COMMERCIAL.

New Zealand Herald, Volume LVIII, Issue 17844, 27 July 1921, Page 5

COMMERCIAL.

WHOLESALE AND RETAIL. THE PRODUCE MARKETS. J ACTIVE BUSINESS DONE. Business in the wholesale is still being I conducted on very active conditions, i Orders for August account are coming in I plentifully, and these are heavy in I the aggregate, although showing decided i I signs of careful buying. Retail trade is i very fair, considering the long period duri ing which the winter clearance sales have i j been carried! on. Some are still in full j ; swing, and the low prices are attracting j a great amount of patronage. I Imports.—Very little is now coming in ! | from abroad, no doubt as a result of the '■ j severe cancellation of orders that took : I place in most departments when importers ' I first realised that the Dominion was going j ] to bo overstocked, and this very neeessary | slackening in importation was "further en- i I couraged by the policy of the banks in | increasing their rate for remittances. At ] j the same time it is most remarkable that j | the importations do not show a greater j j falling off. For instance, May and June | j importations from overseas were certainly ; j valued at considerably less than any of -the preceding 12 months, but even then : j the total was well ahead of anv month in | any year prior to 1920, and it is strange* that this can take place when every bond j j and nearly every tree store in the country I seems to be full of goods. In view of this | fact, an analysis of the actual irnpoita- ; | tions wouli be of interest, for importing j houses are faced with two opposing facts j —on'the one hand that total importations I are still tot high, and, on the other hand. I j that every week some line is runniag j short, to the necessity for even I more importations. , Oils.—Benmne and. kerosene are now being discharged, and fair orders are being de- I hvered. Candle."—")emand is heavy, but stocks are j practically 1 mited to locally-m&de. English I were expect* 1 before this, but very few have arrived, shipments being no doubt restricted | Iby the curtailed output during the coal strike and the extra- sales at Home during ' the consequent gas shortage. If the same i It-obey, is repeated that has been experienced j ■ on similar occasions previously, the Dominion will be deluged with English candles after the winter is over, when the trade is ; Eore. ! Coffee.—The reduced prices in nearly all brands have not materially affected the de- : mand. | Cocoa—-Also rather quiet, considering that , the winter usually brings in an increased I inquiry. ! Tea.—The,market is full of low grades, but i coed qualities are scarce and readily com- ! mand their price. All advice from Ceylon point to a firmer market in fine teas, some qualities reaching a figure at the weekly suctions that have been unheard of in modern times. The Potato Market. Potatoes—The market has eased in the South, and that has made the position weaker here. It has been remarked, as a rather re- - mutable feature in the- trade, that the large | quantities recently sent here for sale on coni Mgnment have not been shipped by farmers. 1 but, by merchants. Apparently Auckland has , again been the only available outlet, but it i? reasonable to expect that when these consignments become exhausted and Auckland merchants again go on to the Southern markrt for Eupphes there will be an advance i in price, unless tne crop in Canterbury is 100 . heavy for the ordinary requirements of the Dominion. Seed Potatoes.—An inquiry is coming in, ; out sales are not equal to what they were at this time last year. It is explained that the cost of labour is still high, while fertilised and other costs are on a scale that will not enc ?i! Jrase the STowmg of potatoes this year, , aa there seems no assurance of a correspoud- , lug price for the product. Onions.—Market is well supplied with Australian onions, first quality celling at lis 6d wholesale, and lower grades at a considerable- reduction. These should last until the Frisco onions arrive, which will be about, October. A few local onions are coming in. and these are getting the ad- - J,?" 1^ 6 ot ,.<h© high price established lor the Australian onions, brought about by an - advance on the other side and high charges " for transhipping. Oats.—Contrary to expectations a slight [ advance has taken place- in the South, but this has not made much impression yet. as best feed is etill wiling at 4s 6d i ex store. However, local stocks are steadily getting less, so that the advance will no doubt take effect here before long. Chaff.—The price is holding in Blenheim t rnaff, which sella at 9s »d to 10s ex store, ) but local is of rather indifferent quality, *Ir.P ri ? e ? ar6 irre £ular. Ample quantities of Blenheim are arriving. Hay.—Selling freely, but the demand is expected to fall off in a few weeks. Wheat and Flour. Wheat.—Market is firming, and Very little? fowl wheat is now obtainable.' It is diffi- j cult to get good quality, and the restrictions on Australian wheat are very unsatisfactory to consumers, especially as it appears certain that Australian wheat will have to be imported in the end. Flour.—Ample supplies are now obtainable, and good business is taking place. Bran.—Fair orders are coming in. but demand is expected to fall off aoon. Pollard.-*—Rather scarce, but the quality is even more unsatisfactory. Some samples appear little better than ground bran, but they real:se the full price for pollard. Maize.—lrregular supplies from Australia have allowed a shortage to come about, and this ha-s caused a sharp rise in local maize consignments realising 6s 9d on the wharf in wholesale lines. Full shipments are expected by the Paloona, eo this rise is only regarded as temporary. . | Seeds.—Algerian seed oats are sellin<* well, hut not equal to previous years, and it locks as if chaff will be scarce next year. There is a decided tendency on the part of farmers to avoid a policy that entails «ny heavy outlay, and rather to depend on * hoir earnings from permanent pasture. This tendency is aleo seen in the high prices now being paid for dairy cows. Algerian seed is now available in very fine quality, and is selling at 6s to 6s, accoTdlnit to sample. Grass seeds are meeting a little inoniry -for spring sowing. Fertilisers—Demand is increasing, and merchants' stocks are getting lower. Calcutta bonedust will not bo h»re for e> couple of months, and supplies will have to be drawn from Australia. Local works are new lurning nut large quantities of fertilisers, and will supply a large proportion of the requirements of farmers during the coding season. Flax.—Market is very dull at Home, and nothing is doing here. UNION BANK OF AUSTRALIA. NEW ISSUE CONTEMPLATED. Australian and N.Z. Cabla Association. (Reed. 5.30 x>ja.) LONDON. July 25. At a meeting of the Union Bank of Australia to-day it was decided to create an additional 100.000 £15 shares, of which £10 will not be called up except in the event of the bank being wound up. The chairman eaid that under the present financial conditions it was difficult to say when an opportunity for making the issue would ' ariEe. It might arise in October or next spring- »„ NEW ZEALAND INSURANCE CO. DIVIDEND OF 8d PER SHARE. The directors of the N*w Zealand Insurance Co.. Ltd.. will recommend to shareholders at the annua! meeting on August 9 a dividend of 8d per share, making a total disbursement for the year of Is 4d. FOREIGN EXCHANGES. Australian and N-Z. Cable Association. (Reed. 7.30 LONDON. July 25The following rates on foreign exchanges are current to-day, aa compared with the cabled quotations on July 21, and par: —

CANTERBURY MARKETS. [BY TELEGEAPH. — FKES3 ASSOCIATION"-] CHRISTCHTJBCH, Tuesday. Generally the gninand produce market is very Quiet. , Red clover is one of the i few lines ni**woicli activity has been evi- ! d:-nced. It has been improving steadily for I some we«ks, , due principally to Horre j inquiry. Good farmers' undressed is worth iup to 10|d .at country stations. White j clover is Srcnhig in sympathy. A demand ! has also net m both Italian and peren--1 niai ryegrass and biifciness at equal to 4s ■<to farmers has been done in both se?dgI Oats remain unchanged in value but a little ! b'-iEiness s paeeing- Potatoes are nornin- ! a'iy wort) np to £2 at country elation*. Few offerings are being made at that ! figure. I =============

j July 23. July 25. Par. | New York . . 3dol- 58sc. 5.58$ 4-8£S 1 Montreal . . -Idol. 03c. 4.03 4.866 ■ Paris . . • . iSir. 34c. 46.35 *25-255 Berlin . . 280a 276 20-43 Stockholm . 17kr. 47ore 15.33 18.159 Christiania . 27kr. 43©r« 21 £7 18.159 Copes hagen . . 23kr- 43oie 23.52 18.159 Calcutta . - Is 3 3~Sd Is 3id 2s Hongkong . . 2s 2s 7 3-Sd- — Yokohama . - 2s 7 5-Sd 2s 7 5-8d 2s (Hd