FINANCE AND COMMERCE

Press, Volume LXXVI, Issue 23001, 22 April 1940, Page 15

FINANCE AND COMMERCE

export beef CHILLER QUALITY MAINTAINED : LOOKING to the future ••cince the commencement of the war - chilled beef has been imported into United Kingdom, but as New Zeachilled beef production had rapidly before the war. and the market showed great poten-f-aVH-ies the New Zealand Meat ProSiiprs’ Board considers it most essento maintain and even improve present-day quality of chilled beef object in view the board . Intinuing to offer substantial prizes I s c thp various districts for cattle suitfor chilled beef. It is hoped possible that agricultural and Setoral societies will arrange a field S!vAvhen the cattle are judged in nrder to demonstrate to farmers the Sine of 'animal required. -To meet the requirements of the idtish Government all our chiller Sty cattle are now being shipped Yfrozen beef. It may be mentioned, fcnwever] that in the discussions between the New Zealand Government andthe British authorities the New Meat Producers’ Board espeSy arranged through the New Zealand Government that the special miality of our chiller beef should be recognised in the price offered, even though the beef was frozen instead of tong'shipped as hilled. SHIPPING NEEDS NEGOTIATIONS IN PROGRESS demand for dominion PRODUCTS (Received April 21, 6.40 p.m.) LONDON, April 20. ;jt is understood that fresh negotiations are proceeding among New aSland, Australia, and the United Kingdom on the vital question of shipping facilities for Dominion exports. It s hoped that the Ministry of Shipping win extend priority treatment to several New Zealand and Australian products for which there was the keenest demand iverseas. The war seriously affected several New, Zealand and Australian products, and there were wonderful opportunities for these if shipping were available. Great opportunities existed for New Zealand and-Australian timber if ships were available. NEW SOUTH WALES ■'CLIP (RECORD TURNOVER *■- if \ APPROXIMATE VALUE OF £22,159,000 SYDNEY, April 20. The Sydney wool season finished yesterday. To date 1,303,512 bales have been appraised, which is a record turnover'for the market. At contract prices the wool is worth approximately £22,159.000., . STOCK EXCHANGE BUSINESS, ITALY’S INTENTIONS '_, : , i LONDON, April 19. Stock Exchange business generally remained dull, with prices sagging. Uncertainty regarding Italy’s intentions and the approach of the Budget are restricting business. FOREIGN EXCHANGES QUOTATIONS FROM BANK OF NEW SOUTH WALES rates of exchange on overIro thL 1 ?® 3 ! on , April 20. 1940, as supplied ° f NeW South Wa]es - a re as New York— Buying. Selling. JJ«&a£ £1 NZ ’ •’ ■ 5’ 2542 3.2050 Beilin— 21 N-Z * “ 3 6039 3-3290 De&U? £1 N ' Z - - 19 252 18 977 j£«aer to £1 n.2. _ _ jjS&to £1 N.Z. _ jßraws t° £1 N.Z. .. 142.05 141.05 «SS££l ae t0 £1 NZ - ~ 424.70 Jt ßTorln s to £1 N.Z. .. 6.099 5.979 j. Lire to £1 N . Z . .. _ 53.54 £1 N -Z- •• 6 -°sl 3.931 “ - jfebng-* 1 N ‘ Z - - 14532 14 - 180 ln||^ nC Cey^n- 01 - •• 18 21 ’ 64 1853-64 sapanh. pence to ru t> ee 2219-64 22 45-64 nSikl enCe to yen - Shanghai— Cß to PeSO * * 36 37-64 37 29 - 64 t0 doL •• “ 5 51-64 N£. Dence to dol _ 34 53 _ M 35 37 64 .SYDNEY . fooths ’ - £ s - & C °Toba I ccf StrleS ” "• |'i I ®Un Pty - •• •• 25 0 Colony | r u s ßa _ " •• 076 0 Howard ■■ Smith " 5 J 3 London stock indices To.r)a„> . , LONDON, April 19. She «e?? s slo , c k indices compiled by Ouotafi®, 311013 * Times.” with previous 100);!- S * are October 15, 1926, equals Govt. securi- Home Indus- Gold Feb i? • ,S? S - rails trials, mines •Mar 1 •* 52 95.8 190.4 April 1 54.1 101 -8 195-9 April- ifi *’ 1086 55.5 98.2 196.1 April 17 ’• 12 8 -1 54.2 98.1 196.1 Apr Ift ’• JS 8 - 2 54.8 97.5 195.1 April iq • • I° B - 3 53.6 97.1 193.6 pru 19 ..108.5 53.5 96.8 193.6 COMMODITIES MARKET . Pridavc i • LONDON, April, 20. Cottnn S Prices were:—- . 8.09 d per lb. May 7.99 d. backed! 11 Ud per lb ’ plantation ’ - feed Oil—£42 10s a ton. - ~ ur Peatine— 53s 4d per cwt, ■ _■

GROCERY TRADE PRICES AND PROSPECTS With turnover not up to expectations, the retail grocery trade experienced rather a quiet week. Since last report several overseas markets have advanced. Speaking generally there does not appear at the present time to be any prospect of lower prices ruling for a considerable time. Tea seems to be the exception, and even this commodity may again move to higher levels should any unforeseen circumstances set in. such as huge buying orders from the British or French Governments. As far as can be gathered, however, the British Government has purchased all it requires out of the present season’s crop. A return by Great Britain (as the largest buyer) to the markets of Ceylon and India can be expected next season. Rice An increase in the cost of the next shipment of rice from Siam will take place, as advices have been received that a fair advance in freight rates has been notified by the shipping companies. The new rate, Siam to Lyttelton, is 76s 6d a ton, which shows a fair increase on the rate previously ruling. Butter Last week city stores were paying Is per lb to farmers for all separator butter available. Supplies are on the short side, but it is not very likely that there will be any movement in price, as the value of factory butter automatically sets the standard value for separator butter. The difference in the price of these two grade is - an amount by which the buying public consider separator butter (in quality) is below that of factory butter. Should factory butter prices advance or be reduced, then separator butter would follow along similar lines. Eggs The fresh egg market is still very firm, with supplies insufficient to meet the demand. Present prices (farmers to city stores, wholesale) are:—Firsts 2s sd, seconds 2s 3d, ducks 2s 3d, pullets Is Bd. Barley and Onions Amongst recent Australian quotations dppear the following, all f.0.b,. Melbourne:— Barley. English malting No. 1, 4s 3u, No. 2 3s 7d; Cape barley No. 1, 3s 6d, feed barley, English, 2s 7id, Cape 2s 4d. Onions, prime Brown Spanish £ll, Globes £9. Glycerine - The overseas markets for glycerine are again active, and advices have been received that prices at one source of sn have advanced by approximately 20s per cwt. The outlook for this product is for firmer markets, and probably higher prices in the near future. Crystallised Cherries Owing to the failure of the Australian cherry crop last season, thus causing a shortage of material for crystallising purposes, packers in Australia have advised that only 20 per cent, of orders can be executed at the original contract price. An endeavour will be made to obtain further supplies of cherries in brine, for the purpose of processing and executing the balance of the contracts, but if this move ir- successful delivery of. the remaining SO per cent, of the contracts can only be given on condition that buyers pay such increased price as the Commonwealth Price Fixation Tribunal sets out as fair and reasonable. Soap An advance of Is a case is announced in the price of Sunlight soap. ■ A similar advance in the price of old jjutch cleanser is also notified. Gelatine The Australian gelatine market has advanced , sharply,, and,--, although thisan no way 'affects the New Zealand price, it is nevertheless an indication as to how gelatine values - are pointing. Cream of Tartar and Tartaric Acid Both cream of tartar and tartaric acid advanced again overseas by approximately 10s per cwt. Both these lines are in short supply, and it is difficult to place orders overseas- with any certainty of early delivery. Olive Oil Italian olive oil is now commanding ? high price, and the same applies to the French article. Quotations just to hand -show that buyers operating now will land their purchases at 4s a gallon in excess of prices at which most previous shipments cost. The prices of edible oils of all descriptions m Europe are now very high, and as far as can be seen, no relief is in sight. Cornflour Licences to import American cornflour for the fourth period cannot be obtained, but licences up to 100 per cent, of 1938 importations can be obtained (on their merits) for British cornflour. The position regarding bulk British cornflour is uncertain, but it is understood that bulk as well as packet British cornflour can now be exported from Scotland under licences. Canned Tomatoes Price lists Issued for Australian packed canned tomatoes name the 30oz size at 8s 3d. f.o.b. Melbourne. , Borax Shipments of borax (20 mule label) are now landing. Comparing present landing costs with those ruling last August, the increase in cost is 6s per cwt Tea , The Java tea market last week was reported as dull, with quality irregular, and slightly below that of the previous week. The decline in the value of sterling as against the guilder caused lower prices and declines of 4 to 5 cents per half kilogram were general. t The weakness in the Ceylon tea market, which became apparent some weeks ago still continues. Quality is reported as a trifle below what was offering earlier this month, but the main feature has been the easing in prices of cheaper grades by 3 to 4 cents, with declines up to 8 cents in Pekoes. There is no report from Calcutta about Indian teas, as the auctions there have ceased until the opening of the new season in a few weeks’ time. Vermicelli and Macaroni Further parcels of Canadian vermir celli and macaroni are now arriving, as importers had to contact Canadian factories for supplies,, as licences for Australian macaroni and vermicelli could not be obtained. The landed costs of the Canadian consignments are so high that the price tc the public will have to be at least Is per lb. Sardines A shipment of Norwegian sardines of a well-known brand is now due to land, and although prices are exceedingly high the various importers consider themselves fortunate that supplies are landing. There may be another consignment afloat, which will no doubt be the last for some time. This line of sardines, as well as many other well-known Norwegian • brands, are packed at Stavanger, a city now in the hands of the Germans. Prunes A general survey of the prune market in New Zealand seems to point to the fact that whilst the prices at present ruling for tinned prunes are satisfactory. the same is not the case with bulk prunes. Overseas values for the latter indicate price increases for bulk prunes an the Dominion market in the near future. . Turpentine The London market for turpentine has eased slightly since last month, and according to a late cablegram the f.o.b value is now 53s 4d per cwt. or approximately 4s 2£d a gallon, as against 4s 3Jd a gallon at the end -of last month. Rebate to Australian Manufacturers For the month of April the Commonwealth Government will pay to ship-

MINING MOLYNEUX (PSEB9 LSBOCIAIIUS I’ELIOHAJH J DUNEDIN, April 21. For the period ended April 12, the Molyneux dredge operated 190 hours for 2910z gold. WORKSOP EXTENDED The return for the period ending April 17 was 21 ounces in 197 hours from 15,200 yards. ARGO The Argo return last week was 38oz for 132 hours and 14,000. yards. BIG RIVER GOLD MINES Report for the week ending April 18 is:—No. 5 level—North stope: Sloping with two men. Stone Ift 6in wide. No. 6 level—South block: The stone followed has not improved. Still six inches wide. Level: Advanced six feet Total 45 feet. Nothing yet of any value. No. 7 level: The fourth chamber has been set in position. Battery: 20 tons of • stone sent to the battery. BULOLO GOLD DREDGING, LIMITED Cabled advice has been received that extraordinary general meetings of Bulolo Gold Dredging, Ltd., and Placer Development, Ltd., will be held at Vancouver on May 2 next to amend the articles of association of both companies so that dividends to Australian residents with shares registered on former Australian registers may, at the directors’ discretion, be paid by cheques in Australian currency drawn on the respective companies’ Australian bank accounts. These amendments are necessary as the export of funds for the payment of dividends to Australian residents registered on former Australian registers is not permissible. AUCKLAND GAS SHARES The Auckland Gas Company, Ltd., has advised the Stock Exchange Association of New Zealand of the closing of the share transfer book and register of members for the purpose of carrying out the resolution of the shareholders regarding the capital organisation of the company. All shares of the company will be of the nominal amount of 10s, instead of £l, and debenture stock will be issued to the value of 10s a share. THE METAL MARKET LONDON. April 19. Prices of metals are as follows; Tin—Spot: Buyers, £254; sellers, £255 a ton. Standard: Buyers, £248; sellers, £248 10s. Prices of other metals are unchanged, as follows: Pig-iron—llls a ton. Antimony—British, £IOO to £lO2 a ton; foreign £BO to £BS, nominal. Molybdenite—4ss 6d to 47s 6d a unit, nominal. Wolfram—Chinese, 50s 6d to 60s 6d a unit, nominal.