COMMERCIAL.

New Zealand Herald, Volume LXII, Issue 19142, 7 October 1925, Page 9

COMMERCIAL.

WHOLESALE AND RETAIL. LOCAL TRADE ..CONDITIONS. THE PRODUCE MARKETS. The shipping strike dominates all commercial thought this week, as shipping is directly or indirectly responsible for nearly all the commercial activities in New Zealand. Well supplied with natural resources, and with the secondary industries virtually subsidised by protective duties, it is none the less a fact that through the specialisation in the production of those export products for which the Dominion is eminently suitable, this country is about the least selfcontained in the world. That is to say, instead of producing its own requirements, it produces the requirements of other countries, and imports such a large proportion of its own requirements n exchange for export commodities that its import and export trade are the largest in the world, calculated per head of population, The result is that although a hold up of shipping may not so quicidy affect New Zealand as it. would some other countries, in the long run it would be more disastrously affected than any, and this will be particularly felt if the market is lost in seasonal exports that, depend on prompt shipment for a profitable realisaion. The sharp rise in butter in London this week brings it at last to a higher price than it was during the corresponding week of last year, last week's advance having already brought it level. It is noticeable, however, that for the first time the price of Danish is exactly equal to that of New Zealand unsaited, and this further proves that the phenomenal rise in the latter must be regarded bs purely temporary, due to the interrup tion of supplies. The unfortunate feature in this rise, which is not a legitimate one, it that it will tend to turn a iargei demand to substitutes, and also to Danish butter, and the experience has always been that any connection lost through temporary high prices, or an interrup tion to supplies, is not easy to recover, except at a sacrifice in price. This regu lar experience is one of the main reasons why the producers have introduced the control of supplies, for there is nothing to be gamed by New Zealand farmers if the price needlessly goes up and the trade is lost. Cheese has made a similar sharp ad vance, but this tendency had already been seen before the shipping interrup lion took place, so that apparently only a small part of the latest riss in London is due to that cause. Local prices con tinue firm for mediums for local distn hution, but loaf size is practically unprocurable. Supplies are short, and there has been a keen demand for the Islands this week. A keen inquiry is reported in well-matured 40's, as at this time of the year most of the factories are sending out only newly-made cheese. SAGO A\*D TAPIOCA. The Waikawa shipment is now distributed, after a delay of several weeks, and prices have eas i son .-what, but ss stocks are not heavy it is unlikely that prices for stocks other than forward bookings ex this arrival will be oc th Mtme low .basis, TEA. The market in Colombo is particularly stiong, and during the Inst few weeks an advance of about threepence per lb. has taken piac in the better grades in ColowJUTE GOODS. Further advices of a strong market indicate high prices for woolpaeks during the coming season. Bradford manufacturers have consulted representatives of New Zealand and Australia in regard to the use of woolpacks made of wool, for a period of five years, and 25 sample packs are now on the way out, for use during the coming season, These will no doubt receive additions 1 attention on account of the _ high price of jut- packs, but otherwise it is thought the wayback sheepfarmers would not favour the new material. CANNED FRUITS. Hia trade is considerably upset by the large quantities of old season's canned peaches still held by retailers, hut though these lines are low priced they are mostly "outside' brands and it is very evident from the sale ot higher priced new season's stocks that the consumer is willing to pay a few ponce extra, to obtain the better fruit under popular brands. Ruling prices are still miremunerative to wholesalers. but retailers do not really appreciate the t-ru position. Indications point to higher prices during the warmer weather. PEANUTS. Chinese peanuts are practically unprocurable, except at prohibitive prices, and the small quantity of J avail available are not of satisfactory quality in comparison with Chinese RAISINS. Considerable interest is being taken in California seeded raisins, oil account of high prices o» sultanas. and it is significant that seedeu raisl.ie have been withdrawn by th largest packer. New season's seedless should arrive about the middle of November, but on account of the extra time require., foi the processing of seeded raising supplies of the latter line will not be here till the middle of December. Forward bookings on seeded are therefore being restricted by some of the local buyers. HARDWARE. Importers are still experiencing an advantage in drawing their general supplies from British manufacturers, instead of from American on account of more favourable costs. This is largely due to the remarkable activity prevailing in America, leading to a heavy domestic demand and this absorbs production at prices that will not compete against British quotations. The building trade in America has long excited public attention and people are wondering when it is going to slacken of?. There are no signs at present, for contracts in Jujv were 53 per cent, over the figures of July last year while thus far in 1925 the monev value of building operations has been 20 per cent iu advance of the same period of 1924. It has been estimated that, the building programme of the United States for the whole year will involve an expenditure of nearly £I2OO millions, as compared with £1025 millions last year, and £9lO millions in 1923. It can readily be conjectured what this means to »nch industries as steel, hardware timber, cement, glass and naint In some sections, and in aome classes of structure, there ore evidences of overbuilding, and it is thought unlikely that this ypftr'fl remarkable record win be exceeded in i no A turpentine. A little change has taken place in this line which is now steady at a slight advance About sufficient is comini? to market to supply regular demands, which are principally fot consumption m America, but if any large demand should prevail for shipment to Europe «, decidedly stronger market is expected New York advices report a very small demand for Australia and c>ew ZeaLUBRICATING OILS. These hold steady, with very little change in prices. The price of crude oil has declined at some of the wells, but so far this has not affected the price of refined. LARD OIL, An advance in New York is noted in lard and lard oil, on account of short supplies of all hog products. The killing of hogs in America this year will not exceed two-thirds of the usual number and that means a general shortage round. SAUSAGE CASINGS. Th'"s 5b one of the important lines affected and it seems impossible to quote at present, as there are none offered. The very great shortage of supplies is being keenly felt, and none of the larger American cleaners are in a position to otter any stocks. It looks as if there will be a strong market for some time to come. * ICO OS. Milder weather has brought in a larger supply and the price is a little weaker at Is 6d wholesale. Retailers aie asbipg Is 6d for hen eggs and la 7d for duck eggs. COTTONSEED OIL. Market is steady, but the large crop of cotton this year i* • expected to result in a decline in the oil later on, POTATOES. The local market i» again short of supplies, as the Katoa has only 4000 sacks this week, and 500 of these are far seed. Consequently the price has responded more readily to the advance in the South, where the market is about ft higher than last week, ft recovery having set in after n few days of weakness. SocftJ quotation is £ll ex store. Seed are selling a little better, »s a result of the better weather, i\«w potatoes ore slowly eominsr in. in quantities that made little impression on the price of old, as new are selling retail at fid to 4« per lb,, and even then the grcdes Site not very good,

ONIONS. Price is nominally 82s 6d par crate, but very few axe obtainable until the Aorangi comes in n»*t week. Rr; new crop is doing well round Auckland, ia» weather having been very suitable to. l, bringing it along. OATS. Local price has responded to the firmer feeling in the South, and merchants are asking Is 6d ex store for B grade, but demand is very quiet. CHAFF. Market is firm at 10s for Australian and lis for Blenheim, with good supplies ol both available. ■ iin . WHEAT. Stocks of fowl wheat are not very heavy, and there tti.ay be some difficulty in taking advantage of the remission of duty on November 1„ as the best quality is obtainable from Adelaide and communication with that port is very uncertain. It will be well on toward Christmas before any new wheat is obtainable, and if old is bought outside Adelaide there is always a risk of weevil. Price this , week is 9s 3d, but the demand is not very heavy. BRAN AND POLLARD. Small Quantities are being, imported to supplement the local production, but the demand is rather, quiet. MAIZE. Market is firm at 8s 8d on the wharf in wholesale lines, as buyers are inclined to purchase more heavily, on account of the delay in the arrival of the South African maize, now held up in Australia. FLAX. Very little is coming in yet, so that the position is not yet complicated by the shipping strike. LONDON MARKETS* NEW ZEALAND PRODUCE. The Department of Agriculture has received the following cablegram, _ dated October 3, from the High Commissioner for New Zealand, London:— Butter —The market is firm owing to small supplies of finest. Official quotations are:— New Zealand.—Finest salted : October 3, 228s to 232s per cwt. Exceptional, 2345; September 26, 218s to 2225; September 19, 206s to 210s. Unsaited: October 3, 224s to 2285; September 26, 216s to 2205; September 19, 202 to 208s. Other qualities: October 3, 216s to 2205. Australian.—Salted: October 3, 216s to 2205; September 26, 208s to 2125; September 19, 198s to 2025. Unsaited: Octobet 3, 212s to 218s; September 26, 206s to 2125; September 19, 1.96s to 200s. Other qualities: Salted, October 3, 206s to 214s Unsaited: October 3, 194s to 208s, Argentine.—Unsaited : October 3, 196s to 200s, up to 2045; September 26, 184s to 190s; September 19, 184s to 188s. Other qualities: October 3, 176s to 1945. Stored: October 3, 186s to 1945. Other qualities: October 3, 180s to 184s. Canadian.—Salted : October 3, ,212s to 2165; September 26. 200s to tember 19, 192s to 1945. Unsaited: October 3, 206s to 2125; September 26, 200s to 2045; September 19, 194s to 1965. Irish,—-Salted: October 3, 216s to 218s; September 26, 208s to 210s; September 19, 198s to 200s. Unsaited • October 3, 218s to 2205; September 26, 210s to 2125; September 19, 200s to 2025. Danish.—October 3, 228s to 2305; September 26, 224s per cwt.; September 19, 220s to 2225. Cheese.—The market is firm. Stocks of New Zealand are nearly exhausted. Official quotations are:— English.—Finest farmers: October 3, 130s to 140s per cwt.; September 26, 130s to 140s; September 19, 130s to 140s. Canadian.—Coloured and white: October 3, 11,6s to 118s; September 26, 112s to 114s; September 19, 109s to 112s. New Zealand: Coloured: October 3, 116s to 118s; September 26, 112 to 1.145; September 19 108s to 112s. White: October 3, 116s to 118s; September 26, 114s per cwt.; September 19, 110s to 112s The estimated stocks of cheese on hand on October 1, London, Liverpool and Bristol, were:—Canadian and American, 221,200 boxes; New Zealand and Australian 6650 crates; against 172.400 boxes and 38,970 crates at the same time last year. Casein.-—Argentine, £44; Italian rennet, £55; French rennet, £65. Hemp.—The Manila market is dull and easier. Buyers quote "J" grade, October-December shipments, at £4l. New Zealand is quiet, m sympathy. Nominal values are: October-December shipments, Highpoixits, £39; fair, £35 ss. Wool.—The sales continue firm. Value generally is maintained at about opening prices, with crossbred about- Id dearer. Tallow.—The market is quiet, but steady. The demand is moderate at auction and there is no change in prices. Oats.—Common sorts are lower: Good supplies of heavy English and Scottish are available at from 29s to 355. No. 2, Canadian Western afloat sold at 265; November shipments, 255. Nominal value, New Zealand A's, 325, ex stoic. Peas.—Maple Partridge: There is better demand for good quality New Zealand and Tasmania!!. New Zealand best are quoted at from 75s to 78s, ex store. Tasmanian, September-October shipments, sold for 83s. English are selling at from 55s to 60s. Blues: The demand is limited. Tasmanian and New Zealand are neglected on account of indifferent quality. Now Zealand are quoted at from £l6 to £l9, ex store. Dutch hand-picked are selling at from £lB to £2O, and Japanese at £23. Beans.—There is inquiry for imported. Chinese horse are offered at £ll 5s ex store. Best English winter make, 50s to 52s for seed. Cocksfoot. —For Danish cocksfoot seed the value is about 83s c.i.f. Eggs.—Trade is slow tor the best The market is study for secondary. Present quotations are:—English, Danish and Dutch, 21s to 25s per long 100; Irish and Belgium, 20s to 235; Italian and Argen tine, 16s 9d to 20s; Lithuanian,- Polish and Russian, lis to 16s 6tl. Shipments of New Zealand produce arrived this week by the Remucra, Ruapehu and Matatun. FOREIGN EXCHANGES. Australian and N.Z. Cable Association. (Reed, 6.5 p.m. ) LONDON, Oct. 5. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on October 1 and par:—

THE METAL MARKET. (Quotations on October 1 in parentheses.) Copper.—Spot, £6l 13s 9d (£6l 13s 9dh three months, £62 lis 3d {£62 lis 3d).N, Lend.—Spot, £39 10s (£39 ss); three months, £36 17s 6d I £37 2s fid). Spelter.—Spot, £39 6s 3d (£3B 10a); three Months, £37 16s 3d (£37 18s 9d). Tin.—Spot, £268 17s 6d (£269 2s 6d); three months. £269 '"■% 3d (£269 13s 9d). Silver.—Standard, 32 15 16d (32 15 lSd) per on, j fine. 35 9-16 d (35 9-16tl). WOOL. At the London wool sales to day a miscellaneous selection was submitted and prices were (inn at late rates. The New Zealand lot, "Oxford," sold at 4gd. The Bradford tqps market still shows an improved tone, though prices are not quctably higher. FROZEN MEAT PRICES. LONDON MARKET VALUES. The New Zonlnnd Loan and Mercantile Wfi-ency Company, Ltd., has received the following cablegram from its London hnu 'O, dated October 2 .—New Kealuud frozen meat: Lunik 11 7-Dd per Hi (aver ajm); mutton (wether and maiden ewe), light, B|d per Ib.j heavy, W par lb.-, ewe, light, 7'id per lb, j heavy, Id per lb. The market is firm.

PROGRESS AT KAWARUA.

CONSTRUCTION OT THE DAM. The latest reports in connection with the construction of the Kawarau dam indicate that, piers 1, 2, 3 and 5 are completed, that flie foundations for piers 4, 8 and 9 are m and the concrete advanced above siil level and the sills between these levels are also concreted in ; position. Gates Nos. 1 and 2 have been assembled in position, and riveting will proceed immediately. Gates 3 and 4 have been taken to their sites. The girders tor the first two spans of the bridge are in position, and the bori rig arid fitting of the joists and channels which will support the winches and shafts ol the lifting gear are now in progress. Not withstanding adverse weather conditions good progress is being made. MARKET REPORTS. FRUIT AND PRODUCE. Supplies were fair for dairy produce, heavy for field produce, and somewhat lighter for fruit on the Auckland city markets yesterday. Though appearing in limited variety, apples and pears still proved a good standby. Celery and green peas were both of rather poor quality and fetched moderate prices. Asparagus, on the other hand, sold rather well, and there was also an improvement in values for cabbages and cauliflower, while Canadian onions ran very high. Swedes, however, were again an absolute glut on the market. Approximately late rates ruled for dairy produce. The following prices were realised:— FRUIT. Delicious apples, 9a to 12s a case; Sturmers, 4s fid to 10s a case! Doughertys, 6s to 8s 6d a case; Munroea, 4s Gd to 7s a case; Rome Beauties, 6a 6d to 7a 6d a case; spears,, P, Barry. 6s to. 8s 6d a case; Neliis, 6s to 9s a case; Fiji tomatoes, 3s to 10s 6d. a case; hothouse tomatoes. Is 9d to 2s 2d per lb.; ripe repacked bananas, 20s a case; Island orsnges, 25s 6d a case; lemons, 5a to 12s a cage: local passion fruit, 12s to 16a a case. FIELD PRODUCE. Southern potatoes, 9a to 10s per cwt,; new potatoes, lid to 3d per lb.; onions, Canadian, 32s to Sis a crate': kumarae, 14s to 16s per cwt.; pumpkins, 14s to 24g per cwt., swedes, Is to 2s per cwt.; cabbages, 8s to 9s a sack: cauliflower, 4s to 12s a sack; lettuce, Is 6d to 5s a case; oelery, 6d to 4s per bundle; asparagus, 9d to Is 9d per bundle; green peas, 6d to. 8d per lb,; cucumbers, 7s to 12 fid a dozen; rhubarb, 2s 9d to 4s a dozen bundles; carrots, parsnips, beet and turnips, 8d to Is 3d a dozen bundles. DAIRY PRODUCE. Hen eggs, Is 7d a dozen; duck eggs, Is 5d a dozen; ipullet egg 3, 1b 4d to Is 5d a dozen; farmers' butter. Is sld to Is 7id per lb.-, average price farmers' butter. Is 6id per lb.

CANTERBURY MARKETS.

SUDDEN RISE IN POTATOES. [I)X TELEGRAPH.—PRESS ASSOCIATION.] CHEISTCHURCH. Tuesday. The upward movement noted in the potato market in the week end report has developed. On Friday £6 on trucks was available, on Saturday £6 ss, yesterday £6 10s and to-day £6 15s. This is 20s a ton in advance of the rate ten days ago. The f.o.b. price to-day is £8 to £8 ss, as against £7 12s 6o on Friday. The Wingatui, the nest vessel to leave Lyttelton, arrives at Auckland about Monday. In spite of the rapid advance in values offerings from farmers are in small bulk. There are always growers who hold stocks until the last gasp of the season, but a few tons cover the holdings of nearly all those who still have potatoes. There is no change in the seed market since the week-end. Business in cowgrass with England on the vaiues then quoted has been continued, there being a sale or two at 127s 6d per cwt. LONDON CHEESE MARKET. FURTHER ADVANCE REPORTED. Dalgety and Company, Ltd., report having received the following cablegram from their London house, dated October fi.—Cheese: Since our last cablegram prices are higher by 2s (now 118s). MELBOURNE WOOL SALES. A. and NZ, MELBOURNE. Oct. 6. At the Melbourne wool sales to-day, competition was wider and better sustained than for some time past. Prices in the case o! Merinos were from par to 5 per cent, above the closing rates at the September sales, and rather more so in the case of comebacks and fine crossbreds. CHICAGO WHEAT MARKET. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) CHICAGO. Oct. 5. Wheat.—December, new, 1 do lar 36 7-8 cents per bushel, old, Jl dollar 36 cents; May, new, 1 dollar 37 5-8 cents, old, 1 dollar 36£ cents. CANADA'S DAIRY INDUSTRY. RECORD IN PRODUCTION. The quantity of creamery butter made in Canada in 1924 was 184,290,9081b, valued at 63,449,160 dollars. This production is the largest for any year in the history of the industry in that Dominion and exceeds the production of 1923 by over 21,000,0001b. The value of the production shows an increase over that of the preceding year of 6,000,000 dollars, and almost equals the value for the record year of 1920. DUNLOP RUBBER COMPANY. DIVIDEND OF NINE PER CENT. The Dun lop Rubber Company of Australasia, Ltd., shows a profit of £222,428 for the year ended June 30, compared with £130,698 for the previous year. A dividend at the rate of 6 per cent, was paid on ordinary shares in March last, accounting for £35,140. It is now recommended that a dividend for the half-year at tho rate of 12 per cent, per annum should be paid, absorbing £70,280. making the dividend for the year 9 per cent. Dividend on the 10 per cent, cumulative preference sh&res accounts for £52,000. A sum of £50.000 is carried to general reserve, and £SOOO is added to the officers superannuation fund, leaving £16,934 to be carried forward, against £6927 brought j into the account. The directors have decided to otter to shareholders at par 292,8,55 new shares)" TIRED— WEAK. NERVOUS. All those distressing symptoms that make up th« comprint commonly called " weak nerves ii nine cases out of ten can be banished in a few hours by a dose of Cockle's Pills Low spirits, that cired feeling headache, peevishness, nervous tremors nnu tha sinking squeamish sensatwn in tho stomach, are duo to the irritant action of toxins or poisons in your blood The sures. and quickest remedy for thi.' condition is Cockle's Pills. They are specially prepared to counteract these poisons to cloa them out of your blood and out of you system and to keep you strong and iheerfu. instead of continually languid an despondent, Get a bo* of Cockle's Pill loduj fake two to-night, and you wi" fee lib n new being in the morning Sinn* pill new aixe, la fed pet box, of al chemists Advt.

dol. Oct, 5, Oct. 1. Par. New York, 4.84 1-16 4.84 3-16 4.866 Montreal, dol. .. 4.S4i 4.841 4.806 Paris, fr. , Brussels, fr. 104,45 102.25 25.225 108.05 107.25 25.225 Rome, lire 120} 119 11-16 25.225 Berlin, r.in. ,, 20,33 20.35 20.43 Stockholmkr. 18.03 18.03 18.159 Oslo. kr. . 24.553 28,95 IB. 1S9 Copenhagen, kr.. 20.18 20.03 18.159 Calcutta, pence . IS 3-16 18 3-3C 24 Honstkonff, pence 29J 29J — Yokohama, pence 20 i 20 j 241 Amsterdam 12.041 12.05} Batavia 11.97 11.13 —