COMMERCIAL.

Press, Volume LXI, Issue 18463, 18 August 1925, Page 10

COMMERCIAL.

APPLE EXPORT. GOOD MARKET THREATENED. ARGENTINE EMBARGO. (special to "the pbess.") DUXEDIN, August 17. Advice has been received l»y the Otago Provincial Fruitgrowers' Council from the New Zealand Fruitgrowers' Federation in Wellington to the effect that it has received notification, unofficial as yet, that the Argentine Government has decided to put a prohibition upon the importation of all New Zealand fruit into Argentina after Decemlber 31st of this year. The reason is not given in this case, but when the same embargo was spoken of previously, the reason given was the fear of introducing the fruit fly. Meantime, the news is not welcome amongst apple shippers, as the past season lias been a very satisfactory one in regard to the price realised for New Zealand apples on the South American market. As that market absorbs over-sized apples, which are not acceptable on the London market, the loss of the South American outlet will be serious, more particularly to northern shippers, who have availed themselves extensively of that market during the past two seasons. Only two small shipments have gone forward this season from Otago to South America, but on both the prices realised were very satisfactory. N.Z. AND YORKSHIRE. A GROWING TRADE. (rnoit ova own correspondent.) LONDON, June 30. Some interesting observations on British trade with New Zealand were made to a Yorkshire "Observer" representative by Mr N. F. Elmslie, H.M. Trade Commissioner in New Zealand, who is at present visiting Leeds. The figures which ho gave indicated a healthy and growing volume of trade between the two countries, and the Commissioner said that the object of his visit was to help to facilitate trade betweon the British manufacturer and the New Zealand buyer rather than to press any particular commodity. The only, complaint of the New Zealand buyer was that the British manufacturer did not take the same pains in salesmanship as some foreign competitors. It was said that he did not exert himself sufficiently to put his goods before the buyer. -Questioned as to the possible effects upon Imperial trade of the new £50,000,000 wool project, which Sir John Iliggins outlined to a conference of Australian yroolgrowers' organisations, Mr Elmslie said that one of the factors which had : hampered trade with the Dominion more largely than anything else during the last two years, had been a complete lack of stability of wool prices and values. He thought that any scheme such as the one suggested which sought for greater stabilisation and regularity to values, would undoubtedly, improve trade. It would, hp thought, be of mutual benefit to the wool trade irt Witli regard to textiles cxcusively,. that section of New Zoalnnd trade was already so largely in the hands of manufaacturers and exporters in this country that he did jiot think there was much new ground to be broken in that direction. WINTER SHOW. (press association tilbgrah.) WELLINGTON, August 17. The Winter Show closed with a record attendance. About 80,000 paid during 'the season, and the total visitors, including Fleet sailors and others, is estimated at 100,000. • The takings were double thosd of last year, and every section shows a profit. : AUSTRALIAN BUTTER. RECORD FOR LAST SEASON; Th» exports of Australian butter during the 1924-25 season surpassed all records, 65,000 tons being shipped. In making this statement lecently, tb.a Minister for Trade and Customs, Mr Pratten, said that butter was subject to Government inspection 'and supervision in packing prior to export. The adoption by the Government of a national brand for choicest butter and • tha reliable grading carried out by the Commonwealth officers had produced excellent results. For the first time Australian butter abroad had 'been purchased on. its reputation, quite independently of the factory brands and, consequently, the reputation of Acatrailan butter had been grea% enhanced. The price realised for. the,, .highest grade equalled that obtained for New Zealand butter, thereby bridging the gap of lr.'s .per owt which previously existed between them. The Cammonwoalth has established a Dairy Produce Control Board j. but apparently this Board has no power-to interfere'with marketing methods, the producers being free to consign or to cell f.o.b. However, Since the first of August the exportation cf butter and cheese from the Commonwealth to destinations other than the East is prohibited, unless each exporter has received a license from the Department cf Markets and Migration. Licenses are issued .for a period of 12 months, subject to certain conditions and restrictions. One condition ie that each exporter shall furnish - fiill'.particulaw of the shipment to the Dairy Produce Control Board. , v THE TEXTILE TRADE. , DEPRESSION IN ENGLAND. Mr L. H. Hinks, of Hints and Co., textile engineer* of Sydney, who xecenlly returned from Bradford and the Continent, remarked, in the course of .an interview at Perth, that the textile trade in England was in a truly shocking condition. The cause was the competition - from the Continent, where long hours wen being worked. Owing to the exchange position Franca had as advantage of 6d per lb in fine yarns, Mr Jlinks continued. Bradford manufacturers claimed that there was great necessity for protection, or else for the stabilisation of the franc. There was ft furious rush of silk from France to England on the part of manufacturers Anxious to get as great a quantity as possible on the British market in anticipation of the Churchill duties ooming into force. An aeroplane pilot had told him that he had made four j trips between France and England in one clay carrying silk. It was not possible, added Mr Hinks, that manufacturers at Bradford could .view the Higgins stabilisation scheme sympathetically. They ascribed most of their misfortunes to fcigh prices for Australian wool, and the Higgins scheme would be regarded as the last straw. One tjig trader informed him that 25,000 bales of Australian wool which he bought depreciated to the extent of per bale at the first London sale, which meant that he had lost £250,000 in one day. GORDON AND GOTCH, LTD. j directors of Gordon and Gotch (Auswaljwia), limited, recently decided to place Wv«ttibferi 100,000 ordinary 'shares on the market. The| issue closed pn July 31st. and was folly subscribed.

GOLD OUTPUT. AUSTRALIAN PRODUCTION DECLINING. GOVERNMENT SUPPORT URGED. (BT CAJL*—PRESS ASSOCIATION —COPTRIGH.T.) (AESTBALUX AND X.Z. CABLE ASSOCIATION.) MELBOURNE, August 16. Mr - Bit-hard Hamilton, president of the Chamber of Mines of West Australia, states that the gold mining industry in Australia is declining at such a rate that, unless something is dono to assist it, not many years will pass before it has become practically extinct. This might appear to the general public to be due to the gold petering out; but the ratio of decline in the average grade of ore is not nearly so pronounced as the falling away of the output. Tiie figures suggest that West Australia has the greatest auriferous area in the world in a belt measuring 100f> by 250 miles, while the grade of ore at present being treated averages about 12 pennyweight to the ton, which is higher than any other in the world. Taking into consideration the quantity treated, Mint and other authorities have come to the conclusion that payment by the Commonwealth Government of a bonus on gold for a definite term of years would have the desired effect of arresting the decline. The proposals will be .submitted to the Commonwealth Board of Trade. TEXTILE WORKERS. BASIS OF SETTLEMENT. (BT CABLE—rRESS ASSOCIATION —COPT 3 IGHI.) (RENTER'S TELEGRAMS.) LOXDOX, August 16. The agreement reached in the textile dispute provides for the. resumption of work at the old rate of wages pending an agreement based on the findings of a Court of Enquiry. The Court, will sit privately under official chairmanship, and will have two representatives of employers' organisations and two representatives of workers' organisations, but the representatives will not be connected with the woollen industry. Both sides agree to accept the recommendations of the Court. . SHARES FOR WORKERS. EDMUND STINNES' GIFT. LABOUR LEADERS NONPLUSSED. (BY CABLE —PRESS ASSOCIATION —COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.! (Received August 17th, 8.15 p.m.) LONDON, August 16. Believing the banks' refusal of further credits for his motor works in Berlin to be due to-his holding (io per cent, of the shares in the works, Edmund Stinnes has presented half of : these; amounting to 2,000,000 marks, to the workers. The present, however,- lias not yet been accepted. The Berlin correspondent of the "Morning Post" says that Edmund Stinnes's unprecedented action in offering shares to his workpeople astonished the financial world j The Stinnes family complained most bitterly of tlie means which a consortium of all leading banks adopted in the liquidation of the Stinnes propertfos, and which, it is alleged, resulted in the depreciation of assets. • Edmund until recently practised ■ medicine, and had little business experience, but lie has shown, his determination to outwit the banks, which ; avowedly are seeking to regain the controlling roioe in Germany's industrial affairs. < If the workers accept Edmund's offer : the Prussian Government probably will ( be forced to finance the undertaking to keep it going. Edmund's offer has nonplussed the Labour leaders, who have constantly denounced the Stinnes family. EMPIRE TRADE. ECONOMIC COMMITTEE'S REPORT. (B1 CABLE—PRESS ASSOCIATION —COPYRIGHT.) (AUSTRALIAN- AND N.Z. CABLE ASSOCIATION.) IjONDON, August 16. In an editorial commenting on the report of the Imperial Economic Committee the ''Sunday Times'' says:— "Few committees have done work more speedily or with greater common: sense and thoroughness. It found waysi °f developing Empire trade without offending anybody's fiscal conscience. "For the -British Government to ■spend £1,000.000 in pushing thp sale of produce is a highly novel proceeding, but it will be abundantly .justified if the result is an increase in the volume of supplies from the dominions and a reciprocal purchase of British goods." TIMBER EXPORTS. SOME COMPARATIVE FIGURES. Timber exports during the years -which ended on March 31st, 1924 and 1925 are compared in the annual report of the Departmont ot Industries and Commerce. Tho quantity of kauri exported in 1924 was 1,913.767 sap. feet, representing a value of £42,4J5, compared with 2,598,400 feet (£53,828) in 1925. Other export figures for 1924 were as follows, the corresponding quantity and value for 1925' being given in parentheses: —White .pine, 81,458,492 sup. feet, ±'306,762 (34,d8f,143 sup. feet, £378,663); rimu, 7,458,638" sup. feet, £59,147 (5,171,640 sap. feet-, £44,807); beech, 1,366,517 sup. feet, £18,095 (1,832,000 sop. fee«, £24,669) ; miscellaneous, 1,455,922 sup. feet, £16,176 (700,907 sup. feet, £8096). White pine, states the report, was usually produced under suck conditions that unless expovt were allowed much of the timber Would be destroyed on lands being opened for settlement. The local market, however, continued to have a first claim on supplies, which had been ample to fulfil all Dominion j needs. Kimu, tho other main exportable timber, had been exported to a lesser extent in 1924-25 than in 1923-24, and reports indicated that the competition of other soft woods in our export market—Australia—was increasingly keen. Beech, of which the Dominion had very large supplies, was finding an increased export market. , DAIRY PRODUCE. The National Mortgage and Agency Co. of New Zealand., Ltd., have received the following cablegram from London:— "Butter: Market firm but quiet. Salted 196 a to 198s; unoalt«d 200s. "Cheese: Market slow. The quotation is 1075." SYDNEY WOOL SALES. (BT CABLE—PEESS ASSOCIATION—COPYRIGHT.) (IUSTSAUAN ANDM.Z. CABLX ASSOCIATION) (Received August.27th, 10.50 p.m.) SYDNEY, August 17. At the wool sales the market was very firm for all descriptions at the best rates of last week, prices for the finer grades'being, in sellers' favour. Crossbrede met a good demand, greasy merino sold to 29id.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales reported—Eclipse Petrol (15s paid), lis 6d; X.Z. Breweries, Boiids, 23s Cd. S&le3 ol*. 'Cjiange—Comm. Bunk of Aust., 31b 6d; Bank of New Soulh Wales (cum div.), £4l 5s (two. parcels); lit. Lyell iliningr, 22s 7d. LATEST QUOTATIONS.

OTHER EXCHANGES. j (PBESS ASSOCIATION TgLXOBAMS.) AUCKLAND, August 17. Sales—Bank of New Zealand 56s 9d; Wilson's Cement 33s 3d. WELLINGTON, August 17. Sales —New Zealand Breweries £1 19s, Bank of New Zealand £2 16s 6d, Commercial Bank of Australia (ordinary) JSI lis. DUNEDIN, Auguat 17, ■S&lcs—Dominion Rubber, i9sj J3a.nk. ot New Zealand, 575. Bales .Reported—Milburn 1/ime and. Cement,' 34s 3d; Dominion. Rubber, 495; Bank of New Zealand, 67»; New Zealand. Breweries, Debentures, 23s 3d (two parcels); G-clds-brough, Mort (rights), 9s 3d prem.; 5 per cent. P.O. Bonds (1927), £9B ss. AUSTRALIAN MINERS. COMPULSORY CONFERENCE SITTING. (by cable— press association— coptright.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received August 17th, 9.30 p.m.) SYDNEY, August 17. The compulsory conference between the coalminers and owners lias commenced. It will endeavour to settle a number of, outstanding disputes. • PROCEEDINGS IN CAMERA. (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received August 18th, 12.25 a.m.) SYDNEY, August 17. The coal conference adjourned till Tuesday, without reaching finauty. The proceedings were held in camera.

Buyers. Seilers. £ a d i a at N.Z. GOVT DEBENTURES— 4} per .cent. Inscribed, 0 19JS aud 1039 . — 97 5 5 per cent. Inscribed, 1927 9S 0 0 £8 12 6 5 per cent. Bonds, 1927 OS 0 0 — 5J ))jr cest.' Inscribe!, 1D38 101 0 0 — 3 l per cent. Bonds, 1:U! .. 101 2 G — OTHER DEBENTURES— Ckristcfcr.rch Trims, oi per cent. 97 10 0 — Chri-:!ci'u:ri'l. Trams, 4* per cent. — 91 0 0 New Pivjuouih Boro., 0 5£ per cent. — 98 0 N.Z. iireiveries, 10 per cent. 1 3 G N.Z. Eirw'.'i'ieis, 10 per cent. Bonds G 1 3 0 l 3 BANKS--0 0 Adelaide — 9 Aust. Lank of Commerce 1 8 3 1 8 !) Bank of Victoria. 7 li It 7 8 6 Comm. of Australia (ord.) 1 11 4 1 11 < Comm. oi Sydney 23 15 0 24 5 National oi Australasia ;£1U paid) 1C 15 G 1G 19 0 National of Austialasia, (£5 paid) S 7 0 8 S G National of N.Z. G 13 G G 15 0 New Wal;s (cum div.) 41 2 C 41 1G 0 Ne*.v Zealand .. 2 l'j 0 2 s P. and 0. Bank — 11 0 0 Koval (£L paid) 1 10 0 1 17 i; G Hoyn 1 (£4 paid) <; is G 7 2 Union of A list. 11 10 0 14 11 G Western Australian — 2 11 G INSURANCE— New Zealand 1 14 9 — Queensland 2 10 <> 2 12 G South British 2 11 0 — LOAN AND AGENCY— Dalgei y and Co. 11 12 r> — 0 Go:d?urci;gh, Morfc 2 5 G 0 7 Goidsbrough, Molt (i-iglits) 0 J 2 0 9 4 National Mortgage 3 H G — National Mortgage :London Register) 3 11 G — N.Z. Loan and Here. (oul. itock) 31 0 0 — 0 Permanent Investment — 10 0 SHIPPING— Howard, Smith 1 14 G 1 13 2 Huddarl-Parker 2 5 6 — FROZEN MEAT— North Canterbury — 2 2 6 N.Z. .Refrig. (paid) .. n 18 0 0 18 9 N.Z. Keirig. (contr.) 0 9 1 0 9 4 WOOLLENS— Kaiapr.i (crd.) — 0 11 G . Kaiapoi (c-c.utr.) — 0 0 9 GAS— Ashburlon 4 2 r> 4 7 G Chridtchurch .. 7 11 G 7 13 6 Tim aim • • .• • —• 7 8 6 BREWERIES— . 0 Manning 1 18 6 0 0 New Zealand .. 1 58 9 2 0 0 Ward 2 19 3 — TIMBER— Kauri 1 13 0 — MISCELLANEOUS— 0 Beath and Co. 1 13 0 1 15 British Tobacco 2 8 3 o 3 9 Burns, Philp 1 1G 0 — Electro. Zinc (pref.) .. 1 11 0 1 11 G Electro. Zinc (deferred) 1 9 6 1 10 3 Glenmorc Erick and Tile 1 3 3 — Mason, Struthera (£1 0 paid, cum div.) 1 3 0 1 i Mason, Sti-uthers (14s • paid, cum div.) 0 15 9 — N.Z. Farmers' Co-op., (6i per cent. Stcck, 0 1330) 86 0 0 69 0 N.Z. Milk Products 1 9 O — N.Z. Paper Mills 1 I (1 1 1 3 ' Tarsnaki Oilfields 1 0 3 1 1 6 Whitccmbe and Torube 3 12 G 0 13 9 MINING— 9 Mt. Lyell ... 1 2 6 1 2 St. Bathans • ' — 0 16 6 prem