WELLINGTON & OVERSEA MARKETS

New Zealand Times, Volume XXXIII, Issue 7851, 13 July 1911, Page 9

WELLINGTON & OVERSEA MARKETS

PKICKS AND PROSPECTS. TEA. Cables just to hand from Colombo are to tue ofieot that prices are very firm iraoea, and supplies arc rapidly diminishing Aa thu Quality ’3 reported to oe mipiovmjr the mantel is expected to see still nigher prices almost immediately. It is ••eported that considerable quantities of itM Imv© arrived iu uo.bourue recently, ami a heavy catalogue will be olierod on Friday next by Messrs Harrison and Crossfieid. of that city. The total oiierings in Ooiombo to Juno Bth were 38,062,5131 b, against. 55.t28.49au last year. The shipments to Australasia wore about t.&D.txuu, rgainat 9,141,b1iib to Uie corresponding period in 1910 Monsoon weather was reported to be experienced all over the •slaud. and this was to have an miiueucing ©fleet on tho market in three or four weeks' time. COFFEE. Advices to hand indicate that the coffee in or ae t in San Francisco is linn, and it is thought that the lowest point has been readied for tho season, especially in view of the fact that stocks are already diminishing. The firm ot Fedro Fradez, of Hio do Janeiro, has published a private estimate ot the Brazilian cohee crop tor the seaoon 1911 as follows: Samos 13.0u0,(Ax) bags, Victoria 760,im> bags, Baida oOu.CUU bags; total, 16,2bU,UiJO bags. These figures says “L'information” (Faria), which. are reproduced, are stated to be rigorously acceded, and based upon systematic reports, but they are contested in various quarters. Linder hate May 13th London icports that there is certainly a growing opinion that if the next crop is neony as large as reports indicate prices are not likely to remain firm wueu tne receipts become heavy, as they generally do iu June and July, ft was stated that there was considerable room for a drop in the Brazilian quotations without atlectlng Costa ’ Kica and other Home trade sons. Tneso were very arm, and even dearea* daring the week, and on improvement in the aemand could easily be responsible lor an advance of some shillings. DEtKD FRUITS. Cables just to hand from Smyrna report that a further drop hae taken place in value* lon* sultaum*. The niairaets do not appear to have reached a steady Level yet, at the same tame prices which axe now quoted arc far and away ahead of those ot last season. Cables from Patras this week indioa-Lo that currants have taken a turn again for the better, to the extent of 2s per cwt. Under -date May 13th Louaon advises that continued reports of unfavourable weather in Greece are making operators very watchful of the position, and at any moment activity might set in, for whether those reports axe wellfounded or not it is more than probable (hat every effort will be made to maintain the present level of prices, and to start the new crop oa about the same oasis. The British Consul at San rran>ieco, according to the San Francisco “Chronicle” of April 14th, states that serious damage has been don© to tn© vintage, and fruit crops, in San Joaquin valley by frosts. It is reported that two-thirds of the grape crops have been destroyed; the fruit crops, however, had not been so eerl*uaiy damaged, but there had been a heavy lets in seedless raisins. Vine grapes were damaged, but as these produce a second crop the loss will not bo heavy. Before the frosts the prospects were for a record fruit and grape crop. As Fresno is the centre of the raisin business prices were likely to advance in consequence of the limited supply. On the spot here there is a general shortage of nearly every line of dried frrata, and a eren-eral interchange of inquiries is being made by merchants throughout New Zealand for various lines. According to statistics compiled by the ntatlst the fruit yield in Victoria for last •R’SSbn and for previous years is as follows:

EASTERN PRODUCE. Singapore white peppers aro cabled as having advanced Id per lb on the week, and other varieties have also advanced to a fair extent. The market for tapiocas is displaying a strong tone, tho various grades having advanced from 2s 6d to ICs per ten. In our last remarks advices .received then indicated that prices were expected to rule nearer £25 per ton than £2O. and flake tapioca is now within £1 of the former figure, London advices state that at the middle of May tapiocas wore quiet, but no weakening in values had taken place. Shipments of flake and pearl to tlio United Kingdom from the Straits for April amounted to 435 tons, of which fifty tons only were flake; shipments for the some month last year totalled 1060 tons, and in no year during the past seven years had tho shipments been below 720 tons. Spot stocks were reported to be heavy, which had an influencing effect on tho London market. Indications showed that shipments were inclined to diminish until such time os prices were sufficiently tempting to encourage cultivation. Indian split lentils towards the close of May at home had undergone a sharp rise, due to tho crop being 25 per cent, short, and higher prices were expected. Pineapples, according to cables just to hand, have shown a small decline on last week's prices for some sizes, whilst other sizes are unchanged, the alteration in value® being for those sizes this market is most interested in. Stocks of cocoanut in Colombo are advised as being Insufficient for requirements, and a higher market is anticipated. Largo business is reported in preserved ginger for new season's first shipment, viz.. Angust-Septembcr. The London market towards the close of May was reported very strong for desiccated, cocoanut, and Covlon was very excited, with shipper® unwilling to make offers.

JUTE. Calcutta reports by cable that tho market has token p, strong advance this week. Although a six per cent, increase over last year is reported, this is not sufficient for requirements, and at the present time the market is excited. A fairly large quantity is reported to have boon booked in Australia, and it is estimated that in all at l?ast 80,000 hales of comsacks are necked for tho Australian wheat crop this season. CHAMPAGNE, Tho following interesting report has .inst boon seemed bv Mr R. E. Sinclair, of Wellington, who represent® in New Zealand the woll-known firm of Messrs Ayala and Co.: “Cable messages published recently will have convoyed to you news regarding the disturbances created by the French vigneTons and their labourers in the province of Champagne, and that very serious ex-

pcssm had takfti place at Ay, also that Messrs Ayala ami Co. had )>cen severe sufferers from the attack made on their premises by the mob. Messrs Ayala state tiin.t, while their Chateau d’Ay and the adjoining residence of Mr v'ictor do Ayala were untouched, the badness prcmiFC* wore (mmidetoly destn>ved bv fire, and large Ft;.cl;.s of -wine were demolished. The altogether are oo'.r.mia'il at upwards ni CO: but it is believed tluit. the amount will be fully recovered eventually The Hrm of Ayala- wad in no way ennecrnwl in Dio dispines which led up to-the present troudes. They have never homrht or F-old any wines or grnness other thiin tho-c produced in the recognised charm ?vicae (Lstricts, and thia was well known throughout the Chnmpugr.e county itself. Owing to the failure of recent vintages thov have actually battled no v.ine ; - u-t all since the 3957’5. The firm had received complete assarames of the snfe*y under all c ; r< umslance.s of their collars and the buildings adjacent thereto, ha* unfortunately owing to the earlier excosr-os in other parts of the town of Ay, the rioters became intoxicated and violently excited, and in Mic al>«cncc at the outset, o! any eiro'tivo protection and control, enormous damage was wilfully done to everything in their path. Naturally the disaster Jims caused a temporary dislocation o. bus in-cv's, but .Messrs Ayala have every hope of lx;ing able to continue shipping at aa early date. SUGAR. Tlio following report is to hand regarding tho London market for sugar ending May 13th: —The market has taken a firmer turn, prices being l*d to 4 ; d dearer on the week, excepting West India crystallised, which is 3d lower. Higher American prices, and receipts in Cuba, showing a falling off more in keeping with the views which favour the rise, are the principal cau.-es of tho recoxory. There U a fair trade demand, confined chiefly to British refined. The American situation is freely discussed in all its probabilities, and too much is made of the Cuban deficiency, which can easily be made good by other countries As toon as tho duty question is settled it will be interesting to watch the progress of tho demand, which should show some expansion; perhaps then the position may be mo to accurately gauged. It is held that trade will become more animated after tho Budget declaration in made known, but in the past this view has sometimes been sadly wide of the mark. The market is certainly in a very sensitive state, tho ups and downs of rsoeut weeks being eminently suggestive. As matters now stand any scarecrow item which offers a bull point is seized upon and made the most of; sooner or later facts and fewer probabilities will gain the ascendancy. Of Russian crystals, over 18,0*30 tons have arrived this year, and tho total is steadily increasing. Stocks of Russian at Hamburg and Dantzig are mounting up, and may play a larger part in the near future than has boon deemed likely. Beet Sugar.—ltecent heavy realisations having ceased, and Cuban news being of a stimulating nature to the bulls, a sharp rocoverv took place in values; but with rumours that tho beet sowings may be larger tlia-n anticipated, there has since been more pressure to soil, find prices have reacted. Tho advance on the ween amounts to about 3d per cwt, and closing ■ rates for Gorman 83 per cent, are —May IQs 6W. July ILs 7>d. August 103 Bd. September ICs 53d, Ootober-Doocmber 9s 9d. all toilers, f.o.b. Hamburg. . _ A Cano sugar has been in cfuict demand at tho former va-luo to 3d decline. To arrive ICO tons West India Muscovado, basis 89 polarisation, ha-vo been sold at 10s. 3d floating landing for tho Clyde. Business has also been dune in low Central American at full prices. Low descriptions continuo in small supply. Crystallised West India has had an improved demand at irregular rates. Receipts in Cuba at _ all ports for the week were SLOCO tons, against 68,003 tons last year. The total production In Cuba up to the end of April was 1,212,000 tons, against 1,412,000 tons m the same neriod of last year Total visible supplies are 3 149.C00 tons, against 2.915.C00 tons last year'and 3,209.000 tons in 1909.

UNITED KINGDOM TRADE. Tha Board ot Trade issued in May_ a return (H.C. 133, price id) dealing, with the “Trade, Commerce and Condition ot People of the United Kingdom from 1831 to 1910 ’ Although compressed within tho limits /of two foolscap pages, the twentynine separate headings provide an *mmonso amount of - diversified inf onnaVoa, and give food for more thought than many a more bulky publication. As showing the variety of the information afforded, th© headings include: Population, birth, and death rats, number of paupers, cost of poor relief, prices of corn and meat, imports of food, per capita consumption of wheat and flour, gross income brought under income tax, yield of each penny and income tax, tonnage of shipping, clearings at London Bankers’ Clearing House, etc. Tho return shows that tho population has grown from 24,000,000 in 1031 to 45,500,000 iu 1910, and while the death rate has decreased from 21.5 per thousand in 1871 to 13.9 in 1910. the birth rat© has also fallen from 33.8 to 24.7 in the same period. Tho ‘number of paupers per 10,000 of the population fell during the prosperous seventies from 393 to 290,, and the figure for 1910 was 248, although the total annual cost of poor relief has increased by more than £8,000,000 in the same period. The amount standing to tho credit of depositors in post office and trustee savings bank; rose from under £56,000,000 in 1871 to nearly £241,CC0.0C0 in 1909. The yield of each penny of tho income tax was £1,162,250 in 1861, but had increased to £2,734.0C8 in 1908, the date of the last available return, while th© gross income brought under income tax increased in the same period from £352,000.000 to £1.010,080,000. Corn has fallen considerably during the past seventy vc:ut but beef has risen. The fishing industry has progressed satisfactorily, for while the value of fish of British taking landed on uie coasts of the united Kingdom was £7,C89,000 in 1891, it had increased to £11,659,000 in 1910. The net imports ol merchandise in 1861 were £182,935,000, or £6 6s 6d per head, of the population, but in 1910 they were £574,654,CC0, or £l2 19 r 9d per head. The exports of the produce and manufactures of tho United Kingdom wore valued in 1851 at £37,164.000, or ,G 1 10a lid per head, but in 1910 totalled £430,550.000, or £9 9s 6d per hea-d. Tho total clearings at th© London bankers’ clearing house were £4.826.0)0.CC0 in 1871, but la at year reached the enormous stun of £l4, 559,000,000.

BRYANT AND MAY. LTD. The directors, in their report for tho year ended March 31st. state that the net profits of the business during the year, added to tho balance brought forward from last account, after providing for interest on debentures, directors' remuneration, expenses of management, maintenance of premises, plant and machinery, and all other expenses, amount to £132,397 4s 6d From this has to bo deducted the interim dividends—on preferred shares at tho rat* of 7s per share for tho half-year ended September 30th, 1910, £53,600, on deferred shares at tho rate jof 6 per cent, per an2“™ to A sail ?, e O leaving available for distribution a balance of £06,797 4s 6d. The director,! recommend payment of further dividends—on preferred shares at the rate of 7s per share (£33,600), and on deferred at the rate of 6 per cent, per annum for six months (£12,000>-£45,600. to place to tho credit of general reserve £25,000 and to carry forward to next account £16.197 4s 6a.

PuJisios. Sultanas. Currants. cwt. cwt. cwt. 191M1 . 29.878 49,440 26,394 1939-10 . 31,23.1 49,810 27.408 1908-09 . 37.434 32,102 11,929 1M7-05 . 40,334 28,283 10,440 1906-07 ... . . 54,843 43,284 11.730