COMMERCIAL.

New Zealand Herald, Volume LI, Issue 15548, 4 March 1914, Page 7

COMMERCIAL.

MARKET REPORT.

GENERAL BUSINESS ACTIVE.

The month has opened with general business on an active scale.

Import trade is much more active this week, the Suffolk and Surrey arriving with large general cargoes from tho United" Kingdom, and these have enabled fairly heavy deliveries to be made' from the ship's side. Export trade is again brisk this week. The Waimana is taking in a general cargo, and will then leave for Whangarei to load frozen meat about the end of the week, making Wellington the final port. Large quantities of cargo are offering, and when the Waimana finally leaves New Zealand she will be full to the hatch combings. The Ajckland cargo consists of valuable lines in frozen mutton, frozen beef, butter, and cheese, also general cargo comprising tallow, pelts, leather, kauri gum, a considerable quantity of wool from the recent sales, and bullion to the value of £26,000. There would have been more kauri gum, but a fair amount has been diverted to ►Wellington to catch the Banffshire, which loads tliero next week for New York and Boston This is the first steamer to go direct from New Zealand to the east coast ports of the United States, previous shipments, of kauri gum, flax, etc., having been transhipped at London. The Banffshire is merely calling at Wellington to complete her Australian loading, but. next month the Roscommon is taking .an entirely < New Zealand oargo, and the new service is exciting considerable interest in commercial circles, as it is realised that with cold storage on direct steamers to New York we Khali be supplying an unlimited market so far as' our produce is concerned.

Produce: Values show very little change since last week. A good output is assured in most lines this season, and the markets are ail fairly well supplied. Potatoes : The market is rather overstocked, as farmers are taking advantage of the improvement in the weather, and are actively engaged in digging. The quality is now very satisfactory, out it is not yet known how the southern will turn out. Some districts are affected with blight, and the market will depend on the extent of the damage. A few potatoes are being sent away at'present, but of the main crop there will be no export, end all that are grown will have to be consumed here like last year. Price remains at £3 15s ex store.

Onions: Regular shipments are now coming from the south, the Riverina having brought 1263 bags, which is by far the largest shipment to hand this season. The price is £9 10s ex store, and the course of the market will depend on the export demand during the next few months.

Oats : Demand keeps good, and regular quantities are now arriving by each steamer from Canterbury. The Southland crop is reported to be doing well, and the quality is expected, to show a considerable improvement on last year. '• Local quotations remain at 2s 10d ex store for B grade and 2s lid for A grade. If the estimated yield of 41.03 bushels per acre iB realised, it will mean a larger harvest than last . year, when the average was 35.12 bushels, even though the .area in oats for this harvest is 361,741 acres, as compared with 386,786 acres last year. It is reported- that there will be a carryover of 60,000 sacks at the Bluff, so that there does not appear to be anything to warrant an advance in prices, unless freights to the United Kingdom fall during the winter to a level that will allow of export business. Wheat: Reports from the south are very it seems to be generally agreed that a good deal has been damaged, so that it cannot grade as milling, bom© reports go so far as to maintain that there will not be sufficient good wheat to- last the season, and this is firming the market.- Australia is much higher, and an advance of 3d per bushel has recently been established. A considerable export. business is being done from Australia, brought about by the reduction in freights. fowl Wheat: Supplies are plentiful, but market holds firm at 4s lOd ex store. It is known that there will be a large quantity available this year, but if freights go down it may be possible to export a good deal, provided that the quality is Fairly good. Some time ago a surplus found a profitable export to Bristol and other outside markets.

Bran : Stocks are medium, and business keeps iip well at £4 10s ex store. Pollard : Selling freely at £6 10s ex

Flour : Rather heavy sales are reported on the basis of £11 in sacks for local.

Maize : Demand is getting less and lees.'. Very little has'come forward since last report, but the market is quite upset by the heavy arrivals of the last few weeks, and values are only nominal. Chaff : Very little local is coming in, and the market is kept- goirj£ by supplies from Marlborough and Canterbury. The Wanaka is also bringing a shipment from Oamaru. Local growers are holding firm for high prices, against heavy supplies by rail from the southern parts of this island, and they may decide to do very little cutting at present and leave it in the stacks.

- Bonedust: Owing to industrial troubles in New South Wales the market is not so well supplied from recent arrivals, and this will limit the quantity that can be used this season. The Calcutta price has advanced for March-April shipment.

Grass Seed : The season is now in full swing. Bush-burning has commenced, and a good area ie to be surface-sown this year. Farmers are faced with heavier costs in the two main varieties, cocksfoot and ryegrass, both' due to smaller crops. Only 55,936 acres of ryegrass were shut up for seed this year, as against 63,031 icres last year, while in cocksfoot the wea was 25,935 acres, compared witt 54,007 acres last year. Clovers are als< it _ higher money. i

Flax : The market is very dull, cable* advices from London showing a total ab «ence of buyers. Some mills have already closed down for the season, and there is no flax going to London by the Waimana this week.

Fungus : Demand keeps good, and dry samples are easily disposed of at s|d per lb.

' KAURI GUM. A fair amount is arriving from the north by steamer, and also from the KaiJjara districts by rail. The dry weather is enabling the diggers to work the swamps. Unfortunately very few fresh orders are in hand for shipment, and the market is inclined to be easier in all grades. Ordinary : Standard lines are changing hands as before, without any change in price, but anything out of the general run is inclined to hang fire. R-eacraped : Very small demand, but sales can be effected at low rates. Black : Changing hands at slightly reduced prices, especially if streaky. Good steel can be, readily placed when clean. Bush : There is a fair demand, and most of the consignments to hand have been placed at late rates. Chips and Dust: Selling freely when clean. Consignors would be well advised not to ship unless free from sticks and dirt. There has not been quite so much trouble lately over moisture, but when parcels are wet the usual allowance is still claimed.

j View Estate, each having a frontage of 60ft to Muritai R,oad, by a depth of 104 ft, one minute from Miiford Beach; also, two sections, being Lots 11 and 12, Ocean View Estate, each having a frontage of 60ft to Ocean View Road, by a depth of 104 ft, just "off Miiford Beach; and a residential section, all level, and having a frontage of 69ft to The Crescent, Emerald Hill, Epsom. , At two o'clock to-day Messrs. Smith and Halcombe will offer by public auction at the Chamber of Commeroe, Swanson Street, the following properties to wind up a deceased estate(l) Two cottages, each of four rooms, situated in Melford Street, off St. Mary's Road, Ponsonby; total frontage of 69ft to Melford Street, to be sold in one lot or separately; (2) building site in Mountain Road, Remuera, having a frontage of 81ft 6in and depth of 175 ft, har'boui and land views, volcanic soil. STANDARD INSURANCE COMPANY. THE ANNUAL MEETING. [BY' TELEGEAPH.— ASSOCIATION.] Dtjnedin, Tuesday. The annual meeting of shareholders in the Standard Insurance Company was held yesterday. The Hon. T. Fergus (chairman of directors], in moving the adoption of the annual report, said that the year just concluded had been the very best over experienced by the company, both as to extension of business and profit; £10,000 had been added to the reserve fund, and £3500 to tho reinsurance reserve. These investments now stand- at £97,500 and £34,000 respectively. Loans on mortgage had been increased by £6975, being now £113,679, as against £106,704 for the preceding year. The net income for the year was £100,663, as against £90,441 for the year 'ended December 31, 1912. The gross income was £152,979, showing an advance of £13,621. The profit on underwriting was £13,763 (in 1912 it amounted to £11,172). Interest on investments totalled £9406, as compared with £8610 for the preceding year. Working expenses showed an increase of about 1 per cent. The directors had not been unmindful of what they owed to the employees, and had made provision for a 5 per cent, bonus on salaries. They further proposed to institute a scheme of superannuation, to which end they were collecting necessary, data. J

The report and balance-sheet were adopted. The retiring directors—Messrs D. Haynes, G. Fenwick, and B. W. Reed were re-elected. * The dividend declared is now payable. WELLINGTON WOOL SALE. A KEEN DEMAND. [bt telegraph.— association.] Wellington, Tuesday. The final wool sale of the season attracted a large attendance of buyers. The demand was keen from Bradford, Continental, and local operators. The condition of the wool generally was heavy, consisting largely of back country lots. Prices to-day were from par to id up on half bred and fine orossbreds, id to |d up on medium and coarse crossbreds. and Jd to id up on pieces, as compared with the prices at the February sale. The prices were as, follows:—Merino, 9d to I0£d; half bred medium 9|d to lid; crossbred super, 10§d •to ll|d; crossbred medium, 9Jd to 103 d; crossbred coarse, 9d to lOjd; crossbred inferior, B£d to 9£d; lambs, best, to 13d; lambs, medium, 9sd to lljd; lambs, inferior, sid to 9d ; crossbred pieces and bellies, 63d to Sid: locks, <4d to s|d. ' * CANTERBURY CROPS. WHEAT MARKET FIRMER. [Bit TELKGRAPH.--PBES3 ASSOCIATION.] Christchubch, Tuesday. _ Not a large quantity of wheat is offering, but the .quality is better than that of the grain threshed earlier. The price has firmed, and sales are now being made on a basis of 3s 5d to 3s 6d for Tuscan and Hunters; 3s 6d to 3s 7d for Pearl; and 3s 2d to 3s 3d for fowl wheat, at country stations. Oats are dull in sale, and there is no change in prices. There is little demand for barley, weathered samples being quite unsaleable. A little oat-sheaf chaff is selling at 455, but the demands are limited. Potatoes are rather firmer for March and April delivery, and some sales have been made at 555, hut some buyers are not offering more than 50s at country stations. Crops that have been dug have not turned out too well.

WELLINGTON FRUIT AND PRODUCE [by telegraph.—own correspondent.]

Wellington, Tuesday.

There is a keen demand for all cnoice fruit, and consignments are taken promptly. , Present values:—Peaches, extra choice, 5s to 6s; good, 3s to 4s; medium, 2s to 2s 9d to 3s per -case. Plums, choice, 4s to 6s; good, 2s 6d to 3s 6d; medium, 2s j damsons, 2s 6d to. 3s per half-case. Pears, extra choice, W.8.C., 7s to 9s; good, 5s 6d to 6s 6d; Louise Bonne, choice, 6s 6d to 7s, good 5s to 6s; Bartlett, 6s to 8s; other good dessert sorts, 5s to 7s 6d per bushel; cookers, 4s 6d to 6s per bushel. Nectarines, choice, 5s to 6s half-case. Tomatoes: Supplies lately have been plentiful, and the market is dull. Choice, 2s to 3s -case. It is expected that prices will improve again. Early passion fruit, choice, 4s 6d to 5s 6d -case; dessert, extra choice, 6s to 7s 6d; Cox's extra choice, 6s to 7s 6d; cookers, large green, choice, 5s to 5s 6d; others, 4s to 4s 6d per Bushel. Cape gooseberries, choice, 5s to 6s per half-case. Grapes, extra choice, 8d to 9d; good, 6d to 7£d per lb. Potatoes, choice white varieties, 4s to 5s per cwt. Onions, choice, 6s to 7s cwt; pickling, choice, 9s to 10s cwt. Fresh eggs, Is 4d to Is 5d per dozen.'