COMMERCIAL AND FINANCIAL.

Evening Post, Volume LXXIX, Issue 127, 1 June 1910, Page 4

COMMERCIAL AND FINANCIAL.

,' Evening Post, Wednesday. The week has boon rather unovontful, fina'itcilally speaking. Trade appears to bo much about tho same as at last writing, and reports from the country, if anything, aro certainly brighter. Unloss flomo unexpected change takes place the banking returns for the June quarter should show a comparatively vast sum of money on deposit over and abovo that required to balance; advances. Should this be so it will indicate that thero is a lot of, unemployed monpy available, money whkjh, -as some think, would be utilised were;,, there, sufficient confidonoo in tho future. Tho Economist, roforring to the Now Zealand banking returns for Iho December quarter, states that tho oxporionoo of the banks has beon 'instructive. "Owjng chiefly to a falling-pff in the value of exports and increased imports, as well as to tho high values to whioh land roso in '1908, deposits fell oft by £2,423,991, and advances increased by £1,272,980. A great clamour was made 'against the banks for not increasing their advances, and throats against them were indulged m.' 'B.Ut'lt^was manifestly the only true polity to scrutinise closely all applications for fresh ' accommodation. . . a policy* of 'sound' banking practice has been vindicated." Tho article .concludes with describing the -Australian and Now Zoa : . land' banking position as- "a very rosy . on»:" '] FARMERS' UNION MUTUAL.— Tho ' »nnual report of tho Wellington Farmers' Union Mutual Fircj .Insurance is cheerful reading 'in these' d?ys of poor business. 'in New Zealand. ;Tho risks accepted 'during the" year -'aniounted to '£45,175, bringing 'the to'taj 'amount of insurances to £134,563, of -which £11,755 was reinsured. Trio net amount held at tho end of tho year was- £123,808. The faejJ/Vrtluo ot' pieljTium nt^e^i hold after deducting all payments and 'ronouals ihereon amounted to £8549, ■.- Policies lapsed and cancelled during' 'Iko.' jear totalled £9255,., buf in tho majority ,of cases theso wore replaced by' ; now; proposals for an increased amount, ■ a~a an increase of £5876 is shown in connection with those risks. Tho losses by fire claims during tho year were slight, amounting to £112, made up of £100, £7, £4, and Si. The~totnl 'claims" paid since tho fortnation of the association amounted to £713, made up as follows:— 1905-6, £75; 1906-7, £90; .£435-^.1308-9, £L; 1909-10, £112. T?he whole of the clahna were paid without making apy assessment on tho prerftium *iotcs. Tho rate on first-class risks \yas reduced frtjm .10$ to" 8s 6"d, on tho }*t Juno last, and tho rate .'on second-class risks Was, on Ist January 'of this year, reduced from 14s to 12s 6d, thus showing a substantial reduction of rates on farmers' insurances from 13s on first-class and lfis on gecond-olass risks, as paid prier to . the fortnation of'tho Mutual Association. !■' 'J, i <' ♦ WOOL.— There is very little of interest «p tbeswool,,wpr4<l, apart fronj, the local tales of crutchings, until the London July ijiles, Ifce itfrlt'lo'r which" is 160,000 bales. Sydney- BnKes<.opari<-on, 6th Juiio. The Melbotfcmo market ie reported quiet, but thore are a few enquiries fir stocks to tfe held privately. For the fortnightly local wool sale, to be held by the Wellington brokers, on Thursday next about 250 bales, principally crutcbings, will bo offered. ; DAIgY PRODUCE.— The butter marSet is dragging wpek by week, as is only tp be^exnected with J;he English midaummar in £ght: "" The" price ha'e eased from 124s per cwt., early in April, to jp)6s to-day, with the market in buyers' favours Business done locally has been 6i a hand-to-mouth, description. Buyers K>r export havevfoutujt. it difficult to meet nic vMiwe of f%!»ri94 who' are holding «»ufc fos lid foiled. 'The prioes for pate «ln S^turdaj' were— Auckland, 12^d; iWangjHiui, 14d ; Masterton, 14d ; Napier, 15d; Bivercargill, 14d. With regard to the African demand, a local shipping firm has boen advised frohi Australia that apart ajjrom that already taken there will be no space available in the steamers ksaving Sydney during the month of Juno tor Capetown and Durban. The cheese 01111011 values hav*lg l SS££?ningJ*?f-- r "''h e ~S e ft? on: "' -Reynolds andub. (DandcKn)~fn their' well-compiled monthly report, state that unfortunately the- majority of South Island factories "miesed tho opportunity of selling at the Sood prices ofiered six weeks ago, and toay are accepting, lower prices™ >< Winter make is being offered by several factories, but as they insist in selling without grade exporters will not take the risk, and aro leaving it alone. The quastion of monthly sales for tho coming season Will be considered at the annual moeting of tho association oarly next month." The butter *"$- fh.eese imported into the United Kingdom for -the-threo months ended 31st March last, compared with the corre •ponding quarters of 1908 and 1909, were as follow : — • , BUTTER. ■ 1908. 1909. 1910. „ , L'wts. C'wts. Cwts. Ne>v. Zealand . . 150,425 166,714 178,814 Australia ... 224,779 169,908 250,609 Canada - • ... 812 1,263 3,051 Denmark 442.263 46t.,60V 40b 118 Other Countries 281,330 326,144 252,152 CHEESE. 1908. 1909. 1910. „ , Cwt*. Cwts. Cwts. i\ T ew> Zealand ... 152,20s 171,172" 214,746 A^ralia.. . _ $12 •— 257 T^? cl , a cu - 12 P£ 5 123 > 739 15 9.93b United States . . 29,590 14,641 4 043 Other Countries 90,923 99,305 85,821 3IEMP.- There, is? no improvement in thn hemp market, and private advices repSrt_the,JManua market w«ak. Local prices W5&? : ', wore £19 5s to £19 15 s to fair ■3d £20 10s to £21 15* for good fair It is; behoved that tho set-back is but temporary. A fair quantity of fair grade is commg forward, but not much good fair An offer from London would brighten . tlwnga up ; but milled are at present busily engaged O on .contracts, and there is not really very much fibre offering. Juive holiday falling on Friday next necessitates tho holding of ihe skin and liido sajra on Thursday next', when tho fivo brokew^will-. offer, some 10,000 skins and 10qO hides, together with tallow, fat, horsehair, and other lines. There 'is' an' altogethei better tope about the rn^fc market., Lamb ia xa 'Srtr^tig dainand,* mutton' has. improved and be«f "is 'eagerly sought after. At this «nd supplies are falling off, the slaughtering; season drawing to a, close. Tho season has been remarkably good' so far. as quantity is concpined, but although there has ■bedn . a --receat improvement in quality, tho laml*'' I tnifl season aro not all tka.t could tie desired. There are"'stiir 'complaints of a shortage o£ tcucks to keep steamers fully employed, batr-bht> Traffic Department is held /aidtless,,for ,Jhw f it being recognised ttetf rfr has not the roiling-stock at its disposal tor handle the trade, which has been very Jie«vy. this season. Itrisbane has had ih» same complaint, and 1 in replying to a deputation ' "on" - thf>' etibject the commis- j •ioner (Mr. Thaßon) gave a few figures #h|chi ,ehoaidl interest' graziers here. 'Iho increase in Che meat bradc, he said, had been unprecedented. '" In 1 ' 1909 there had been an adsmnce of SO percent., and during rtfee' JnonJhs.'bf ■Mafcß'"and April 4200 tona of meat had been shipped from Brisoane. Mr. Thallon suggested that companies rsjiwdd pwkte their own trucks, for iwEwKSs-itsuiding the fUsh of traffic, the meat ferttelcs /were somjetipjies idle.' In' hi« •ddrewrto- tfie fsmaera recently, in confer- ! ence, Wfi* J.^G. Wifaoft gave." a "most hopeful forecast of the export meat_ trade, especially beef, based irpjwi. .th'^rettetated reporta of shortage of American supplies,, , whioh were becoming ittSuffi^feiSt .to" feed 'home markets. »•-•,>* ■-'••, PROMJCE.— 33ie .market for wheat is depressed, and there is every probability of a reduction in tho price of flour. Already, ftKbongh the associated millers' nominal^ppco is £10 per ton, there has been some "cutting," and floor is to be had t<*-da,y for £9 I/to" to £9 Iss, f.o.b. South liland. Oats. are weaker by id to Id per'bnrfial atWliuted to tho small demand coming ''nm the North Island. It h expected ' that there ■will be a heavy towing -of 6at3 in South Canterbury in pl*ee of wheat, laxjje qtutntities of eecd wrtrilttSßgL'teen. gold- for ta&iSoutb. Island.

Chaff continues firm at £5 5s per ton (on Monday) m -Wellington. Maize was 3s to 3s 2d, f.o.b Auckland. Pollard and brand continue hard .to obtain, bran stocks having been practically exhausted. Oatmeal 'remains at ■ £11 10s, f.o.b. South Tsland Barley ranges from 2s 6d to 3s 3d, according to sample. Fowl wheat is easier at 3s to 3s 3d, f.o.b. South Island. Potatoes aro running lery high, a3 much as £6 10s to £6 15a being paid for firstulasi Up-to-Datcs at South Island port«. They aro expected to be clearer before the week is out. THE JAVA TRADE.— The Dutchmen aro making a bold bid for the AustralianJava tourist and cargo trade, and much j monpy has been spent by tho Koninklijko I Paketvaart Maatschappij, on the estab. lishmont of a relationship. At tho same time, British shipping between tha Commonwealth and. the Dutch, colonies and Singaporo is receiving special attention. Between 'them, the -exporter should be tfblo'to tho bettor investigate the -market for butter, checae, bncon, and hams, and possibly meat, in tho Dutch East Indies. New -Zealand is handicapped, of'cpurse, by two freights and transhipping to_ enter into tho .trade tp any extent, but it is one well worth' watching. White Dutch 'wants may be, well worth looking after, and if possiblo' moeting. ' The advent of tho P. arid 0. Lino .in New Zealand may bo but tho -beginning 'of direct.-, liners from New Zealand ports to the East, and then this country would have a chance o£ participating in a trade' which at present ia an Australian monopoly. Exports of foodstuffs from Sydney alone to Ja-va and tho East Indies from Ist July to 14th May, as compared with tho corresponding period of 1909, were as follow: — 1909. 1910. Butter, boxes 675 1,112 Mutton, carcases 6,302 185 Wheat, bushols- 168 42 Flour, sacks, 21,823 34,075 There has been a steady growth of beef exports, but precise figures for 1909 are not available. New Zealand does *toot como into this trade at present.