COMMERCIAL.

New Zealand Herald, Volume LI, Issue 15685, 12 August 1914, Page 5

COMMERCIAL.

MARKET REPORT.

THE RUSH FOR PROVISIONS.

The feature of the -week is undoubtedly the extraordinary rush for provisions, and sales have been mado out' of all proportion to the usual turnover at this time of the year. Since the war began a demand has sprung up for all foodstuffs, apparently in expectation of a shortage, although it is very difficult to see how a shortage can take place, except during the short time that tho rush lasts.

Flour: When householders order flour by the ton instead of by the pound it soon clears out all tho stocks on hand, but the mills can easily cope with the trade as soon as sales become normal again. In fact, some of tho mills in t>e South have been closed down for some time, with large stocks of flour already milled, so that all .these accumulations will be available for tho different markets in tho Dominion, in addition to tho regular milling now going on. Local mills advanced the price of flour by 15s per ton to meet the rise in wheat when the war broke out, "but it is expected that there will bo ample supplies of wheat to last till noxt harvest now that the prospect of export has been stopped by legislation. In the meantime flour is practically unobtainable in Auckland, and in some instances groat inconvenience is being caused to those who really require supplies, on account of tho rush mado by those who expect a shortage. Potatoes: The abnormal demand has touched potatoes also," although quite recently it became known that there are really very heavy supplies in New Zealand, and prices had dropped to an unprofitable level. Demand is of course heaviest at this timo of the year, as the whole Dominion is drawing on Canterbury and Ota go. but local new crop will commence to be put on tho market in less than three months. The heavy demand has slightly firmed the market Onions: The chief trade is now in Japanese, as New Zealand-grown are almost over. Imported are worth £12 10s, and local nearly all require, ro-picKing, being then sold at £8. Oats: Market keeps firm at the advance that has taken place, Full supplies are held locally, but shippers in the South have taken advantage of export business that offered last week. Seed Oats: A good quantity is soiling, chiefly in Algerian. Grass Seed: A few early sales are reported, but the whole quantity that sella in the spring is only small. Maize: Consignments from the Bay of Plenty are only small this week, and these have met a better inquiry, as store stocks are now somewhat reduced. Sugar: An exceptionally heavy demand has set in, both locally and from the South, and it is impossible to execute orders promptly. The Wanaka has been loading at the works this week, and will fill Southern requirements, but from inquiries made it seems that the present rush is entirely unwarranted by present conditions and future prospects. There are thousands of tons at .Chelsea, and thousands more on the way, so that a shortage is very unlikely. Since the middle of last week it has been impossible to cope with tho trade, a3 the lighters that bring supplies from the works are only of limited capacity, and the temporary shortage confirms householders in the idea that it will to difficult to get supplies. Chemicals: Several lines are in short supply, and those of Continental origin will be difficult to obtain while the war lasts. Prices are consequently firm. Retail Trade: Bather quiet, except in provisions. Drapery has slackened off since the sales, and drapers are opening up their new season's goods. Fancy goods and jewellery are somewhat neglected. Exports : So far as our exports are concerned, the present interruption to shipping has come at 'the least inconvenient time. The Government records show that the exports last year for August, September, October, and November put together only amounted in value to £2,843,992, which is far less than a single month's exports during the flush of the season. The bulk of our products for the season have been sent away, and have been sold at very profitable rates, so that the financial loss will be very little, provided that the interruption is not too long and that the regular communication is restored by 'the time the new season's butter is ready. In the meantime it is expected that the troopships will take a small amount of

cargo. Flax: There is no business doing at present, on account of the war. A good many of the mills are closed down. .

KAURI GUM.

The market is quite demoralised by the war. Shippers will not operate, as their orders are cancelled, and they have received instructions not to ship. This specially applies to business with the United. Kmdgom and Germany, The few sales that are now taking place are of rather a speculative nature, and at very low prices generally, as allowance has to be made for further reductions and also for the expenses of' the war risk. The Latter is now a very heavy item, and it is expected that little or no business will be done until news is received that shipping can be resumed in safety, with a consequent reduction in the war risk. LONDON MARKETS. By Tclegrapb— Association— (Received August 11, 8.5 p.m.) London, August 10. METALS. Bar silver is quoted at 2s 3Jd per standard ounce. . ,

The Glasgow metal markets have reopened. Pig-iron is quoted at about 53s 6d. The Bradford wool market is at a standstill, except that there is a good inquiry for crosßbreds for khaki clothing.

HIGH COMMISSIONER'S ADVICE.

[by telegraph.—press association.]

Wellington, Tuesday.

The High Commissioner's market report, dated London, August 8, is as follows

MEAT MARKET.

About tho beginning of this week the meat market was greatly affected by me declaration of war. An attempt was made to obtain very high prices, as high as B|d per lb being demanded by holders of chilled hindquarters, with the result that all descriptions advanced in sympathy. The excitement of the market has novr subsided. It was not justified, as there is a largo supply at present in store. Tho demand lias considerably fallen off on account of high prices. MUTTON. Canterbury, mutton sd; North Islan3, 4Jd; ewes, 4Jd. LAMB. Canterbury two's, Id ; heavy-weight fours, 6jjd; other than Canterbury, 6|d. BEEP. Quotations for New Zealand are nominal. Holders are keeping hack owing to expectation of purchases for the Government. New Zealand hinds, 7d; fores, s£d; chilled hinds, 6d; fores, 4^l. BUTTER The market is firm at advance, but conditions are now more normal. Danish, 140s to 150s; New Zealand, 140s to 1455; Australian, 130s to 140s; Siberian, 130s to 140s; Irish creamery, 135s to 1445. CHEESE. On account of war conditions the chceso market has been irregular, but it closed firm. Canadian and New Zealand whito and coloured 78s to 80s. Tho estimated Canadian, cheese stopb at August 4 in

London, Liverpool, and Bristol was 163,000 boxes, against 209,000 boxes at the- same time last year. New Zealand cheese stocks at August 4 was 10,500 crates, against 11,000 at the same time last year. HEMP. The market remains very depressed, and no transactions are reported. Quotations cannot be given during the present condition of the market. The output from Manila for the week was 26,000 bales. .WOOL. Business is practically suspended, and quotations nominally are unchanged. GRAIN. The markets are more settled. Australian wheat 45s ci.f.; flour 35s ex store; New Zealand oats 30s c.i.f.; Now Zealand beans f.a.q. (new crop) per 5041b 375; New Zealand pens (Partridge) per 504] 545. There is more inclination to do business at these prices for immediate delivers'. No business has been done with forward shipments. It is reported officially that tho Government is taking over all the flour mills in the country.