COMMERCIAL.

New Zealand Herald, Volume LIX, Issue 18088, 12 May 1922, Page 3

COMMERCIAL.

WHOLESALE AND RETAIL.

VERY FAIR TURNOVER.

THE PRODUCE MARKETS. A very fair turnover during ilie week is reported by the wholesale houses. Country trade ia keeping up well, there being decidedly more confidence in operating than there was a few weeks ago. An improved tc/no {seemed to como in after bank-balanc-ing, helped by tlio two strong factors in local trade, a better market for butter and the prospect of easier money. The building trade is beginning to show a little improvement, and a number of owners have lately decided to build, after holding off for a long time in the expectation of a fall in costs. This has now oomo about in most building materials, and tho actual fall in labour is also definitely settled, so that there is nothing else to wait for, provided the finances can bo arranged. Money is steadily getting easier, and tho various external loans will relieve tho pressure on the. banks, whether they are negotiated by the Government, by local bodies, or by private firms. Hardware.—The improvement in general trade is noticeable in the hardware business. Corrugated iron is in fair demand, !Ui well as other building material. Some sizes of American and English plain wire are in short supply, but a shipment should bo hero by the )>eginning of June. Merchants report an improved demand. Kerosene, Oils, and Chemicals. Kerosene.—Local price is down Is, being now quoted at lis Gd wholesale, and importers are als9 quoting to arrive. A heavy demand is reported, but stocks are ample. Candles.—Selling well at the low priccs now quoted. Oils.—lmporters advise a slight advance in castor and linseed oil in bulk. White Lead.—No further fall is reported, but ti*e price is steady at a considerable reduction on the quotation of a couple of years ago, and good business is resulting. Chemical?. —Croam of tartar and tartaric acid are quoted at low rates, but both are firmer to arrive. Eastern Goods.—Most lines are on the Waimarino which will be discharging next week. Sago is arriving to a good market, as forward quotation is higher. The old trade in flake ta.pioca has almost disappeared but pearl is yelling well. Heavy deliveries of Singapore pineapples will take place next week. Canned Fruits.—All "varieties are meeting *n improved domand. Imports from Australia are restricted by the expectation that a more favourable customs tariS may be arranged, and in the meantime anv American fruits available are selling well. Dried Fruits.—These are also selling better- New season's Mildura sultanas have been distributed in a fairly active market. Fortunately the quality is very fine. In currants there are still stocks of Greek fruit, but not manv are selling. Dates are moving off well. Tobacco.—After peveral years of restricted supplies, nractically all the chief brands are now obtainable again, but no reduction in nrico is quoted. . v Cigarettes.—There are at last in good supply, and rationing will no more be necessary. It is quito five years since normal stocks of tobivco and cigarettes have been abt.u'iable here, and the strict rationing of supplies has been very irritating to both buyers and sellers during all that time. Good Stocks of Potatoes. Potatoes.—Stocks are very plcnt.ful locally, mainly as g, result of large quantities having boen sent up from Lyttelton on consignment. These have arrived in addition to regular quantities ordered by local merchants, naturally dislocat.ng the market to a great extent, and sale 3 have been made during the week at as low a-s 7s to 7s 6d ex store. Growers have been sending their. potatoes into the market fiom the fork, instead of pitting them, and apparently each shipper has had the idea that no would catch a good market here by getting them up at once. The distinct fall in price here will probably stop these consignments, as most of the potatoes will bo put into pits for tho future. Onions. —Stocks have again worked down somewhat, and local price is fairly firm at lis to 12s 6d ex store. A firmer attitude has lately boen taken up by shippers in the south, a« tho crop is apparently no greater than will be required, and it will be> imposI sible to import until after the northern snm- | nicr. Australia usually has an exportable surplus, but most of this has already gone to America. Oats.—Prico has been going up and down a good deal lately, according to individual ideas of value, and good quality have been kept un by the operations of millers, a<? they must have the very be«t for oatmeal. Poorer grades are in plentiful supply, and th«se havo n. tendency to bring down the market. Best feed aro quoted at 4s 6d to 4s 9d ex store. Seed Oats.—A fair trade is doing in small qu*it ? tie« at 5s 3d ex store for Algerian. Oatmeal.—Selling much better during the p« u t f»w weeks. I Chaff.—The only trade is for tho stables. | and thc?e are taking chiefly Blenheim rhaff at 9s to 9s 3d e* store. Rangitikei chaff is 1 offering at a slight reduction on this pr'ce, but the quality is u°'mlly much lower in n-oportion so that only small sales result. Local is difficult to sell at anv price. The Wheat Market. Wheat.—A surplus over local requirements, the first for many years, is attract-ng attention to the possibility of an export trado, but the local price is above the world's parity, and millers are. naturally taking advantage of this nosiiipn by buying only the very best qualities offering. Lower grades are obtainable in large auantities, and are being distributed for fowl feed at 6s 6d to 7s ox store. Bra.n and Pollard.. —Both are in good de-ma-nd, and market is not over-.°uppl J ed. Maiz«.—Another rise has taken place. Everything to hand has been eagerly picked up, and maize at the moment ii\ alme't unnrocurab'e. B"it ouality would probably realise 5s 6d on the wharf in wholesale lines. THE NATIONAL BANK. INCREASING THE CAPITAL. [BY TELEGRAPH. —PRESS ASSOCIATION.] WELLINGTON. Thursday. 'Die sharebrokers for the National Bank of New Zealand to-day informed the board of directors that it had bee-n resolved to offer to shareholders this month 100.000 new shares of £7 10s each (£2 10s paid up) at a premium of £1 nor share. This is consequent on tho resolutioij carried at the annual meeting increasing the authorised capital of the bank from £3,000,000 to £4,500,000 by tho croation of 200,000 shares of £7 lOh each. The proportion of the new issue which shareholders are entitled to receive is ono share for every four shares now held. NEW ZEALAND APPLES. PESHAWUR'S CONSIGNMENT. Australian and N.Z. Cablo Association. (Reed. 7.5 LONDON, May 10. The Peshawur's Now Zealand apples havo arrived in somewhat variable condition. Jonathans aro quoted at 10s to 14s, London Pippins at lis to 13s. Dunns at 10s to li'.s 6d. Alfristons at 10s. King Davids at 10s, and Cox's at 10s to lis 6d, and a few at 20s. WHEAT CARGO MARKET. Australian and N-Z. Cable Association. (Reed. 7.5 p.m.) LONDON. May 10. Despite a bearish rendering of tho Washington Bureau report, wheat cargoes are fully stcadv. and Australians aro active owing to cheaper resellers LONDON TALLOW SALES. Australian and N.Z. Cable Association (Re'cd. 7.5 p.m.) LONDON, May 10. At tho tallow sales 690 casks were offered and 162 sold. Prices vvero unchanged. PROPERTY SALES. Samuel Vaile and Sons, Ltd., will hold an auction sale at their rooms. 83, Queen Street, at 2 p.m. to-day, when the following properties will be submitted, for sale: —House Of six rooms. No. 8, Lisnoe Avenue, Mount Eden, in estato of Mr. Colebrook; two lota of 2i acres each at Papatoetoe; house. Chamberlain Street. Grey Lynn, at request of mortgagee: section, Hackett Street, Ponsonby. without roservo; also two properties, under conduct of registrar, one at No. 16, Pollen Street, Grey Lynn, and tho other of 19 acrcs at Birkennead.