COMMERCIAL.

New Zealand Herald, Volume XLVIII, Issue 14825, 31 October 1911, Page 5

COMMERCIAL.

LONDON MARKETS. fly Telegraph.—Press Association.Copyright. London, October- 29. - HEMP. .Hemp: The market is dull. Good f."-ir, October-December ship'.'ut, £2:0. COTTON. Cotton: October-November, sd. JUTE. "Jute: October, £20 12s 6d. RIiTBEE, Rubber: Best hard Para, 4s 44d. COPRA. Coura: After advancing 5s or 10s copra relapsed. South Sea in bags closed nominillv £26 ss. WHEAT. Wheat: Seven thousand tons of _South Australian and Victorian, October-Novcm-[>er shipment, sold at 56s 9d. METALS. Copper: On the spot, £55 3s 9d; in three months, £56. Tin: On the spot, £186 10s; m threo months, £IF6 15s. Lead: £15 lis 3d. (irv. vanished Iron: First, 14s; second, 13s. Tinplatcs: Coke. 13s lid. Fencing 'Wire, Bs. Anglo steel, 5s 10J. HIGH COMMISSIONER'S CABLE. [BY TELEGRAPH. —PRESS ASSOCIATION.) Wellington, Monday. The following is the High Commissioner's cabkv, dated London, October 23. Quota>hns, unless otherwise specified, are average market prices on spot: — MUTTON. The market is quiet, but, steady. Poor demand continues, but stocks are only Moderate. Medium and heavy weighty are jotting very scarce. Canterbury, 4£d; North island, 3ld: ewes, Sgd.

LAMB. The market is dull, and there is very little business being done. Canterbury, sd; other than Canterbury, 4|d. The stock of lamb on hand is light. New season's River Plato is selling at 4id. BEEF. The market remains very flat. Chilled supplies of River Plate beef are heavy. Nominal quotations are: New Zealand hind- - quarters, 3£d; fores, 21 d; chilled hauls, /.id; fores. 2jd. BUTTER. The market is quiet, but "'eady. alter a decline. Danish, 1375; Siberian, 119s; Australian, 12. s. CHEESE. The market is quiet. Ihe < is in. ' proving, but prices are iinuv> r '..;e<s. Cans- ■' - * ik, 69 to 70s. lIKitF. Ta..» icarkt'. is qvv:~. with sm.-.J ■ Holders are firm. New Zealand •=• <J>r : an spot, pei- ton, £20 ss; fair gviwi<\ £.-.i ss: fair current Manila. £20 ss; October X) December shipments of good fair, £20 12s sd: fair grade, £19 l£s 6d: fair current Manila, £20 ss. The output from Manila for the week was 24,000 bales.

COCKSFOOT SEED. . * ' The market is firm, owing to recentdrought increasing the demand anticipated during the coming season. Danish is quoted at. 755. KAURI GUM. The market is quiet, but steady. Some 320 packages offered, and 50. sold at Thursday's sale. Dark brown selected rescraped, £5 to £3 7s 6d; dark 'brown, three-quarter-scraped, 80s to 92s 6d; dark brown drossy, 353 to 455; rescraped pale amber, £11 to ,£ls; three-quarter pale scraped, £8 to £9; diggers' chips, good, 40c to 30s. WOOL. The market is somewhat steadier. NATIONAL INSURANCE COMPANY. [Br TELEGRAPH. —PIIES3 ASSOCIATION.I ;Dcnedin, Monday. The directors of the National Insurance Company have added £15,000 to tho-reserve fund, and recommended the payment of a dividend of Is 3d per share, making a total ' distribution of 2s per share for the year ' jaded September 30, while £29.287 13s 8d Las been carried forward.

* WELLINGTON PRODUCE MARKET. [EY telegraph.—OW3T cobrespoxdext.] WELLINGTON, Monday. The absence of Sydney fruits last week resulted in an extreme demand for all other rarieties of fruit available. Transhipments if Cook Island oranges and bananas faced Ire excellent market- Bananas were, bowiver, in very bad order. Auckland lemons and oranges had a strong inquiry, Poor- , man oranges selling at from 7s to 9s per % i ease; sweet oranges, lis; lemons, choice 7s 6d to 83 6d, prime 6s to 6s 6d: hothor.se tomatoes. Is to Is 3d per lb for choice, and Sd to lOd for prime. ■ , As a shipment of Sydney fruit is advised - as arriving here on Wednesday nest doubtless local lemons and oranges will decline. The market, however, should rule satisfactory. " California!! apples are about ex- . . trusted, pending further arrivals shortly. New potatoes are in good supply, and are , v-'orth XJd to IJd per lb for choice large, and lid for small. Old potatoes are firmer v * ' at- 4s 9d' to 5s per cwt; onions, California-it, - 12s to 12s 6d per cwt; cauliflowers, 8s 8d to Ss per sack: cabbages, 3s to 3s 6d; rhubarb, 3s to Ss per dozen bundles; green pc».?, 6d ;to 5d per peck parsnips, 6s to 7s per sack; marrows, 6s fid to 7s 6d per sack; ' pumpkins, 8s to 10s; lettuce. 2s to 3s per . case: . asparagus, 4s to 6d per dozen bundles. For eggs the market is fair, at lid.

TRADE WITH THE ISLANDS. Interviewed in Sydney last week regarding trade prospects in the Islands, a leading merchant of Samoa, who is visiting that city, said that the outlook in the various Stoups, and particularly in Samoa, was very brizht indeed. As to openings lor Australian products, he said that._ Auckland was now unable to.Jully supply the demand for tinned and aa.'t'fyneat in Samoa, and merchants had v ntly had to looV else-, f.'here, and «<• a <jov getting so. • gn-ir».-,is of t' .- i me; i. from C;. - .-churcn. ' .-icy m?v ' . .v'-. ■ w'.': not, in ills ' -,'cc, lip to Uio New la x<:-l i > ct-Dih.y,, .-..re seV-'ng hotter in tiprao* ur.-i Toiura ' ,vu p«- i vioiislv. S"j■' rientv. Sr-.?r<<•;„ ic-. hv-ei I was lot son;:- till® tuis-'.M -sza.i.tioi v. hu., j picklers hoy' tvvswsd to aa fc-uiiu out til© i secret of preservi'jj their ;,oods, ana if they went a littlft further and supplied meat jf still better quality increasing business >oaid be done. For some timo Sydney firms aad been the principal suppliers of biscuits, vhich formerly .'iime montl.v from America ind from New 'Zealand, bi»t of late years the Sydney manuiacturers had carried all before them, and to Samoa alone sent between 7c tons and 100 tons t:er month. American and Eas»4n<?ian kerosene, benzine, etc., were formerly imported to the Islands chiefly from Sydney, but of late the Galifornian product had been Improved to such an extent that si now practically held the field 1 in Samoa, the Weir l:ne of steamers bringing shipments each month from San Francisco, and landing them at _ about 6d per case cheaper than they could be obtain from Australia,. Soap was still being exported from Sydney and Auckland. Samoa s trade with Sydney was largely developing, ?nd on one occasion recently no less txiaii 3100 tons were taken from Sydney to Apia. In the Union company's steamer. When the trade started about 15 years ago the average shipments amounted to only 30 tons per nth. The- bulk of the copra from Samoa cam© to Australia, and a large proportion of it Titf sold ill the Sydney market. the output of cocoa beans from Samoa tins J ear shot i- : exceed 700 tons, worth aoout £7o per tor-, "i! d the copra output would approximate 14,000 tons' worth between £23 and tier '.on. Kubber had now mu/'.e its appearance on the list of Samoan exports, and • soon a large quantity would be consigned to Europe. Chinese labour was mostly used in Fa noa. There were about 1300 coolies there. l><s cost of their introduction being about per man. while ttifc wages paid to th"j ran from 15s to 20s per month.

STK.EL TRUST IN AUSTRALIA. j" article in a recent issue of Collier's 'Ma-- reveals the manner in which the • imerie'iu Steel Trust dumps its Product* :nto .* .■3';ralia, to the detriment of trie irim ndurt'-v "there. "Tea Steel Trust." it is .tau-d ~ " aluost iver.v month sells more rails thread iJou-u ;\i home. The price w receives i.rr - d v~ i-i V'iC>"a- -that is one of those t '.L, of .i....;~rr,ie unowledge which a Federal Ave :•? will' uncover, but every wellj.r ; ' -, /T aow3 that the price th.it 'it ic ' ■ stralians .paid was about ■oar doihu • than the 28 dollars a ton r,h;rh ha, . fixed, unvarying price in 'the Unite' .ites since the day the Stce Corpora x organised. If the »t^e rrusL make. -.Is for Australia at 24 dollars « ton. w.r.f! iur the United States at 23 dollars a.O wh : hof the two nations is the beneficia: i' . ' .he American tanit:

PACIFIC CABLE BOARD. The report of tho chairman of the Pacific Cable Board gives th» result of the> years norkin? (to March 31) as follovvs: Rece ] - • Traffic receipts, £140,313, less .-Atlantic _ panies" charge for conveying date t onl laid for deliveries duplicate co«tes m Ijou

don and other large centres in United Kingdam, £4170; interest on. deposits, £225; refund tolls and" dues, £205: charter of Iris, £2107 i making: a total of £138,677. Expenditure: Head office (salaries and expenses, canvassing, engineers' fees, and royalties), £7114; cable stations (salaries and expenses), £57,308 shin's salaries and expenses, .£15.036; provident fund, £1885; renewal account, £30,000; excess of receipts over expenditure £29,334— £133,677. The sura of £29,354 was thug available towards meeting tile annuity o' £77,544 payable to the NTail.oual Debt Commissioners in respect of Lucres; and sinking j'".«d on tiio sum of £2,000,00? advanced by ii.ein ior the purpose of providing the capsial required for laying and equipping the Pacific cable. This is raoro than was available in the year 1909-30, and reduces by an equal amount the sum to be provided by vote of the Imperial and Dominion Parliaments, which will be £48,210 for the year under review.

TRADE IX THE COMMONWEALTH. Trade conditions generally .in the Commonwealth are good, though the drought in xsorth Queensland is causing some anxiety, while in some directions there are signs . that the pace has been too great. •"Notwithstanding tha great activity that is now apparent, it is becoming clear that bourne suburban building is being overaone. A wave of prosperity has resulted i m the payment ol higher wages and fuller employment, and rentals have accordingly advanced to a point at which large return on capital is obtainable, the cost of building has increased enormously notwithstanding that thero is a (rood deal of "jerry" work. Erilding speculation is being financed partly by private money, partly by the societies, and partly by credit given by distributors of materials and others. A reaction, Quite possible whenever the supply of house accommodation exceeds the demand, will create difficulties.

In the dairying centres in Queensland, especially on the Darling Downs, as well as in the pastoral country, the effects of the dry spell are being felt. The sui; ar crop is being taken off satisfactorily, there being sufficient labour, but in places rain is wanted for the cane for next year. In rnorth Queensland the prospects, aoart from the drought, arc good. Thero is an ever-increasing demand for agricultural lands. The Inkerman Estate, Lower Burdekin, is to be opened for selection on December 8, and already at the Townsville Lands Office, 400 applications have been lodged by those anxious to secure portions. The demand, too, for Townsville property still continues. Several large sales have been recorded, land in the main street in one instance bringing £76 per foot and in another £45 per foot. The demand for houses is very great just now. Notable progress lias been made in the building: trade, although restricted to some extent owing to the scarcity, and consequent high price of timber

In South Australia the fact that the buoyancy of 19ie is not to be repeated, in conjunction with the relatively lower ratija of wheat and wool prices, is restraining speculation, particularly in land and city property. The demand for land is not nearly so keen as a few mouths back, nor are values so high. The fact that the Government continues to open up fresh areas is a factor in this connection, but also of importance is the fact that the returns from produce of land show an appreciable reduction 0:1 results obtained a year and two years ago. The reaction was thus inevitable. Trade is beginning to feel the impetus of warmer days, and business in most direr' : continues of sound proportions. Mo, ; is, in far "omati>'< or T£ oris enterprise - and ad v., ■as fc: the la. i:? show consul: r,* exf&r-.-aon < n '■ he v.'jta!.- at '.In. cad of tlv? Juno •/•ua-.\er. In Wat Australia pcarsrai biUi'.v-rS b. £ been Quiet lately, but trade generally is sound. The prospects in Tasmania for the coming season in wool, grain, and other cereals, fruit,, and potatoes (with tho exception of 'he blight, which it is hoped is 011 the decrease) are very bright, and it is expected that the yield all round will be a record one. The strike in Sydney is seriously interfering with business. Mr. Meares, manager of the Coastal Farmers' Co-operative Society, points out that the warm weather ! on top of a plentiful output is rendering the outlook for the producer almost de'perate, with steamers tied up or cargo at the slowest possible rate. Although cargo is being partly discharged or loaded it is under srreat difficulty, and to all intents and purpose? the work of distribution and export. Is at a standstill. This means that losses arc mounting at an alarming rate.

COUNTRY STOCK SALES. The Farmers' Co-operative Auctioneering Company, Hamilton, report as follows: — At Bangiriri yards on Thursday we had an entry of 938 head of cattle, chiefly one and two-year-old steers and heifers. A few pens of "fresh three-year-old steers made £6 to £6 15s; three-year-old store steers, £5 Ss to £5 15s: two-year-old steers, £4 to £4 lCs; best year steers (and same quotation will apply to heifers). £3 Is to £3 7s; small sorts. £2 7s fid to £2 15s: few fat cows, £5 5s to £7 3s. About 35 bulls sold as follows:—Choice yearlings, eight to 101 guineas; smaller, three to six guineas; good two to three-year-old bulls, six to eight guineas. About 50 dairy cows were easier in price than Waikato sales, £5" to £7 being ruling prices. At Hamilton on Thursday we had a yarding of 122 pigs, 1833 sheep, 152 fat cattle, 370 store cattle, 76 dairy cows and heifers, and 54 bulls. Pigs sold well, weaners, 10s to 14s 6d; slips, 18s to 30s; porkers, to £2 2s. Sheep were lower all round. Heavy fatwethers, 22s to 245; medium fattened wethers, 17s; heavy fat ewes, 15s to 20s. The above were in wool. Shorn fat wethers i made 18s; shorn ewes. 12s to 13s 6d; shorn two-tooth sheep. 12s Gd to 14s; store wethers, in wool. '15s; ewe hoggets, in wool, 16s 9d; mixed hoggets, 13s 10d; ewes with lambs, 17s 6(1. Fat cattle were lower in value. Heavy fat steers, £10 10s to £12 2s 6d; medium fattened stores. £8 10s to £9 15s; small steers, £7 15s to £8; fat cows, £5 10s to £7 10s; meaty aged cows, £4 7s 6cl to £5; 21-year steers. £4 14s: empty two-year heifers, £3 10s to £4 ss; choice yearling steers, £3 to £3 7s £d; choice pearling j heifers, £5 is to iS IDs; mixed yearlings, £2 10s to £3; store cows, £3 to £3 15s; best dairv cows, £6 10s to £9; best heifers. £7 to £3 ss: medium heifers, £5 to £6; inferior cows. £4 to £5. Bulls were lower than at our annual bull sale, but there were a number of indifferent, animals brought in. I Best made £7 to £10 10s; others, £3 to £5.