COMMERCIAL.

New Zealand Herald, Volume LV, Issue 16970, 2 October 1918, Page 5

COMMERCIAL.

WHOLESALE FAIRLY GOOD

THE PRODUCE MARKETS. Wholesale trade is fairly good again this week, although most of the heavy bcohings for forward account have been disposed of. Several vessels this week aro bringing from Australia a -welcome addition to local stocks, but there is considerable dissatisfaction with the extremely unbusinesslike way in vhich tho % hole thing is being conducted. The prenent position .appears to be thai; no arrangements of a permanent character aro attempted, either in the Sydney or tlio coautal trade, and the result is that nothing in done except as a result of continual pressure from the various interests aflected. Produce: Now that the extra coal steamers are 110 longer available for ordinary merchandise, the position on the coast may bo expected to grow gradually worse, and tho heavy accumulations at the various pons will be steadily increasing unless someiing is done to alleviate the congestion.

Potatoes: Exceptionally heavy sales have been made during the past fortnight, inc.uced by tho lower prices ruling, and stocki. aro aj;ain running low. The market is firmsr at £12 10s, and there 13 every indication of a, further advance. The position is rathe 11 obscure in tho South, as very small quantities are offering. If tho growers have any, they must be still in tho pits.

Seed Potatoes: Demand has fallen o!f, so that evidently the bulk are now in. anil, as they were put in urder favourable conditions, they should do well. Any earlier-planted lots that escaped the (roat are looking very w.jll and promise ft good crop. A tew umall lota are almost ready for market, bill the bulk of the crop will be later than usuid.

Onions: A small quantity of Australian are still left, but these require re-picking, and ate then worth £28. No more Southern are being imported, but Californian have arrived via Wellington, and have turned out in good condition. A large proportion of these were soli I to arrive at about 55s per case, so that there will not be very many in the open ma ckei Cats: The market iE very firm in the South, and the offerings .wo lighter thaa for seme years. Fairly good stocks are held here, and. quotation is unchanged at 6s 3d to 3a 6d ei: store, but the position is very strong, and di.ll ing the last few days Southern shippers hive been trying to buy back at a yrice equivalent to higher than the 01 store price hero.

8'!k! Oats: Algerian Dee] are still Re.ling, but the demand is beginning to fall oS a good deal, and will probably decline from now on. If any reed is left over, it will be very acceptable for selling for feed l'urposes. Oatmeal: The market is very firm and one brand has again been advanced in price this week. This is a cood indication of the position in oats, for nil reports agree that good milling oats arc very scarce. Wheat: Fowl wheat io selling rather quietly at 7s 9d ex store. The Governm< nt is restricting the importation of Australian fowl whfiat on account of the heavy purchases of milling already made for forward delivery. This is throwing a heavier demand on Southern wheat, but the samples nr« not altogether satisfactory, and vary considerably in oualiiy. Flour: Rather large quantities of Southern have arrived lately. Local brands are frilling well, basis price remaining at £16 IDs m subs. Bran and Pollard The position is unchanged. Demand keeps good and stocks are low Chaff: Tho position is gradually gutting worse. No stocks are available, ana merchants are endeavouring 10 get a special steamer from the South, but so far without succcss. The market i* practically bare of supplies, and any Southern available 'sasily commands £15 10s ex store, while local is not to be had at any price. Grass Seed: Cocksfoot of good quality is in demand. A fair amount of lower quality is oh offer, but the only inquiry is for the bout. Very littlo is doing in ryegrass.

Fertilisers: A little bonodust is aniving from Sydney this week, upace having been secured through strong rspresontatiors to the Government, and nictation is iirm at £16. Practically no- C alcutta bonedust is left, and tho next steamer to load in .not bringing any. It is unders'jod that a little is already on. the way, but it has been most difficult to secure space, and any to hand wi I be picked up at once. Maize: Demand has been rather quiet, and wlolesalo lines have been placed at ''s 2d on the wharf. A little demand for seed :naue is already reported. Straw: Supplies are plentiful, as the heavy consignments from the South by the extra steamer* last month aro not yet exliatiited.

NORTH AUCKLAND FARMERS' CO-OPERATIVE, LTD. SIXTEENTH ANNUAL MEETING. The sixteenth annual meeting of uhareholders in tho North Auckland Farmers' Cooperative, Ltd., was held at hangar ei on Vvednesday last. Mr. M. Harding, cna rman of directors, presided. Tiie directors' annual report stated that during the year 17SO ordinary shares and 40,63 i) preference shares had baDn allotted, and the capital account showed a total increase of £46,890. There worn now IW3 ordinary and 245 preieronce iihareholders. Regarding the profit and lots account, tho balance remaining from Inst year, amounting to £9168 17s Id, had been transferred to the taxes resorve account, and it was estimated that this would cover all charges under this head to June 30. The profit for the year, after providing for depreciation, bad debts, etc., amounted to £1)725 4s lOd, from which there had la be deducted interest on preference shares fcr tho y«itv £3692 6s fid, leaving £4832 18s 5d to be dw.lt with. It was proposed to pay a dividend of seven per oent. on tho ordinary paidup share capital out of this amount, and carry forward the balance, amounting to abiut £1650. Rebates to shareholders daring tin year amounted to £2223, tho whole 01 w'lich had been paid in concessions as transactions were put through. Regret was expiessea at the death of one of tho diro.-tors, Mr. O. A. Wilson, and of Sergeant W. D. Eiigleston, an ex-member of the staff, who wua killed in action. Tho chairman, in moving tho adoption of the report and balance-sheet, referred t> tho hwivy increases in capital and bank - advsncofli and tho increase in tho mortgage account, which together totalled £67,880. On the other hand, sundry creditors' accounts wo.ro reduced by £13,529, and ir.ci eases wore shown. in properties, £l(i,806; advances to clients, £28.349: stocks of goods, £11,261 The increase in advances to shareholders was owing to tho lato season and tho poor markets, which made it necessary to carry clients' accounts for longer periods than usual. Many customers would have had to face very heavy losses if they had bo«n kept to their engagements, with even moderate strictness. In regard :o yards, buildings, and extensions, tho chairman said now yards had been erected during the year at Kaitaia, Rangiahua. Torrai, and Holenßville, and improvements effected at Broadwood. Ohaeawai. Kamo, mid other centres. Buildings had teen erected at Whangarei and Warkworth, and properties purchased at Knikohe and Kamo. Owing to the heavy ccmt of yard maintenance with metal the company would probably have to undertake thin work of concreting all its yards. A site for the erection of a wool store in Aucldand hail been secured, but the cost of erecting a suitable built. at present prices would be at least £20/00, and it was deemed better to keep the fundi in band for the accommodation of clients than to expend it ■in building at present. Tho chairman also roisrrod to the heavy overhead charges which during the year amounted to £15,024. representing 10.81 per cent, on the capital before provision could be made for sal iries, travelling and other expenses.

The four retiring directors, Mesari, B. Coleman. Donald Finlayson, D. C. Sneiling, and A. C. Yarborough. wore re-ehcted.