COMMERCIAL.

New Zealand Herald, Volume LVI, Issue 17327, 26 November 1919, Page 7

COMMERCIAL.

WHOLESALE AND RETAIL.

PRODUCE LITTLE QUIETER.

POTATOES STILL WEAK.

' Wholesale business shows a slight tendency to slacken off this week, after the feverish rush that has been experienced lately, but further "arrivals from, overseas have enabled orders to be executed that have been delayed for months. This applies to all departments, and goods move off on arrival to a demand th*t appears almost unlimited. The recovery in the building trade is responsible for much of the improvement I that has taken place lately, as this affect* so many departments that had often been quiet and dull. Country requirements are I specially heavy, hardware being in demand to an extent that quickly, takes up anv lines arriving. All farm requisites are meeting with a keen inquiry. Fanners : are assured of a good season, money is I plentiful, and they are taking the opporI tumty to effect improvements and extensions such as have not been undertaken for five years. Importers axe still badly handicapped through the irregular mail service, and the non-arrival of documents relating to J goods arriving, especially via the Panama Canal. A fortnight ago a lot of goods arrived with no documents yet to hand, j and this often means that nothing can be ! touched till the goods are released. Various suggestions are put forward, but one that appears the most practical is tllat arrangements should be made for the ! steamer to bring made for docucarrying steamer to bring*duplicate documents. This was quite unnecessary until recently, as the long route via the Cape almost "invariably allowed a mail to arrive before the goods, either via Suez, Van- j couver, or San Francisco. The Panama Canal route has altered all that, by providing a quick goods service, but very much of the advantage is lost in the quick delivery of goods unless the delivery of the mail is similarly accelerated. Exchange With America. American Exchange: The collapse in the rate of exchange for American drafts is steadily operating as a deterrent against imports from America, and thereby effectini' a natural cure for the present expensive rate. One peculiar point in the remarkable feature of a sovereien being con- ■ vertible into only four dollars, or even 1 hall a cent less, for- a few days last week, is that apparently nobody anticipated this extraordinary development. For UlO best part of a century a favourite theme with economists and financiers has been the probable effect-.of the great war that has always been held as inevitable, such a* the rise in the bank rate, the financing of the rest of the Allies by Great Britain, the financial collapse of the side .that did not get that assistance, and the rise in the price of food. But apparently not a single financier foresaw the exchange collapse, which was first noticeable in the early part of 1915, and which was artificially held up by a system of ".feeding " the New Yorft market with American securities formerly held in London. This support wag withdrawn this year, and the exchange found its natural level, which can enly be materially and permanently restored when a drastic change is made from the peculiar balance of trade that the w.u- so quickly brought about Dominion's Trade With States. The adverse petition of New Zealand and Australia, dragged into an expensive method of importing, on account of their system of financing through London, and thereby participating in the four-dollar exchange, has been sympathetically referred to in London. It is pointed out, however, that if we financed at our own rate, independently of London, it is very unlikely we could get any better terms, a'fi our own trade shows the same adverse balance with America as the United Kingdom and the Continent of Europe do. For instance, during the last twelve months for which the figures are available, the year ended September 31 last, we imported goods from America to the value of £7,051.508, against exports valued at only £3,853,023. These figures are similar to the figures that have brought about tho collapse of the sovereign as between London and New York, and a great increase in our own export trade to America would have to take place before the rate could improve to normal.

Produce : The markets are a little quieter this week, with rather less arrivals to be distributed. Potatoes : The weakness continues, and buyers are taking such little quantities that the price keeps down to £13 ex store. Most householders are now taking new potatoes, and the bakers are the principal purchasers of old. New Potatoes : A further increase has taken place in the quantity coming in, and the price has fallen a little. Best quality are quoted at about 15s to 17s. Onions : Now that the Japanese are over, a better demand has come in for the American, which are selling at 35s to 40s per crate.

Position Regarding Cereals.

Oats : The market is very firm, and best feed is selling up to 6? 3d ex store. Oatmeal : Further advances in several • makes are reported, but local is still uncharged. I Wheat : There seems little doubt, about ; a shortage next year, and some curiosity 1 is already being evinced as to whether ; flour will be allowed to take its natural t level, or whether it will be kept down by 1 an increased vote from the Consolidated Fund. j Fowl Wheat : Very scarce in tho South, 1 and the recent shipment is being distri- . buted to an active demand at 9s 3d. ; ! Chaff : Southern is firm at £14 10s ex i store. ' Hay : The prospects for this season are very poor. For ix weeks there has been no ra:n that could do any permanent good, and in some districts tho farmers arc lookins forward to a complete failure. Maize : The high price of wheat is caus--111;' unusual attention to be given to maize. The price on the wharf is firmer at 7s 6d in wholesale lines, and some extra prime samples have realised 7s 9d. Sucar : The position appears to be steadily getting worse in regard to suppi. cs for distribution. The merchants have none, and have been out of stock for months. Several of the grocers report this week that they are quite out, and many householders are in the same position, , through being put on short rations, instead of being able to buy the. usual quantity. ( j All this means that when supplies are I available there will be far more consumers ] ready to buy than there have ever been. I A cablegram this week shows that the price in London is five times the price in Auckland, another proof of the fortunate position in which New Zealand consumers have found themselves in regard to the price of this important commodity, ever since the war started. The cane sugar 1 crop appears to be a failure all over tho 1 world, and lower price." are not expected until the production of beet sugar on the Continent reaches somewhere near the pre- ; war standard.

PROPERTY SALES. The New Zealand Loan and Mercantile Agency' Co., Ltd., will hold an important Bale of laud at their Albert Street Land Booms to-day, at '2.30 p.m., when they will submit to public auction Kakino Island situated in the Haurnki Gulf, better known as Hanford's Island, containing 360 acres freehold land, subdivided and watered in every paddock. There are two homesteads one of 15 rooms and one of 6 rooms. The property lias wintered 800 to 900 sheep, and 80 head of cattle. At the same time Messrs Black Brothers' estate, near Mangawai, known as Holmwood, containing 1030 acres swamp and puriri uplands, will be offered in areas of from 105 to 330 acres each subdivision having part flat and part rising laud. There are three dwellings and outbuildings. The estate is dairying or fattening land. Easy terms. The sale of the balance of Ea-wenza, Estate. St. Hellers Bay. will be hold at T Mandeno Jackson's rooms, Customs St. E ' at 'J o'clock this afternoon. In all 53 sac! tion* will be offered. and every section fronts a well-formed road. Terms are very easy. The Huretraere Gardens Estate, at Takapuna, comprising eight sections, including one contaiflms an eight-roomed house, was

Nr«lni v" Bale by PuWic auction by Mr. Hill M wc< ? mbe at the Chamber of Com- £?« f, yester , day The sections varied in warn'-/ about » Quarter-of-an-ocre upwaa i ij f The 'lection containing the house an.? 4 8 ° „ for i ; 11 2- 1 Two sections. Nob. » and 4, were not sold at auction. RxTaH° \JTiV mod , hoUB6S ' ™e at Muritai ffinunn ° rd i a ? a one at Fentham Road, Hill Miff 5 Dd four « aeot i°ns at Sheriff's JiiU. MUiord. were offered for sale, but as *vere% r 8 V e e dT DOt th ° Pr ° Pertieß nrfior,Q^ fa * tol ' y , ai t e '. " with frontages to nfWJ f reet , an 4 Union Lane, -was also dav h„t° l *M Mr- Newcombe yesterI" ??i n °c business was transacted. r»7'ißw°L. unsold sections in Muro'clOCirALEßtat? ™ l l t ake P'»oe at eight vSi « „iT a eVenl T n F J at the rooms of Samuel estato f, if?™; s*" 83. Queen Street. The bevond i; t " a 2°,. the coast - » little sandv h« u° rd ' *£ d haa a frontage to two the Vflrti.-? 8 - hel * is a wharf - at which resularlv it 1 "? Com '■ steamers call mint? X' <t nd iv i loan {r road improveSrrH^dre^ntly aitemata County Council was Samuel Vaile and Sons, Ltd . will hold an whenthe a! fS' 9 - » M - to-day at their rooms" mitted--Tti IoVlng Properties will be subSymond7 qTr„ t la Ke resld «"c©B in Lower C d ' K' known as San Re ™°- and Road P«rn»i? Useof 10 "P 01 ? 8 - 145..Manukau 44 New NniJi T, OUS f °i- Bil , rooms at No. m, room* No " T>r K " a d. Kingslnnd: house of ProvedTrm" *> th Street, Newton; improved farm section in the Parish of Otau. FOREIGN EXCHANGE. cefved ?Au 0 ' New Sou tl' Wales has reUppro^mate!v) m nf T o '' 08 the , h "™* rates demand fin. fore exchange for on Stows:- ' B °' V nxlms on London, as Nov. 11, f^ a 2 Ce -F F rancs to £1 .. sT.O ' 2^225 Italy- Lire to £ 1 . . * . 49 0 S, U% Spam—Pesetas to £1 . . ' 01' 0 S's'ooc Switzerland-Francs to £1 •'• 2295 11111 Holland-Florin to £1 ..10 95 I*lo7 Sweden—Kroner to £1 177- 18 159 Denmark-Kroner to £1 " 1954 fAll Calcutta-Pence to 'Rupee ' oa, \A 5d Montreal-Dollars to £1 /"- 4 *4 *«* New York-Dollars to £1 .. ' 4.12J tile PRICES OF METALS. By Telegraph-Press Association-Conyrieht. (Reed. 9.45 p.m.) LONDON. Nov 24 Le^ r £f 3 17S Gd Md £iW 7 * M. Spelter. £47 10s and £48 Tin. £287 17s 6d and £290 12s 6d. (Received 12.35 am.) A. and N.Z. LONDON, Nov. 24. The price of silver is now 75{d per oz. CANTERBURY PRODUCE MARKETS. [BY TELEGRAPH.—PRESS ASSOCIATION.] GHRISTCHTJRCH. Tuesday Very little business is beinL- drm«. ,„' WW between farmers and mtrcWtT ™ tw"en ami 'fh P Ol^0 ? 8 , »» '•? and far beckSed. ° market may oc said to^ Chaff continues firm, and but for the shin pmg restrict-ons a fair amount of cculd be done with the North Island The pr.e remains steady at late rates' be fl-rTw S iiw* hardened somewhat, and good bushel S M ar ° WOrth U P to *» Mi

HIDES, SKINS AND TALLOW.

Lt^ 0 r^ e h 8 ;vi C nt OP he.cf U a Ctl s O ,r e er o r hri JO ' &£& Hides—Ox, medium to 12Jd lieht to i-u.i damaged to lljd; cow best tn inu 3i l toIDHL "Weeded to'sa* Lp? calf, good to 23d. washed w oij °,, 2< ? : 22d. meaty xo 19d. dirty V ufd*' to isones.— 03 ton. Tallow.—Shipping casks, 62s cwt Horsehair.—ls s*d to Is 7id.