COMMERCIAL & FINANCIAL

Evening Post, Volume XCV, Issue 50, 27 February 1918, Page 11

COMMERCIAL & FINANCIAL

Evening Post, Wednesday. . The cablegram from London to tho effect that the War Cabinet has decided thai food imports shall have priority ovpr all other war demands in allocating shipping explains the preference now beinggiven to the export of all foodstuffs from New Zealand. This may be represented by meat, butter, cheese, canned meats, and rabbits. General cargo space, usually filled by wool, skine, hemp, tallow, etc., can be made available for Australian wheat, and tho insulated spaco filled with above New Zealand foodstuffs, canned meat excepted, and which can be carried as general cargo. One result of such an allocation of shipping space will be the accentuation of the position with respect to tallow and hemp, of which large quantities are already in various stores. The United States and Canada may afford a limited outlet for these two commodities; in fact, Auckland shipped some 400 tons of tallow to Canada during- last month. But exports to the United Kingdom'are almost nil. The accumulations will bevery heavy by the time tho slaughteringseason ends. Tho only relief would appear to be the requisition of the tallow on Imperial account, as has been proposed for Australia.. Hemp is rather more difficult and costly to store, and is worth a lot of money to-day. Hides, skins, and other general cargo lines of importance will obviously hare to give place to foodstuffs. Wool also may-be held back in large quantities. Advices from New York exporters are to the effect that co far as New Zealand is concerned sales are being made 6ubjeofc to shipment by sailing vessel "as opportunity offers." A fair amount of freight by both sail and steam is available from San Francisco, but nothing like sufficient to meet requirements. . Mr. George Crowley, Chairman, of the City Mutual Life Assurance Society, Sydney, advises that during tho year the society entered the ranks of millionaire life offices. Claims by death were very iheavy, being over £61,000, of which no less than £45,000 represented war casual- i ties of more than 300 lives. ' ] DRIED APPLE CONTRACT.-A. sale of 1800 tons of evaporated Australian ■ apples to the Imperial Government has just been concluded. Deliveries are to bo at the rate of 300 tons per month' from March to August inclusive. The price is 7d per pound. Tasmania will furnish the bulk of the supplies. ~ BUTTER EXPORTI-In the House of Commons, just before the adjournment for the Christmas recess, Mr. William Thorns enquired of the Parliamentary Secretary to the Ministry of Food whother tho price of butter charged by tho Government to importers and wholesalers: was <252s per cv.-t, less the importer's commission at 2 per cent, and the wholesaler'scommission of 4or 4£ per cent.; if he was aware that this butter cost the Government, last April, about 182s and 186s, plus cold storage, which would bring the priceto about 190s to-day (17th December); if he could give reasons wfiy the Government Ehould make a profit of liearly 20 per cent ' if ho .was aware thai thi? butter included Danish and Dutch, for which they were paying, considerably more; if he was aware that the quantity imported la infinitesimal; if he would explain why the Government fixed the price at 252s all round, as the great bulk of the butter, viz., Australian and Now Zealand, was bought by the Government for from 182s to 186 a; and if he would tako action in the matter.—Mr. Clynes in. reply: The figure .-given 'for'the price to tho importer is correct; but the other figures of 'cost apply only to a, portion of the butter, and do not include all the exponsos: involved. The price to the importer is an average price, fixed so as to secure butter at a definite price to tho consumer over' a reasonable period without any profit or loss to the Government, and without tho possibility of speculative profits by 'distributors. Since it is an average price, it follows that some butter costs more than I the price at which it is sold, and ■ some costs-less. In the opinion of the Food Controller it would be most undesirable to return to a. system under which the price to the consumer was, in practice, mainly determined by tho price of the dearest butter in the market—which, of course, would be very much more than the average price. . ■ -.-.'-.. '.HEMP-.—Prices to millers to-day are approximately, as follow:—Good fair grade,----£54 _ per ton; high fair, £55; low fair, £51. Tow: No. ,1, £10 per ton; No. 2, £9; No 3, £7. Merchants are taking the risk of getting the' fibre away, but the prospects of this are reported as far from encouraging. United States buyers are holding their hands pending the Government fixation of the price of Manila for working into binder twine for next harvest. GENERAL GOODS.-American new season's canned fruit prices are expected to be announced shortly, and it is probable that they will open at a substantial advance on last season's opening rates, providing the goods ar3 permitted to.leav* the States at all. Canadian herrings are obtaining a fairly firm hold on this market. The trade preference is for a flat oval tin, but samples have been received of herrings packed in "tall" tins, similar to salmon containers—a type of packing cpmmon in the English market, j American herrings, being a, prohibited ex- j port, has left Australia, short.-Machonoch- I ieV latest advices of the Scottish herring ] position is that as eac-n as possible ■ im- ! porters will bo notified of any change. It is evident that all the fish handled by British paokers are required for home consumption, and that export business on tho pre-war lines cannot be entertained. New pack Canadian herrings, now being distributed in this market, are reported as turning out satisfactorily. Australian, table salt, in cartons, has made its appearance in the warehouses. Fair supplies of American salt in the form of table and castor salt, "licks," and preserving varieties are . now arriving.' "Brown" sago exporters' prices have shown a slight advance on the week; tho. "white" sagoDJ still rule very high. A riso in tho prico of Australian dressed rice V.s expected. Queensland canned pineapples, of excellent quality, are in the. market, but there is a difficulty experienced in obtaining regular and sufficient supplies. Singapore packers are. now putting up a superior lino of slioed pineapples,,. which is attracting some ' attention; but the usual cube and chunk pines arc also being supplied. Prices, for the 1918 Hawaiian pack of nineapples are not yet declared, but of the 1917 pack only some 50 per cent, have so far been delivered of the quantities required and ordered for New Zealand. American high-class chocolates in boxes are reported as increasing their hold on this and Australian markets, and the goods on tho samples shown are most attraotively picked. Cocoa and mustard in tins put up iv California aro also now appearing among New Zealand imports. It is expected that,., in consequence of the .extremely high price of tin and tho call for .sheet iron and steel, neither America -nor Great Britain will permit unrestricted export of goods in tins. Some other material for containers will have to be used in which tin is absent or used only on 'tops and bottoms. This being so, it is held by so'mi; in tho import trade that all foods convertible, or other articles in tins that) may be in stock or to arrive, will bo of high valus. Owing to the uncertainty of obtaining direct shipping space for New Zealand, Gourepore unseed oil shippers are not quoting. A strictly limited business in tin plates is being dono. Owing to advanced coat of materials a further rise i:i candies is reported as not unlikely. "-'.., -. , ~ ■■''•- iTBA.—The Calcutta sales aro now practically suspended for 1 the season. Colombo reports this' week, an offering of only-half a million pounds.instead of tliG customary catalogue at this time of year oi 1A to 13 millions. Heavy demands from, the United Kingdom have made buying for Australia and New Zealand rather diffioulf. Prices at last Colombo: ;alo ■showed a. rise of id to id or, all broken tens and a hoavy advance en all eaf teas'. ■t'HE-MiUALS.-Witli the'exception of he partial fulfilment cl orders long over-,

clue and snow on the way, requirements of caustic soda, and soda- ash have to be met'out of already shrinking stocks. The War Trado Board at Wellington is reported as having refused all permits to ship caustic to' nny other market than that of the United States. English manufacturers are unable to quote at all at tho present time. Cream of tartar is exceedingly scarce, and very high values are- still " obtaina-blo. Supplies from. France and Italy are quoted as to be shipped to Australia, only via. Port Said, which means transhipping charges added to the already heavy freight rates. Small supplies of American, cream of. ta.rtar a-e arriving, .but at very high prices. English citrio acid manufacturers have made an advance of 5 per cent, on last quotations. ■