COMMERCIAL.

Press, Volume LX, Issue 18095, 10 June 1924, Page 8

COMMERCIAL.

DESTROYER OF APHIS. SUCCESS OF PARASITE. (PBES3 ASSOCIATION TZLEQBAM.) NELSON, June 9. Ueports from the Auckland district continue to be more and more definite as to the complete success of the aphelinus mali, the natural enemy of woouv aphis, successfully introduce into New Zealand by the Cawthron Institute. The New Zealand Nurserymen's Association stated to-tiay that as soon as the aphelinus is introduced into an orchard It increases with almost incredible rapidity. Very soon tiie aphis disappears aTrnost as if by magic. In one case, when a few insects were posted 100 miles in February last, by the end of °Tpril they were in evidence in thousands, and some were found 150 yards from where the.V were liberated. The aphelinus is also proving useful in fhe destruction of citrus aphis, which it destroys in large numbers. Aphelions also cleaned up the Nelson orchards of woolly aphis to a marvellous extent. THE WOOL OUTLOOK. DISTURBING FACTORS. (BT CABLE—PRESS AS'/JCIATION COPYRIGHT.) (AUST&AX.IAJ7 AMD N.Z. CABLE ASSOCIATION.) LONDtJN, June 7. "With reference to the wool position a correspondent of the "Economist" writes that there is no doubt that finance is playing a very important part, and if Germany could be relieved of its present financial tightness a great improvement would soon be seen in all markets. The French political crisis is also having an adverse influence upon tho textile industry of Northern France, and while it is not thought that a strike will materialise among the textile workers of this country, the fear of such is influencing some forced sales. Trade in the consuming centres has been exceedingly slow since the close of the London sales, hence the future is regarded with 6ome concern, LONDON STOCK EXCHANGE. A HOLIDAY AIR. (AUSTXAUAIt AITD M.t. CAB LI ASSOCIATION.) LONDON, June 7. There has been a holiday air over the Stock Exchange this week, the combined effect of the Epsom races and the approach of Whitsuntide recess having reduced most departments to a state of inactivity. Another contributory factor to the general dullness ha:; been the unsatisfactory course of foreign exchanges, which 'produced a heavy tendency in most foreign bonds. The weakness of the sterling exchange on New York has caused some apprehension of a possibly increase in the bank rate, and this has caused a quietness in the gilt-edged market, but prices remain steady, thanks to tho large disbursements of money for June dividends on the war loan and other fitocksi i Industrial shares have be&n dull, especially oils, some from Paris raving followed the fall in the franc exchange, and home railway stocks have been depressed owing to labour troubles. The one bright spot is the Kaffir market, the South African mines being freely "bought.

THE BUTTER MARKET. (AT7BTBALIAIJ Airs *.z. caslx association) LONDON, June 7. The butter position shows littlo change and prices remain firm, Germany having taken some thousands of casks of Danish, enabling the Danes to xfiaintain their price, but there is some ipisgiving regarding the future and many traders anticipate a downwara movement, as weather conditions ara favourable for large here and the Danish output will shortly reach its , maximum. Consequently there may soon be soma pressure to sell some of the large quan- . tity of colonialjbutter stored here, especially as,, cables received indicate that Australia and New Zealand arc likely to continue shipments. APPLE MARKET GOOD. (itrSTBAUAir AKD H.Z. CAHLX ASaOCTATTOK.) LONDON," June 7. The apple trade in all centres remains'good, and prices realised are satisfactory except for blemished, an! even-thesS, are fetching much more, than .their teal value when compared with "the clean fruit. The ! strength of the market in London'is prob'ably due to the great number of visitors in town for the Wembley Exhibition, and the Epsom raci meeting, also the absence of good soft fruits. So far strawberries are very scarce; and though French cherries an arming ' in; large quantities their value is unsatisfactory. • A feature of the apple trade is demand for hard keeping sorts, notably Sturmers, which are making excellent prices. , .

TASMANIAN HOPS. (BY CABLB—PBSSB' ASSOCIATION COPTHIOHT.) (AUSTRALIAN ARC N.Z. CABLE ASSOCIATION.) LONDON, June 7. - Experts who examined a parcel of Tasmanian hops, ex the Argyllshire, describe them as a fine quality of brewers' hops of good colour and aroma, and excellently dried. The market at pije-: sent is quiet, but trade is expected to revive with the warmer- weather, es-. pecially as old stocks are practically-, cleared and no English will be available ■ till mid-September. • ' It is estimated that the barrelage of beer in the United Kingdom for the year will amount to .- 24,000,000, and as the crops of hops in this country will be insufficient to make this quantity of beer, any hops that Tasmania ships will be readily absorbed if the quality is equal to the Argyllshire parcel. The growth of hops in the United Kingdom is still under control, and the quantity permitted is far below the brewers' requirements, with the result that large quantities of foreign hops are imported, chiefly from California. These Californians are of far inferior quality to Tasmanians, which are the nearest approach to the Kentish that has ever been imported. DAIRY PRODUCE MARKET. ,*'Qonld. Guinness, Ltd.. have ' faom London, dated 7th ' I,!," -1 * ew Zenana cheese—xjoU! ZwUwid buttw ~ eh j/ *

WEST AUSTRALIAN WHEAT SUCCESS OF POOL SCHEME. (BT CABLE—PRES.J ASSOCIATION COPYRIOHT.) (AUSTRALIAN ABO N.Z. CABLE ASSOCIATION.) PERTH, June 9. The voluntary, wheat pool of last season in West Australia received approximately 10,250,000 bushels out of 15,000,000. The price realised was 4s 6d a bushel. BANKING BILL. TO OVERCOME EXCHANGE PROBLEMS. (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received June 9th, 7.20 p.m.) LONDON, June 9. The "Morning Post" says: "Details of the Banking Bill will be awaited with interest, but, broadly speaking, the lines proposed appear well designed to overcome some of tho problems of currency and exchange which have been so hampering on Imperial trade with Australia during the past year." MATATUA'S SALVAGED CARGO. ARRIVAL AT AUCKLAND. (special TO "tiie press.") AUCKLAND, June 9. Six thousand'tons of salvaged cargo from the Shaw-Savill and Albion steamer Matatua, which was damaged in collision in tho Thames on March 24th, are on board the Mahia, now at tho explosives anchorage at Motuihi. This shipment comprises the undamaged portion of the Matatua's cargo, 5000 tons of which are for discharge at Auckland and the balance at Lyttelton. Since tho arrival of the Mahia at Motuihi on Saturday morning from London, the shipping staff of L. D. Nathan and Co., Ltd., has been busily engaged in compiling a manifest of the Mahia's cargo from the hatch sheets, as only a running tally of the cargo was made when it was loaded in the steamer at London. This morning tho Mahia commenced discharging about 450 tons of explosives at the powderground into lighters, and slio is meanwhile expected to come up to Auckland on Wednesday. DRIED FRUITS. (BT CABLE—PRESS ASSOCIATION COPYRIGHT.) (AUSTRALIAN. AND N.Z. CABLE ASSOCIATION.) LONDON, June 7. Australian dried fruits are not selling well, and prices realised are unsatisfactory. Currants are quoted at 58s to 63s a cwt, with inferior as low as 51s. One of the leading brokers says that the'quality shows a great falling off compared with last season's growth, leaving much to be desired as to colour and condition. Many parcels vary in size, the grading being most unsatisfactory. The latest parcels to arrive show a slight improvement, both in quality and condition. So far only the common sorts of sultanas have arrived, and these are selling at 55s to 625. The outlook for dried fruits generally is not bright. It is estimated that California has a stock of 300,000 tons of raisins.

AUCKLAND WINTER SHOW. BUTTER AND CHEESE AWARDS. (PBBSS ASSOCIATION TELEQBAM.) AUCKLAND, Juno 9. The Dominion Industrial Exhibition and the Auokland "Winter Show Will be officially opened by Mr , Masaey to-morrow afternoon. A higii standard has been set in the dairy produce classes, entries in which total over three hundred, from all parts of Zealand. Principal awards are:— I Butter, box, suitable for export: Kaitaia Co-op., 91 points, 1; Cambridge Co-op., 93j points, 2. Box, suitable for export, manufactured under most favourable' conditions:' Cambridge Cp-op., '94J points, 1; Whangaroa, Bay of Plenty, Levin Co.-op., 94 points (equal), 2. Box, suitable for local trade: Cambridge, 95 points, 1; Hikurangi, Masterton, Shannon, 94J points (equal), 2. Championship oi Auckland —New Zealand Co-op. Dairy, Ngatea, 94J points X ancl Fran'k M. Winstone Challenge Cup. Cheoae, ooloured, suitable for export: Ngaere Co-op. Dairy po., Taranaki, 95 points, 1; Dalefield Company, Carterton, 94J pointa, 2. Case, white, Builrtble for export, manufactured under most favourable conditions: Pembroke Dairy, Otago, 95$ points, 1; \VaiBiana, 95 points, 2; Pihama Company, Taranaki, 94J points, 8. . Case, white or coloured, suitable for export, made under most favourable conditions: Nireaha Company, Eketahuna, 96 points, 1; Tiratu Company, Hawke's Bay, 95 points, 2; Collingwood Company, Nelson, 94$ points, 8. 1 Medium coloured, for local brand: Okain's Bay and Opouriao, Bay of Plenty, 95 points (equal), 1. Championship of Auckland, coloured or ■white, for export: Horsham Downs, Hamilton, 95 points, 1. Medium, made by first assistant, for local' trade: Tiratu, 95$ points, 1; Pihama, 9<t points, 2; Ngaere and Mangatoki, 94 pointa (equal), 3. Loaf,, coloured: Tiratu, ,95 points, 1; To Horo, Horowhenua, 94$ points, 2;; Dalefield, 94 points, 3.

PRODUCERS' ASSOCIATION REPORT. (FBESS ASSOCIATION TELEGBAM.) WELLINGTON, June 9. The New Zealand Producers' Co-operativs Marketing Association weekly cabled market report, dated London, June 6th, is as fo.lows:—Butter market is firmer. New Zea-land-salted 168s to 170s, unsalted 180s to 132 a; Australian, 156s to 160s; Argentine, 154s* to 160 a; Irish, 168s to 170s; Danish, 18Qs to 183s;. Dutch, 170s to 1745. The cheese market is quietly Bteady. No v 'Zealand white and coloured 86s to 87s for fresh landed goods. Released stored cheese is being offered at 80s to 84s, according to condition; Australian, 78s to 82s; Canadian new season's;, 83s to 84s. Stocks at June 2nd were: New Zealand, 133,000 Canadian, 4000 crates. At same date last year, stocks were: New Zealand, 42,000 crates; Canadian, 6000 crates. FROZEN MEAT MARKET. The New Zealand Loan and Mercantile Agency Co., Ltd.. have "received the following cabled advioe from London:—New Zealand Frozen Meat—No alterations. (Lost quotations May 23rd, 19124.) Lamb—lo;'d per Jo (average). Mutton—Wether and maiden ewe. light 7id per lb, heayy 6Jd per ib; ewe, light s|d per lb, heavy 4Jd per lb. New Zealand Dairy Produce—Butter: Choicest ealted 168s to 170s per cwt. Market firmer. Cheese: 82s to 86s per cwt. Market steady.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S. TRANSACTIONS. „ Sales Reported—N.Z. Govt. 5J per cent. Inscribed, 1933, £lOl 12s. 6a., £lOl 15s (2 parcels); Union Hank, £l4 13a (2 parcels); National Bank of N.Z. (rights), 3is 9d; Hud-dart-Parker, 42s 6d. Sales on. 'Change—National Bank of N.Z. (rights), 35s 9d; N.Z. Farmers 1 Co-op. (6i per cent. Stock, 1930), £80; Electro. Zinc (rights), 6s 9d. LATEST QUOTATIONS. Buyers. Sellers.

OTHER EXCHANGES. (PRESS ASSOCIATION TELIQKAU3.) AUCKLAND. June 9. Ssvlea—-"War Loan. 1938, £97; National Bank (rights), 3"os 3d. 35s 6d; New Zealand Insurance, 29a 6d; South British 40s 6d; Auckland Gas, 25s 9d; Bycroft 24s 6d; Waihi, 31e. DUNEDIN, June 9. •Sales—Westport Coal, 355; Waihi (two), .31s. Sales Reported—Donaghy'a Rope, 34s 6d; National Bank (rights), 35a -9d; .Mt. Lyell (rights) (two), 6s; New Zealand Paper Mills, ■22s 3d-, New Zealand Drugs, 67s 3a; Nap.ei; Gas (fully paid), £ll ss; Bank of New Zealand (two), 535. ARAHURA STOCK SALE. (special to "the pbess."') HOKi'i'lKA, June 9. At the Arahura fat stock sale, 93' head of cattle were yarded, 55 oi wluch were soia in the fat cattJe pens, tlie buiance being stores and dairy lines. There was a good attendance of buyers. Competition was distinctly in advance oi last saie, prime ox beel maJting to 36b per liundreu; light, wellfinished bullocks being keenly sought lor from 33a to 363 per hundred; mcdiuin-wsighti 30s to 33s 6d; prune heifers, '2Sa to 32s 6d. The outstanding feature of the sale wad the excellent yarding of Mr Norman Friend, whose cattle were easily the best yarded for this year. The principal sales were: —Three bullocks at £l3 63, lour at £l2 7o 6d, one at £lu 17s Cd, one at £lO 12s bd, one at £lO 7a Gd, four at £lO, two at £9 17s 6d.. two at £9 l()s, two at £9 6s, two at £9 2s 6d, four at £8 17s 6d, six at £8 32s 6d, two heifers at £7, two at £8 17b 6d, one at £6 15s, two at £(> 10s, one at 3 17a 6d, one at £o 10fl. A number of vealera and suckers were sold at prioes ranging from 318 to £3- fat cows from £4 to £7. Dry cows, of which there was a fair yarding, made from £3 to £5 10s. There were no sheep yarded.

£ 8. d. £ a. d. N.Z. GOVT. DEBENTURES— 4£ per cent. Inscribed, 1938 96 12 6 97 0 0 4J per cent. Bonds, 1938 9ii 15 0 — 4J per cent. Bonds, 1939 and 1930 96 12 6 — S per cent. Inscribed, 1927 — 98 0 0 6 per cent. Bonds, 1927 9S 0 0 98 5 0 5 per cent. Inscribed, 1927-41 — 98 0 0 6J per cent. Inscribed, 1933 101 12 6 101 15 0 5£ per cent. Bonds, 1933 101 10 0 — OTHER DEBENTURE SChrietchureh Drainage Board 5J per cent., 1938-73 — 99 0 0 N.Z. Breweries 10 per cent. 1 0 3 — Glaxo, 6J per cent. 1945 85 0 0 — BANKS— Australasia — 13 6 0 Comm. of Sydney 22 10 0 22 17 6 National of N.Z. 6 10 0 — National of N.Z. (rights) 1 15 6 1 16 0 New South Wales 40 2 6 — New Zealand .. 2 13 0 2 13 3 Royal (i'l paid) — 1 13 G Union of Australia 14 12 C 14 13 6 INSURANCE— National ... — 3 14 0 New Zealand .. 1 9 0 1 9 9 South 'British 2 0 0 2 0 6 Standard 2 0 0 2 0 9 LOAN AND AGENCY— Goldsbrough, Jlort 2 12 8 2 12 6 N.Z. Loan and Merc. (ord stock) — 92 10 0 SHIPPING — Howard, Smith — 1 16 9 Huddart-Parker 2 2 3 2 2 6 Huddart-Parker (pref.) — 1 1 0 New Zealand (proi.) .. — 9 5 0 Union (pref.) 0 19 9 — FROZEN MEAT— Canterbury 13 13 0 14 2 6 Canterbury (pref.) ' .. 5 2 6 — Gear — 2 4 0 N.Z. Refrig. (paid) 0 19 9 1 0 9 N.Z. Refrig. (contr.) .. 0 9 1 0 9 3 WOOLLENS— 0 17 Kaiapoi (or^.) — 0 Kaiapoi (contr.) 0 7 0 0 8 0 COAL— Westport 1 15 0 1 16 0 Westport-Stockton 0 5 0 0 S 2 GAS— Christchurch .. 7 18 0 8 2 6 Tiroaru .. .. 7 10 0 — BREWERIES— Crown 2 2 0 2 4 0 Manning — 1 7 0 New Zealand .. 1 3 6 — Ward 2 5 8 2 5 9 TIMBER— 1 11 Kauri (cum. div.) MISCELLANEOUS— — 0 Beath and Co. i ii 6 1 13 0 British Tobacco 2 2 6 — Electro Zinc (rights) .. 0 5 9 0 6 0 Evans Atlas Flour 1 8 0 — Mason, Struthers (I* 3 paid) .. •• 0 16 0 — Mason, Struthers (Cs pai£) 0 6 9 — Mason, Struthers (4s paid) .. 1 ... 0 4 6 0 4 8 N.Z. Drug Co. 3 6 0 3 8 0 N.Z. Farmers' Co-op. (£2 paid) .. 0 5 6 — N.Z. Farmers'. Co-op (63; per cent stock, 1930) 80 0 0 — N.Z. Farmers'. Co-op (fiS per cent. Stock, 1935) 75 10 0 — N.Z. Milk Products .. — 1 8 0 N.Z. Paper Mills 1 1 3 1 2 6 N.Z. Sugar .of Milk .. ■ — 0 1 11 0 .. Otago Daily Times 8 5 — United Pictures .1 4 6 — Whitcombe arid Tombs 8 12 6 — MINING— 1 1 Mt. Lyell (cum div.) .. 1 1 0 3 Waihi ... : — 1 11 6 Grand Junctions 0 2 0 0 3 0