COMMERCIAL & FINANCIAL

Evening Post, Volume XCIII, Issue 128, 30 May 1917, Page 4

COMMERCIAL & FINANCIAL

Evening Post, Wednesday.

Ac a. -result of enquiries mad© by The Post, it was ascertained that imported supplies of drapery goods are coming to hand in far better volume than was ex"pcicted. Certain lines, which include linoleums, plain oalicoes, and some cotton piece goods, are rather short in delivery, but for the rest requirements appear to bo well mot and stocks are loirge. They are, however, considered to be of good value, as future arrivals are expected to be spasmodic. There is ample hosiery to meet current and immediate future requirements. Dress materials of wool or containing wool are extremely high in price Millinery is in ample supply Locally-made woollen goods of. light weight ore reported to be very high in prico, but not nearly so dear as goods of a corresponding character in the United Kingdom. ~> Government has made and continues to make heavy demands on manufacturers for coarse woollen, goods, and such are scarce for civilian requirements. ' Japan is a big supplier of haberdashery and flannelette and other cotton piece goods, also buttons and "domes" and cotton underclothing The supply of lace goods by China (from Cheefoo) is now assuming large proportions in this market. It is estimated that all • English woollen goods usually imported have advanced 100 to 115 per cent, on pre-war prices, especially so in the case of blankets and bush rugs; and finer woollen goods that cost lOd per pound are now 21i<l per pound in many manufactured lines. Any moderation in prices is not looked for until after the war.. The New Zealand retail trade, notwithstanding heavy stocks held and the high prices ruling, appe-ars on the whole to be very good and engagements generally weli met. It is considered rother too early to suggest what the effect of the groat increases in wholesale prices will have upon business, _ as, although there may have been notioed a shrinkage in the volume of business done in some directions, the higher values have compensated for reduction (if any) in sales.

Private cabled advices have been received from Now York showing an advance of 21 dols. 60 cents in direct freights to New Zealand on those ruling immediately prior to the United States' entry into .the War

According to the Sydney Morning Herald life assurance business in Australia, and New Zealand has increased by over £43,000,000 sterling since 1910. The growth of . ordinary life business is as follows: — ' 1910. 1915-16. Assurance and Thrift — 215.966 Australasian T: and G 3,956,045 5,276.432 Australian Alliance 173,257 112,937 Australian Amicable — 16,175 Aus. Metropolitan ... 239.865 386.039 A.M.P 68,709:676 87,230,314 Australian Provincial — 674,424 City Mutual 2,435,58 3,826.879 Colonial Mutual 12,189,467 13,400,218 Co-operative —' 166,667 Liverpool and London and Globe . 187,563 128,741 Mutual and Citizens' 21,181,885 22.704,731 National Mutual 23,012,489 30,532,282 People's Prudential 132,411 267,953 Provident Life * 406,614 Totals 132,218,711 175,345,563 *Not available. Industrial business has increased for all offices from £10,779,358 in 1910 to" £17,316,172 in 1916.

HEMP—Production of fibre is being well maintained, but tho. quality leaves much to bo desired when comparison is made with the quality of fibre turned out when prices laro lower Buying is restricted by reason of the tonnage shortage, and prices are merely nominal to-day at £51 per ton for good fair, £50 for high fair, and £48 for low Tow is a drug in tho market. Higher freights are expected. '

DAIRY PRODUCE.-The tono of the London butter market is quieter for this week, compared with last. New Zealand choicest is quoted at 196s to 200s per owt. Demand is slow probably on account of restricted consumption beginning to mako itself felt in combination with ampler supplies from domestic sources and from the Continent —whenever supplies can be landed. Dalgety's, London, thus report (as on 26th March) on the butter position in London: "The sudden cessation of business has been a surprising feature of the market, the only explanation thereof being that before the list of prices was compiled (Lord Devonport's official maximum prices) buyers had regularly purchased in excess of their requirements, believing that as the markets had shown a continuous upward tendency, they would havo good values on hand, but with the new regulations in force there is no need for thorn to operate further. A large amount of profiteering business has been done, whioh has been detrimental to the interest of .the industry, and the hope has been' expressed that the order will be continued after the war. Attention must also be given to the fact that notwithstanding the total absence of Danish (ot which large quantities may arrive at any moment), the recent imports into the United Kingdom have shown a considerable increase as compared with the corresponding period last year." The imports referred to from, all countrios wore as follow: and February, 1916, 282,455 owt; 1917, 375,620 cwt. In the two months the increased imports were from Holland and Canada. There is at the moment but little reduction of tho great accumulations of New Zealand butter in store compared with returns of^ last week. Measures for making more provision for the .storage of butter, oven to some exclusion of meat, aro • under consideration of those engaged in the export trade, with a. view to making suggestions to^ tho Government on the subject. But littio comfort is now derived from the fact that Australia might have to import butter, and so would bo able to absorb some of tho New Zealand surplus. There has been a slight drop in production in New South Wales, and export from cool store is stopped. Inter-state business in Victoria, had been suspended when the mail left; business from Western Australia and South Australia going past Melbourne to Brisbane. Victorian production is increasing, and it is expected that there will be ar. exportable surplus in July. Queensland i, 1? accumulating supplies. Tho cheese situation remains much the same as last week so far as accumulations aro concern' cd. For tho 191617 season, however, 375,558 crates have been paid for and shipped. No news privately or. otherwise has been received of the Imperial Government's intention to requisition Canadian cheese supplies through tho Dominion Government.

GENERAL GOODS.—Mildurn, sultanas are being delivered at id per pound advance on opom'ng rates. Mildura currants for export are reduced to 20 por cent, of the pack, and orders aro reduced correspondingly. According to the New York Journal of Commerce endeavours are being made to secure as much of the salmon pack as possible for foreign Governments. The Italian Government, for instance, had placed a particularly largo order. Holders arc quoting higher prices for the larger quantities in order to keep regular customers supplied at prevailing market rates. Enquiries for heavy lines invariably show » substantial advance on market quotations. The Italian Government was reported to require 100,000 cases of "Chums." Norwegian carbide of calcium is coining to hand, but slowly, and deliveries are much curtailed. Now season's kapok and other Eastern lines aro now distributing in Wellington. Lick salt for sheop and cattle is now distributing in ton pound blocks. It is from America, and is competing with Liverpool rocksalt. American fancy chocolates (some manufactured in Salt Lake City) •ire making up for shortage of importations of similar goods from otlie/ countries. . An advance of lOd per dozen has boon made on Hawaiian new pack pineapples. ,

TEA.—Colombo tea sales last week indicated a drop of jd per pound on previ-. ous sale rates for common tens. Mediums worn firm, and bettor grades showed an 'advance of about id por pound. QutUity w»8 only fair to mndiiun.