COMMERCIAL.

New Zealand Herald, Volume LXIII, Issue 19323, 10 May 1926, Page 7

COMMERCIAL.

THE LONDON MARKETS. MAXIMUM MEAT PRICES. Australian a.nd N.Z. Cable Association. (Eccd. 5.5 p.m.) LONDON, May 0. The usual week-end quotations for frozen meat have not, been issued. Maximum prices, with the approval of the Board of Trade,' have been fixed as follow : Frozen Mutton.—6 3-Bd. Lambs. —.10 7-Bd. Frozen Beef.—Fores, 3^d; hinds, sd. Chilled Beef—Fores, 4d; hinds, 7|d. RUBBER, COTTON, IIEMP, ETC. Rubber, Plantation 23 5-Bd, compared ■with 23Ad last week. Copra.—Tho market is nominal, the last price quoted being £3B 5s per ton. Linseed.—The market is nominal, the last quotations being £3l per ton, compared with £3O 15s last week. Turpentine.-—The market is nominal. Cotton, Hemp and Jute. —There are no quotations. AMERICAN WHEAT YIELD. ESTIMATE OF WINTER CHOP. Australian and N.Z. Cabla Association. (Hoed. 5.5 p.m.) WASHINGTON. May 8. It was announced by the Department of Agriculture to-day that the winter wheat yield was estimated at May 1 at 84 per cent, of the normal crop, indicating that a total production of 545,000,000 bushels ori an estimated area of 37,085,000 acres will bo harvested. CHICAGO WHEAT MARKET. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) CHICAGO, May 8. Wheat.—May, new. 1 dollar 61{- cents per bushel; old, 1 dollar 60 cents; July, 1 dollar 39.J- cents; September, 1 dollar 35J cents. DUNEDIN MARKETS. THE WHEAT POSITION. [BY TELEGRAPH, —OWN CORRESPONDENT. ] DUNEDIN, Sunday. During the past few days the wheat market has undergone a distinct change. As one merchant puts.it: "The tug-of-war between the millers and the growers regarding the prices to be paid for wheat has ended in favour of the growers." The change in the position which has now taken place has apparently been caused by the firming of tho flour market in Australia and the breaking away by millers from their own agreement. As a consequence the wheat market has firmed and North Island millers particularly are buying at 6s lOd on trucks for Tuscan, 7s for Hunters and 7s 2d for Velvet. This means a considerable advance on the f.o.b. prices agreed upon previously. Fowl wheat is worth to-day 6s 9d per bushel, sacks extra, 011 trucks. Only odd lines of oats are being offered by growers. .Merchants are now offering 3s 2d 011 trucks, sacks extra, for A Gartons and 3s for B's. Jn the meantime the nominal quotations are 4s 2d f.0.b., s.i. for A's and 4s for B's. The potato market has eased off again as the demand from Australia has fallen away. There is a considerable quantity held in the Dunedin stores and the quality is very good indeed. Best quality potatoes are worth £6 15s per ton, sacks included, ex truck.

There js no alteration in the chaff market. Consignments arc on the light side, but the stores are carrying ample stocks, quite sufficient to meet the demand, which is very poor. Best quality is worth J-5 10s per ton, sacks extra, ex store. The seed market is dead in all lines. There is no outside demand and merchants now holding stocks will have to carry them forward until the retail demand sets in again in the spring.

GERMAN ALUMINIUM INDUSTRY. SOME ADVERSE FACTORS. Complaint is made by German aliunin-ium-wa.ro ma.nuiucturei s that their industry received a. severe setback in 1925. A few years ago nearly 50 per cent, of the German production of finished aluminium goods was exported to North America, the duties and expenses amounting to about 33 1-3 per cent, for delivery c.i.f. ; New York. Owing to the increase in duties, representing about 80 to 100 per cent, of the value of the German goods, sales in North America have been exceedingly restricted.

Another factor operating against German manufacturers lias been the tariff war with Spain. In addition, many countries have been erecting iheir mvti aluminium finishing plants. This has forced considerable restriction of output in parts of Germany, and many works have been compelled in close. Recently it, was indicated that the Aluminium Company of America was going to appeal to the United States authorities for a reduction in the tariff on aluminium. The explanation of this was that, the. company had erected a new plant in Canada, and a large portion of its output would lie required in the United States. INDIAN TEA SEASON. INCREASED KUSSIAN DEMAND. In a. review of the Indian tea season, 1925-1926, .Heath and Co., Calcutta, point out that the most interesting feature of this year's market has been the Increased demand from Russia, and her re-c.ntry into the market for dusts for shipment to liankow, where dusts and small tannings are. pressed into bricks. The opinion is held that Russia's increased activity ill lea has been an important, factor in bringing about a shortage of supplies, which has induced the present strong statistical position and high prices. Summarising the present position, it is stated that stocks in the United Kingdom have been materially reduced. Imports of Indian tea into ihe United Kingdom from now on till the new season must decline.' Ceylon and Java supplies are likely to ho about normal. Consumption continues to be fully maintained. Stocks in countries other than the United Kingdom arc light. A strong market is anticipated until well into the new Indian tea season, after which the course of the market, must largely depend ot) the outturn from Northern Inuia.

NEW PRIVATE COMPANY. Ono private company was r< s r;iM.ered in Auckland on Saturday. Peta'is are as follow : Cooke and Company, Limited. ObjectsTo take over the business of wine and spirit, merchants, hitherto carried on under the style of Cooke and Company. Capital: £21.000. Subscribers: Howard i'enjamin Johnson, merchant, Auckland; Sehvyn Owen Johnson, clerk, Auckland; Albert John I' 1 Johnson, merchant. Auckland'; Ivv Marion Woollanis, Auckland; Mabel Khza Evoriss. Kit ham, and Ethel Charlotte Gcddis, Rotorua, 3500 shares each