COMMERCIAL.

New Zealand Herald, Volume LIX, Issue 18080, 3 May 1922, Page 5

COMMERCIAL.

WHOLESALE AND RETAIL. MONTH OPENS WELL. THE PRODUCE MARKET. The month opens with business fully j maintaining the improvement that was noted in April. This appears to bo largely due to tho careful buying that lias been going on lately, as retailers and householders have purposely kopt their stocks down and now have to buy again. The greatest care is still being j exorcised in keeping all purchases down to actual requirement*, and it is evident that business is being conducted on safe lines. This makes tho signs of improver ment all the more satisfactory. Country business reflects the altered tone brought about by tho rise in butter, and travellers have been bringing in substantial orders from the dairying districts. Timber districts aro quiot, but tho easier financial conditions will probably bring about more activity in buildincr, especially as labour is more readily obtainable and somo classes of timber are lower. Tho Government and municipal loans lately negotiated will oaso matters considerably during the winter and release for investment" funds that might otherwise havo remained frozen. The remarkable activity in Government bond.?, both here and at Home, denotes a preference for securities, instead of the industrial ventures that improve trade. Export trade is keeping up well, but a good deal of. it will bring no improvement to the financial position, as a large proportion of tho wool represents Bawru stocks, paid for long ago, but only now going forward. _ Tho Inland trade his engaged tho attention of export merchants, who made up the usual consignments for tho Navua. Tho Flora in now loading produce and general stores for the Eastern Pacific Islands. Rico.— The quotations for new season's rice aro to hand from Australia. These show a fair reduction, and the quality is excellent. Cocoanut.—Desiccated cocoanut is a little easier for forward delivery. Tea. —Importations recently havo been on a very much reduced scale, and it is estimated that local stocks have run down considerably. The market is Ceylon has declined somewhat, but prices are, still on a his-'h basis, considering tho Quality offered. Lentils.— After a long period of scarcity, ow.iii to th* price, being far too high to permit of importation, the cost is now on a far more reasonable , level, and recent shipments havo met a lair demand. Clothes Pegs.Local stocks have run rather low ana buyers are now jetting the benefit of the lower pri'M, brought about chiefly by a moro favourable rate of changePotatoes. — Latest consignments show an improvement in quality, and the best are now steady at 8s 6d ex ,store, but largo quantities of previous shipments of poor quality are still being pushed off at about half that price. Demand has increased since locally-grown became exhausted, and Southern will now supply the whole market. Onions.—Local stocks were exhausted by export orders for Honolulu and tho lelands, and the market has risen to 12s ox store. Tho Opihi. from Lyttelton, should be able to fill all orders this week. Oat«. — Still "selling at 4s t<d ex store, but the Southern market shows iooa activity. Seed Oats.—Only small orders are coming in. Farmers have not been disposed to plant much this autumn, a« the prospective return has not warranted the high exponce of getting in the crop. C'Siaff. A good demand is reported in Blcnhoim and Hawke's Bay chaff at lato rates, but Rangitikoi is neglected on account of its irregular quality, and it is airnoßt impossible to sell local while green iced is so scarce. Wheat.—-Selling well at 7a ex store for best quality. Full stocks are now obtainable in the South, and large quantities will no doubt be imported during the rest of the season. , . Bran.—Selling fairly well, and ample stocks arc available for all requirements. Pollard.— Stocks are rather low,/and. a good demand is taking up all that is. available A new line of super pollard is now on the market at 12s. and this is meeting a good demand, principally on account ot I the indifferent quality of a good many ot j the samples of ordinary pollard lately offeri m Mair.e.—Shipments from Gisborne havo ! kept the market going, and. the price j« steady ! at 4s lid on the wharf in wholesale lines. ! Demand is not expected to improve until I tho winter advances as wheat is bo plentiful that it is preferred, in spite of a higher Pr Fertilisers.—Basic slag, has, been scare*, but is arriving this week and heavy sales are being made for delivery ex ship at favourable rates. , f«iii>u o/a^%^ m ha for export l has fallen off Price has declined to Is for good d K- P Market is dull, with no,, inquiry from London and. New York ■£*«£«»> mills aro now closing down for the winter. FOREIGN EXCHANGES. Australian. and N.Z. Cable Association (Reed. 5.5 p.m.) LONDON. May 1. The following rates on foreign exchanges are current to-day. compared with the cabled quotations on April 27 and panMay 1. April 27. Par New York ... ■Idol 43c 4.421 gb6 Montreal . 4dol 50c 4.49 4.866 Bui. ::: lf" g.g :| Christiania .- 23kr r.Ooro 88.85 8.15 a Copenhagen ... 20kr88ore 90.77 18.159 Calcutta ... UM Is 3 id » i Hongkong ... 2e 6 d fl» Hd - Yokohama ... 2s ljd ■!» 12d is Uid LONDON WHEAT MARKET. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON. May 1. Wheat cargoes aro firm, with a good demand frrm Kuss'a and Germany. Prices generally are mainta'ncd. though British millers are buying for,. immediate requireI SentS only An Australian cargo was sold to Russia at 57s 6d. Other sales were: A Western Australian cargo, shipped earls in April. Ma 6d; Victoria cargo same date 58s f arid three others at 57s 3d. A parcel sold at 76a 9d. BRADFORD WOOL MARKET. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON. May 1. Tho Bradford Wool Market is firm, and active with a hardening tendency. Fan business is passing. THE METAL MARKETS. A. and N.Z. LONDON, May 1. Copper.—Spot, £59 13a 0d; throe months, £ LeaTl.-Spot. £24; three months, £23. Spelters.—Spot, £'26 17s 6d: three months (I Tin-Spot, £151 Us 3d; three months. &'152 18s 9d. . r' Silver. 31 Id per oz. INSURANCE AND FIRE LOSS. MONTREAL CITY HALL. Discussing the loss by fire of the Montrea City Hail, tho Post Magazine and Insuianci Monitor (London) says:—''Much will yet bi 1 heard, wo expect, regarding the responsi ■ bilitv for a loss of 10.000.000 dollars, whicl • | has befallen the citizens of Montreal, as. i I result of the destruction of their line Citj ' ' Hall with its valuable contents, by fire, or I March 3. According to a Reuter report. th. i Mayor doubted if there were any insurance i on ' the building or its contents, but tin Times correspmdent states' that there wa.' , a cover of 200,000 dollars. In any even there has occurred a heavy loss for tn< municipality to face, and it la expected tha in immediate-loan of 2 600.000 dollars wil be arranged so that rebuilding may be begin at once. The liability of members of th. City Council for such a grave neglect of dut: will be considered, and actions may bo com mended against them to recover some par of tho enormous loss. The probable annua ' premium on such a risk would bo 150.00. ! dollars, tho interest cm a loan for replace ment ot tho lost 10,000.000 dollars will 1> 500.000 dollars. The economy of non-inmir anc'o is not apparent." ■ CANTERBURY MARKETS, [bx TELECiUArir.— press -association.] 1 L CHRISTCHURCH, Tuesday. ' There has been little development in th ' h-rain and produoo markot since the week ' end report. The tone of the oat market i • weaker, and any inquiries aro confined t i small parcels which are easily met by th quantities coming forward. Speculation i " lifeless generally. Thcro is a. ack of confa f denco in the future. . particularly for 1 . grade supplies of which will probably b increased by the bad harvest weather i; 5 the South, where the crop is now coming o: " the markot. From 2s 6d to 2s 8d for ; 3 grade and 2s 4d to 2a 5d for B grade is th , average wayside quotation. Fowl wheat l selling freely from undergrade stocks a 3 4s Id to 4s Gd. The cowgrass market l 9 about tho same, from ,10d to Is per \l While there is a feeling in some quarters tns i ■ there will be a bare supply, other report 1 are that the yields and quality are promn ins satisfactorily. Local samples to ban are so far good. There is no alteration i the potato market, but farmers are nc offering much at £8 10a, th« figure rulia »t country BtatioM tor eeveral weeks. *'■'■ »'