COMMERCIAL.

Press, Volume LX, Issue 18107, 24 June 1924, Page 8

COMMERCIAL.

THE WOOL TRADE.

UNEMPLOYMENT HEAVY.

ATTEMPT TO MANUFACTURE

WOOLLEN PACK

(ST CASLZ-H«SS ASSOCIATION COPTBIGHT.) (ACB7BALIAS AND t.l. CABLE ASSOCIATION.)

(Received June 23rd, 5.5 p.m.)

LONDON, June 21

The "Yorkshire Post" points out that unemployment in the Bradford textile trade is heavier now than earlier in the vcar, and the position is made worse by dem.inds for increased wages, which the employers have definitely re-

fused. , , Tile recent decrease in the activity of Bradford mills is chiefly due to the decline of the trade in crossbred yarns with Germany, owing to buyers inability to pay as a result of German restrictions on bales of foreign currencies. ( 4 i,„ An interesting summing up of the position in the wool trade was given by -Mr Ernest Gates at the annual meetincr of Salts, Sa.taire, Ltd whose mill Mr Bruce, Mr Massey, Mr Lawson, and others recently visited. Mr O-'iteo said the wool trade had two sides. Britain's positon in the wool trade seemed to have increased widely at the expense of her manufacturing business. In ether words, while Britain had mainrained her supremacy as a wool transporter, merchant and financier, she was in danger of losing her manufacturing trade. ~ . , Armchair economists advised that the solution was a reduction in the selling price. But these simply made up the cost of raw materials, labour, interest, and taxation. British manufacturers were prepared to work for as little profit as the foreigner, and they paid the highest wages in the world except America, where there was high protection ; and Britain's taxation was the highest in the world. Britain could not obtain wool cheaper, because competitors could obtain sterling credit tor wool purchases as easily and cheaply as British manufacturers. The results had- been reflected in trade during the year. Wool had been relatively dearer, than tops, tops dearer than yarn, and yarn dearer than cloth to all except those, m the strongest financial position. Tlits was nn extremely serious matter. Mr Gates, examining the prospects of oversea trade, pointed out the limited buying capacity of Europe and the difficulty of surmounting the United States tariff. Ho added: "The Dominions are buying increasing quantities of cloth. We have reason to show gratitude for the Preference we enjoy in those markets." Serious attempts are being made in Yorkshire to manufacture wool packs of woollen material, owing to the serious damage caused by jute packs through the admixture of jute fibre with the wool, which defies eradication at every stage of manufacture and entaHs heavy cost in burling the cloth. Various woollen materials are being made up into packs in an attempt to reach a bag weighing below four pounds, which vill stand hooks and not stretch unduly.

A committee representing various sections of the Bradford trade is supervising the oxperiinents>-The suggestion is that the wool buyer pay half the cost, and that used bags be reshipped to the Colonies for use again. By this means it is expected that ultimately the cost to the grower will be -no greater than the present jute pock cost. All brands and marks will be on a detachable square of linen sewn on the bale.

LONDON STOCK EXCHANGE.

, INCREASED CONFIDENCE.

(BY. CABLE—PRESS ASSOCIATION COPTBIOHT.V (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.)

(Received June 23rd, 5.5 p.m.)

LONDON, June 21

The .Stock Exchange has been at its. quietest during the week. The Ascot meeting was responsible for decreased attendances and some loss of publio interest, but there has been an underlying feeling of increased confidence. This is reflected particularly in the firmness of stocks. The new French Ministry is welcomed aa a probable step towards a reparations) settlement, while the defeat of General Smuts has shown no appreciable! influence. In fact, it scarcely produced a ripple in the Kaffirs market. Uilt-«dgeds have felt the benefit of relatively cheap money, and brokers report a steady a/bsorption of highclass investments.

The New South "Wales most recent jissue, such a large percentage of wluch was left on underwriters' hands, has improved a little and is now quoted at,l| per cent, discount. . The; "Spectator" 'says the. firmness of ; thfy Investment, markets is strange in view of the large rolnmel of capital creations in the present' year—the "Bankers', Magazine" shows, the value ofvSGa representative stocks at the •end of May to be £1<J9,000,000 above the January level.; The "Spectator" pomts out that if the Mopes of a restoration of European political confidence, be realised, and followed by increased activity in international trade, there may later be a tendency for industrial stocks to benefit at s the expense of gilt-edgeds.

SLAUGHTERINGS IN SOUTHLAND.

(rxasa association tzleqbam.)

INVEROARGILIj, June 23,

During the freezing season just closed, the- Southland works killed 43,327 sheep, 346,888 lambs, and 2327 cattle. Sheep increased by C2SJ and cattle by 387, but lambs decreased by 48,376 over the figures of the previous year. This was no doubt" due to the number of lambs railed north, where many Southland lambs left the works branded "Prime Canterbury." It is estimated that approximately 80jOCO head of stock from Southland, principally lambs, were killed in northern works during the present season. The position is regarded as a serious one for Southland. APPLES.

(BY CABLE—PBESS ASSOCIATION COPYBIGHT.) (AUSTRALIAN AXD H.Z. CABLE ASSOCIATIOK.)

(Received June 23rd, 5.5 p.m.)

LONDON, June 21. Apples are maintaining their prices exceptionally well; but six or seven steamers have still to arrive, while the warm weather of the past few aays is leading to a daily increase in «»t fruits available.

REFRIGERATION.

CONGRESS CLOSES.

(BY CABLE—PBESS AS3OCIATIOX COPTaiGHT.) (AUSTRALIAN AND S.Z. CABLE ASSOCIATION.)

LONDON, June 22.

At the final session of the International Refrigeration Congress a resolution was adopted in favour dardisation of international units of cold storage and an international agreement on the specification of refrigeration capacity. The congress decided to urge the International Institute of Refrigeration to give sj>ecial attention to fruit preservation, and referred the question of the utilisation of liquid air in the preservation of foodstuffs to the International Cold Storage Institute. A motion was agreed to urging that the ore-cooling of fruit he recommended, hut not made compulsory. Other motions agreed upon urged the Governments of producing , countries to introduce legislation standardising the methods of inspection of refrigerated produce intended for overseas consumption ; that certificates granted hy the Government of producing countries he accepted as final in consumiii2 countries; and that inspection of frozen produce on arrival in consuming countries he confined to that ensure that the produce is in good marketable condition. The next congress will meet at Rome in 1027.

BUTTER.

THE MARKET AT HOME

(by cable—press association copyright.) (AUSTRALIAN" AND S.Z. CABLE ASSOCIATION.)

(Received June 23rd. 5.5 p.m.)

LONDON, June 21

During the past fortnight New Zealand and Australian butter have enjoyed good prices, which are unusually high in relation to Danish. This is due to the falling-off of Germany's demand for Denmark produce; but the market appears to have reached the Everything depends upon whether theFrench' Government, in its anxiety to keep down the cost of living, extends the embargo on butter exports. As the matter now stands, the embargo wiil be lifted on July Ist. Whenever it is removed, very heavy supplies will reach London, which, together with 10,000 casks of Siberian which have just arrived, and the expected increase in Home and Irish supplies, will probably lead to a fall in prices.

SUPPLIES FOR BUTCHERS.

EXPORT FIRM'S OFFER,

(SPECIAL TO "THE PRESS.")

DUNEDIN, June 23.

For months past tliero has been some talk about the New Zealand Re- J frigerating Company being about to take up the business of buying and slaughtering for the butchers of Dunedin and other cities. The proposal has never 'been reduced to writing, but the butchers have been sounded on the subject and recently with such dehniteness that they'talked aver the matter .with a result that they have practically, though not in formal terms, declined the proposal. They do not think that it would work. One of the butchers soys: "We look upon it in this way: that it might be the thin end of the trust wedge to give the company this amount of control. It would stop all competition in buying and, therefore,'' not be a good thing for graziers nor butchers. Consumers, too, would be badly placed, since the company would b© able to dictate the Selling price. The company's representatives say that we can go into the country and buy on equal terms. . The answer to that is that we already have that right, but we should certainly lose it if the company had control for twelve months, for it would gradually get the first right of refusal. Again, butchers would not be able to provide the .required variety of goods if they had to take only dressed meat and did not get offal as well. Having offal, we are able to sell meat cheaper than if we had only the bare carcases. The scheme was tried in Wellington and proved a failure. Whena butcher at the yards wanted a particular line it was run up out of his reach. lam sure that the butchers are acting in the interests of the public, as well as in their own, by declining to agree to the change. -.As a fact,; meat is as cheap in. Dunediri and Irivercargill as anywhere in New Zealand. I think cheaper." TALLOW.

Msssts A. H. Tumbull and. Co. are in receipt of the /following cablegram fron their principals, W. "Weddel and Co., Ltd., dated London, 18th inst.:— "At tallow auctions to-day, 1200 casks were offered, and 800 sold." • . »

ENGLISH MARKETS. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the followingl cablegram from -their London office, under date 20th instant:— "New Zealand Frozen Meat—No alterations. Last quotations, 23-5-24: —Lamb, 10Jd per lb (average). Mutton, wether an 3 maiden ewe, light 7Jd per lb; heavy - 6Jd per lb. Ewe, lignt Sjjd per lb; heavy 4si per lb. "Now Zealand Dairy Produoe-JSutter, choicest salted, 176s to 180s per cwt; market firm. Cheese,-88s t0..92s per cwt; market quiet.''

DEATH OF A MISSIONARY.

(FBE3S ASSOCIATION TZLEOBAK.)

AUCKLAND, June 23. The Melanesian Mission Board has received a cablegram announcing the death on June 18th, of the Rev. R. C. M. Sprott, missionary,in charge of the ]*ugot district, Ysabel, Solomon Islands. Deceased had been ten years' on the mission field. He was a nephew of Bishop Sprott, of Wellington. He leaves a widow.

CHRISTCHURCH STOCK

EXCHANGE.

YESTERDAY'S TRANSACTIONS

Sales on 'Change— Bank of N.Z. (ex div.), 52s 6d; Manning's Brewery, 27s 9<5. LATEST QUOTATIONS.

OTHER EXCHANGES. (PEESS' ASSOCIATION TELEGRAMS.), ■•■.-• AUCKLAND, June 23. Sales—Bank of New South Wales, £4O 12s; National Insuranoe, 70b; Wilson's Cement, 2& 6d; "Waihi, 30s 9d. '„ , , | ' DUNEDIN, Juno 23. Sale Reported—Huddert-Parker (ord.), 42a 6d. ■ : • •

Buyers. hellers. £ a d * s.d N.Z. GOVERNMENT DEBENTURES— 4J per cent. Inscribed, 1938 97 0 0 97 10 0 4$ per cent. Inscribed, 1939 37 0 0 — 4i per cent. Bonds, ! 19S0 — 97 7 G 4J per cent. Bonds, 1939 97 2 6 — 5 per cent.' Inscribed, 1927 97 13 0 — 5 wer cent. Bonds, •1927 97 17 6 — 5 per cent. Inscribed, "1927-41 — 97 10 o ; 5J per cent. Inscribed, I 1927-41 97 10 0 93 15 0 Sj per cent. Inscribed, 1933 101 0 0 — Si per cent. Bonds, 1933 101 5 0 — OTHER DEBENTURES— Christchurch Drainage 54 per cent., 1928-73 — 99 0 0 Westport Borough 6 per cent., 1914 1C0 10 0 — N.Z. Breweries 10 per cent, stock 1 1 0 1 2 G Booth Macdonaid, r $ per cent., 1932 S2 0 0 S3 10 0 BANKS— Adelaide 7 IS S 8 2 G Australasia Commercial of Sydney 22 10 0 22 1G 0 New South Wales 40 0 0 40 12 G New -caland (ex div.) 2 12 G '2 13 0 National of N.Z. {new) G 10 0 Royal (U paid) 6 10 0 — Uiiion of Australia 14 15 0 — INSURANCE— National 3 10 0 — New Zealand 1 9 3 1.9 9 South British 2 0 0 2 0 G Standard 1 19 0 2 0 0 LOAN AND AGENCY— Dalgetv and Co. — 13 10 0 IGoldsbrough, Mcrt i (cum div.) — 2 11 3 SHIPPING— Howard, Smitli 1 la 0 1 16 0 Huddart-Parker 2 2 3 -2 2 9. 'Huddart-Parker (pref.) 10 3 — FROZEN MEAT— Canterburv — 14 3 6 N.Z. Refrig. (paid) .. — 1 1 0 N.Z. Rofrig. (contr.) .. 0 S 10 0 9 6 WOOLLENS— Kaiapoi (ord.) — 0 16 3 Kaio**i (contr.) 0 (i o 0 7 G Kaiapoi (pref.) — 0-19 0 COAL— Westport 1 15 0 — •■ Westport-Stockton 0 4 9 0 5 3 GAS— Christchurch. — 8 0 0 Timaru 7 5 0 — BREWERIES— Manning 17 9 1 8 3 , New Zealand — 19 0 Ward •• /•■ 2 G 9 2 7 3 CEMENTS— Wilson's — 18 9 MISCELLANEOUS— •Beath and Co. 1 11 9 1 12 G B.A.W.R.A. 0 9 6 0 9 10 Canterbury Saleyards . 1 7 6 — D.I.C. (pref.) — 113 Electro. Zinc (pref.) .. i 7 e 18 0 Electro-. Zinc (def.) .. 13 0 — N.Z. Farmers' Co-op. (£2 paid) ... 0 G 3 0 7 0 N.Z. Farmers' Co-op. (6J per cent. cum pref.) .. .. ' S 8 0 — N.Z. Farmers Co-op. (6J per cent, stock, 1930) 83 10 0 ' •*- N.Z. Farmers' Co-op. (6J per cent, stock, 1933) 77 0 ,0 '— Nort* Canterbury Flour Milling . 0 10 0 — Unite3 Pictures 15 0 — MINING— Mt. Lyell (cum div.) .. 10 9 X 1 «