TRADE OF THE WEEK.

New Zealand Herald, Volume LXIV, Issue 19659, 10 June 1927, Page 9

TRADE OF THE WEEK.

WHOLESALE AND RETAIL. IMPROVED DRAPERY TURNOVER. PRODUCE MARKETS REVIEW. r All the extra business occasioned by the influx of visitors lor the holiday has now subsided, and the general report is that ''quiet conditions have come in, with every likelihood of continuing for a time. The wholesale houses are not expecting much for a week or two, except a few extra deliveries from ship's side, for most buyers can now hold off their larger purchases until hooking commences on next month's account. In the retail the chief activity is on the part of those few houses which are already anticipating the winter clearance sales by offering special reductions. Drapers and clothiers report a very fair turnover, due to the advent of winter conditions. Warmer fabrics are selling much better, and a very* noticeable feature is the increased attention given to New Zealand woollens, partly owing to the recent. display of those manufactures, but also to a very large extent owing to the activities of the manufacturers themselves. New Zeala 1 rugs and blankets have always been accepted as the best in the world, but recently a stronger bid has been made for the trade in smaller goods, of which the sale has always been restricted by the small selection. Decided progress has been made recently, even during the last month or two, in offering a wider range of underwear, comparing more than favourably with the imported article in quality and price. It is stated that manufacturers have taken advantage of the favourable immigration conditions to securo the services of expert craftsmen, and these are turning out goods of a very high class, both in pure wool and also in a mixture of wool and silk. In addition to all this trade in woven hose, manufactured in the Dominion from the raw material, another department has recently commenced operations, the making of silk ties from imported material, and these are also receiving attention from buyers, as they are offering in attractive colours and pat terns. Speaking generally, prices aro a little lower than last year, apparently due to keener competition on the part of manufacturers. In overcoats the principal trade is in imported lines, especially in the higher quality. The Price oi Wool. The mail this week brings news of what looks like a concerted effort in Boston and Bradford to bring down the price of wool. Taking advantage of the offerings of the new season's British clip —and it must be remembered that there are more sheep in Britain than there are in New Zealand—Bradford buyers are throwing small parcels of Australian and New Zealand wool on the market, apparently not sufficient to afiect supplies, but quite enough to dislocate prices. In "Boston even a stronger effort is being put forth. Not only are holders offering wools in order to bring down the buying price of the domestic clips, but they are even throwing on the London market a small part of the very small purchases which they made six months ago. It is pointed out that if ever they are likely to bear the market, now is the time, with the northern clip offering for immediate disposal, but doubt is expressed regarding their ability to depress prices over a sufficiently long period to affect the new-clip in Australia and New Zealand. Both countries are virtually bare of wool, a most unusual condition so early in 'the year, and, although Queensland wool begins to arrive in about a couple of months, London and Bradford will have to wait a long time before much of the clip is actually here, and by that time the present holdings and new season's northern purchases should be about exhausted, judging by previous experience. Recovery in Butter. Against this temporary adverse feature in wool, which will probably do no harm to the next clip, this week brings bet ter news of butter. Unsalted New Zealand is often a little above Danish, and salted once touched exactly the same price last year, besides reaching the same level last week, but this week's cablegram from the High Commissioner confirms private advices to the effect' that salted is actually realising more than Danish. A comparison of the lowest prices with the lowest prices ruling at the corresponding date last year will show to what a marked extent New Zealand butter has recovered from the fall in March, when unsalted touched 144s: — 1925. 192 G. 1927. • N.Z. Salted . . 170s 172s 168s N.Z. Unsalted . 178s 17ts 178b Panish .. 190s 178s lG6s Hardware merchants report business very quiet, with nothing to brighten it up except a little household ironmongery Builders' hardware is very dull, and timber is so dear that residential building is not likely to be hurried on very much until the spring. Coal merchants are putting through a very heavy business. A steadily increasing proportion of the trade is now inlocal coal, Waikato for household use and Northern for steam purposes, with very little imported except an occasional shipment from Newcastle and the West Coast. These are for gas manufacture or for steam, and the latter is being rapidly replaced by electric power. Larger quantities taken by the railways will also help the local mines, and cut down imports from the very heavy totals of recent years. Stocks of coke aro very bare at present, and no improvement in the position seems likely in the early future, but firewood, is plentiful and seeing well. IRON AND STEEL. News by the mail describes the difficulties under which British iron and steel manufacturers are still labouring, for they do not seem to expect a genera! improvement until prices are lowered, and under existing conditions they cannot very well offer lower quotations. It is true the number of furnaces in blast at the end of Madch was 178, an increase of 12 for the month, and this compares well w.ith 151 a year earlier, but the difficulties of pig-iron producers have been accentuated by the high price of coke. Works continue busy on manufactured iron and steel, hut fiesh business has not beeu coming in very readily. A bright spot in the trade is the improvement in shipbuilding, and the outlook is regarded in some quarters as very encouraging, there being welcome additions (o the lists of new orders for ships. It is stated that on the Clyde the output is practically back to the normal of pre-war years, while a number of new keels aro to be laid down in Belfast. COPPER. The weakness in the copper market is causing some concern in London, for it was understood that the curtailment of supply would stabilise priceß. If axiy studied curtailment has taken plaqe in some quarters, it is apparently being partly balanced by greater development in other directions, and at present there arc no indications to suggest any prospect of much strength in the market until a ßome fresh factor stimulates interest. Official statements in America forecast a net reduction of 10 to 15 per cent, in the world's production, but consumers have apparently covered themselves well ahead, and there is no great activity in the Continental demand. * EGGS. A further fall has taken place in retail prices, and yesterday best fresh hen eggs were quoted at 3s 6d, and duck eggs at 3s. PEANUT KERNELS. After a short period of very low stocks, supplies are now landing ex Sydney transhipments. Prices are slightly higher, on account of shortage of stocks. UNBLEACHED RAISINS. The very firm tone in the exporting market at San Francisco is an indication of possible movements in price in the near future. New crop does not land till November next, and spot stocks are very light. SODA-BLEACHED RAISINS. New season's are now quoted at low prices. It is expected that present prices will be fully maintained, for offers under market rates have been refused.

SMYRNA PIGS. New season's prices just named show a slight advantage over Inst season's, and a heavier demand is expected this year, as many popular packs were sold out early last year. Low prices for bulk are being circulated, but in view of past experience many buyers are inclined to pay more money for known quality from reliable shippers. STONED DATES. Considerable trouble has been experienced with recent shipments of Busreh pack, and buyers are again on to the London layered pack, at a slightly higher price. TEA. At the Colombo auctions last Tuesday 2,750,0001b., were sold, and the offerings next week will be a shade under this quantity. There was a good general demand, including strong buying on behalf of Russia. Commons were slightly easier. Stocks in Auckland are far from heavy, as importers have been inclined to hold off during the recent lons period of high prices. POTATOES. Tho market is decidedly firmer, both on the spot nnd in the South Island. Shipments landing at tho beginning of the week met with a ready sale, and stocks are now rather bare. Two further shipments are due next week, but they are not large, and the clearing of stocks has enabled a further orice to be stabilised at £7 to £1 10s. which is about on a parity with Southern values. Southern shippers are asking more for later delivery, but the price will have to be dictated by supply and demand. ONIONS.. Business is very slack, and local are only working off slowly, as buyers will not take more than for immediate requirements. Tho quality is so unreliable that, merchants are looking to Australia for further quantities of better grade, and as these are offering at lower rates for July and August delivery it is probable some will be imported. OATS. The market is stationary at the advance that has been established by Australia buying. This has put such strength into the market that B grade are now selling here at 4s 4d, nnd A at 4s 7d, although the demand is far from active. CHAFF. The very limited demand prevents any response to the higher price asked by Southern shippers, and best Canterbury is still quoted at i!) 10s ex sfore. Ample stocks arc obtainable. WHEAT. Market is firmer in the South, and it looks as if there will he no fall. Merchants nre buying as required, and quotations for fowl wheat is firm at 7s 9d ex local store. POLLARD. A reduction has taken place in Melbourne and Auckland merchants have taken the opportunity to import a quantity, which will arrive shortly. This will have to sell at 15a to 20s above the mill price of £9 10s. MAIZE. Merchants are quietly selling at 8s to 83 3d, ex store, chiefly in Java grain, as there is a natural inclination to keep stocks down in anticipation of new grain arriving shortly at prices much below recent rates. ■ NEW ZEALAND BUTTER. HIGHER DUTY DEMANDED. In giving evidence before the Australian Tariff Board in support of the application by the Primary Producers' Union of New South Wales for additional protection for tho dairying industry i'rom oversea importations, especially from New Ztaland. Mr. R. F. Green, M.P., claimed that an increase in the present duty of »<!d per lb. to 6d per lb. on New Zealand butter and in the general tariff 1o /d per lb., would still give a preference for New Zealand imports, and allow a better margin of profit for the Australian dairyman. STAPLES AND COMPANY., COMPLAINT BY SHAREHOLDERS. About 40 shareholders in J. Staples and Co., Ltd., of Wellington, brewers, attended a meeting in Christchurch on Monday evening convened by a committee representative of Canterbury shareholders. Mr. H. Van Asch, who presided, said that a circular had been issued by the committee giving the reasons why it considered they should move ill connection with the liquidation 'of the company. Unfortunately, or fortunately, the directors had issued a oircular only a day or two before the committee's circular. The committee's circular set forth accurately the reasons why the Canterbury shareholders at any Vate considered the company should be liquidated. He submitted that the directors' circular had not championed the shareholders' cause, but their own. The directors had taken advantage of the articles of association in calling a meeting of shareholders at seven days' notice, although they must know that there was no chance, of the shareholders scattered all over the Dominion being present to express their opinions, or for them to come to an accurate decision on the matters at issue. In answer to a question, tho chairman said the directors were quitting country hotels: there was no complaint about the management, but they did complain that liquid assets were being hoarded instead of being distributed. It had been reported that, the Central Hotel property in Wellington bad been sold. It was also stated by Mr. Van Asch that no matter what motion was proposed at the annual meeting, the directors themselves could absolutely decide the issue because of the number of votes they controlled, so the Canterbury representatives could not carry a resolution. Messrs. H. Van Asch and W. E. Simes were appointed representatives to the meeting at Wellington, and approval was expressed of the action taken by the Christchurch committee, and of the circular issued by the committee. MELBOURNE HIDES SALES. (Received June 9, 9.46 p.m.) A. and N.Z. MELBOURNE. June 9. At the Melbourne hides sales to-day the market was very active. Bidding was strong, but values were not altered. AUSTRALIAN PRODUCE. (Received June 9, 9.3 p.m.) A. and N.Z. SYDNEY, June 9. The following are to-day's quotations on the Sydney produce market:— Wheat.—At country, stations, 4s lid; bagged, 4s lOd; bulk, ex truck, Sydney, 5 S Flour.—For export, £l2 15s, f.o. b.; local, .£l3 ss. Bran and Pollard. —Reduced 10s to £7. . Oats.—Tasmanian, 5s 3d; white, 4s 6d to 4s 9d. Maize. —Yellow and white, 6s. Potatoes.—Tasmanian, £5 to £8 10s. Onions.—Victorian, £6. Adelaide prices are:—Wheat: Growers' lots, 5s 5J,d to 5s 6d; parcels, trade, 5s 9,' d. Flour. —Bakers' lots, £l4 7s 6d. Bran.—£6 15s. Pollard. —£7. Oats.—3s 6d. PROPERTY SALES. William A. Ilorne, Ltd., will 'offer at auc tion at their rooms Home's Buildings, corner of High Street and Vulcan Lane, at one o'clock to-day, under conduct of the Registrar of the Supreme Court, house property in Great North Road, comprising dwelling of 4 rooms, on section 52Ht. by 132 ft. Dalgety and Company, Ltd., will offer at auction, at their land rooms, FanshavveStreet, at 11 o'clock to-day, 643 acres of land at Rotongaro, five miles from Kaugi--1 Samuel Vaile and Sons, Limited, will offer at auction at their rooms. Queen Street, at two o'clock to-day, residence of seven rooms on section 100 x 198 ft., at JSo. 26, Victoria Avenue, Mount Eden; for lease for ten years, block of 1565 acres, at Patoiranga; and, at the request of the mortgagees, undor conduct of tho Registrar of the Supreme Court, bungalow of four rooms, in Somerset Avenue, Winstone Estate, Mount Roskill. . T Mandeno Jackson will offer at auction at their rooms, 9, Commerce Street, at .11 o'clock to-day, under conduct of the Registrar of the Supreme Court, at the request of the mortgagee, residential property at 43, Napier Street, containing dwelling of nine rooms, on ith acre of land. C. F. Bennett will offer at auction at his rooms, New Zealand Insurance Buildings, at 12 o'clock to-day, by order of the Registrar of the Supreme Court, dwelling of four rooms on i-acre leasehold section, with approx. 19 years to run, at Maungakiekie Avenue. One Tree Hill, and property in Ligar Road. Glen Innes, comprising one acre ten perches freshold, with two-roomed , shack thoreoa.