TRADE OF THE WEEK.

New Zealand Herald, Volume LXIII, Issue 19459, 15 October 1926, Page 9

TRADE OF THE WEEK.

WHOLESALE AND RETAIL. HOPEFUL WOOL PROSPECTS. PRODUCE MARKETS REVIEW. The changeable vctfither has been very severe on retail trade during the week and the shops are now looking forward to more favourable conditions for the long day to-day. Values are not creating ranch interest, but a really warm turn would soon attract attention to drapery, as summer fashions have been almost neglected so far. The drapers have displayed the new season's goods at attractive prices, with the selection wider than ever, and they are expecting much better trade to continue right up to Christmas. The wholesale houses have ?ko had a quint week, every purchase ihtf car. pov . sibly wait having been apparently held up j until forward booking for November commences. A noticeable slackening is reported in fertilisers, partly on account of the bad weather conditions for carting and top-dressing and partly attributed to financial considerations. The fall iu the price of butter is forcing farmers to take a very cautious view of the future, and returning commercial travellers from the Waikato and other districts report a distinct inclination to restrict commitments, even in such an essential commodity as fertilisers, while less essential articles are scrupulously cut down. An interesting new feature in the local retail trade in cheese is the introduction of a New Zealand pack mate up in 61b. blocks, wrapped in tinfoil, similar to the American style. Considerable popularity has already been achieved and it is generally considered in the trade ,that the new packing has comj to stay, and that it will prove a permanent and popular factor in the local trade. The near approach of the new wool season is regarded hopefully, the most striking feature being the unusual experience that New Zealand and Australia start the new season with stores practically bare. Of course, there are stores in London, but a mail report of the September series of sales stated that the catalogue included the balance of the last New Zealand clip, as well as the first of the new clip from Queensland. The coal strike is putting a damper on the whole industry, but it is regarded as a most hopeful sign that in spite of all the restrictions of trade the new season starts in a more healthy condition for the producers than it did last year. EGGS. The vagaries of the market have given some point to a proposal that the prices could be mere easily stabilised by a formal adjustment each week by representatives of the producers, the distributors ana the consumers, with a Government expert in a neutral position. This has often been suggested. and the recent sharp rise, completely shutting off any possibility of export, has now drawn attention to this solution of a difficult problem in the interests of all parties. BRAZIL NUTS. New season's quotations just to hand show increases in all grades, amounting to _ approximately £lO per ton over last quotations for present season's nuts. » WALNUTS. Chinese walnuts are quoted at an advance of £2 per ton, for shipment in late October. Rumanian have advanced considerably, and the indications are that the new prices will bo fully maintained. PINEAPPLES. Some slight alterations have Leer, advised in various packings rf sliced and cubec. Singapore pineapples, and the general tone of the market is firm, with indications of further increases. BULK DATES. Sairs dates of old season's are quoted at an advance of Is per cwt. on previous quotations, other dualities remaining unaltered, PRESERVED GINGER LOWER. Prices of locally-manufactured . finger have been reduced, to meet lower prices for Chinese ginger, and as the new prices for imported will not bo current until arrival of the new ginger in December the local product will, no doubt, retain the bulk of the business californian raisins. Thompson's seedless bulk have been advanced Is per cwt., and market indications are that other raisins will be increased almoßt immediately, particularly seeded. TEA. A good demand is reported at the Colombo sales last Tuesday, but prices were irregular in the common and medium sorts. The better grades have declined, owing to the poor quality offering, but the duality is expected to improve after the end of the month. Importations into New Zealand are only moderate, blenders showing a tendency to hold off the high prices ruling lately. COPPER. The recent recovery in the market is mainly duo to the renowed faith felt in the United States as to a continuance of orosperous conditions there. This has translated itself into active buying by consumers, who also appear to Jbave T>een furnishing specification: of their requirements in particularly good time. A shortage of prompt metal developed recently in America and producers hfeve sometimes required tp make purchases themselves to Cover their sales. In ons direction output has suffered in consequence of serious furnace trouble. This, however, is only a temporary feature, and it seems that the market is more likely to maintain the improvement if Drices are not rushed up too quickly. There has been some furthor inquiry 'rorn Germany. On the whole, however, consumers there seem to be somewhat reluctant buyers, partly because they have already covered their roost urgent needs. While there is plenty of room for improvement, the industrial position in Germany makes steady progress, and the proposed large expendifnre < on the telephone system suggests a considerable outlet for metals. Indeed, the cable interests are evidently already pretty well occupied, and wire drawers have shown some interest in copper. BRITISH IRON AND STEEL. The disastrous effect of the coal strike upon indnstry generally was recently given to the Industrial Group of the Houso of Commons by a deputation which included representatives of iron and steel, cotton, chemicals, engineering, shipping and shipbuilding. The spokesman for iron and steel stated that all the industries represented viewed with alarm the possibility of an uneconomic settlement of the mining dispute. Such a settlement could only entail further strife, and would increase unemployment all round. The proposals to restrict the output of the coal industry were a counsel of despair, nnd created a most disquieting precedent. The deputation was entirely in sympathy with the desiro for a high standard of living, but 'thought this was only possible on the basis of increasing production. In the steel industry the situation was notoriously bad. While iron and steel, prices had now been reduced to 17 per cent. aßovo pre-war, "all commodities" were 45 per cent, above, and this showed the efforts maife within the industry itself la meet competition. In these efforts workpeople had shared by the operation of the sliding scale, and the sacrifices of shareholders were apparent from the various company balance-sheets. A recent comparison with American steel works showed that their plant was fully up-to-date, although the methods of mass production employed in America were impracticable in Britain. It required three and a-balf tons of coal to produce one ton of steel. The industry's consumption of coal at full capacity was 37,000,000 tons per annum, but last year they had consumed only 22,000,000. Just before the coal stoppage blast furnaces were operating at only 54 per cent, of their capacity, and steel works at 613 per cent. Imports were already increasing, and exports decreasing, with a serious effect on employment. Coal was at the root of the industry's prosperity, and any increase in the price of coal must mean that the industry's power to compete in tho world markets would be further restricted. There was no diminution in the world consumption of coal, but there had been a marked invasion of the British market, by the foreign article. FINANCING GERMANY'S PURCHASES. The'building uy of German, credits in I London through shipments of coal and manufactured goods, either direct to Britain or to neutral markets ordinarily supplied by Britain, is another reminder of tho economic fact that there is only one way to make international payments of any magnitude, by the shipment of goods. This is well recognised in London, and is probably an important factor in the British desk© to mutually cancel all war debts, for they cannot possibly be paid except by a complete dislocation of the ordinary current of trado. A few observers are beginning to see this in America, but it is not yet generally realised there, the usual view being that a huge export trade can go on while foreign war debts are being paid. Very few American economists have so far "pointed out that the only reason why the present jjreat export trade is possible is because America iB herael! financing it by lending abiriad—incidentally making the foreign indebtedness worse, and, increasing the amottri which will be-taken./«Uk in cocda*

POTATOES. The market is dull, after the heavy _ arrivals. as the demand has slackened off since eo many buyers secured their requirements from the ship's side. With ample stocks for all immediate orders, the market has eased down, to £7 ex store. The arrivals next week will be more limited, at merchants are now carefully watching their stocks, and working from hand to mouth, in anticipation of much larger quantities of new potatoes coming on the market after the end of the month. t>emand for seed potatoes is fall,tan off, but a -lew srnali orders are expected aga\n, when tire weather permanently takes up. i ONIONS. The first of the October quota arrived by the Niagara, and these have been distributed, Tile balance will arrive by the Haurski next week, and most of theee have been sold to arrive. Present quotation is 20s a crate. FODDER TRADE. Oats and chaff are dull, the only move being a readiness to. pick up any lines of Australian and Blenheim chaff arriving. FOWL WHEAT. A good demand is reported, with no alteration in the rates, but it is expected that Australian will be a little lower next month, in addition to which there will be the arrival of a cheaper line of Canadian. BRAN AND POLLARD. ; Both are in auiet demand, with amole br:t no vjwxs will be imported, as j ir, »(! uijpoasihh-. to •.•wsajwtfl agsir't th* swr j Ze:.l;-„nd milling. . MAIZE. Heavy arrivals from the Bay of Plenty and Gisborne have arrived to a good demand, and these have realised 6a to 6s 3d on »he wharf in wholesale lines. WAIROA FARMERS' MEAT CO. PROFIT OF £3450 FOR YEAR. The net profit earned by the Wairoa (Hawke's Bay) Farmers' Co-operative Meat Company for the year ended July 31 last amounted to £3450, while in the previous year there was a loss of £456. The revenue was £16,646, against £14,033. an increase of £2613, leaving the net profit at £3450; equal to about £3 lbs per cent, on the paid-up capital, including calls paid in advance. With the amount of £25 brought forward there was available £3475, out of which £3228 was written oft buildings and plant for depreciation, leaving a balance of £247 which has been carried forward. SYDNEY WOOL SALES. CONCLUSION OF SERIES. Au&tralian and N.Z. Cable Association. (Reed. 12.15 a.m.) SYDNEY. Cct. 14. The fourth series of wool sales in Sydney concluded to-day. The market was very firm and competition was keen for all lines showing quality. There was some irregularity in broader types, especially doubtful yielding ind burry lines. Comebacks and crossbreds were firm at late rates. Greasy Merino sold to 294d> which is the top price realised this season. THE TRADE IN APPLES. WIDE DISPARITY IN PRICES. The margin between wholesale and retail prices of imported apples is discussed in Messrs. F. W. Moore and Company's review for the 1926 season of the importation of Australian and New Zealand fruit into Britain. The low prices paid at auctions and in the markets were not reflected in the shops. It is extremely doubtful if the average price obtained for apples at first sales, since the beginning of May, amounts to more than 7s Fd a case, certainly not M per lb. Never having seen even the commonest varieties on sale in shops, or m costers' barrows in London and, other large cities, i 11.dor 4J/J per lb., all the better varieties 6'i to Cd, it seems fiir to i.'Stiroate the average retail price as at least 7d, »?hicl,, allowing for an average net weight 0.3 low as 361b., means 21s a case. Thus while ■roduce-s and merchant speculators have to face h loss, consumers Lave not benefited, industrial workers with voduced earnings could not assist consumption at all. This is a subject very difficult to generalise upon, for it must be remembered that the fruiterer has to stock many kinds of fruit "ird even though apples may not waste ethsi- fruits do, the review continues. Probate returns do not show that fruiterers make large fortunes. It is all very mysterious. The Empire Marketing Board has been instructed to 'consider vhis matter ot difference between w:-< Resale, a®?, retail prices; no easy task, for the readers' is tk&t if he reduces his prices ho must sell a grt&f deal more to make the same profit, as his overhead costs would be con-espondingly increased, and he is not in business for his health. The unfortunate grower must, however, be wondering whether he should continue to help the retailer by advertising his fruit, for although there can be little doubt that publicity tends to increaus consumption, whatever the benefit, it has gone to the retailer. This year, the advertising of Australian fruit has cost roundly £15,000, that for Njew Zealand about £3OOO, tho "Eat More .Fruit" campaign of the Fruit Trades Federation has also contributed, so tha,t altogether well on to £20,000 has been paid out to induce the public to buy. CHICAGO WHEAT MARKET. Australian and N.Z. Cable Auaociation. (Reed. 6.5 D.m.) CHICAGO. Oct. 13. Wheat—December, 1 dollar 37| cents per bushel; May, 1 dollar cents. AUSTRALIAN PRODUCE. Australia-n and N.Z. Cable Association. (Reed. 9.55 p.m.) SYDNEY. Oct. 11 The following were to-day's quotations on the Sydney produce market: — Wheat."—-Position unchanged. No business. Country-stored lots, 5s 9d to 5s 10d, and 6s 4d to 6s sd, ex trucks, Sydrfey; millers' parcels, bagged, 6s 9d; bulk, us 7d, Sydney basis. Flour.—Nominal, for export, £l4 ss; local, £ls 10s. Oats.— I Tasmanian Algerian, ss; white, 5s to 5s 3d. Maize.—Local and South African, 6s 9d.' Potatoes.---Tasmanian, £l3 to £18; New Zealand, £ll. Onions. —American, £25. Adelaide quotations are:— Wheat. —Growers' lots, 6s Id; parcels, nominally, 6s 4|d. Flour. —Bakers' lots, £ls. Oats.T-3s 4d. MELBOURNE HIDES SALES. Australian and N.Z. Cable Association. (Reed. 12.15 a.m.) MELBOURNE, Oct. 14. At the Melbourne hides sales to-day medium sorts were easier. Other grades were unchanged. MANAWATU JERSEY SALE. [BY TELEGRAPH.—PRESS) ASSOCIATION.] PALMERSTON NORTH. Thursday. The fourth Manawatu Jersey Show and sale was held to-day. 77 animals from tho Manawatu and Horowhenua Jersey Cluba being yarded. Bulls showing Quality were in good demand, but poorer animate were neglected. There was a keen demand for heifers. R, L. Horn (Levin) had an entry of 16 animals, which averaged £6B each. The top price for the sale wm obtained for a heifer,, Kuku Countess, which realised 159gms. It was bought by "W. 8. and Co. for export. A heifer from the same breeder's farm. Kuku Nell a, was purchased by A. J, Smith (Otorohanga) for OTgns. A bull, Kuku Bright Owl, was bought by A. _ Mitchell (Longburn) for lOOgns. J. Smith, junr.. obtained the top price for a bull. 107 ens. '