COMMERCIAL AND FINANCIAL.

Evening Post, Volume LXXIX, Issue 15, 19 January 1910, Page 4

COMMERCIAL AND FINANCIAL.

Evening Post, 'Wednesday. Evidence of the improvement of the monetary position is npfc so difficult to procure to-day as it was for some time prior to the close of 1909. The price of money ia distinctly lower than" it was ; 'in' fact, a number of the building institutions have now plenty of money available, but it is not at all easy to find suitably.channels for its employment. , r The. building trade ia expected to materially"- improve after the first quarter. It. is expected' that money on first-class real estate securities mH shortly be cheaper, atod that the^i'ates of interest on fixed deposits fcr 12 months of +£ per cent, given by various institutions will be reduced half per cent.,, also that the banks may follow suit- "*, In financial circles it is considered that tho bank returns for tho last quarter"" of 1909 aro extremely satisfactory. There has been a wonderful recovery within a'comparatively short period— since the winter, at any rate — and this is wholly ascribfVble to the magnificent prices realised for wool. It is estimated that in wool alone the returns are likely to wort out at £7,000,000, or an increase of £2,000,000 over the returns for the 1908-9 season. Dairy produce, too, is expected to show an increased return of a quarter of a million. It is as yet too early to speak of ,the contribution which this year's wheat is lifcafy to make to the wealth of the Dominion. All wholesale drapery houses are at present engaged in stocktaking, and in getting in readiness for the winter .display, which opens on Ist February. FeariLg depression, there was some months ago a very substantial reduction of imports by by both '. wholesale and retail-importing houses: JThe worst fears were- not realised, for tnings "turned out better 'than were expected, and the consequence to-day is r-> - ceedingly bare stocks. The Custo. revenue has suffered, but all large soft goeds houses have effected excellent clearances, and the winter season, opening next month— tho goods being already here — is expected to be a good one. As was to be expected, trade' was good at tho close of the year, the fine weather of December causing a big .run ;on all cotton piece goods. Furnishings, too such as linoleums, carpets, curtains, and similar goods moved much more quickly than was looked for. Locally-made shirts and collars havo been in steady demand; and there has/been a good enquiry for ready-made men's clothing 'suitable for the country tradf The volume of business has not boen _iaTs?e..as could .have been ' but w hax^businesß lias been done has been sound, Nind * storekeepers havo met their engagements well and promptly. 4 "The hardware trad© is improving, and all metals are firm. It is considered that trade at Home is good, but that the colliers' strike itself has had gome influence upon "tha price of iroa, for galvanised iron jKfk^QUtf.up'lO&'a'ton, and is likely to go higher, private cable advices having been received to that effept. It is- expected that tbd-.^ood prices' received for >wool will have x beneficial effect upon the demand for gtataori hardware in the 'form of fencing wire and other suitable, lines. building trade is not so bright as is desired, but this, 100, is expected, to look up shortly, although rather more in. the country, in proportion than in. the uity.- •- ' WOOL.— The London cables will be eagerly scanned for returns of the London January sales, which opened yesterday. It is thought that prices should show an.advance of 7£ per cent, to 10 per cent, all round. How much wool has enhanced in value of late may be gathered from the remarks made by Mr. David Murray at, the meeting of - the New Zealand- and Australian Land Company, in Edinburgh, on 19th.VNavembei/ 'when he- stated' that the average price per bate, £14 5b sd, was £1 higher than the average for tho past 39 years. The future for wool, ho said, was encouraging, as an estimate of the producing capabilities of che wool-growing countries indicated that tho supply was not likely to exceed the demand, while consumption each year was added to by the increasing wool-wearers throughout tho world. Messrs. Dalgety and Co. have received cable advice to the effect that tho Australian wool imported by London last year (the 31st December) amounted to 1,253,000 bales. Merino,es, it may be recalled, were 5 per cent, cheaper" at tho November London sales, the decline being most pronounced on medium . and inf erior sorts; but competition was animated for all /course wools, which were in small supply, and there was- an appreciation of 5 per cent, over the prices for the previous nalesl Tho offering was 101,891 bales, of which 18,684 were from New Zealand. The hold-over was about 3000 bales, including 500 New Zealand. At ihe corresponding sales of the previous year the catalogued quantity was 176,406 balea, including 44,423 bates from New Zealand. The prospects of the January sales aro extremely bright, but, in sporting parlance, "one never knows until the numbers go up." A striking instance of the uncertainty which instesis wool is that of tho "bear" movement initiated in Australia in October, when ifc was thought by a section of tho buying aide in England tha,t tho export from Australia would be higher than it now pro* mises to be. Two things were unaccounted for, one of which could not have been fore. «e*en, viz., the shortage in the River Plate wools and the Newcastle colliers' strike and the delay of the wool ships. In Sydney alone, from let July to- 31st December last year, 376,405 bales were offered and 344,056 bales were sold, whereas, for the aariio' ' period of 1908 446,525 bales were offered and 400,482 bales were sold, so that there was a decrease this season of 70,120 bales offered- and 56,426 bales sold. However, late, though the selling was through, the strike, it is expected that tho offerings will be extremely" large between this- and April. Tho Australian offerings and'sa,les from Ist July to 10(h January were 950,000 bales. Tho takings of the. trade for 1909 have been enormous. Including transit wools' and direct 'imports' the quantity consumed, compared with the two previous years, was as under: — „ 1907. 1908. 1909. Home ... 857,000 909,000 91Y,0U0 Continent 1,372,C00 1,348,000 1,588 000 T7-S, ... 149,000 94,000 179,000 The Wellington sales, opening uext month — catalogues closing on Bth February are expected to consist of anything from 10,000 to 15,000 bales. The wool is rather slow in coming in, but already there is a largw quantity in store, taken in the aggregate. The_ get-up Jl tho wool coming to hand is said to De generally satisfactory. What iB said to be the biggest wool cargo in one bottom has just left Napier in the Clad Macfarlane with 12,200 ,, bales for London HIDES AND SKINS.— The skin and hide sales -to be held on Friday next should be characterised by keen competition, as there have been no recent offerings, owing to the holidays and wool sales upsetting the calendar. There should be an offering of 12.000 skins, and from 2000 to <56Q0 hides. Prices, from the present trend of things, should be firm. The skins and hides are coming in in a most satisfactory^ condition when the rough and readY fashion or" a few years ago 'are considered.. - M!EAT.— Tha outlook for New Zealand lamb -and -mutton is not so' bright as could be desired, but it ha» slightly improved. Prices are not oxpected. to rule high, but it is Thought that "the- now season's produce will command bopor prices with tho old stocks cleared out of store. The absorbing topic in the meat trado has been slaughterman?? demands. • It is understood that, all fyufotwo companies were-' twilling to meet $ha men. It appears to have been recognised at this time of year that the men. had the whip hand and, with the enormotils^quiratity. of stock that had to be disposed of there was no option but to makq -the best ternjs posrtble. Some attentipn is now being paid to pork, for which thero is a strong demand, at Home.- , The quality, however, though suitable for local requirements, Jeavea much- to fca'desireif, for while there is awiarjkej at Home for meat of rough texture," ana, in fact,, ,coarso pork generally, there ia a still better demand for a high-pl Ass -ttglMed ■_ article. It would 6eem that "dairymen --who hope to realise good rettirnV from "JJoorly, cheaply-fed, shift-for-yourself animals may be disappointed. Trial shipments have recently left W»ifa«tf." A tfart has been ,mado with' some North Island bacon in eidea.

Great care has been taK.on with the got- I up of the meat, and tho experiment is one that will bo watohed with considerable interest by those directly And in- j directly concerned. ' HEMP. — Tho price of hemp in London, according to tho High Commissioner's cable is £27 10s for good fair, and fair grade £26 15s, with £27 and £26 respectively for January-March shipment. Private cable advices do not give such prices, however, and tend to show that the marked is drooping, and' is inclinod rather to declino than to advance. The Australian demand has slackened. Tho rates on hemp for Australia have reverted to 30s, but 15s extra for unscrimmed tow. The addition of 25 per cent, to the freight on account of the coal 6trike remains in force, however. The output of the mills is considerable, and at present supplies are heavier than the market can absorb. ! The weather, up to tho present, has been 1 highly favourable to manufacture. Some •millers, who are turning out "good fair" j up to 78 points are feeling a little sore ! at being placed on the came footing because of short length of staple, with millers who are making an article grading at 70. It is felt that to give no higher grade to hemp that came to within two points of "fair" is a handicap too heavy when compared »vith tho 70-point "good fair." DAIRY PRODUCE.— There is a decided improvement in the tone of the butter market, as ie indicated in the High Commissioner's and in private cables. Enquiries have been made for firm offers of outputs at 10|dandl01d for prompt shipment, but without much business being done. In one case an offer of 10|d had to be refused by a factor> which had disposed of its whole output early in the season at 10id. The general output has slackened off from 15 to 20 per cent, 'in paras of the Manawatu and Taranaki districts, and in some places as much as 30 per cent. This season, however, began a month earlier than last, so that there is some compensation. The feed continues abundant, but it is very dry. Rain would be welcome, although it will not now make very much difference. The quality of the butter is reported to be a great impr upon that of last year, and, inclec, although it ia yet early in tho day, complaints from Home on this score havo not come in such plentiful crops as last year — indeed there have so far been few, if any, complaints at all as to the butter. The outlook, for cheese has improved, there being a strong demand at 56s 6d to 57s for white and 55s 6d to 56s for coloured. It is extraordinary how tastes vary, as shown in white and coloured cheese. The* added pigment makes no difference either , way in the cheese, but tho consumer will sometimes make a raid on white and then suddenly turn to coloured makes- It is, however, a matter of indifference to the maker which he prefers, so long as he pays the price. The Montreal Trade Bulletin re^ ports that the cheese situation has changecT in recent years, as the New Zealand product comes into keener competition with Canadian every year, and shippers in Canada find it more imperative to keep down the price of their full cheese, in order to secure a living profit on it after carrying it over during the winter months. Wheat — As the .harvest approaches, interest in the New Zealand yield becomes intensified, seeing the important place which. the exportable surplus is likely to occupy in the exports for 1910. "Broom-, "hall" estimates that the exportable surplus of the principal countries during the British cereal year, Ist August to 31st July, to be 71,700,000 quarters, or 10,668,000 quarters more than the actual surplus of 1908-9. The Victorian harvest is expected to be fully 28,000,000 bushels this year. PRODUCE.— There is not<much change to report in the produce market. Prices remain much about the same! as last week. There is a strong demand for bran and pollard at £3 and £4 f.o.b. respectively., Chaff is firm at £3 15s to £4 in Wellington; fowl wheat ranges from 4s 4d to 4s 7d here; B grrde oats, Is 9d (mixed sample) to Is 10jd f.0.b., 5.1. ; maize 3s 4d to 3s 5d f.o.b. Auckland.