COMMERCIAL

New Zealand Herald, Volume LIII, Issue 16202, 12 April 1916, Page 5

COMMERCIAL

SATISFACTORY TURNOVER.

SHIPPING FOR PRODUCE.

A SAiisvACTony turnover is-reported in the wholesale trado, general business being considerably increased by the deliveries ex wharf from the numerous arrivals of tho past few days. Retail trade also keeps active in mist departments. • Money: Tho bank returns just issued show a financial position of extraordinary strength. Never before hkve tho funds in tho banks increased during a quarter to the eamo extent as they have on this occasion, the improvement being £1,437,699 in ordinary accounts and £1,825,294 on Government account, or £3,262,993 in all. This bears out. tho forecast ventured in this column last week, when the probable increase was .estimated at £3,000,000. Tho increaso is ehtirely duo to tho higher exports, for instead of there being a fall in imports, as is popularly supposed, the imports for the past twelve months show a considerable advance. The amount will be nearly £2,000,000 ahead of the previous twelve months, and v. hen the figures como out it wslj In foumj that the amount is very nearly < sco*"*.

. Britisi; T / : The cabled intimation that during t_ ■; past quarter tho imports into Great Britain amounted to £217,891 ,£B3 gives a cluo to tho decision of thy Government to put a heavy tax on imported luxuries. This hugo amount has only once before been exceeded, viz., during the June quarter of last year, but lLtr<> is so/116 satisfaction in knowing thrt oa account of the fall in wheat and ot 4. grain the United Kingdom is not law Trying 1 h a lieavy tribute to the Staks a., thuy were last year. In other wo - ;ls, America has not now the monopoly in the supply of grain, for with the great increase in the crops of the next largest grain-producers, India, Canada, and Australia, i&rgo supplies are being drawn from these parts of the British Empire under decidedly more favourable financial conditions than formerly obtained m regard to the States, where immediate settlement was required. Exports for the quarter at £92,022,648 were certainly ahead of tho same period of 1915, hut they were considerably behind every quarter of tho year, during which tho value was in each rase within a few thousands of £100,000,000. Although this decrease shows a fall in the earning power, it probably indicates in a still more marked degree the determination of Britain to sacrifice everything to tho successful prosecution of tho war. Eighteen months ago tho popular cry was "Business as usual," but this delusion has been relegated to the background, and every month more factories are requisitioned for tho production of munitions at tho expense of the supply of 'those commodities that were formerly exported to the four quarters of the globe. It is interesting to note that tho value of exports during the past quarter was just a trifle over two-thirds of the value during tho same quarter of 1914. The Produce Markets.

Produce: The chief interest still centres in the difficulty in getting full supplies from .the South. The Kaituna is almost duo from tho Bluff with' muchneeded supplies of Southland grain, but further shipping will have to be provided in order to deal with the large quantities already ordered. • Potatoes : ; Considerable disappointment has been caused by the condition of Southern potatoes that have just arrived. A few local arc still arriving, but the quality has not been at all satisfactory lately, so buyers were holding of! as much as possible until better quality could bo obtained from the South. Instead of these showing any improvement, some of them are, if anything, worse than our own, showing early decay and decided signs of blight, and this makes it necessary to go to the additional expense of re-picking, whereas usually at this time of'the year tho quality is excellent. If this is a sample of what are to be supplied this season the shortage of shipping space is not the only trouble in store for produce merchants, and further consignments will be awaited with considerable interest. The best are worth £8 10s ex store, but the demand is not very heavy this week. Onions: As local have not been arriving in any quantity lately the shipment by the Victoria came to a bare market, and sales are now being made at £6 ex store. Oats, Wheat, and Flour. ' Oats: Esther more are now offering in the South, but there seems to be a» fairly strong tone in the market since the price touch-ed bottom. A good many farmers will not look at the low prices. ruling lately for spread delivery, and with their sheaves safely stacked it will take more tempting offers than are at present obtainable in- orcldr to open their stacks before the spring threshing. ljf>cal stocks are rather bare at the moment, and small quantities are moving off at about 3s lOd, but a vessel is on the way up tiro coast with a good shipment of new oats from the Bluff, which will be distributed at lower rates. This is the first shipment of new Southland oats to arrive this season, with the exception of a few small lots shipped via Dunedin. Wheat: Market remains about, the same, with very little business doing in milling. Flour: Local price is unchanged, and nominally the Southern quotation is firm at late rates, but a few bookings are reported, which indicate that millers have not such big ideas of the market as the growers appear to-hold. Pollard: Market is a littlo stronger. Stocks are low, but the price has been kept down to some extent in sympathy with- the position in Australia, where very low rates are quoted for both pollard and' bran. However, pollard has now advanced 15s per ton on the other side, and this has firmed the local market. Chaff Becomes Weaker.

Chaff: Local is still being sold at P r 10.- in truck loads at the station, but tho market is weaker, on account of larger offerings, and it is getting more difficult to cell tho largo quantities of poorer quality now being sent in. Southern is arriving at, Or ;hunga from Blenheim, and generally turns out fine quality. Maize: Consignments from tho coast have again been very small, and these have realised 4s 6d on tho wharf in wholesale lots. It is reported that thei*> is not very much left in the Bay of Plenty, but there will be no scarcity here, as arrangements have been made for importing Java maize via Sydney. The Westralia brought none, but a shipment is expected by next steamer. Bjnedust: Very little is arriving from jr.alia, and local stocks are light. Flax Accumulating.

Flax : Want of shipping ((pace is greatly crippling this industry, as it' seems impossible to get aWay any large quantity in the early future, and any additional storage accommodation obtainable is merely a temporary relief. The market is nominally unchanged, for there are buyers in England at the high rates now ruling there, about £10 per ton above the price last December, but in any bookings the exact month of shipment must bo stated. This is, of course, impossible under present conditions, and as shippers cannot guarantee a definite delivery practically no business resvlts. Fairly large quantities of Manila hemp weto arriving in London when the last mail left, but the market kept firm, with an unsatisfied demand. It is expected that still higher rates of freight will have to be paid, but the market in the Philipnines keeps very strong. It is reported that certain circumstances may bring a further rise in values at Home It is known that American operators continue to buy freely, and they ato paying

muoli higher prices than aro obtainable at present in • Europe. •- Tho complete figures for 'March are not -yet out, but during February 14,408 bales wore graded at the different stores in tho Dominion, compared with 8477 bales during February of last year.,

CHRISTCHURCH GRAIN MARKET. CBV TELEGRATII.— ASSOCIATION.] CniuSTatruncu, Tuesday. The grain market is very quiet, little changing hands. Offerings of both wheat and oats are limited. The latter is dull of sale, but a few small orders aro beginning to come in for seed wheat and oats for autumn sowing, The potato market is hampered by tho shortage of shipping space to Auckland, where there is a fair demand. Tho local market is well supplied, owing to tho difficulty of filling orders for shipment, otherwiso there would be moro ready sale.

DUNEDIN FRUIT MARKET. CdV TELEGRArn. — COBHESPONDEX'

Donedlv, Tuesday.

Poaches, 4s to 5s a quarter-caso; quinces, cooking from lid to lid per lb, dessert 2d to 3d; apples, cooking from ljd to ljd, dessert 2d to 3d; passion fruit, Gis-borne-grown, up to 7s cd a quarter-caso; pears, quarter-cases 2s 6cl to 4s 6d, bushel cases 6s 6d to 6s 8d; tomatoes, Nelson, Auckland, Napier, and Gisborno from 3s to sa; cucumbers, 6s Cd a bushel case, 3s 6d to 4s 6d a quarter-case.