COMMERCIAL.

Press, Volume LXI, Issue 18369, 30 April 1925, Page 10

COMMERCIAL.

RECIPROCAL TRADE.

A TREATY HANGS FIRE.

(■Y CABIX—FBXSS ASSOCTATIOH—COPYRIGHT.) (ATOTBALIAH AHD Jf.B. CABLE ASBOCIATIOK.)

OTTAWA, April 28,

The "Montreal Star" says that a commercial treaty between Canada and Australia is a logical and desirable agreement which should have been on the Statute Book many years ago.

The balance of trade between Canada and Australia ia overwhelmingly in favour of the Dort&ion, which naturally increased the difficulty of reaching a commercial agreement. Canada asked for the opening of the negotiations lately in progress. The Australian Government, in spite of much opposition, rationed the agreement, and the failure of tlte Canadian Parliament to approve at this late date can hardly help being regarded as a deliberate affront to Australia. Ther.e will be little prospect of the renewal of these negotiations if Canada does not now ratify the pact, which she has already approved, Canada has the opportunity to play a large role in the development of preferential trade within the Empire. Canada, by a gesture, can be pioneer in this field. It would be a far better way of expressing nationhood than by picayune and childish bleatings about Lausanne.

WOOLLEN MILL CLOSED. (BY CABUt- -PBESS ASSOCIATIOH— COPYRIGHT.) . (AUSTRALIA* AND N.Z. CABLE ASSOCIATION.) HOBAET, April 29.

Owing to heavy losses suffered during the past two years, the woollen manufacturing firm of James Aitken and Sons Proprietory, Ltd., has decided temporarily to suspend working operations. About 80 employees are affected.

HOME WOOL REPORT.

CONTINENTAL DEMAND FOR MERINOS.

(FBOM OSI OWN COBBSSFOITDEirr.) liO|M3ON", MarcE. 24. . During the second series of London wool sales of the current year, which lasted from March VV-2P, 70,984 bales have been catalogued, including 23,919 from New Zealand. The quantity sold amounts to about 54,000 bales, of which come 24,000 bales have been taken for export. Messrs Charles Balmo and Co. write that during the interval there was no improvement in demand from &ny section of the trade, and further declines in value were reported at the sales held in the various overseas markets. As it was evident that January prices were unattainable, and many holders would not meet the market, the programme o! the series was considerably curtailed, some 44,000 bales being carried forward unoffered.

After a rather hesitating opening, competition became much hotter and more general than during the January series. Tho Continental (trade, especially Hho French and Belgian sections, operated freely in merinos, ind prices for fine wools improved oa the auctions went on,, closing . at their thighest point. Medium and coarse crossbreds, on the other hand, while meeting with a keen demand from Home buyers, lost ground during the series, though thero was some recovery for tho better descriptions during the last two or three days.

Decline in Prices. ..:. Superior greaßy .merinos were .10 per cent. J cheaper, as also'"were fine wools in. average' condition. Parcels of ordinary quality de'clined 15 per cent., while inferior lots were often difficult to sell at a reduction of from 15 to 20. per cent. Sooureds generally wero from 10 to 15 per cent, lower, but short fine pieces and locks were well competed . for at prices not more than 10 per cent; Below January ra^es. Crosebreda in the greaßy opened with a fall from .5 to 30 per cent., but at the close the > decline must be quoted from 10 to 15 per cent, for fine, 15 per cent, for medium and 10 per cent, for coarse qualities'. Scoureds sold irregularly and. were generally' from 10 to 15 per cent, lower. The quantity of slipea catalogued was small, and the few good parcels offered consisted of short lambs; these wero difficult to sell early in the series, but met with a rather tetter demand later on at a reduction of Jrom 10 to 15 per cent. As compared with last' series closing rates, Messrs Balme quote , the various grades the following percentage cheaper: — Merino—Greasy, superior, 10; greasy, average to good, 10 to 15; greasy, poor condition, 15 to 20; greasy, inferior pieces and locks, 15; scoured, superior, 10 to IS; scoured, average to good, 10 to 15; scoured, inferior, 10 to 15; scoured, faulty pieces and locks, | 10 to 15. ' New Zealand Crosshjed— Greasy, fine, superior, 10; greasy, fine, ordinary, 10 to 15; greasy, medium, superior and ordinary, 15; greasy, coarse, superior and ordinary, 10; scoured, fine, superior and ordinary, 10. to 15; Bcoured, medium, superior and ordinary, 10 to 16; scoured, coarse, superior, and ordinary, 10; aliped, fine superior and inferior, 10 to 15; eliped, medium superior, 10; aliped, medium, inferior, 10 to 15; sliped, coarse, superior, W): aliped, coarse, inferior, 10 to 15. MessreW. Weddel and Co. refer to the fact that there was a very full attendance of buyers on the first day and all sections of the trade were well represented. A biff decline had been expected, and the result of the opening was just about "» keep-, imr with most predictions. ■'; If anything,, prices did not recede as much as was expected, and this encouraged the hope that the outlook was not eo gloomy as some had painted it. Merinos opened with rather better competition than was expected at a decline aince February of about 15 per cent. The Continent was the chief buyer, but bidding was at times very hesitant. Since about the end of last week, however, there has been evidence of rather keener competition, with the result that all good class merinos show » decided tendency against the buyer. Croeebreds were affected the opposite wmy.» On the opening day the decline was about 6to 71 per cent for medium'and coarse wool, but at the end of the firstLweek: a further 6 to 7J per cent, decline''was evident. There have been very few fh»eiorossbreds on offer, and these have sold atvabout 10 per cent, lower than the level ol lastsales.

.SaHTHPIELD MARKET. (PBBSS ASSOCIATION THJSQRAKS.) ":.. WE^INGTON,,ApriI 29. . The New Zealand, Meat Producers' Board has received the' following cable from its London office, 'dated"April 24th, 1925, advising Smithfield delivered prices .at that date aa'folkqrs:—• : (Prices for'.the. two previous weeks are 'also shown.) ~ . . ; ■'"'•'■"'; Lamb market very firm. New Zealand wethers and maidens: Canterbury - quality, selected' brands,' 56-undor, 9d (24-4-25); 9id (17-4-25); 9id: (94-25); 57-64, 7ld; 8W; B*d; 65 "? 2 > 7d > 7d » 7d " oQmt brands: 66-under, B|d* 9d; 9d; 57-64,- 7jd; 7id; 7fd; 65-72, 6|d; 6jd; 6id. .New Zealand Ewes: 64-under, €|d; 6}d; 6jd.' ■*■-■-■■ ■- .New Zealand Lamb—Canterbury quality: 86-undsr, 12Jd; 13d; 12dv 37-43, ll|d; lljd; ll§d: 43-50, lid;Ud;..lia. Seconds, llid; lUdi llid. Selected branaa: 36-under, 12|d; 13d; 12d; 87-42,'lifd; Hid; lljd. Other brands, Ist- quality: -" 42-under, Hi;, llid; llid. Seconds, U|d; llid;Hid. New Zealand Beef—Ox fares; not quoted; id; ox binds, not quoted; 5Jd; cow fores: not quoted; 4d; cow hinds: not quoted; 4Zd. Argentine Chilled Beef—Ox fares: 4d; ■4»; 41d; ox hinds 7M;7idj_6id. _' Argentine Frozen Beef—Ox fores: 3Jd; Md; 4d; ox hinds: 6d; 6jd; 6d. Frosen Poric: 80-WOlb, not quoted; 120,1801b, 6ja; Bid; BJd. Frozen Veal: Not quoted.

NEW ZEALAND BUTTER. ALLEGED DETERIORATION IN QUALITY.

(*BOH OUH oyrs COBBXSPOSDBST.),.

LONDON, March 24.

"New Zealand butter during this last season has been sadly below its usual standard." This is a statement mads to me by a Tooley street broker yesterday. As a broker he has no personal interest in any particular brand of butter, so his opinion may be taken as fairly unbiassed. In the butter trade, of course, everyone spe&s from his own particular point 6i view, so that it would be more difficult, perhaps, to find a merchant habitually trading in the New Zealand article who would admit that it is not up to standard. "For the second time in history." said the broker in question, "last week Australian salted butter was sold at a halfpenny a pound in advance of New Zealand. There seems to be too much syndication of the creameries, and pride of brand is being eliminated."

According to this authority the present market price of finest salted New Zealand butter is fictitious, with 100,000 boxes in cold storage and great quantities on the water. On the other hand, he admits that prices have been affected by a genuine demand for New Zealand butter from Prance, Belgium, and Germany. Germany, he maintains, is carrying out a definite policy in buying through London quantities of New Zealand butter, in the hope that in return she will be able to get manufactures into the Dominion.

So far as prices are concerned, he considers a decline is imminent. Cornwall and Devonshire buyers announced yesterday that their season for buying was drawing to a close, and that they will be subsisting on their own manufactures in the course of a week or two.

New Zealand how has n competitor in Argentine butter. Certainly at the present time the quantity of what is designated finest Baited is comparatively small, but the quantity is steadily increasing. The quotation for this morning is 174s to 176 a, against 17.2s to 174s for New Zealand salted. In some retail shops a few days ago, Argentine butter was being sold for 2s per lb, compared with la lOd per lb for »New Zealand and special brands of Australian butter were being sold at prices equal to New Zealand. The greater proportion of Argentine, it must bo admitted, is not of high quality, and a great deal of it is blended with New Zealand butter before being sold. Australian finest salted to-day is quoted at 170s to 1745, which rather bears out the contention that the New Zealand produce is not maintaining its supremacy on the market.

Traces of Neutrallscr. The retiring president of the Glasgow Produce Exchange recently called attention to the quality of New Zealand butter, and said that many parcels came along Bhowing rather a noticeable trace of the neutralises bicarbonate of soda. "That was unfortunate," he eaid, "because there is little doubt that butter from that country, perfect in flavour and texture and right in colour, as we have known it, will secure a satisfactory place for itself, satisfactory in its relationship to the price obtaining for Danish butter. One cannot help thinking of the years when throughout the whole of the New Zealand season that butter marched practically side by side with Banish butter. Quite often of late tho gulf between the price of the two butters has been a pretty wide one. We believe that it would be much narrower if our New Zealand friends watched very closely the quality of their butter, and so (Tar as is practicable, kept selling all the time."

The speaker also added: "There has been a notable increase in the supplies of Australian butter of late months, and tho qualitj of almost all is proving pleasing. It is a matter for congratulation that so many of the creameries of the Commonwealth have been successful in securing the Kangaroo brand for their butter. As most of us are aware, this brand, the figure of a kangaroo, is granted to all butters grading 92 points and over."

Dairy Control Board. Some idea of the intentions of the new Dairy Control Board has reached this side of the world, and private comments are somewhat forceful. It is evident that agents in New Zealand who have had the matter explained to them by the Chairman of the Board, have communicated with their principals on this side. Naturally the suggestion of a very strict control is criticised severely, but those interested take up the attitude that they have not been officially' advised of what the Board's intentions are, and are not justified in expressing' a public opinion on the matter. The fact that the London representatives of the Board will spend a year in London before" taking any definite action is reassuring to everyone. It is considered that they will find, as was the case of the Meat Board, that some of the suggested, innovations are quite .impracticable. The feeling in- some'quarters in regard to control was well illustrated in a speech by the President of the Manchester Wholesale Provision Association recently. "We are threatened from certain influential quarters," he said, ' 'with a scheme of marketing the larger part of our supply of butter, cheese, bacon, and other foodstuffs in wKch we particularly deal, in such a way as to protect it from the competition of the rest of the supply, to raise the price of these-foods above the normal competitive world price, and swell the profits of the producer overseas. It is proposed to do this by making the taxpayer shoulder risks which up to now have been borne by the private' trader. Government officials are to judge how much the market requires, they will regulate the flow of supplies, letting ont of cold store the correct quantities when prices are satisfactory, holding back to stop prices falling below what suits them. The Lancashire cotton operative's wife, who wants, for example, Danish butter, is to bo hindered from getting it, by various obstacles which are put in her way, and she will, as far as possible, be forced to take. Colonial butter, which she does not want, the principle being that the Government knows better than she does herself what she ought to have."

BURNSIDE MARKET; (PSISS ASSOCIATION TXLBOBAX.) DUNEDIN, April 29. An unusually large number of sheep -was forward at Burnside to-day though there was only a small entry of fat cattle. The latter were only of medium quality. Fat Cattle—There waa a small yarding of something over 200, principally cows and heifers. A rise of 10b was recorded early in the sale, and varied towards the close. Extra prime handy-weight bullocks sold at from 3oa to 38s per 1001b, medium quality and heavy-weight bullocks at 33s to 85s, prime heifers at 32s 6d to 355, light heifers up to 32a 6d, and cows at 18s to 22s 6d. One extra prime bullock brought £23. Medium bullocks, sold from. £l4 to £l6, and cows and heifers from £4 10s to £6. The quality generally was only medium, and bullocks- comprised only a small proportion of the lot. Fat Sheep—About 3150 were entered. The yarding was composed principally of ewes. quality on the whole waa good. Bidding- commenced at about 3s lower, than Jast week's prices, and as the sale progressed a further drop was noticeable, the salo finishing about 5s below last week's rates. Prime handy-weight wethers sold up to 7d per lb, extra prime heavy-weight wethers to 6Jd, extra heavy ewes to sd, prime handy-weight ewes to s}d, and aged and light-weight ewes to 4Jd. Extra prime wethers realised up to 54s 9d, prime 46s to 60s, medium 40s to 42s 6d,. light 36s to 38s, extra, prime heavy .ewes up to 48s, prime.37s t0.395, medium 33s to 85s 6d and light 26s to 295. Lambs—There was an entry, of 960. The quality was medium throughout with the exception of • a few pens of heavy lambs which soid up to 45s *l. Prime lambs went from 37s to 40s, medium up to 36s 6d and email and unfinished -25s to 335. Prime lamb sold on the basis of lOd to IOJd and second quality 9d to lOd. Store hundred and ninety were yarded. .Practically no steers were forward, aged cows with a'sprinkling of young cattle comprising the bulk oi.the entry. Old cows went from £1 6s to £2 15s, good stores np to £8 10s, poor and inferior from 15a to £l, medium from- £2 to £2 10s, and good heavy-weight cows to £4. -Pigs—Two hundred and eight fats and about, fifty stores were penned. Heavy baconera sold at rates similar to last week's, but porkers were - a shade easier.

WHEAT. MEW YOBK, April 28. Chicago wheat quotations are:—May, 1439 cents a bushel; July, 140J cents; September. 133 i cents. . LONDON, April 28. Cargoes are inactive ' and -' the quotation has been lowered. Parcels have advanced 6d. to 9d per quarter.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Sales Reported—K.Z. Government, 4J per cent. Inscribed, 1938, £97 2s Gd. Sale on 'Change—Bums, -fnilp, 37e. ' LATEST QUOTATIONS.

Buyers. . Sellers. 5* £ b. d. £ ». dN.Z. GOVT. DEBENTURES—--4J per cent. Inscribed, ' 1938 .. 97 0 0 97 10 0 4| per cent. Inscribed, 1939 .. 4| per cent. Bonds, 1938 '.. .. 97 0 0 4J per cent. Bonds, 1939 .. .. 97 0 0 97 10 0 6 per cent. Bonds, 1927 .. .. 98 5 0 5* per cent. Inscribed 1933 .. .. 100 0 0 101 0 0 OTHER DEBENTURES—■Waimsiiri County, 6| per cent. .. 100 10 0 103 0 0 Christchurch Tramways, ,5J per cent. .. 97 0 0 North Canterbury Hospital'SJ per cent. N.Z. Breweries, Stock 1 1 10 N.Z. Breweries, Bonds Booth, Macdonald 6J per cent. BANKS— Adelaide .. .. 8 5 0 Bank of Victorii .. 7 0 0 Comm. of Australia .. 17 6 18 0

Comm. of Australia (new Ist call paid) .. 011 6 012 0 Coram, of Sydney .. 23 10 0 24 0 0 National of Australasia (£lO paid) .. 16 3 0 National of Australasia (£5 paid) .. 717 6 8 0 0 NatioDtl of N.Z. .. 7 0 0 7 2 3 New Zealand .. 214 6 215 3 New Zealand (new) .. 2 13.0 214 0 Royal (£1 paid) .. 115 0 116 0

Union of Aust. .. 14 3 0 INSURANCE— National (cum div.) .. 311 6 Standard .. ..210 LOAN AND .VGHNCY— Dalgely and Co. (cum aiv.) .. •• - 15 10 0 Goldsbrough, Mort .. 2 7 6 2 8 0 National Mortgage .. SHIPPING— Howard, Smith .. 115 G Huddart-Parlrer .. 2 3 3 2 4 0 Huddart-Parker (pref.) 10 3 P. ard O. Deferred .. 270 0 0 Union (pref.) .. 10 0 FROZEN MEAT— Canterbury . • 13 12 G 14 0 < Canterbury .. 6 2 6

N.Z. Refrig. (paid) .. 10 0 1 010 N.Z. Refrig. (con.) .. 010 1 010 3 WOOLLENS—- . Wellington (ord.) .. T GAS— ChristohuroJi .. 712 6 715 0 BREWERIES— Manning (cum div.) .. 117 G 118 6 New Zealand .. - 2 0 0 Ward •• .. 216 6 - CEMENTS— Wilson's 112 3 113 .0 TIMBER— Kauri .. - 1 13 9 MJ .SUKLT/ANEOUS—--B.A.W.R.A. •• 011 3 011 6 Beath and Co. .. IIS 0 113 6 British Tobacco .. 2 1 G Burns, Philp - 1 17 3 Mason, Struthera (148 paid) .. •• 015 6 Mason. Stratliera (10s paid) .. .. 0U 4 - N.Z. Farmers' Co-on. (£5 paid) .. N.Z. Milk Products ..176 N.Z. Sugar of Mali ... 1 6 0 Taranaki Oilfields .. 17 0 18 6 MINING— , , , Mt. Lyell .. ... 1 1, S 1 1 6 Grand Junction .. 0 2 0

OTHER EXCHANGES.

(PBBSS ASSOCIATION TELEGRAMS.)

AUCKLAND, April 29. Sales—War Loan, 1939, £97; 1927, ±DB ss; Inscribed Stock, 1929, £9B: Soldiers' Inscribed, £IOO lCs; South British Insurance, 46s 3d, Auckland Gas, 23s 6d; HuddartParker. 43s 63;' Northern Steam, 16s 3d, con., 6s 9d; "Wellington "Woollen, ~£6 3s 6d; Gear Moat, 445; Hill and Plummer, 21s Gd: New Zealand Farmers' Fertiliser, 100s; Taranaki Oil. 28a 6d; Waihi, 26s 7d. ' WELLINGTON, April 29. Sales—Electrolytio Zino (def. ord.), 275; Inscribed Stock, £97 ss. Sales reported—lnscribed, £97 Ss, BrewerisS,,.., Bonds. 225; Bank _. Australasia, £l3 16s Taranaki Oilfields, 41 UUJNKIJIN, April 29. Sales—Mount Lyell, 21s 2d (five parcels); Wilson's Cement, 32s 9d. Sale reported—Taranaki Oil, 295.