TRADE IN AUCKLAND.

New Zealand Herald, Volume LXV, Issue 19929, 24 April 1928, Page 9

TRADE IN AUCKLAND.

WHOLESALE AND RETAIL. COUNTRY BUYING IMPROVES. PRODUCE MARKETS REVIEW. Forward booking is keeping the wholesale houses busy this week, but any increased activity is largely with country districts,' as city trade is not brisk. All retailers seem inclined to let the wholesale carry stocks for them, and the general report is that in most of tJie common lines the tendency is to buy only sufficient at a time to last for a week or two. The result is a multitude of small orders almost daily. However, in the country retailers are beginning to buy a little more freely, the pay-out on butterfat being at a price that more than compensates for the reduced production during the dry weather, and storekeepers anticipate that a very fair amount of buying will continue during tho winter. Even when the butter-fat production falls off still more, there will be a fair return coming in for fat cattle and pigs, both at high prices, and this should circulate a good deal of money during the winter. Drapery and clothing houses note an improved demand for autumn and winter goods, although the weather even now is not sufficiently pronounced to force attention on this branch. Coal merchants report a distinct increase in the orders for coal and firewood, householders evidently securing a stock early.

Hardware is a little brighter, but merchants miss the turnover and building material that would accompany more active residential building in the suburbs* although city building of business premises continues brisk. LEAD. The weakness in tho market continues, and the metal is now worth about a ton less than at this time last year, or £l2 less than two years ago. A London authority states there seems no reason for prices to advance, except that a radical improvement in demand is anticipated in some quarters. The outlook is obscure, with a lack of confidence on the part of buyers. The demand everywhere seems to be slow, with the possible exception of the United States, and even there the business at best is only moderate, and insufficient to exert a favourable influence on the European market. British trade prospects are described as bright in many quarters, bnt tangible evidence of this seems to be lacking in the metal industry. Germany, which has helped the international lead market during recent months, does not promise a very cheerful outlook. RUBBER. The recent removal of the restriction of output, appears to have been partly anticipated in America, the chief consuming country, for prices were gradually owing to liquidation of stocks in New York. Even some planters hud begun to urge the removal, as the restriction had not achieved the result expected. Conoerted efforts were being made in America to get legislation passed, enabling consumers to form combines for buying purposes, particularly in cases such as rubber, in which it was alleged that foreign monopolies were detrimental to the interests of American consumers. HAMS AND BACON. All descriptions have advanced lately, and it is stated that producers are finishing off their fats as quickly as possible. Retailers had already advanced their prices before the higher prices for beef and pork came i/nto effect on Monday. EGGS. Hen eggs of full size are becoming very scarce, and are selling at 2s Kid to 3s retail, with every prospect of an advance. Pullet eggs now form such a large proportion of the supply that a different price has been arranged. and they are now retailing at 2s fid. This virtually amounts to selling ny weight. Duck eggs are also plentiful, and are retailing at 2s Pd. Chilled eggs are "beginning to be drawn from cool store, and are retailing at 23 4d. HONEY. Producers have had a favourable season, particularly as far as quality is concerned, and this is causing a better demand for the various descriptions now exposed for sale. For city trade the nopulsr line is the small section honey, retailing at lOd, which compares well with £lb. tins at Is lOd. but the latter are selling well where packing is a consideration. _ , . Honey producers in America are optimistic regarding the future, if only the market outlets and demand, receive better attention. It is pointed out that every industry except honey has tried to tench the housewife the benefits of using its particular article of merchandise, whereas it is hopeless for a single bottler or packer to advertise honey adequately, because his whole volume of business would not be large enough to iustify a reasonably large- campaign. Wholesale in America declare that honev is too high in price compared with jellies, .jams, preserves and sugar, and also that it is sticky and inconvenient to handle. The Department of Agriculture declares that unless honey is standardised it will be difficult to extend the demand. and co-operative marketing will probably be necessary to meet the problem. CANNED FRUITS.

The demand has not, yet fully set. in. owing to the plentiful supplies of fresh fruit at cheap prices, but packers have inane pood preparations for the season. New Zealand houses are offering a better selection than ever this year, in both pie fruits and dessert, the pears beinp of a particularly (rood quality. Tasmaman packers are offering a new line—fre3h fruit processed and packed in tins for cooking or for jam. Hitherto the usual size has been Gib. tins, but this year ther© will be also 3]b. size, fpr household use.. and by packing the fruit unsweetened it can be used for all purposes. In ordinary dessert the usual importations from California and Australia a:ro being arranged. DRIED FRUITS. Noticeable features this year are the extra quality of apricots from South Africa, where a favourable season ensured a good crop of large fruit. Peaches are also being imported this year. The good season for prunes in California has resulted in some specially large fruit being available, and these are now offering in Auckland in 18/20 s" ze - Only a limited pack was graded to that POTATOES.

Southern are very plentiful at £7 10s, ex store, for the best quality, but poor lines are most difficult to sell at any price, amd several substantial lines have had to be sent, to the destructor Owing to the expected supplies not arriving by the Kanna on Sunclay. there will be an opportunity to work stocks down somewhat, as there will be no more to hand until next Saturday. ONIONS. Rest quality Southern are selling at £9 10s, ex store, n.nd most of the recent arrivals have turned u.t> in good condition, with a few weak lots occasionally. They are not equal in quality to the local, but the latter are being held for sale at the better prices expected "toward the end of the "WiTiter, as there will be no more export. Arrangements have already been made for importations of Japanese onions for June-July shipment, to arrive about five or six weeks later, amd these are now offering at lGs Gd a crate of about lcwt. OATS. Continued export is keeping the r>ric<> firm, and local merchants are asking 4s id to 4s !>d, ex store, in small lines, but the demand is only moderate. CHAFF. Unchanged at £9 5s on .the wharf, or £9 10s ex store, with a fairly steady de« zrlind - WHEAT. As anticipated, the concerted efforts of Canterbury growers have forced up tne rrico threepence. Snot stocks ate almost exhausted, but booking to arrive in tak-ng place at 7s Gd oai the wharf, or 7o 9d ex Btore ' POLLARD. Practically unprocurable, but supplies are due on the Marama whioh will have to sell at £ll ss, against local nulling at £9 lira. MAIZE. A shipment arrived on Monday, and realised 5s lid to Gs on the wharf. SEEDS Orders for grass ssced are about.'over for the season, very few small quantities being required during the past few days. FERTILISERS. Deliveries are still takinsr place at the low prices to those farmers who took the precaution to order "Before.the adyanco took place, and they have until the end of tlio moaith to tako delivery. FLAX. Rather a dull inquiry in London and New York, with no further change in tlio price. KAURI CUM. Tlio market is much ip the same condition of comparative stagnation, a little inquiry taking up most of the low qualities boing produced, and enabling holders to work off their stocks. With an obscured outlook they are constantly endeavouring to effect

sales from stock, the resv.lt being that generally there is & larger tonnage being exported there is coming into the city. White gum is being produced only in/very small quantities. Of the little the diggers do obtain, they are not rescraping much, so this description is practically » dead letter, whereas it has been selling up to £2OO. A little seven-eighths scraped is coming in, and is meeting a poor demand at £145 to £ IGO. and three-quarter scraped at £l3O to £145. Ordinary white, has. not been produced in large quantities since farmers virtually gave up ploughing, but any to hand has been selling at £7O to j £BO. Small quantities of white nuts have ; worked off at . £OO to £7O. Diggers have been working the a warn PS -during the dry weather of tne last few months, and have fouind a fairly ready sale of good at £35 to £4O, and poor at £2B to £3O. Chips j and dust are cleared periodically at £3O to £4O. . , , In black gum there is no demand for rescraped, so the diggers are sending it in unscraped, the best washed realising £BO to £B3. Medium black is slow of sale at £3l to £ 40. but o good deal of poor black has been taken for linoleum manufacture, when it can be secured at os low as £3O to £32. Chips are selling fairly well at £22 to £25, if hard. Black chips and dust are irregular, good selling at £ls to £iG, b "5 poor will not sell at present, although offered at £lO to £l3, and stocks are accumlating. Bled bush was selling at £IOO to £llO when American manufacturers were able to mix it with other gums, but now that so little is being used they appear to have cut it out altogether. Summing up the position, the chief supplies at present consist of chips, wnite chalk and poor blacks. Fair quantities in the aggregate are movmg off, .'with a noticeable preponderance of trade with the United States, instead of London ana the Continent. NATIONAL TOBACCO CO. CAPITALISING RESERVES. MANAGING DIRECTOR'S SERVICES. Considerable interest has been aroused among Auckland shareholders of the National Tobacco Company, Limited, of Napier, by a circular issued under the signature of the managing director, Mr. Gerhard Husheer. An extraordinary general meeting has been called for next Thursday in Napier, and it is proposed among other things to increase the capital of the company and to issue to Mr. Husheer 35,000 £1 shares. It is proposed to make certain alterations to the articles of association, and by capitalisation of reserves, to double the present holdings of all shareholders. » The proposals to be submitted to the meeting provide first for the increasing of the nominal capital to £200,000. The articles of association are to be amended in the direction of giving the directors additional power to refuse to sanction transfers of shares, among the new reasons being if "the shares are sold at inflated prices." New articles are proposed providing for the capitalisation of reserves by the issue of fully-paid ordinary shares or by the payment of the uncalled liability on any issued shares. The fourth proposal is that the company shall enter into negotiations with Mr. Husheer, tht> present managing director and manager of the company, with a view to the com pletion of an agreement provisionally ap proved by the directors, the contents of which will be announced at the special meeting. In the event of this agreement being completed the company is to allot to Mr. Husheer, "for the considerations expressed in the said agreement," 35,000 fully-paid ordinary shares. The final proposal provides for capitalising £35.793 of the undivided profits of the company in the following manner £29,298 to be allotted in fully-paid ordinary shares in the proportion of one new share for one share now held to the holders of the 23,827 ordinary and 5471 preference shares now fully paid; £2950 in payment of the uncalled liability of 10s on the 5900 ordinary shares now paid to 10s; and £3545 in payment of the uncalled liability of 10s on the 7090 preference shares now paid to 10s. The present paid-up capital of the company is £35,793. Bv the proposed capitalisation of reserves this will ho increased to £71,586, and the proposed issue to Mr. Husheer will make the total paid-up capital £106,586. According to information received by an Auckland sharebroker, the draft agreement between the company and Mr. Husheer provides that he should act as managing director and expert ' until November 1, .1938, and for these and past services is to be allotted 35,000 shares, to earn dividends from May 1, 1928. In addition, he is to receive a salary of £960 a year, as well as a commission of li per cent, on the gross value of all goods sold by the company until 1938. In the event of his death prior to 1938, the commission of per cent, is to be paid to a person named in his will. It is proposed Mr. Husheer should be permitted to import in his own name, to safeguard trade secrets, such as the foreign leaf for blending purposes, and he is not to be bound to say from whom any imported material is obtained. Receipts for the payment of these materials are to be sent only to the auditor, who is ■to be bound not to give any information unless authorised by Mr. Husheer.

PRODUCE IN LONDON. TALLOW AND HEMP. [BY TELEGRAPH. OWN CORRESPONDENT.] WELLINGTON, Monday. The Department of Agriculture has received the following cablegram, dated April 21, from the High Commissioner for New Zealand in London;— Tallow.—Spot market firm, and fair business for shipment. Present spot quotations are ;*-Mutton: Fine, 41s 6d to 42s per cwt.; fair to good, 39s to 40s; dark to dull, 38s to 38s 6d. Beef: Sweet and or mixed, 40s to 445; fair to good, 38s to 40s; dark to dull, 36s 6d to 37s 6d. Mixed: Fair to good, 38s 6d to 39s 6d; dsirk to dull, 36s 6d to 37s 6d. Gut, etc., 35 s to 38s.

Hemp.—Manila market quiet, but steady. "J" grade, April-June shipment, value £3B 10s. Sisal afloat in demand early this week, No. 1 making £37 and No. 2 up to £35 0s lOd. Demand subsided later, the market closing steady. April-June shipments quoted: No. 1, £36 10s; and No. 2, £35. New Zealand irregular. Some grades, pressed for sale, others difficult to obtain. Fair sold at £29, common quoted by buyers at £2B 10s, without finding sellers. No. 2 tow inquired for, but scarce. Closing values for April-May shipments are: Highpoints; £3l 15s to £32; fair, £29; common, £2B to £2B 10s ; No. 2 tow, £2O; No. 3, £lB. - Apples.—Trade is slow. Large quantities of Tasmanian on hand, are soiling at poor prices—from 7s to 12s, chiefly 7s to 9s. Those from the Hertford and Arawa are generally good. The Huntingdon's Cox's Orange are variable, the Jonathans short of colour, and other sorts good. Average prices are: Cox's Orange, 15s to 18s per case; Cleopatra, 15s to 16s; Jonathans, 13s to -15s; Delicious, 13s to 14s; Dunn's Favourite, Wolseley, London Pippin, 10s to 12s. Pears.—The Hertford shipment is somewhat immature. The Huntingdon's are sound, but backward. Prices are: Marie Louise and Beurre Bosrc. 4s to 5s per crate; Cornice, 5s to 10s; Pac.khams, Winter Cole, Beurre Diel, Louis Bon of Bourbo, and Vicar of Wakefield, 3s Co 3s 6d. Wool.—Bradford: Little new business in piece goods, chiefly affecting Merino, but an improvement is expected later in the year. Crossbred tops are steady. Presewt quotations are: 64's, Merino, warp, 4s 7^d; average, 4s per lb.; 56's, super halfbred, 3s 6|d per lb.; 56's, halfbred, 2s 9j|d per lb. • 40's, prepared, 2s 2d per lb.