COMMERCIAL.

New Zealand Herald, Volume LXI, Issue 18708, 14 May 1924, Page 7

COMMERCIAL.

GOOD RETAIL BUSINESS.

PRODUCE FROM OVERSEAS.

unusually large ARRIVALS . iff I

There has been a good deal of speculation as to how business would be affected during fleet week, but so far the retailers are realising the anticipations formed at Easter—that a great number of country people would delay their usual visit to the city until the squadron came in. A number of these are now in town, while city and suburban residents are flocking into the main streets in such numbers as apparently to exceed the crowds that always come in before Christmas. While most of them are evidently intent on sight-seeing, a sufficiently large proportion are combining business with pleasure to an extent that has given a decided impetus to city trade. Present indications are that the week will amply make up for the disappointment after Easter, when so many people hurried home instead of staying for the time they had intended.

. Drapery houses are getting a good share in this extra trade, fitting up the youth of the city and country with' their winter requirements, while the numerous social functions have naturally made t heavy demands on evening dress material. Drapers are well satisfied with the trade in. this department during the past few weeks. , Wholesale trade has been very little affected by the visit of the fleet, unless it is to "make trade slacker, as retailers ate this V/eek giving their first attention to selling and not to buying. It is confidently expected, however, that the heavy inroads into ■ stocks will result in substantial orders coming in as soon as booking for June account commences next week. Hardware houses reoort % slight improvement in country trade after the interruption to the railways, but city trade is inclined to be rather dull except in building lines, which are in heavy demand.

Iron and Steel Trade. Iron and Steel.—London reports indicate that quotations for Cleveland iron have come down lately, but it is now believed that the fall is arrested, especially as some of the furnaces ;• cannot make ends meet. Output ha# been reduced of late, but it is probablo that consumers were waiting to see how low the market would go, and they afterwards appeared more ready to come into the market again. The Continental producers ■ aro very fully booked with orders and are now rejecting any new inquiries which may be put before them, since already they, are unable to give the necessary deliveries against -Contracts actually in course of execution. British consumers have therefore been thrown more upon local production, e,nd there have even been a few scattered inquiries for Cleveland from the Continent, though these may be out forward .for no other purpose than to test the market. Glasgow advices report that further inquiry is still slow to materialise, although there has been a little interest taken by export markets in constructional steel, Makers of sheets are meanwhile fairly busy on current contracts, and bar iron makers are also moderately employed. The outlook m the locomotive industry seems to be improving somewhat. Business in finished iron and steel has been virtually stagnant. There has been a fair inquiry for pipe plates for New Zealand, while small parcels of shipbuilding material have been in request for the Continent. Prices naturally are weak, and angles can now •be done at £3 10s basis f.o.b. and plates at £9 5s to £9 10s f.0.b., though in, the latter case an ' attractive specification would probably brine a further concession. The phenomenal industrial activity in the United States may be seen by the position of pig iron, the production of 16,543,000 tons in 1921, increasing to 26,883,000 in 1922, while last year it reached th« enormous total of 40,103.000 tons. " .Dried Fruits, .

. Dried Fruits. large crop of apricots in California last year appears unlikely to be repeated this season, which so : far has been the driest for many years, . and the bumper crop last, year will not leave the trees in a condition to produce ' a normal crop. Of the remaining holdings of stock, a little more than 50 per cent, are in the choice grades. Slabs, standards, and extra fancy grade* are in very small supply, while extra choice, and fancy are in only slightly better position, with about equal quantities left. ' Raisins continue in a strong position, and stocks are moving in good' volume. Currants also look better. The total amount needed , for consumption until. September, when the new crop begins to come in, is estimated - at -40.000 tons, against which the stocks remaining in Greece and the United Kingdom are placed at only 33,500 .tons Small-size prunes in San Francisco have been taken up- by European buyers, but large size are in better supply, and some of the packers nave reduced their quotations. ■ • ■ Salmon.— decided fall in Sockeye grades is due. to large stocks remaining on hand after the Lenten season. Other grades are said to be fairly well disposed of at the canneries, and there is a tendency for a scarcity of pinks and cohoes, with some advances in quotations likely. Local distributors have met the fall in Sockeyes with a substantial reduction here. Nuts.—Sicily filberts are scarce and prices aro up. The unfavourable French exchange ,is responsible for higher prices in shelled walnuts and shelled almonds. Peanuts also show an advancing position. Dairy Produce.— recovery in the London market is putting new heart into the dairy industry, as it will mean better returns for the large quantities now on the water. . ■• • ■ ■ . ■ , ' • Eggs.—The wholesale price has this week advanced to 8s sd, which is twopence per dozen above the price ruling at this time i last year. Retail prices vary a good deal, according to the supplies available to each individual house, and range round about 8s id for duck eggs and 3s 8d for hen eggs.

Small Arrival* of Southern. Produce. Southern Produce. feature in the ir-arket i* the small quantity arriving and life large nnantity being imported from' overseas. This is unique in the history of New : Zealand, which is so productive as to be usually a heavy exporter.. Wheat is generally taken-as the typical illustration of fertility, and New Zealand has the reputation of producing more wheat per acre than any country in the. world, yet this year the Dominion is heavily importing wheat, bran, pollard, oats, chaff, barley, linseed, J?cta toes, and onions, which can all be produced here under the most favourable conditions. The immediate cause was the dry spring and summer,, but. in any case, there ■would have been a reduced production, as the acreage was less in most crops, partly due to better returns being obtainable from grazing sheep. Fortunately foi the general public, all then* commodities have been available from abroad on fairly favourable terms, the Australian importations at low rates being due to favourable weather conditions in Victoria and Tasmania and in the coastal districts generally, although there was rather prolonged drought inland Potatoes.—Market is easier at 12s ex store, and larger Quantities are now available. The Atna brought 6000 sacks, and the Flora is landing another 8000, while the Wingatui and Wanaka-are to follow before long. As regards the forward market, it is to be noted i that the heavy importations from Australia j have already cut rather severely into the Southern trade for : three months, and the Canterbury growers .would probably be wise to reduce their holdings at once rather than risk loss at the end of the season. At present prices potatoes can be imported at practically the same cost from Australia as from' Canterbury, but merchants do not appear eager to go outside -for them,; although the quality la generally so superior that buyers ask for them,, even if the rice in a shade higher. This reluctance will probably be accentuated by the impression that before long potatoes may be sent up from , Canterbury on consignment, and this usually brings down the price. Australian Onions. ■ Onions.— at 13s to 15s for Australian, and a few Canterbury of good quality are also arriving. The price has been fluctuating a good deal in Melbourne, and is now very favourable for importing, but ino.uirios are already being, made in regard to importing from California ■in August and, September. , - ~ ~ , Oats.Canadian oats are obtainable at less than from Bluff. especially since the excitement of last week, and regular importation will take place. • Stocks of Canadian are now ample, and the quotation is 6s Dd to 6s. The present critical position in oats has been receiving a good deal of anxious attention, and during the last day oi two a move has developed which may result in the duty boing removed. This will further facilitate the importation from Canada, and make up for the failure of the crop in the South. Chaff.—Moderate quantities of Blenheim chaff are arriving, and this ' grade setts at 12s, but Australian is regularly arriving ana is quoted at 9s to 10s. Another shipment came on the Kawatiri and is selling well, Wheat. Selling well at scale prices 6a lOd to - 7s fid. „ , _ . ' , ■ Bran and Pollard.—Fair stocks of Australian are held, but importation is to cease this months and, unless something is dope, the whole trade will have to depend on the local production. • ■ , i ; ■ Flptir.—Selling quietly, with no featura of special interest. • - . - ~, Maize.—South African importations are over, and it is understood that the large stocks imported into Australia while the duty j was . li" ted are also exhausted. The market is therefore again depending on the coast make, and fair supplies are expected. Good crops nre reported, at Gisborne and • the - Bay of Plenty, and the new. season 3 will very won be ready for shelling. Quotation is 6« 3d on the wharf in wholesale lines. ■ *' - ■ ; Seeds.— pood inquiry continues for. seed oats, of which Algerian are being largely imported from Australia, owing to the failure of the Canterbury crop. Growers In Canterbury are now rather heavy buyers for seed, instead of sellers, and this is having a firming effect on quotations," especially n* good Gartons have been in keen demand for millers. Owing to the high price of barley, duo to. the failure of the crop in, Marlborough, growers are also largely «ivinp up this crop for green feed this yew 'in favour of oats. - .

, Kauri , Gum.—The demand ii at present ; to small as to leave the market dull, if "conditions were normal, but so little is coming in that the demand is in excess of the supply for the principal " grades. Acoording to the returns, the total supply this year so far has been about three-quarters of the quantity that came in during the. same period of last year, but of that amount it would be possible to eliminate poor blacK chips, heavy with foreign .matter, and also white chalk and Class B 3 (medium black containing chalk), as these grades are not selling, and are merely piling up in stock, whereas they help to make the supplies look heavier thj.n the exports. Orders are only small, but are sufficient to keep good grades movine. without being able to harden values. There is an impression in country districts that prices are up, but this is not so. On account of the heavy ram, it is not expected ihat there will be much swaipp gum arriving till - next ' summer, but it is believed diggers Lave some unknown, stocks of various grades. _

THE LONDON MARKETS.

FOREIGN EXCHANGES.

DECLINE IN THE FRANC,

Australian and N.Z. Cable Association. (Reed, 5.5 p.m.) LONDON, May 12. The following rates on foreign exchanges are current to-day, as compared with tha cabled quotations on May 8 and par:

May 12. 'May 8. Par; New York (dol.) ... -*-+ . 4.37 4.868 Montreal (dol.) ~ 4.431 4.33? 4.860 Paris (fr.) .. ~ 76.45* 71.45 25.226 Brussels ' (fr.) .«• ,♦ 911 87J . 25.225 Homo (lire) . «. 98* 98* 25.225 Stockholm (kr.) . IC.4G 16.53 • 18.159 Christiania (kr.) ~ 31.37 31.40 18.159 Copenhagen (kr.) ~ 25.67 25.67 18.159 Calcutta (pence) . . 161 16} 24 Hongkong (pence) .. 281 28! — Yokohama (pence) . . 22 22 241 The mark is quoted at 19 billions to the sterling, compared with 181 billions on May 8. y * Closing rate, after touching 78, the decline being attributed to .the result of the elec- . tions. t Quotation not cabled. ' WHEAT.

Wheat cargoes are dull, and occasionally lower. Parcels are in poor request, at 3d decline.

NORTHERN STEAMSHIP CO.

DIVIDEND OF 7£ PER CENT.

The annual meeting of She Northern Steamship Company will bo held at noon today. The report by the directors states that the net profit for the year fended March 31, after making provision for depreciation, insurance, income tax, and boiler and repairs accounts, was £12,977 15& lid; transfer fees were £11 15s. and the balancfe from the previous account £6224 15s 6d. making a total of £19,214 6s 6d. An interim dividend at the rate of 7 per cent, per annum, paid in November, absorbed £5649 His fd, and the directors now propose a final dividend for the year at the rate of 8 per cent, per annum, which will absorb £6456 fig Bd, leaving a balance of £7108 8b 3d to be carried forward. The retiring directors are Messrs. M. A. Clark, N. Alfrfed Nathan, and G. T. Niccol. *-

Following is a comparison of the company's results for the last three years:— 1921-22. 19*22-23. 1923-24. £ '£ £ Brought forward .. 3,460 4,267 6,225 Net profits , .. 12,106 13,256 12,989 Dividend— Rate p.o. •> 7 ' 7 .71 Amount . . . . 11,299 11,299 12,106 Carried forward .. 4,267 6,225 7,108

DAIRY PRODUCE MARKET.

BUTTER AND CHEESE PRICES. [BX TELEGEAPEf. —OWN CORRESPONDENT.] HAMILTON. Tuesday. ' The New Zealand Co-oberatiVe Dairy Company, Ltd., has received the following cablegram from its London representative: —Anchor butter, 178s per cwt.; market reported slow at 4*£ a price. Outside agents are' reported to be selling at 170s to 1745. There is small demand for .colonial butters. Danish is bringing '205s to 208s f.o.b. Germany is reported to be still buying Danish stooks, and it is understood this demand will continue. New Zealand butter, retail, is selling, at Is 6d and Is 9d per lb., and Danish at Is 10d to 2s per lb. The chetese market is quiet, white and coloured bringing 80s. It is estimated that . there are 10,000 tons of cheese held in London. The casein and powder markets are unaltered.

MARKET REPORTS.

FRUIT AND PRODUCE.

Business was inclined to bA slack at the Q£ty Markets yesterday,, although plentiful supplies were available in all departments. Eggs were onca more in good supply and their price was a little lower than previously. FRUIT.

Apples were 'in plentiful supply and of good variety. Choice grades of Delicious realised up to 14s a case, other grades, from 6s to 9s 6d: Jonathans brought Gs 6d to 10s; Dohertys. 6s to 8s 6d; Munroes, 7s 6d to 8s 6d; and Ballarats from 7s 6d to Ss a case. Choice Winter Cole pears brought prices up to 15s: other grades. 9s to 10s. Keiffers brought 8s 6d to 9s 6d. and cooking pears, from 6s to 8a a case. Hothouse tomatoes realised lOd to Is Id per lb., and outdoor gTown fruit. 4s to 9s a case, a few extra choice even reaching lis. The local season for passion fruit is almost finished and prices up to 21s per i-ca-SA were paid for choice fruit. Tree tomatoes brought. 4s to 8s a case, guavas from 3s 6d to 6s a case, and persimmons from 3s to 4a 6d. Hothouse grapes realised Is to 2s 6d per lb., a few extra choice clusters reaohinsr 3s 6d.- Ripe repacked bananas of choice qualitv sold at 25s a case. Original oranges realised from 9s to 10s. while American oranges brought 40s. Choice grades of lemons realised up to 16s a. case, others from 8s to iOs. rough from 3s to 4s. Cape gooseberries brought 6d to 8d n" lb. PRODUCE. Australian potatoes brought 9s lid to 10s ( per owt.; best Southern. • 10s: , Australian onions, 9s to 14» per cwt.: kumaxas. 3s to 4s 0d per sugar bag; swede turnips. 3s Gd to 5s 6d per sugar bag. Cabbages, in sacks, brought 8s to 8s '6d: loose. 2s to 7s per doz. Pumpkins sold at 4s to 7s 6d per cwt. Beans, 4d to 6d per lb.; lettuce. Is to 4s a case; cauliflowers. 3d to Is es,ch: rhubarb, 2a to 3s per dozen bundles: celery. 6d to 3s per bundle. Cucumbers made 15s to 203 a case; marrows, 2s to. 4s per dozen; carrots, parsnips, beet turnips and leeks, from 8d to Is 2d perHozen bundles. DAIRY PRODUCE. Hen eggs realised 8s 4Jd to 3s 6d per dozen: pullet . eggs. 2s lid' to 3s lid: duck eggs. 2s Sid to 2s 10Jd. Farmers' butter in lib. pats, brought Is to Is j»l per lb. FROZEN MEAT FOR ITALY. A. and N.Z. LONDON. May 12. In connection, with . the r importation ;of frozen meat by Italy, it is. learned ; that an Italian firm has purchased the " steamer Whakatane. It is negotiating for.three other vessels - with refrigerating machinery, to be used chiefly to carry meat from tie 'Argentine. ■. ■ . '• BRADFORD TOPS MARKET. Australian and N.Z. Cable Association. . (Reed 5.5 p.m.) LONDON, May 12. The Bradford tops market is quiet. Spin- ' ners report better ©inpayment, and more instructions for yarn deliveries are coming through. ■; > * * CANTERBURY MARKETS. 1 [by telegraph.—press association. CHRISTCHURCH. Tuesday. The oat market has steadied up and quotations are now a little easier. The position is rendered more complicated by the Government statistics of threshing returns. The oat threshings to the end of February for Canterbury are given as 517.520 bushels, the average yield per acre being 27.29 bushels. The light - crops certainly favoured an early season, but accepting the figures without allowing much for March threshing merchants are wondering where the oats are. Very little oats have g«ne north yet. Qne merchant to-day expressed ! the opinion that the: whole sof the uteres of the city would not contain more than 25,000 bushels. . A certain proportion has been Used , locally but. the official figures would suggest that considerable oats ; are being held on the farm or in country stores. Southland is;; reported *ito have threshed 316;533 , bushels at such an l exceptionally early period as the end of February. A fair quantity has bsen used by local mills, but a census a fortnight ago of the oats at Bluff and Invercargill revealed stocks aggregating no more than 60,000 bushels. Some sales took place todp,r at 5s Id f.0.b.. S.I. , ' There is a shade more: brightness in the chaff market, but no alteration, in values. The Flora " took" 4900 : sacks of: potatoes to Auckland. The Wingatui leaves - next mid-week with • further supplies. Digging is proceeding, with varying yields, and most deliveries are covering forward sales. Values on trucks are from £0 Ga to £5 7s 6d. . ■ A cargo of Australian wheat.'.of satisfactory sample was landed at ttelton today. The seed market is firm with little doing. ' There has been some inquiry for rye* grass. " -