COMMERCIAL.

New Zealand Herald, Volume LVI, Issue 17257, 5 September 1919, Page 5

COMMERCIAL.

WHOLESALE AND RETAIL.

THE PRODUCE MARKETS.

SHIPMENTS FROM THE SOUTH.

The wholesale houses report a satisfactory week, and retail is also keeping up well. Heavy arrivals from overseas are largely responsible for an .increased turnover, numerous lines coming to hand that have been in short supply for months. This applies to English and American, as well as Australian goods.

Building: Values for building material are petting more settled, and there is not the same reluctance to let contracts. Owners are gradually becoming convinced thr.t high costs have come to stay, and the coming summer is expected to bring about a renewed activity in building at prices that would not have been entertained six months ago.

Exports: The present extraordinary abundance of funds must, of course, be attributed to a record export trade, together with the fact that a large part of last season's produce has been paid for, although not vet actually shipped. During the 12 months ended June 30, our exports were valued at £38,757,000, against imports estimated at £28,630,000, and of this record amount over £29,500,000 went away since January 1, largely owing to the opportunities for shipping by the returning transports. This record export has not nearly cleared up the arrears of accumulated produce, particularly in meat, cheese, and wool, and heavy shipments of all these are still going away. During the last three months cheese alone lias been shipped to the value of over £2,500,000. It is difficult to arrive at the value of produce still awaiting shipment at the end of the produce year, June 30, but it probably exceeded £20,000,000, and this takes 'no account of the thousands of cattle and sheep that were ready for export, and would have been slaughtered if there had been accommodation in the freezing works. All these can be fairly added to the earnings of the war period, and they produce a marvellous record, fully accounting for the present abundance of funds.

The Trend of Prices. Prices : It is probably riot known wl|at ! a remarkable influence prices h?.ve had j on the returns obtained for our export j product*. It has been calculated that j during the five producing years since the declaration of war we b?.ve received about £39,000,000 more for our exports than we would have obtained if prices had remained at the average obtained during the season of 19131914. Values show no sign of falling, taking them on the average, and daring the past few days both the Prime Minister and his late colleague, th present Lender of the Opposition, have reversed their former forecast that we raftst be prepared for a big fall in export va'nes.. One very material noint in connection with the return obtainable for our produce is continually overlooked, viz., the fact that prices fox our chief products could materially fall in the world's markets and still return the New Zealand farmer better prices than he has ever obtained durum the war. For instance, in wool the New Zealand farmer, and also the Australian, has received 55 per cent, above ore-war prices, but, as -wool is ruling in Bradford in the open market at nearlv 150 per cent, above pre-war prices, there is apparently a great deal of force in the demand for the removal of control. Produce: A very useful shipment has been discharged from the Koromiko, and further vessels are on the way. Merchants are particularly anxious for the «r"v' df fv> o TT- : -->r,i and the Mokoia with Southern produce. Potato Prices Unchanged. Potatoes: Price shows no change since the beginning of the week, and the Koromiko shipment is steadily moving off at £14 10s. ex store. The resumption of shipping with Australia has imparted a firm tone to the market, as Sydney prices will allow of regular shipments, if sufficient space is available. Seed Potatoes. Demand is exceptionally heavy. The rain has really been of srreat benefit to the crop, and has not materially interfered with further planting. All varieties are in steady request, at £14 10s upwards.

Onions: The Japanese onions bv the Niagara are still on board, but the scarcity on the local market has brought about a *crreat deal of business, and most of the shipment will be distributed as soon as it reaches the wharf. Quotation remains at 30s.

Oats : The market is firm, but busmess is not very heavy. Local demand has been quiet all through the winter, and the market is up by export inquiry, toe-ether with the railway difficulty in getting stocks to the Southern shooing ports. Small lots are selling at 5s 5d to 5s 6d, ex store. Wheat: Fowl wheat continues in good demand at 8s 3d ex store.

Bran and Pollard : Both are in good demand, and heavier supplies would be appreciated by consumers. Chaff: The improvement in the grasp situation has completely a'tered the position in chaff, and far more local is offering. B'enheim is st'll worth £14. Maize : New local maize is difficult to sell against South African, and consignments are realising 7s to 7s 3d in wholesale lines on the wharf.

Heavy Deliveries of Sugar. Sugar : Rather heavy deh'veries during the week have tended to dispel the fear of a shortage. Consumers largely have the poeit'on in their own hands, and can easilv produce a shortase bv creating an artificial demand, apparently under tinimpression that a rise is about to take n'.ace. As a matter of fact, the price is 'fixed, and cannot rise for some months at least.'

Tea: A cablegram from Colombo this week advises a strong market, under pressure of heaw buying for Encr'and. Rice: A little arrived bv the Niagara, and is being so'd for distribution as soon as 't is dVchareed.

Flax : The market ib very dull, with little biiFinesß passing. Strops efforts are beinc made to pet a reduction in the freight to the United Kingdom, as it is well known that several mil's in this province, cannot popeihlv Ftart operations iin'cs the fre'erht is suffie'entlv reduced to allow of better prices to be paid.

S. R MAXWELL AND CO,

SUCCESSFUL YEAR REPORTED. | The annual meeting of shareholders in S. P. Maxwell and Co., Ltd., was held on Wednesday, .the managing director, Mr. J. L. Young, presiding. The annual report stated that there was at the credit of profit' and loss account tho sum of £11,551. This amount included a balance of £5072 brought forward from the previous year, and pro- j vision had been made for all known bad debts. The sum of £2500 had been transferred from the war contingency account. The directors proposed to pay a dividend at the rate of 10 per cent, per annum, which voa'd absorb £5784, leaving a balance of £5767 to be carried forward. Gross profits on the sales of merchandise, copra, shells and produce amounted to £19.358. and the expenditure on salaries, wages, etc., and gen- , eral expenses at the head office and at ] Tahiti, £11,022. The report and balance-sheet were adopted. The chairman said he considered the outlook for the ensuing year wp? satisfactory. I The retiring director, Mr. A. W. Gillies. ; was re-elected, nnd Mr. G. C. W. Morris was appointed auditor. LONDON MARKETS. A. and N.Z. LONDON, Sept. 3. Tallow: At the sale 2375 casks were off "red, and 670 co'd. Mnttd*.: Fine. 107s; medium, 945. Beef: Fine. 110s; medium, 945. YACHT FOR SALE BY AUCTION. Messrs. R. C. Carr and Son will offer for -«ale by auction, without reserve, at their rooms, Swanson Street, at noon to-day, the , auxiliary keel yacht Clarion, under distraint I of the Court.

AUSTRALIAN PRODUCE. \ Australian and N.Z. Cable Association. (Reed. 12.5 a.m.) SYDNEY. Sept. 4. Oats: Algerian, feeding, 6b 6d to 5b 8d; milling, 5s 9d; Tasmanian, 6s 3d to 6s 6d. Baney: Cape, sa. Maize: 7s 6d. Potatoes: Tasmanian, JEI6; New Zealand, £15. Onions: £12 to £17. (Reed. 12.5 a.m.) ADELAIDE, Sept. 4. Oats; 5s 3d. HIDES AND TALLOW MARKET. Abraham and Williams, Ltd., late G. W. Binney and Sons, report:We held our weekly sale of hides, tallow, etc., on Tuesday, as under: — Hides: Cow, best 10|d to 10Jd, medium lOd to 10} d, rough 9d to 9}d. scored lid to Bid. cut 8d to 84d, damaged 6a to ti±H ; ox. extra heavy 124 d to 13d. heavy 12d to 124 d, medium Hid to 12d. light lid to Hid, cut 9sd to lOd, damaged 6*d to 7d: yearling, 9*d to lOd, cut 7Jd to Bd. damaged s}d to 6d; calf, good 16d to IBd. medium 14d to 15d, heavy lid to Hid, damaged 7|d to 91d, cut 9id to lOd; horse, 9s to 10s, medium 8s to Ss 6d, small 5s to 6s. cut 4s to 4s 6d. , Tallow: Market advanced. Casks, best 66s to 60s, medium SCsMo 555, ordinary 45s to 50s per cwt; tins, best 42b to 455, ordinary 40s to 455; dreggy and burnt, 36s per owt. i Bones: Good, dry, £7 10s to £6 per ton. — i PROPERTY SALES. ! Samuel Vailo and Sons, Ltd., will hold an Auction sale at their rooms, 83, Queen Street, at 2 p m. to-day, when the following properties in Devonport will be offered for sale in the estate of Patrick Boscue (deceased):—Block of land 100 by 332 ft. fronting Anne. Fleet, and Clarence Streets, with large stables and two houses thereon; house of five rooms in Cambria Road, also block of five acres at Belmont, near BayswaW Id section. A holism of six rooms in Bellevue. i Road. Mount Eden, will be offered: