COMMERCIAL.

New Zealand Herald, Volume LX, Issue 18348, 14 March 1923, Page 7

COMMERCIAL.

WHOLESALE AND RETAIL.

THE' PRODUCE MARKETS. t

POTATOES SLIGHTLY EASIER.

The prominent feature in trade just now is the heavy shipping business, both inward and outward. Enormous quantities of produce are being shipped, giving an air of exceptional activity to the wharves and fully confirming tho wisdom of the forward policy adopted here, the provision of ample accommodation and facilities for the expeditious handling of cargo. Drapery.— The autumn trade is opening well, and the shops now have a very attractive display of new season's goods. These will bo shown still more prominently next week, and buyers will have all the advantage of the better-sorted stocks that are now available. Large shipments came on the I'auaroa and the Corinthic.' and these are advised as of good value, whereas at this time last year there was still a good deal of old stock to work off. Prices are more favourable, to buyers than they were last year, and it would seem a good time to purchase more heavily, as all the indications are in the direction of firm prices in woollens, cottons, and silks, according to the leading manufacturers in the textile worldOne British maker writes that, while it would be a pleasure to make a reduction in prices, the higher cost of the raw material makes it impossible to do this without a corresponding reduction in the standard of quality. Another advises that he is booked up to next October at full rates. Local Woollens.—All tho New Zealand mills are busy, with an unsatisfied demand for all they can turn out. Prices are firm in both wholesale and retail, and the heavy demand in town and country would probably result in a gradual increase in the output if suitable labour could be obtained. New Zealand mills are turning out. a quality which has a world-wide reputation, but an extensive export trade appears to be out of the question until the local demand is better supplied. Auckland Trade Activity.—An interesting witness to the satisfactory state of trade here, in comparison with rorae other parts of the Dominion, is the steady and unsatisfied demand for businesses in the city and provine. During the last two or three years, and particularly in the last six months, a great many new businesses have been opened here, especially in the ouburbs. but investors are still looking for suitable openings. Activity in Business. Building. -«-Timber merchants report a sustained demand on account of tho great activity in suburban residential building and also new chops in all the progressive eubarbs. No changes in price are announced. A few new warehouses in the city have just teen finished, while others are approaching completion. Another huge erection has started in Queen Street this week. In a block that has not received many additions during the last few years, old buildings are to give place to a magnificent modern structure that will be more in keeping with the scale now adopted in de new erections in our main thoroughfare. Groceries.—A good deal of cutting is still going on. probably on account of the greater competition brought about by so many new businesses starting in the suburbs, but it is thought that this will soon work itself out. Eggs—The advance to 2s 5d wholesale, which took place last week, has been maintained, but retail has hardly followed it up. Hen eggs and duck eggs were both selling at 2s 6d retail on Monday. Supplies are falling off, but an important factor in the market will be the increased demand during the next three weeks. Potatoes. —Market has eased down a little under pressure of heavier supplies, and good quality are selling at 9s 3d to 9fl 6d ex store. It is estimated that this does not indicate a permanent increase in the supply, but growers are sending in their surplus in order to realise on them before the market is inundated with Southern. A few of the latter arej here already, but they did not arrive in very good order. When the new season's Southern are in full supply, the price is expected to be about Bs. —Supplies are a little more plentiful at 8a Cd to 9s 6d ex store. There will be no necessity to imi-ort Southern (or a few weeks, as there are still a good many in the neighbourhood of Pukekohe.

Oats and Chaff. Oats.—The Australian inquiry has been resumed, and this has put up the price about twopence in the South. It is evident that the drought on the other side is still serious. The advance will be quickly reflected here, as most merchants have only moderate stocks. Chaff.—Old season's Blenheim is firm at lis 6d ex store, and is receiving the bulk of the trade. Local is more plentiful this ■week and is quoted at about £7 10* in truckloads at the Auckland station- It will be hard to get over tho prejudice against local, due to its general appearance of inferiority to Marlborough chaff during the past few seasons, but some of the samples to hand are of a very fair quality, and -no doubt the local will sell on its merits. Chaff Sacks.—A heavy demand is reported, but principally for shipment to Southern producing centres. Wheat.—The uncertainty still prevails in regard to the possibility of the embargo being removed from the importation of wheat and flour. The mere prospect of this is having a weakening tendency on the market, and fowl wheat has fallen about threepence in the SouthFlour.— Buyers are holding oft as much as possible, on the off-chance of a fall in Australian «*vheat. Bran and Pollard.—Both are in heavy demand. Maize.—The large shipments that came to hand last week readily realised 6s on the wharf in wholesale lines stocks in store being only moderate on arrival. Growers in the Bay of Plenty seem disposed to adopt a more independent attitude now, and will only consign when assured of a fairly remunerative return. There seems little possibility of any arriving from South Africa, as Australia can do with all they can spare, and even took some from Auckland, so the forward position is rather favourable to local growers. The only difficulty is that the consumption must naturally be reduced if wheat is so plentiful that the price has to go down. A good crop of maize is in sight, and it remains to be seen how it will compete with wheat. Fertilisers and Seeds. Fertilisers—All kinds are in heavy demand. Bonedust is selling well, and there are good inquiries for delivery of blood and bone later on. The latter will probably be rather scarce this season, as the freezing works are not producing thoir usual output. Merchants report a ' sustained demand for superphosphates and the various grass mixtures. Seeds.—Grass seed is in very heavy demand. Several bush burns have already taken place, and if this splendid weather continues there will be further clearings fired, as settlers have been waiting for a reasonable spell of fine weather to secure a good burn. Kauri Gum.—Business is quiet in the low grades, but there is a keen demand for the small lots of white gum coming in. The key to the position is the European situation, and advices indicate that if the present uncertainties could be settled an immediate demand for low grade gum would set in. Germany is quite ready to order large quantities, but it is impossible in the present state of the mark exchange and its wild fluctuations.

PRICES OF METALS. Australian and N.Z. Cable Association. (Reed. 10.10 p.m.) LONDON. March 12. Copper.—Spot, £72 13h d 9; forward, £73 6s Copper.—Spot, £72 13s 9d: forward. £73 15s Spelter.—Spot, £36 7s 6d; forward, £3& Tin.—Spot, £224 12s 6d; forward. £224 12s fid. Silver.— 8 11-16 d per or..

CANTERBURY MARKETS. [BY TELEGRAPH.— PRESS ASSOCIATION. J CHRISTCHUKCH, Tuesday. Wheat is coming in freely under the conditions of 4s fid for Tuscan, 4s 7d for Hunter's, and 4s 9d for pearl, with the agreement price of 5s Id, 5s 3d and 5a 5d respectively it the Government ratifies the scheme. A fair amount of wheat is being shipped north. Samples coming forward are showing a bigger proportion of undergrade wheat than at the commencement of the season, due probably to the crops being caught at a bad time by a deluge of rain six weeks ago. Earlier crops escaped-this visitation to a large extent. Graders and millers sot their standard fairly high as a result of the good early season samples and there is now greater classification. Undergrade ' fowl wheat for prompt delivery is worth about 4a 2ii to farmers, but down to 3s lid has been paid (or later deliveries. The prospect of a large supply of undergrade wheat is depressing the market. Oats are a shade brighter, due to inquiry from Australia. Cartons are worth to farmers 2s 8d to 2s 9Jd f.o.b. South Island. Quotations are up to 3s 4d for Algerians. Oats are fairly firm at 3s to farmers. The briskest branch of the trade this week is in grass seeds. Stocks of perennial are practically unprocurable. An odd sale has taken place to 5s 3d to fa-mcis. Tho scarcity of perennial has diverts . consumption to Italian of which the • i. most available, and both for North Island and local use there has boon considerable business. Italian is worth from 4s 9d to ss. to farmers. Cocksfoot is dull under offerings of Danish seed. The crop on the Peninsula is small this year and but for foreign seed there would be a 50 per cent, better market. Teas are in weak demand and sales have been reported at (is fid f.o.b. White clover is still in good demand and fortunate growers are making substantial cheques. It has been a splendid season, and three-bag crops to the acre are not uncommon. Values are from Is 2d to Is 6d per lb. to farmers. Chaff is scarcely so firm and is quoted at £4 15s to £5 at country stations- Potatoes are quoted at. £4 for March delivery and £3 15s for later months.

BUTTER AND CHEESE. THE LONDON MARKET. [BY TELEGRAPH.— press association.] WELLINGTON, Tuesday. The National Dairy Association of New Zealand has received the following cablegram from its London office, datod March 10: " The butter market is very quietNew Zealand salted, 306* to 208s; Australian salted, 2025; Argentine salted, 184s to 1925; Danish salted, 210s to 2165. r " Cheese market is firm on small supplies. New Zealand, white 140s to 1425, coloured 142s to 1445."

FOREIGN EXCHANGES. Australian and N.Z. Cablo Association(Reed. 8.5 p.m.) LONDON, March 12. The following rates on foreign exchanges are- current to-day, as compared with the cabled Quotations on March 5 and par: — March 12. March 5. Par. New York . . 4dol 703 c 4.701 4.866 Montreal . . . 4dol 80c 4.78 4.866 Paris . . . . 77fr 750 77.50 25 225 Rome . . . . 98tlire 98 20.ii0 Berlin . . . . 97.500 m 106.000 20.42 Stockholm . . 16kr 70oro 17.67 18.159 Christians . . 26kr lOore 25.75 18.159 Copenhagen .. 24kr 65ore 24.53 18.159 Calcutta . . Is 4 l-16d Is 4Jd 2s Hongkong .. 2s 3Jd 2s 3id — , Yokohama . . 2o 05d 2s Old 2s OJd

WHEAT MARKET. Australian and N.Z. Cable Association. (Reed. 9.5 p.m.) LONDON. March 12. The wheat cargo market is steady, and there is a fair inquiry for Australian cargoes. Otherwise the market is quiet, and prices are unchanged. Parcels are in fair speculative demand at threepence decline.

FROZEN MEAT MARKET. The New Zealand Loan and Mercantile Agoncy Company. Limited, have received the following cablegram from their London house, under date March 9:— N.Z. Frozen Meat.—Lamb, average, Is 3-8 d per lb. Mutton: Wether and maiden ewe, light 9d Per lb, heavy 7id per lb; ewe, light 7d per* lb, heavy 6!d per lb. Market dull, with downward tendency. Beef: MarKet slow. Last quotations. March 2, 1923—0 x hinds 45d per lb. fores 3 5-8 d per lb; cow. hinds 4 l-8d per lb, fores Bid per lb.

\ STOOK SALES.

MANAWATU.

Dalgety and Company. Limited. Palmersten North, report:—At the Feilding sale on Friday there was a good entry of sheep and a small yarding of cattle. There was rather a better inquiry for sheep, though prices did not show any mute-rial increase. The few cattle offered really afford no criterion of the market. Fat lambs brought 23s 3d; fat wethors. 29s 9d. extra good 33s 3d' to 34s 9d; fat ewes. 22s 7d to 23s 9d ; four and five-year ewes, 20s to 24s fid ; good two-tooth ewes. 30s to 33s 3d; email b.f. lambs, 15s; bf. lambs. 16s 8d to IBs lOd ; Jersey wcaner heifers, £3 10s; yearling heifers, £3 10s; store cows. 80s to 365; light fat cows, £i.

TAUMARUNUI. [BY TELEGRAPH.OWN CORRESPONDENT.] TAUMABUNUT, Tuesday. There was a large entry of sheep and cattle at the live stock sale to-day, the auctioneers selling from 11 a.m. till dusk. Prices all round were easier, but good clearances wero effected. Weaner pigs brought from 6s fid to 19s fid; aged breeding ewes, 10s to 20s 6d; 2-tooth ewes, to 275; forward wethers, to 2t?B lOd; fat wethers, to 325; fat ewes to ,sd; fat lambs, to 255: store lambs, lis 4d to 16s 2d: cull lambs, 8s fid; store steers, up to £1 10s*; forward 8-year-old steers, to £6; fat cows, to £4 10s.

PROPERTY SALES. To-day at 2 o'clock, Smith and Halcombe. Ltd. will offer for sale in their roans, 5, Customs Street East, a f.Trmlet of 10 acres on the main Birkdale Road, just beyond school, with 6-roomed house, i.ll conven'erces, stables, cowbail, glasshouse, 80ft. by 10ft., with all crops: also, Birkenhead residence, bungalow of 'J rooms, on Onewa Street, with over i-ncre of land. To-mor-row they will offer at 1 o'clock on the property, Mr. H. Caro's new residence of 8 rooms, No. 24 St. George's Bay Koad, Parnell x also the furniture. The property is freehold title. Miles J. Cassidy will offer for sale at his rooms. Row's Chambers, 15. Queen Street, at 2 p.m. to-day, a 971 acre dairy farm lower Matakans, on the seaside, four miles from Waxkworth.