COMMERCIAL. TRADE AND FINANCE.

Press, Volume LIX, Issue 17750, 30 April 1923, Page 10

COMMERCIAL.

TRADE AND FINANCE.

SUGAR SUPPLIES. NO IMMEDIATE SHORTAGE LIKELY, (sricnt «k "nm cbess.") AUCKLAND, April 29. The suggestion that a further rise in the price of sugar was possible in the distant future was referred to by representatives of the merchants in Auckland yesterday, and they gave it as their opinion that no change was likely for several months, and that even if any change took place, then it would be so 6mall that it would not materially affect the retail prioes. Distributors of sugar throughout the Dominion have been experiencing considerable difficulty in meeting the requirements of the retailers during the past few months, said one merchant; -With the passing of the jam season, it was expected that the demand would ease o&, 'but, -to the surprise of all concerned, this has not been the case. In view of the fact that a greater quantity has been distributed throughout the Dominion during the past fruit season, as compared with previous ones, the merchants are of the opinion that the abnormal demand is caused by the tendency on the part of consumers to purchase more, than their usual requirements, for which certain statements published in the past are largely responsible. It is the considered opinion of the merchants that no change in the price is likely to take place for some months and even then, in view of the large supplies produced by Australia, over and above their requirements, any such advance would probably not be of much consequence. , HOUSE PROPERTIES. SLACKENING IN DEMAND. XbFXCXAX* TO "TOT £2LXSS.") AUCKLAND, April 28. Enquiries as to the trend of the demand in respect of houses and building sections, indicate that, during recent weeks, there has been a pronounced slackening in enquiry. At the moment the situation is best de•oribed as quiet, but the feeling prevails that, with the coming of May, thqre may be an increased tendency toward business. One reason advanced in explanation of the present quietness, is that many people have,already acquired sections they desired, and now are holding off from house construction until there is a fall in the price of building material. This slackening of demand has naturally resulted, in many instances, in a fall in the quoted prices. A number: of; sections which, a few. months ago, were offered for sale, are still in the market, but with a reduction in price. Curiously enough, although the-saverage section is not strongly; In demand, there are not wanting enquiries for individual choice sites of good position, and having desirable ■views.; • It- is suggested that the stringent requirements of local bodies have prevented owners of land from subdividing their acres into building sections. So far as house property is concerned, the''greatest volume of enquiry- appearsi to bo'in respect of houses ranging on value fr.om about £ISOO to £2OOO. For larger homes,, with prices from ..£2OOO. upwards, there is not a great' 'demand* ■ ' OVERSEA SHIPPING* FACHJIIES. ' SIR WALTER BUCHANAN'S MISSION •' ':'• '■ ::.•• ' At a meeting of the Invercargill branch of the New Zealand Farmers' Union, held on JFriday, the Hon.' Sir Walter Buchanan, M.L.0., waited ipon the members with regard to the luestion of steps being taken by the Mheepfarmers of the Dominion to secure jheir own steamer facilities for shipping iheir wool aid'produce to the Home markets* and thus securing a muob. . preater, saying in freight and other charges than would* otherwise be possible by using the ships, of the various shipping" companies concerned. Sir Walter-went (very fully.into the> whole question, and instanced what had been accomplished by several large sheepowners in the Wairarapa district, who Jted since 1897 made a practice ofcharterjng the necessary vessels to carry their wool Home, and the consequent saving effected in freight. Sir Walter told 1 the meeting that the proposal was to form a .co-operative concern to carry the project still further, and to take steps to secure -'the necessary vessels requirod by charter or "otherwise. He further advised those present that a circular setting out the whole facts was about to be issued to etvery sheepowner throughout the Dominion, and when it ' was received he asked each farmer to give the matter very serious attention., CANADIAN TARIFF. EFFECT OF AGREEMENT WITH FRANCE; LONDON. April 27. Mr H. Dawson, the president, addressing the Huddersfield Chamber of Commerce, said-Jthe French-Canadian ■ 'Convention which proposed to reduce considerably the preference on British 1 goods, would-be a serious blow to the Yorkshire textile trade. Canada's action was more like the act of an- enemy than of a member• of the Imperial household.

MERCHANDISE MARES. THE BRITISH BILL. LONDON, April 27. The Standing Committee of the House of Commons, which is considering the Merchandise Marks Bill, rejected, by 2S votes to 13, an amendment providing that meat should bear a label worded "frozen" or "chilled," or containing the name of the country of origin, instead of being indelibly marked. The Committee also rejected, by 29 votes to 7, lieutenant-Commander Kenworthy's amendment to exclude Em-pire-grown meat from the provision requiring marking.

BRITISH REVIEW,' (BT CASLT—PBIBS JLSSOCTATIOH—COPTMOHT.j (IUSTBAXIUT ABB V.I. CABLB ASSOCIATIOH.) (Received April 29th, 11.5 p.m.) LONDON, April 28. The foreign exchange market has been quiet, the only feature being the fluctuations of the mark. According to the "Economist," it would appear that the recent break in the mark was the result of no 'settled policy, and would seem rather to be due to the Keichsbank suddenly losing heart on a particularly strong outburst of the demand for foreign currency. Ihe Government and the Reichsbank now seem determined to carry on a policy of stabilisation, but the higher level and the raising of the bank rate to IB per cent, shows the lengths to which the authorities are prepared to go.. The Butter Market. Butter continues on its downward course, and though some optimists consider that the market has touched bottom, supplies are eo large that a further decline would not be surprising, especially if the Danes continue their present policy ot forcing prices down in order to clear their shipments each week. Danish 1 to-day is quoted at 156s to 160s, a de- ! cline of 15s since Monday. In the face lof such action it is impossible for ' holders of colonial butter to maintain their prices. The chief hope of a recovery is that the lower retail price of eighteenpence now ruling may stimulate consumption, which should increase considerably at the expense of margarine. The Apple Trade. The apple trade does not show any improvement.. Prices . realised an equally disappointing. The only apples realising above 10s a case are ! Cleopatras and Dunns, and occasionally some Cox's. A large proportion of the apples are making 6s to 8s a case. Some are realising 8s 6d to 9s 6d. One of_the largest importers estimates the cost of landing apples here at fully 10b a case, so present prices represent a serious loss to shippers. Apparently the selling price of apples has got back to the pre-war level, while costs, charges, freights, eto., are almost double the pre-war rates. Importers are complaining bitterly of the poor quality of Tasmanian apples, of which many are* immature and rotted, most unfavourably with Oregon and Washington Newtowns, of which considerable quantities are still arriving. Some are rather wastv, but good lots are selling readily at 8s 3d to 13s & case. One Liverpool importer reports that in his opinion, -Tasmanian shipments, commenced much too early. He urges the Government to prevent such early shipping m if supplies of Americans "continue so late m the season.Many early Tasmanian varieties ought not to be shipped, for obviously while good Americans are available there is little chance of immature Ribstons and Alexanders fetching remunerative prioes.

Although wholesale prices are so unsatisfactory, some shopkeepers are asking exorbitant prices. One large West End store, in its weekly price list, offers Australian Jonathans by the case at 27s 6d to 28s 6d. Importers regard this price as outrageous and some of them are protesting to the managers of the stores. Sugar Supplies. Following a reduction in the estimates of the Cuban sugar crop to 8,670.000 tons/compared with a turnout of 4,102,000 tons last season, there has been wild Tairohasing of Cuban sugar. Prioes have risen greatly v and the advance is likely to continue.. Supplies during the next few months are expected to be below requirements, and the position is not likely to be relieved until late in the autumn when the European beet crops come along. The advance has been serious for many retailers who refrained _ from buying some time before the introduction of the Budget in the hope that the Chancellor of the Exchequer would reduce . the 'duty. The reduction, failed to ma.terialise, and since Budget refiners have raised urices 2s 9d a cwt. with the result that small retailers have been compelled to sell below cost to meet the competition of the multiple shops. Now' prices have been raised all round, loaf sugar to B*d per lb and granulated to 7id per lb. The jam manufacturers are also likely, to advance prices. The Stock Exchange. The Stock Exchange has reaped the . benefit of a satisfactory Budget. Both the gilt-edged and the industrial groups have, been active. British funds have improved all round, especially the Conversion Loan which, snows an advance of £6 5s since the beginning of the year. The improvement in gilt-edged generally may be attributed largely to the Chancellor's generous provision for debt- redemption, while industrials have benefited'"(by the reductions in the in-come-tax and the corporation profit tax. Another contributing factor to the'cheerfulness of_ thesjx>ck markets is the more optimistic view which is being taken of the European political "Situation. REICHSBANK'S PROFITS. (mutkb's tiligeak«.) BERLIN, April 27. The Reichsbank's annual report for 1922 shows a net profit of 43,500,000,000 marks, compared with '565,000,000 marks in 1921. A dividend has been declared of 40 per cent., instead of 10 per cent. The Government's share of the profit is 17,200,000,000 marks.

SATURDAY'S POULTRY MARKET.

The Canterbury Co-operative • Poultry Producers, Ltd., had a laigb entry of poultry on Saturday. There was a good demand and prices were firai-Hens showed an improvemeut and quality" birds met a. ready sale. Table chicks realised 6s 6d to 15s bd, hens 2s 6d to 9s, ducks 5s Cd to lis ,6d, pullets 5s to geese 6s to 7e, turkeys 13b 64 to 6d; all per EGG MARKET. The demand for eggs is excellent. The public appreciate the fixed price, and stocks are cleared daily, which obviates flooding outside markets. Canterbury Co-operative Poultry Producers, Ltd., first grades are 2s 4d, seconds 2s 2d, ducks 2s 4d. These prices are • above Dunedin, which are 2s Id to 2s 3d per dozen.--. Eggs retail in the city to-day are 2s 6d to 2s 7d per dozen. 6 THE PROPERTY MARKET. At their land sales room on Saturday Pyne, Gould, Guinness, Ltd., acting under instructions from the executors of the lata Messrs T. J. Haling and George Harris, offered for sale by public auction the perty on the corner of Manchester and Worcester streets imTne<iiately opposite 'Xrinity Congregational Church. The -property has a frontage of 68 feet on Manchester street and 44 feet on Worcester street, and there is a three-storey brick building on it. The highest bid obtained was £13,000, and «t this figure the property was passed in.

INDIA# BANK FAILURE. HEAVY LOSSES INCURRED. DELHI, April 27. Thg, Alliance Bank of Simla, Ltd., closed its doors on April 27th. The directors explained tha*t this course was adopted owing to heavy losses, consequent on continued withdrawals. Since the last report negotiations had been carried on for the purpose of associating the Bank with more powerful . banking: interests, but they were unsuccessful. It was therefore decided to close while the affairs of the Bank were still controllable, and arrangements could be made to cause those interested a minimum of inconvenience and loss. Provided it is possible to arrange for liquidation undei the surveillance of the Imperial Bank of India, the latter is prepared forthwith to repay 50 per cent, of the deposits, and it should bo possible to complete arrangements within a fortnight. [The Alliance Bank of Simla, Ltd., was established in 1874. It has a capital of 8,894,1C0 rupees (shares fully paid). It declared a dividend of 27 per cent, in 1921. There are 42 branches and 20 sub-offices of the Bank in India.] MEAT PRODUCERS' BOARD. SHIPMENTS OP N.Z. FROZEN MEAT. 1922.23 SEASON.

Killings all works during 1922-28 season, commencing November Ist, 1922 to April 16th, 1928: v (6Qlb freight carcaxes.) North Island .• 8,061,467 South Island ■ • • 1,138,671 ■ 4,220,188 FRUIT EXPORT INDUSTRY. CABLED REPORT FROM LONDON. (SPKCUIi TO "TBI PBISB.') NK£3ON, Apial 28. The manager of the Nelson Provincial Fruitgrowora' Council haa xeoeived the fair lowing advice' from the Federation: Tlw summary of Mr Tate's cablegram in that the Ki» Ora fruit, arrived overripe, owing to various causae, the two main factors being the delay in departure fiiom "Wellington anal the delay in transit from Monte Video to Buenos Aires. The p®esent marketing prices oze: —Delioiooa 15a, and Jonathans 9s net. Mr T&teexpeots to average ior the Jonathans and Dunns 8« and Delicious lis net. The prospects are encouraging, and Mr Tate states that prices will strengthen, provided the whole of the fruit, for. this market goes through hie . hands. The Doughertys in the three shipments up to the Ifaramea have •> rived In good concKtioii, «n3' he cap have a further 8000 each of Doughertys and Stur-, mers, of not less sizes than one-twenties. Selling them later in the season, he will; realise about lis net. The present rate of exohange against tha Argentine is 11 per cent. Mr Tate also states that f.o.b. ordera wre unobtainable. The market next year, Mr Tate estimates, will absorb large quantities of Jonathans, Doughertys, Dunns;- and Starmers at about minimum prices of Bs, with Delicious, in unlimited quantities, in the nedghbourhood of ISs. The > Karamea/s cargo arrived in splendid condition, and has- been 0001-stored. Mr Tate finishes his cable by stating that unity is imperative and competition' is extreme. Evidently Mr Tate's later Investigations havei been \more satisfactory. An indication of what fruit may be expected for the Port Nicholson is, necessary, and growers are weH advised to keep to the' sizes as stated by Mr Tate, viz., only large size apples. T6a pries quoted by Mr Tate, we presume, imean f.o.ft. Wellington, but, in order that mere nfay be no misunderstanding, we have oa.blcd him this morning asking if this is so. When the whole cftblectram is considered we cannot see but what Mr Tate refers to those prices as beins f.o.b.

The Farmers' Co-operative Federation, London, cables:—Apples: The "Wanararatta shipment renlisecS 1 a* follows:—Jonathans and Damn's Favourites, 10b to lie; Oox'e Orange, 183 to 30s.

COMPANIES. Registration of the following 1 new companies is announced in the "Mercantile Gazette" : Nicholson's Patent Boilers, Ltd. Begd. April 18th, 1923. Office: Auckland. Capital: £30,000, into 120,000 shares of 6s each. Subscribers: Auckland—F. Hull, A. I. Farmer, J. D. Williamson, G. A. Craig, E. L. Stewart, J. H. Dolton, A. Foster, 1 share each. Objects: Take over and deal with patent improvement in (team generators, and general incidental Guillermo and Co., Ltd. Begd. as a prloate company April 17th, 1923. Office: 370 Montreal street, Christchurch. Suhscrib-, era: Christchurch—E. A. Guillermo 2954, M. E. Guillermo 19, and M. G. Guillermo 27. Objects: To purchase and carry on the business of B. A. Guillermo, in chocolate, cocoa, confectionery manufacturing and dealers in sweets, candy, and general. Dufchie, Bridson, and Co., Ltd. Begd. as a private company April 23rd, 1923.- Office: 23 Customs street, Auckland: Capital: £50,000 into 50,000 shares of £1 each. Subscribers: Wellington—J. Duthie and Co Ltd., 37,500; Auckland—W. J. Bridson 12,500. Objects: To act as and carry on in Auckland and elsewhere in New Zealand and in any part of the world, all or any part of the business of warehousemen, general merchants, manufacturers, and general incidental.

D6MINION rubber company.

The report of directors of-"the Dominion Bubber Company for the ye.ir ended November 30th last shows that the profit for the year_amounted to £32 7a 4d. xhe previous year's debit balance of £3514 had been covered by a transfer from reserve account. The result of the yearls working must bs regarded as satisfactory in view of the low price obtained for rubber. Compulsory restriction of 40 per cent, of output jof rubber came into force on November Ist and had the effect of hardening the price. In consequence the stock then on hand and the crop sold since that date brought advanced prices. This rise, together" with the decreased cost "of production, were the contributing factors to the profit shown, small as it was. The average price obtained for the yeaVs rubber worked out at 8.46 d and the all-in-cost at 8.44 d. The planted area was the same as formerly—viz., 10C0 ao-es, of which 700 acres were being tapped. The total rubber harvested during the year was 345,0271b. Under restriction, the cur--nt year's crop would be about two-thirds of that amount, but when the price advance 3 to Is 3d, and became established for three months the company's exportable limit would be increased l>y 5 per cent., and there would be a further increase of 10 per cent, when la 6d was reached.

CHRISTCHURCH STOCK EXCHANGE.

AUCKLAND STOCK EXCHANGE. (PKESS ASSOCIATIOIC "rBMSOBAIf.) AUCKLAND, April 23. Sales on "Change:— Bank of New Zealand, 60s 6d; "Waihi, 27b 3d. DUNEDIN STOCK EXCHANGE. (PBSaS ASSOCIATION TELEOBAM.) DTJNEDIN, April 28. Sales on 'Change:—Bank of\New Zealand, 60a Bd. ENGLISH MARKETS. J" (Received April 28th, 6.5 p.xnj . LONiDQN, April 28. Frozen Mutton—Canterbury light Bid, medium 7Jd, ' heavy aid; North Island light Bd, medium 71d, heavy Bid; Mew Zealand ewes 61d. Lamb—Canterbury light and medium Utdj heavy lid; seconds 10d, .other eelecteds, both Hid; North Island hrst» IOJd, eeoohds 9jd. Chilled Beef—Argentine fores BJd, hinde 6Jd; 'Uruguay fores '3d, hinda, 6}dj others' «xa nnohanged. Cotton—May delivery 14.94 d per lb. Rubber—Para 15d per lb. smoked and plantation 16jd. Jute—May-Juno shipment £29 15s per ton., Hemp—April-June shipments £B2 10a per ton. '■ Copra—April-May shipment £2B per ton. ... Linseed Oil—JJ49-' 10s per toni

Turpentiner-HOs 6d per cwt. Apples—The Surrey's Tasmanian apples at Liverpool sold at follows:—-Cleopatras 9s 6d to 12s per case, Woroeaters Cs 9d to ;10s, Alfriatons 6s 3d to 9s 6d, others 6s to 9s 8d per case. WHEAT MARKET. (Received April 29th, 11.5 p.m.) ' LONDON, April 29. WhealrT-Cargoes are quiet and quotations easier in view of heavier' world's shipments and lower\ American advices. Pflrcelb are> in poor request .at threepence decline. DAIRY PRODUCE MARKET. Messrs Dalgety and Co., Ltd., haw received the following cable from London dated April 26th:— Butter—There is mo improvement in the market. We quote: Danish 1565, New Zealand salted 1425, finest Australian salted s>lß6s, unsalted 186, Q-.A.Q. Australian 1265. Imports of butter into the United Kingdom for March totalled 438,000 cwt, aa compared with 419,000 cwt for the oorrespondirig period last year. ~ Cheese—The market is weak. We quote: New Zealand white 98s, coloured' 100s. Messrs A. H. Turnbull and Co. are in receipt of the following cabled advice from London, dated April 27th:—Danish butter, 166s to 160s (182a 1 last week); New Zealand butter, unsalted, first grade, 154s to 160s (158s to 161s); salted, first grade, 1S8» to 1425. (146s to 1525); exceptionally, 1445. I ' New Zealand cheese, white and coloured, 903 to 96s (100s to 104s last week); coloured, exceptionally, 98s (108s). The market is slow and irregular. DALGETY'S DIVIDEND. LONDON, April 27. Dalgety and Co. have declared an interim, dividend of ss, free of income-tax. Messrs Dalgety and Co., Ltd., nave received cable advice from their London house that an interim dividend of 6s per share has been declared, being at the rate of 10'per cent, per annum. LONDON WOOL SALES. (Received April 29th, 5.5 p.m.) LONDON, April 28, At the wool sales to-day there was a good offering of greasy merinos and crossbreds. Prices showed a hardening tendency.

AUCKLAND HIDE SALE. The market for # hides at Auckland last week was on a par with that of the previous week. There was a keen demand for skins, j Best cow hides sold from 6Jd to 6|d per lb, medium ox, up to.Bd; heavy, up to lOd; stout, up to Is; country cows, up to 64 There was a slight falling off in calf skins, which realised up to ISid. Dry sheepskins sold as follows:—Damaged, np to Gd per lb; faulty, up to 7sd;/ sound, 7d to lOd; half-wools, 7Jd; quarterwools, 5d to 6d; lambs, 5d to 9d. Prices for salted skins were: —Quarter-wools, 3s lid eaoh; half-wools, 5s 3d; three-quarter-wools, 5s 7d; lambs, 3s 6d to 4s Bd. NEW WAIOTAH MINE. The drive on the footwall leader has been in progress during last week. The reef has shown a decided improvement, and when broken down showed nice dabs of gold. A further breaking down on Friday gave the same encouraging results, the Jode showing dabs of . gold, and a few pieceß could be cla&aed as picked stone. The is 'carry- i ing a good deal of ruby silver with it, while blotches of coppery mineral iff showing through jhe ■ quartz. Two stopes have been in progress on the' same lead, gold being seen: at intervals when breaking down. .•'.-.•

Shipped from j 1 Beef Mutton Lamb Qrs. Carcases. Carcases. 1923 Nov. 15,603 64,327 28,691 Dec. i<* 18,709 46 l 881 78,979 1923 Jan. .. 49,103 189,511 671,316 ' Feb. 87,175 219,353 615,415 Mar. *. 49,455 273,955 656,257 • Apr. 6,051 34,975 171,461 (1st to 15th) 171,006 829,002 2,222,822 On hand in New Zealand April 15th, 1923 North South Total, Island. Island. (In flOlb freight carcases.) Beef .. .. 259,479 2,581 262,060 "W«tbor mutton .. 270,708 «' 83,164 303,872 Ewe mutton ... 123,682 58,514 182,146 Lamb ' .. .. 210,427 381, ,601 592,020 Pork .. 10,223 . 108 ; 10,331 Sundries - .., 53,857 8,248 61,605 Total .. 927,626 484,2161,412,042

SATURDAYS QUOTATIONS. Buyers. Sellers £ ». d. £ i-d. DEBENTURES— N.Z. Govt. 4} per oent. Inscribed 1988 97 5 0 \ W 15 0 N.z.. bovt. 4} per cent. Inscribed, 1939 97 6 0 97 12 0 N.Z. liovt. 44 per cent. Bonds, 1941 97 10 0 «-i N.Z. Gsvt. 6 per cent. Inscribed, 1927 ' .. 97 10 0 — N.Z. Govt, u per oent. Bonds, 1927 97 10 0 — N.Z. Govt. 5i per cent. Bonds, 1933 101 6 0 — N.Z. Govt. 5J per oent. Inscribed, 1933 ;. 101 7 e — BANKS— . Australasia 13 10 0 18 15 0 Comm. of Australia . ■ 1 17 6 — Comm. of Auat (4 per cent, cum pref.) .. 6 16 0 7 0 0 National of N.Z. — 6 15 0 New South Wales S3 3 6 — New Zealand 3 1 0 — . Royal (£t paid), cum div. 1 15 9 117 0 Union of Australia 14 7 0 14 8 6 INSURANCE— National 8 18 6 — New Zealand 1 9 0 19 6 South British 1 18 6 119 0 LOAN AND AGENCY— Goldsbrough, Mort a 6 0 a 6 9 National Mortgage. 8 19 0 — SHIPPING— Adelaide Steamship . • 1 4 0 1 6 0 Howard, Smith. a is 6 2 15 0 Huddart-P&rker 2 1 6 2 2 6 Union (5i per oent. cum pref.) 1 0 0 — FROZEN MEATN:Z. Refrigerating (j61 paid) 1 5 4 — Refrigerating: {10a paid) .. 0 13 5 0 18 8 COAL— Westport .. ••• WOOLLENS— —" a o 0 Kaiapoi (£1 paid) ... 1 3 6 1 8 6 BREWEEIES— Crown a 2 6 2 5 0 Manning (cum Air.) .. 4 12 6 4 18 0 Ward — ) 1 16 9 CEMENTS— / Wilson's N.Z. Portland ■ — 1 6 8 MISCELLANEOUS— ' ' Burns, Philp .." 1 14 6 — D.I.O. (7s 6d paid) .. 0 9 0 — D.I.C. (6 per cent, cum pref.) ■' 1 6 8 — Eclijjse Petrol (20s paid) — 0 10 0 Eclipse Petrol (10s paid) — 0 5 0 Henry Jones' Co-op .. a \ 6 — Meson, Struthera (£1 paid) ..' •• 1 8 6 1 5 0 Mason, Stru there (14* paid) 0 15 6 — N.Z. Farmers' Co-op, / 1926 (7J per cent. Bonds) — 98 0 0 N.Z. MiUc Products .. 1 5 as 1,7 0 N.Z. Sugar of Milk ... 1 11 6 — Papuan Products '.. — 0 010i MINING— Mt. Lyell 1' 8 0 1 4 9 Whitcombe and Tombs 8 11 9 8 15 6 ElectTolytio' Zinc (pre}) 1 12 9 1 18 6 Electrolytic Zinc (rights) 0 12 8 0 13 5