TRADE OF THE WEEK.

New Zealand Herald, Volume LXIII, Issue 19453, 8 October 1926, Page 9

TRADE OF THE WEEK.

WHOLESALE AND RETAIL.

THE PROSPECTS FOR BUTTER.

PRODUCE MARKETS REVIEW. The general report is that trade is quiet this week, witji very little of special iaterest in tho. wholesale, except in tho case of those few houses "who are interested in the Island trade. They have been working at rather high pressure, to deal with their shipments in the short time available, but ordinary distributing trade is dull. The dairy industry seems to set the pace each season, and as prices are still moving downwards, with a corresponding reduction in the .advance payments that the factories will venture to make each month, the prospect of a drastic reduction in the buying power of the farmers is keeping tfiem -very cautious in regard to their commitments. Djiring the past few weeks it has been quite a common thing for farmers to reduce or cancel orders altogether, . and this has been experienced oven in such an essential commodity as fertilisers, although expert opinion seems to agree that this is the last item on which a farmer should bo forced to economise. Fortunately for the individual producer, the production during the present season promises to be exceptionally heavy, for tho pastures are looking very well for so early. Private advices from tho Waikato state the ' warm rain during the past week has completely changed the appearance of tho Whole country, some farmers maintaining that they have never known the pastures respond more rapidly to a downpour. This week also assures a good hay crop, provided it is fine at harvest, and it is expected that more farmers will now be iblo to save fodder for next winter, to use in conjunction with their root crops. The fruitgrowers are rather apprehensive regarding the possibility of selling their stocks which remain in cool store. These aggregate about 50,000 cases. The 'Niagara will arrive on Monday with'a large shipment of Canadian apples, most of whihe are sold already,at 17s a case, about 5s above what local grtnvors are prepared to take for what they hold in store. It is stated they propose to export more heavily during the coming summer and autumn, so that they will not be left with a large quantity at this time next year, when their customers seem-to prefer imported fruit. Retailers mostly report conditions quiiet, tho only special feature being the attempt to focus attention on British goods. Money is reported to be scarce, at any rate as far as tho general public are concerned, and they are more intent on buying only actual requirements. EGGS. Readers are still asking la Bd, with a i! 7 f 0 °d demand for preserving, and wholesale is a little firmer at Is Od. .TEA LOWER. IN CEYLON. ' A cable from Colombo states that at the auctions on Tuesday the' quality offering was generally poor, and this brought down values in the finer sorts. There was a good general demand, and this made common and medium grades much dearer. PRODUCTION OP IRON. In view of tho higher cost of iron products during the strike, additional interest is lent to a new process of manufacture, which expert opinion in Auckland regards os important to the industry in New Zealand. A process has been discovered for manufacturing iron by electrolytic deposition, and the development of cheap electric power in New Zealand should often the way to the economical use of the immense deposits of the raw material in this country, which could_ not hitherto be worked economically. This process for producing black sheets and plates has been tested thoroughly on a small but commercial scale during tho last few years but it is now to be developed on a much broader basis, as it is thought that the results so far obtained amply justify the necessary financial outlay. Tho London Metal Bulletin explain# that by this process pig iron is taken direct from the pig-be<l at the blast furnace, placed in a bath, and an electric current passed through, which deposits upon a cathode pure iron in the form of sheets or plates, the gauge varying according to the length of time running and the amount of current used. These sheets and plates are then stripped off, and after annealing aro ready for use, tho metal being absolutely homogeneous, and rolling therefore unnecessary, although, of course, the sheets could be put through the mill if considered desirable. The carbon and other impurities in the pig-iron aro entirely eliminated from the black sheet. By tho method of production hitherto in force for producing black sheets and black plates, the pig-iron has first to be""converted into steel, which is rolled into bars which aro sent to the sheet-rolling mills, involving a number of processes and repeated handlings, with the use of highly skilled labour, and involving high fuel and other costs. Tho now process is carried on by unskilled labour, is said to bo simplicity itself, and necessarily less costly, the difference being put down at several pounds per ton. Further developments of this discovery will be watched by New Zealand interests, with a view to utilising tho abundant electric power which could bo made available in this country. IRON AND STEEL MARKET,

Tho coal strike is limitinff British production, for most of the works are unlikely to resumo operations until domestic coal is obtainable in quantity. This keeps prices firm all round, and it is reported in London that a permanent influence to keep up prices is likely to develop shortly, through the progress of the international steel cartel movement. It seems that the international rail cartel has been assured for some months alresidy, but the. negotiations Concerning the control of pig-iron and raw steel production have been delayed. Ihe participants areNfrance, Germany and BelgoLuxemburg. Each country will receive a basis quota, which will bo modified according to the authorised rate of output. The representatives of the various countries have reached a basic agreement, but difficulties within the individual countries them'selves still have to be arranged. It is thought that oiia of the first results would bo an appreciable advance in prices. It is reported that the participants will pay 5 marks per ton to the international adjusting officei. this being payable on their whole output, and not merely on tho exported qUOta " THE ADVANCE IN TIN.' Tho recent steady advance in the market seems to be due to tho combined influence of Continental and American buying, while available stocks appear to havo. warranted the 'stronger tone. It is admitted that stocks in America are fairly heavy and that buyers in the States could therefore hold off a little, if they were so inclined, but their attitude recently has been to draw on English stocks, in addition to direct supplies from the East. . POTATOES. Stocks arc only sufficient for immediato requirements, find this keeps the price firni at £7 5s to £7 10s. However, the end of tho season is rapidly approaching and merchants are therefore very careful about their forward buying. A large shipment is due to-days which should provide for tho wholo of next week, and fairly heavy bookings will bo doliv«yed from ship's side. New potatoes have not come in very plentifully during tho week, but anothor fortnight will no doubt alter the wholo position, provided tho weather keeps fairly warm, as the supply will rapidly increase, dovetailing in with diminishing Bales in last season's. A dwindling inquiry is reported in ONIONS. The largo holdings aro now considerably reduced, but it is understood that a fairly largo shipment will arrive by the Niagara on Monday, a good proportion of which is sold for delivery on arrival. Present quotation is 22s 6d a crate, but it is _ expected that when tho Niagara shipment is distributed tho price will settle down at about 20s. The new local crop is doing well, tho recent rain bringing on tho plantings of last month. Weak in tho South, and local Bales aro made in small quantities at as low as fis 3d. CHAFF. 'Market is firm, with a steady inquiry for limited quantities at £l2 <o £l2 10a. WHEAT. Most merchants aro holding fair stocks of primo Adelaide fowl wheat, and those will probably last until the arrival of Canadian wheat duo next month. ;lhe latter la being quoted at 8a to arrive, but the Australian is of hotter quality, and is still Belling "very freely at 6s ?d to 9s. Buyers aro rather prejudiced against tho inferior appearance of tho Canadian wheat and it is also handicapped by bpiug in cental bags. BRAN AND POLLARD. Importers are landed with costly bran and pollard which they ore now selling a* £lO 103 and £l2 respectively, but. tho do mand ia rapidly falling of!, and it is ex pectcd that Now Zealand milling will meet all requirements during tho summer. MAIZE.' Fairly heavy arrivals havo como to hand and these havo realised Gs 2d to 6s 3d on tho wharf in wholesalo lines for Bay of Plenty and Gisbome graiu. Tho quality is improving but is not yet giving satisfaction. , . Seed maizo ia in demand, but it is difficult to got good samples. Local is not properly matured and Australian is too costly at present. A little Hickory King arrived week but it was not m tho best condition and will require dressing.