COMMERCE AND FINANCE.

Lyttelton Times, Volume CXVIII, Issue 18573, 27 November 1920, Page 12

COMMERCE AND FINANCE.

(BY OUR FINANCIAL EDITOR.) STOCKS AND SHARES. The iccord of tho stock exchanges of the Dominion during tho week lias boon a mono* tonoua on? -of declining quotations amaU business. Forward sales of the new £.6,000,000 Government loan are still being made at the mid-week baeis of £BB, but there are indication? that tko price will go considerably lower. Inquiries are current for this stook at but no sales at this figure seem to have yot occurred. The week lias seen a further depreciation of tho quotations for other Government stock. Since nnd-wcek 1938 Bondß have fallen from.£9l to *9O m Auckland, and from £O3 to £9l m Chriatchurih. Insoribed stock, ji per cent has fallen from £9O 17s fid to £9O 10b in Dun* , edinV from £9l to <9O 10s _ in Wellington; and front £92 to £9l m Christchurch. Bank shares also show ft weaker tone. Buyers ox New Zealands are offering under .924, and -yesterday's closing selling price m Wellington was £34 ss. Australasias were yesterday offered by Dunedin sellers at £B7, and Unions at £l2 12s. Insurance shares have not fluctuated greatly, but New Zealand, South British and Standard are all a little weaker than at mid-week. P« and O. deferred have continued to slump, and Dunedin sellers were yesterday ready to quit at £420. Goldsbrough, Mort' are weaker, the Dunedin selling quotation, having dropped* from 38s Sd to 37» 3d since mid-week. Freezing company shaves are firmer than most other classes, and N.Z. Refrieerating are slightly Up compared with mid-week. They are still, however, about si* shillings below their price in Mav last. Th e latest mining quotations from Auckland show a slightly stronger tone. ADVANCE. IN PRICE OF BENZINE. Tho Vacuum Oil Company announces _ a farther advance of 2a a case on the price »f benzine HARDWARE. Linseed Oil—The market for oil is somewhat .uncertain and prices are more or less Speculative. To-day’s_ quotations are—Raw I3s fid per gallon, boiled 13s per gallon. * Whito Lead—No change in price is reported, Wld 100 s .per cwt in lewt packages stfll holds. ...... ... , Wire Nails—Tho market is firm and the demand is good at the* basis price of £54 per ton. Good stocks of all sizes of rose-heads are hold. . Some sizes of flat heads are in short supply. ' . . , Bar Iron—There is still an acute shortage of many 'of tho loading sizes, and quotations remain steady and unchanged at £l2, per ton bais'is for ordinary and £43 per ton basis for shoeing bars. -V • ■. Standard Iron—Some small consignments have come to hand from Australia, and the local mills have boen turning out some which las enabled a number of orders held over for some time to be executed. To-day's prioe for standards, out and punohed to order, is £37 10s per ton. Fencing Wire—At the moment there is very little inquiry for fencing wires, and present prices are:-Jib. 8 galvanised, £SO per ton; No.-9 galvanised is off the market; No. 8 blaok is £35 per, ton: No. 9 black, £36 per ton; - galvanised barbed wire, £B7 10* per ton; black barbed wire, £ls per ton. Galvanised Corrugated Iron—There 1* » eteady demand at £7O 10s per ton basis for “ Orh !' brand," all other makes being £BB per ton basis. AH sizes are available. Castor Oil—To-day's price is—ln drums, 10s per gallon; half-cases, 9r 9d per gallon. Sheet Lead— Present, quotation is £6O por ten by the, roll. > • m ' WATHI GOLD MINING 00. The following is the report on the principal operations carried out in tho Waihi mine during tho four-weekly period ended fceptember *, 1930: Dreadnought lode at No. 12 level, east of No. 4 shaft crosscut. The drive has advanced to S6sft; width of feef is about 20 <inoh.es. At No. 11 level, the 3S*rth* lode, south vein at Gtfift east, waa followed from 7 -to 80ft south. It eplit into two parts at 19ft. Value varied from 19s 2d fo 496 s lid per ton, and width from Sin to ton. v " SUBSIDY FOR BEET SUGAR. flu sugar shortage was touched on by the 4 £bn B, -P. Lee- at tho Chambers of Comtoero* Conference recently. “So far," he laid, “ the Government had not seen fit to lubstdiM the beet BUgwr industry, but if we should get over the sugar difficulty by production in the Dominion it would be well Worth trying. He did hot now see so many difficulties in the way os he first thought of, fold h* hoped something might be dona.” MARGARINE! MANUFACTURE. • The manufacture of margarine in Auckland upon a commercial scale is to be.comjbenoed shortly. A New Zealand oompany whieh will'carry on business under the name Of Abel’o, Limited, has been formed, and it is expected that operations -will be commenoed at Newmarket. early in' tho new year. Tho intention is to produoo margarine rn aooordanco with the slipulationa of ithe New Zealand law, which does not allow manufacture as oarried on in other countries, but bxoludea milk and colouring matter from tho finished product. Mr G. H. Abel, the managing director of the company, was in New Zealand about six months ago studying the laws and conditions in New Zealand. He

carried on experiments in Australia subse- , quently, finding that he could make a very ' good product for oooking purposes. Tho . margarine whioh it is intended to manufacture, will consist principally oi (selected animal fatß and of oils. The fats will be '/ obtained rom animals killed and treated under Government supervision in the different abattoirs in New Zealand. The benefits

which tho oompany olaims will accrue to \ the oountry are that the fats will be turned into « manufactured product here instead of being sent to England for manufacture and . consumption. There will be tho possibility of a new and fairly wide avenue of employment being opened, and in addition there will be involved the establishment of a secondary Industry for the treatment of one of the primary products of the Dominion. THE CBOOKEKX TKADE. In few trades have the conditions of the Ehad suoh a prioe-so axing effeot as in .crockery business,; . It was recently esented to a “New Zealand 'limes” reareporter that the cost of euoh important articles of everyday household use such as cups and saucers, plates, jugs, etc., has advanced since T 914 by roughly 600 per cent, *nd unless the unexpeoted happens there was • strong probability of a still further increase or 100 per oent. The housewife knows lull well that to replace articles in her depleted tea set nowadays ehe has to spend a tauoh largeT • sum compared with what she had to pay in-pre-war days. The "Times” Bepresentativb was further informed that ihetre did not Appear to be any prospect of m fall in crockery prices within the next six Mnouths at any rate. Trices wilt probably bo stable for about twelve months, and it remama to be seen what will happen at the end of that time. The position is uint most of the retail and wholesale establishments in the Dominion are at present holding lull Stocks in articles of crockery. Since theso Wero received the manuiacturers' price has leapt up with another bound. The tact, however, that local stocks at the previous ruling prices are lull, renders ! it unnecessary to placo further orders trom Home lor several months. “ The demand remains keen enough,” said a leading crockery salesman, “ but there is a noticeable falling off, people apparently expecting that there -will shortly be a fall in , prices. Our present abnormal stocks are likely to' last, out for some time, and even if there is an immediate drop in prices in England the decrease will not bo reflected hero for about nine months. It takes about that time for new supplies to come to hand. We are trading chiefly in English goods just How, .-We know for certain that there are supplies of croclceryware on tho Continent— Trance, Belgium, etc.?—awaiting shipment, biit some technicality has arisen ont of tho Peaoo Treaty and the stuff is .held up. As soon as it is lot out, the market will probably bo swamped,. and we (will have to practically give the goods away." But it would be some months before it would appear in this market.” It is interesting to note how prices of the commonest articles of crockery have risen in price. Plain white and gold English cups and saucers were 5s Gd per dozen ■ in 1014, but are now retailed nt 37a per. dozen. What ia Known a.s hotel-ware—in extra .strong china with rolled edges and plaih, finishing has advanced from ‘is 3d pci dozen before the war till to-day it is priced at 1-ls 6d. Similar advances have taken place in all other bread and butter lines. Tea sets'that five years ago cost 2os are how up to 853. ' While the war lasted there was a natural decline in quality, but & great improvement has been noticeable in recent supplies, end the value is How stated to be about as good as before the war. GRAIN AND PRODUCE. Business in the grain and produco market continues. to be absolutely lifeless. The few quotations for oats show a weaker tone ae for as Christchurch ia concerned. A fair amount of interest is being manifested in the level at whioh prices will open next season, but there is an almost complete absence of forward transactions. It is anticipated that; there will be an absence next season of the wild speculation which ended so disastrously this season for many merchants. “Values are expected to open on a fairly low basis for most lines. Fair shipments of oats to tho United Kingdom have been Rooked Ipr export on the lonic, and tho Mahia is •Iso taking supplies next week from Titnoru.

Regarding the other grain and allied lines, there is nothing to report, trado being praoiicully at,a standstill Tho following are the prices paid to farmers at country stations, free of commission, socks extra, except where otherwise stated; Milling Wheat—According to Government prices; Tuscan, 7s Gd, f.0.b., Hunters, 7s ud; Pearl, Bs. OfttB —Gartona (nominal), 2s 9d to 2« 10<5, Oatmeal —251 b hags, £33 per ton; 71b bags, £37 per ton, Oat sheaf Chaff —£5. Italian Ryegrass —5s 6d to Os fid, Whito Clover—ls lid to 2s 2d Perennial Ryegrass—Gs to Gs 9d. Cocksfoot—9d to lOd. Cowgrass—ls 2d to Is 6d. Alsike —Is 9d to 2s (undressed) Peas —Prussian Blues (nominal), 8a boos fid White Ivories 8s Cd to 8s 9d. Linseed—£22 por ton. Flout —According to Government prices, £l6 10s per ton, f.o.b. Lyttelton, Timaiu and Camara. * . . ~ Bran—According to Government price, £7 los per toil, f.0.b., mniii porto. Pollard— According to Government price, £9 15s per ton, f.0.b., main ports. Local prioos: Bran £8 ss, pollard £lO 6s. FRUIT AND VEGETABLES. Vegetables havo met with a good tlomand thiß wcok, pricos being high and the supply good. Prices still remain high for nil roots, unis week the first ot the now seasons roots arrived on tho market It is anticipated in consequence that prices will fall The market is bare of local onions. Tho 1 aioona <m Monday is bringing ft siupracnt of Victorian onions, winch will case tho situation consid- . erftbly. i\e\v potatoes liave in short supply during the week and piicos havo advaimed slaghuy. It is cxpcciod that bettor supplies will be forthcoming next week. App-es and pears are in good demand, prices being slightly in advance of last weeks rates. Tho supply is short of requirements, bmail fruits—eherrics, strawberries, also tomatoes —are now coming in in increasing quantities. 'Jffiero is a big demand, and prices are high. Imported fruits arriving during the week were confined to oranges and lemons, prices tor which remain unchanged. Per the Urimaroa early next weak the usual Sydney shipment o£ assorted fruits ib expected. Ex the Tahiti to-day a email line ot American apples is duo; also each, week from the north consignments of new potutoes. The main ehipnnmt of Cook Island bananas, tomatoes and cocoanuts is expected to reach Christchurch on Docembei 2 ex tne Mamma; also, by the Mama boat, a largo shipment oi San Francisco apples and navels. “Tne following were tho average pnoos at auotion this week; —Apples, Neison, per caso 12s to 18a; apples, Amurioan. per case 27e Gd: apples, local, per case las; apples, cooking, per case 10s to 12s; oherries, dessert, per lb 2s 4d: cocoanutß, per sack 25b ; goosebelries, per lb BJd to 4id; lemons, San Fran cisco, per caflo 38s; oranges Sydney, per case 235; oranges, Valencias, per case 60s; pineapples, Sydney, per case 82s 6d; pears, dessert, per ooee 16s; tomatoes, dessort, pet lb 2s to 2b Gd; walnuts, per lb la 7d; asparagus, per dozen bundles up to 12s; beet per sugar bag 4s 6d; cabbages, per dozen 2s fid to Os; cauliflowers, per dozen 15b; broccoli, up to 20s; carrots, per dozen Is Cd; spring carrots, 2s 6d; cucumbers, hothouse, per Id la, greeu poas, per peek 2s 8d to Ss 6d; kumeras, per lb 4d; leeks, por bundle 6dj lettuce per dozen Is 6d to 4s fid; onions, local,. por sugar-bag 16 s; Victorian onions, per owt 2Bs 4d; parsnip*, por dozen Is 8d; potatoes, per sock 4s; radishes, per dozen Is to Is fid; rhubarb, per dozen 6« to 7s fid; spring onions, per dozen 2s fid; turnips, per dozen Is lOd; spinach, per dor.an 2a 64 • EARLY FRUITS. Messrs Macferlano and Go. report having had a very successful sale of fruit yesterday. Amongst other lines, strawberries realised up to 8s Cd per lb, tomatoes fis Gd and eherrios 2* 44 GENERAL. MERCHANDISE. During the past fortnight business in the wholesale grooery trade has improved considerably, according to looal merchantsCountry business has been particularly good as compared with tho early part of the month. At tho same time caution is being exercised by traders, who aro ordering supplies for the most part in smaller quantities than was the caso at this season last yeur. Usually at this period there are heavy importations of Californian fruits, but owing to the high prices ruling this season only limited supplies are coming to hand. " A review of wholesale grocery linc3 generally, said ono merchant, " loads to tho belief that no material alteration in prices can take place for some "considerable time to come. While it is true that many traders hold heavy stocks, there is now a marked falling-off in aupplies coining to hand. Storekeepers have boen exercising caution during the past three months, and the heavy demands made upon their stooks for the Christmas trade, together with the reulißOtion that prices Wo not likely to slump, as many at first wore inclinod to believe, should lead to an active volume of business being done in the opening months of ths new year. During the past few weeks the following lines have shown costa approximating to, if not exceeding, merchants' soiling prices:—Arrowroot in lib packets, Cross and Blackwell's essences, caustic soda in lib and 21b tins, creme of tartar, 0. and B. curry powder, English herrings, new season's salmon, Hawaiian pineapples, muscatols, new season’s seeded raisins, hops, macaroni, vermicelli, Coleman’s mustard, Morton's olive oil, C. and B. lucca oil and Eno’a fruit salts In many cases merchants already hold stocks of these linos in store, and will not advance their prices until they begin to use the new stock*. It must be realised, however, that there aro a few lines showing ». weakening tendency, but the oausss ot this me in moro caseo financial than caused by market re-' ductions. Even where the first cost has fallen tho exchange in many cases more than conifpensatos for the reduction, so tnat tfaa oost remains practically the same. This applies particularly to American goods. In other carets tho stocks held are such that no importing of the lines reduced con bo proceeded with.” Other merchants also expressed tho opinion that there is a much better outlook in the wholesale grocery trade that was the caso a month or six weeks ago. A small shipment oE Yellow Three Castles tobaooo was distributed this weok. Havelock tobacco in small quantities will bo availablo nejt week. Following the recent reductions in competitive lines Gatina has been induced 8s a dozen on tho 4’s, and 12a a dozen on tho 20’s. A shipment of Three Poodles safety matches has arrived in Christchurch. Increased sugar supplies are enabling manufacturing confectioners to supply their, goods in larger quantities. Stocks of old soason’B cheese are practically exhausted. New season’s is costing from 2d to 3d ft ib dearer. The market for desiccated ooooanot is firmer. Lentils are unprocurable at present in Christchurch. The warm weathor is causing a heavy demand for jellies and cordials. THE POULTRY MARKET. Large entries of poultry we beginning to come forward. There is s good demand, especially for this season’s young stock. Hens and old birds aro inolined to fall in value, Quotations are:—Table chickens 7s fid to 16s 9d. hens 6s 6d to 12s 3d, ducks 7s to 18s, table ducklings Us to 14s fid, geese 9s to ISs, turkeys 27a to CGa Cd, all at por pair. THE EGG MARKET. There has been a considerable change in tho egg market during tho past two weeks Supplies have been very hoavy, nnd it is also apparent that tho -price has been too high for the general public, Heavy importations have forced local eggs on to the market with the result that prices iiave fallen considerably, and heavy losses have been sustained by poultry farmers. The Canterbury Egg Circle has reduced its nrices to Is Gd end Is Sd' per dozen, stocks are still accumulatin'* however, and from Wednesday's listing a. further reduction will be necessary. THE WOOL TRADE. BRADFORD MARKET. By Telegraph—Press Association—Copyright, Australian and N.Z. Cable Association LONDON, November 25. The Bradford market is quiet. Quotations axe: —Sixty-fours, 63d; fifty-sixes, 44d; fifties, 36d; forty-sixes, 22(1. IMPERIAL GOVERNMENT’S POLICY. WILL NOT CUT AUSTRALIAN PRICES. (Received November 26, .11 p.m.) LONDON, November 26. The “ Mining (? Yorkshire) Post” publishes a semi-official reply to -adverse criticism of the British Government’s policy, in relusing to fix soiling prices of its vast stocks of wool below Australian auction prices for tho new clip, whereby, the wool trade contends, unemployment will bn increased in Britain. Tho reply states that it is simply madness to suggest that the British Government should undersell Australian auctions to obtain all the business, leaving tho Australians high and dry with the new clip, as that would only lead to a. disastrous cut-throat competition in prices, involving everyone in Europe holding wool or woollon goods in equal rum with the woolgrowers. ■lt would also be madness from a political point of view, as Australians and Now Zealanders would regard it as a breach of faith and bitterly resent it. The British Government has no option but to follow the Australian market at a .respectful distance, avoiding any appearanco of cut-throat competition, aa long as a cautious and moderate policy of handling auctions can keep prices on something like an even keel. Britain must recognise that the Australian woolgrowers were compelled for financial reasons to sell part of the new