COMMERCIAL.

New Zealand Herald, Volume LII, Issue 15848, 19 February 1915, Page 3

COMMERCIAL.

MARKET REVIEW.

BUSINESS REMAINS QUIET.

rHKR.F. is no improvement to report in the holes-lie trade, but more activity is ex- | pected next week, when booking commences for next month's account. Shipping will also bo busier next week, as the Matatua end Hallainshire will be discharging. The cargo by the Matutua, is socially wanted, as this vessel is bringing a number of lines that have run short. Retail trad© is without special interest. Money: London advices point to the probability of the value of money rising shortly. Although thi gold reserve of the Bank "of England is enormous, being nearly twice the amount in hand when the war bioke out, there will be a rather heavv demand for gold for France The French Government is not issuing a war loan, but is financing tho war by drawing on the Bank of France, and the authorities of that institution naturally deeire to strengthen its position. Since the first panic at the outbreak of war, which raised the bank rate from 3 to 10 per cent, in less than a week, the Bank of England has kept its official minimum at 5 per cent., but i*. is not likely that the Bank of England will allow much gold to be taken away from it, and it will probably take steps to raise rates in the open market. A curious change h-»s takeu place in regard to the exchange between New York and London, which, during the first few months of the war, was exceptionally high, owing to tho great indebtedness to London. The exchange is now the other way, and has fallen so low that gold could be taken from London if the cost of transmission were not so high. This change is due to the enormous purchases from America since the war began. American Trade : Business people in America are looking forward to a prosperous year. So far they have naturally een cut out of a great- deal of their Continental trade, but they expect to recover this when hostilities cease. An improved market has also opened to the United States in South America, where the facilities afforded by the opening of tho Panama Canal coincide with the elimination of the German competition that has always been so much in evidence

;h€TC. Produce: Undoubtedly the feature of the market is the exceptionally high range of values. Never in modern times Lave prices been so high, and producers ire certainly in a. splendid position, except in regard to the smaller output in some districts on account of the dry season. Potatoes : Demand keeps so good that all consignments are eagerly taken up, and the price remains firm at £8 ex store. There are no Southern potatoes to hand ret, but local growers are sending in large quantities. Most of these are of cood quality, but poor grade have to be sold much cheaper. Onions: There is no change in the position of local, which are still arriving in sufficient quantity to supply the demand, but Southern will be ready very soon. Price remains at £8 10s ex store.

Oats: The market holds as strong as j ever. Some good parcels are changing ( hands at high rates, buyers being anxious to secure supplies, as it is known 'that ' there is a strong export demand. With , such a large reduction in the acreage to i be harvested this year, growers entertain big ideas of the prospects and are not eager to quit. Oatmeal: Selling very well for this time of vear, in spite of the high price. Wheat: The harvest is now beginning in Canterbury, and it is reported that so far the weather has been rather favourable, so that the grain should ba secured in good condition. High prices are ruling. Flour: The high price is making no impression on the demand, as the difficulty is in securing supplies, irrespective of the cost. Pollard : Demand is slightly better, and the price is firm at £8 ex store. Bran: No change to report. Demand has usually fallen considerably by this time of the year, but this season everything is different, a large demand on small supply bringing the inevitable high price. Maize : The advance already reported is well maintained, and the smaller consignments this week met with a ready sale. Grass Seed: Demand has improved, and it is expected that a good area will be put In this season. Prices are high, but that will not be any barrier, as stock are higher still. Fat cattle are expected to realise high prices for a long tune, and the advance in beef is reflected in the high prices paid for store cattle, which have sold this week at prices that used to b« paid for fats. Turnips are looking well in the Waikato, and abundance of winter feed is expected. Although the rain came late, it has already made a great difference to the who.e outlook, and, contrary to expectations, it has in some instances caused an increase in the quantity of milk, as well as stopping the general fall that had commenced. Fertilisers: In good demand, both for use with seed-so and also for topdressing. The advantage of the latter is well recognised, in promoting extra autumn and winter growth of crass. Hardware : Business is rather quiet, and reflects the comparative inaction in building. Corrugated iron sales are a.lways a good indication of the general state of the building trade, and the demand at present is very slow. Turpentine : The market is firm, with an upward tendency. Sago and Tapioca : Several advances have taken place lately, and the market is distinctly firmer. Australian Dried Fruits : It was expected that Australia would require all the locally-grown fruits, but it now appears that some will be available for export to New Zealand. There will be no surplus in currants and apricots, but a fair amount of sultanas will be availableOpening prices are not yet named. Tea : A private cablegram from Colombo advises that a further advance in prices took place at the auctions on Tuesday last, and no tea is purchasable under about per lb. The cause of this great rise is the operation of the Russian buyers, who, finding themselves several millions of pounds short of their requirements, are operating very freely now that financial difficulties have been removed, and are practically absorbing all the offerings in both Colombo and Calcutta. It is difficult to forecast the future, but it would appear that so long as Russia is in need of tea no appreciable decline in rates is likely to occur;-and no relief can be hoped for until June or July, when the heavy Ceylon crop is marketed, and the Indian sales re-open. Flax : Market shows considerable improvement, and better prices are being offered.

AUSTRALASIAN BILLS. COLLECTION RATE REDUCED. By Telegraph— Association—Copyright. London, February 17. The London banks have reduced the charge for collecting bills on Australasia to 7s 6d per centum. TIMARU WOOL SALE. [BT TELEGRAPH— ASSOCIATION-.] Txmajitj, Thursday. At the third wool sale of the season to-day 4460 bales were offered and 4290 were sold. The wools comprised a large proportion of dingy, sandy, and heavycondition and 80 per cent, of fine wools from the back country. There was an excited demand for coarser crossbred for army puposos, which advanced by Id to 2d, and halfbreds were from par to J>d better. Merinos met a fair inquiry at par. Scoured elicited keen bidding and realised from I7jd for crossbred to 20yd for halfbred. Prices to-day were: Merino, B|d to lOd; halfbred, super 12A<I to 14<i, medium lOJld to I2d, inferior 82d to lOd ; crossbred, super 12d to 14d, medium to Il|d, inferior 9d to lO^d; best pieces, lOd to 12d.

WOOL MARKET. LONDON SALES. LIGHT CATALOGUES. By Telegraph— Association —Copyright. London, February 17. Onlv the wool that arrived up to February 2 has been included in the wool sales catalogue. This reduces the available supply to 103,000 bales. HOBART SALES. ADVANCE IN PRICES. JAPANESE BUYERS ACTIVE. By Telegraph—Press Association —Copyright. (Received February 18, 11.10 p.m.) Hobart, February 18.

At the wool sales there was keen competition, and prices were 2d to 3d better than in January. The week's wool sales closed with a keen demand. All good classes, particularly crossbreds, were at the best prices of the season. Japanese buyers are very active. LONDON MARKETS. By Telegraph— Association — London, February 17. WHEAT. The wheat market is firm and quiet. The American visible supplies of wheat total 92,857,000 bushels. The Chicago market is firm. May options are quoted at 160 to 163J cents., and July options at 135 to 137* cents. TALLOW. Five hundred and fifty-two casks of tallow were offered and sold. Mutton, fine, brought 43s 6d and medium 38s: beef, fine, 40s 9d, medium 375.

OIL AND TURPS. j Linseed oil, 30s; turpentine, 42s 6d. j METALS. i Copper: Spot, buyers £63 ss, sellers t £63 10s; three months, buyers £63 12s 6d, c sellers £63 17s 6d. Tin": Cash buyers, { £176; sellers, £176 10s. Lead: Buyers, j £19 2s 6d; sellers, £19 ss. Spelter: Buyers, £39 15s; sellers, £40. Silver: Is 10|d per ounce. . i HIDES, SKINS, AND TALLOW. j Messrs. G. W. Binney and Sons report as | follows: — Hides: Market advanced. Extra stout ox, Sid to 9id, stout 91d to 9Sd, medium 9jd to 9jd. light 9d to 9id; cow. extra good 9id, 1 good 9d to 9Jd, seconds B*d to Bsd, scored J • end dirty 7£d to 7Jd, cut 7d to 7id, damaged ; , 6jd to 6Jd; kips, 8!d to 9d: stags, 6d to! ' 6id; yearlings, 85d to 9d; calfskins, 9;d to ' lOd, good BJd to 9d. meaty 7d to 7;d, cut and ; damaged calfskins 6d to 6jd per lb. Skins: Market firm. Butchers' picked skins, 8s 6d to 9s. extra large 7s 6d to Bs, large 7a to 7s 3d, medium 6s to 6s 6d, ■ small 5s to os 3d, extra small 3s 6d to 4s; j spring lambs', large 3s 6d to 3s 9d. small ! 2s 9d to 3s; pelts, large 33 to 3s 3d, small | 2s to 2s 6d; lamb pelts, Is 3d to Is 6d; i country dry skins, good 7id to 7id. medium I 6d to 6Jd; rat-eaten and weevily ekms, sid to 5Jd; rat-eaten and weevily pelts and lambskins. 2d to 3d per lb. Tallow: Market firm at late rates. Best mixed in shipment casks, 23s 6d to 245; good, in small casks, 21s 6d to 225, medium ®fis to 21s, inferior 19s to 19s 6d per cwt. Bough fat: lid per lb. Bones: Good, dry, £4 1.7s 6d to £5 per ton. Horsehair: Tail, good. Is 4d to Is 6d; mane, 8d to 9d. Wool: In bags and dumps. Medium crossbred, 9d to 9*d: heavy crossbred, Bid to B|d. dingy 8d to Sid; bellies and pieces, 6id to 7Jd: locks, 4id to sd; dead wool, 7id tc Bid: crutchings, 6id to 7d; lambs' wool, good bright, free of seed. 9d to 9Jd, medium 8d to 8?d, dingy 7d to 7Jd, seedy difficult of sale at sid to 6d.

Messrs. Alfred Buckland and Sons' weekly report for hides, skins, etc-, is as follows: — On February 16 we submitted and cleared large catalogues of hides, skins, etc. Hides: Market further advanced.. _We quote: Light ox, well flayed and conditioned B{d to 9d per lb, medium ox 9d to 9id, stout 9!d: stags', 7d to 7|d; cow. best* Sid to 9d per lb, seconds 8d to Sad; kip, Sid to 83d: yearlings, Bid to 9d; calfskins, butchers' 10d to 10ld. country 9*d to 10d. small and meaty BJd to 9d. Sheepskins: For good-conditioned dry and salted there is a keen demand in sympathy with the rise in the price of wool-. Butchers' picked pelts and lambs are making up to 8s 9d each, medium to good 2s lid to 3s 2d. Others are selling well, according to length of wool and size of pelt. Wool, in dumps and bags, is selling to a good market. Crossbred fleece. Bid to 9id: first pieces and bellies, 6id to Sd; second pieces, sid to 6*d; locks, 3«d to 4id; lambs', BJd to 9Jd: seedy lambs'. 5d to 6*d. Tallow: In tins and , drums, 18s to 21s; in casks. 19s to 22s 6d; in shipping casks, 22s to 23s 6d per cwt. ; Bones: Dry and clean. £5 per ton. Tails. Is 4d per dozen. Hair: Tail. Is 4Jd to Is 6d: mixed. Is 2d to Is 3id; mane, lOd to Is-