COMMERCIAL AND FINANCIAL

Evening Post, Volume LXXXV, Issue 48, 26 February 1913, Page 4

COMMERCIAL AND FINANCIAL

■Kvoning Post, Wednesday. THE TARlFF.— Tariff revision ' is understood as a likely feature in the 1913 Now Zealand Parliament, and already deputations of New Zealand candidmakers and trades represented by tho Wellington Industrial Association have waited on the Minister for Customs (Hon. F. M. J3. Fishor), with suggestions. What they woro hais not yet been officially disclosed, but it may be hazarded that the intention ie to induce the Government to raisa the protective duty upori certain commodities made in the Dominion. Tho Victorian Chamber of Manufacturers also wants heavier duties put on to goods imported that can be and are already mado in tho Commonwealth, but it has not, ib thinks, received much sympathy or encouragement frdm the Federal Government. Mr. Tudor, Ministpr for Customs, in a letter to tho Chahiberj observed that "whilst very many of thorn clamoured for additional protection, and asserted it was indispensable for the survival of tho industries they_ represented, when plain facts and evidence were asked for by this department in support of such applications, our very reasonable requests were met, except m a fow isolated instances, _ with contemptuous silence and inattention. Meanwhile, the industries in question not only appear to have survived, but many of them referred to have largely _. added to their plant, machinery, and building^ uhd to their output. It must be obvious that a, manufacturer having just add reftsonablo claims to the favourable consideration of the Government would not hesitate a moment to disclose a truthful statement of the facts which would demonstrate his right to such assistance, and only those who have good reason to fear a disclosure of their position would refuse." The information which tho Government requires the are not prepared to furnish, regarding it as " inquisitorial." Moreover, the Government was charged with using the twiff as " a weapon with whioh to increase the revenue with the object of devoting no inconsiderable portion to a particular section of the working: class. How, then, could the Government expect the manufacturers to supply figures to hostile forces?" Tho chairman of the Chamber said imports of boot* 1 and shoes had lhcreased in 1911, as compared with 1908. by "52 per cent., while wages paid in that industry had inoreased by 30 per cent. ', and imports of confectionery had increased by 80 per cent., while local manufactures of such goods had increased by 26 per cent., and yet wages in that trade had advanced by 88 p6r cent. STATE BORROWING.— The Australian States are becoming borrowers and lenders to One another. Queensland is among tho latter. Recently Queensland went on to the market for two loans and renewed a loan of £1,000,000 obtained from the Commonwealth. The State was not theft in waat of the money, but it was j considered prudent to take advantage of I the favourable opportunity for flotation. Queensland has how concluded negotia* tions making 1 a. certain portion of the money available for Victoria and South Australia to tide them over until thoir own loans are raieed. The loans are short-dated loans. > ' MEAT.— Local buyers for British meatimporting houses report little or no c i.f. business doing owing to the very high price" asked for both mutton and lamb. It is expected that there will soon be felt the effects of the diminished production, due to the slaughtermen's strike, and this difference between, employers and employed is causing buyers to hold their hands. Weddel's exhaustive review of the frozen meat trade, together with illuminating graphs and statistics, is to hand. It is therein shown that 62 39 per cent, of the meat consumed was British grown, and 37.61 per cent, imported. Of tho imported the quantities consumed were — Australian, 5.26 per ,cent. ; New Zealand, 6.84 per cent. ; and South American. 13.13 per cent. ; South America and U.S.A., and Canada contributed 10.97 per cent, chilled beef. It is pointed out that of the 163,973 tons imported from South America, or 24.55 per cent, of the whole, all passed through two Argentine freezing works owiipd by North Americans, representing 9.23 per cent, of the total' consumption. Weddels point out that "it is very evident that when nearly onetenth of the whole supply is controlled by the owners of these two works, the markets of the, country art> to a certain extent liable to be dominated by these ehitfperd; ! and, of course, so far ,as imported meat alono is concerned, the proportion furnished by them, being nearly one-fourth, necessarily enjoys still greatei power, oouth America is. undoubtedly the key to the situation as regards Britain's supply of imported meats *, and, for better or for worse, the key is already largely in foreign bands." DAlft\ r JPRODtrCE.-The tone of the London butter market^ at the moment is improved, but private information goes to show that this applies only to choicest lines. Colder weather in tho United Kingdom and on tho Continent generally is believed to account for tho present state of the market. At the same time the price ie reckoned at an equivalent of llAd per lb, f.o.b. New Zealand. There is"a better enquiry from Vancouver at this figure, and South Africa is also an enOuirer, but on a lower basis than New Zealand is prepared to quit. Consequently Australia is meeting the South African ' demand to a greater extent than New Zealand can do. Cheese is unchanged, and m the opinion ot some shippers here ib likely to stay whero it- is for some time. Oompl&intg are made principally of Taranaki make, of a lower grading this season for given outputs, which last year easily secured the highest market. It is understood that the cheese is beingshipped avvfiy-fh too green a condition. HOPS.— When the mail left Sydney ! reports had rboen received from Hobart that the hop growers there had exalted ideae of values of the new season's cron. ' It was , roalifißd, however, that there was every probability of a first-class New Zeab<nd crop, and in that case Hobart would meet with severe competition from Nelson, because, neither England nor tho Continent was taking New Zealand hops this season. RABBITS.— In his annual statistics relating to importations into the Unit*d Kingdom of rabhite from Australia, and New Zealand, Mr. F. Law Mitchell, London, gives tho following figures (in crates) of importations over the pasfc four years: — 1909 1910 1911 1912 Australian 718,781 812,993 6*6,747 490,870 New Zealand 95,133 113,635 109,565 92>88 811,914 926,678 756,312 583\35f} The decrease in imports would indicate that the rabbit post problem 'is being 1 profitably solved, dv «omo parts at any rate ; but the great rcdtiction Of imports of last year compared with 1911 accounts, too, for the present high prices of rabbits. PRODUCE.— There haa been good enquiry in. the Dunedin wheat market on the part of millers, most of whom are finding their stocks getting down, and they have (ao the Otago Daily Times points out) be*n securing: mixing linee io keep the mills going. Sales have taken p ace at sidings in North Otago at 33 ojd to 3s 6^d,- the latter being for prime velvet. It is thought in the South that the heavy freights ruling for shipment to the United Kingdom will debar the movement of any large quantity of New Zealand wheat in that direction, especially as the American crop is a record one while Australia will have a very large exportable 1 Surplus. Tit* oat market i* quiet. Dunedin lnerchiihts are indisposed to do much forward business, while "farmers, on the other hand, are standing outfor ful} prices. The demand from' Australia is not expected to be so keen as it has been, in view of the fair crop in Victoria and f=,mall surpluses in Western Australia, Tasmania, and South Australia. The United Farmers' Co operative Distributing Company report local prices as follow: — Wheat, whole fowl, prime, 46 4d and 4s 5d per bushel ; maize, prime Gisborne,_ 4s lOd ; oate, prime short feod 2?40d, prime Algerian seed 3s 4d, prime Gartoti seed 3» 2d, prime Duns 3s 2d, prime Sparrowbill seea 3s 2d, prime Black Tartarian seed 3a 2d, prime Black Excelsior ©eed 3s 2d i Cape barky seed, 33 8d « chaff) prime) oateusheaf new eea>

son's, £5 per ton; liran, '£5 ss; ricchumil, brown £G, while £6 ss; |iolliird, £7; barley meal, £7; flour, Timaru roller, £9 10s ; pure ground pen flour, £7; cocksfoot, farmers' dressed 5d per lb., machine dressed 7d and 7i-d; perennial ryegrass, machine dressed 30lb seed, 4s 9d to 5s od per bushel ; Italian ryegrass, machine dressed 301b 6eed, ss; bacon, prime factory 9|d, rolls 10i<l por lb ; beans, horse seed, 4s 9d per bushel ; peas, Partridge seed 4s 3d, feed 3s MM, Prussian blue seed 6s; linseed oilcake, £13 5s per ton; whole linseed, £17 10s; crushed 'linseed, £20. DRIED fffiUlTS.— The Australian Dried Fruitd' Association withdrew all prices for now season's currants in all grades, as in answer to the M'Laren Vale growers' reduction of prices of Id pel' pound. Tho rises in tho Australian associated prices of currants and Other fruits were referred to recently in Tho Post. As a result business in lines controlled by the Dried Fruits Association was at a standstill in Australia when the mail left. M'Laren Valo grower* were handicapped in pushing the salo of their currants, as they had no sultanas to offer, but it was hoped that arrangements would be mada for the supply of this fruit by growers iv Victoria, Now South Wales, and South Australia, who aro outside the association. The Australian grocery trade, both wholesale and retail* are naturally much disturbed by the association's action iv withdrawing prices for currants, and are keenly interested in the efforts of M'Laren Valo to enter the trade at the prices at »*hich their lines have been offered. The Australian now season's apricots ha'vo opened up well. In canned fruits mer ! chants have found canners go past them, selling direct to the retailer, and some of thn larger hoUßas aro finding a difficulty in obtauiing suplies of peaches. i — — — — HEMP.— The market hns slumped, and buyers have, it jb reported, completely withdrawn from it. There is no enquiry for cither hemp or tow for direct shipment or forward. Prices are Merely nominal. In fact one largo local house reports that 10s below the figures quoted in the High Commissioner's last cable from London would fail to attract busihess. The following" prices to millers today, thereforp aro only to bo 'taken as approximate: — Good fair grado, £27 15s per ton; high point fair, £26 sb; low poiht, fair £25 15s. liAPOK.— A cable was' privately roceived here-, on Monday 'from Samarang, showing that the kapok market was exceptionally firm, with but little likelihood of prices coming back for eomc time. Efforts wero made to secure a large line at rates slightly reduced on thosd that have been prevailing^ for some time past, but the offer was declined. GROCERIES.— Coconut has advanced iti Colombo Is 3d per 6wt. There has been a further small advance of cream of tartar. Tho National Union of Fish,Curerg of 1 Franco had been invitod by the Government when tho mail loft, to discuss in Paris tho crisiß that has arisen in the Breton sardine canning industry. Some of the more important French firms are said to have made arrangements to transfer thoir activities to Spam and Portugal. It is feared that 'the sardine fisheries on tho Ftench coasts will be abandoned. It is reported .that the priceß of Alaskan, British Columbia, and Pacific States salmon will bo easier when they como oift in July riefct fot" the best Qualities packet!. Borax Consolidated has advanced prices 10s per ton, following an Advance of £1 per ton last month. Cabled quotations for 'clothes pegs qudto an advance of 3d per box.