COMMERCIAL.

New Zealand Herald, Volume LXII, Issue 19148, 14 October 1925, Page 9

COMMERCIAL.

WHOLESALE AND BET AIL.

LOCAL TRADE CONDITIONS.

the produce markets. Business does not show much activity, the uncertainty of the- strike hanging like a pall over the mercantile community, j Dairying districts arc naturally nervous over the restricted advances that are to j ho made for the future, as anticipated a fortnight, ago, and this will curtail trade until there is more surety of getting the new season's produce away more promptly. As a result of the increased cool storage built a lew years ago, there is not any likelihood of difficulty in holding all the butter, but the anxiety is in getting it paid for, and also in realising at the favourable prices ruling in London at this time of the year. All this depends on prompt and regular shipment, so that the clearance of the lluahine greatly relieved the position. Last year the London butter market reached its maximum during the month ol October, when salted ranged from 220s to 2285, after which the arrival of the new season's make from the Southern Hemisphere began to make the market sag, whereas in previous seasons the peak was a month or two later. This drew pointed attention to the fact that the balance of supply has permanently changed and that the greatest quantities are now reaching London during the height of the season in New Zealand, Australia and Argentine. Between the seasons, as it is now in London, the market would have risen in any case, but the strike has accentuated the movement, and butter is now tor the first, time higher in London than at any time during last season. Now that the Arawa has safely got away with another large and valuable shipment of produce, with the prospect of liirther slji[Clients in the near future, it is not. likely that the banks will require to place any restrictions on their advances against the new season's produce, for the liquidation of the drafts will have been held up only for a few weeks, v and the banks can stand this strain, provided there is a reasonable certainty as to when the proceeds of the produce will be,availaide. From this point of view the departure of the Arawa is of great national importance, for it will relieve the intense anxiety of the producers. However, as was pointed out a few weeks ago, there is not yet a great deal of produce accumulated, and it will probably be found that the more serious inconvenience will be caused by the failure of these steamers to return during the autumn, according to their original schedule. There should have been quite a number loading again in Dominion ports (hiring January and February, in the flush of the producing season, when all they could fake away would reach the British market during the scarcity that always exists in their late winter and early spring. This market will apparently lie missed, through the late return of the vessels now held up here, which should have got away during September, unless special arrangements can be made to give a few of them quick despatch at their Home ports, so that they can again be here to load urgent produce. It is expected that this intricate matter will receive careful attention, for there will apparently be a necessity to use discrimination as to which cargo is to receive the qiuekest despatch later in the summer. EASTERN GOODS. The strong feature in the market is the Ercai increase in the price of all jute goods, consequent on a smaller harvest. This will mean a high price for cornsacks and, woolpacks during the coming; season, and it will be an important factor in delaying a, further reduction in the price of cement, as gunnies enter largely into the cost. SAGO AND TAPIOCA. Quotations from Straits Settlements show a slight increase, and the market has an upward tendency. Confirmation has been refused on some indent orders sent up at listed quotations. TP, AS. Good quality useful teas are in short supply, and the demand is keen for local stocks.* Some wholesale parcels changing hiiads show a considerable increase on previous quotations, but, the market advices from Colombo indicato even iiiijhcr \ alues for equal quality teas. 1:1 A WAII AN PINEAPPLES. Lower prices for this (season's pack, have considerably increased sales in the United States., and the Californian .Packing Corporation advise that their sales to date are heavier than the entire sales of last year. Crushed and grated pineapple ]s Pecomiuf, il popular line in U.S.A., but the demand here is mostly for slices or broken slices. MUTTON BIRDS. Ta-nniuian shippers are the position created by the imposition of the new ol "d per Hi. by reducing their selling prices to New Zealand. Tasmaman birds -hi now V:e landed to resell at the rates winch have ruled for the supplies received earlv this season. USD HERRINGS. S]j„kt increases aro advised in medium ottalfty, the line usually sent to this market, but, selected are still at old quotations, so ilwt, the increase would seem to nu.icato tSI ,, (nuiiiiv Of the fish was such as to warrant the slightly higher price. EGGS. Increased supplies are coining in and the muMis fairlv well established at a lower 'leveh Is ti«l for duck eggs and Is wl for hen CRK9. A very heavy proportion of* the present demand is tor the barters, as they are nutting down immense quantities, and this keeps the wholesale price at a level <h-t seems out of proportion to the retail. There is no difficulty in Betting la Ski to la 7d wholesale. pQ-pATOES. The market is firm at ill ex store, and even this is hardly on a parity with Couthern phippio" values, no that, a further advance 2unfit bo expected when later purchases begin in arrive. Tho WanaUa brought only about 400i> sacks, of which, some was seed, and this docs not represent a week's supply, -j' lo Wiiuiatni is due on Thursday with a further ■-hipment, but this is only a small one, so that deliveries will be restricted during tho whole of the week. New potatoes aro not coming forward very fast, us the weather lias been most unfavourable. Fairly good samples are retailing at 3d, based on about 22s wholesale. Seed potatoes are dull, but there i s pfiil plenty of time to plant, and :i much better wale is expected when the weather keeps fine for a longer period, ON IONS. A very large shipment by the Aorangi arrived lo a bare market, hut a largo proportion were already sold to arrive, and the market has hardened a little at once. This is partly owing to a demand for shipment to the South, where stocks are bare, and merchants are now asking 26a per crate. It will he four weeks Inter when the Niagara arrives with another lot, so that there will be no difficulty in disposing, of the whole of thirl shipment in the meantime. An extra, shipment by the 'West Kohokia may ho here a day or two before the Niagara. Tho local new crop is doing very well, a few line days last week making a wonderful difference in its appearance. OATS. Not much is doing, but tho price is firm at 5« Gd to 5s 'Jd ex store. It is not expected that there will bo any decline, as there is not now the quantity thrown on the market with the spring threshing that there used to be, while the quantity is almost negligible which will require to be moved out of store to make room for wool. Seed oat 3 are selling well, tho principal demand being for Algerians at (is. CHAFF. A good demand continues, and so far this hss been fully met by regular importations from Australia and the Soulh, selling respectively at 10s fid and lis. Recently, howover, a firmer tone has developed in Australia,, and some of the shippers are buying back what they had sold for forward delivery. FOWL WHEAT. ,\ few small consignments aro arriving from the South, but Australian importations aro postponed until November I. when the duty conies off. It seems unlikely that any will be obtainable from Adelaide till tho middle of November, and importers aro reluctant to draw on Sydney, as the quality is not very reliable. MAIZE. Largo quantities are arriving, and the market is easier again, recent consignments realising Gs 5d on tho wharf in wholesale lines. Tho South African shipment is held up in 3?romantic, but there will apparently be plenty of local to meet all demands. - FLAX. The market is in rather a peculiar position. Most, of the, mills have resumed operations, but the indifferent weather has prevented the flax from drying, so that only very limited quantities have been coming in With the stores practically depleted by the better demand and the exhausted stocks rt the end of tho winter, merchants are hesitating to quote in response to the Lpnflon inquiries now coining in, its u spume's ciniivorv always has to be- made, and this is difficult to guarantee at present.

AUCKLAND COMPANIES.

ONE NEW REGISTRATION.

One new private company was registered in Auckland yesterday. Details 'are as follow: Tamaki Development. Company, Ltd., to develop lands in the vicinity of Auckland. Capital, £20,000. Shareholders: J. A. C. Fleming, 2000 shares;, J. L. Counett, 4000; Irene Itowe, 600; Lily Anderson, 3000; W. C. St. Clair Bainbridge, 350; Mary Fleming, 1600; Ann Humphreys, 650; W. D. Anderson, 7000; and N. C. Snedden, 1500. DOMINION PICTURE THEATRES. DIVIDEND OF 7£ PER CENT. The report of the Dominion Picture Theatres Company, Ltd., for the year ended September 30, states that the net profit, after placing £IOOO in a re serve fund, was £2879 (as against £3179 last year), to which is added the balance of £415 from last year. The dividend of 74- per cent, on preference shares absorbed £276, and the directors propose to pay a final dividend of Is on ordinary shares, making, with the interim dividend paid in April, 7g per cent, for the year. The ordinary dividend amounts to £2665 17s 6d, the same as last year, and a balance of £351 18s 2d remains to be carried forward. The retiring directors -are Messrs. W. S. .Whitley and W. H. JVladill.

DEEP BORING FOR OIL.

OA LIFORNT A X RECORDS. A report from Lor Angeles states that the deepest oil well in the world lias been drilled south of the Los Angeles rritv limits, where the K «J. Mi ley Oil Company has drilled a hole 7422 ft. and 200 ft. into producing oil sands. The previous deepest well was at Santa, Fe Springs, where the Standard Oil Company drilled 7200 ft, in 1923 before abandoning the. operation.

AMERICAN COTTON CROP. FALL IX K,EW YORK PRICE. NEW YORK, Oct, 8. Cotton price; dropped three dollars a hale to-day, upon the publication of a Government estimate that- the' crop would yield 500.000 bales more than trade requirements.

CANTERBURY MARKETS. QUIETENED POTATO DEMAND. [BY TELEG TLA PIT. —PRE S S ASSOCIATION- J CHRISTCHURCH, Tuesday. Tho potato market was rather active yesterday as the result of inquiries from Sydney,"hut to-day it is quiet. The season is so late that exporters with au eye to the future do not like the business of exporting tubers which may arrive with shoots inches long. Reports of sales at very satisfactory prices are mentioned, but the business is dependent on shipping. The shipments North were «• fairly substantial last. week, the total from Timaru, Oajnaru and Lyttetton by the Vvana.ka and Wingatui approximating 8200 sacks, a proportion of which were seed. This has quietened tho Auckland inquiry for the timo being. There have been purchases from farmers at £7 a ton, the equivalent of £8 10s, f.0.b., s.i. Farmers are offering mostly in small lots ranging from five to 15 tons. There are a few potatoes still in farmers' hands, but they are just a faint circumstance of what there are on merchants' paper. There is no change in tho seed market. Generally values keep firm.

MARKET REPORTS.

FECIT AND PRODUCE. A shipment of Canadian apples, of the Mackintosh Red and Jonathan varieties, which arrived on Monday by the Aorangi, sold well at the Auckland City Markets yesterday realising from 16s 6d to 18s a case. A shipment of bananas from Niue Island was also sold, prices being rather low. Canadian onions, influenced by a large shipment oil the Aorangi, dropped heavily, selling at 7s a crate less than last week. ' New potatoes were quoted at slishtlv higher rates, being in shorter supply. There was again a slight, improvement in prices for cabbage and cauliflowers. Dairy produce was in fair supply and met with* a moderate demand. The following prices were realised: — FRUIT. Delicious apple.®. 9a to lls fx! a case: small. 5s to 8s a ease: Doughertys, -Is 6d to 8s (id a case: Borne Bcautys, 8s a case; Munroes, 6s to 7s Od a case; Stunners, extra choice, 10s to 123 a ease; poorer quality, -Is to Cs a case; Mackintosh Beds and Jonathans (Canadian). 16s Gd to 17s a case. Pears: Choice Neliia, up to 17s a case; small, 4s to tit) a case; Barrys, Cs to 10s a case; hothouse tomatoes,'ls Gd to '2s fid per lb.; Cook Island tomatoes, ex Wellington. Ids to 15a Gd a case; Poorman oranges, 5s in 9s Od a, case; Island oranges, repacked, 25s Gd to 2f!a a case; lemons, 4s to 10s a enso; Nina Island bananas. 8s to 10s a case; repacked bananas, 18s to 22s Gd a case. FIELD PRODUCE. Southern potatoes, 10s 3d to 10s Od per cwt.; new potatoes, 2,d to 3Jd per lb.; Canadian onions. 25s to 27s a crate; swedes. 2s Gd per cwt.; pumpkins, 20s to 23s per cwt.; cabbages, 3s to lis a sack; cauliflowers, (is to 15s a rack; lettuce, Is Gd to 5s a case; encumbers, 6« to Us a dozen; peas, 4d to RJ per lb.; celery, Gd to 'ls a. bundle; asparagus, gd to Is 2d a bundle: rhubarb. 3s Gd to 4s 6d a dozen bundles; spinach. Is to Is 9,1 a down bundles; carrots, parsnips, beet and turnips, 8d to li» 9d a dozen bundles. DAIRY PRODUCE. Hen egrrs. Is f>Jd to Is 7d a dozen; duck eggs, 1s 4|d to Is 5d a dozen; pullet orks. j b Vld to'is Irl it, dozen; farmers' butter, Is 5(1 to is 7d lb.; overage price for farmers' butter, Is 5-td per lb. HIDES AND SHEEPSKINS. SLIGHT RISE IN HIDE PRICES. There was an improved tone for hides at the hide and skin sales yesterday, ox hides selling at an advance of from Id to !d per lb. Cow hides were mostly firm at last sale's rates, although light grades sold id better. Sheepskin prices were on a par with those quoted at last sale. The folios', intr prices were realised:— Hides, —Cow: Best light, Gsd to 6|d per lb; best medium to heavy, GJd to G S-8d; scored and second, grade, 4hi to Sid; rut and faulty, Ud to s|d. Ox: Beat light, Gid to Ci'd per lb.; best medium. 8d to 8 3-Sd; beat heavy. 8?d to 8 5-8 d: heat heavy, and with good substance, Old to 10M; cut and scored, aid to Gsd. Kips: Best. Gtd to 7id per lb: second's, ana light, Gd to GJd. yearlings: Best, 7}d to 8-Jd per lb ;_ medium, 7?, dto Bel; seconds, sbl to Old. Calfskins: Best light and medium, 13* d to 133 d per lb; best heavy (0-10!bsh Bld to 3d: out and meaty, and light, 94d to lOd; slippy. Oijd to 7id. Sheepskins.—Dried: Threesuari.er to full wools, medium fine, crossbred, best, lid lo iljd per lb: faulty and coarse, Bid to 9id; damaged. Old to 7Jd; half to thrcequarter wools," best. ]G'd to Hid; faulty and coarse, 7id to fkl; half-wools, damaged, 4Jd to s!d. Baited: Best heavy full wools, 9s 3d to 9s lOd each; few extra heavy picked wools, 10s 3d to 10s 9<l; threeqnarter to full wools, large, 8s to 8s 3d; medium. 7s to 7s 4d: iw;ht, 5s to 5s 1 Od; others at prices relatively lower. PROPERTY SALES. - C. F. Bennett yesterday offered for sale for'removal, under instructions from St. John's College Trust Board, 10 houses in Grey Lynn. The properties concerned were \*os 313, 315. 325. 329 and 331, old Great North Road, and Nos. 2, IG. 20, and 48 to Gt Surrey Crescent. In all 18 lots were offered, and all were sold. Prices paid ranged from .£2 15a to £321.

LONDON MARKETS.

NEW ZEALAND PRODUCE. The Department of Agriculture has received the following cablegram, dated October 10, from the High Commissioner for New Zealand, London: — Butter.—The market is quieter and at the advance. Official quotations are: — -New Zealand: Finest salted —October 10, 23i)s to 254s per cwt.: October 3, 228s to , o£34s; September 26, 218s to 2225. Unsalted—October 10, 226s to 2305; October 6, 224s to 2285; September 26, 216s to 2205. Other qualities—October 10, 216s to 2205. Australian: Salted—Qctober 10, 218s to 2225; October 3, 216s to 2205; September 26, 208s to 2125. Other qualities : October 10, 206s to 2145, Canadian: Salted—October 10, 212s to 2165: October 3, 212s to 2165: September 26, 200s to 2045. Unsalted—October 10, 206s to 2.125; October 3, 206s to 2125; September 26, 200s to 2045. Other qualities: October 10, 204s to 208s. Argentine: Unsalted — October 10, 196s to 200s; October 3, 196s to 2045; September 265, 184s to 190s. Other qualities: October 10, 176 a to 1945. Exceptional—October 10, 2045. Irish: Salted: October 10, 218s to 2205: October 3. 216;; to 218s; September 26, 208s to 210s. Unsalted —October 10. 218s to 2205; October 3, 218s to 2205: September 26, 210s to 2125. Danish: October 10, 234s to 2365; October 3, 228s to 2305; September 26, 224s per cwt. Siberian: October 10, 184s to 188s; exceptional, 190s per cwt. Cheese.—The market is firm. Official quotations are :—English : Finest farmer's, October 10, 130s to 140s per cwt.: October 3, 130s to 140s; September 26. 130s to 140s. Canadian: Colour#! and while—October 10. 118s to 120s; .October 3, 116s to 118s; September 26. 112s to l!4s. New Zealand : CoJosiral and white, October 10. 120s; October 3, 116s to 118s; September 26, 112s to 114s. Hemp.-The Manila market, is firmer. "J" grade October- December shipments are quoted, buyers output- from January 1 to September 30, was 905,000 bales, against 1,149,000 for the same period last Tear, The stocks of Manila on September 30 were 157,000 hales, against 121.000; Great Britain, 36,000, against 6106, There is better inquiry for New Z-saland. Hisdipoints are scarce. Business has been done with Highpoints at £39 20s, fair £35 10s. Wool.—The sales dosed on Thursday with a firm tone. Continental buyers supported strongly throughout-, which largely accounts for the improvement in values as compared with last sales. Competition from the Home trade improved toward the close. The total offering was 212,500 bales; 181,000 bales were sold, of which the Continent took 109,000 bales, the Home trade 65.000 and American 7000. Compared with the closing rates for New Zealand Merino and fine crossbred were par to 5 per cant, cheaper: medium crossbred 5 per cent,, and coarse crossbred 7A per cent, to 10 per cent, dearer. The average closing rates were: —6o\s to 64's (Merino)., Is 6d to 2s per lb. ; 56's (super halfbred). Is 6d to Is 8d; 48's (fine crossbred). Is 4d to Is 6d: 44's to 46's (medium crossbred). Is 3d to Is sd; 36's ' to 40's (coarse crossbred). Is 2d to Is 3Jrd. Tallow.—The spot market is quiet and the tendency is downward. Present quotations are:—-Mutton, unchanged; beef, sweet and/or mixed, 48s to 50s; fair to good. 44s 3d to 50s; dark to dull, 42s to 435: mixed, fair to good 43s 6d to 46s 6d, dark to dull 41s 6d to 42s 6d; gut, etc., 38s to 42s 6d. FOE ETO N EXCH ANGES. Australian arid 2s.Z. Cable Association. (Itecd. 8.35 p.m.) LONDON, Oct. 12. The following rates en foreign exchanges are current to-dav, as compaoed with the cabled quotations on October 8 and par:— Oct. 12. Oct. 8. Par. New York (dol.V ». 4.84J 4.84 3-16 4.866 Montreal (d 0!..) . . 4.835 4.841 4.866 Paris (fr.) .. 105.05 104.15 25.225 Brussels (fr.) . . 106.45 106.75 25.225 Rome (lire) .. 1215-16 120}- 25.225 Berlin (r.m.) , . 20.34 20.34 20.43 Stockholm (kr.) . . 18.0(3 18.06 18.159 Oslo (kr.) . . 24.02 24:30 18.159 Copenhagen (kr.) ' . . 19,87 20.07 18.153 Calcutta (pence) . 18 3-16 18 3-16 24 Hongkong (pence) . . 291 29! Yokohama (pence) . . 20;, 20i 241 Amsterdam . . 12.01! 12.05 Batav-ia .. .. 11.38 11.97 THE METAL MARKET. (Quotations on October 8 in parentheses.)' Copper.—Spot. £62 8s 9d (£6l 6s 3d); three months, £63 6s 3d (£62 3s 9d). Lead. —Spot, £39 30s ( £39! : three months, £36 17s 6d (£36 17s 6d). Spelter.—Spot, £•:>? 17s 6d (£39 2s 6d); three months, £3B lis 3d (£37 18s 9d). Tin.—Spot, £274 18s 9d (£271 2s 6d); three month's, £275 18s 9d (£272 2s 6d). Silver.—Standard. 33d to 32 13-16 d (32 15-16 d) per 0r..; fine, 35 5-8 dto 35 7-16 d (35 9-16 d). BRADFORD TOPS. On the Bradford tops market there is pood demand for spot lots, but only small interest in future deliveries. WHEAT. Wheat..—Cargoes aro steady owing to strong American advices. Sellers are asking from 6d to Is advance. Buyers aro apathetic. Parcels are sparingly offered, and have sold at 9d advance, but they closed easier. LEAD SUPPLIES. Lead. —Imports, 19,163 tons; exports, 2220 tons.

FROZEN BEEF RESEARCH. * PROBLEMS BEING SOLVED. Australian and N.Z. Cable Association. (Reed. 11.85 p.m.) LONDON, Oct. 13. The statement is made in the annual report of the Scientific and Industrial Research Committee to the Privy Council that, during a year's experience of how best to freeze beef, the general theory of the freezing'of the colloid has been advanced to a point which opens a way to a rational attack* on the problem. It was revealed that freezing displaced any contained water which might involve a permanent alteration of the microscopic structure, and as a consequence, the permanent destruction of (ho finer molecular structure. *

ROYAL BANK OF AUSTRALIA

DIVIDEND OF 10 PER CENT. I The directors of the Royal Brink of j Australia, Ltd., have decided, subject to audit, to recommend payment of a dividend for the half-year just closed at the rate of 10 per cent, per annum, and to transfer to the reserve fund the sum of £IO.OOO, making it £630,000. BIG BAKERY MERGER. ■•i CAPITAL OF £80.000,000. NEW TOt-IK, Oct. 6. The General Raking Company is absorbing the Ward and Continental Baking Corporations. The new company will have a captial of £80.000.000 and will operate in a hundred cities. It is the greatest merger of its kind on record. MELBOURNE WOOL SALES. A. and N.Z. MELBOURNE. Oct. 13. At the Melbourne woo! sales to-day competition was keen at last week's rates, and a satisfactory clearance was made. THE SYDNEY SERIES. Australian and N.Z. Cable Association. (.Reed. 11.55 p.m.) SYDNEY, Oct. .13 At the Sydney wool sales to-day there was animated buyers in all sections. France, Germany, and Yorkshire keenly competed. Prices generally advanced from 2i to 5 per cent, on late rates. Creasy Merino touched 27gd.