COMMERCIAL.

New Zealand Herald, Volume LI, Issue 15550, 6 March 1914, Page 5

COMMERCIAL.

MARKET REVIEW.

DRAPERY TRADE ACTIVE,

i Genehal business has hardly maintained ■ the activity so noticeable at the beginning j of the week. Buyers have now secured the bulk of their requirements for the new month, and wholesale transactions , are now rather limited in consequence. 1 There have been no fresh arrivals to provide any heavy bookings from ship's side. Drapery keeps very active in wholesale and retail, both departments being busy ; in introducing the new season's goods. The perfect weather during the week has brought a large number of people into • tow a, and drapery shopping has been 1 very satisfactory. Taking it all round, there does not seem to be the same freedom in purchasing as there generally is at this time of the year, and this is partly attributed to the scarcity of cash. On the other hand cash is no object with some would-be buyers, and their purchasing , is only limited by the credit obtainable from their tradespeople. Country trade keeps good. A large production is assured this season, and buying for the outside districts shows confidence in the future. Money will be much more plentiful in a month or two, owing to the combined : operation of the only two causes that curate any tangible impression on the local money market, the sale of the seaI son's produce, and the distribution of the ■ ! loan money lately secured in London. The building trade is only fairly active, suburban building being still rather lim- . ited. Produce: The markets are particularly interesting this week, as the new season's crops are gradually making their impression on values. Potatoes: Local supplies are very plentiful. Growers are sending them in very freely, as they know that Southern will soon be ready, and the latter are always preferred on account of the quality. This year the Southern will cost so much more than the local that merchants are inclined ; to hold back their importations until all ' the local are cleared, and this may enable i them to move off to better advantage j than if the market was swamped from '. I the South. It is reported that tho fine I weather lately in the South is causing j the crop to ripen off rapidly, and it will j soon be ready for shipment. The heavy supplies this week have rather depressed . the market, and good samples are selling i at £3 10s ex store. ! Onions: Market is well supplied with both local and Canterbury, and price is weak at £9 ex store, although shippers in the • South are asking higher money for for-ward-delivery. Oats: A good business is passing on the basis of 2s 8d ex wharf, and 2s lOd ex store. The Southern market is exception- ! ally low, but a slightlv firmer feeling has lately come in, and shippers are not so keen in accepting business for forward delivery. Seed Oats: The local demand has not yet come on to anv extent, the only orders executed so far being for small lots. Lines of Algerian coming forward show an improvement in quality, especially from South Canterbury. The demand is increasing for Australian seed, as farmers prefer a change of seed. The market on the other side is stronger, and this is thought to be on account of business with South Africa. Inquiries are already in for supplies, and it is known that the South African harvest was a failure through drought. Oatmeal: Demand is quiet. Wheat: Fowl wheat is selling well, and the market is decidedly firmer, present quotation being 4s 9d to 4s lOd ex store. According to advices from the South, it is not vet ascertained how the harvest will really turn out. Wheat often stacks well, and it may be that there will be a bigger percentage of milling wheat than was estimated at the time ol harvest. In that case fowl wheat will not be so plentiful, after all. Milling wheat is held firm by the improved tone in Australia and the United KingdomFlour: Good demand continues. The position in the South is that millers will not book forward. A small quantity of flour was sold recently for forward delivery, but millers are now holding off and refuse to accept forward offers. Pollard: Unchanged in price locally, but in the South the quotation has advanced materially, and some Auckland merchants have been able to dispose of part of their purchases at a better price than is obtainable locally. Maize Arrivals are light this week, but the stores are fairly full, and the market is quite depressed by the poor demand. Chaff: Selling well, but business is confined principally to Southern, as local growers are still holding out for stiff figures. Grass Seed : A heavy demand continues. as farmeri; have been burning their felled bush, and are now ready for sowing. Manures are also being taken in large quantities for ploughed land, which will soon be put into grass or oats. Groceries: There is a better demand for all kinds of preserved fish. Salmon, cod, and ling have sold well, and wholesale stocks are now very low, both strips and blocks of cod being sold out. On account of the sardine catch being both late and bad, a good many of the popular brands are unobtainable. Wholesale stocks of Trefavenne and Albert are quite exhausted. King Oscar have been short for some time, but quarters have just arrived to a brisk market. Halves have not yet arrived. Sardines are gradually being canned in smaller sizes. Sixteenths wore introduced at the latter end of last year, and have taken on in various brands. Eights are rather scarce at present. Pure Foods: The early approach of the operation of the Pure Food Act is already making a marked impression on goods being sold. An innumerable list of old household "friends" will disappear altogether, as they are unfortunately unable to comply with the regulations that provide for goods being labelled according to what they are made of, instead of what they are supposed to imitate. This will bo a decided advantage to the consumer, in really ■getting what he is paying for, and also to the manufacturer, in disposing of the competition of cheap adulterated rubbish. Peanuts: Purchases are being made for forward delivery. Market is firm. Lentils : Calcutta lentils are being fsnld here, to arrive by the March direct steamer. Cost is slightly under the Egyptian article. Haricot Beans: Offering for April-May shipment from Calcutta. Cream of Tartar: Firm on spot, and dearer for forward delivery. ♦w ea A, C ?i, bl , e » r ? m 8 just to hand show that the Colombo auctions were active this week. Fine to finest Ceylon advanced one to two cents, and tipping teas four to five cents, 0 n the basis of samples that will be here about the end of the monthIron: Mail advices from London confirm the report of the weakness in the iron market. " With the statistics of the year before, us, it is impossible to characterise 1913 as a bad year for the iron and steel trade of Great Britain, notwithstanding the fact that prices declined materially and also that demand during the latter part of the year fell off considerably. India I has again been our best customer, Australia a good second, and the Argentine | third on the list. As regards the United States and Canada we are glad to see an improvement, although with the latter the ; difference is only slight. The exports to the United States are the largest 6ince 1910, and seem to point to the fact that the new American tariff is going to help us." Wool : The cablegrams this week regarding the second series of. colonial wool sales in London axe exceedingly satisfac- j tory, as they point to a maintenance of good prices, in spite of restricted trade almost all over the world. In fact it is i largely this contraction of industrial en- I terprise that is responsible for the fall i in the price of money that allowed our ; recent Government and municipal loans to ' be negotiated. There is no branch of trade j that responds more readily to fluctuations I in activity than the iron trade, and it will be seen by the report quotq£ above *nat the demand for iron has red»tly fallen. In wool there will be particular interest in further advices, in case they throw light on the extent to which American j

buying is responsible for the improvement iu the wool market, under the new tariff, and this is of more than ordinary importance to us because next week the first steamer loads in New Zealand for New York and Boston direct.

Flax : The market is even worse this week, and according to London cablegrams ordinary fair is not worth more than £16 10s here, while high point is worth £17 10s, and common £14. The serious fall in prices is a very severe blow to. the industry. It has already closed down some mills, and will no doubt induce others to close earlier than usual.

THIRD WOOL SALE.

ENTRY OF ABOUT 1800 BALES. The third wool sale of the season will be held on Monday. It will be the last of the series, and will really be a " clearing up" sale. | Expectations point to an offering of about 1800 bales. Roughly, 50 per cent. of the entry consists of heavy, log-stained, back country lots. Portion of the offering, about 25 percent, is lambs' wool, the general quality of which is good. The balance comprises oddments and pieces, but there will be one or two bright lines of fleece wool. The catalogue closes at noon today. THE NAPIER SALE. SHARP ADVANCE IN PRICES. [BY TELEGRAPH. PRESS association.] Napier, Thursday. At the supplementary wool sale to-day there was a good attendance of buyers, representing the Continent, Great "Britain, America, and the Dominion. The catalogue consisted mainly of back country lots, more or less shabby, and touched with seed. Bidding was decidedlv keen, and prices in some instances showed an advance of fro 10 to 15 per cent. PROPERTY SALES. The lease of premises at the corner of Wellesley and Albert. Streets will be sold by auction to-day at twelve o'clock by. ■Messrs. Robt. C. Carr and Son at their : rooms, Swan son Street. I The Campbell's Beach Estate is to be submitted by public auction to-day at the Chamber of Commerce by A. L. Raven. Some of the sections are shaded by pohutu- , kawa trees and a number of the others ! are thick with native bush. Messrs. Samuel Vaile and Sons will I offer by auction at their sale rooms, at 2 p.m. to-day, the un/iold lots in the Station Estate, adjacent to Manurewa railway station. The areas range from quarter-acre to , about four and three-quarter acres. They I will also offer a large number of residential properties, including a seven-roomed villa in Church Street, Devonport; a new house of six rooms in Pah Road, Epsom; a, house in Norana Avenue, Remuera; a house on New North Road, near Dominion Road junction ; a house in Disraeli Street, I Grey Lynn ; and two houses on sections ! fronting Newton Road and Randolph Street also a fruit farm of five acres, with seven-roomed house, at Birkenhead. HUDDART-PARKER, LIMITED. HALF-YEARLY DIVIDEND. The local office of Huddart-Parker, Limited, has been advised that the direc- . tors have decided to declare a dividend for the half-year ending December 31, I 1913, at the rate of 6 per cent, per annum on preference shares and 5 per cent, on ordinary shares, making, with the interim dividend, an average of 6 per cent, per annum on preference shares and per cent, per annum on the ordinary shares. LONDON MARKETS. By Tokgraph—Press Association—Copyright London, March 4. TALLOW. At the sales to-day 1399 casks were offered, and 554 sold. Mutton : Fine 365, medium 335. Beef : Fine 355, medium 335. PRICES OF OIL. Linseed oil, £24 17s od per ton. Turpentine, 32s l£d per cwt. SILVER. Bar silver is quoted at 2s 2d per standard ounce. RABBITSKINS. At the sales 2500 bundles were catalogued, and sold oh a strong market, at an average of fully 2d advance. WHEAT. YWieat is dull and easier, 36s 9d being asked for Australian. EXPORTS FROM ARGENTINE. [BY TEtEOEAPH.— association.] Wellington, Thursday. The Apartment of Agriculture has received the following cablegram from Buenos Aires, dated the 4th tost. The following produce was shipped from the Argontine to the United Kingdom during February, the figures for February, 1913, being shown in parentheses : Frozen beef, quarters, 1914, 119,000, (1913, 252,000); chilled beef, 353,000 (237,000); frozen mutton (carcases) 147,000 (283,000); frozen lambs (carcases), 30.000 (56,000); butter (cwt), 10,370 (13,314). AUSTRALIAN PRODUCE MARKETS. By Telegraph— Association—Copyright (Received March 5, 10.5 p.m.) Sydney, March 5. i Wheat, 3s 9£d to 3s 9^d ; flour, £8 15s; oats, Algerian feeding 2s to 2s 3d, milling 2s 4d to 2s sd; barley, cape malting 2s i 6d to 2s 7d; maize, 4s 3d; bran and pol- ! lard, £5; potatoes, Tasmanian £6; onions, j Victorian, £8; butter, selected 112s, sec-' ondary 108s; cheese, 6|d; bacon, Is. I Adelaide, March 5. Wheat, 3s B£d to 3s 9d; flour, £8 5s to £8 7s 6d ; bran and pollard, Is Id. Melbourne, March 5. Good-conditioned lots of hides were offered to-day at id higher. Others were unchanged.