. smaller area eowu, there should be a carry-over again next season if the crop is & good one, and it is probable that an export , market will need to be found in order to dispose of this cany-over plus the surplus from the pTesent season. Judging from appearances at this juncture, the yield ehould be an average one. The recent rains have put quite a good complexion on cereal crop prospects in South Canterbury. The threshing returns to date show that 9,925,655 bushels have so far been threshed. Contracts to purchase good milling wheat cover 6,593,740 bushels, and of fowl wheat 554,000 bushels. The amounts paid to termers through Government brokeßj for wheat aggregate £2,056,225. _ "With regard to oats the failing off in the area sown amounts , .to _ about 25 per cent. Uhe Government statistician points out that | results in the> case oi oats have generally been , nnder-artimated. The reasons for the de--1 creased area this season are found in the low price, of oats and the good prices ruling ,for lamb, and meet farmers have decided to go in for something giving a more remunerative i return than oats. I The-oat market is very quiet. The demand from Australia has ceased, and there are now Australian re-eelleis .of oeta. A gmdo Gari tons are quoted at 2s 8d and B grade at 2s ' 6d on trucks at country stations. ! Linseed is in good demand, but stocks are ' practically exhausted. £ls per ton is quoted ' for f.a.q. and £l2 to £l4 for glider-grade. | Peas are still in good enquiry for seed pur,P< Ttere is still a good demand from the North Island for potatoes, and it is. thought that this season, :for the first time for some j«arß, all the old tubers will be used: £5 15s : to £6 is to-day's quotation. New potatoes are now selling .at 8d per pound -

FEOZEN HEAT. (By Cable—Press Association—Copyright.) (Austn'jan and N.Z. Cable Association.) (Received November 12th, 11.5 pjn.) LOXDON, November 11. Lamb—Canterbury, light 12id, medium* 11}, heavy 10J, seconds Hi, Southland 12d, North Island selected. 12d, ordinary llji; South American, light IOJd, heavy 9Jd. Frozen Be?f—New Zealand, hinds ijd; Australian, hinds 4£d; Argentine, 'ores 3J<l, hinds id; Uruquay, fores SIC; chilled Argentine, fores 3Ji, hinds sJ<i_; chilled Uruguay fores 3Jd, hinds 5Jd; others are tinchanged. Messrs Dalgcty and Company; Limited, Christchurch, have received the following cable from their London office, dated November 9th, 1322: Frozen Lamb—Demmd poor. Wo quote prime crossbred lamb, Canterbury heavy lOJd; light 12Jd; North Island heavy ICJI, light 12id; limited demand for Auoiia;i...i lamb for which we quote g.a.q., crossbred light l'id to I2id. Frozen Mutton—Demand moderate. Market firm. We quote prime cros ;bred muiton Ncrth Island heavy "Jd, ligtit 8>& Moderate derr.n.nd for Australian muilon, for which wo quote g.a.q. crossbred heavy 6sd, light 7d. Frozen Beef—Demand better owing to cold weather. Market weak. Wo qiiot; New Zealand prime ox beef hindfi ijd. fores 3£<l. Demand checked for frozen mutton and lamb owing to higher prices asktd. The New Zealand Loan and Mercantile Agency Co., Ltd., Christchurch, have received a cablegram from London giving the following market information, under date Bth instant: — Tallow—Market quieter. Average price unchanged. (Last quotations November Ist, ' 1922: Fine inutton, 43s 6d per cwt; good beef, 41s 9d per cwt; mixed, 37's per cwt.) New Zealand Frozen Meat—Lamb, llgd per lb: mutton, wether and maiden ewe, light, BJd per lb, heavy, 7Jd per lb; ewe anfl maiden ewe, light, G?d per lb, heavy, 6gd per lb. Beef—Ox: Hinds 4gd" per lb fores 3d per lb; cow: hinds, 3gd per lb, fores 2id per ;b. Market quiet. Messrs Kaye and Carter, Ltd., have received cable advice from Messrs G-ilbrrt Anderson and Co.. Ltd., London, of the following Smithfield prices for the past week ending November 10th, 1922. (These prices are on the "delivered" basis, that-is, including storeage charges, carting, etc.):—Prime Canterbury Lamb, U-36 12Jd; prime Canterbury lamb, 36-42 12Jd; prime Canterbury lamb, 42-50 lOfd ■ Southland and specially selected North Island lambs, U-42 12d; North Island lambs, U-42 113 d; Canterbury —prime wethers and or maiden ewes, 48-53; Canterbury prime wethers and o- maid n ewes, SG-M —Canterbury prime wethers and or maiden ewes, 64-72—Southland and best North Island wethers and or maiden ewrs, 56-64 SJd; North Island wethers end or maiden ewes, 56-64 Sid; Npw Zealand beef (prime ox hinda), 160-220 4-Jdi. METALS. (Received November 12th, 11.5 p.m.) LONDON, November 11. Lead—lmports 20,268, tons, exports 3258 tons. ENGLISH MARKETS. (Received November 12th, 11.5 p.m.) LONDON, November 11. Cotton—December delivery 19.41 d per lb. J ute—-N ovember-Deoember shipment, £32 15s per ton. > Heirip—November-January shipment, £32. Rubber—Para 13|d, plantation smoked ljjd to 12td per lb. Copra—October-December shipment £23 per ton. Linseed. Oil—£32 per ton. Turpentine—ll6s per cwt. , ' WAIHI MINES. PAST MONTH'S BETTJBN. This Waihi Goldmining, Company, during' the four weeks ended, October 28th, crushed and treated 15,177 tons of ore for a. return of 4229 fine ounces of gold, and 36,272 fine ounces of silver. During the corresponding period of last year 18,560 tons yielded 87620z , of gold and 19,8380z of silver. Tie following report has been cabled to London:—No. 10 level—Edward lodo south: Commencing at 1264 ft the next 90ft of tie lod? is narrow "and practically' barren; at 1350 ft the full width of the reef is 10ft, assaying 68s Bjl per ton. No. 12 level : Driving east from the- Cow crosscut the next 38ft assays 7s 9d per ton. North section .of Martha lode west: Ths next 50ft of driving ; the south crosscut from No. 4 shaft: The assays 29s 6d per ton. Royal lode, east of next 46ft of driving assays 18s 3d per ton. Ko. 13 level, north section of Martha lode, west cf No. 4 shaft crosscut: The next 50ft of driving essays 18s 8d per ton. North section, of Martha lode, east of' No. 4 shaft crosscut: The net. 34ft '■ of driving' assays18s 6d per ton.' / STOCK EXCHANGES. (FBESS ASSOCIATION TELBQRAH9.> , AUCKLAND, November 11. Sale on 'Change—Grand Junction, 10s. ' DUNEDIN, November 11. Sales on 'Change—Westport Coal, 84sJ. Wilson's Cement, 21s 8d (two).

• 'Beef. ' Mutton. Lamb. . Quarters. Carcases. Carcases. , mi— November • .. 84,634" 111,202 13,660 December .. 27,314 66*655 ■ 49,033 1823— January 12,602 185,899 422,085 February ~ .. 21,791 427,768 618,226 March ;■ ;V ... 8,672 410,466. 670,314 April .. 18,827 854,101 507,403 -May". .. 8,562 '525.68* 735,888 June .. 6,113 198 S88 455,818 "July , .. 41,020 142,508 556,172. Auguat ... 78,031 153,986 864,491 251,681 September .. 43,052 191,141 October .* 18,245 194,830 69,397 308,363 2,952,276 4,714,018