COMMERCIAL.

New Zealand Herald, Volume LXI, Issue 18662, 19 March 1924, Page 7

COMMERCIAL.

BUSINESS MAINTAINED. HEAVY IMPORTATIONS, MANY PRODUCE LINES. Stocktaking at the end of the month is keeping business quiet with some houses, while others are operating with a, keen eye to their probable bank balance on. March 31. Otherwise business keeps up well in most departments, and distributors are expecting the new month to bring in a period of renewed activity that, will last until the winter. Export products arq bringing in big money this year, and easier financial conditions should result in increased business. Hardware merchants are putting through a normal turnover. Dairying materials are over for this season, but implements are in a little better demand, as farmers are now busy with preparations for getting in grass-seed. All kinds of building materials are selling well, the chief alteration in price being a slight hardening iu American and Canadian goods, due to the adverse rate of exchange. Household ironmongery is selling well, the feature being I the low price in aluminium goods. Heavy Building Programme. Building.A very heavy programme is lilituy to continue during the coming winter, as arrangements are already in tram lor numerous contracts for residences, as well as snops, otnees and warehouses. In view of tne growing scarcity and high price of timber, in contrast with the increasing output of more durable material at steadily reducing prices, there is a constant lessening in trie saving ejected by using timber, especially when maintenance is taken into account. The time vail undoubtedly arrive when it will be distinctly cheaper to avoid the use of timber, but in the meantime bricks and mortar are in graauaily increasing favour, even in areas where their use is not compulsory, .bricks are now quoted at £6 3s per 1000, on trucks at the works, while cement is down to £5 12a 6d per ton, ex yard, and hydraulic lime is £4 5s for same delivery. Oils.—Benzine and kerosene are in good supply. There were rumours of a rise in the price of the former, due to the rate of exchange raising the cost, but nothing so far has taken place and quotations remain at 18s. Paint oils are in good demand at 6s 3d to 6s 6d for raw, and 3d more for boiled. . Coal.— view of the probable difficulties in getting supplies, a little more attention is being given to forward requirements. laupiri household is' quoted at £3 6s 6d per ton, delivered, and Taupiri kitchen at £2 15s 6d, with a reduction of 2s for cash in each case. Drapery.—Autumn goods have been opened lip, and aro making oil attractive display in all the shops, while the wholesale report good orders ulready in. for delivery on . next month's account. This is largely owing to a prospective rise in cotton and woollen goods, but in some cases it is balanced by retailers having imported more heavily than usual on their own account. Goods from the East. Eastern Produce.Singapore reports show sago and tapioca quiet, with little demand, but values have been well maintained at their present level, owing to the stock position. There has been a little better inquiry from the United Kingdom for the better grades. Pineapples have, also been selling better to the United . Kingdom at about late rates, and while it looks as if the top of the market has been reached meantime, a steady demand from Europe is anticipated, and this is considered likely to prevent prices receding to any appreciable extent. —There has' been a Very sharp advance in nutmegs, owing to the keen demand from Europe and America, and the market continues strong, with suppliers reluctant to quote. Peppers have been quiet with a small advance of no particular significance, but suppliers all along have been strong holders. Mace is unchanged, but an advance is anticipated. Rangoon Rice.-— has been a steady demand frdtm shippers to China, a small demand for Japan and the Straits, and moat millers have been engaged in milling for Western markets. Owing to the extent of shipping demand, there is no weakness in the rice position, and the market remains steady. Saigon Rice.Market is quiet, with an upward tendency, owing to expected heavy shipments to Hongkong and Japan. The Chinese New Year holidays were interfering with supplies when the last mail left. Matches.—While ample supplies are in hand, it should be noted that the Wellington factory is curtailing, its output at present, while the plant is being enlarged, so that occasionally orders have to he hold up for ar time. Prices have recently been adjusted by one factory slightly advancing the price of royal cardboard. It is expected that all orders will be executed in full after next month. • • Eggs.— continues, steady at 2s 6a wholesale and 2s 8d retail, but another advance is expected before lons. Fresh suppies are gradually diminishing, but manv distributors have a fair stock of chilled or otherwise preserved, and the bakers are also well supplied with pulp. Overseas Produce Trade. Imported Produce. —The feature of the market is the prospect of large importations from overseas. In view of the splendid rains of the last week or two,- which have brought on pastures to a surprising extent, and thus checked the decline in the output of dairy produce, the fact is apt to be overlooked that the crops this year have been a comparative failure, due to the long spell of dry weather during the summer. It is many years since it has been necessary to import so many dliierent lines that are always grown or produced here, but this has been brought about by the poor yield and tho reduced area under crop. Arrangements are already complete, or will shortly have to be> made, for importing from overseas the following long list of essential products:—Potatoes, onions, feed oats, seed oats, chaff, Ul'llinfJ wheat, fowl wheat, maize, bran, pollard, and possibly flour. This is quUe independent of the stocks that Auckland always draws from the South Island, for in, many lines it looks as if the North will this year have only enouerh for local consumption. This may result in the Kstoa being required to trade res?ular!v between Auckland and Australia, instead of drawing supplies from . Canterbury and Otago, The fiTst shipment of general produce is due by this vessel at the end of the week, and the heavy importations contemplate will cause general surprise, in viVw of all the reports of drought in Australia. Good Supplies of Potatoes. Potatoes.—Farmers are hurrying tf> get their digging over before the Australian potatoes arrive, so that th» lc\al marmot is well supplied at present. Quality varies a good deal, and price ia from Kh fkl to 19" ex store, according to grade. The Katoa will bo landing the first shipment from Australia this week, and these are .quoted at about &10 to arrive. As the price, on the other side has eased, .it is expected that regular importations will come across, and these will no doubt keep down the price in Canterbury. Onions.—Local and Southern are selling at 12s 6d ex store, but Australian can be imported to sell at lis 6d. and these will no doubt come over regularly. Seed Oats.—Algerian seeds from Australia are in k"on demand at 7s 6d, but feed oats are weak. . Chaff.— is lower in Australia, and this will induce still heavier, importations. Already the Australian is selling well at 9s fid to 10s 6d, agrainst Southern at lip, 6d to 12a, and supplies have also, been drawn from Hawke's Bay and Rangitikei. Fowl Wheat.Selling quietly at the controlled prices, but there is great dissatisfaction that those prices aro so high, having regard to the unprofitable rates obtainable for eggs during the flush of the season. Bran and Pollard.—An advance of 10a per ton is. announced in bran, and a reduc- — of 10s in pollard. Both are in poor i"'lour.—Normal sales are reported, with no speculative buying. Oatmeal.—lt is reported that some Southern mills have slightly raised their prices. Local oatmeal is selling well at late rates.

Maize, Seeds, ' and Fertilisers. Maise.—Selling fairly well at 7b 3d ex store, with quite sufficient .stocks for present requirements, but the.demand will not com© on very heavily until colder weather ensues. , • Seeds.—Very heavy orders for iscrass seed are being executed, as t farmers have this sen son a good opport unity to increase their permanent pasture under ideal weather conditions, which will promote an exceptionally quick growth. Cocksfoot is lower by a Penny per lb., but this does not appear to be warranted by the present replacement cost. It is probably due to the rather heavy importations of Danish earlier in the se»."on, ' and the position was previously rather obscured by stocks in first hands bei'iß rather low. Fertilisers All kinds are Belling well. The Tonic shipment of hasio slap is being rapidly booked, and will be practically all distributed from ship's side this week. The supplies are being rushed on acount of the possibility of February and March shipments from the Continent being delayed by the lato BtriV> BUTTER AND CHEESE PRICES. ; [])% telegraph.-—ptitcrs ASSOCIATION.] WELLINGTON, Tuesday. The National Dairy Association has received tho following cable from its London office, dated March 14: Butter and cheese: New Zealand, unsalted 1725, salted 170s; Australian, salted 154s to 160s; Argentine, salted, 144s to 150s; Danish, salted, 2145, Cheese: New Zealand, whit©, 84s; coloured, 86s.

HIDE AND SKINS SALE. PRICES FOR SKINS ADVANCED. Keen competition ruled at the auction of hides and skins held in the Chamber of Commerce yesterday afternoon. Skins wore in exceptional demand, and prices advanced lor all lines. An individual first grade special skin realised the high figure of 13s. Some lines of hides were passed in at fair prices, as. sellers seemed inclined to hold out for higher figures than have ruled rerecently. Quotations were as follows:— Heavy ox, .up to B}d per lb., medium 5Jd to 6id, inferior 4}d to 5d per lb.: calf skins, best 17 id to 18|d per lb., medium 14d to 15d, poor Hid to Is. Sheepskins.—One special, 13b,: full wool, 4s 6d to fia: best. 8s to 8s sd: full wool. 15d to 19} d per lb.; half lo three-quarter, Xljd to I2jd; Quarter to half, Did to lOid. MARKET PORTS. FRUIT AND PRODUCE. Conditions at the Auckland city market were practically the same yesterday as those prevailing last week. Largo quantities of apples continue to be placed on the market. Most of the tomatoes offered were cracked And hard to sell. Peaches are practically finished, those offered being sold at prices as high as 12s a caso. FRUIT. Delicious apples, choice, realised 10s fkl a case; windfalls, 3s to 4a a case; seconds, 5s to 6s 6d a case; cookers, first-class, 43 to 5s 6d a case; seconds. 3s to 4s a caso; Jonathans, 6s to 7s Cd; other varieties, .5s to 5b fid a cpso. Packham's Triumph pears sold for 13s 6d a case; Louis Eons, from lOe to 12s 6d a case; Winter Coles, 13s to 143 a case; Vickers, 5s to 6s a case; Beurre Diels, 5s to fis Cd; aid othor classes, 8s to 10s a case. Cape gooseberries sold at from 4d to 7d per lb,; Coleman's grapes, extra choice, at 2s lid per lb; choice, at 2s to 2s 6d; other grades, Is to is 4d; Te Kauwhata grapes, 12s 6d to 16s 6d a crate. Tomatoos, Wutt. were quitted from 7s to 8s a case, for choice grades, the beet local fruit bringing up to 6b 6d a case, and others 8s to 4s a case. Et?g fruit had sale from 5s to 6s a case; poaches, 5s to 7s, and up to 12s: bananas, repacked, 28s to 36s a case; American oranges, 45s a case. PRODUCE. Potatoes brought 8s to lis per cwt for large, prime quality, free from blight and ruat; onions, Ms per cwt; pumpkins, 5s to 8s 6d per cwt; swedes, 5s to 6s per cwtr kumaras, Id to lid per lb; beans Bold at from lid to 23 per lb; green peas, 3d to 4d per lb; marrows. Is to 3s a dozen; citron melons, 4s to 43 6d per cwt; water melons, Is to 2s each; rock melons, 2d to 8d each; cucumber, 2a to 4s Cd a dozen; celery, 9d to 2s 6d a bundle; cabbage, ,2s to Gs Gd a dozen; lettuce, Gd to 2s Gd a dozen; carrots, parsnips, turnips, and beet, 5d to Is a dozen; and rhubarb, 2s to 3s a dozen bundles DAIRY PRODUCE. Eggs were scarce, and a sharp rise in prices was experienced. Hen eggs sold from 2s 7d to 2s 9d a dozen, and duck eggs from 2s od to 2s 7d a dozen. Farmers' butter realised from Is 3d to ' Is 6d per lb. FOREIGN EXCHANGES. Australian and JT.il. Cabin Association. | (Reed. 8.5 p.m.) LONDON, Mar. 17. j The following rates 011 foreign exchanges arc current to-day. as compared with the i cablcd quotations on March 13, and par:— ~ vi „ March 17. March 33. Par. i New York (dollars; 4.28} 4.291 4.668 Montreal (dollars) . . 4.43 4.45J 4 666 Pans (fr.) . . .. 87.55 98i 25.225 Brussels (fr.) . .. 106* 1103 25,225 Rome (lire) .' s • • 10 °* 100} 25.225 Stockholm (kr.) .. 16.27 16.33 18.159 CM riftiama kr.) . . 31.50 31.90 18.159 Copenhagen (kr.) . . 27.26 27.59 18 159 Calcutta (pence) . . 16 11-16 164 4 Hongkong (pence) . . 28] 281 — Yokohama (pence) . 23 11-16 23| 044. The mark is quoted at 18 to 19 billions to March 13 ' compared 13 billions on PRICES OF METALS: Australian and N.Z. Cable Association. (Reed. 11.5 p.m.) LONDON, Mar. 11™ ! Copper—On spot, £65 13s 9d; forward£66 89 9d. r Lead.£36 10s, and £35 10s. Spelter.— £ 35 12s 6d and £25 7s 6d Tin.—£2B2 2s 6d and £233 2s 6d Silver. 2s 9 7-16 d per oz, standard. BRADFORD MARKET. Australian and : N.Z. Cable Association. (Reed. 8.5 p.m.) LONDON, Mar. 17. The Bradford tops market "is quietly steady. There is a good tone in crossbreds, .'but only a small, inquiry for Merinos. CURRENT EXCHANGE RATES. Following are the current rates per cent, of exchange:— NEW ZEALAND ON LONDON. % Buying Selling Discount. Discount. _ , s. d. s. d. Demand . >,» dO 0 5 0 30 Days .. ». 47 6 10 0 60 Days .. ~ 55 0 15 0 90 Days .. .. 65 0 20 0 120 Days . . «. 75 0 — Telegraphic . . .. Premium 5 0 LONDON ON NEW ZEALAND. Discount. Premium, s. d. s. d. ! Demand . . , . 15 0 22 6 30 Days *. 26 3 — 60 Days .. .. 87 6' — , 90 Days . . . . 50" 0 — I 120 Days . . . . 60 0 — Telegraphic , . .. — 30 0 NEW ZEALAND ON AUSTRALIA. Buying. Selling, I 8. d. 8. d. 1 victoria and N.S.W. 5 0 25 0 Tasmania .. ..5 0 25 0 South Australia .. 5 0 25 0 Queensland . . .. 10 0 30 0 West Australia. Perth and Freinantie 15 0 35 0 Country . . . . '20 0 40 0 AUSTRALIA ON NEW ZEALAND. Discount. Premium. _ b. d. s. d. Sydney and Melbourne 25 0 5 0 DEPOSITS AND ADVANCES. Current rates of interest for deposits are: —Three months, 3J per cent, per annum; 6 months, BJ; 12 months, 4; 24 months, 4,i. The overdraft rate is from 6} per cent. The discount rate is from 6J pei: cent. CANTERBURY MARKETS. [BX TELEGRAPH. — association.] CHRISTCHURCH. Tuesday. Business continues on the quiet side and xr eagerly-anticipated orders from the North Island which recent rains were expected to bring forth have not yet- materialised. Linseed is offering very freely and prices have dropped during the past few days by ]0s a ton. Wheat is coming in very slowly and merchants are doping that the Government will bring in Australian wheat. Owing to the few offerings made by growers they are assuming that there is little wheat being held. The lack of orders for cocksfoot from the North Island is being felt considerable, Chaff is still in a low state, the f.o.b. S.t pnee being below what merchants can purchase at from farmers who appear to have a high idea of values. Cowgrass is hard to sell. It is understood that several bookings have not been confirmed. PROPERTY . SALES. ' T. Mandeno Jackson will offer for sale, at their rooms, 9, Commerce Street, at 2 o'clock this afternoon, Mr. G. T. Baylv's we'l-known home, " Prospect," situated Mount St. John Avenue. Epsom. The house comprises 2storeyed brick dwelling of 11 rooms, with all conveniences, full range outbuildings, and one acre land having 40ft. front"sre to * r "UTit St. John Avenue and shout 20ft. to Belvidere Road; also five home sites, fronting Mount St. John Avenue and Belviderc Road.