COMMERCIAL AND FINANCIAL.

Evening Post, Volume LXXXI, Issue 103, 3 May 1911, Page 10

COMMERCIAL AND FINANCIAL.

Evening Post Office, Wedneeday. - There is^itill a'steady'defflattd ' for investment stocks, bank shares having tho •preference. Tho largo amount; of '"money on free deposit indicates, inter' alia, the waiting for a favourable opportunity on the_ part of investors to employ capital which is at present earning nothing, but is being kept in liquid form awaiting favourable opportunities' of utilisation. Prices of t those investment stocks which are most in favour are accordingly high, with a tendency to advance, particularly in the case of financial institutions. Business on the Stock Exchange is re- ' ported "very dull." t There. does not' appear to be any indication of new industries being established, although ' another meat company to take over the Banks property at Ngahauranga will shortly be piaced before the public. j The Kotuku oilfields on the West Coast, from which excellent results are expected, _ are now to b» thoroughly , tested, drill experts from Europe having been brought out for the purpose. Analysis made of the Kotuku oil showed 6water, nil ; petroleum spirit, # 4.1 per cent. ; kerosene or burning oil, 42.4 ; lubricating oil 47.8; pitch, 5.2; loss, 0.5. London capital in the main is behind the undertaking. DAHIY PRODUCE.— The quantity of butter in store as on 30th April, 40,724 boxes, 800 boxes more than at the same date last year, should be reassuring -to those who believed that this source of supply f6r home consumption might be diminished, and prices, in consequence, rule -high. As it is, Hid per lb has been asked and paid for a well-known Taranaki factory's make; but Auckland 'butter can be had at 10|d. Much, will now depend upon the weather as to , future supplies; but it is to be feared that the recent' rain has come rather late in tho day to very much affect the supply, many of the cows having gone off. The cheese market has weakened, prices being 61s for both white and coloured. Locally the price is firm at 53d per lb, at which price sales have been made for export. Many of the South Island factories are now closing down, the export season being over so far as they are concerned. The London market, has certainly been disappointing this season. In these circumstances it may be interesting to quote from the circular of the National Dairy Association, dated 18th August last, it was pointed out that the differences between New Zealand and Danish butter over a course of years was as follows the figures being per cwt. : — 1906V7 „. ... 8s 2d 1907-8 ... .... 3s lOd 1908-9 ... . 6s Od 1909-10 10s Od Considering the high quality of New Zealand butter, it wan held that there should not be thi3 great difference in price*. In order to minimise it, the association confined the 'outputs to four agents through one leading firm of agents. It is understood that the price for ' th© New Zealand- butter, so dealt with during the season OdfcoberV to March, 1910-11, should be less thail'ih the same period of .1909-10. It waa'-propoeed to spend '£3ooo on, advertising r New Zealand dairy* produce. The High" Commissioner's cablegrams for the eea'soit October to March, ,1910-11, show the position of New Zealand and Danish on the London market to' have been as folio re, the prices per cwt given hein'g' rough iverage for the months: —

The 1911 total shows an increase of 13,5824 tons aa compared with the corresponding period of last season, the increase from - »• Victoria alone being 6938£ tons. WOOL. — In reporting on the March .London wool sales, Jacomb, ;Son and Co. state that of the quantity available a full half was from New, jZealind, and, on $Jat account, the offerings- of crossbred wools were heavy; "bu<- tra3e. "especially in"ffiia country, is bo fiilly employed, that no fear of over-supply need be entertained." The third series open in London on Tuesday next, and the limit has been fixed at 160,000 bales. After the March sale 232,500 bales were left over as compared with 141,000 bales for the corresponding period' of last year. HEMP.— There has been a slight improvement in the hemp position during the week, prices on Monday to millers being £17 per ton for good fair; £16 53 for high point fair, and £16 5s for low point fair. Buyers' tendencies ar6, however, to operate forward supplies in store being understood to be adequate^ for present requirements. Tow is still in strong demand at' £8 5s 'fot No/ 1 ; £8, No. 2 ; and £7 10s, No. 3, with practically nothing offering, as most of the outputs have al< ready been sold. In some parts of the! Manawntu cutting ceased on Saturday. Some mills in other portions of the district will probably continue cutting for the best part part of jffay, while a few will go on cutting right, through the winter.' ' FRTrr EXPORTS.— Melbourne, fruit • expo i for the present season as on 21st April amounted to 240,633 cases as against 146.764 cases for the corresponding peripd of last. year. Exports from.Hobart for the same period amounted to 499,394 cases as apainst 407,612 cases last year. The Zealandia carried^ from Sydney to Vancouver OD her last trip 300 cases of apples. MEAT. — The export meat market is generally depressed with but little prospect of an improvement in view of the large quantifies in store and to arrive. Business ha« been done in the Dominion oh the basis of lamb (Canterbury), 44«1 per pound; mutton (Canterbury), 3;jd, and beef at 3Jd for hindquarters landed in London. Cow beef for Glasgow has been Bold at 2^d c.i.f.. 'Gilbert Anderson and Co., Smithfield, reporting on 24th March, stated that there were very heavy arrivals of frozen mutton, which added to large stocks, especially of New Zealand. Prices havp barely been maintained on the low j basis established last week. 'Froten lamb: The improvement in the weather has not brought about tho advance hoped for. Large arrivals of New Zealand lamb, witb information freely circulated 6f record shipments in March, has adversely affected the buyers, and there was eagerness to sell, prices of New Zealand lambs went &d down, Austro.ians the same, Plates were unchanged, North Island were |d lower than last year. PRODUCE.— Tho heavy v demand from the North Island has materially hardened 1 tho oat market, and prices are accordingly high. The future -would seem, however, to depend upon the extent of northern requirements, making it rather difficult to bco far ahead as to prices. For A grade Gartons 2* s'l to 2s sad per bushel was paid on Monday, Sparrowbills generally |d per bushel less. The firm tone of the wheat market may be reflected by a rise in flour in the near future unless London prices weaken. Barley is difficult to move at 3s to 3s 2d per bushel for Cape. Southern growers believe that notwithstanding heavy importations from San Francisco local brewers will again be heard of in the market. Bran and pollard are quoted at £4 and £6 per ton respectively, and oatmeal £13 10s per lon. All the* above prices 'are f.o.b. South Island ports. Prime oaten chaff ranges from £4. 17s 6d to £5 per ton f.o.b. Blenheim and good table potatoes wore obtainable on Monday at £4 155,« and onions at £3 10s to £3 12s per ton f.o.b. Lyttelton. GROCEKIES. — Opening prices for Californian prunes have been announced otf a fairly high basis, but favourable reports as to the -crop prospects have i pten. received. Prices for seeded raisins « have risen in some quarters, but it) other* th,ore is., no chants. The BlJcefi

for old crop 'have advanoed 4s per owt. Cream of, tartar remains firm, with a upward tendency in consequence of reports of frostß in France. Tho quotations for new ..season's American canned, fruits are slightly easier for peaches and pears, .b\it there 'has been a 'slight advance in the quotation for apricots, all for September shipment. The San Francisco 'market is almost cleared out of th'o 1910 pack. The new season's crop prospects of Mediterranean sultanas arc* unfavourably reported upon, but it is rather too early at present' to say much about the probable yield. The satno thing applies to figs, which are reported as likely to be short. New reason's shipments of Sockeyo - salmon are likely to be ori. a reduced scale., It is considered ' that the pack will bo a light one, and also that should ' the United StatPs and Canada agree to a reciprocal tariff much j of thia line which is now 'available for oversea export will be diverted to the j nearer land_ market across the border into the United States. There is likely, however, to be a full pack of the cheaper grades of salmon. TEA. — Cable adviceß from Colombo all indicate a strong market. From Calcutta it is learned by mail that good rains had fallen, and an early commencement of manufacture was expected. Carson" and Co., Colombo, reporting on Ist April, stated that all leaf teas were then in good demand, and prices were fully maintained, common kinds in particular being keenly competed for. Common Brokens were also 'in much request, but considerable j irregularity was noticeable in the bidding for medium and fine kinds, and in the case of light liquoring parcels better value was often obtainable. "Dusts and Tannings still continue to realise ful prices. Quality generally was inferior, fine_ teas in particular showing a marked falling off. The selection wae fair." MISCELLANEOUS GOODS. — Samarang cables indicate that the kapoo market is high, and that quotations must be regarded as nominal at about Id per pound highpr than recent rates. Linseed oil has again advanced, this time per gallon for May to August shipments. Pine Tree turps "has advanced id per gallon. The recent drop is generally attributed to speculative transaction. The Vacuum Oil Company's report for the week is that further stocks of kerosene and pejtroleum spirits will be to hand in the course of a few days per s.s. Breiz Izel. The demand for turpentine substitutes still continues owing to the high price at present ruling for pure spirits of turpentine.

'f/'~'i ' . ' N.Z. Danish. • -.©cfober /« T^Vll3 0 117.. 6. -•-"November ""« ■ w 111 0- - 116 0 "■December *■— •»■ .108 ,'0" 116 0 ■January » wi 106 0 115 0 ■1 'February - M' w. 105 0 120 0 March r;"" \ 106 6^llß 6 Australian buttei shipments -to London from Ist July last to 21st April were as follow : — 1908. 1909. «Jfllo. 19111 From Tons. Tons. - Tons. Tone, Melbourne ... 10.SG4J 03i4i 13,136} 20,075* Sydney .., ... 6184 5,9b8i ,d,542i 12,794 i Brisbane ... 3,032 2402 G. 007 7.440J Adelaide ... GIG* 45C| " ' 813 " 1,740 Fremanfclo ... — — — 22J Total ... 21,297 15,101* 28,499 42,0811