COMMERCIAL.

New Zealand Herald, Volume LXII, Issue 19040, 10 June 1925, Page 7

COMMERCIAL.

WHOLESALE AND RETAIL. LOCAL TRADE CONDITIONS. THE PRODUCE MARKETS. Visitors to the city have helped to brighten up trade a little, but altogether it cannot be described as active. In most departments there is tho usual winter reaction, although in drapery the advent of the winter has had the opposite effect, and most houses report an improved trade in all classes of warm goods. Hardware is rather quiet, in both city and country trade. A good deal of this is attributed to the reduced building programme now being carried out, while difficulties over finance are appreciably restricting operations everywhere. Quito a number of builing contracts are held up, pending arrangements being made for financing them, while many farmers are in the same position, and therefore unable to carry out extensions and improvements that they would readily undertake if money were available. it is thought that the reluctance to invest in mortgages will continue until the moratorium is finally cleared up. SOUTHERN BREAKFAST FOODS. The Wanaka has brought a quantity of various popular lines of breakfast foods, which have been In short supply for some weeks. Quantities landing are not excessive and will go immediately into consumption. PEARL BARLEY. Millers are now catching up with orders which have been on hand for several weeks, and full supplies should be available by next southern steamers. JORDAN ALMONDS, Further advances in new season's prices are named, and from present price basis forward quotations should lie about 2s 9d to 2a 10d per lb. LENTILS. Seasonal demand is keen, with most inquiry for Indian, on account of lower price. Egyptian show much better colour, but are not yet at a competitive price with Indian, although lower than for soma time. , MILDUJRA SULTANAS. > No one-crown have been oijered in 1925 pack from Australia, and the excellence of recent shipments of three-crown would indicate that it will not be necessary to grade much, of the pack below two-crown. On this account local stocka of one-crown, which are a consistently good sample of large dark 1924 fruit, are being keenly sought, after. HAWAIIAN PINEAPPLES. ' Lower first cost and favourable conversion rate are responsible for low forward quotations in popular brands of new season's fruit, to be shipped in August 'or September DRIED PEACHES. Small supplies of good quality South African now landing are keenljr sought after. Prices are lower than for apricots, but small stocks suggest the likelihood of an increase in the local selling prices. EGGS. The market is somewhat upset by large supplies of duck eggs coming in, and these are selling at Is lOd to 2s wholesale, and 2s 2d retail. Hen eggs are worth 2s 4d to 2s Gd wholesale, and 2s 9d retail. Arrangements are now being made for an increased export trade during the flush of tho season, from August to October, when the local market is at its lowest. Last year the small shipmentg from Auckland were very puccessful, reaching London at the very top of the market, but larger quantities were shipped from Southern ports, and it is expected to carry out the samo policy here during the .loimng spring. HAMS AND BACON. Retailers have not yet adjusted their prices to meet the increased cost. Demand ia not very heavy, but will no doubt improve as Boon as eggs are cheaper. SAUSAGE CASINGS. ' A New York report advises a continued scarcity of these, with very few offering. Occasionally a small parcel is obtainable, but only at very full prices. Packers indicate that the price may go still higher. LARD AND LARD OIL! The market is slightly easier, but the demand is very active, and prices are hot likely to decline to any extent, considering the firm tone in all hog products. POTATOES. The market is about Es per ton firmer in the South, but good istocks are held here, as a result of heavy arrivals discharged last week, and merchants are readily Belling at £7 15s ex store. The quality continues excellent, the rain having dono no harm in Canterbury. There is no sign of blight, and it is estimated that the crop is the best that has been obtained for years. Growers are counting on an export trade, but the restrictions in Australia are bo exacting that it is not likely that many will be shipped unless these conditions are relaxed. There are hopes of a further trade with South America, but only to a limited extent. Seed potatoes are selling very quickly, growers apparently waiting until tho weather dries up a little, , ONIONS. Australian are selling at 19s»to 20s. and these will now supply the market for a month or two. OATS. Demand is so quiet that the temporary nunctuations in the southern market do not influence prices here very much. Merchants are supplying at Gs 6d ex store, the small trade that is offering. CHAFF. A shipment of Victorian chaff has arrived, packed in bales, and this is selling at £9 10s ex store for best quality. Southern and local are unchanged at £lO 103 and £9 10s respectively, ox store, but the demand is quiet. The mild weather is accounted for the small trade doing. HAY. This is also in quiet demand, on account of the weather conditions, and it is not expected that there will bo iruch doing until a frosty snap comes m au'd si >vs the growth of grass. Ordinary meadow hey is worth about £5 10s at the Auckland station, while best lucerne, or clover is quoted at £B, both prices subject to an extra 20s when delivered in small quantities ex store. ♦ WHEAT. The southern market is firmer, but this does not interest Auckland merchants much at present, as they can import Australian t<s sell at 8b Gd to 8s 9d, whereas they would require tb ask 9s for Canterbury The quality now arriving from the other Bide is very fair. FLOUR. An advance has taken place in Australia, but this i 3 not influencing local prices, as they ure fixed on the basis of the cost price of wheat for the wholo season. BRAN AND POLLARD.

Both have eased a little in Australia, no doubt owing to. the abundant rain having relieved all anxiety about a possible shortage. livery steamer now brings over a certain quantify, so that ample supplies are available here, but the price is very high, and this is restricting the consumption to actual necessities. MAIZE. Moderate amounts are arriving from the coast each week, and these consignments have realised from 6s 7d to Gs 9d on the wharf in wholesale lines. Australian supplies are also arriving, and arrangements have been made for a good shipment to come from Softth Africa in September. FLAX. . < . ' Supplies are tapering off, and there will not be much manufactured during the winter. Lonckm cables lately have been unsatisfactory, there apparently no inquiry. Local buyers are giving £3O for good fair, £2B for high point fair, and £24 for low point. FUNGUS. Demand keeps up well, and buyers are eiving up to 10} d for all that is available. KAURI GUM. Unfavourable reports from America stress tho keen competition kauri gum is now meeting and it is very evident that the old daj-3 of a virtual monopoly are over. Scientific improvements in recent years have enabled 'manufacturers to get past the high price of kauri by utilising cheaper materials from other countries, and for some months there, has been a good deal of talk about their success in being abie to replace highgrade varnishes with cheaper pyrocylic lacquers. It was considered an ominous feature when they began to use these for automobiles and for furniture, but a New York correspondent recently referred to a new departure lately . made, and these lacquers have been used for decorating the interior of a high-class hotel, while experiments are also in the market for certain grades of varnishing railway carriages, one of the largest outlets for this material. Fortunately many of the old firms are still inquiring for kauri, although some of them are overstocked, and will not be in the market for a few months, so that there will apparently remain a certain demand for limited quantities, in spito of the competition of other materials. British buyers are also in the market for certain grades of which it is presumed that a good quantity will eventually find its .way to the Continent, but they are growing more particular in their specifications, and some of' them are insisting that tl).crc must be a guaranteed Quality and moisture.

AMERICAN TRADE ANXIETY. Considerable anxiety is being felt in the United States in regard to the future, there being a general feeling throughout the country that business will not remain so active this year as last, and that the demand for goods is likely to fall iff. Manufacturers generally, however, have not shown any disposition to reduce prices, and probably will not, unless forced to. _ They are faced with very high wages, which makes the cost of finished material hish, and they claim that until labour is willing to accept some reductions they cannot reduce prices except at. a loss. In commercial circles, however, it is felt that there must be some reduction soon, as manufacturers admit that their output is larger than the domestic demand can absorb, and they need export trade. At present they are unable to secure any fair portion of this, owing to American prices being so much higher than the British and Belgian. Just how soon they will decide to make further ofTorts to secure export trade is uncertain. Orders reaching them from all parts of the world are not so numerous, and they are smaller than usual, and this state of affairs is not at all satisfactory to manufacturers in general. Having bad such prosperous times during recent years in the United States, no one feels much disposed to get down to a smaller basis of profit, and will not do so until the. actual necessity arises. Thra naturally makes the volume of shipments from the United States smaller than they should be, except for such articles as grain and cotton, which other countries have to purchase there. EFFECT ON WORLD TRADE.

"While this is the. attitude of. manufacturers ill America, it is not explained what is going to happen when they launch out into an attempt to capture a larger share of the export trade, fo v .they are already rapidly increasing the indebtedness of the whole world to them, by an enormous preponderance of exports over imjiorts. In 1922 this excess fell to about £150,000,000, and in 1923 there was a fall to about half that amount, as compared with an excess of exports over imports during the boom _ year of 1919 amounting: to £800,000,000, but last year it was up again to £200,000,000, thus discouraging the hopes that had been entertained during the gradual reduction of 1922 and 1923. This year does not promise any better, the opening months showing the same proportion of excessive exports, as compared with exports, as there was last year. Having regard to the great indebtedness of almost every country to the States, and the fact that New York already holds about half the world's gold, what is disconcerting is to know how those admittedly disadvantageous conditions are to be remedied if America insists on still further increasing her export trade, while placing every conceivable barrier in,the way>of an increased import trade, by means of which other countries might attempt to discharge their liabilities. LONDON MARKETS. NEW ZEALAND PRODUCE. The Department of Agriculture has received the following cablegram dated June 6 from the High Commissioner for New Zealand, in London: — Butter.—The market is steady, and fair - business doing. Official quotations are:—New Zealand, finest salted; June 6, 170s to 172s per cwt., exceptional, 1745; May 29, 164s tp 168s; May 23,' 166s to 170s; unsalted, June 6, 178s to '180s; May 29, 176s to 178s; May 23, 176s to 178s; other qualities, June 6, 144s to 168s. Australian, saTted: June 6, 160s to 1645; May 29, 154s to 158s; May. 23,; 156s to 625. Unsalted; June 6, 166s to 170s; May 29, 162s to 168s; May 23, 164s to 170s. Other qualities: June 6, 140s to 158s. Argentine: June 6, 156s to 160s; May 29, 154s to 160s; May 23, 154s to 160s; other qualities, June" 6, 150s to 1545. Irish, salted: June 6, 170s to 1765; May 29, 164s to 170s; May 23, 168s to 170; unsalted, June 6, 180s; May 29, 170s; May 23, 174s to 1765. Siberian: June 6, 144s to 148s; exceptional, 1525; May 29, 144s to 148s; May 23, 146s to 150s. Danish: Nominal, practically no arrivals. Cheese—The quality of the Canadian is poor and sales are slow. Stocks of old season English finest farmers are exhausted. Official quotations are :• —Catiadian, coloured: June 6, 88s to 90s per cwt.; white, 90s per cwt.; May 29, 88s to 90s per cwt.; white, 90s per cwt. New Zealand, coloured and white: June 6, 93s to 945; May 29, 91s to , 925; May 23, 92s to 945. Australian, coloured: June 6, 90s to '92s; May 29, 86s to 88s; May 23, 86s to 90s; white, June 6, 925; May 29, 88s to 90s, May 23, 88s to 90s. New Zealand and Australian are quietly steady. The estimated, stocks of cheese on hand on June 2, at London, Liverpool and Bristol were:—Canadian and American, 15,700 boxes; New Zealand and Australian, 60,250 crates, against 8300 boxes and 132,700 crates at the same time last year. . Hemp.—Manila is neglected and quotations are lower. ' The value of' J grade June-August shipments is £39 10s. Tho New Zealand market is dull, and there is a tendency downward for forward shipments. There is some inquiry for fair afloat, which is offered freely, sellers £35, buyers £34, but sales are reported at £34. ' "Wool. —The Bradford market is quiet and purchasing is confined to absolute requirements. Forty's prepared (coarse crossbred) tops are now quoted at Is lid. Others are unchanged. . t Oats.— I The market is firm, especially for the common variety. No. 2 Canadian Western are offered at 31s per.qr,, shipments in the first half of June. Best English white have sold up to 33s 6d, en<l are'now quoted at 345, sellers. New Zealand Gartons' "A " nominal values shipment first half of June, 31s to 32s c.i.f., and ex-stord about 32s to 345. Tallow.—The spot market is steady and fair business is doing for shipment. Tliero was no auction this week. p eas ,—Maple Partridge met with small spot inquiry. New Zealand, 62s to 72s per 5041b. Tasmanian, 72s to 82s. Value June shipment No. 1 new crops New Zealand, 65s c.i.f. Blue are in better demand, with' Business principally confined to Japanese and small, handpicked Dutch. No business is reported in New Zealand and Tasmanian. Beans.—The market is quiet but firmj English choice spring selling up to 565, winter 49s per 5321b. Chinese horse July-September shipments are offered at £lO 7s 6d per ton, landed, and £ll Gs ex store. The Danish Cocksfoot season has ended Stocks are light. The nominal price is 86s per cwt. c.i.f. Apples.—The balance of the Port Sydney's shipment shows waste and cleared at, Delicious, 15s 6d to 16s; other, 16s. The consignment ex-Tairoa arrived in right condition with some waste; especially in Delicious. Prices are: Cleopatra, 18s to 22s per case; Jonathan, 16s 6d to 18s; Delicious. 15s to 18s; Dunn's Favourite, 17s to 19s; London Pippin, 16s to 17s; Adam's Pearmain, 17s. The Matakana's shipment is in the same condition as that of the Tairoa, and few have been sold at about the above prices. Stumer, 19s to 20s per case. ' Eggs.—The market is steady. English, Danish and Dutch, 13s 9d to 16s per long 100; Irish, Belgian, French and Italian, 12s 6d to 13s 9d; Lithuanian, Russian, Rumanian, 8s to lis 6d; Egyptian, 7s.

Shipments of New Zealand produce arrived this week per Maimoa, Matakana, Port Kembla, Tairoa and Turakina.

BUTTER AND CHEESE. [by telegraph.—own correspondent.] • HAMILTON Tuesday. The following cablegram has been received by the New Zealand Co-operative Dairy Company from its London manager: "Butter, Anchor, 1745; unsalted, 180s; Danish, 182s. The Danish strike is settled, and there will be regular shipments oh Monday. The market is firm. Americans are buying Canadian butter. "There is little offering in this market. Irish is selling at 1745. The retail price is unchanged, but is expected to advance on Monday to Is 9d. Cheese, 'white and coloured, 945. Canjffiian is offering at 90s, c.i.f. The market is quiet; The held stocks of cheese on June 1 were 60.000 crates, compared with 133.000 crates at the same time last year. The indications are for a large production of Canadian." CHICAGO WHEAT MARKET. Australian and N.Z.* Cable. Association. (Becd. 5.5 p.m.) CHICAGO, June 8. ; Wheat.—July, 1 dollar 65§'' cents per bushel; September, 1 dollar, 62 3-8 cents: December, 1 dollar 64£ cents.'