FINANCE AND TRADE

New Zealand Mail, Issue 1617, 25 February 1903, Page 68 (Supplement)

FINANCE AND TRADE

Latest advices from England indicate that the police courts are dealing with commendable severity with oftentleis against the Foods and 13rug Act. A grocer in Holloway was lined £lO lor selling 2oz of shilling butter that had been mixed with margarine; and another vendor £3O, for selling butter adulterated by adding 9 per cent, of water. At Tunstall a grocer had to pay a fine of £2O and costs for selling butter with 2 per cent, of margarine mixed therein, whilst the trade journals contain numerous other instances in which vendors were fined for adulteration and supplying fraudulent descriptions to goods. The British authorities evidently intend to prevent adulteration of foodstuffs, and wholesale robbery of consumers, such as goes on here.

Regarding the position at the date of mail advices Dornsbusch, of 24th December contained the following telegram: Bueiics Ayres, December 23rd: Grain markets have been quiet with practically no fresh business passing. Wheat shows a slight decrease in visible stocks, despite the practical cessation of shipments. The harvesting of the new crop does not make rapid progress, fresh downpours ot rain interfering', and as a good deal ol the grain is already cut the situation causes some uneasiness, and dry weather is much desired. Meantime the market is firm at last week’s pries lor new wheat, January shipment, and what samples have come on the market are of good quality. Maize is quiet. and prices rather easier, but arrivals .from the country very small. The quality is well maintained. Freights remain unaltered and the tonnage in port is slightly smaller. The following are the current quotations for exportable grain, and estimates of the visible supply: —Gold premium, 127.30dc1; wheat average price, paper, per 100 kilos, f.o.b. .Bahai Blanca, 6dol 10c; maize ditto, f.o.b. Buenos Ayres, 14dol 80c; freight to SC. Vincent f.o.b. per ton steamer. 17s 6d; approximate available tonnage at Argentine ports, 165.000; estimated visible supply in tons of wheat. 17,500; estimated visible supply in tons of maize, 12,500.

The competition of American glass manufacturers and plate glass makers has been so severely felt in Belgium that as a measure of protection the great majority of the Belgium glass works have decided to amalgamate, and to form a great Belgium glass trust. A preliminary meeting has just been held, and after a discussion which lasted close upon three hours, it was decided by a large majority of the manufacturers present at the meeting that an attempt should be made to bring about an amalgamation of all the plate glass manufacturers in Belgium into one trust. It remains to be seen if the Belgians will be able to carry out this large scheme, the capital of which will run. into .£5,000,000 sterling.

An expert opinion on the qualities .of Australasian wools has just been published bv the journal representing the British ‘textile trade. The authority states: —It is a remarkable fact that one seldom meets with a tender hock of wool from Tasmania or New Zealand. The wools from these two countries are always sound and they are a little fatty and yolky—a good fault. Buyers would at any time prefer to deal with a fatty wool rather than a tender, mushy wool, for they know that when the wool is scoured it will be sound, good and suitable for any manufacturing purposes it may be wanted for. Victorian wools come next in reliability for strength and soundness of staple, and here the usual thing is to find good sound characteristics Avritteu upon the staple. The western part of Victoria grows wool that cannot be beaten anywhere, and both merinoes and crossbreds are par excellence. High in quality, sound in staple, good in combing length, the wools are well looked after by all buyers, simply because they can be relied on for their true and sound characteristics. South Australia likewise grows a good combing wool, especially the south-eastern part of the State, ’ but the midland and northern portions are wanting often in good sound fleece wool. The wools grown in New South Wales vary very much in character, but on the whole are fairly reliable for strength and soundness of staple. Just 11 ow, with the drought being so severe, the wools are coining to hand very much emaciated; but in normal seasons there is little fault to be found on this score. The north-western clips are a little wanting, being usually.heavy and rather tender. Queensland enjoys the unenviable distinction of being the State, growing, by far the largest quantity of tender, mushy wools, and it is a very common thing, to see what is otherwise a commendable clip literally spoilt and its value reduced by a Id per lb Giving to the weakness of the staple. Western Queensland wools suffer in this respect the most, and if this could be obviated it would be a blessing to the owners. Western Australia is fairly good country for wool growing, but a large portion of the wools are very red earthy, and suffer accordingly.

The Montreal correspondent of the "Boston News Bureau" states that the Canadian Pacific railway has in hand a project for irrigating aii area of territory in the west, embracing 2,500,000 acres of semi-arid land. The territory in question lies between Calgary and Medicine Hat on the Canadian Pacific railroad main line, and as it stands to-day it is practically valueless. It is planned to convey water from the Bow river, which is amply large to supply their irrigating canals. It is estimated that the work will cost a sum equal to about 3dol for every acre of land watered. It is expected that these acres can, by means of irrigation, be made to bear as well as any territory in the entire western country- The executive committee of the Canadian Pacific railway is at present planning extensions into new territory west* of Winnipeg. The officials state that it is the intention to open

several branch lines with Winnipeg as a centre, thus opening a considerable territory to settlers which, up to this time, has been inaccessible. This is developing the resources of the Dominion in a practical manner.

One of the leading Sydney firms representing American houses engaged in the grain trade says that the number of charters both from the American west and east coasts, according to their information, is 39 vessels, carrying, or to carry, an aggregate of approximately 120,000 tons. When the purchases in Argentine, India, etc., are added to this total it appears large, but compared with the deficiency in the Australian crop it is relatively small.

“Dornbusch,” writing on January 2nd, summarised the’ wheat position as toliows: —“The general tone of the market is steady, and will probably remain so, while America continues to bo the principal factor in controlling opinion. Latest crop advices from Argentina are distinctly more favourable, and indicate large exports of superior quality. Thrashing is proceeding, and a rapid increase in the movement to the seaboard is expected in consequence of liberal offers from the interior. At the same time there is a large supply of tonnage available for immediate shipment. I- is almost certain that although there may be some interruption to traffic from severe weather, the clearances in the spring from South Russian ports will be fully up to, if they do not exceed, those of last year. There are indications of nervousness in the trade; prices seem to be strung about as high as circumstances warrant. Millers refrain from buying, except to a very limited extent, and c.i.f. transactions recently have kept within narrow limits. Sales of American red parcels are •♦almost exclusively for prompt or . early shipment, and yesterday’s quotations are only occasionally ljd higher on the week. Californian November B/L changed hands at 31s, and shipped or shipping made 30s 9d. For Walla Walla October B/L 20s lid net cash was paid. A moderate demand is felt for South Russian parcels on the way to London at 29s to 29s Gd. Cargoes of these grades are not in marked re.quest.”

The “’Financial Times” made the following important announcement at the end of December:—“We believe that the directors of the Australasian Mortgago and Agency Company have under consideration a scheme of rearrangement, a position of affairs to which the severe droughts must have largely contributed. The company was formed in 1881, and according to the last balance sheet, its paid up capital amounted to <£939,430 and its uncalled capital amounted to ,£482,690. It had borrowed on debentures in this country a sum of ,£453,165, one-half of which was in the form of perpetual debentures, the other half in the form of terminable debentures. We understand the actual details of the scheme have not yet been adjusted, but that, while the capital will no doubt be reduced, it is not considered necessary, to ask the ci editors of the company to reduce .the capital amount of their claims.”

Provisional returns have been issued of the French vintage in 1902. The total yield is given at 39,943,191 hectolitres of 22 English gallons, a decrease of 18,020,323 hectolitres on 1901, and of 2,797,347 hectolitres on the average of the last ten years. The decrease is attributed to the cold spring, which checked the natural development of the vines, maladies to which the plant is subject, drought m July and August, and hailstorms and a low temperature in September, during tlio period of the ripening of the fruit. The low prices to which wine had fallen, from the abundant vintage in 1901. is also stated to have caused growers to economise in the cost of labour in the culture, and in the outlay for remedies against disease. The value of the vintage is estimated at 848,461,1761. (£33,935,447). In addition to the French vintage, 3,666,111 hectolitres were produced in Algeria. The leading British wine trade journal, commenting on the trend of business, says: —“The trade in French red wines is appreciably suffering from the competition of Australian wines, which are credited with having diverted about 20 per cent, of the British trade in French still wines.”

The total consumption of spirit in Russia for 1300. to which the latest figures refer, was about 26,000,000 vedros (70,000,000 gallons) proof spirit. This yielded the Government just under £46,000,000. The sale of the national drink is now a Government monopoly in Russia, but the new system has, it is stated, not resulted in any decrease of consumption.