COMMERCIAL.

Gisborne Times, Volume XXVI, Issue 2129, 2 March 1908, Page 1

COMMERCIAL.

PRODUCE SALES. Tlid following prices wore realised ut Messrs I l ’. S. Male© lau and Co.’s mart on Saturday :—Roosters Is (id to 2s 3d, ducks 2s (id to 3s, gobbler* Is, eggs Is 7d to Is Bd, butler Is, jie.ielies 2d to 3d, onions lid to 2d, poais IJd to 2d, tipples Id to 2d, melons (is do:',., beefs 4* (loss bills., cucumbers Is 3d, lemons (ill do/.., potatoes ltd lb, (Itis to 20s sack), quinces Is (id case, grapes 2d to -Id, tomatoes 2d lb, carrots 3d billo, swedes 3d lidle. Messrs -Miller and Craig report tbe following prices at Saturday's sale: liens Is 3d to 2s, cockerels 7d to Is, roosters Is to Is (id, ducks Is (id to Is Sd, turkey gobblers (is, bantam* its, eggs Is (iii to Is llkl, butter iOit to Is lb, bacon 7d lb, potatoes'.l-id lb, 13s Gd to 22s (id sack, marrows 2s 9d and 3s do/., pumpkin:- is oil and os do/, onions lid and lid lb, pickling onions IJd and 2d lb, cabbage Is (id to 2s Gd do/, cucumbers Is doss, carrots ,3s do/ bill., water melons Is 3d cacti, •pi© melons 7d and 8d each, bananas ’ss Gd ease, swedes 5d bill., and 2s bag, pears, Id to 2d, and 3s box, plum* 2s Gd box, tomatoes Ild to 2id lb. HOibSE SALE. At Messrs. Williams and Kettle’s horse bazaar on Saturday thero was keen competition, and the entry was large. A line of 25 throe-year-old unbroken hacks from Xgatapa sold well at from £'s 10s to £lB os. Three-year-old draught fillies sold at from £25 to £37, and draught geldings up. to £4l. Brokon-in hacks sold from £G 10s.

CUSTOMS REVENUE. The following revenue was received at the Custom House last week: Customs duties £1213 Os, beer duty £35 12s (id, light dues £2-1 Ss sd, shipping fees £1 (is, Harbor Board revenue £lB3 18s 3d, other receipts £1 total, £llsO lls 2d. The revenue for the month of February was as follows:- —Spirits £1509 Ss -Id, cigars £325 JBs Oil, tobacco £627 7s Gil, wine £lO5 4s, beer £lB5, cocoa £G ss, goods by weight £IOO Is Gd, goods ad valorem £974 10s, other duties £35; total £1027 15s Id; excise duty £OB lis Gd. Kor Februnrv, 1007,* the duties collected was £3002 7s lOd.

The New Zealand Loan and Mercantile Agency report as follows on their stock sale liekl on Thursday, 27th instant:— The attendance was larger than usual anil the bidding for sheep especially was much improved.

SHEEP. \Ve yarded 5,524 and sold 5,408 under the hammer at prices which show a considerable improvement on recent sales quotations, due chiefly to the, better weather conditions, but assisted also by the l-ccent allotment of the Jvaiia'kanaia block which required stocking. Our day’s sales were as follows: —Cull ewes 5s to 7is Gd. according to age and condition; four and five year old owes good lines, 13s 9d to 14s. At, this price- we sold about 1,300 bred by J. and F. Bowen. These wore a very creditable line indeed. Wethers were a good entry. We spld about 2000 2-tooths at from 11s 3d to 12s, Tbe lambs in the sale made from Ss to 9s, a marked improvement on recent sales rates. We sold 2-tooth Border Leicester lambs at guineas, and 2-tooth Lincolns from the same breeder at £-1 4s. CATTLE.

Were a small entry. Of 33 in the sal' wo sold 20. Beef steers, light weights made £6, and heifers 2-vear old £2 17s. PIGS. There was little or,no demand. We sold killable pigs at 30s. Our next sale will take place on Thursday sth March, for which we have already a good entry included in-which are 3,000 of the well-known Xgatapa ewes, which will be very suitable for anyone wanting breeding ewes.

OUR YORKSHIRE LETTERa THE FINANCIAL ASPECT OF THE WOOL TRADE. (From our Special Correspondent.) BRADFORD, Jan. 10. 1908. It is common knowledge to every careful reader of this issue that wool values- have seriously fallen since the middle of last October, involving rather serious loss to one or two sections of the trade. It is well to state at the outset that it is now a common practice for the largest manufacturers to go out to Australia, New /tealand, and Buenos Aires about the month of August to be ready for the opening of the seasons' sales. It will be remembered that »t rhe fifth series of London sales, width began last- (September 24tlr, merino wools took a sudden jump, amounting lor good combing produce as high as 2d iier lb. This followed a steadily advancing market from the very beginning of 1907. consequently i.t the end of the Soptembor-Oetober series prices for lino wools looked rather dangerous. The trade was I nil v warned at the time that in view of adequate supplies that current prices could not be expected to last; and yet for all that many homo and Continental buyers rushed in headlong Hid bought heavily at extreme prices early in the season. Just as showinn "ihe course of events, the following tabic sets out the full course of “tops”, i.e., combed wool in Bradford since the highest point was

The above facts mean that considerable losses have now to be faced, and with comparative deir money the financial aspect of matters is appealing very poignantly to many, the question arises, How far has Bradford been hit? The natural conclusion one arrives at by a study ol the above facts is that handlers o. crossbreds have been heavily liitj and that is so. All last year the strong fibred wools never assumed the healthy appearance that merinos cUd, and as considerable stocks were held, corresponding losses have to be faced, it is felt locally that those, dealing m merino wools have not suffered so severely as those handling crossbreds. The actual trouble will be confined to importers and topmakers, spinners and manufacturers not being anything like so severely affected. That rise last October upset the whole apple cart of the majority of users, especially simmers and manufacturers ' At the time many were ready for placing heavy contracts for

“I'nturn” delivery, but that -rise was lelt to be dictated so -much by special circumstances as to be unnatural, consequently many users refused to go forward. Just when they were again in a lumper for contracting forward news came from Australia that things were casing, this having the effect of causing the majority to again put oil’ buying. On tile other band it is to be feared that importers who went, out to Australia have (alien into tin* trap of purchasing in the hope that things would keep up, and where no “futures” acre sold forward at the then ruling price the losses are certain to be considerable. It is a very common practice in Bradford from August to December for importers to “sell torward” tops at the then ruling l nee, and those who did that will come out fairly well, but those who .simply bought wool on “spec” arc bound to be severely hit. It is here worthy ot remark that “futures” have been sold forward ill Bradford as low as 25d for a super GO’S top, and such foolish sales cannot but result in a loss. Gorman buyers have led the van in Coloni d markets, and they n list be badly~hit. It is common Knowledge that financial difficulties 1 rve been very pronounced, and Bradford which does a huge trade in yams and tops lias had during the past four months a very uneasy time. As fir back as last July, September, and October the stringency was keenly felt and remittances much del.iyeil, but during the past month considerable improvement has been noted in this particular. The failures have been mi important in the Fatherliml, though one big shipping house in Bradford with a very large Continental connection suspended payment in November wlicli for the time being seriously upset this market. It shows how easily local financial institutions will give credit when one bulk allowed an overdraft of £60,000 and another £50,000, the latter having practically no security. German purchases in Australia have been heavy, and nobody need yet be surprised to hear of wool being re-offered for sale in Bradford or trans-shipped to London. Naturally banks have been and still are of a very enquiring turn of mind. They realise that they have verv niiicli at stake, and as wool credits ill the past have been very die ip, they naturally arc looking on with considerable concern. So far there has been no difficulty in financing arrivals, but tbe real tug of war will bo felt in February, March and April when wool will be pouring in in tremendous quantities. Of course, there lias been during December many forced sales, one of the largest bouses in Bradford surprising everybody with throwing overboard mostly crossbred tops and selling same for cash at ridiculous prices. The future of wool values is pre-eminently a financial one, coupled with the return of renewed confidence. During the past week things have assumed a much more satisfactory attitude, and values for tops have risen about a penny per lb. from the lowest point, but it is too early yet to say that the crisis is over. Considerable relief lias been felt during the past week at the lowering of the bank rate from 7 to G per cent, and while I am writing this it is not unlikely that the Bank of England directors will bring it down to 5 per cent. In that case things are assuming a more normal attitude, and in consequence a decided improvement is alre illy observable, while more confidence is expressed over the future. Everybody rejoices that this is so, for a fortnight hack a very depressed feeling possessed the entire trade. I can’t say that the announcement that the American Woollen Company closing its huge mills is a “bull” factor, but tli© directors say they have done this in the best interests of the trade, and to prevent- a serious fall, which would he inevitable if over production became general. This limiting of consumption of wool rather means that stocks are likely to accumulate, and this' is bound to make itself felt in lessoned competition in every selling market in the world. The money stringency in America is undoubtedly of « far more serious nature and more widespread than is generally supposed; and it is going to take some time before its dire effects ’ have passed, away. In England there has never been any shortage of gold, only commeicial melt with a 7 per cent bankrate are bound in their own interests to seek outside assistance as little as possible, but thanks to the levelheaded character of the manages* and directors of Bradford banking institutions, they have never charged their clients .more than 5 per cent. The worst is undoubtedly passed, but at the same time I don’t think there is much likeliness of wool values materially improving in face of very large supplies for' some months to conic, but tho bottom has been touched.

touched : — Price on Oct. 18 111 d. 1’rice on Dec. 130th rl 70’s Colonial lops 131 27 (10 ’ s .. super 29 25 i s- .. 22 18.1 •Id’s .. 17 12i 130’s; 15 i J 2