TRADE OF THE WEEK.

New Zealand Herald, Volume LXIV, Issue 19779, 28 October 1927, Page 9

TRADE OF THE WEEK.

WHOLESALE AND RETAIL. HEALTHIER TONE NOTICEABLE, PRODUCE MARKETS REVIEW. With most of the special orders booked ou November account now delivered, general merchants are able to report much healthier conditions, and it seems plain th»t a good trade with the country districts is going to follow the distribution of the larger dairy earnings Pastures are reported to have picked up well since the rain at the beginning of the week and a heavy production is confidently expected. Conditions are now excellent, in spite of a little weakening in the London price for butter. The result will he a much larger income for the farmers, to the advantage of general trade.

City retail trade is only very gradually improving, but the return of real spring weather has brightened business during the last couple of days, and has attracted the attention of buyers to seasonable requirements All sports goods are selling well. The building trade shows little or no improvement in regard to residences, although the returns for the year will probably be lifted to a fairly high level by the very large contracts still to be let. These entail a demand for large quantities of cement and other materials, but the general demand that residential building brings about is very limited at present. .

Tradespeople state they are looking forward to a busy Christmas, and to satisfactory trading daring the whole season. Although just at the moment, there is a temporary reaction in the upward move in the price of butter, the large production this year will very greatly increase the circulation of money, and there will also be very satisfactory returns from wool The first sales of the season will commence in Wellington on November 14, the opening day. in Auckland being November 24. Expert opinion anticipates good prices and a heavy offering The present indications point to most farmers taking advantage of the first sale to quit all the wool they have ready, instead of holding it back or consigning to London, as full rates are expected to rule at (he auctions The latest London advices make reference to the relative scarcity of greasy crossbreds bringing about good prices, as these have been wanted for Yprkshire, Scotland, Belgium, France and Eastern Europe, and good prices are expected here. English wools have been selling well, und the season starts with stocks of New Zealand and Australian wooi very low. ihis is very 'satisfactory to producers, for the condition has come about during a period of very indifferent activity On the othei hand there are indications of an improved demand, although certainly of only a limited nature Thus the Scot lish mills are much more active, and the early autumn improvement is being well maintained Some of the manufacturers are said to have sufficient orders in hand to keep their plant running full time for several months, and they have notified that delivery for late confirmation orders cannot He effected before the early part of next year* It is pointed out in Bradford that wool values are ruling on a basis well above the relative prices for tops, and New Zealand farmers will apparently reap the benefit of this position

• TEA. The position is becoming even more difficult for importers, for at the Colombo sales last Tuesday there was a strong general demand, causing prices to "eco** l ® firmer all round, even though the Quality was not exceptionally good. A feature in the market lately has been the irregularity of prices, due to the uncertainty as to the Indian crop, as this is unlikely to pre ■ duce a large surplus l* l * stated that London stocks are ten million pounds less than at the same date last year, and this is causing heavier buying at all the producine markets, while Russia has also been buying much more heavily than last year RESIN. I'he market has recovered from the recent weakness, owing to an active general demand. causing an advance in. all grades, especially in the finer sorts T^e crop has been practically all gathered, and at ocka are not excessive, so any further move in the price is also likely to be upward. COCOA BEANS. These have been ruling very high, but the market has given way a little, owing to a smaller demand for Europe. However, stocks are only moderate, so a substantial fall is not likely. LA RD OIL. All hog products have advanced in Pno® in America, and this line is now so high that very little is likely to be sold tor export. THE FRUIT POSITION New Zealand growers appear to be in a very good position as regards the disposal of their exportable fruit next autumn. 1 here is a marked reduction of supplies in the United States, the greatest fruit producing country in the world, and this will mean leas competition from old stocks when the new season's New Zealand fruit comes on the market. The latest estimate of the United States Department of Agriculture puts the apple crop at 50 per cent of tnat of last year, the peach crop at 54 per cent., and the pear crop at 70 per cent This remarkable falling-off in production has not yet caused any pronounced advance in prices, but this must come about later on when old stocks of dried mats are worked off American raisins are sellin" at less than the cost of production, and this is being reflected in attractive prices in Auckland shops. American figs are also selling at low prices, transparent packets contrasting favourably with the old-fash-ioned Turkish wooden boxes. DRIED FRUITS. While Californian old season's hav« been very low in price lately, this is apparently resulting m a great increase in the sales, and it is stated, that stocks are being rapidly cleared. With distributors holding no large reserve _ stocks a firmer undertone in the market is develop inK ' EGGS. Unchanged at Is Gd retail for duck eggs and Is 8d for hen eggs. Any change seems likely to be upward. POTATOES. Local stocks are extremely liß ht . due t.he small shipments from the South this week coming to a bare market. Demand has been exceptionally heavy, and, available supplies have run so low that merchants will find difficulty in filling orders during the early part of next week as the earliest supplies are not expected wnti about Friday The price is unchanged at the low level ruling in the South, and large purchases have heen made at these rates, so the local market should soon be fully supplied Business continued at 15s "to £7 while stocks lasted, but the market has since assumed a firmer tone, and buyers are glad to book to arrive at £fi 15s ex wharf. New potatoes are selling at threepence wholesale tor quality, and this makes the retail nnce so high that the quantity moving off makes very little difference to the sales of old crop. ONIONS. Normal sales are taking place in Cana dian and Californian onions, the high price checking any exceptionally heavy demand, especially when other vegetables are so plentiful and cheap. OATS AND CHAFF. The weaker tone brought about by the breaking of the drought is becoming tno'-e pronounced, although it is very possibly also due to the usual storage demands For wool in the South, This often helps to lower the market during the spring. B grade onts are selling quickly at 4s Id ex ' store, and best Southern chaff at £9 10a ex store. . _ WHEAT. Fowl wheat is extremely, firm, and very little is now obtainable in trie South There is either a definite shortage or else the holders, are adopting a firm attitude. the result being that nothing can sell her© at less than Bs fid ex store However, there is no difficulty about supplies anticipated, for an Australian shipment should bo here early in November to sell at about the same price. BRAN AND POLLARD. I The low price is causing both lines to move off fairly well, although as the season I advances more buyers will doubtless find I themselves able to do with amaller Quantities.

MAIZE. The market is very fully supplied from the coast, and consignments are realising 5s to 5s 3d on the wharf, according to Quality. The condition has-been moat disappointing this season, the wet autumn preventing the grain from assuming the. hard and dry condition which usually prevails before this time of the year. A few exceptionally good samples arriving are being picked up foi seed purposes, but it is expected that not much will be .planted, this year, aa farmers are looking forward to their pastures retaining a better condition than usual. Of the limited seed demand this season a good proportion will be'supplied with South African grain recently imported. GRASS SEED. Any little demand for grass and clover seed this year is being supplied later than, usual, as the farmers could not get their land into suitable order, while the heavy rain continued. Fields are now in good order for drilling, but altogether the quantity put in will be small, as most farmers prefer autumn sowing, especially in a year like this, when it was so late before they could touch their land. IMPORTS AND EXPORTS.

CONFERENCE AT GENEVA. QUESTION OF PRISON LABOUR. (Received October 27, 8.50 p.m.) A. and N.Z. GENEVA, Oct 27, A committee of the Imports and Exports Conference discussed the exceptions that could be made to the convention. Australia was invited to send a representative. The only question of interest to Australia was that of prison-made goods. The Australian view that the unrestricted entry of such goods would be unfair competition was supported by Bri tain and the United States. Delegates from several of the European countries said they thought such fear wa3 merely a legend belonging to the past, but as a result of the deliberations it is now thought some provision will be made to exclude such goods from the convention P. AND O. COMPANY.

DIVIDEND OF 10 PER CENT. (Received October 27, 10.30 p.m.) A and N.Z.-Sun. LONDON, Oct. 26. The P. and O. Company has declared a dividend for the year on its deferred stock of 10 per cent., tax free. The dividend amounts to £359,252, of which half was paid as an interim dividend. The annual report is not pub lished until the end of November, DRAPERY IMPORTING COMPANY. CONFIDENCE IN FUTURE. [BY TELEGRAPH. OWN CORRESPONDENT. J DUNEDIN, Thursday The forty-third annual meeting of the Drapery and General Importing Company of New Zealand, Ltd., was held this afternoon.

The report stated that the year had been one of financial stringency in the Dominion and of universal contraction in the volume of business. Under the circumstances the company had had every reason to be pleased with the result attained Indications were for satisfactory prices for the company's main articles of 'export and for aq increase in the volume of its dairy exports The company had every confidence that the upward tend ency would be progressive. Mr E. I. Halsted, chairman of directors, who presided at the meeting, said that for some time past the directors had had before them the necessity for rebuilding the premises acquired some years ago fronting Lambton Quay. Wellington The directors were able recently to arrange the purchase of the freehold cornet of Lambton Quay and Brandon Street, which will consolidate the company's Wellington property. Plans had been prepared for a new building to work m with the build ings erected in 1905. When completed the company should have a magnificent store and also splendid blocks of offices for letting purposes The directors hoped a start would be made with these build ings immediately after Christmas. The chairman reviewed the balancesheet, which has been published. The directors recommended the payment of dividends of 6 per cent for the half-year on preference shares, and 10 per cent, on ordinary shares, and the transference of £9968 to reseive, hringing it to £65,000. The balance of £35,981 was to be carried forward. The report and balance-sheet were adopted. 8 Messrs P. L. Halsted and Alfred Fels were re-elected directors, and the auditors were re-elected. STOCK SALES. GOOD YARDING AT MATAMATA.

Dalgety and Company, Ltd.. held their fortnightly stock sale at M&t&mata on Wednesday TJjere was a good yarding of all classes of stock, and late rates were realised. Prices were:—Beef cattle: Fat cows, £6 5s to £7 2s 6d; medium fat cows, £3 5s to £6 lighter sort*, £4 17s 6d to £5 5s light fat heifers, £4 15s to £5 12s 6d; fleshy cows, £3 17s 6d to £4 7s Cd; forward conditioned bullocks, to £8 9s; three-year-old Hereford steers, to £8 7s ; another pen, £7 9s, two-year steers. Shorthorn. £4 16s; yearling Jersey heifers, £6 ss; yearling Shorthorn steers, £3 ss: yearling Jersey-cross heifers, £8 1» to £3 ss. Dairy cattle- Best Jersey-cross, in milk, rip to £l6: others, £ll to £l4 15s; Shorthorn cows, in milk. £9 ,to £l2 others. £? to £8; inferior sorts. £3 10s to £4 15s; heifers in milk, to £lO 10s. springers, £8 to £ll 153; backward sorts, £3 10s to £7. Pigs: There was keen com petition for big stores and good weaners, and late rates were" well maintained. Forward stores, 33s to 38s ; others. 28s to 31a: weaners best to 24s 6d: others, 13s to 19s.

PRICES AT HIKUTAIA. [BY TELEGRAPH. —OWN CORRESPONDENT.] HIKUTAIA. Thursday. The Farmers' Co-operative Auctioneering Company held a successful sale at Hikutaia yesterday, when there was a good yard ing of cattle and pigs Beef store cattle and pigs sold well up to late rates. Prices were:—Beef; Light prime fat steers, to £lO sa; heavy fat cowa. £7 16s to £8 17s; fat cows. £5 10s to £6 15s: lighter, £4 5s to £5; young empty cows, £3 to £3 15s; store cows. £2 to £2 17s: inferior sorts. 28s to 355; two-year mixed coloured steers, to £3; yearling Jersey cross heifers. £3 10s to £4 17s 6d; others. £2 to £2 15s; Lulls. £6 to £l2 159. Best dp.iry cows, £9 to £lO as; others, £6 to £8; springing heifers, £9 10s to £lO 15s; smaller heifers, £6 10s to £8 10s; backward sorts. £3 to £5 10s. Shorn hoggets, 16$ to 19s 6d; good store pigs, 34s to £2: smaller, 26s to 80s: slips, 20s to 243; good weaners. lGs to 18s: lata weaners, 10s to 14s. PROPERTY SALES. William A. Home, Ltd., will offer at auction at their rooms. Home's Buildings corner of High Street and Vulcan Lane, at one o'clock to-day. semi-bungalow of 5 rooms, on section 5U s 150 it., at 3, Bollard Road. Point Chevalier; also, under conduct of the registrar of the Supreme Court, bungalow of 4 rooms, on section 50 !*. 236 ft.. in Oliver Street Point Chevalier. Eobt. C. Carr and Son will offer at auction at 12 o'clock to-day. by order of the mortgagee, under conduct of the registrar of the Supreme Court, house on auar ter-acre section at Winstone Park Estate. Samuel Vaile and Sons. Limited, will offer at auction at their room# at two o doc* to-day residence at No. 20, Woodford Road. Mount Eden: residence of about nine rooms, with half-an-acre of ground, also three buildins sites, fronting Gladstone Road and Benfield Road, Mount Albert; cottage in Union Street, City, and three sections at Deep Creek, in the estate of I. Barris. deceased: poultry farm, orchard and small_ store, comprising three and a-half acres, in Glenfield Hoad. Birkenhead, also, under writ of #alo. house of five rooms and four acres of land, in Wallace Road, Manurewa. T. Mandeno Jackson will offer at auction at their rooms, 9, Commerce Street, at 11 o'clock this morning, residence of eight rooms on section 51ft. 4in.. by 200 ft. at 163, Hemuera Road: in the estate of the late John A. Endean, brick building of one «nd two storeys on section in Khyber Pass Road, with frontage of 66ft. and depth of 182 ft.; two-storey wood and iron buildinc on city section with two frontages of 103 ft and depth of 96ft. 2in.; two-storeyed dwell ins of six rooms at 7, Graham Street, off Victoria Street; two residential sections in Norwood Road, Bayswnter; and 4} acres of land at Mount Smart Road. Penrose.

Rutherford, Robinson and Austin, actinn under conduct of the registrar of the Supreme Court, will offer at auction at their rooms. Lister Bufldintr, at 12 oVlock to-day, property at 16. 'WvTidnam Street, havinor frontage of 331 ft. to Wyndham Street and Theatre Lane and a depth of 113 ft.