COMMERCIAL.

New Zealand Herald, Volume XXXIX, Issue 12003, 27 June 1902, Page 4

COMMERCIAL.

New Zealand Herald Office. Thursday evening;. A moderate amount of business has been transacted on the Stock Exchange dining the past week. Banks have been in demand. New Zealand sold at £3 7s and more are Wanted at £3 6s. Nationals are much firmer, buyers offering £4 3s. Insurances are about the same as last week. New Zealands are offered at £4. South British are wanted at £4 2s 6d: sellers ask £4 ss. Nationals sold at £1 Is, and there are buyers at £1 Os 9d and sellers at £1 Is 3d. New Zealand Accidents improved in value, and sold at £1 7s, closing with buyers at £1 7s 6d. Quotations for New Zealand and River Plate Land Mortgage are unchanged. In gas stock Auckland, fully paid, are offered at £14 2s 6d, and there are buyers at £13 17s 6d. There are sellers of new issue at £13. , Buyers of Thames offer £1 10s 6d. Gisbornes sold at £1 15s, and there are buyers at £1 14s 6d. In coals, Hikurangis arc offered at 8s 6d. Taupiri Mines sold at 19s 6d, and more are offered at the same price. Westports are wanted at £1 16s fed. In shipping there are buyers of Devonport Steam Ferry at £2, ex div., and < sellers at £2 Is. Northern Steam, contributing, are wanted 'at 7s 6d. Id timber, Leyland, O'Brien Company arc wanted at £1 13s, and there are sellers at £1 14s 6d. Mitohelson Company are offered at 16s 6d. Kiverhead Paper Mills sold at £1 6s, and there are sellers at £1 6s6d,and buyers at £1 5s 6d. D.S.C. sold at 10s, and there are still sellers at the' same price, with buyers at Ss 10s. Union Oil sold at £1 0s 6d and £1 Is, and there are sellers at £1 Is 3d, and buyers at £1 0s 9d. The mining market is very dull. Waihi Extended sold at 2s. 2s Id. Is lid, and 2s; Waihi Consols at 2d; Waitokauris at 2s 9d, 2s lOd. 2s 9d, 2s Bd, 2s 3d, and 2s 2d; Komata Reefs, at la 5d and Is 4d, and Woodstocks at 3s 6d. Business in general does not show much improvement this week, but the system of booking forward into the following month has put more activity into the distributing trade. In produce we can repeat our observations of • last week, and explain that there is a, temporary congestion, owing to heavy stocks of many lines beins held, so that further arrivals are more difficult to place. This brings the appearance of weakness in some lines, for, in order to force business, some agents have offered at lower rates. In maize the market is weaker on account of the arrival of a larger quantity from the Bay. some 1800 sacks coming to hand since last report, and the price has gone back to 3s 3d on the wharf in wholesale lines, while some has been offered at less money. Tho quality of the new maize is keeping up well with the standard of this season, except a few samples that appear soft. There is a little Southern inquiry for old maize for feeding, but the Sydney market is holding off. Sydney would have taken much larger quantities during the last month or two if they had been available at a lower figure, but the small arrivals from the Coast put up the price to such a level that Sydney had to look elsewhere, and now that the maize that should have been here weeks ago is coming to hand Sydney is looking to America and the Argentine, holding off orders until arrival of shipment from the latter, in order to see how it turns out.

.Potatoes are in heavy supply, end are 01fering at £4 10s to £4- 15s on the wharf or £5 ex store. The Southern price has gone back, and £3 5s f.o.b. is mentioned as the value there. We may presume that this has now touched bottom. There is some doubt as to the influence Sydney will have on the New Zealand market. There is a good demand for kidney seed, good samples being worth 7s to 7s 6c! ex store. The demand is also increasing for Early Hose at us, Sutton's Supreme at Bs, and fJp to Date at 7s to Bc, some extra large samples of Hie latter being offered at lowoi rates. Since the above was written wo have received advices from the South that the price of table potatoes has advanced to x,6 10? f.o.b. We mentioned last week that there were heavy stocks of oats held locally, as a good many have bought ahead, so that there is no immediate necessity for shipments from the South. There is an easier feeling liens which is not entertained in the South, where merchants appear indifferent as to whether they sell or not. It is difficult to reconcile the actual offers from agents at. lower rates with the reports from the South, as to the small stocks that are left. These will have to last till next season, say March or April, and it is known that a heavy proportion of the crop has already been sold. It is announced that the s.s. Epsom has arrived at the Bluff to load oats for Durban. Prime samples of seed oats are in demand at full rates. Milling wheat shows no change, and fowl wheat of quality holds its price after good sales at full rates. Soft and sprouted samples are offering at varying rates, and are , plentiful,

Fair salves of flour are reported. The incoming Sierra has another lot, of American flour, and importers are already booking to arrive. We are informed that there will be only one shipment after this, as the price in America, has advanced. - -. • Bluo peas arc in good demand for Sydney J at improved rates, and split pea* are also, highe/r. , ..,.,. -;. >' - , * • -, Unions are rather bare, .and anything.of j quality is easily placed at 7s ex store. Th* market i- & little weaker in the South, anil the quality continues rather poor. . _. Chaff is" in full supply, and the price is ■easier. It would seem that many have overbought. Bcnedust is in better demand, as the potato planting season advances. Rico is in good demand, and is now held for higher prices. . Owing to higher cost of painkiller in New York the agents for tho colony have revised their prices. We are also advised that they will secure clue adherence to thd new tariff rates by refusing to supply tho» who do not observe the scale that has been agreed upon, vie.., 10s 6d bv the case and lis in box lots.

The Colonial Sugar Refining Company have this week proposed that in future their sugar shall be all packed in 561b bags only, instead of 40. 56. and 701b bags as heretofore. This "will ensure uniformity, accuracy in calculating tonnage, and simplicity in the hanging of cargo in transit. The company aro to he commended for adopting this chrmge, especially as there will be no charge in. future for the extra cost of packing in the smaller bags. We do not knov how this will suit those who usually take 401b bags to suit their pack-horse trade, Vut they will have to accommodate themselves to the convenience of the majority, or ilse get their supplies from another country. Calcutta advices under date May 27 have the following on castor oil : —" A fair amount of business has been done for Australia and New Zealand for near and forward delivery. Our market is very steady, and rates are likely to rule higher for forward." Cornsaeks aro in a littjo better demand locally. Calcutta market Remains the same, the strong feeling being kept up by the adverse weather conditions, which are considered likely to affect the growing jute crop. A circular from London has tho following ,'Suggestive paragraph:—"Prosperity is still attending the tinplate trade, and its prospects are bright. All the available mills are now fully occupied, order* in hand are sufficient till the end of Juno, while some works are so fully sold that the earliest delivery they can give is Angus/. Differences with regard to wages will probably bo settled before the end of June, when the current agreement expires. The price 'of steel remains very firm, and tin is advancing by leaps and bounds. The demand for tinplates is quiet, the largest buyers having satisfied their wants for a time, while other buyers are taking only what they need. As "to the future, wo have to look to America. While the States prosper our markets belong to ourselves, but as soon as the States feel any pinch so soon shall we bo flooded with American iron and steel, thanks to our free. trade. Indications of a decline in the marvellous American consumption are not yet visible, and purchases oil this side are still being made in comparatively small quantities. One cannot, however, remain insensible to the distrust which seems to be spreading in the markets of the States, or to the facts that the new shipping combine is received without enthusiasm, that the great steel corporation's shares are being sold at 41 per cent, of their face value, that some rather ugly failures on the Now York Exchange have been ' helped' by large operators who could not afford a general smash. All this may quite naturally be tided over, or it may not Hence, a certain want of confi- | dence in cur British markets, which restrains ] much speculation, and which can only be | removed by time." , I A feature of the iron trade in England is the tendency of manufacturers to bring their ! works near the sea. Iron can now be procured so cheaply in Nova Scotia that Eng- J land is independent of the Continent. Fre- I quent, comparisons are made between the : energy displayed' by American as against English manufacturers, but it is now expected that the modem machinery that is being introduced by English manufacturers will place them ahead of American. It would appear that the old system of using the same appliances year after year, regardless of new inventions and improvements, a system that has long retarded English manufactures, is fast dying out. The advance of 10 per cent, in American builders' hardware has been confirmed. The list prices of American wire nails have been raised to the level of German prices, the advance being about 6d per cwt. The agents for Quaker oats have slightly reduced the price, and are booking to arrive by tho "Frisco mail steamer. The timber market keeps fairly firm in Victoria, but business for Sydney has not como on except for small hand-to-mouth orders. The trade with the United Kingdom keeps up, 'and there are large shipments on the way, but the great difference between steamer and sailer freight of 3s per 100 ft, equivalent to about 19s per ton, does not encourage a regular shipment of small payable orders to the different ports. The heavier steamer freight means that a cargo has to be made up for the whole rapacity of a sailor for one of the four centres, London, Hull, Liverpool, or Glasgow, and as this is not always possible with ordors in hand it necessitates consignment. This method of doing export business would be more satisfactory if it were not for the string of charges that Home agents deduct from their account sales. As this latter feature applies to other articles besides timber, such as flax, the question is well worth the consideration of those interested in export trade whether decided improvements might not bo made in the facilities for disposing of New Zealand goods in the English markets. Apart from export, the trade is keeping up well here, but with the South it is weaker, and all the timber ness of trade.

There is nothing new in the flax market, contracts keeping the prices higher than they would ho if sales were free. London advices are still to a weak market, and cabled quotations vary from day to day, but buyers will not operate except at a considerable reduction on late rates.

In the local dairy produce market there are several changes to note. We mentioned last week that the cheaper grades of butter were in good demand, and that stocks were nob heavy. This week an advance of one penny is quoted in farmers' and separator, and the prices now —Factory, Is to Is Id, according to brand separator, lOd and upwards; farmers', 9d and upwards; second quality, Bd. Eggs are more plentiful, and the price has declined to Is 3d wholesale. KAURI GUM MARKET. The following are our quotations of kauri gum for the week ending June 23, 1902: — White gum: Poor ordinary, £34 and upwards: fair ordinary, £51 and upwards; bold, three-quarter scraped (free from nuts), £85 and upwards; East Coast (pood quality), £82 and upwards; re-scraped, £125 and upward'. Black gum: Nuts, £14 and upwards; medium (free from sugar), £20 and upwards; good, £60 and upwards. Remarka on market : Arrivals for 23 days of June, 350 tons. The market remains good, and all gum arriving sells freely at current rates. GROCERS' MARKET QUOTATIONS. The following arc the quotations for butter and eggs for the week ending July 3, 1902, as fixed by the Auckland Dairy Produce Committee:—Factory butter, Is and Is Id per lb; separator butter, lOd per lb; farmers' butter, best. 9d per lb; farmers' butter, second quality, 8d per lb; eggs, Is 3d per dozen. LONDON. By Telegrapn.—Presa Association.— London, Juno 25. The total quantity of wheat and flour afloat for the United Kingdom is 3,045,000 quarters, and for the Continent 1,515,000 quarters. An Australian wheat cargo has been sold at 30s. ( Shares: Australian and New Zealand Mortgage 87. Copper, spot, £53 2s 6d; three months, £53 7s 6d. Tin, spot, £125 ss; three months, £125 5s (?). AUCKLAND STOCK EXCHANGE. BUSINESS DONE.—Taupiri Coal Mines, 19s 6tl; Kaiapoi Woollen. £6 6s; Komata Beefs, Is 4d: Waihi Extended, 2s. BUYERS.—Bank of New Zealand, 665; National bank, 83s; National Insurance, 20s 9d; South British Insurance. 82s 6d; New Zealand Accident Insurance, 27s 6d; Taupiri Coal Mines, Limited, 19s; Westport Coal, 96s 6d; Thames Can, 30s 6d; Cisborne Gas, 34s 6d; Northern Steamship, contributing:. 7s 6d; Devonpqrt Steam Ferry, 40s; Leyland-O'Brien Timber Co., Limited, 335; Kaiapoi Woollen, £6 &s; D.5.0., Limited, 9s 9d; Milne and Choyce, Limited, preferential, 23s 6d; Riverhead Paper Mills, 25s 6d; Union Oil, 20s 9d; Broken Hill, 3d; Victoria, Id; Welcome Jack, contributing, 2Jd; Crown. 133; Komata Reefs, Is 2d,; Waihi Consols, ljd; Waihi Extended, Is lid; Waitekauri, 2s. SELLER?.—New Zealand Insurance, 80s; National Insurance, 21s 3d{ South British Insurance, 80s; Now Zealand Accident Insurance. 30s; Hikurangi Coal, 8s 6d; Taupiri Coal Mines, Limited, 19s fid; Auckland Gas, old. £14 2s 6d; Auckland Gas, new (£4 10a), £13; Northern Steamship, contributing, 7s 9cl; Dovonport Steam Ferry, 41s; LeylandO'Brien Timber Co., Limited, 34a 6d; Mitchelson Timber Co.. 16s 6d; D.S.C.. Limited, 10s; New Zealand Drug (£2), 495; Riverhead Paper Mills, 26s 6d; Touson, Garliok Co., Limited, 20s; Union Oil, 21s 3d ? Broken Hill. 4d; Kuranui, sd; Kuranui-Caledonian, 8d; May Queen Hauraki, 6d; May Queen Extended, 7d; Monowai, 2s 7d; Waiofc/ihi, 24»; Welcome Jacfc*

contributing, 4d; Chelmsford, la 8a; Crown. 133 4d; Koniata, Reefs, Is 4d; M&ratoto, sd; 'Pride of Waihi, 2d; Rising Bun, 3|d; Tairua Broken Hill?, 93; Waihi, £6; Waihi Beach United, 4d; Waihi Consolidated, 7d; Waihi Consols, 2-Jd; "Waihi Extended, 2s; Waihi South, sd; Waitekauri, 2s 4d. G. A; Buttle, Chairman. , W. H. 0. JOHNSTON. Secretary. 3.15 p.m., June 26. 1902. CALL AND DIVIDEND LIST . Calls made. £ 8. d; Date. Taniwha, June 12 ... ... 0 0 1 .Time 30 Chelmsford, June 32 ....... 0 0 1 July 4 Queen of the North, June 6 ... D 0 0J July 9 New Gloucester. June 5 ... 0 0 1 July 9 Wailri Alma, June 11 0 0 0J July 9 Dividends: Due.. Mount Lyell M. and B. Co. .. 0 1 0 July i New Zealand and Hirer Plate Land Mortgage Co. ... ... 2£ p.c._ July t 7