COMMERCIAL.

New Zealand Herald, Volume LI, Issue 15566, 25 March 1914, Page 7

COMMERCIAL.

MARKET REPORT. BUSINESS STILL QUIET. Burtw.ss ie still quiet, and no great improvement is expected till the turn of the month. Wholesale transactions are limited by the large number of houses taking stock at the end of the month, and the usual orders booked for next month s account are smaller than usual in consequence. The money market is not very buoyant yet, and as the banks are always careful at the March balancing, this has a further tendency to restrict trade. Export Trade : This is very brisk, and there is so much cargo offering for the United Kingdom that three extra steamers have had to be put 011 this season to supplement the regular time-table, which is still somewhat disarranged and deluyed by the strike. The Volga has already loaded at Auckland and other ports, and the Suffolk is now loa<ting in the South, both for the New Zealard Shipping Company. The Shaw-Savill have the Langholm also loading for lxuidon. making Auckland the final port this week. The Ttangatira is loading under the rogular time-table, taking in the usual consignments here, and making Wellington the final port. The Reason has been so favourable that dairy Produce is plentiful, the cargo by the Rangatira including 1.1,744 boxes of butter and 1261 crates of cheese from Auckland. besides meat, wool, and other proJiue. It is to be remembered that in addition to this heavy nhipping trade with the United Kingdom, there is this season an increased trade with other markets. We now have a monthly steamer to the east .oast ports of America, and the trade with the west, coast ports is also growing. It will, therefore, be seen that the general slackening in the world's trade that began a few months ago does not apply to New Zculnitd.

Potatoes • Supplies are very heavy, due to the extra acreage under crop in this province this season, and so far there has been 110 necessity to import from the South, whereas th time last year they were arriving in large quantities. One small lot is to hand, but it looks rather too new. and merchants are holding back their purchases until the local are worked down more. The market in the South has hardened considerably, on account of reported heavier damage to the crops than was previously estimated, but no material change has taken place here, and local are so plentiful that they are still quoted at £3 10s ex store for prime quality. Onions : The market is very full, owing to purchases for March-April shipment already arriving in large quantities. This has rather weakened the market, and prime samples are now quoted at £7 ex store. Any easier feeling can only be due to over supplies, as the quotation for forward delivery is still very firm. A good quantity has already been exported, and there is every probability of further business.

Oats : Good supplies are in hand, and regular sales reported. The Monowai brought over 2000 sacks, and these are moving off on the basis of' 2s 8d ex wharf. The market in the South is firmer. It is hard to get forward quotations, and sellers who have sold forward are anxious to cover their sales. This may be brought about merely by farmers' refusing to accept the low prices ruling lately, or it may be due to better prospects of expert business. It is reported that export to the United Kingdom is possible at the present reduced rates of freight. There is a demand in Australia for shipment to South Africa, on account of the failure of the harvest through drought, and inquiries for Africa have already reached New Zealand, so that everything points to a stronger position. Seed Oats : Demand is improving, the principal call being for Algerian. On account of its rust-resisting properties, this variety is largely used, and its constitution is further strengthened by using a change of seed from Australia. Recleaned is selling at 3s 6d. Wheat: The market holds firm, and very few millers are quoting flour for forward delivery. This is most unusual for this time of the year, and gives a good indication of the market for wheat. The reduced freights to the United Kingdom are hardly likely to result in much milling wheat being sent awav, as it is estimated that New Zealand will not have any first grade to spare. It is quite likely." however, that there will be orders booked for second grade, as there is always a market in England fpr lower quality at a price. Bran : Very little change. Stocks are good, bift as Southern shipments are falling off these will soon decrease. Pollard : Selling well. Stocks are only moderate, and quotations for forward delivery are hard to get in the South. Ricemeal is also being imported from Sydney, for use as a substitute for pollard. Chaff : Shipments from the South have "been heavy, and supplies are in excess of demand. In local there have not been many transactions, as farmers are unwilling to accept ruling rates. A considerable quantity is offering from the middle of this island, from the various districts between Hastings and Mar ton, and as growers are accepting lower prices than the Waikato farmers quite a large quantity is being brought up by rail. Everything offering this yea? is of better quality than usual.

Maize : The market is very dull. Demand is so quiet that it is very difficult to place the various consignments from the Bay of Plenty. There have been no arrivals from GJisborne since last report. Barley : Regular quantities are arriving, but shipments generally are small. Some very good quality has lately come" from Gisborne. In view of the attempt reported in the South to lift the market by exporting half of the crop, it is of interest to note that the crop is estimated at considerably less than last year's. There were 32,022 acres under barley this season, and the estimated yield is 38.31 bushels per acre, whereas last year there were 37,48G acres, and the yield was estimated at 36.75 per acre. The total quantity of barley exported from New Zealand during the 12 months ending December 31, 1913. was only 4747 bushels, valued at £959, whereas during the previous 12 months barley was exported to th? value of £48,621.

Flax : If anything the market is a little better in London. There are buyers at a slight increase in price for May shipment onwards. It is expected that London freight will be reduced by £1 per ton from May 1, for a few months, and this will help business somewhat, but much better prices will have to rule before the industry will be on a prosperous footing Fungus: Demand keeps good, and dry samples realise up to s£d ner lb. KAURI GUM. Large quantities have arrived since last report, and most of the stores are full of poor grades, which are very hard to sell. So far the rain has made no impression on the quality coming forward, as it was not nearly enough either to drive the digger* out of the swamps or to attract them to the higher country. Most of the consignments to hand are of poor quality, and the export figures give a good idea of the large proportion of lower grade now coming in. From the beginning of the year to February 15, the latest date to which the complete rettftns are available under the present system of compiling them._ 1292 tons were exported, valued at £58,053, or just under "£45 per ton. For the same period of last year 1258 tons were valued at £74,771, a 'little over £59 per ton. This fall in average value was not brought about by a general fall in value, but merely by the large proportion of poor grades now coming in, compared to last year.

Buyers are reluctant to operate until next month. A good shipment has been put aboard the Rangatira" this week, but there are very few orders still on hand. Rescraped : Very little is coming in at present. Diggers are wisely keeping it back, knowing that the market is lower than it was, and that there is little or no demand. Ordinary : Demand is. ouiet. Buyers are unwilling to give up to the reserves, so that all grades are inactive. Bush : There is a fair demand for all grades. Parcels are readily placed, if clean, and of good colour, and it pays welj

to see that consignments are well-sorted and clean. Black: Fair quantities are arriving, and these meet a good demand, although at slightly easier rates. Most of the consignments have been placed on arrival. Chips and Dust : Little change in the position'. A good deal is coming in, more than sufficient to meet the demand, and prices are rather low for the samples ofiering. Nearly r.U is of low grade, and the worst of it is difficult to sell at any price. There lias not been so much trouble I lately over wet lots, and shippers would j be wise to always exercise great care in I that direction.

KEMPTHORNE, PROSSEE AND CO. THE ANNUAL MEETING. YEAR'S PROFIT, £13.918. [fiY TELEGRAPH.—PRESS ASSOCIATION.] Dunedin, Tuesday. The annual meeting of shareholders in Messrs. Kempthorne, Prosser and Company was held to-day. The annual report pocon " la le balance from last year was £-8529 6.s Id, and the net profit" for the year, after deducting the loss by fire at Work:, Auckland, was i.13,918 9s 3d, making £22,447 15s 4d. An interim dividend, paid last July, at the rate of 7 per cent, per annum' abCld nao £^ 64 !?3 sd " ieavin a balance of £14.082 15s lid. The directors recommended a dividend at the rate of 7 per cent, per annum, absorbing £9087 17s 6d; provision for the removal of certain buildings and plant at Went field owing to the € f efl c ° f neW work ' s £1265; an addition of £625 to the general reserve—which with the addition of £4375 from the share premium account, will stand at £45,000and that £309 5s be carried forward. In moving the adoption of the report the chairman of directors, Mr. William Brown, said the fire at Westfield Works caused a loss of £10,616 18s 7d. The report and balance-sheet were adopted. The retiring directors. Mr. A. Bathgate and Dr. Ogston, were re-elected, and the retiring auditors were also reelected.

CANTERBURY GRAIN MARKET. [BY TELEGRAPH.— PRESS ASSOCIATION'.] Christchurch, Tuesday. J here is no change in the local grain market. Odd lot? of wheat and oats continue to change hands,- but there is no great quantity of the former offering, and less of oats. The wheat market is, if anything, slightly weaker in tone, as millers are buying less freely. There has been a rush of grain on the market this season, and there has been little speculation to stimulate business owing to there not being any likelihood of a surplus of wheat for export, and the prospect of shipping oats to London depends largely upon whether cheap freights will be available later in the year. Barley is very dull of sale, and there in a considerable quantity of medium and inferior grades on the market, which is very difficult to dispose of. .Australia has not required any New Zealand barley for the last two yfars, and this has curtailed the demand to such an extent that the Dominion crop is more than sufficient for requirements now. It is very difficult to get more than 3s at country stations, except for very prime samples, and inferior is being offered as low as 2s and 2s 6dThere is no change in the potato market. A few sales continue to be made at £2 10s at country stations, but it is not expected that, much forward business will be done till the digging of the main crop is further advanced, as growers are generally not disposed to sell at present prices.