COMMERCIAL.

New Zealand Herald, Volume LVIII, Issue 17828, 8 July 1921, Page 5

COMMERCIAL.

WHOLESALE AND RETAIL. BUSINESS STILL QUIET. THE PRODUCE MARKETS. Business has maintained the quieter ton© that came in at the beginning of the week, the wholesale having little of special interest beyond the gradual Slims of small sorting up order?. Ret-ajlers generally are in a sood position, with stocks about normal in most departments, and they are therefore abie to ava-1 themseives oi the low Quotations given by so many of the «hoiesaie houses that ax» sull heavily stocked. Every week there se-ims to be some line that is ottered at a birgaLn pri;e, but against this there is accumulating evidence tca.l other 1-nes are running »tiort, ana a.stnbutors «re ani.ous to kuow how soon importers wul again begin indentmg normal Quantities to replenish their lasi aimin-sinns sto».Ks. Money.—The banking returns for tlie June quarter are due m a. tew days, but uiey are not liKeiy to revoal a very strung position. Funds were exhausted by the exiraortunary importaUon-3 o£ last year, and the tide will tuve to definitely turn beiore an easy hcanc.i«.i situation can come a bout. Fortunately the position is in one way not Quito so bad as it was a lew months aso; most oi our produce is cow being paid .or as last as it is shipped, whereas, until recently, a Large proportion had alrt-ady been paid tor bi' the Imperial Government, therefore, the""actual smpments gave no _ financial relief. I"he feature 01 the last few weeks has been tho steady rise m standard stocks on the Exchange. but this is generally attributed to the belief that ' bottom prices had been reached in April, rather than to any actual improvement in the financial position. It is safe to forecast a record excess oi advances over deposits in the forthcoming returns. Aga:n«t the undoubted shortage of funds must be recorded a rather unexpected stability in business. Most trades have b«eu careful to restrict their commitments to their financial capacity, and therefore an? able to weather the temporary reversal of fortune that has come in. Failures In business are few and far between, aaid are quite' frequently due to incapacity rather thskn over-trading. Most trades are able to look forward with increasing confidence. Retail Trade.—The winter clearance sales a-e* still the prominent feature in city trade. More original ideas have been seen this winter than ever before, and good business has resulted in rao«t departments. Tobacco.—Very little interest is taken in th? reprrted drop in prices this week, as tho only reductions so far in evidence aro in the brands that rarely pell, and they wero reduced for that very reason. Fair stocks o. mo3t of the heavy selling lines arc stocked here, but distributors would be surprised ll they knew how near the wholesale often is to a, famine in some of the best selling brands. The same applies to some brands oi cigarettes, which at the moment are unobtainable throughout the Dominion. Eastern Goods Eastern Goods. —Regular supplies of rice are now coming forward from Sydney, but eago and tapioca are both very scarce, and price has hardened a little in the East. Chinese ginger is in small compass. Peanuts arc now in better supply, and are selling well, but all nuts are lower in price. Java sugar is being offered to local houses at a price that looks attractive, but the auality is against it. and business is neglected in favour of thf» locally refined article. Singapore canned pineapples are in short supply, and this is causing an increased demand for Queensland packing. Cocoa and Coffee.—All prices have shown a tendency to ease. It is noticeable, however, that the lower prices have not resulted in much increase in the sale. Wood ware. —Lower prices are named in most lines of American woodware. Freight enters largely into their costs, and the reduction in freight is quickly reflected here. In some cases goods are bemg sold at lees than actuaj cOBt. based as usual on present cost of replacement. Dairy Produce.—The -weakness in butter that was noted at the beginning of the week still continues, and factories appear keen to reduce their holdincs. Eggs are still increasing in quantity and falling in price, present wholesale quotation being 2s 3d. During the last day or two eggs have been retailing at 2s 6d, which is back to the price that was ruling during a good part of tho flush of last season. Ample Supplies of Potatoes. Potatoes.—Ample supplies are on hand as a result of regular shipments, and pric» is unchanged at 6s 6d wholesale, ex store, with the usual reduction for delivery direct from the whar^j Seed Potatoes.—A little improvement in the demand is reported, but no large quantities have been taken so far. Onions.—Several local houses have received advice of an advance in Melbourne, but tho principal factor operating on tho local market is the keeping quality, or, rather, the want of keeping quality, in most of the Tecent arrivals. This irregularity hardens up the prioa of best erode, which have sold tip to 12s wholesale; but. poor-conditioned are neglected, and are pushed off at almost any price. Oatß.—Continual reports of a firm market in the South indicate renewed inquiries for shipments to the United Kingdom, and etocks in merchants' hands are so limited that prices are sensitive to even the smallest influence. Locally it is difficult to get much interest taken in oate as the demand is so quiet. " Oatmeal.—The advance in oats has definitely brought about a general rise in all brands of local and Southern oatmeal and other breakfast foods. Flour.—Selling in normal quantities, with demand well sustained. Local mills are busy with orders, and Southern flour is also in I full supply. Bran and Pollard.—Both are now readily | obtainable in ample quantities. Chaff.—Business =is largely confined to Blenheim chaff, and best quality is selling at 10s ex store, in small lots. Shipments aT« | arriving fairly regularly at Onehunga. and most of the large distributors and consumers can generally shade this quotation. Maize.—Dull at 6s on the whaTf in wholesale lines, there being ample quantities of Australian available, as well as East Coast maize. Flax.—Market is neglected, there being no inouiry from. London, and New York. Mills are nearly all closed for the winter, but fairly heavy stocks are still held in the city. THE LONDON MARKETS. HIGH COMMISSIONER'S ADVICE. [«Y TELEGRAPH. —Off?' CORRESPONDENT.] WELLINGTON. Thursday. The Department of Agriculture has received the following oablosKun, dated July 2, from the High Commissioner for New Zealand, London i — Meat: Market ahows very littio change, trade fair- New Zealand mutton, lightweighty demand continues at BJd to Ski per lb.; New ZeaJand mutton, heavy-weight, weaker at 6id to 7id New Zealand lamb is quite firm and in good demand at la Id to Is lid; New Zealand cut lamb, lOd; New Zealand ewea, ceiling alowly (old season's), to skl; New Zealand beet ox, hinds Bid, fores 3id. Chilled beef is somewhat scarce, and prices are firmer. Hinds lOd to lid, fores 4}d to sjd. Butter: There is no material change in the market. Owing to want of ram Home supplies are small. Continental receipts are smaller, and the bulk of the trade is in Government surplus stock, supplies of which ire large. Best butter 'moves siowly. Lower priced is selling well. Danish is quiet at 2loa to 214s per cwt. (Is IOVd to Is lid per lb); Irish salted, ISOs to 186s (Is 7id to Is 7|d); unsalted, 1943 to 198s (Is 82-d to Is 9Jd); New Zealard, 194s to 200 (Is B|d to la 9£d): Australian, in demand, 172s to 178s (Is 6id to Is 7d); Argentine, 130s to 174? (Is 2d ta Is 6fd). Free Argentine is in steady demand at 160s to 174s per cwt. (In 3d to Is 6{d per lb.) for finest. Exceptional is realising up to 178s per cwt. (Is 7d per lb.). Government prices ex store are:—lst July to 17th July—New Zealand, 196s (Is 9d); Australian. Ist grade 176s '.Is 6id), Ist and 2nd grade together 159s 3d (16 sd); Argentine, 152s (Is 4id), salted and unsaltod. Cheese: Dry - weather is affecting Home production, and price* are advancing, 140 a per cwt. tls 3d per lb.) being asked for fines, farmers. The imported market maintains its improvement, aid pricce are firmer. Canadian white is &el!mg at 106s to 110s (Hid to lljds, coloured 104s to 106s '(lid to Hid): New Zealand, in good demand, white 110 a to 114s (11 fd to Is Old). coloured ' 102 a to IOSs (lO'd to llid); Australian is celling readily, white 104s to 1083 (lid to llid), coloured 102s to 104s (lOjd to lid)- Canadian stocks at June 30 were 33.420 boxes of coloured against 22,185 hoses at the same time last year. New Zealand, 5448 crates, against 18-419 crat«6. Hemp: The settlement of the coal strike has brought about ft feeling of more confidence. Manila market is a little better, and "J" ETade August-October shipment sold CD to £2S per ton. closing value beiDg £37 10s per ton. The output from January 1 to June 30 we--s 365,000 balc-s, against 616.000 bales in the first six months of last year. The New Zealand market is easier. Bnsir.es? reported:—Bighpoints, July-September Bhipmeat £36 10s per ton. To-day's value about £37; shippers asking £38. fair £34 per ton. Joseph Nathan and Company, Ltd., yesterday received a,cablegram from their London house S.S- follows: — Cheese. —New Zea'and wcite 116s to 113s. coloured 110s to 112*; Canadian white 114s, ! coloured 109s to 112s. Canadian to arrive quoted 120s. c.i.f. AUSTRALIAN PRODUCE. Australian and N.Z Cable Association. (Becd. 11.30 p.m.) SYDNEY. July Oats.—Algerian, feed. 3a id; white. fe«d, 3s fid. liaise.—Yellow, ss; whiter 4s 3d. Potatoes. —Tasmanian, £5 to £7. Onions. —Victorian, £5 to £S 10s. ADELAIDE. July 7. Oats.—Algeria*, feed, 2s 4d.

j AUCKLAND STOCK EXCHANGE, j CLOSING QUOTATIONS Seller*. Buyers. I £ 9 d £ s d I BANKS— | Australasia. .. ... — SI 0 0 National ... 6 0 0 5 15 0 New South Wales ... — 31 10 0 Now Zealand ... _ ... 2 S 9 2 S 3 Union o£ Australia... 13 9 6 12 15 0 INSURANCE— National — 19 3 New Zealand 1 10 0 1 9 S South British... — 1 16 0 — Standard — — 0 6 0 FINANCE— National Mortgajro ... — 3 5 0 N.Z. Loan and Merc- 84 0 Q £10 0 CO AI Hikurangi ... .. — 0 8 0 Northrrn paid).. 0 19 0 1-4 Tuupiri ... 0 17 0 — GAS— Auckland ... ... 1 1 9 113 Ditto (con.) — 0 IB 6 0 18 3 SHIPPING — Devonport F-:rry .. — 1 0 fi Hud dart-Parker 2 4 9 2 3 0 Northern Steam ... 0 14 3 0 J3 6 Ditto (con.) — 0 6 6 0 6 0 P. it O. i del. sto-k) — S15 0 0 Union Ship... — 0 17 3 TIMBER— Bartholomew ... 1 2 0 — Kauri Timber 13 6 — Leyland-O'Bnen — — 16 0 WOOLLEN— Kainpoi _< — 14 9 Ditto (10s paid) — 0 lj 0 MISC'EL L, ANEOUS— Abraham & Williams 4 7 5 — Auckland Trams — 0 l'J 9 Ditto (pref.) ... 0 16 0 — Auckland Shingl« ._ 0 10 0 — Burns, Philp <5c Co... — 19 6 By croft. Ltd.... ... 1 0 6 — Col. bug. (Australia) — 25 10 0 Farmers' Co-op. Auc. ("A" pret) ... 1 0 0 — Meraditks (Samoa) ... 0 17 3 0 15 0 H..M. Arcade Theatre — 14 0 Ditto (pref.) — 10 0 Milne and Choyce — 10 0 Ditto (pref.) ._ — 10 0 Ditto ("B" pref.).. — 10 0 Ditto (deb. stock).. 1 0 6 0 19 9 Naiional Pictures ... O 18 O 0 16 3 iNewton Kins (pref.) 0 19 0 — N.Z. Drug ... — 2 14 6 — N.Z. Home Builders 0 7 6 0 $ 0 N.Z. Paper Mills ._ 1 3 3 — Ditto (rights). .— — 0 10 N.Z. Refrigerating (con.) .* 0 17 6 — N.A. Farmers' Co-op. 0 13 0 — _Ditto ("B" pref.).. 0 17 0 — Northern Boot ... 1 5 0 — Parenga Kauri Oils 0 11 0 — Ditto (con., 2/6 call) 0 7 0 — Takapuna Trams ... 0 13 6 — Uiames Theatre ... 0 17 6 0 14 6 Touson Garlick ... 0 17 6 — Wiseman and Sons.. 0 16 6 — Ditto (pref.) ... — 0 15 0 Wilsons N.Z. Cement 0 14 6 0 14 3 i MINING— - s Hauraki Reefs ... 0 0 3 0 0 1 Huuraki Mi-ies ... 0 5 6 — I Ditto (con.) —. 0 2 0 — j Rising Sun (ord.) .0 1' 2 — 1 Talisman Consol. 0 6 4 0 6 2 a Waihi -. 1 10 3 1 10 0 s Waihi Grand June... 0 10 10 0 10 7 i Waiotahi ... ... 0 0 8 0 0 5 i Mount Lyell ... ... 0 14 6 — [ DEBENTURES AND BONDS— * N.Z. War. 1930. 4i.~ — 86 15 0 t N.Z. War. 1938. 4i... — 83 10 0 J N.Z. War. 1927. 6 ... — 90 10 *0 i Sold. Loan. 1933. 5i.. 91 5 0 — „ \ N.Z. Ins. Stk, 1927.5.. — 90 10 0 J N.Z. Ins. Stk. 1938, 4i 84 0 6 83 0 0 J N.Z. Ins. StV. 1931. 44 - 82 IS 0 CALL AND DIVIDEND LIST, j Dividends— Due. j Hill and Plummer—Interim div., 4 per cent. . . . .. July 2> 3 N.Z. Refrigerating Co.—Dividend, „ fully paid shares, Is; 10s paid. 3 6d Aae. 1 Calls— 7 Horseshoe Mines (con ), 3d pe? share .. . • .. ...... No* Caledonia Kurantn Moanataian • Consol.—Id per share . . .. Now. J Talrua Broken Hills—Id per share Jaiy i;