COMMERCIAL.

New Zealand Herald, Volume LXI, Issue 18762, 16 July 1924, Page 7

COMMERCIAL.

WHOLESALE AND RETAIL.

THE PRODUCE MARKETS.

HEAVY DEMAND FOR POTATOES.

Contrary to expectations, Monday set in rather quiet in business, there being a noticeable reaction after the feverish rush last week, the first really fine week for nearly three months. Retailers had a very good week in all departments, but it was hardly to be expected that the liberal patronage could continue at such a pace. The wholesalers are at a quiet time of the month, and now that the extra orders brought in by the fine weather have been mostly executed, there is a tendency for buyers to hold off until they can book for August account. That booking will commence in a few days, for delivery next week. Another factor in making the wholesale slacken off somewhat is the quietness in, shipping, as there are very few steamers of special interest arriving this week. BUILDING. The position can be summed up exceptionally busy in old construction, chiefly of business premises, but quiet in new contracts, and it is not expected; there will be any renev/ai of activity in residential building until the spring- * TIMBER.

The slight advance in prices, to which reference was made last week, has heen embodied in a new price list, which will oe issued in a few days, to take ehect as from July 7. Ono or two- lines are a shade lower, but the general tendency is still upward, and present prices probably bliow a greater contrast to those ruling twenty years ago than in any other important commodity. Very few alterations are made in kauri, in which clean heart i 3 still 603 in ordinary sizes, while dressing heart flooring is 575, and medium matched-lining, 335. Other prices indicate the increased use that is being made of varieties other than kauri. Clean heart of rimu is 57s to 60s, according to size, while heart bf matai is quoted at 50s, and clean heart at 58s. Totara is ■up to 60s and 63s for building and bridge ouality, according to sisse. A good dealot Orogon is being imported, which is quo ect at 37s 6d, while clean Oregon is 565. lnere has been a tendency for timber to ease on the Pacific coaut, but on the Atlantic coas, the market 13 very strong for all descriptions, with light supplies in every direction. After a very unsatisfactory winter,, witn absence of snow for lumbering operations, a cold and rainy spring followed, eo that it has been difficult to manufacture lumber to any extent. Domestic demand continues to be very large for building purposes, and all that is being produced will no doubt be required, but there has not beenl a heavy export demand. __ HONEY.

Competition between private packers and the association is responsible for lower prices on the local market this year. Tho Waikato is now the chief source of supply, and Homo very fine quality has been sent m. OATMEAL. The latest advance puts oatmeal higher than it has been for years. The, local article is listed at 32s to 3ie, and some Southern brands are even higher. ;i DRIED FRUITS. A private cablegram this week' suggests that Mediterranean currants and sultanas tire likely to rise, on account of the heavy demand. EASTERN GOO DS. Bago and tapioca are firm, while a ..rise in 'riceta likely in the immediate future. Jute coods have been very high lately. an« .Importers have been disinclined to o.cior heavily while the markets have been favourable. In coneequence of this, it is likely thai woolpacks will be in •hoi rtsapply, and some farmers are already booking their probable requirements. . The JulyAugust direct steamer will bring cotnsacks at a high price. CANADIAN PISH. Hitherto the regulations have' Prohibited the use of herring and pilchard for any manufacturing purposes except human con sumption, but the recent lifting of gj ban will mean that practically a new industry %11 be established in British Columbia. It is understood that ihese fish are to be used for the manufacture of chicken feed, oils, cattle feed and fertilisers. STEEL GOODS. J Mail advices confirm the "action■*>•*>*• taken place in the remarkable activity in Winess in America, for there is a continued decline in the output of all the steel manufacturers. The United Btaten StUel Company admits that it is now only opera*InHo about 65 or 70 per cent, of capacity, and <n some lines even a smaller cut-turn. Its last monthly report was a titled Al"booked ahead the cotporation b % dbpo ttion to make.lower prices tar export to meet the competition of. other cWntaej. but it realises that if it .is *•».«!•-*"* share of foreign steel. business it must, do so on a basis competitive with that-of oth'ar suppliers. MOTOB . CAR g. After yeaza of feverish .increase in output and "alesthere is a. distinct decline in tjfe motor-car business m America, amd saws are not nearly bo large, as a few ninths aeo This in turn has caused a falling.on if dented for all kinds of steel entering into ihte manufacture of cars, and tne miua are missing this demand very seriously. i.ne railways are taking a large,, quantity oi material, but have praotically booked up their requirements for many months to come. The situation as regards the stfcel industry is in a changing condition, and no one can foresee* what these ohangeis will oe during thfe coming months. Some of! the companies are so prosperous that they do not yet feel the falling off in" trade very severely, while others and the smaller ones are missing the demand very much. Some stfeel has been imported into ' America from' England and Belgium, but recently this lias fallen off. and very little is now moving across the Atlantic snd that only of an extremely high grade. It is expected that the time will soon come when Amerioan manufacturers will really feel the necessity for more export trade, and display a willingness to make prices that will secure order.B m competition with suppliers from other countries. TURPENTINE. The new crop is coming in frefely, but it does not seem to have any effect on prices in New York. These are ruling low. considerably undtor those of last year, yet even the lower quotations have not been, bringing offers from other countries. It in remarkable that very few inquiries and ..small orders are being received from. Australia and New Zealand. In every direction New iork is experiencing alow buying for Export, and evidently other countries are tilting only what they neod for immediate requirements. Domestio dtemand. however, remains fairly ftCtlV °" LUBRICATING OILS.

The market is in a strong position, with a good demand for all that is being produced. A few of the wells have advanced their prices for orude oil. but nsfinted remains unchanged. About the usual volume of shipments is going out.

CHEMICALS. Nearly every line is ruling firm, with a fair demand. Supplites are about equal to requirements, and no immediate change is anticipated. EQGg Price shows a further reduction to Is lOd wholesale, while retailers are quoting 2a 3d for hen eggs and 2s 2d for duck eggs.. The great success of tho experimental shipment last year has encouraged a repetition this isoaeon, and arrangements are being made for regular shipments on a larger BCale during the whole of the flush of the season. The Prime Minister has repeated m the Boutfo the intimation that came by mail from the liOndon buyers of .last year's New Zealand eggs, that there is an unlimited demand in London for eggs of the quality that went away last year, and it is expected that a great industry will bo built up. More information will be available next week, for Mr. J. B. Merrett, who took the initial shipment and sold it in London, is returning hy the Corinthic, due next Hunday, so that he will be in time to give practical advice regarding the shipments to be made during the next five months.

POTATOES. Demand has been bo heavy that .spot stocks will be rather low until the Wingatui arrives, which is now delayed till next Monday. Some of the Australian consignments have turned out rather ; patchy in quality, whereas Southern are keeping UP well. As the latter are now obtainable at a more reasonable price, it is espeoted they will be more heavily imported, instead of importing so much from Australia. Until larger supplies at the lower irate are to hand, the market is firm at 9s to 9s 6d ex stove SEED POTATOES. Demand has been rather disappointing, and it looks as if the land is still unworkable in most districts, for the demand usually increases rapidly during . liihw month. Merchants are well stocked in the early varieties. : ! . ■ ONIONS. The Wairuna shipment turned out very well, selling at 20s to 22s 6d per cwt. in gunnies. • OATS. A shipment of \ Canadian oats by the Hollywood has been distributed in a good market) and three more vessels are due shortly, so that there should bo ample supplies. Price is unchanged at os 9d ex store, but 'heavy deliveries have been made from the wharf at 5s 4d. CHAFF. The Wairuna brought a shipment from Melbourne to a keen market, but as the price in Melbourne is now much higher it ia intended to draw more from; Tasmania in i tho future, and the next steamer will load

at Devon port. Prices are unchanged at 9s 3d to 10b 6d for Australian, while the small quantities of Southern that are now imported are quoted at 12s 3d er store. WHEAT. A large shipment arrived by the Wairuno. but it was nearly all milling quality, and fowl wheat has run short on account of the small quantity brought over by this vessel. It is to be hoped that the Government will arrange promptly for another shipment, otherwise there will soon be a pronounced shortage, and this is an important time of the year for abundant supplies of wheat to be available for poultry farmers. The Government prices still reraain in force— - 6s XOd to 7s fid, according to delivery. BRAN AND POLLARD. Selling well, but supplies appear to be ample for all requirements! on account of the local output being constant, in addition to large importations a few months ago. MAIZE. Arrivals (have been rather limited, but merchants have bean content to let their stocks run low, and this has prevented an ach ance above 6s 6d on the wharf for wholesale lines of old grain. FLAX. .Market is a little firmer, and shippers are fiving up to JE3I for good fair, £U9 for igh point fair, and £27 for low point. Merchants were somewhat disconcerted by the news of a reduction in freight from the Philippines, as this might have been expected to increase the pressure of competition in Manila hemp, but so far no movesmeat in that direction has taken place. THE LONDON MARKETS. . FOREIGN EXCHANGES. Australian and N.Z. Cable Association. (Reed. 7.35 p.m.) LONDON, June 14. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on July 10 and par:— July 14. July 10. Par. New York, dol. .. 4.SS 4.34J 4.866 Montreal, dol./ . .. 4.40J 4.37* 4.866 Paris, fr. .•. . . 84.15 85.21 25.225 Brussels, fr 95* 961 25.225 Rome, lire . . JOIJ 102 25.225 Stockholm, kr. .. 16.46 16.35 18.159 Christiania. kr. .. 52.57 32.63 18.159 Copenhagen, kr. . £7.20 27.25 16.159 Calcutta, pence . . 171 17 1-16 24 Hongkonz. pence . . 281 28} — Yokohama, pence . . 22-} 23 24* The mark is quoted at 18i billions to the sterling, same as on July 10. THE METAL MARKETS. (Quotations on July 10 in parentheses.) Copper.—Spot, £B0 18s 9d (£6l Is 3d); three months, £61 18a 9d (£62 Is 3d). Lead.—Spot. £32 17s 6d (£33 7s 6d); three months, £30 5s (£3O 10s). Spelter.—Spot, £32 3s 9d (£3l 17s 6d); three months, £31 16s 3d (£3l lis 3d). Tin.—Bpot. £226 123 6d (£220 12s 6d); three mbnths. £228 12s 6d (£222 12s 6d). Silver.—34sd (34|d) per oz. LONDON WHEAT MARKET. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON, July 14. Wheat.—Sellers of cargoes' are asking from 6d io 9d advance, and are meeting with fair inquiry. Parcels are in good demand at.from 9d to Is advance. BRADFORD TOPS MARKET. Australian and N.Z. Cable Association." (Reed. 5.5 p.m.) LONDON, July 14. On the Bradford tops market there is improved inquiry and more business is passing. Prices are slightly firmer. THE WOOL MARKET. •DECLINE IN PRICES. fllY TELEGRATH. —MIESS ASSOCIATION.] WELLINGTON, Tuesday. The Department o£ Agriculture has received the following cablegram, under date July 14, from the Sigh Commissioner, LonWool.—The sales closed on Friday, five days earlier than advertised, on account of the unusually large proportion of wool being withdrawn. Prices have declined from par to |j per cent, for Merino, and from par to 5 per cent, and 1\ per cent, for crossbred slipe. The average closing rates are: 60 b to 64's (Merino), 2s 4d to 2s lOd; 56* s (super hallibred), 2s 2d to 2s 6d; 48's (fine crossbred). Is 6d to Is lOd: 44'b to 46' a (medium crossbred), lp 5d to Is 6d; 86's to 40 s (coarse crossbred), la 8d to Is 4Ja.

MERCANTILE INSURANCE. SHAREHOLDERS' MEETING. [by telegraph.—own correspondent.] "" WELLINGTON. Tuesday. The statutory meeting of the Mercantile and General Insurance Company, Liwuted, wau held reoently in Wellington. The chairman of directors, Mr. H. P. Rawspn, beine absent in England, the managing director, Mr. James McJntosh, was voted to the chair. , , The report was presented and adopted. It showed that 283.060 shares had been allotted, and that the paid-up capital was £83,003 8s 4d. The provisional directors, Messrs. H. P. Rawson. James MoTntosh, A. J. Rigg. H, MT Hayoock, W. J. Seater. J. R. Baird, J. W. Davys, and H. Amos were unanimously re-elected, and Mr. A. Ecclea was added to the board. At a general meeting the directors report and balance-sheet to May 81 wore presented. The report showed that the funds of the company were invested in sound securities, returning an average yield of 6 peir cent. . , , , '■ •, It was resolved that the balance of £1638 14s Id, standing to the credit of the profit and loss account, be applied in ihe reduotion of preliminary expenses account. To date the company has not sustained a isingle loss. The directors reported that a good volume of business had dome in. Tt was pointed out that if the 900 shareholders of tho company gave their loyal and active support the success of the company was assured.

THE MEAT MARKET. PRICED AT SMTHPIELD. The New Zealand Meat Producers' Board has received the following cablegram from, itfi London office, dated July 11, advising Sraithfield delivered prices at that date as follows:— Mew Zealand Wethers and Maidons. —Canterbury Quality, selected brands, 561b and under. 7*d per lb; 571b to 641b, 7d; 651b to 721b, 6Jd. Other ibrands, 561b and under. 7d; 571b to G4lb,: 6|d; 651b to 721b, 6id. New Zealand Ewes.—6dlb and under, 51d. New Zealand Lamb.-—Canterbury quality, 361b and Udder, UJd; 371b to 421b. lOJd; 431b-to 501b, lOld; seconds. lOfd. Selected. 361b and under, llfd; 371b to 421b, UJd. o:ther brands, first quality, 421b and under, 10|d; seconds, 10fd. New Zealand Beef.—Not quoted. Argentine.—Chilled beef: Ox fores. 21d; hinds, 41d. Frozen beef: Ox fores, 2idj hinds, 4Jd. Frozen Pork.—Not quoted. Frozen Veal.—4£d per lb. The lamb market ia firm. The consumptive demand is exceptionally strong, especially for lightweight lamb. , LONDON AND LANCASHIRE INSURANCE. The annual report of the London and Lancashire Insurance Company showa increased business in all departments. The surplus on, the year's operations was £748,887. from which was deducted taxation amounting to £219,771, while the net revenue from investments wa3 £383,113. After provision for dividend at the rate of IBs a share and other appropriations, the financial position of the company was as follows:—Capital paid up, £727,862; reserve fund, £1,000,000; fire funds. £2,606,500; marina funds, £884,000; accident funds, £1,118,000; staff pension fund, £187,826 lis 2d; balance carried forward, & 1,091,054 18s 3d.—£7,614,743 9s sd; life, etc.: funds, £9,485,719 12a Id; total funds. & 17,060,463 Is 6d. It is the intention of the directors to increase the interim dividend for 1924. payable in November by Is a, share, making a total annual distribution of 14s a share, less income tax. TAUMARUNUI SALE. |BT TELEGRAPH. —OWN CORRESPONDENT.] TAUMARUNUI, Tuesday. There was a fairly large yarding of sheep at to-day's stock sale, but generally speaking, the quality was not np to the standard of recent sales, and there was consequently a decrease in the prices reali-«*d. Only a few odd cattle were entered. The usual quota of pigs was offered. There was a good attendance of buyers, but the sale inclined to drag, except where better duality lines wero concerned. The range of prices was as follows: —Wethers, MBb to 33s 7d: ewes, 18s to 335; l&mbri, 16s Id to 23s 9d. Pigs: Porkers, 21s to 365;istoros, 15s to 33s fid; wearers, to 12s Gd.