COMMERCIAL.

New Zealand Herald, Volume LXII, Issue 19060, 3 July 1925, Page 7

COMMERCIAL.

WHOLESALE AND RETAIL. GOOD LOCAL SHOPPING WEEK. THE PRODUCE MARKETS. Broken weather has again interfered with deliveries to a certain extent during the week, but fine intervals have enabled most of the urgent work to be executed, while a good shopping week is reported in tho retail. Moro serious than any temporary interference with city trade is the possibility of damage in the country. This specially applies to low-lying farms in the Bay of Plenty, where a good deal of loss has already been caused. However, floods always look more harmful than they turn out in the end, and there are hopes that farmers will not suffer all tho loss that at present seems to face them. Tho usual complaints of dull trade arc prevalent, but in tho aggregate a great deal of business is passing, and the wholesale houses report quite a good trade for June. This is always a fairly slack time of the year, and a number choose it for stock-taking. Shipping is causing grave anxiety lest there should be any serious interference with the usual trade channels. In the meantimo local stocks are fairly good, but it is customary to work on what really are very short rations, and any interruption immediately causes trouble. Money is coming in fairly well, but the short time that is occasioned in many departments of work by the broken weather is naturally reducing the spending power of many families. BULK CORNFLOUR. A slight reduction in Canadian bulk cornflour is advised, to take effect as from first arrivals due September, but as tho alteration is only nominal practically no change in local prices should be necessary. CALIFORNIAN CANNED FRUITS. Tho California Packing Corporation has named new Beaßon'a prices, but it -would appear, from the slight interest taken in them by indentors, that spot stocks of last season's Califorian pack are moving oil only slowly, in tho face of the heavy demand for the hotter quality Australian fruit. EGGS. Prices aro unchanged at 2s lOd retail for hen eggs and 2s (id for duck eggs, hut these prices are only nominal, as most traders have very small stocks, and a good demand is taking up all supplies sinca tho prico came down. BUTTER. Tho steady rise each week during the past month has hardly been; maintained this week, and it is now showing a slight reaction in London. However, tho firmer market has been most opportune, and numerous lots have been sold recently at Is Ikl f.o.b. and over. POTATOES. A much firmer tone has como into tho market, owing to local stocks being exhausted, and the bad weather makes it impossible to obtain supplies in Canterbury in any quantity. There is a distinct rise in the f.o.b. price, and local merchants aro now asking £8 5s to £& 10s ex store, whilo some havo been buying this week at a cost that will entail a still higher selling price. Not much reliance is placed on tho possibilities of a market opening in South America, but it is thought that the new demand from Australia will be permanent, and this should keep the price fairly firm. Local supplies will bo replenished next Monday by a shipment which should sell well. Mej-chants are holding good stocks of seed, but the demand is dull during the broken weather. ONIONS. Stocks will be very low for another ten days, when a shipment of Australian will be here, and these are quoting to arrive at 225. A few Southern have been selling at 18s to 19s repicked, but these aro now almost exhausted. OATS. The market seems a little weaker, with plenty offering in tho South, but merchants are only buying as required, tho demand being very dull. CHAFF. The colder weather is bringing in a better demand. Good supplies of Blenheim are to hand, and the best quality is Belling at £lO 10s. Unfortunately a largo proportiou was discoloured through bad weather at harvest. and this is selling at £lO ss. Local farmers aro delaying their offerings until tho weather improves sufficiently to enable them to cut their chaff. WHEAT. The prico is held up by the fact that the Shortage entails buying abroad, and this allows all tho local wheat to sell at a price based on tho cost of bringing imported wheat into the country. On the other hand, if New Zouland had a surplus, so that export had to take place, tho local price would be bused on its exportable value. 'Thus, if wheat were being exported to London, tho local price would bo the London price, less tho cost of sending it thero. A Southern newspaper announces that under tho arrangement now existing between tho farmers, tho millers and tho Government, the latter havo already purchased supplies of Australian wheat, for milling in New Zealand, and tho first of this wheat is now loading in Victoria. In tho meantime a fair quantity of Australian flour is regularly coming into the Dominion, probably to tho extent of 1000 tons per month, and this has gone toward the average monthly consumption in New Zealand of about 11,000 tons. New Zealand wheat is not of so high a quality for milling as Australian, and it requires moro of tho former to mako a given qnantity of fiour than it does of tho imported article. The Australian Hour is also better for bread, and quite a number of bakers uso it for mixing purposes. It is thought that a larger area will be put into wheat in Canterbury this winter than thero was last year, but it is not likely that sufficient will bo grown to make tho Dominion quite independent of outside supplies, so that high prices for flour and bread seem inevitable for somo time. FOWL WHEAT. Market is firm in the South, but Auckland merchants aro steadily drawing from Australia, and this wheat they can sell at 8s yd. BRAN AND POLLARD. Both are required in largo Quantities at this time of the year, but the high prices are restricting sales, and it looks as if the industries will suffer accordingly. A recent development is the use of largo quantities of bran for dairy cows, but tho present price of bran is almost prohibitive. MAIZE. Most merchants aro inclined to wait lor new maize, of which tho first should be hero by tho middle of the month. It will not be suitable for grinding, but will sell for fowl feed, and this holding of! is keeping tho prico weak. Recent arrivals of old have sold at Gs 8d on the wharf in wholesale lines. SEEDS. Recent cables indicate a good harvest for seeds in England, and on tho Continent. Good rains fell during the spring and dry weather followed at tho right time, so that some fanners havo already harvested their seed. Prices of imported lines should be very reasonable, at about lust year's level. PROPERTY SALES. The Now Zealand Loan and Marcantile Agency Company. Ltd.. will sell by public auction at their land sale rooms. Lcwer Albert Street, to-day at 2.30 p.m., acting under instructions from the Public Trustee, as mortgagees, a property of about 35G acres, at Ness Valley. Clevedon: 300 acres being ploughed and grassed and the balance fern, bush and rough feed: house of six rooms. Cowshed, woolshed. etc. Alfred Buckland and Sons, Ltd.. by order of the mortgagee, will Bell by public auction at their land salerooms. Albert Street, to-day, at 2.30 p.m., a Nowton property, 22, Gundry Street, containing an area of about 12 perches, with seven-roomed dwelling; also largo workshop. Mr. C. F. Bennett will offer for sale by auction at his rooms, New Zealand Insurance Buildings, Queen Street, at noon today, a warehouse or factory site at tho corner of Wellesley and Nelson Streets, having a total road frontage of approximately 210 ft.; also concrete house of six rooms in an assigned estato on a freehold section of approximately quarter acie, No. 2, Queen Alary Avenue, Epsom. Samuel Vaile and Sons. Ltd.. will offer by public auction at their sale rooms, 83, Queon Street, at 2 p.m., to-day, threo properties under conduct of the Registrar of the_ Court. They comprise a house of four rooms and kitchenette aild half-acre section in Gardener Road. New Lynn: a house of five rooms in Lawrence Street, near Dominion Road, and a farm of 1479 acres at Waitkaka. Richard Arthur, Ltd.. will offer at auction, at their rooms, Queen Street, opposite tho Town Hall, at 11 o'clock this morning, the following properties Six-roomed bungalow on section <>oft. by 200 ft., at 15. Merivalo Avemio. Epsom: four-roomed residence in Taumata Road, Edcndalo: and six-roomed house* on section GGft. by lG7ft.. at 42, The Drive, Epsom. , ... _ Mr. T. Mandeno Jackson will offer at public auction at his rooms. 9. Commerce Street. Auckland, at 11 o'clock this morning, a number of building sitos on tho Uplands Estato Remucra. The sections front Uplands Road and Rangitoto Avenue extension.

RISE IN BUTTER PRICES. x ADVANCE OF PENNY A POUND. The wholesale price of butter will be advanced Id per lb. by the Auckland Butter Committee. The new wholesale prices will boSuperfine, Is B£d per lb.; first grade, Is 7£d; and second grade, Is 6£d. Retail prices will be:— Superfine, Is lOd; first grade, 3 s 9d; and second grade, Is Bd. Tho rise in price is in sympathy with the London market. Tho New Zealand Co-operative Dairy Company announces an advance of Id per lb. in the prico of its butter. DAIRY PRODUCE MARKET. INCREASE IN CHEESE PRICES. The following cablegram was received yesterday by Joseph Nathan and Cou, Ltd., from their London office:—Butter unchanged. Cheese 104s to 106s. EMPIRE MEAT SUPPLIES. CONTRACTS FROM BRITAIN. (Received 11.5 p.m.) Reuler. LONDON, July 1. The report of the British Empire Producers' Organisation was read at tho annual meeting. It states that the organisation has continued to press for tho restriction of all Government meat contracts to Empire suppliers. It has strongly opposed what it describes as the dangerous suggestions of tho Food Commission namely, that tho British authorities might in future take an interest in the meat industry of the Argentine. Tho London Central Markets' report for the half-year ended June 30 shows that of 229,306 tons of meat consumed 82 per cent, was imported from Australia, and t'hat New Zealand supplied 18 per cent, and the Argentino 47 per cent. DEPRECIATION OF LIRA. THE FRANC FOLLOWS SUIT. Australian and N.Z. Cable Association. (Reed. 7.5 p.m.) LONDON. July 1. Following the lead of tho Italian lira, which has depreciated to 141 to the pound sterling, the French franc is quoted at 108.60, and the Belgian franc at 109.20. Quotations on June 29 were: Italian lira. 136|; French franc, 107.25; Belgian franc, 108.25. COTTON FROM DOMINIONS. SHIPMENTS REACH LIVERPOOL. Australian and N.Z. Cable Association. (Reed. 7.5 p.m. LONDON, July 2. The Liverpool correspondent of the Morning Post says tho cotton imports yesterday included 1000 bales from Australia and 8500 bales from West Africa. CALCUTTA TEA SALES. Australian and N.Z. Cablo Association. (Reed. 7.5 p.m.) CALCUTTA, July 1. At the tea sales a better selection was offered. There was good general demand for all grades at firm advancing rates. Commonest leaf brought from 9 annas to 9 annas 6 pice; ordinary common Pekoe and Souchong from 10 annas to 10 annas 6 pice; lowest even leaf Pekoe, from 11 annas 6 pico to 12 annas. Dusts advanced half an anna. CHICAGO WHEAT MARKET. A. and N.Z. CHICAGO. July 1. Wheat.—July, 1 dollar 43 5-8 cents, per bushel; September, 1 dollar 40 cents.; December, 1 dollar 41J cents. LONDON WHEAT MARKET. Australian and N.Z. Cable Association, (liecd. 11.5 p.m.) LONDON, July 1. Wheat.—Cargoes are very quiet. Australian in near positions are offering at 535. Parcels are quiet at a reduction of from 6d to 9d. LONDON TALLOW SALES, Australian and N.Z. Cablo Association. (Reed. 11.5 p.m.) LONDON, July 1. At the tallow sales 795 casks were offered and 189 were sold. Prices were unchanged. AUSTRALIAN PRODUCE. Australian and N.Z. Cablo Association. (Rood. 12.15 a.m.) SYDNEY. July 2. Wheat. —Holders are asking 6s 3d for parcels, but thero are no buyers. A few farmers' lots quoted at 4s lOd to 4s lid by shippers changed hands. Oats.—Tasmanian Algerian, 3s 8d; white, 4s 6d to 4s Bd. Maize.—Yellow, 4s to 4s 3d; white, 4s. Potatoes. —Tasmanian, £8 10s to £lO. Onions. —Victorian, £2O. At Adelaide wheat-growers' lots are quoted at 5s 6d to 5s 7£d, and oats at 2s to 2s 3d. TARANAKI'S GROWING TRADE. RISING CUSTOMS REVENUE. Proof of tho growth of the trade of Taranaki through the port of Now Plymouth is supplied by the increases in the Customs duties, both for the month and the half-year ended Juno 30, when compared with tho corresponding figures for 1924. Last month the dues collected amounted to £10,789, compared with £7246 .'or June last year, an increase of £3552. Tho figures for May also show an increase over those for May of £2589. For tho first six months of each year tho 1925 period shows a total collection of £55,563, and 1924 £49,231, an increase this year of £6332. WOOL AND TEXTILE INDUSTRY. A PERIOD OF STAGNATION. A recent report from Bradford states that every section of tho wool industry has been left in tho worst position of tho year. Instability of values hnd lack of confidence, together with tho financial stringency at tho raw material end, have resulted in a period of stagnation. Tho only quotations available have mostly been those of forced sales. Financial and psychological influences control tho markets, whilo supply and demand and intrinsic values have apparently no effect. When the more solid and permanent factors aro considered, thero is ground for hope of early improvement of demand, especially in Merino sorts. Tho raw material end of tho industry has suffered heavy losses, but should bo able to bear them. In Continental centres the dear wool is nearly'all liquidated. In Yorkshire there are still heavy stocks, but they aro mostly in strong hands. At tho consuming and distributing end of the business manufacturers and merchants have been proceeding for a long period in hand-to-mouth fashion, by reason of high values. Everywhere thero are testimonies of a good deal of business to come out if prices are reasonable and stable: in somo quarters some orders aro still to cover. Stocks at Home and on tho Continent aro recognised as being below normal in manufactured goods. There has been fair business done at tho high level of the past two years, and there is every reason to believe that a greater volumo can be done at these lower prices.

FROZEN MEAT OUTPUT. THE SEASON'S KILLINGS. The killings at allfrcezing works during the 1924-25 season, from November 1 to June 15, were as fnUow:— North South Inland. Island. Beer (quarters), .. .. 440,805 13,105 Wether mutton (carcases) 1,122,452 145,128 Ewe mutton (carcases) .. (>72,328 276,724 Lamb (carcases) .. .. 2,031,595 2,010,982 Pork (ciurcasos) .. ~ 35,333 4C5 Bonolesa beef (freight earcasea) ISG,UI 52.791 Sundries (freight carcases) PERCENTAGE ON COSTS. MASTER BUILDERS' PROTEST. The. principle of inviting builders to •tender against each other on a perccn-tage-on-cost basis has aroused the opposition of the Master Builders' Association of New South Wales. A definite protest against the system was forwarded to the Masonic Club, which has called for tenders for its new building in Castlcreagh Street, Sydney, in this way. "The practice of selecting a particular builder and asking him to carry out work on a percentage basis is not new," explained Mr. N. Phelps Richards, tho secretary of tho association, "but the get- j ting of builders to quote against each j other along the same lines certainly is. The association is out to discourage it, because it considers that it is neither fair to the trade, profitable to the clients concerned, nor consistent with sound business. "One builder might agree to do a particular job for 10 per cent, of tho cost, and another might drop to 7£ per cent, in order to secure the work. But it by no means follows that tho 7Jf per cent, man is the cheaper in the long run. Obviously, it would be io his monetary advantage to swell costs in order to make up any apparent concession he has given and, in practice, there could be no thorough checking of this." NEW SOUTH WALES INDUSTRIES. AN EXHIBITION TRAIN. A deputation of about 30 persons, representing various commercial and allied organisations, waited upon tho Premier of New South Wales, Mr, J. T. Lang, in Sydney last week with a request that the Government should subsidise, pound for pound, the cost of running an exhibition train through the country districts- This train, it was explained, would carry specimens of goods manufactured in Sydney for exhibition in country towns. It would take about a year to complete its round. Mr. Lang said the Government was prepared not only to give sympathy, but also active help. When he was Treasurer in the Storey Ministry, he gave instructions that Australian goods should bo used in tho departments and that instruction held good now. He was prepared actively to support Australian manufactures, and as £SOOO had been mentioned as the contribution to the cost he would, as Treasurer, and without asking the Cabinet to agree with him, place a sum of £SOOO on the Estimates to supplement the amount provided by the organisations interested. CUSTOMS TARIFF ANOMALIES. AN AUSTRALIAN GRIEVANCE. Pointing out that certain local businesses, lacking adequate fiscal protection, have been compelled to close and tliatothers are threatened with a similar fate, tho Australian Industries Protection League is urging tho Federal Government to submit its amended tariff to Parliament at tho earliest possible moment. An important suggestion made by the league is that the Customs by-laws should be amended so that manufacturers who have obtained a footing in tho Australian market might bo permitted to reduce their prices to the consumers. Tho executive points out that under the present interpretation of a phrase in tho Industries Preservation Act, tho Customs Department is unwittingly preventing these manufacturers from cheapening their goods to the consumers. The executive declared that by reason of the imposition of dumping duties, an Australian manufacturer secures the local market, and is then willing to reduce his prices^but he dare not do so, for fear of losing the : protective aid that enables him to cheapen his goods. If he sells at a lower price than that which he charged before the local market was secured, the dumping duties are automatically lifted, and ho is again exposed to tho attacks of overseas dumpers. PRICE-CUTTING METHODS. C H RISTCHU ROH BUTTER RATES. The price-cutting warfare seems to have broken out among the grocers of Christchurch with renewed, intensity. This time butter is the article of diet receiving most attention. During tho past fortnight there have been two increases of Id each in the wholesale price of butter. Tho second increase was made on June 26 when the wholesale prico was raised to Is 8d a lb. It was then announced that the retail prico of first-grade factory butter would bo Is lOd a lb. " Since then, however," says the Lyttelton Times of Tuesday, " price-cut-ting has been indulged in and some grocers at "least aro selling factory butter at" cost price, namely, Is 8d a lb. One large grocery firm in the city has announced all brands of factory butter at this price. As far as housewives are concerned they vfill probably not mind how long this price-cutting goes on, but some grocers do not view it at all favourably. In the past butter is one of tho lines that has often received attention when prico cutting was indulged in. Sugar is another lino that is often sold at cut rates." BRITISH METHODS. An illustration of tho manner in which British manufacturers fail to mako their goods known has been given by tho British Engineers' Export Journal. It states that soino years ago, an American tube manufacturer sent out to potential buyers throughout tho world, a postcard to which was affixed a short length of steel tube so fine that at first sight it appeared to bo merely a wire. Examination, howover, showed that it was a tube of extremely small bore. Tho makers claimed that this tube was the smallet yet drawn, and that those requiring fine tubes of this nat-uro should get in touch with tho American firm. One of these samples got into tho hands of makers of steel tubing in Birmingham, and an assistant was given the American sample and instructed to pick out from a stock a specimen at least as small and preferably one of yet finer bore. A stock tube was found that would easily pass within tho American specimen. With tho British tube inserted within the example of America's finest steel tube, the postcard was returned to the makers with tho compliments of tho British firm. Tho journal adds that as the firm had made much finer tubes in tho ordinary way of business for many years, the American claim was knocked on tho head, but the instance serves to show tho difference i between British and American methods, British firms achieving wonderful results, but saying little about them, their American rivals following very far in their wako and announcing inferior products with a flourish of trumpets to the whole world.