TRADE ITEMS

Evening Star, Issue 17955, 28 April 1922, Page 8

TRADE ITEMS

DAIRY PRODUCE DISPOSAL. Thoro was an unmistakable atmosphere of cow in Bond street yesterday. The reason was the meeting of those concerned in the dairying industry to discuss the proposal for the formation of a, dairy produce pool. For some time past thoro lias been a. feeling that Tooloy street has not always been soiling New Zealand consignments to the best advantage. It has even been hinted that on occasion the London market has'been rigged. The discrepancy sometimes noticeable between prices lui Canadian and New Zealand cheese, and between Danish and New Zealand buttiu, has often been hard to explain. Danish butter has once, at least, been quoted at 60s per cwt higher than Now Zealand butter, whereas there is no real justification for Danish bringing move than a shade above New Zealand prices. 'the proposal is that there shall bo a board in London representative of New Zealand interests; that this board shall fix the prices, and shall sell Now Zealand ments only through certain selected Tooloy street linns. The result of the meeting yesterday was anything but definite. 'The South Island Dairy Association is compact, but there appears to bo less harmonious combination in the North Island conduct of dairy affairs. Another proposition put forward in the dairying industry is that, beginning with next season, there should be held fortnightly or monthly auction sales of bptter and cheese in New Zealand, at which buyers for Home and local markets would operate, just as is clone in the wool trade. SECURITIES APPRECIATE. American reports show that prices for almost all classes of investment stocks, including railways and other Industrials, as well as Government and municipal issues, arc on the up grade, now showing a marked recovery from the post-armistice slump. Commercial men locally have commented on the fact that nearly all the slumps and trade depressions which spread over the world periodically seem to have their origin in the United States. It was so in respect of the Wall street panic of some fourteen or fifteen years ago. SimiInrlv the American recovery of the present time is now being reflected in New Zealand, prices of most concerns listed on the Stock Exchange showing a decided finning tendency. The demand for investment stocks’in New Zealand indicates that money is less tight than has been the case, and when expenditure of the new Government loan money begins conditions may become easier. The rush of British investors to participate in New Zealand Government and municipal flotations, the Wellington City Corporation loan being a notable instance, seems to indicate that the days of going on the local market for money"for public purposes are over for 1 lie time ’ being. This should release more money for ordinary trading purposes, and it mav be that ventures, such as the new glass-blowing concern in Christchurch, have chosen it not inopportune time to approach (he public for funds. This should help us a little out of the. unemployed difficulty. The banks, however, are slow to reduce their rates of interest on overdrafts. In the matter of exchange on remittances to other countries some of theim charges have recently been increased There seems some point in the contention which a commercial man has just put forward that New Zealand would benefit by the competition of an outside hank, such as the Commonwealth Bank provides in Australia. COAL PRICES. It is being confidently anticipated; in local trade circles that a substantial reduction in the price of coal is imminent. Some comparatively new coals arc corning on this market, principally from Southland, and there arc signs of rivalry among the vaiions companies to effect sales. Cheaper coal should be a boon id industry generally.

TftiXSPOBI HANDICAPS. Merchants report that tho shipping companies are catering for business and socking cargoes with unwonted keenness, this being in marked contrast with their attitude during the war and for some time after. It is undeniable that hi trade circles a good deal of soreness is felt in regard to tho treatment meted out by shipping companies. The partial boycott of tho ’ Upper Harbor in favor of Port Chalmers is a matter which not only the merchants, bat every holder of Otago Harbor Board debentures should take up out of sheer self-preservation. Why vessels arrive at this port too deeply laden to negotiate.tho Victoria Channel is because a typical itinerary in New Zealand waters is something like the following Arrive at Wellington and discharge cargo- for that port; proceed north to Auckland and discharge more, also load homeward cargo; work south, taking in cargo at each port visited; finally reach Dunedin almost a full ship. The delay which Dunedin consignees suffer compared with northern importers is bad enough, but the additional charges to which are subject through berthage at Port Chalmers constitute a serious matter. Comparison of railway Tates shows that the Christchurch-Lyttelton section receive* preferential treatment as against the Dun-odin-Port Chalmers section, freight and charges working out at someihing like Zs lid per ton and 6s 6d per ton respective! v'. while certain concessions granted north, but not here permit of far gioatc-r convenience and despatch. TOBACCO TOO DEAR.

It is hard to find justification for the recent fresh rise in prices for tobacco. This commodity has gone up by v py much more than the increase in the_ duties, and despite tho fact that flic disclosed profits of the parent company,_ de-ived chiefly from the returns from its share holdings in the subsidiary companies in this monopolistic, trust, are on a mammoth scale. Typical comparisons are that a jib plug which in 1914 sold over tho counter at Is 6d now costs ?s 2d, _ while a. cigarette tobacco which m 1915 cost Is per packet now costs 2s Sd, a rise of 5d having been made in the last fortnight. A'great deal of quiet grumbling is belli" indulged in. but what is needed is concerted action on the part of the public, which might show Viscount St. Davids that the demand is not so “ inelastic i.c.. little affected by prices—as he comlilaccntlv declared it to bo at tLe_ parent corn pane’s last annual meeting conrrrntnlating shareholders on their .mg dividends, made chiefly, as he admitted, out of the colonial consumer. ' j

Til!’, WOOLLEN INDUSTRY. New Zealand woollen mills an- looking abroad for markets for thou- produds, but- in many cases are confronted b\ Lus- j toms tariff barriers. There once were good markets in America and Australia for Now Zealand nigs, hut duties are now prohibitive. Detail? of the _ reciprocity treaty with Australia aro impatiently awaited, for it is hoped that this trade mav be regained. Trade too often hiw to fret in the wako of. slow-moving_ politics. There is, however, a good held in South Africa for New Zealand woollen manufactures, each distributing centres ns Bulawayo’ taking, besides mgs, fine New Zealand woollen goods and'"ciislimere. Practically no rugs are imported into New Zealand, except small quantities of_ cheap rutrs of ho “bull's wool and oakum’' type. Two New Zealand nulls, one in the North Island and one in the South, arc now turning out relatively cheap nigs, which it is hoped will replace this imported shoddy. Other mills aro now turning out ready-to-wear suits in such a number of sizes as should ensure any build being fitted. The versatility of tho New Zealand mills is remarkable. Whereas in the British and Continental trade different firms 'specialise in only one of the many different processes between l ' :iw matevml to finished article, in tho New Zealand nulls tho various departments do everything involved in tho transformation from greasy fleece to tweed rolls, underwear, 01 hosiery, including dyeing, Recent .severe tents showed New Zealand dyeing in a very favorable light compared with tho imported article. The. expectation that wool, especially cross-hrccls. will make a decided advance in price in London at tho next series of sales is general,’ but it has to be remembered that this rise has been already anticipated by Homo buyers at the last three sales held in New Zealand. Their limits had obviously been extended to well above London parity, Jn fact, wool was. being bought here at about the same . price ,as its landed cost in London, representing perhaps l£d per Ih bettor return to tho grower by selling locally instead of shipping Home for sale. THE HARVEST. Good supplies of somewhat discolored oats aro now coming forward, but tho crop will turn out a good deal better than rnanv people anticipated. Hillers n.ro now getting excellent samples of wheat fiom North Otago and Canterbury, the improvement being chiefly due to its having been threshed out of stack, whereas earlier supplies had been threshed from tho stock. From South Otago and Southland there are some rather depressing reports of wheat and oats that have been leu weeks in stock and not yet stacked, while in a few cases the crop has not even been cut. It looks inevitable that some crops will have to stay in etack until tho spring to allow the grain to harden up. EXPORT FIGURES FOR QUARTER, An official .return gazetted yesterday shows tho respective values of exports from the principal ports of New Zealand during tho quarter ended March. 51 last: 1921. 1922. Auckland £4,306,899 £2,678,059 Tokomam Bay 81,321 159,692 Gisborne 581,795 466,214 New Plymouth 988,605 285.004 Patca 580,978 160,336 Wanganui 1,251.038 357,220 Wellington ... 1,308,957 5,240,635 Napier 799,015 765,670 Wairau and Piclon 166,507 216,499 Nelson 81,101 150,258 Lyttelton 1,120,829 1,492,772 Tiinnru 559,203 772,376 Oamaru 141,612 149,100 Dunedin 649,065 663,717 ■ Invercargill ... 614,981 496,397 Dominion total £13,196,514 £12,162,570 It will bo noted that Wellington holds tho premier position as a port of export. During the vear her exports have far move th in doubled, while those of Auckland, Gisborne, New Plymouth, Patca, Wanganui, Napier, and Invercargill show a considerable decrease. The Wellington exports exceed those of Auckland, the next port, by over half a million sterling. Of £12,162,570, our total exports during tho past March quarter, no less than £10,459,717 went to the United Kingdom, and of tho £15.196,514 of exports lor the March quarter of 1921, no less than £12,035,060 went to the Old Country.