COMMERCIAL.

New Zealand Herald, Volume LVI, Issue 17251, 29 August 1919, Page 5

COMMERCIAL.

THE PRODUCE MARKETS I SHORTAGE IN SUPPLIES. •An • active. . turnover is reported , in tKe wholesale. Buyers appear to be at last reconciled to the probability that prices are ' going to bold, at any rate for some time, and that nothing is to be gained by holding off in tho expectation of a fall in the 1 markets, ' • * Buildtng: This applies particularly in the buiidins trade, as there appears "to have been a, wide-spread impression that prices must fall. Several lines in building ironmongery have undoubtedly fallen from the extreme, rates current auraw the later So°a th C £ 6 ££' incmdSL us \£«! ♦~, »i!L pn S* , 13 now »Wo on a level Us: above what was expected. This has naturally resulted ia a ior sub! atitutea and. tiles are every month receivino more attention, both imported and large industry, will be worked 1111 m it. manu&otnw of tiles « NevTZealand )T tones are in operatiorT irltL North Island" , and also ia %o South, making tiles frem cement and clay, and there appears to S pate" 4 *nd over tL ii ß4 , bui l«mg programme all oyer the world to reconstruct in "Europe and to overtake arrears • in other -oftrtr • fasponsible. for a hnge demand for 3fbuild- > Or eff on I>6 «| atlo?3 IcceptelT ?nd Pff% iissrf: ajTsaSS it will cost more to build Bert w» tt?» H g Would have cost since th?'£ S &^ American Prices: Fluctuating values ft » te America, especially w* everything pLSfg S" &Z ffiS&SV 8 America in' we«X«to fa PO J n T 4%{s have to pay. unless ,Wi %*.? £ „ copted. Manufacturers are reluctant to »n SSa *'x^ il ySL**? f^ ed wl & Inoreasfrfg -„„ij wncie , every heading. Even if tft«? Srtei^?* 8 * raw »»*■*»»» at ranch lower I prices than are now ruling, they do not I anticipate any appreciable fair in seUinff prices, ijnless labour cost is Reduced. That means, lower wages, a contingency wbich looks irapossibte until the cost of living Is Vt^T d - t J Th « a »rio« of manufactured is\*A t o ?*-™* jwr- materials are largely interdependent nd these, is an enormous world demand for * all the at present litis demand cannot be satisfied quickly' aad will probably.increase, particularly & to raw materials and manufactured articles An instance of this aspeot of the situation v? - America . l 8 the enormous volume of building which impends as a direct result of the war, due principally to the fact that mien matters as. buy ding, which could wait were pushed aside, in order that all energies couloV be devoted to activities which contributed moTe directly to the success of the war. All products may be divided into two broad groups—those that increased in price during the war. in excess of tho amount justified by increased coat of production, and those whose increase has been ' proportionate to their increased cost. Examples of the first class are wheat, which was artificially raised to a price that induced a production far beyond what they can now dispose of, and also certain steel products, which were unnecessarily forced up. Ordinary hardware appears to fall in the second class, so that prices are not expected to materially decline, while prices in ■'• the first class must fall as soon as the artificial support is withdrawn. American Excliaage. American Exchange: All American trade is . now 30 deeply affected by the abnormal exchange rates that other conditions have temporarily disappeared . in the background. Several weeks ago the American, Food Controller was advised that four American, dollars would -80011 be worth a sovereign, and this forecast has almost been realised, only a few cents over four dollars being now required to equal a pound sterling. If is should reach the even money, four dollars, it will mean that for every dollar's worth of goods bought in. New York, buyers in ' JNew Zealand, and in every country which j finances through London, will have to pay . 6s in British com. Of course, this extreme 1 ra*o of exchange must disitdvantagebusfy ' aneot American export trade, as it is more 1 profitable to buy m England, to the exact , extent of the loss in buying from America ! at the present exchange. This at once ao- ' counts for the alarm m America, and also for the boom m, trade in England. The boom < m British trade after the Napoleonic wars , is a well-known historical fact, the Mother ' Countrcr securing it supremacy that was i hardly even challenged for three-quarters of ] a century, bat shrewd observers venture the '. opinion that Britain again has a pnenomen- .5 ally favourable opportunity id recuperate ' after the terriffic expenses of the war. The < American exohange situation plays right in- 1 to Britain's handß.. especially as it is ao- , companieil by a similar condition in the Far 1 East, whither export is naturally booming on account of the appreciation of the rupee. 1 las broad fact is that American trade boomed , during the war, as welT os Indian and Japan- ' ese, and until that balance is restored by £ a great movement in the direction of a huge < increase, export* from Britain to other ' parts of the world it ds idle to expect the ~ fnfe^.V 0 «* t^v* normal. The 1 interest that New Zealand has in this question .is qnivo simple—all imports from 1 America, will cost 15 to 20 per cent more < than . if the exchange rate were normal, his is a great inducement to buying in Eng- ' land, especially as the rate for remitting to .London is particularly favourable just now. A suggestion has been made that New Zea- ', land could get over, the difficulty by estab- ' ashing direct banking communication with ' New York, but, sstour imports from America have latterly been about twice as much as our exports thereto, the .same features would otMsrate in the direction of an adverse exchange rate. It looks as if the only practicaKremedy is to buy in England. Mails and Railways. ; Mail Services: Importers have lately been very much disconcerted by the irregular mail 1 service from England. Goods have been received into Auckland warehouses during the Past fortnight for which* the documents only arrived on Tuesday, while inr' the case of ' ' i some consignments, taken Up under m letter of indemnity, and passed through the Cos- * i toms on a sight entry, the documents are • not hero yet. When cargo steamers came via the . Cape, the old mail route generally secured papers arriving before the goods, but < a/. fast goods service via the Paniwrn* Canal *» demands a better mail service, even to the extent of letting the cargo steamers carry ' their own mails. ] Railway Service: The trade with inland j centres is naturally disorganised by the reduced service, and unfortunately the service via the Waikato River has been inter- ' rupted by the grounding near Waitara of 1 the steamer that has been taking the goods from Onehunga to the Waikato Heads, for , I transhipment to the river barges. Hundreds ' of tons have accumulated, although. an al- ; ternative steamer partially dealt with the ' congestion. Produce: The markets are rather badly . ; supplied, both in Southern and in local lines. ' Dairy prodnce is still in- an acute position. ; Butter is-every week getting a little more ', plentiful., but supplies are not yet normal. i Cheese is almost unobtainable, and con- 1 tracts are being readily made for delivery as 1 soon as the new season's make is available. . The shortage in hams and bacon is very pro- ! nounced, and distributors find it impossible to fill all requirements. Deliveries from tho factories are very limited, and grocers are compelled to adopt a rationing method.' Eggs are now more* plentiful, and the price has declined considerably. The reduction is having a marked effect on the demand, and there is no difficulty in placing all that come in. Southern produce is in short supply until the discharge of the Koromiko, now almost due. The shipment by this vessel will probably be largely distributed from the wharf, as local stocks have run low on account of the irregular sailings on the coast. Potatoes: None are' to be had until the Kj ,>miko discharges, and the price is very firm at £14 10s ex rtore. The forward market is »t the mercy of the export trade to Australia, as it is questionable whether stocks in. Zealand will prove sufficent to last until the new potatoes are ready, if any quantity goes away. The Sydney price is sufficiett'tly attractive to induce shipment, but it is hardly likely that much space will bo .available. . Merchants are only drawing limited titles from .the South by cacK steamer at present, as the quality lately has not been very satisfactory, and potatoes will not keep long in Auckland without deterioration at this time of tho year. Seed Potatoes: The demand keeps exceptionally keen, and there is difficulty in filling orders. There is every inducement to plant heavily this year, as the weather has been typical for potatoes, and the old season's should be cleaned right up before the new crop .is ready. Onions: Stocks are so low'that prices must only b« regarded as nominal. Any of fairly good quality would command about 32s 6d. bit there ar«j a good many poor samples about, and these are working off at less money. resumption of shipping with Australia is opening up a prospect of getting over the Japanese onions now in, Sydney. but it is not yet known which goods are to gEft preference in th* limited space available to brma:, across the thousands of tons of cararo awaiting shipment. American onions should be here early next month. The Oat Market. Oats: . The market appears to depend entirely on whether any large quantities will be exported, and holders are accordingly cautious in quoting, especially as the railway restrictions prevent the usual supplies from reaching the Southern shipping ports from country stations. Local stooka are rather light, and a quiet demand is being filled at 5s 6d ex store in small lines. Seed Oats: The demand is very active and would be still heavier if Australian seed was available. Many farmers are averse to using local seed, as it is well known that need grown in a different climate, has a stronger constitution, and oats require the very best conditions to withstand rust and other ailments. Wheat: Milling is arriving in sufficient quantities, but fowl wheat is rather scarce, and the price is firm at 8s 3d ex store. Denand keeps up woll. Bran : Demand is exceptionally heavy, and it is impossible to fill orders. •' The openins of the daisy season is no doubt responsible for the present position, but the comparative shortage of gross should soon bo a thing of the past. The rain this week will be of incalculable benefit to pastures, as the land-was.. probably drier than it has ever been at this time of the year. The > soil is already warm enough to respond 1 -.4

HI I!'■«■■»!! 1. In 11 ..1,11,11 jjn„ p.. ■ "II » ■"■ llllVll 1. rapidly to the' rainfall, and'in a* few "weeks there shonld be an r abundance of grassi after a. comparative shortage during the . whole year. So far ; as Auckland is concerned, there» has probably never, bafore been such a dearth of rain during ajdong period as there has been for the. last rune months, and dairs farmers especially, have been anxiously looking for the spring in the grass that is usually evident about the - middle of August. ' ,' ' '"', , Pollard: Not quite so scarce as bran, but a good demand quickly picks up all available supplies. , , , _,-.'' Chaff: The market is unchanged at £14 ex store for best Southern, and £12 for ; ; local. The latter is offering more freely. ■ now that the winter is almost over, but the railway service is unsatisfactory.. Maize: East Coast maize now arriving, is practically all new grain, and the' condition is such that consumers prefer" the imported article. Consignments are realising vs '8a on the wharf -in wholesale lines. STEW ZEALAND DRUG COMPANY. * INTERIM DIVIDEND DECLARED. [BY TELiS&BAPH.-—KRESS ASSOCIATION.} DUNEDIN, Thursday. The directors of the New Zealand Drug Company have declared an interim dividend • of 31 per cent, for the half-year ended July LONDON MARKETS. A. and N.Z. LONDON, Aug. 27. The tallow sales were not held to-day '. owing to the poor demand. • hides' AND TALLOW MARKET. The Now Zealand Loan and Mercantile ; Agency Company, Ltd., report:—We submitted and sold average catalogues of hides, i? w etc- ' on Tuesday, all lines meeting ; with good competition. We quote: — Hides: Market brisk. Ox, extra stout 13d, to .stout 12d to l2id, medium lltd to Jif4' light 10id to Hid; cows, best lines 10Jd, good 10* dto 10id, interior 9Sd to 9id; . hum, lPid, to 12d; horse hides, 5s to 14s; calfskins, best to 18d, good 14d to 16d, inferior 10id to l2d, cut and damaged 54d to 9id; stags, B|d to 10id. Tallow: Beat mixed to 60s, good 40s to ■ 60s, inferior 32s 6d to 35a, rough fat, 2d to ' 3d per lb. Bones,, £3 ss. Gowtaols, Is dozen. Horsehair, Is to l£ (3d. ] PROPERTY SALES. Smith and Halcombe will offer for sale by auction to-day, at two o'clock, in their land . sate rooms, 8, Customs Street East, the ' following properties: Under conduct of the registrar of the- Supreme Court, at the request of the second mortgagee, 20 acres at Waikumete, with all improvements, thereon, situated about li miles from the Waikumete < station by good road; a first-class fruit and general farm. Also, on account of the trustees in the estate of Emma Tibbutt (deceased), two properties in O'Neil Street, Ponsonby, three minutes from Ponsonby Road « tram, known as Nos. 58 and 60, both Bisroomed dwellinghouses, with all conveniences, now lot. Possession of the above proi perties can be given within one month. Terms at sale. Details are advertised. Messrs. T. Mandeno Jackson will offer for sate by public auction, under conduct of the ' registrar of the Supreme Court. at two o'clock this afternoon, SS acres at the corner of Niger and Pratt Streets, Otahuhu, together with the five-roomed house and con- ' venienceß erected thereon. ■ ■ ' ...',' 3 EIYAL DRESSMAKERS. ■», ALLEGED ASSAULT ON BOY. CASE DISMISSED AS TRIVIAL. A case presenting some amusing aspects was heard before Mr. F. K. Hunt, S.M., in the Police Court yesterday, the plaintiff in a private prosecution suing a young woman for alleged assault on plaintiff's son, aged seven. Mr. A. Moody appeared for the plaintiff, and the defendant conducted her own case. The evidence for the plaintiff was to . the effect that the child, after hitting on the verandah post outside defendant's shop, was pursued by the defendant down Nelson ; Street, and when overtaken smacked three times and kicked on the hip, the result being that he cried all the way home. Evidence that the kick left a bright red mark on the boy's body was given ,by the .another/'';."" ' •■■..] Defendant, to the boy: Didn't the lady next door pot your head under water for stealing lollies? Didn't you throw stones and knock our peaches down ? "Didn't you call my mother, *an old lady of 75, "Fanny" to her face? Don't you steal pies front shop windows? To all these questions the small boy ; replied in the negative\ but he admitted that he had broken defendant's window and paid for the damage. The complainant said the trouble resulted from rival dressmaking establishments. " When I started dressmaking," ] she said, "defendant thought me the blackest one who ever walked." The Magistrate: Oh, I don't want to hear about that. Complainant said her eight children were always blamed by the defendant, and by nobody else. The day .before the case defendant had sent her a suit of boy's clothes and a wrapper, so that the case might not be" proceeded with. t The Magistrate: A very good offer, too. Another witness said- the child's face was very red after being smacked. "It was very dirty! interjected do- , fendant. The evidence for the defence was to the effect that the. child, with others, ] was always annoying defendant. , * Defendant, in evidence, said she wished only to scare the child, and not to hurt him. As for kicking him or touching his head, it was absolutely false. A man who was passing said he heard a boy say, "Oh, she couldn't kill a flea; we'll go back and give another bang." Another denied that the boy cried all the way home; he saw him chasing the fire-engine. '* That's enough," said the magistrate, "I shall dismiss the case as trivial." He would not convict defendant, but warned her not to touch other people's children,. Costs of 21s were allowed the plaintiff.