FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22551, 5 November 1938, Page 15

FINANCE AND COMMERCE

CANTERBURY MARKETS HIGHER PRICE FOR SUTTONS (¥T OUR COMMERCIAL EDITOR.) Friday Evening. The only change in the Canterbury *rain and produce markets since the Jast report has been a firming in potatoes. Merchants' advices from Auckland say the demand is not yet greatly affected by new season's supplies from Pukekohe and that potatoes from the south are likely to be required for another fortnight yet. The demand is for Suttons, which are very difficult to get. and the price to farmers i for them has advanced to £2 10s a ton. Dakotas are plentiful and hard to sell. The quotation for them is unchanged at £1 10s a ton. Activity in the seeds market has been restricted. A certain amount of export business has been done in grasses from Southland and there has been some demand for white clover but prices are unchanged. Carnival week holidays arranged for merchants are:—Closed all day to-day and next Friday: closed on Tuesday and Thursday afternoons. i ' Quotations The fotlowing are the prices quoted to farmers on trucks at country sidings, unless otherwise indicatedWheat—Milling, f.o.b, Tuscan 5s lid Hunters 6s Id, Pearl 6s 3d. Oats—A Gartons to 2s lOd. B Gartons to 2s 6d, Algerians 2s 9d to 3s Ryegrass—Perennial 3s 9d. Italian'2s 9d to 3s. Cocksfoot—Plains 8d to 9d. Akaroa 8d to 9Jd per lb. , , Cowgrass—6d to 7d per lb. White Clover—ls to Is 2d per lb £1 10s a ton for Dakotas, £2 10s for Suttons. Chaff—£4 5s a ton. Barley—Malting 4s 7Jd. feed 3s a bushel. > Browntop—M.d., 3d to 10d per lb Partridge Peas—4s 3d to 5s 3d a bushel. Bran—Large £4 15s. small £5 ss. Pollard—Large £6 5s a ton, small £6 15s. DUNEDIN \ (rSEB3 ASSOCIATION TEI.EQSASi.) DUNEDIN, November 4. Further heavy rains have fallen throughout the South Island during the week. North Otago districts are looking particularly well for this time of the year, and it is now fairly safe to predict good yields of both wheat and oats in the coming season. In Otago and Southland growth is not j so marked as in northern areas, but recent rains have helped the position materially, and the prospects for the coming season are also excellent in these districts. Millers continue to work on their stocks of New Zealand and Australian-grown wheat, and it is considered that these stocks. will be i sufficient* to meet their requirements until the new season's wheat is available. The fowl wheat market remains firm with supplies just about sufficient to meet the demand. Best quality is selling at 6s 9d a bushel, sacks extra, ex store. The amount of business passing in the oat market is not large. Local millers have ample stocks in hand and inquiries from the North Island are for small lines only. Merchants' stocks are light for this time of the year,, and there are no offerings from the country. Business with the North Island is being done from Canterbury and Bluff ports. Ruling quotations are 3s 3d f.0.b.. s.i. for A Gartons, and 3s f.0.b., s.i. for B's. At these, figures there are also sellers for delivery next season. The demand for chaff is limited, and small sales only are being recorded. Values are unchanged with best quality worth £6 10s a ton. sacks extra, ex store. Local merchants continue 'o supplement their stocks from Canterbury. The lateness of the . new season's potato cfop in the North Island has prolonged the demand for old potatoes. Stocks locally are sufficient for requirements, and freshly-picked lines are -vorth round about £2 10s a ton, lacks included, ex store. The seed markets continue firm. VEGETABLES AND FRUIT CHRISTCHURCH MARKETS Good supplies of vegetables are coming forward. Values are:—Cauliflowers, 8s to 15s 9d a dozen; cabbage. 2s to 6s 6d a dozen; lettuce, Is to 2s Id a dozen; spinach,. Is to Is 6d a "dozen; rhubarb, 2s to 3s 6d a dozen; peas, local 3s 7d to 35,9 d a peck, Nelson up to sjd per lb; asparagus, 6s to 12s a dozen bundles; potatoes, Aucklanders, in short supply, realising 2s 6d a sugar-bag; new potatoes, local 4d to 6id per lb. Nelson 41d per lb: onions, Canadian 24s a crate. Fruit—Apples: , Good supplies are coming forward and values are as follows:—Delicious, extra choice lines scarce, others realising from 7s to 9s; Stunners, 6s to 8s 6d; cooking apples, 5s 6d to Bs. Pears: Supplies scarce, up to 6s fid a half-case. Tomatoes:- Increased supplies came forward yesterday, and the average price was lowef compared with the earlier part of the week. A few extra choice realised Is 'id to Is 9d per lb, others from Is to is 6d. New Zealand lemons: Supplies plentiful and values are low. Imported Fruits—A shipment of Queensland pineapples came to hand during the week and realised up to 18s 6d a cas.e for best quality. Further supplies of Californian grapes also arrived. Shipments Arriving—Further supplies of Samoan bananas, ex Matua. are due to-day, &nd a shipment of Canadian onions early next week. Eggs—First grade Is 2d to Is 2Jd, S?S onds , ls °* d to ls ld - duck eggs .Is °id to Is 4d. DUNEDIN (mESS ASSOCIATION T*XEG»AM.) , DUNEDIN, November 4. A further shipment of Australian oranges is due to arrive on Tuesday next, ex the Maunganui. A supply ot Jamaican oranges will be available early next month. A small shipment °J. pineapples is also expected ex the Maunganui. Samoan bananas are meeting with a ready sale. A small smpment will arrive early next week, transhipped ex the Matua at WellingSupplies of apples are on the short side, ex cool stores, and are meeting with a ready sale at the marts. u TP mat °es from Canterbury and local hothouses are increasing in supply, and a good demand ls being experienced. New Zealand lemons are in heavy supply. A large shipment of Californian grapes arrived during the week. *ALE OF LINWOOD SECTION a Messrs Baker Bros. -(Estate Agents), Ltd., 166 Manchester street, report having sold, on account of Mr »d Mrs Plank, building section in Mackworth street, Linwood, to Mr Howe. —2

'MINING MARTHA * t^T 111 ?, infor mation has been MSe% t aihh- d ° n fr ° m the Martha For the period ended October 22 tonW'Sl 20 CrUShing days ' 16 .783 of l-im «nt Were crush ed for a result oi <uui fine ounces of gold and 29 237 fine ounces of silver ' io^L° - ? L * ve *— Driv ing east on No. 1 snlft ,n the^ n l xt t 5 feet the «ef has *£r •> $ £ nd the drive has hol ed to w shaft - so "th-east crosscut soSh rCSUming the LoVett NEMONA The Nemona dredge return is 65 ounces for 225 hours and 21,700 yards. WHITE'S ELECTRIC # . . The White's Electric return for the week ended November 3 is 41 ounces from 6500 yards in 124 hours. NEW RIVER The New River return for the week ended November 3 is 43 ounces from 7300 yards in 115 hours. LONDON METALS MARKET TIN PRICE HIGHER (UNITED PRESS ASSOCIATION—COPYRIGHT.)

GOLD AND SILVER . LONDON. November 3. Gold is quoted at £7 6s Hd a fine ounce. Silver is quoted at 19gd an ounce spot, and 19 5-l6d forward. NEW YORK TINNEW YORK. November 3. Tin is quoted at 46.35 cents per lb. \ BUTTER AND CHEESE LONDON MARKETS QUIET LONDON, November 3. Butter is steady and quiet. New Zealand, choicest salted 114 s, unsalted 114 s; Australian, salted 110 s, unsalted Ills. Cheese is'-quiet and steady. New Zealand, white and coloured, 70s to 70s 6d; Australian, 68s to 68s 6d. BRITISH WHEAT MARKET LONDON, November 3. Wheat cargoes are easier, and parcels are steady. Futures are quoted

BRADFORD TOPS MARKET (UNITED rBESS V ASSOCIATION—COPYRIGHT.) LONDON, November 3. Business is small at Bradford, topmakers granting concessions, with delivery instructions increasing. However, the outlook is, more optimistic. Quotations: — Last Last

SALE OF SHIRLEY BUNGALOW Messrs Ford and Hadfleld, Ltd., Auctioneers and Real Estate Agents, 131-133 Worcester street, have to report having sold on behalf of Mr A. S. Sinclair his very fine residential property situated 11 Banks avenue, Shirley, to Mr W. Robinson. —1 SALE OF LARGE NEW FENDALTON PROPERTY | Messrs Ford and Hadfleld, Ltd., Auctioneers and Real Estate Agents, 131133 Worcester street, have to report having sold on behalf of Messrs Thornton and Hopkins their two-storey seven-roomed new bungalow situated. Clifford avenue, Fendalton, to Mr A. E. Smith. • ' —1 COMPANIES REGISTERED BriUsh Diesel Construction Company Ltd. Registered as a- private company October 14. Capital: £ISOO into 1500" shares of £.l <sach. Subscribers—Westport: J. K. Bailie 800. Nelson: C. R. Fell 600. Objects: To act as agents for.- mechanical engineering companies, etc., and to deal in all kinds of engines, machinery, Implements. and hardware, as wholesalers'and retailers mechanical engineering and incidental. Shannon and Glen, Ltd. Registered as a private company October 21. Office, Guinness street, Greymouth. Capital : £4OOO Into 4000 shares of £1 each. Subscribers —Greymouth: A. A. Shannon 1800. A. B. Glen 1600. E. W. Shannon 400, A. C. Glen 400. Objects: Bakers and confectioners, j

GROCERY TRADE PRICES AND PROSPECTS Retailers interviewed yesterday reported that business during the week had been exceptionally good. They said the public were buying freely, and luxury lines were in good demand. There have been no outstanding price movements since last report. Prospects generally are for good trading from now until Christmas. The ordering of Christmas goods is setting m, and with the prospect of short supplies toward the end of December for some suitable lines for the festive season, retailers should as soon as possible consider their requirements of special lyies and cover them with the warehouses Greaseproof Paper . There has been a further slight fall m the overseas market for greaseproof paper, recent cablegrams showing a decline of £2 10s. Almonds Supplies of old season's Sicilian almonds are now landing, and as the demand is fairly good this arrival will assist to tide over until the new season's almonds land, which should be in the near future. Canned Tomatoes A New Zealand packer of canned tomatoes is now quoting for new season's peeled tomatoes, whole 28oz and 20oz. The prices look attractive and should certainly be worth attention of any interested parties. Tapioca and Sago The Singapore price this week is down by 3d per cwt for sago and IJd for tapioca. Dates _ There is an acute shortage of dates m New Zealand, both bulk and packets being scarce. It is rather unfortunate that the n_ew season's dates will this year be late in arriving, according to the last report from Basra. Arrangements were made for a steamer to lift the date cargo for Australia and New Zealand, but the ship had a mishap with the machinery, and another vessel had to be "sent to Basra. This will cause a delay, which may mean that it will be well on in December before the main cargo of new season's dates arrives. A small consignment is afloat at high freight rates on the' mail steamer, and even at the i increased cost this cargo will be very acceptable. This shipment should be here shortly, as it left Basra some weeks ago. Dried Fruits The Commonwealth Dried Fruit Control Board has advised its New Zealand agents.that the present prices for sultanas, currants, and lexias will stand for all shipments booked for dispatch up to the end of November. Considering the firm position of sultanas in Australia, this offer is satisfactoryy and it will ensure buyers getting their Christmas supplies at present rates. There was every indication Some weeks ago of a firmer position for sultanas. Jelly Crystals One line of jelly crystals manufactured in the North Island has Ijeen advanced by 6d gross. Tea The export catalogue of Indian tea offered at auction at Calcutta last week comprised 2,750,0001 bi Quality was fair average for this period of the year. As sellers were not disposed to aecept for many lines, reduced bids and heavy withdrawals were the result. Good liquoring teas were steady, but other grades were weaker, due to a general decline. The Java tea market last week was quiet, the reason being the adverse exchange rate. Supplies are now fairly plentiful, but sellers are not disposed to accept anything lower than the previous prices ruling, buyers' offers being lower on account of the altered conversion rates. The tea position last week in Colombo was that medium and better teas were a trifle higher, with commons remaining at previous rates. The market generally is firm, and quality holding its own. Tinned Peas Stocks of tinned peas locally are light, and the new pack will not be ready for a few weeks yet. However substantial supplies of Canadian packed peas are close handy, and this arrival will for the time being meet all requirements : . Bie» ' A favourable offering of Rangoon rice has been cabled, for arrival about the middle of December. This line will land at an attractive price, and well worth the attention of buyers. Sugar A shipment of American refined sugar is now landing, and according to reports this will cost a trifle under present ruling rates for standard IA. Singapore Markets Reports by mail from Singapore state that the pepper market is still weak, lacking support. Speculators bought, but after they ceased the market was lifeless. The action of dealers on holding off the market stocks of nutmegs and mace caused the market to harden, but as British buyers refused to operate except at previous prices the market did not hold up. Latest advices point to slightly lower values for both these products. The Pineapple Packers' Association recently formed in Singapore under Government supervision, is now functioning smoothly. As a result of this move pineapple prices are expected to recover slowly, and a firmer ton© generally is now apparent. Bluestone British bluestone has advanced again by £2 5s a ton, and the Australian made product has advanced by £2 a ton. These increases are solely due to the higher price of material, and until this recedes no lower prices for bluestone are possible. Turpentine A London cablegram announces an increase in the f.o.b. price of turpentine of Id a gallon, with the market, firm at the increased rate. Red Lead Australian red lead has advanced by £2 a ton. This move was not in any way unexpected,' as all lines produced from lead hav_e recently been moving upward in price. Eggs There has been no alteration in the egg market. City stores are buying (and supplies are plentiful) at lid for seconds and Is for firsts, net, no commission. A late message from London states that last week 56,000 cases of Australian eggs arrived there, . where the market is steady at approximately Is 2d to Is 4£d a dozen, according to size. Butter Supplies of separator butter are increasing, but city shops are able to take all available, at the same rates as those ruling last week. Cocoa The London market at present for cocoa is reported to be steady and firm with no price alterations. PROPERTY SALES REPORT Drewery's, the south Christchurch property specialists of 425 Colombo street, Sydenham, report the following recent sales, account Mrs E. Cooksley, dwelling, 44 Celia street; account Mrs G. E. Cross, bungalow, 195 Hastings street; account trustees to the estate of the late Margett Deyell, sec 7 tions, Colombo street (opp. Sandridge Hotel); account Mr H. J. Jollie; dwelling 67 Byron street; account Mr and Mrs J. M. Stewart, bungalow, 293 Ashgrove terrace. The demand for property is very good, and we will be pleased to receive particulars of all classes of properties for sale. —1

FROZEN PRODUCE LETTER EMERGENCY FOOD SUPPLIES UNREST AT SMITHFIELD I (From Our Special Correspondent.) LONDON, October 6. One of the outstanding features of the recent crisis brought about by the threat of war was the unanimous support accorded by all sections of the food industry to the Government's emergency plans to organise distribution all over the country. Within a few hours, area committees were mobilised, with wholesalers, retailers, and local government officials prepared to allocate daily supplies in such a manner that no trader in any district would go short of his normal requirements. At the ports, committees of importers, dock and cold storage officials were ready to control the dispatch of bulk supplies under a widespread scheme of decentralisation, while the Food (Defence Plans) Committee had made arrangements to diyert refrigerated cargoes, still at sea, to "shadow" ports estimated to be beyond the reach of immediate enemy attack. This "mobilisation" of the food distributive industry's resources was, fortunately, unnecessary in the end, but it accomplished much good. For instance, it emphasised the need for yet closer co-operation between the various Government departments, since several instances occurred of elaborate arrangements being made for the dispatch of full-time food supplies to large towns and cities that, had hostilities occurred, would have been immediately evacuated by the civilian populations and occupied only by antiaircraft defence forces. No doubt, at the eleventh hour the orders for the dispatch of the food supplies would have been amended, but the experiences taught by the "mobilisation" have led to the drawing-up of more elastic and appropriate plans, and the various area committees now claim to have made arrangements for an adequate food supply, under a rationing and price control system, to the whole of the population of Great Britain in the event of any future emergency.

Imported Food Supplies With the attention of the nation concentrated upon food supplies in the event of war, it was singularly appropriate that the presidential address of Mr Austin Chadwick, general manager of the Manchester Corporation Markets, at the opening meeting of the 1938-39 session of the British Association of Refrigeration, should, have stressed the dependence of the home consumer upon the overseas producer. Mr Chadwick pointed out that as much as one-third of the national income was devoted to foodstuffs, but the general public probably failed to realise that rather more than one-half of the meat supplies alone were imported, that the consumption of imported meat in Britain was equivalent, on the average, to about 131 b a head of the population a week, or that, on the average, each family in the United Kingdom spent approximately 12s a week on food , produced in other countries. It would no doubt be news to the average housewife if she were informed that the production of butter in Britain was only equivalent to about half an ounce a head of the population a week, and that it was only through the benefit imported supplies that she was enabled to increase the ration to nearly *lb a head a week. "There are occasions," said Mr Chadwick, "when one cannot refrain from wondering whether it is not in the national interests that the general public should have more opportunity of gaining reliable knowledge in regard to the inadequacy of our home-grown foodstuffs and of our dependency upon overseas trade. Under the Merchandise Marks Act, it is essential that many varieties of imported food should be marked, on exposure for retail sale, with an indication of origin. Apart from patriotic considerations, this requirement does not seem to me to give the consumer, who is after all the deciding factor, quite sufficient scope to educate herself as to the value of the various qualities of supplies. I would like to see a voluntary extension of the system which obtains in certain establishments, with satisfactory results, of marking all foodstuffs with a distinguishing name or brand, in addition to the mark of the country of origin, to encourage the consumer to make her selection according to her individual requirements." Continuing. Mr Chadwick said it was doubtful whether they could truthfully say that the application of the science of refrigeration, generally, in Great Britain had kept pace with the scientific researches which had been of such inestimable value in connexion with the conservation of home-produced food supplies or that it had reached the standard attained by certain oversea countries. "Would anyone here express surprise If I stated that, in spite of our dependency upon overseas supplies, many thousands of tons of food produced in our own country and prepared for distribution become unfit for human consumption each year through the lack of the use of refrigerated accommodation?" he- asked. "And this does not apply only in those districts where cold storage accommodation is not available."

Market Uncertainty The general tone at Smithfield, at the moment, is one of uncertainty, and retailers, in particular, are seriously perturbed at the rumours of. an impending "drive" by certain labour organisations to establish a trade union on the lines of the body recently set up in Glasgow. In the latter case, the union" membership consists of employers as well as employees, and while it is said to function successfully in Glasgow, the London interests likely to be affected are far more varied. "Lightning" strikes have occurred with increasing frequency on Smithfield during the last two or three years, and hardly a month passes without a "down tools" occurrence, more often than not over a trivial cause. For instance, it is said on good authority that one importing firm suffered a loss of more than £SOOO because of a sudden strike when the firm declined to follow the customary practice of paying double rates on the following Sunday to casual workers who were not engaged on a bank holiday, the actual total amount originally at stake being £4 10s. It might have been that the employees were not wholly to blame in this particular instance, but there is considerable evidence to show that the workers' organisations are causing intense unrest by their rigid pursuance of the "closed shop" policy. Their latest demand is for all market clerks and salesmen to join the same trade union as the pitchers, cutters, and other manual workers. The clerks, checkers, and salesmen resent this demand, and feeling accordingly runs high at the moment. According to the latest reports, the trade union concerned has threatened a general strike at Smithfield unless the white-coat employees and the salesmen join the union. This threat has led to considerable uneasiness among retailers, who are said to have arranged for a deputation to the Home Office for steps to be taken to provide protection for the buyers and their employees who may, in consequence of a strike, find it necessary to handle their own supplies from the market. It is also reported that the trade unions are stipulating that the part-time drivers employed by the retailers should become members of. the union and be paid the same wages as the full-time drivers employed by the carriers. Against this, the retailers claim that the men who drive their light delivery vans to and from market are primarily employed as. cutters or shopmen for the major part of their working time and, therefore, have no reason to join the union. The sum effect of this unrest is that there is a growing tendency for retailers to bypass Smithfield as much as possible m favour of the suburban depots run by the bigger wholesale firms. There is, of course, a Conciliation Board in existence, but the buyers prefer the

L WOOL SALES ROSTER Regulation Of Offerings MAXIMUM QUANTITIES FIXED (PRESS ASSOCIATION TELEGRAM.) WELLINGTON, November 4. In April last, the New Zealand Wool Committee convened a conference which was held in Christchurch to discuss the greater spread of wool sales for the 1938-39 roster. At this conference, which' was attended by members of the New Zealand Wool Committee and representatives of wool growers, wool brokers, and wool buyers, recommendations were agreed on with a view to improving wool selling conditions in New Zealand. These were in the direction of providing that where practicable not more than 24,000 bales should be catalogued at one centre, the roster to be extended as required. These pr«posals were supported by the International Wool Conference held in London in June.

At a meeting to-day, the New Zealand Wool Committee, which comprises representatives of producers, wool brokers, and wool buyers, ga"e consideration to regulating the offerings of wool at the sales to be held throughout the Dominion during the forthcoming season. The maximum aggregate quantities of wool which may be offered were fixed as follows: 1938: November 26, Auckland, 24,000 bales; December 2, Napier, 24,000; December 7. Wellington, 24,000; December 12, Christchurch. 24,000; December 16, Timaru, 24,000; December 20, Dunedin. 24,000. 1939—January 9, Wellington, 24,000; January 14, Napier, 24,000; January 19, Wanganul. 24,000; January 24, Auckland. 24,000; January 30, Christchurch, 24,000; February 3, Invercargill, 24,000; February 8, Dunedin, 24,000; February 15, Wellington, 24,000; February 20, Napier, 24,000; February 24, Wanganui, 24,000; March 3, Christchurch, 24,000; March 7, Timaru, no limit; March 11, Invercargill, no limit; March 16, Dunedin, 24.00 Q; March 23, Wellington, 24.000; March 27, Auckland, 24,000; March 30, Wanganui, 24,000; April 3, Napier, 24,000; April 14, Christchurch, 24,000; April 19, Dunedin, 24,000; and April 24, Wellington, 24,000.

BRITISH WAR LOAN (SBITIgH OFFICIAL WIRELXBS.) RUGBY, November 3. War loan, 3£ per cent., is quoted at £99 8s 9d.

greater certainty of obtaining supplies from the outer depots rather than place full dependency upon Smithfield itself.

LONDON, November 3. 1 Nov. 2. Nov. 3 Copper— £ s. d. £ s. d. Standard spot 45 15 7J 45 13 9 Forward 46 (X 7J 45 16 10J ' Electrolytic 51 15 0 51 10 0 to 52 15 0 52 10 0 Wire bars 52 15 0 52 10 0 Lead— Spot 16 0 7i 15 15 7J Forward 16 4 4£ 15 19 . 4J Spelter— Spot 14 11 10J 14 9 4i Forward 14 16 10£ 14 14 4i Tin— Spot ' 211 17 6 212 2 6 Forward 212 16 3 213 2 6 Silver— Fine, per oz. 19id 19§d Standard, per oz. 21 l-16d 21 3-16d

as follows:— Oct. 31. Nov. 3. London (a quarter) — s. d. s. d. November . 22 3 20 7J March — 21 5i Liverpool (a cental) — December 4 4S 4 3i March 4 58 4 3S May . 4 5& 4 3J CHICAGO FUTURES NEW YORK, November 3 ' Cents a Bushel. Oct. 31. Nov. 3 December 643 63* May 66} 05 i July 664 651

/ Year. Week. Nov. 3 Merinos— d. d. d./ 70's .. .. 33 27£ 27 64's .. .. 31 28 26 eo's .. ..30 25 25 Crossbreds — 58's .. .. 27 22 22 56's .. .. 25* 19£ 194 50'S .. .. 23 17 17 46's .. .. — *16£ •16 44's .. ♦Nominal. *16£ i •16