COMMERCIAL.

New Zealand Herald, Volume LVII, Issue 17614, 29 October 1920, Page 3

COMMERCIAL.

WHOLESALE AND RETAIL. ' < FAIR BUSINESS REPORTED. PRODUCE MARKET ACTIVE. ♦s \ Wholesale and retail both report a very j fair week, in spit© of the time lost on Monday. Orders are general in all departments, but some sellers are showing: a tendency to 1 out prices, which may be taken as a clear sign, that stocks are good in those particular | lines. Heavy importations continue, and it j is very difficult to get Quick delivery from the wharf, qp. account of the great oongestion of cargo from Britain, as well as America and Australia. Several large shipments are now in, and others are due during ;he weekend, so that the position will not be eased for a while. All thee© arrivals help trade. • as every steamer seems to have a long list j of goods that have been wanted for months. \ and sometimes for years, but in other lines the local stocks are beginning to pile up. During the last few weeks goods have been arriving that were ordered as long as three years ago. _ and often the indent has been duplicated in the meantime, being frequently increased in expectation of short delivery taking place. When the whole Quantity comes along it is disconcerting from a financial point of view, and the banks appear i very reluctant to extend the usual facilities , for funds to be remitted to Britain an'd I America. The enormous importations during J the last eight months have been sufficient to • account for the disappearance of credits in j London that would enable the banks to! finance shipments to New Zealand as they | could at the beginning of the year. The ' same position obtains in regard to Australian J remittances, and financiers on the other side] will breathe more freely when they begin I to handle the documents for the huge wheat ! harvest now apparently assured. Tie harvest will be worth close on £100.000.000. easily eclipsing anything tiat has ever been realised or even expected for any harvest in Australia, and if they can get it away it W u ™ ake * up # for the deficiency brought about by i the forced delay in shipping wool *01. the lower Prices obtainable therefor. - dhipping documents ar stiil a trouble to importers. In Australia the customs authorities are threatening drastic curtailment of privileges after January next unless documents can be presented on arrival of the goods, The mail service is a difficult problem now that so many vessels arrive via iranama, getting here before the mails. Export trade is very brisk. The Matatua has made Auckland the final port of call, and has taken a large cargo to New York. The produce markets are active, with full prices on all milk products. and an easier tendency-m nearly everything else, .fart °* ""a is due to a reduced export inquiry, and part to the usual seasonal increase m supplies. Fortunately the weather has. been eminently favourable for pastorahsts and a heavy yield of milk products will bring a. big return at the record prices now ruling. Potatoes.—Last week reference was made to the high pnoe of potatoes brought about by short supplies. A sharp fall has followed heavy arrivals this week, again proving that with abundant supplies the trade competition is always sufficient to regulate prices. Good samples have been selling this week at 6s and even down to 5s 6d. an unusually low figure, and although this will be a temporary advantage, to consumers it is feared this un remunerative price will result m smaller quantities than usual being planted. Seed Potatoes.—Demand is decidedly quiet and apparently the season's business is over. Onions.—American are selling fairly well at 40s per crate. Oats.—Weak at 5s 6d per bushel ex 6tore in small lots, merchants this week being in possession of the cheaper lines recently punch in the South. There is considerable curiosity over the reported sale for shipment to the United Kingdom. as it will be very convenient to get rid of some of the surplus. Seed —Still selliifg in small quantities. It is later than usual for much business, but the weather is particularly favourable for further lowing and the growing crops are doing well. Wheat.—Recent visitors from Australia report a splendid growth this year. The area is not by any means a record, but a heavy yield seems already assured. Maize.—Selling fairly well on the basis of 9s 6d on the wharf for wholesale parcels of East Coast grain. Sugar-— sugar is still being distributed. but it is understood that a beginning .will be made next week with deliveries of white refined sugar. With heavy arrears to overtake, there is sure to be disappointment, as it will be impossible to supply all during the first week. FOREIGN EXCHANGE. The Bank of New South Wales has received advice quoting the— buying rates, approximately, of foreign exchange for on demand bills on London. The advice, which is cabled to Australia, thence transmitted to New Zealand by mail, is as follows— I Oct. 20. Par. j New York—Dol. to £1 3.43 . 4.866 I Montreal—Dol. to £1 3.79 4.866 Oct. 19. Paris—Francs to £1 52.85 25.'.!25 Italy— to £1 ... 89.00 25.225 Madrid—Pesetas to £1 24.12 25.:J25 SwitzerlandFr. to£l 21.67 25.225 Helsingfors—F.M. to £1 138.00 25.:iU5 —Drach. to £ L 34.70 25.225 Amsterdam— to £1' 11.11 12.107 Oct. 18. Batavia—Gldrs. to £1 11.40 12.107 Oct. ' 19. Stockholm to £1 17.28 18.159 ChristianiaKr. to £1 24.85 .. 18.159 CopenhagenKr. to£l 24.60 18.159 Germany—Mark to £1 242.00 20.43 Oct. 20. Calcutta—St. toTßpee* Is 7£d 24d Oct. 18. Hongkong—St. to Dol* 3s IOJd Singapore—St. to Dol* 2s 3Jd Oct. 19. Yokohama — to Yen* 2s 10Jd 24 29-50 d 'Telegraphic Transfer. THE LONDON MARKETS. HIGH COMMISSIONER'S ADVICE. [BY TELEGRAPH.'PRESS ASSOCIATION.] WELLINGTON, Thursday. The High Commissioner's cablegram, dated London, October 23, is as fol^>ws: — Meat.—-English trade is dull at average prices. Beet. Is 3Jd; mutton. Is 9d; lamb, 2s per lb. Imported meat constitutes 75 per cent, of the supplies offered in the markets. Argentine chilled beef is in active demand at full price. Hinds Is and fores 8d per lb. Australian, best quality ox beef is selling at 10id for hinds, and 7id for fores. Of New Zealand meat only cow beef is Offered for sale at 9d and sid per lb. for hinds and fores respectively. New Zealand mutton and lamb continue m active demand at maximum prices. Butter.The average price is: .English, £25 7s per cwt. (4s 4id per lb.); Irish (very limited supply), at £24 15s to £25 10s per cwt. (4s 5d to 4s 63d per lb.). The high price is checking demand. Cheese.The market is quiet for all descriptions of English up to £9 6s per cwt. (Is 8d per lb.). Canadian, white £7 -18s to £8 per cwt. (approximately Is 5d- per lb.)-, coloured up to £8 6s per cwt. (Is 5Jd per Lb.) A spot, c.i.f. quotations, £7 12s to £7 19s per cwt. (Is 4d to Is 5d per lb.). New Zealand, is quoted at £7 15s to £7 16s per cwt. (approximately Is 45d per lb.), c.i.f. Hemp.—The Manila market continues dull. Only small business has been done. "J " grade, October-December shipment, sold at £65 10s per ton. Present quotations for shipments are? July-September and August-October, £66 10s per ton; Septem-ber-November and October-December, £65 103 per ton. For New Zealand the market is quiet, with few buyers. Fair grade Octo-ber-December shipment sold at £53 10s per ton. Sellers' present quotations are:—High points, spot, £56 10s; Ofctober-Deoember ' shipment, £55 10s: fair, £55 and £53 10s ' per ton respectively. . Honey.—The demand is limited to cheaper sorts'. New Zealand is quoted at nominally: Finest. 100s per cwt. (10id lb). Wool.—ln consequence of the coal strike the Government wool sales at Liverpool on October 21 and the series due to commence in London on October 25 have been post- ' poned at the request of the trade. At Brad- " ford trade is very quiet. Difficulty has arisen from labour trouble, and buyers are holding back. Top quotations are nominal at last rates quoted (viz.. 64' 6s 6d, 56's 4s lOd. 40's Is lid per lb.). Merino tops are much cheaper. I . ~~~ ~ DEMAND FOR LAMB. [BY TELEGRAPH. —OWN CORRESPONDENT.] WANGANUI. Thursday. There is at .present a good demand for , lamb, and it is reported that a good deal of buying for forward delivery is taking nlace in the district. . The eagerness of buyers is taken as an indication that lamb is going to command good prices, and it is considered by some authorities that from 26s to 283 may be taken as the prospective I figure.