COMMERCIAL.

New Zealand Herald, Volume LXII, Issue 19156, 23 October 1925, Page 9

COMMERCIAL.

WHOLESALE AND RETAIL. MONTHLY DAIRY PAYMENT. THE PRODUCE MARKETS. A great anxiety has been lifted off the shoulders of'the dairying community, and therefore off business people in general, by the pay-out which took place on Tuesday for butter-fat supplied in September. The Now Zealand _ Co-operative Dairy Company paid out Is 6d, and others advanced Is 6d to Is 7d, for first-grade cream, and this lias greatly restored confidence, as the cheques have actually been received at these rates. After all the doubt about getting the produce away, it is good news for the farmers to know that the position is apparently clearer now and that the companies feel justified in accepting the recommendation of the banks, to make their advance payments on a liberal scale. This will probably improve business in the very near future, but in the meantime the country trade is quiet in all but the pressing needs of the season. A noticeable activity is reported in fertilisers, as the broken weather has very much delayed deliveries, and farmers are now taking ip their supplies as quickly as possible, in order to get the full benefit from top-dressing. Merchants report a marked falling off in the orders for seeds since the farmers have adopted the system of heavily top-dress-ing, rather than periodically tearing up their permanent pasture for resowing, and the success of this system of culture is no doubt responsible for its rapid extension in most districts.. Outside actual farming requisites, the general trade in the country districts is rather disappointing, considering the high prices now obtainable for most produce, and it is thought that the farmers have already made their commitments rather heavy, in view of tlje uncertain future. The facilities for purchasing on long terms, especially in the case of what aro considered luxuries, have lately increased enormously, and time payments are now taking up a good proportion of the monthly income of the 'farmer, although not to the same extent as in the case of city residents. EGGS. The London market has taken the sharp rise that is usual at this time of the year, but. this is not of much local interest this year, as there was no surplus for export. The first of the.Australian eggs are beginning to arrive in London, and this trade will continue right up till Christmas. So far they are realising a little more than at this time last year, WOOL PROSPECTS. is pointed out in Bradford, in discussing the prospects during the coming wool season, that the imports into Germany during- the first- six months of this year show a decrease equivalent to 230,000 Australian hales, as compared with the first six months of last, year, and 420,000 bales less than in 1914. Apparently both France and Germany are in need of raw material, and past experience goes to show that a depreciated currency is no obstacle to trade if buyers are determined to invest in something tangible. It- would therefore appear, that wool values for some time to come will be largely governed by Continental competition. Actual users buying under an adverse exchange are naturally penalised in the first transaction, but with low conversion costs they are able to retrieve the position to some extent, and when it comes to exporting the products, whether as partly or fully manufactured goods, the adverse exchange is a distinct advantage. England has always done a heavy export trade to Germany in wool, tops, yarns and by-products, but business just now is mainly determined by the ability of export houses to give long credits, and this also applies to trade with Poland and Czecho-Slovakia. In many cases German firms now want a 90-days' sight draft, in some instances even longer credits aro mentioned, and as some buyers want the drafts to be accepted as from the day the goods arrive, this may mean another month. In these circumstances it seems hopeless to look for any material expansion in business. As ft matter of fact, the conditions under which export business is now being conducted arc so onerous that some firms in England frankly state thai the risk is too great to encourage enterprise. The one thing that, emerges is the undoubted fact that the world's purchasing ' power is distinctly subnormal. Price to-day is all important- in every country in the world, and the business available must inevitably go to the country which by reason of low costs can produce goods at attractive prices. There seems to be a little more activity in the French woollen factories. Supplies of wool from the last auctions in London and arrivals from Buenos Aires have helped to provide work for the combing .establishments, and the position will be further improved when direct imports from Australia begin to arrive. The Home trade is absorbing the output, only a moderate amount of business being done on export account. Spinners report a marked improvement in the demand for yarns, and certain firms have taken up engagements which will keep them occupied till the end of the year. Manufacturers are also well booked up to the end of the year, and- the business recently taken has been responsible for the numerous purchases of tops. There is some improvement in the hosiery section, and taken all round the outlook for the entire industry in France is judged to be much more promising. At the recent, annual meeting of Jsaac Hoi den and Sons, Ltd., Bradford, the chairman made reference to the recent exceptionally slack period in the woollen trade, and the reduced dividend resulting therefrom, pointing out that even with the occasional periods of activity the results were not very remunerative to shareholders. He found that in the last ten years, for every £IOO paid to ordinary shareholders they had paid £l2l to the Imperial Government and £743 to employees. In England the dividends are paid gross, so that even out of this £IOO the shareholders had to pay income tax, and also super-tax if liable. Unless the shareholders had backed up the board in following a sound financial policy in former years, they would have had to accept this year a much smaller dividend than the 5 per cent, which he was about to propose. AMERICAN CANNED FRUITS. In spite of the large local production, and also heavy importations from Australia, the Culifomian pack is still drawn upon for a large proportion of the New Zealand consumption. After unseasonable rain nncl other adverse conditions in the early part of the season, making the outlook very dull for farmers and canners, the position improved rapidly, so that the pack of * fruit and vegetables has averaged well in quality, while the value and quantity will be about the same as last year. Peaches, the most important of the Calif or man canning fruits, has been an exceptional pack this year., the crop being about /5 per cent, better than that of year, which was very small while the quality this year is excellent. The pear crop, on the other hand, is short everywhere. Owing to this condition, and because of the large demand for table purposes, the quantity available for canning is small and costly. The sixo of tho fruit is large this year, and the quality is very fine. California has the monopoly of the canned apricot pack of America. Last year tho crop was splendid This year tho fruit has not sized up •so well, but it is of good quality and abundant, and a pack even larger than that of last year is expected. Apricots, peaches and pears represent more than 90 per cent, of all the fruits canned in California. CALIFOUNT AN CANNED YEG ETABLES. Chief local interest centres in asparagus, and tho pack of this line was disappointing, the crop being damaged by early rains. The production was about 1.000,000 cases, whereas 25 per cent, more was expected. POTATOES. Local stocks are very light, and shipments due next, week aro not very large, probably only sufficient for the demand. Merchants are asking jB 12 ex store, but the market is very sensitive, and any move in the South will be at onco reflected hero, especially as the season is nearly over. Just at present the Southern market is a shade weaker, although still very high, and the price for the next week or two seems to depend on whether there will be any extensive orders for Sydney. New potatoes are still very high in price, so that they make very little difference to the market. Extra good samples are retailing at 4d per lb., but, smaller grades are priced at as low as lid. Seed potatoes are dull of sale, growers apparently having saved a larger proportion of their own seed than usual. The weather lias been more favourable for planting during tho last few days, but it has not materially increased the demand. ONIONS. Inquiries indicate that there will be sufficient local stocks lo last, till tho Niagara arrives with another lot from Canada. The price is firm fit, 30s per crate. A great improvement, has taken place in the condition of the local crop, due to the warmer weather following rain, and there should be a good output. OATS. The market has assumed a very firm tone in the South, where it seems that stocks are much lower than previous estimates. Grade oats are particularly hard to buy, the majority of samples now on offer being undergrades. Quotation is firm at 6s ex store in small lots. Seed oats are in very poor demand this week.

n CHAFF. No change lias taken place, merchants reporting a continuation of the good, steady demand formerly prevailing. Ample stocks are lield, locally, arid there are further quantities arriving, and this keeps the price steady at 10s Gd for Australian and lis for Southern, although both sources are attempting to lift the price. FOWL WHEAT. Most of the larger buyers are holding off until they can buy the duty-free importations, but, a, steady retn.il business is being put through, with no change in price. FLOUR. The anomaly of a high locnl price and a low price in Australia still continues, but bakers are not expecting any alteration until the present agreement runs out, so thatbusiness is only moderate. BRAN AND POLLARD. Both are a little quieter now, as better pastures are reducing the demand for dairy cattle, and the large quantities of milk have cut down the requirements for pigs. MAIZE. There is still great uncertainty about the arrival of the South African maize held up in Fremantle, but larger supplies of local have met all requirements, and tlie price during the week has been based on the low 'cost of consignments at, 6s <td on the wharf in wholesale lines. Demand is steadily nilling off, and the lower price for wheat when the duty comes off next month will probably still further reduce the sales. SEEDS. The feature of the market is the increased sale of fodder seeds. Farmers are eagerly taking every opportunity to plough land for a fodder crop, in case there should bo a dry summer, and thero also seems to be a fair area, going into grass. Some inquiry is reported in brown tops for export, and also for limited quantities of cocksfoot. WORLD WHEAT SUPPLY. POSITION IN AMERICA. Renter. WASHINGTON, Oct. 21. The United States Secretary for Agriculture has issued a warning to the effect that if the farmers in the United States carry out their expressed intention of sowing more wheat, in 1926, as the result of heavy domestic demands this year, all the American crop next year " may be put on an export basis and will have to meet competition in foreign markets without tariff protection." Foreign competition is increasing. In Europe, the countries which were affected by the war are recovering. The wheat areas in Australia, Argentina and Canada are now more than 50 per cent, above the pre-war average. These facts should be carefully considered by farmers in planning for wheatproduction in this, country says the Minister. TARANAKI OILFIELDS. THE PRESENCE OF WATER, [BY TELEGRAPH. —PRESS ASSOCIATION.] NEW PLYMOUTH, Thursday. Taranaki Oilfields issued the following report to-day: "Gas is blowing free, carrying a little oil and a small quantity of water, which, however, is undoubtedly diminishing in quantity day by day. For this reason we expect that the water will be exhausted soon, in which case drilling for oil will be resumed. If not, it will be necessary to set another strong casing at somewhat greater depth." CHICAGO WHEAT MARKET. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) CHICAGO, Oct, 21. Wheat. —December, new, 1 dollar 44;} cents per bushel; okl, 1 dollar 43$ cents; May, new, 1 dollar 421 cents; old, 1 dollar 41jj cents. AUSTRALIAN PRODUCE. Australian and N.Z. Cable Association. (Reed. 10.55 p.m.) SYDNEY, Oct. 22. The following arc to-day's quotations on the Sydney produce markets: — Wheat. —Bulk is stagnant and 5s lid is offered ex truck in Sydney. Farmers' lots have occasional sales at 5s 8d ex truck Sydney, and at 5s Id at country stations. Oats.- —Prime Tasmanian, white, 5s to 5s 3d ; Algerian, 3s 9d to 4s. Maize.-—White. 5s lOd; yellow, 6s. Potatoes.—Australian, £ls 10s to £l6; New Zealand, £l3 to £l4. Onions.—Victorian, £25; American, £3O. Adelaide quotations are: — Wheat. —Growers' lots, 5s sjd to 5s 6Ad; parcels wanted at 5s lOd, offered at 5s lid. Oats. —To 2s 6cl. MELBOURNE HIDES SALES. j Australian and N.Z. ("able Association. (Reed. 10.55 p.m.) MELBOURNE, Oct. 22. At the Melbourne hides sales to-day prices were firm at late rates. GUM AND RESIN TRADE. AMERICAN IMPORTS IN 1924. A report supplied from official sources in Washington shows that the total importation of gums and resins into the United States in 1924 amounted to 605,966cwt., valued at .113.869.663. The receipts of kauri gum, including consignments through London and Canada, as well as direct shipments from New Zealand, totalled 52.404cwt., of a. value estimated at £220,475. The country supplying the largest quantity was India, from which 243,877cwt., valued at £2,789,359, was imported. STANDARD PORCELAINS. NEW DOMINION INDUSTRY. The capital has been subscribed to establish the enamelling industry in New Zealand. A few weeks ago a company was formed, with headquarters in Wellington, under the title of Standard Porcelains i(N.Z.), Ltd.. 'with a capital of £IOO,OOO. It was decided to restrict the preliminary issue to 50,000 10 per cent, preference shares, and applications for the whole amount have been received. A meeting of the directors will be held in Wellington on Tuesday, when the company will proceed to allotment. It is proposed to establish factories in Auckland, Wellington and Christ-church for the manufacture of all kinds of enamelware, and the company expects to begin produc-t-ion in January. It is noteworthy that New Zealand is the only white country without an enamelling industry, whereas there are 18 factories in Australia. PROPERTY SALES-. William A. Horne, J.td., will offer by public auction at their auction hall. High Street, at one o'clock to-day, at the request of the second mortgagee., a 5-roomed house and conveniences in Delia Vista Road, Point Chevalier, on a section 50ft. x 132 ft.; also, under instructions from the • owner, modern bungalow of 5 rooms and conveniences and kitchenette, on a section 07ft. x 1.30 ft., in Beaconsfield Street, Grey Lynn. Messrs. Roberts and Co. will offer for sale at their rooms, Jcllicoe Chambers, at two o'clock to-day, a live-roomed bungalow and. two acres, situated at Manurewa, on very easy terms. T. Mandono Jackson will sell by public j auction at their rooms. !). Commerce Street, at eleven o'clock this morning, residence, six rooms, and over one acre of land, in the estate of the late Mrs. Mtiir. at Mangere Bridge; building sections, each Otift. frontage, in Pratt, Street, Otahuhu; and, in-, atructed by vendor under powers of sale, a j Hadfield stone crusher and Gardener <> x (5 1 double-cylinder compressor, both complete with all accessories, situated at bluntly. Samuel Vaile and Sons, Ltd., will hold an auction sale at their rooms. 83. Queen Street, at two o'clock to-day, when a house of seven rooms and conveniences, on section -17 ft. x 120 ft,, at No. 2, Essex Road, Mount Eden, will be offered. Richard Arthur. Limited, auctioneers, will offer at auction at. their upstairs salerooms. Queen Street, opposite Town Hall, at 1.30 p.m. to-day a 9-roomed residence ill Yauxhail Road. Devon port, together with sections adjoin in;,'.

EXPORT OF APPLES. HUAPAf GROWERS ACTING. DIRECT SHIPMENT DESIRED. [BY TELEGRAPH. —OWN CORRESPONDENT.] HUAPAJ. Thursday. Iluapai growers intend exporting quite a large amount of apples during the coming season. On Wednesday, 22 intending exporters, Mr. J. A. Lambden, chairman of directors of the Huapai Fruitgrowers' Association, presiding, discussed with the senior orchard instructor, Mr. W. White, various matters in connection with the proposed arrangements. Those present signified their intention of shipping over 8000 eases. Others who were unable to attend will, also be shipping considerable quantities. Most of the fruit, will lie consigned to the order of the Fruit Export Control Board, and Colonel Gray, who is leaving for England next month, will attend to its distribution through the ordinary trade channels. Colonel Gray, Mr.'-H. ft. Napier, manager of the Fruitgrowers' Federation, and Mr. J. f A. Campbell, director of the horticulture division, will address a meeting of exporters at Huapai on November 7. A special effort is to be made to get Auckland-grown fruit shipped direct from that port, and there is every prospect of sufficient apples being exported from Port Albert, Henderson, Gratia, Tc Kauwhata and Huapai to enable this to be done. THE LONDON MARKETS. QUOTATIONS FOR METALS. Australian and N.Z. Cable Association. (Reed. 9.55 p.m.) LONDON, Oct. 21. Following are to-day's quotations on the metals market, prices on October 19 being given in parentheses : Copper.—-Spot, £6l 16s 3d (£62 Irs 3d); three months, £62 13s 9d (£63 Is 3d). Lead. —Spot, £33 lis 3d (£3B 7s 6d); three months, £36 13s 9d (£36 ss). Spelter.—Spot. £4O 3s 9d (£4O 2s 6d); three months, £39 (£3B 16s 3d). Tin.—Spot, £230 16s 3d (£278 17s 6d); three months; £2BO 18s 9d ' (£2BO 7s 6d) 1 Silver.—Standard, 33d (33 7-8 d) per 07..; fine, 35 5-8 d (35 3-16 d). DAIRY PRODUCE PRICES. MARKET EXTREMELY QUIET. The New Zealand Loan and Mercantile Agency Company, Limited has received the following cablegram from its London house, dated October 21:—New Zealand Butter. —Choicest salted and unsalted, 214s to 220s per cwt. The market is extremely quiet. There are prospects of improved demand shortly. Cheese. — Nominally 1.16s per cwt.

LONDON TALLOW MARKET

Dalgety and Company, Limited, report having received the following cablegram from their London house, dated October 21: —There have' been no tallow sales helfl since our last report Prices nominally at late rates to 6d lower Sales will resume next week.