COMMERCIAL.

New Zealand Herald, Volume LIX, Issue 18212, 4 October 1922, Page 7

COMMERCIAL.

WHOLESALE AND RETAIL. BUSINESS SATISFACTORY. LARGE OVERSEA ARRIVALS The month haa opened under fairly good conditions, except for the overshadowing menace of war. Merchants report busi ness quite satisfactory, so far as order: are concerned, but more discrimination than usual has to be exercised in giving credit. Far more business could reallj be booked if there were no financial considerations to keep in view, but everything points to the necessity for caution, rather than letting some of their customers get further involved. A good season ie anticipated, and. with care, it. if hoped that most people will be able to meet their obligations. Hardware merchants are feeling the effect of the improved activity in the building trade, and ar« handling satisfactory orders for material of all kinds. Prices show very little d Terence, and it is expected that most ies will now remain steady. Imported lines are of special interest this week on account of the large arrivals from overseas. The Paparoa shipment is specially wanted, as it includes many lines that have (been tin abort supply. American fencing wire is also arriving this week, after, being, short for some time, hut the difference in price under English make is now so little that the latter is usually preferred. A shipment of English will bo here during the month. Retailers report a fair turnover, with few changes in price, except that a good deal of cutting is going ou. This has lately extended to tailoring, lower prices being made possible by the fine range of New Zealand worsteds and tweedc offering at very reasonable rates in comparison with the imported article. The tride are seizing the opportunity to attract business by turning these out at a nomirai margin of profit. Goods Prom East and Elsewhere. Eastern Goods.—lmporters have been, ordering oautiously lately, and tho JJ»aihora shipment will all be wanted.. Woolpacks are in short supply, especially tho large size, and a good many farmers will be compelled to take the small size. Tea.—The position is getting very serious. The output of Indian tea will probably be ;<o 000.0001b. below the estimate, and London stocks are so low that importing houses are buying heavily. Ceylon, growers have adopted the policy of manufacturing only good teas, for which they are getting exorbitant rates. Although the duality lately shows a falling. off. common- 6orts have risen another penny, and all descriptions are firm, whereas blenders expected them to drop in price, owing to the inferior guaJity offering. Importers have been keeping off the market, but everything now points to extremely high rates, and it looks as if they will have to operate fit these g rices. Stocks in New Zealand are not eavy. and it is questionable how long the present local prices will last. Dried Fruits.—The tendency is t still toward high rates, on account of the interruption to Sfediterranean supplies of raisins. Greek currants will arrive here, via Australia, but the market is kept firm by low stocks in London. California is r going to get an enormous output for raisins this year, and special arrangements have been made for two shipments to New Zealand, so that there will be ample supplies for Christmas. American Goods.—Tho appreciation of sterling exchange is a little disconcerting to those who laid in largo stocks ot American goods when the exchange was so much more against us than it is now. Even if there were no fall in prices of American goods, any heavy stocks would have to. bo written down, in order to compete against- present importations at the more favourable rate of exchange. Drought and the Produce Market. Produce.—-The markets are feeling the effect of the drought orders from Australia, all fodder prices being up. A very strange position - has arisen in regard to wheat products. Flour is £12 103 in Sydney, compared with £19 15s here, the local price being necessarily on a high level, on account of the guaranteed price that hevr Zealand millers have to sive for their wheat. On the other hand, bran is £9 10s in Sydney, against £6 10s here, snd pollard £10 in Sydney, comparod with £9 10s here. This plainly points to drought, and it seems that although fairly good rain has fallen in most of the wheat districts, ao that there is still a reasonable chance of a good harvest, other districts have had practically so rain. A month ago it was reckoned that in those places the_ harvest was doomed, some of the wheat being only just out o'f the ground, instead of a foot high, and it is in this territory that tho demand for fodder is bringing orders to New Zealand. Potatoes.—Quotation is firm at lis 6d to 12s ex store. The Flora will require a good many for the. Islands this week, so that stocks will be low until the Koromiko arrives. Merchants will be careful not to over-import for the rest of the season. #as the present magnificent weather is bringing on the new crop very well. So far tho supplies have been very light, prices ranging from 3d to 4d per lb., and advices from Pukekohe this week indicate that growers are not disposed to do much digging until their potatoes have a little more, weight in them. But warm weather bringß rapid changes, especially after the rain of last week, and Before the month is out. there will probably be large quantities arriving. Seed Potatoes.—An extraordinary shortage is reported. Local stocks are exhausted in all kinds, and inquiries in the South fail to discover "any quantities jfor sale there. Under these circumstß-nces prices are merely nominal, as Jate growers would be glad to get them at almost any price. Onions.—American are selling fairly well at 25s per case of about 1001b. Local stocks should • easily last until tho next steamer arrives. Oats and Other Cereals. j - Oats.—Export orders keep the market firm in Southland, and local quotation has responded, present price beinp; 4s 6d ex store, in small lines. Local stocks are only light. Chaff.—This is also kept firm by the conditions in Australia. Blenheim chaff is arriving regularly, but no heavy stocks are accumulating, and this quality is moving off at 9s 3d to 9s 6d. ex store. The higher price is causing a little more inquiry for local, which is quoted at about 6s ex store. - Wheat.—Fowl wheat is firmer at 6a 3d to 6s 6d ox store, also on account of export orders. -j Bran.—Large quantities have been taken for Australia, leaving New Zealand bare of stocks. No alteration in price has taken place, as it is controlled by the Board of Trade, in relation to milling wheat, the prices being all paid for the season for flour, bran and pollard. Poilard.—A good demand keeps up. but ample supplies are available. Maize.—The warmer weather has decreased the demand for maize, so that no inconvenience has been caused by the arrival of smaller supplies. Fair quantities are moving, off ot 5s 3d ex store. Seed Maize.—This in meeting with an exceptionally early demand, no doubt on account of the fear of a dry season. Hickory King is selling well at lis 6d ex store, and ninety-day at Bs. Fertilisers. —Calcutta bonedast by the' Waibora is selling at £14, but the heavy demand has not yet commenced. Looal is I quoted at £12 10s. and is moving off so 1 well that no stocks are accumulating., Blood and bone is also in Rood demand at £11. Basic elae was in short supply until 1 arrival of the Paparoa, and is now quoted 1 at £6 10a to £7. I Peas.—Quite a change has come over the I market, both blue and partridge peas being in keen demand for export. Local trade is about over for this season, as new peas will be on the market in a few weeks at reasonable rates. Small quantities are already coming in, but they naturally realise high rates. BRADFORD WOOL MARKET. Australian and N.Z. Cable Association. (Reed.- 5.5 p.m.) LONDON, Oct. 2. Bradford wool quotations are:—66's and upwards very firm, others unchanged. Topmaker* are adopting a strong attitude in sympathy with the primary markets. THE TALLOW MARKET. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) .- LONDON, Oct. 3. Tallow.—Stock, 7772 casks., imports during September, 4053; deliveries. 4227. PROPERTY SALES. Alfred Buckland and Sons. Lid., will submit to publio auction at thatr land sale rooms, Albert Street, on Friday afternoon the Palmer Estate. Manurewa„ comprising 45 seaside allotments, in areas ranging from i-acre to 1 acre approximately. The estate is situated convenient to the Manurewa railway station and Jpwnahip, and amid pleasant curroundings. The soil is of good quality. Easy terms are offered, namely. 10 per cent, cash, 15 per cent, in one month, and the balance can remain for a term at 6 per cent. ll2 Smith and Halcombe, Ltd., will offer by auction thin afternoon two houses, of four and six ioom» respectively, in Montagn« Street, a few minute* from Esrangahap* Road.

FOREIGN EXCHANGES. Australian and N.Z. Cable Association. (Reed. 5.e p.m.) LONDON. Oct. 2. The following rates on foreign exchanges are current to-day, as compared with the cabled a notation,s on September 28 and par: — ' „ "■• Oct. 2. Bept. 28. Par. New Yoitk .. 4dol 39ic 4.391 4.866 Montreal,. .. 4dol 395 c 4.39} 4.866 Paris • • .. 57fr 93c 57.95 25.225 Rome ,t .. 102|lire 104 25.22& Berlin *« „. 7850 m 7400 20.43 Stockholm. . . l&kr G7ore 16.67 18.159 Christian)*! »« 25kr57ore 25.85 18.159 • Copenhagen .. 21kr 53or* 21.25 18.159 '.' Calcutta „. ~ Is SJd Is 3id 2b , IlonskonK -. . 2s 7d 2s 7d — • d Yokohama .. 2s 2id 2s 2id 2e Old g * ~ .. f; THE WHEAT MARKET. A Australian ancf N. 25. Cable Association. n (Reed. 8.10 p.m.) LONDON, Oot. 2. 5 Wheat cargoes are sten.dily held. Demand y inactive. Parcels are in fair request, but J are from 3d to 6d cheaper, owing to the I- better political outlook. r- '■'"'■ M| ■" '' CANTERBURY MARKETS. [by telegbaph.—-press association.] U * CHBISTCHURCH; Tuesday. The potato market haa easod. due to the <* unexpected large B'hipmeni that has gone forward. It was expected that the Koromiko. sailing to-day. would take anything <t from three to four thousand sacks, but the r, final loading waa just on 9000. The vessel is 6 calling at Napier, and probably a portion y I will be dropped there, out such a heavy _ i consignment indicates that there are still ' potatoes in the South. Merchants, in the - ; meantime, are buying warily, but as far as ! tho local market is concerned few are offern ing. From £6 to £6 7s 6d covers quotations for whites. The recent activity in the . oat market has eased off. There is no t margin for export at current prices. The s recent rains have given a fillip to the retail market for Brass seed, although there t is no alteration as far ns wholesale values y are concerned. g THE METAL MARKET. e Australian and N.Z. Cable Association. r (Rood- 9.30 p.m.) LONDON. Oct. 2. a Copper.—On spot, £63 13a 9d; three , I months, £64 6s 3d. • I Lead.—On spot, £24 12a (Jd; three months, I £24. Spelter.-~Oa spot. £32 7* 6d; three months, 1 I £53 gg^ J spot, £164 8s 9d; thvee rtcntha, , £165 10a. • Silv.jr.-34 7-16 d per 0%. 3 f SYDNEY WOOL SALES. 1 Australian and N.Z. Cabin Association. ? (Reed. 11.5 p.m.) SYDNEY. Oct. 3. The second aeries of wool eales has 1 opened. Competition is keen, buyers from Bradford, Franc© a.nd Japan operating. Good Merino fleece wools and ekirtmgs acvonced from 5 to 10 per cent; fine crossbred and comebacks, 5 per cent. „ __. __ I BUTTER MARKET STEADY. I [by telegraph.—pkess association-.] WELLINGTON, i'ueslay. The National Dairy Association advises ! having received the following cablegram I from its London office, under date tft-ptem- , ber 30:— : Butter.—Market is steady. New Zealand: \ Salted, 216s to 218s; unsalted, 226s to 2?Bs. : Danish. 2245: Australian, 204s to 2C6e. \ Cheese.—White, 94s to 86s; coloured, 92e . to 945. A good demand. The market ia I firm. J Casein.—Fair demand. Lactic, £65 per \ ton. Rennet. £70 per ton. r ——— ' AUCKLAND HIDE SjALES. t ; ! SOME LINES IMPROVE. The Auckland hide and skin'sales yester- ■ day were attended by a full bench of buyers, • Prices generally were firm at. late rates. ' valuoe improving for good-conditioned 'ight > RTades. Best grade cow hido3 made from » 6id to 6jd per lb; second grade 5d to sld. 1 Best heavy grade ox hides brought from B<i • > to 9d, a few picked stouts realising from lOd r (to Hid; mediums, 7d to 7id; lights, 6id to 6}d: cut hides, 5d to Sfcl; kipe. 6!d to f I 7|d. Yearling hides made for best grades > from B}d v to S!d; seconds, 7d to 7sd. Beet > grades of "calfskins brought up to 12jd; cut ' and meaty 10} d; small and faulty. 7Jd to ■ i B * d - '. , , ~ • j Large connd-conditurned horse hides Bold t at 15s to 17» 6d each; medium, 10s 6d to 12s s 6d: small and faulty. 4s 6d to 7s 6d. • f The best grades of three-quarter to fullwoollcd dried sheepekinß made better prices, ranging from 4{d to 51d per lb: ooareewoolled. 31d to 4d: faulty pelted 3d to 3)d; damaged, 2d to 2Jd. For half-wools, the best t grades rasde from 3d to 3*d r faulty, 2*d to • 2!d- damaged, id to Id. Best grades of ■ butchers' fnll-woolled and three-quarter « wUtod shoepekins realised 4s Sd to 6s each j ■ mediums. 4s to 4s sd; liffhts, 2a 9d to 3s 6d; faulty ad damaged, la lid to Ss 6d. Bare , pelte made from 7d to 9d each; spring : j lamb skins, 8d to lOd each.