COMMERCIAL.

New Zealand Herald, Volume LX, Issue 18460, 25 July 1923, Page 7

COMMERCIAL.

WHOLESALE AND RETAIL; FEW LIFE IN BUSINESS. THE ' PRODUCE MARKETS.' The pleasant and overdue turn in the weather ) has apparently put new life into business, for both '.wholesale and retail report conditions greatly improved-, The former department is now busy with August bookings, and a decided increase is noticeable in the country orders, although it is hard to know how they are directly due to the improvement in the weather, it looks as if the larger requisitions were made in anticipation of the marked change that took place during the week-end, i for previously there had ' been rather disappointing responses to offers in the country in spite of the fact that the dairy season will soon be in full swing. >-. Retail is naturally much better this week, and the sales are getting • a further patronage. Suburban stores are feeling the effect of this in the loss of a good deal of the catch trade that has hitherto been their mainstay. The neighbours fully appreciate the convenience of depots in their own vicinity, from which they can pick tip their numerous small requirements from day to day without the trouble of going into town, but the clearance sales in fine weather are too great an attraction to be resisted, and the crowds in town have given the streets an animated appearance.' (Suburban shops are still increasing in number, and there seems to be an inclination to break new ground. in districts not previously served locally. Building trade has been delayed a good deal by bad weather,, and several owners have refrained from inviting contracts durins the winter. It is expected, however, that the spring will boo a great increase in* activity. A shipment of Canadian timber is due from Vancouver about the end of the week, but these regular supplies do not seem to seriously affect the trade in local, of which all kinds are in good demand. It is expected that American timber will be a little lower in price after about' September and that this will result in. larger Quantities arriving. It is explained that during tho northern summer there has baen an immense demand for timber, but that this will soon slacken off sufficiently for prices to recede somewhat.

American Trade Prosperity, American trado is enjoying an era of unprecedented prosperity, which is apparently due to dome internal causes, and not to any special..improvement in external trade. The latter keeps about normal, so that the present prosperity cannot bo duo to any boom in exports, such as brought the great impetus to trade between 1917 and 1921. The returns for May camo to band by the Vancouver mail, and it seems that for the third month in succession tho imports into America exceeded tho value of the exports therolrom. The exports have been quite normal, about equal to the average value during 1022. but there has been such a huge increase in imports, due to the prosperity the country is now enjoying, that the excess valuo over exports from March to May has not only counterbalanced the excess in the other dilution during January and February, but it has left a total excess of imports amounting to about £25,000*000 for the first fivo months of the year. This is the first time in tho modern history of America that this has taken place, and shrewd observers are very anxious as to how lons the .present phenomenal prosperity of America can 'last; . ■ . Buildiner Costs.—With the near appro:Hch of the spring it is of interest to note that there is likely to bo a flight reduction ,in the cost of painting. White lead is falling and linseed oil is also a shade lower.' Latest American Quotations for turpentine are also easier. Dried Fruits.—These "are of -particular interest just now, as contract* ? ov the Christmas supplies are now being arranged. Mediterranean sultanas are lower, evidently influenced by the American campaign to capture an outlet for their largo surplus. On tho other hand, one agent reports having sold the ; whole of his allocation .of seeded raisins. The latest information on tho fruit crops in general points to an attractive ran?o of prices in most .varieties. . t Canned Fruits.—Low -prices from Australia, chiefly in peaches, are capturing a. great deal of trade. It is unfortunate ■in one way that part of one shipment was condemned on tho score of , condition, but another aspect is the care .that is now tok»n in supervising the fruit trade, and nothing is now passed unless it is weil up -to : standard.. in condition, as well as in quality. .-Dairy Produce... ._ -. - ;

i Dairy Produce.A-little lids been some 16 I Australia, but not sufficient to affect Mocks here. Cheese is selling well at the favourI able quotations now ruling. Bacon is .in I Rood supply, and in selling well, while busi- ! ness. h already taking place in Christmas hams for forward delivery. Eggs are in ; heavy demand, with retail prices unchanged I at In 10d for hen and Is Sd for duck.',-.., ! Potatoes.Reduced, stocks hero caused an " immediate reflection of the sharp rise 'that has; taken pace in the South, and merchants are now asking 12s Cd for white and lis 6d for red varieties. The Wingatui has under 4000 sacks, and; this y?nftll. quantity enabled the market to respond more readily. It is not yet known how much the Kurow and the Katoa will brine. Australian potatoes have attracted a, good deal of attention, but there I has been some difficulty over the quality, , .and importers are not now so anxious to re- | peat the experiment of drawing from 'las- | mania. Se«d Potatoes. little . improvement is ! noted in the demand, the principal inquiry 'being for Early Rose, Early Puritan, and : Gamekeeper. These ore selling at very little advance on table quotations. Onions.Better; sales are reported at lis Cd to '12s 6d for Australian. ..;..- Oats.—Dull of sale at about 4s 9d ex store for small lines of A grade. .'■-.■. ~ ' ! Chaff.—Another shipment of Australian i by the Huia is selling well at 10s in bales. , Southern, in sacks, is quoted at, lis. and all good quality is in good demand. Not much , local has been corning ■ in, but a permal nent improvement in the weather would probably increase the supply, ;' , :i —Millers have. taken up no. much that a scarcity is being created in fowl wheat. With a reduced acreage now being put in, everything points to a probability of importation being necessary next year. • Bran and Pollard. ?':''•■:■&• Bran and Pollard.—ln view of wheat havi ing to be imported beforo long, it docs i not appear unreasonable to expect bran and i pollard to be imported also, as there is a very pronounced shortage- Local mills are soiling at the controlled prices, - and are rationing supplies to best advantage, v but they cannot possibly meet the demand. . If tho' Government remits the. duty, it is now likely that importation would take place, as both lines have fallen in price in Australia. , Of course they would have to eell at well above the local price to recover cost of freight, unless another fall took place an' the other side. •, . , '" f '.- : Maize.—Small lots are arriving from the Bay of Plenty, chiefly of .new grain, and this' in selling on tljo basis of 6s on the wharf-in wholesale lines. Seeds.—The spring demand is causing some activity ill ; the South, but very httlo i interest is taken here, as the spring .sowing in : Auckland is very small. Chief interest centres in brown top, a variety of gras* pecuniar to the Waipu district, .which • win I keen demand for export to America. I his vis ■ ■ attributed to the enormous quantity ■:.re- ; quired, for laying- out courses - for tho , thousands of new clubs that have lately i been formed, and any quantity available could find a ready market here .at. about; •XI per lb., f.o.b. Growers in the North • would. do' well to save all they. can. ass ; good market seems to be assured in■ America ! for golf links and tennis lawns, and this ! will probably be increased this season by 1 th« prosperity now existing there. •. v I Kauri Gum.—The wet weather has j h-n----idered dicing aftd, made , the roads i almost ! impassably so that supplies have, fallen off , considerably. American demand is surprisjinrfy dull, having regard to "the great ' activity in , general trade there, but all ad- ' vices indicate a fear that the boom cannot I possibly last, and buyers are consequently working up old stocks instead of sending ! fresh orders to Auckland. The reaction in the dollar exchange is likely to help a little, but is not sufficiently pronounced to i create ft demand' purely on that account. Fortunately for the Auckland ■ market, ft few welcome inquiries have .lately been, received from the United, Kingdom, chiefly for the lnwer clossea of .sum; and .these will probably result in business. ;■■;-. BRADFORD WOOL MARKET. Australian &nd N.Z. Cable Association. (Heed. 9.5 p.m.). V LONDON. July 23. The Bradford wool market is dull, and quotations, which, are ;■ nominal, are unchanged.... ;:'..:;;;;- ,„;; '.j. : : .,'. ';..;■:. "'-_; %<•}):>.

S CANTERBURY MARKETS.. [BY , TETEGEAPH.— PRJ3SS ; association.] ' CHEISTCHTJECH, Tuesday.;-' ,; The weak-end • activity • in ; the potato market ban subsided, * due to some extent to the impossibility through shipping pauses to 'complete July. contracts. - The Kurow is due to lwre' on Thursday night with - apTirovimately 3500 ■. sacks. As she is calling at Son; her arrival in Auckland .will.be delayed; The- Wanaka, which was due. this week, is not oalling at all.. The .next Auckland boat hi the Wingatui, due to arrive at Lyttc-lton for: loading on A-UKUst- 4- ,It will probably be the 9th Off 10th before she reaches Auckland, by which .'time. Blip-. plies in that city must be very low, particularly as ■ about 300 sacks have gone, to the Islands. ■'.> In the meantime, growers are asking £8, 10s a ton at country stations, and vftry little business is being done under that figure.' All seed lines are very <miet. with no ' alterations in values, fowl feed is scarcely maintaining the recent improvement. There 'have been inquiries for barley, and several S6il.es ; at', from 6s to 5s 3d .to fann«s at country stations.

HONORARIUM INCREASED.

FEEEY COMPANY DIRECTORATE. A resolution amending. olause 74 of tho articles of association of the Devonport Steam .Ferry Company ; fox the purpose of increasing the honorarium paid to the five directors of the company from £400 to.- £600 was confirmed at a meeting of shareholders yesterday afternoon. ■■- , .The :Son. E.■:■ W. Alison, ■ chairman ■ of : directors, who presided, 'explained,' that in' the original ' articlas -of association,: tho. amount -fixed by way of remuneration to the directors was a sum not exceeding £150. An amendment increasing the amount to £400 was carried in 1914. . The present meeting - was ■< called • in accordance with a resolution carried at-,, the last annual meeting, and he moved the motion necessary to give effect to the alteration. . »» ' , — Tho motion was seconded .by Mr. A. R. j Morrison ' and carried unanimously. *«• * '■; MARKET REPORTS. ; ! FRUIT AND PRODUCE. "}■? '■"• Thesa was a good demand for apples i»nd other fruit generally at the Auckland city markets yesterday. • ■■"'■'•''■. FRUIT. Delicious apples sold at similar priced to those of last week," and ranged between 9s j and lis a case.- First grade Doughertys realised between 6s and 7s 6d, Jonathans between 6s and 7s. In cooking apples, Ballarats and MunTos showed an improvement, bringing from 7s 6d to 8a a case. In pears, Winter Coles realised from 10s' to 12s a case, and Nelio about 13a. Hothouse grapes have almost finished, but a few sold up to f>s 2d per lb. Tree ■ tomatoes brought from 0s 6d to 6s 6d a case. Poonnan oranges sold from 5s Gd to 7s Gd, according to quality. There has been a heavy demand ; for oranges and lemons on account of the , prevalence of influenza,- and prices have ?,noreased as a result. Rarotongan , oranges realised from 218 to 24s 6d; lemons from 18s to 23s 6d. according to Quality. Bananas ' are still dull of sale- on account of tho cold weather.' ■ "'■■'■ ■■-'.■ PRODUCE.

Potatoes sold freely, Southern whites realising from 10s to lis 3d per cwt. Now potatoes brought from 2'd to 3}d "per lb. Onions sold from 10s to lis 6d; kumaras from l!d to 2d per lb.; swedes, 5s to Cs per cwt; pumpkins, prima quality, 8s to 10s per cwt; others. 4s to 6s. . Cabbages brought from 10s to 16s a sack; cauliflowers, 3d to Is 3d each? rhubarb, Es to 7s fid a dozen. Celery realised from 2s to 5s 6d a bundle; carrots, parsnips, beetroot, and turnips, lOdto'ls 4d a dozen; lettuce, 9d •to 2s a dozen. ..•< DAIRY PRODUCE. Egors again realised good prices, hen eggs fetching from Is 9id to Is IOJd por dozen; duck ©ggs, Is 7d to Is 8d per dozen. Farmers' butter sold at -recent rates. POULTRY. - .There was a fair! supply of poultry, for which there was a good demand. Heavy cockerels > brought from Es 6d to 7s 9d; light cockerels, 3s 6d to 5s fid. Heavy hens realised from 8s to 4s 8d; light hens, 2s to 3s; ducks iind drakes, 2s to 4s 6d. PRICES OP .METALS... Australian and N.Z. Cable Association. (Rocd. 8.50 p.m.) LONDON, July 23. Copper.— spot, £65 lis 3d; forward, £66 6s 3d. Lead.—Both positions, £24 10s. , Spelter.—£Bo 5s and £29 17s 6d. Tin.—£lß6 lis 3d and £187 13s 9d. Silver.— 7{d per oz. FOREIGN EXCHANGES.' Australian and N.Z. Cable Association. (Reced. 8.5 p.m.) LONDON, July 23. The following 'rate's on foreign exchanges are current -to-day, m compared with the cabled quotations on July 19, and par: '—

.. _ , .. . ■ July 23. July 19. Par. New York (dol.) , 4.591 4.591 4.866 Montreal (dol.) . . -1.72 4.71t • 4.860 Paris (fr.) ..76,65 77.60 25.225 Rome (lire) .. 104& 1C6 25.225 Berlin (m.) . l.fiSO f)00 1,450.000 20.43 Stockholm (kr.) . . 17.27 17.30 V 18.159 Chr : st ; ania (kr.) .. 28.29 23.27 18-159 Copenhagen (kr.) . . 26.23 1 26.31 18.159 Calcutta (pence) . . 16 1-16 161-8 24 Fongrkonz (pence)' . 27 27 — Yokohama ( pence) . 25J 25 9-16 2ii