FINANCE AND TRADE

New Zealand Times, Volume XXIX, Issue 6314, 14 September 1907, Page 6

FINANCE AND TRADE

LONDON COMMTXRCIAL CABLES. PRESS ASSOCIATION. LONDON, September 12. imports totalled 17,803 tons; Australian, 4510 tons; exports, 3885 tons. Copper—On spot, .£3B; three mouths. JSSS 10s: electrolytic copper. A:7C. Tin—On spot. AI3C6; thi-co months, Xlh.j ss. Silver, 2s 7sd. The American visible supply of wheat and Hour Is €2,HI7,OJ<J bushels. CHRISTCHURCH GRAIN MARidCT. CHRISTCHURCH, September 13. The new wheat tariff propoiuils seem to have had little effect on the local market, for it is uadcivtood that the prices will seldom be hiffh enough to hrinj? the system into operation. Very little business is beinp dorie. for the n*a.son that holder*? are disinclined to take lew than U Bd. Buyers have offered 7d f.0.b., but without success. It is reported, however, that one line of ffcort milling v/heut had changed hands at ‘ls t>d at a country station. There has been an expedient demand for agricultural weed generally this week, especially for ryc*gra«s and cocksfoot. Italian ryegrass and coloniaJiy-grown cow-grnrs of reliable grade have also participated in the demand, and from present appearances very little of these, if any, will bo carried over to next season. GOLD RETURNS. DUNEDIN, September 33. Dredging Returns—Mystery Elat 61oz 4dwt, Koputui 440 a 15dwt, Manuherikia 420 z, Hart ley and Riley 390 z, Golden Treasure 3doz lUJwt. KJectrio I. 30oz Sdwt, Kura 3Doz sdwt, Perseverance No. 1 250 z lOdwt, Central Charlton 220 z Sdwt, Charlton Creek 220 z Bd\vt, Cold King 17oz lOdwt, Muddy Creek 13oz Sdwt, Mclyneux Kohiiioor I3ez sdwt, Maikaia lOoz 15dwt, Mat.au Doz Cdwt. DUNEDIN STOCK EXCHANGE. DUNEDIN. September 13. Stock Exchange Salea—Sailor's Bond, 15o; Big River, 14s. LONDON MARKETS. Dalgety and Co., Ltd., ’Wellington, have received the following cable from their Loudon house, dated the 12ch xnst.: — _ . , Butter—The Copenhagen official quotation is higher by 4 kroner (about 4s Cd) per cwt. The total imports of butter into the United Kingdom for the week ending the 7th inst., amounted to 72,0Q0cwt, as compared with 87,000 cwt for the corresponding week of 190 G. Finest qualities—Prices arc steady; inferior, neglected. , , , Frozen Meat.—Lamb —Prices arc nominally unchanged, but it is difficult to effect sales. Poor demand for mutton, and any change in prices is in favour of buyers. There is also poor demand for beef at unchanged prices. We quote —Now Zealand prime crossbred lamb, Canterbury, heavy sd, light s»d; prim© Canterbury mutton, heavy, 3id, light 4m; North Island mutton, heavy 3i, light weights. 32d; beef, fores 21d, hinds 3i<l. Tallow.—Buyers show no disposition to operate, and quotations are nominal. trade in the city. The volume of business handled during the week by distributing houses has again been of a very small nature, and ip the case of certain lines, dried fruits, etc., there is po evenness in the values quoted by merchants in their anxious endeavours to relievo themselves of their stocks before the imposts are remitted. RiceJapan.— Notwithstanding the advances which have taken place at the port of shipment for both polished and ‘paddy, fh© local market does not respond. It i* only a matter of time, however, before prices must increase hero in sympathy with thp high rates established at the ports of shipment. China,—This lino continues to advance in' - sympathy with Japan at export towns, but m this instance the movement has been reflected in these parts. Desiccated Coooanut. This lino continues to displav a firmer i tendency, doubtless owing to the growth of tho rubber industry in Ceylon, which means, of course, a decreased cocoanut area and increased rubber-planting, tfjus lessening the output. Singapore Produce. The market for tapiocas generally shows a decline, more particularly in small pearl white tapioca. As regards natural or brown sago, this continues to receive greater inquiry on account of its low* price as copipafed with white. , Ginger. Offing to the exchange having arisen prices are firmer. Thor© is no indication of lower rafps obtaining in the near future. Preserved is ruling at per lb locally. Fish. Sardines, —Tho catch in French waters this season is reported to be a comparative failure, and in opposition to the usual oqursp of things, and, in additioiF to the season being late, the fish arc of q size suitable only for the larger tins, viz., halves. It generally happens that fhe smaller fish are tho forerunners of the season, and arc tinned in the “ quarters," or “10 to H." Owing, hoover, to the catch not being of th© usual stamp, there will probably be a scarcity' 1 ot "quarters.’' At the same time, the demand for sardines in New Zealand has been ah ‘ increasing one for snaked, which pom© principally from Nonjray an. 4 Belgium. The Ic*cal market trill'not be materially affected. Dried Fruits. Owing to the disorganisation of prices brought about by the revised tariff, which copies into * force on November Ist, littl© or no demand is being met with by distributors. Cutting of prices hap been in vogue, and as regards clomps, dates, and figs, they can bo bought local)y cons;4orably under cost. In fact, a' complete demoralisation of trade appears to have taken place, and wholesale houses are rushing their stocks to outlets irrespective of cost. This, unfortunately, does not increase the demand, as the market pan only absorb a fjrqited quantity. As regards new season's dates, prices are ruling at 3s cwt. ovpr rii© previous year's. New season's are due at the end of November. Now Season's Cnrrante- —London, advices indicate that the Mediterranean crop has bo©u severely damaged by storms, with consequent inferior quality to last season*?. The quantity available has not. so far, boon affected by the bad weather. Brunes.—Thpso which arc now offering arc more or less sugared. Tho now papk is expected hero in the second we?b in October, but owing to first cost being high, caused by damage to bearing trees in California, and notwithstanding the remission of 2d lb duty, tho cost of tho new season's will work out about on a parity with the old soiling price, which included duty. Figs.—Crops are reported to be good, both in quality and quantity. Nuts. High prices are ruling all round for new crops; of sweet Sicily almonds, Barcelona nuts, and Brazil nuteTca. A good idea may bo formed of tho advance p’hich has taken place in tho Calcutta market when ordinary Pekoe Souchongs opened up this season at nearly six annas, as against three annas last year. This indication has also been as much marked as regards Ceylon, but i« mainly noticeable in respect to the coarser descriptions. It is probable that tho production of tea in Ceylon will show a decrease in the near future, as

tho rubber industry is supplanting this commodity, as well as other lines. Kerosene. Tho Hampton discharged a cargo ex Now York at 10R1 from ship's side, with lid now ruling in store. Up to the present, no further advice of shipment lifts been received as having left New "York. Cheese. Demand continues fair to good at Old per lb. •Butter. Best brands, lid to 11-Jd; separator, aid to 10d; pastry, 8d to B’d. Fairly largo supplies are held, with a moderately good demand. GRAIN. Date. Tho South Island is still practically a dead letter so fur as Wellington is concerned. Importations are still being made from Melbourne. Prices generally lire unchanged. "Wheat. Fair-sized parcels continue to arrive from Australia of fowl wheat. Southern prices prohibit operations. Very little, however, is pafssing on account of tho high figures. Maize. The market is now almost bare, the parcel to hand lust week having had quick distribution. The market is firm at 3s Cd c.i.f. Compressed Fodder. An excellent demand continues to be met with for all shipments arriving. Chaff, Fair supplies are offering. Inquiry, however, is being turned towards compressed fodder. Brim© chaff rules at £o 35s to HC per ton.

A correspondent of tho "Economist” pungeutly asks if the United Kingdom sacrifices her free trade ideal under what system of preference should tine bo done —tho system that the colonics practise, or the system that they desire the Old Country to practise? In other words, shall Great Britain have a general tariff, with an abatement in tho colonies' favour, or shall she admit colonial products free, and levy duties upon foreign products? An agreement upon this point is highly desirable, and extremely important. Tho correspondent sums up the position thus: —Suppose the most favourable case for the colonics, viz., that duties were levied on all throe classes of products—food, raw materials, and manufactures—the colonics would be gaining an advantage in respect of food and raw materials, an advantage they do not really require, because they can now hold their own in these products; but where they are conscious of needing help, viz., in the disposal hero of their manufactured goods in the face of British competition, they would be handicapped by our import duties. Doubtless, all the colonies look forward to sooner or later manufacturing on a large scale, and Canada is giving bounties in order to create a market hero for her manufactures; yet by pressing for preference she is taking a step towards closing against herself the only great free market for her manufactures outside her own borders. Canadian manufacturers, tramolled by Customs duties, would not rciish tho prospect of competing with British manufacturers. The Customs revenue received at Wellington yesterday totalled .£5259. WELLINGTON STOCK EXCHANGE.

The greatness of this store is again showp in our new spring goods. This seasbn we are paying particular attention to our furnishing department, and it will bo to your advantage to look over our spring stock of lace curtains, imported direct from the manufacturer. Exclusive designs from 2s 6d, 4s 6d, 7s 6d. 30s 6d, to 40s, at C. Smith's, Cuba street. , *

YESTERDAY'S QUOTATIONS. Bdybrs. Skllees. Salib & i. d. £ 8. d. £ 0. d FlHAXOIAt—National Mortgage S 2 0 W’aton. Inreotment — 0 12 3 Wellington Deposit and Mortgage .. — 0 10 0 Oil— Feilding .. — 8 17 0 Kapler, ilO — ■ „ £5 ... — 25 0 0 10 0 0 lBBO*AHOX— National of N.Z. 18 9 17 3 New Zealand .. — i i 0 — HZAT PaBRB&TIXO— Gear Meat. 41 ..160 Wellington Meat, £3 12a Cd ... . U I 0 8 5 6 ' Riilwatsako Ssirrnta— W'gt’a-Manawatu, Ex —- 2 2 0 Wgt’n Ftrry, £1 — 0 18 0 „ .. 15s .. — i0 12 6 Miwill-LAHEODS— V Leyland O’Brien lumber ' .. — 2 8 8 S 6 0 N.Z, Drag Go. £3, Cum .. 2 U 0 Taranaki Petroleum. * jElp»i4 .. — 0 U 9 — Mining— Kuranoi Caledonian — 0 0 30} N.Z. Crown .. — 0 7Q Talisman Consol* dated ..256 S fl c ■2 fl 0 Waibi G M. Co. .. 8 12 0 8 14 0 —