COMMERCIAL.

New Zealand Herald, Volume LIII, Issue 16285, 19 July 1916, Page 5

COMMERCIAL.

PROMISING OUTLOOK.

PROSPEROUS SEASON' EXPECTED.

Business in the wholesale has opened very quietly this week, but an improvement is expected in a few days, when booking for next month's account commences. All accounts agree that the country districts are looking forward to another prosperous season, and this will be reflected in the usual activity in trade. Although money is plentiful business is being conducted on very cautious lines, as is proved by the bank returns for the June quarter, which show a steady fall in the amount of discounts current, as compared with previous quarters. The absence of speculative buying means that the trade activity after the war will start from a solid basis, and not from a fictitious boom, and this makes the outlook much more promising. Building: Very little has been going on in the way of suburban residential building, partly on account of difficulty in arranging finances, and partly on account of the general uncertainty regarding the future. The opinion is held in commercial circles that renewed building activity must prevail after the war. In the meantime a fair amount of building is going on in the country districts, while in town a few very large contracts are being carried out. Material is very dear now, corrugated iron being higher than ever, the general quotation running from £40 to £42 per ton. Lead: The Australian market has receded considerably from the extremely high level reached a few months ago. Practically all the pig and bar lead imported into New Zealand comes from Australia, and more than half the sheet lead, but of course the price is controlled by the markets in Spain and the United Kingdom, where prices appear to have been forced too high by the enormous demand for war purposes. Good Business In Produce. Produce: Good business has been done since last report, with very few changes in value. Potatoes: Several shipments have arrived, but the market is not' over-sup-plied. The Island steamer will be taking a good quantity this week. Fortunately the quality is showing a little improvement now that the potatoes are coming out of the pits, instead of ex store, and they are apparently being carefully picked over before shipping. Price is firm at £9 lOg, ex store. Onions: The Australian onions by the Victoria are landing to a good market. Quotation stands at £9 10s.

I Oats: The market is still fairly firm, but it is noticeable that shippers in the South are not adopting such' an independent attitude as they were a few weeks ago. Offers are more plentiful, fair quantities being regularly railed to Dunedin and the Bluff for shipment. Seed Oats: The Algerian seed by the Rona arrived in splendid condition." coming to a -rood market. This is the last shipment to be imported from Melbourne this season. Demand this week is slow, owing to the heavy rain, but it is anticipated that there will be a big inquiry during August, the principal month for sowing oats. Wheat Market Firm. Wheat: Market is firm, but from this end of the Dominion there does not appear to be much in justify the position, and the price has probably been forced up by a combination of circumstances. Fowl Wheat: Rather more is available than was at first expected, no doubt on account of the drought making the yield in some areas unfit for milling. Flour Southern millers have advanced the price 10s per ton. Local is unchanged. Bran Scarce and in good demand. Pollard : Mar'iet is well supplied now. Chaff: Market is firmer in Canterbury, but this is not of much interest here this season, as no Southern chaff is being imported except from Marlborough. Another shipment of Blenheim chaff is landing at Onehunga this week, and it comes to a good market. Very little local is coming in. Maize : Huavy consignments are keeping the market rather weak. Good old grain is realising 4s Id on the wharf in wholesale lines, hut a large proportion arriving lately has been new season's, and this has been quitted at less money, as it does not keep. The Flax Industry. Cutlery: American manufacturers are looking forward to the capture of a good deal of trade with the Far East. Demand is increasing for American-made goods in cutlery and hardware, and in some lines is such that American manufacturers can ?fll all the goods they can make, and fur which they can secure freight space. Previous to the war a large share of lb? hardware business, and especially the cutlery branch, was in German hands. With the advent of the war the supply of such goods from Germany wa- cut off, but the Chinese dealers shewed their usual disposition not to buy on a rising market, and waited for lower prices before renewing stocks. The result has been that all stocks of cheap cutlery have been practically exhausted, and dealers came into the market for a renewal of their stocks. Large orders have been placed in England, and are being slowly filled, while even in the States they are less welcome than they would have been a year ago. Dried Fruits: Australian dried fruits are steadily growing in importance. During the last five years the production has doubled, and considerable export has taken place to New Zealand and adjacent regions, as well as to the United Kingdom.

Flax : A rood inquiry continues at Home, and the only trouble is over shipping space. A few mills are working through the winter, and although the bad weather is naturally restricting the output they are turning out a good deal. Price keeps about the same, but shippers would welcome fresh arrivals from the country more readily if they could get rid of their accumulations in store. Some relief is expected next month. CHRISTCHURCH PRODUCE MARKET. [BY TELEGRAPH. —PRESS ASSOCIATION-.] CHRISTCHURCTT. Tuesday. The wheat market is still very firm, and there has been rather more business doing : during the past few days, although the Jots are generally small. There have been more offerings by growers. Tuscan is the variety that is chiefly on salt-: Hunters and pearl, especially the latter, being scarce. Sales of prime quality Tuscan have been made at 4s 5d and 4s 6d at country stations, and as low as 4s for fowl wheat. Hunters is worth 4s 9.1 to 4s lOd, and pearl 5s at country stations. The oats and chaff market is still unchanged, oats being scarce. The potato market is easier, and owing to the diiiiculty of iifecting sales, merchants have reduced their limit of price, and purchases have been made at £6 at country stations. There I have not been many potatoes offering ; lately. Farmers are busy with farm work, i and are therefore inclined to wait until I next month before selling, in the hope of [obtaining £7. The difficulty of obtaining I new orders has. however, caused uncertainty, and hence the reduction of price. CLEYEDON STEAM NAVIGATION COMPANY. The annual meeting of shareholders of the Clevedon Steam Navigation Company, Ltd., was held yesterday, Mr. E. W. Alison, chairman of directors, presiding. The twentieth report and balance-sheet showed that the net profit on working account for the year ended April 30 last amounted to £4"4e lid, and the balance brought forward on May 1, 1915, after payment of dividend, to £47 8s 9d, leaving a balance at credit of profit and loss account of £51 13s 8d to be carried forward. The chairman, in moving the adoption of the report and balance-sheet, expressed regret that tie operations during the past year bad begs sost unsatisfactory, the

profit, as shown on the year's 'Working, being arrived at without making any allowance for depreciation. Under such circumstances, the payment of a dividend could not be made. The receipts for the year were considerably less than for the previous year, the principal decrease being on the Clevedon and Maraetai trades, due to the advanced prices of the chief farm requirements and the difficulty of obtaining them, owing to the existing war conditions. Then, again, the cost of running the steamers had substantially advanced. Owing to the falling-off of revenue and increased working expenditure, the directors had most reluctantly decided to advance passenger and cargo rates. The directors had no alternative. Shareholders -would recognise that it was no fault of the directors or management that the results have been so unprofitable: the steamers were run most economically, and the utmost attention was given to ensure the best results. The report and balance-sheet were adopted. The election of officers resulted in Messrs. E. W. Alison, J. Granger, and J. S. Wilson, retiring directors, being re-elected. The retiring auditors, Messrs. Thomas and Gray, were reappointed. APPLES IN DEMAND. PRICES FOR TASMANIAN. Aust. and N.Z. Cable. LONDON. July 17. There is a strong market for apples, specially for sorts suitable for storing, as the British crop is expected to be very light. The -Tasmanian apples by the last ships to arrive sold as follows: —Stunners, 9s 6d to 14s 3d, mostly at about 12s 6d; scarlets, 10s to 12s, a' few at 13s; New Yorks, 10s to 12s; Rome Beauties, 10s 6d to lis; Crabs, 10s 6d to 13s. Most of the pears were over-ripe and wastv, and sold for Is 6d to 3s 9d a tray. Winter Nelis brought 22s a case. " LONDON METAL MARKETS. Australian and N.Z. Cable Association. (Received 11.5 p.m.) LONDON, July 17. Copper: Sellers. £88 ss; buvers, £86 15s. Electrolvtic: £123. Lead: Sellers, £28 ss; Buvers, £27. Spelter: Sellers, £48; buvers. £44. Tin : Buyers, £166 12s 6d ; "sellers, £167 7s 6d. Silver: 29 15-16 d. BUTTER AND CHEESE. Dalgety and Company, Ltd., are in receipt of the following cablegram from the head office, London, under date, July 14, 1916 :— Butter : Market slow and unchanged. Cheese : Market demoralised. Canadian cheese, new, 84s; New Zealand, 84s.