COMMERCIAL AND FINANCIAL.

Evening Post, Volume LXXXI, Issue 75, 31 March 1910, Page 4

COMMERCIAL AND FINANCIAL.

m Evening Post Office, Thursday. The Easter holidays have eaten into both last woek and thin, consequently therij is \er> liltlo to report. So far ai tho nioncj* market is concerned, things ore much as they were a fortnight since. No big transactions in the fhapo ofmortpaces of country properties are reported; indeed, employment for money with the good broad margin required in broad aero proposition* ia rather difficult to obtntn. There is still a demand for money on suburban neciiritiea, but theae do not find fa\our fit the moment, and it is generally believed that there will have to be sonic moderation of ideas as to values before advances can bo made upou such projwtiea. Travellers' reports from the country district." as far up as Hawkes Bay in one direction, and New Plymouth in »hother, with the west coast of the South Ibl&nd thrown in, are varied. On tho one hand it is said that business wan never to hard to get, and flint accounts nrc l>eiiig most tardily settled; and on tho other, while the rolume of business is gmall and extreme care i« shown in ordering, parmonts are being well met, nr>d that the business, if aonwrhat roduccd. is of a aound, healthy character — and is improving. There seems to be gome unanimity as to city business, which is admittedly dull. The outlook f»r tho winter would not, hoyevor, b* accurately described ai gloomy, although it is generally conctdedthat trader! wril hu compelled to excrciso that extreme care which has been a conspicuous feature of business for' some months past in so far as the city itself is conoerned. To-day closes one of tho most important March quarters in the history of New Zealand busincsi, and the balances of banks and other financial institutions, and (where available) of tradjpg houses, v. ill be perused with much interest by those directly and indirectly concerned. The past year — at any rate, that portion of it ending on 31st December — has not been a bad one in the experience of at least one financial company doing business in New Zealand. For example, at the 34th annual meeting of the National Mortgage and Agency Co. of Now Zealand, held in London last month, the chairman (Mr. L. E. Smith) described tho year as "a prosperous one for New Zealand The Dominion was back, tho directors thought, to the ixraition it held in 1907-8, which was tho most prosperous £?ason Now Zealand had ever Known." In tins optimistic fraire of mind, the directors of tho company felt justified _ in proposing an extra 6d per sham dividend, and the directors, through their chairman, added that they would have no hesitation in returning to "the usual 10 per cent, dividend should they consider it ad\isablc. The prospects for the coming year were encouraging." A totaJ distribution" for the year at ili per cent, was made. WOOL.— The London March sales are over, but some "aveiages" cablegram*, probably delayed by the Easter holidays, lu.\o jet to come to hand. A bira"s-eye view of the series would seem to show thac meriuos wer»* firm, while fine crosebreds held their own with difficulty. Coarse and medium eioagbreds were decidedly weaker. Tho carry-over of 6500 to 7000 bales will, no doubt, give those who watch the market food for thought. Easier as prices undoubtedly are, they are still remunerative to growers. Mucli seems to have been made of the slendorness of American gupport as a cause of the decline in the values of crossbreds, these wools h«*ing chiefly in request for tho States; but it may bo that the Americans have for the moment sufficient wool to meet immediate needs, and it is only natural that Bradford would take advantage of this fact. Reference is made to American operations in the well-coiu» piled review of (Joldsbrough, Morfc and Co. for the year 1909-10, as on ?.Bth February. Ho far as the Australian sales aro concerned — and the same applies to New Zealand — the outstanding featuro of tho year has been the strong support given to crocsbreds of all grades. Never before have Homo buyers had such a selection to choose from, and ''that they so readily re^pondod to th« increased supply Fpeaka volumes for the stability of this branch of the staple. They were aided in no smali d. -grots by the American^ operators, whilo tho French section practically secured the whole of the lambs, as also being large buyers of pieces and tho better grades of comehackf." Tho reriow states that the pries of wool for the last few years has been on a higher piano than for a very long period, "'and it would appear that what was until recently looked on as a fair average value is below what wo may conFider a fair expectation for future guidance, and that the level experienced sine.} 1906 may be reasonably expected to continue, of courso subject to tho variations that have always been a marked feature of the trskdo. A higher standard of living, combined with o decrease in the supply of ihe raw material as compared with the in(Tease in population, afn tho mato causes for afttuming that the old order has passed, and that \alues of past decade* are no crilprion for tho future." The total shipmeats of wool from Australasia from Ist .Inly, 19J9, to 28th February, 1310, - are Fhow-n to bo 1,887,339 bales (of which New Zealand exported 358,32* bales?, as against 1,855,058 hales for the corresponding period of the previous year, an incmafsa of 156,152 bale*, in which is included New Zealand's increase of 33.181 bale?. New Zealand in fhown to bo third on the list of exporters fnji tho period under notice. New South Wales loadinp with 724,119 bales, Victoria fccontl with 450.627 ba!<>s, and New Zealand coming third with 058,324 bales. The fourth exporter is Queensland, with 187,270 bales. SKINS AND HIDES.-Thero has been a heavy accumulation <if skins and hides owin? to the local March wool sales and the holidays. It is expected that 10,000 skins and 2500 hides will come under the hammer on Friday woek, the date of the next sales. Prices should bo satisfactory. There will also be offered odd lots of wool, in nil, say. 200 bains. In "their skm and hide review for the year 19091210> ,9 oldsb r ou SS h > Mort and Co. state that hide prices at the end of this year have «ho«rn a decided improvement,* being 1 id per pound better for butchers' green stout and Heavy hides and Jd por pound better for light to average, wheu compared with this tima last year. Owing to keec competition, applies of New Zealand hides for tho Melbourne market have not been large. Advanced quotations are attributed to the removal of the import duty in the United States and a general shortage of supplies. The closing prices at the end of the year under reviow ivero at tho highest level reached. 1 allow, m consequence of the rise in the prices of oils, has also hardened, the inoreased value being 30s per ton, as a vet result of the year's busiuess. DAIRY PRODUCE.— Butter appears to bo at 122s to 1245. ex warehouse, for primest brands, and privat« advices indicate an early decline in consequence of Continental supplies coming more trcely to hand. There doe* not appear to bo much business doing in tho London produce market, owing to the holiaajs, (.heiso is firming in price, duo to reported short Canadian supplies. Prices of cheese for export in Wellington today range from s*d to 5Jd. Weddols. in their report dated 18th February, direct attention to certain forward buyers for tho season offering their butters below market prices. To this underselling is attributed the "wobbling" in values and th ? j somewhat irregular prices of the •niddlw of last month. MEAT.— Tho improved tone of the meat market continues. Canterbury lamb, bought at the end of last week fcr export, realised 5d pel pound gross, and mutton 3id per pound gross. Both wer« difficult to get, and prices had a hardening tendency. There is a good enquiry for beef, but most of th© North Island supplies seem to have been already contracted foi. Although tho London market i* reported bare of mutton, supplies already on the water should toon be available. Pork lias gono up id per pound for all meat suitable for curing, ;iml there is consequently likely to bo a ruo in bacon and hams. Pork to fulfil freezing contracts is rfowly coming to iuitul. It is found most difficult to get carraspi that will pass the *t»Dgctit; in*pccTion for export here, ns nell a< pa«s inspectors in England, f-o -jgorom are tho Board of Trade requirement*. Sine* there was a . QroMsHty. of a fair-trade

bt>ing dono in frozen pork with London, tbo utmost difficulty has been experienced in (rotting suitable pi(r«, and fanner*, whore not holding out for lona; price « for Bound nniinnU, aro not now going in for pig* an they worts. Effort* mado i Wellington »nd Now Plymouth to build up what at first promised to become nn important trndo. liitve to a largo extent ■proved futile, owing to the farmers not coining up to time. Thore i», however, a fairly plentiful supply of pig" of a auspicious character as to tubercle available but these, of oountc, however el<« they may be disposed of, are not permitted to bo shipped away to the- British marketa, not even if there it the barest suspicion of disease of any tort. Inapeotion, however, for homo consumption is n voluntary mattei, and it would apCr from enquiries made that JJc»v Zeai pork which uould be condomnod in London has a chance of being; sold a* food in Now Zealand itself. HEMP.— The hemp market continue* to be unaatitfactory, and there doc« not appear to be ■uy immediate ptwpect of improvement. Price* arc weak at £21 for good fair and £20 for fair grade. But it is hard to effect aalca at tbete figure*. Bomn buyer* who had contract* to fill for March have become a trifle nervous, and have been, buying at alxne or an a parity with their contract*, otherwiws U>ore ha» been little or nothing doing in the local market. Complaint* are made in thinping circrea of the recent alteration* of thf rat* on Harbour Board storage and wharfage on hemp. It i« stated by shipping firm that the freight is 'extremely low — •* low an it can be for honrp for London — and in aome quarters it is raid to bo a£MOlutely unprofiUble. Too Morage of 2m bd per ton p<*r week is held to b» much top high, as the fibre may often have to bo three week* in store before being put on board, and that, therefore, 7« 6d per ton would leave little or no margin at all for' carrying cad other charges both here and in London. TEA AND GROCERY.— MaiI advice* from Colcnibo report a fitrong demand for all grades of teas. Common broken pekoes and pokoci wore quotmbly dearer. All medium grades had advanced, and iiw> teas were oagerly competed for. Dust and farmings were firm. Tapioca and ««go aro hardening in price. Tinned pincanplos are practically unobtainable. Rico is reported to bo a triflo easier. Dried fruits are normal. American canned goods (Californian) aro likely to bo dear or jn consequence of strong homo demand from tho Eastern Statos. A further rise- in the price of sugar is not at all improbable, in view of tho hurricane in Fiji. The price to-day is £17 10s f.o.b. Auckland, for No. 1. Tho price for this grade of sugar, and others in sympathy, has advanced ts follows: — Ist July. 1908. £15 10% 13th May, 1909, £15 15s; 2nd" October, 1909, £16; 19th November, 1909, £16 ss; sth January, 1910, £16 10s: 25th February, 1910, £17; Bth March, 1910, £17 10s. PRODUCE. — New season's wheat ii offering freely, milling being from 3a lOd to 4k f.o.b. South Island, and fowl uhnat 13s $d to 3s 7d. Flour (Associated Millers') is quoted at , £10 f.o.b. South Island, and Australian £9 10a to £10 f.o.b. Sydney and Melbourne. Oatmeal has advanced 10s to £1 per ton, according to brands. There is a little more demand | for barley, fair samples realising in Wellington 2s 9d to 3s. Pearl barley is alto hardening, being £15 10s to £16 in Wellington. Peas, both Prussian bluo and Partridge, aro scarce. Maizo is quoted at 3s 9d to 3s lid, with a steady demand. Pollard is in short supply, and is worth £4 per ton f.o.b. South Island. Bran is quoted at £2 17s 6d to £3 per ton. There is a steady export of bran going forward to tho United Kingdom. Chaff is very scarce, and reaches up to £5 per ton nere for both Blenheim and Wairarapa. Oats are hardening, and advanced from Id to 2d last week, A grade Gnrtons being quoted at 2b 2d, and B grado at 2s por bushel. Onions ha\e slumped, and range from £4 to £4 ss. Very fina samples from Canterbury aro in tho market. Potatoes are from £5 10a to £5 15s in Wellington. From Tiraaru downwards tho tubers are reported to be very good, but blight is only too prevalent in those northwards. Rofled oats have ad\anced 6d per dozen. Split peas are about £17 ncr ton f.o.b. South Island.