COMMERCE & MINING

New Zealand Times, Volume XXXIII, Issue 7869, 3 August 1911, Page 9

COMMERCE & MINING

WELLINGTON k OVERSEA MARKETS PRICES AND PROSPECTS. TEA. Cables just to hand from Ceylon report. a firm and rising market for all grades of tea. Supplies indicated a falling off and with better quality showing prices wore expected to advance. The Colombo sales held on July . r >ih wore characterised by good competition with general buying. Good liquoring tips brokens wore reported to be about steady, whilst medium and common were dearer. Orange Pekoes were fully firm at last sales’ rates. Pekoes and Pekoe souchongs of all descriptions showed a rise of from one to two cents. High grown dusts and fannings wore in good demand and dearer, but others were irregular and easier. The quality of a few upcountry invoices showed improvement and the selection was fair. Lxports of Ceylon tea to the United Kingdom from January Ist to July Cth totalled about 61,809,0001b5, against 6‘2,1&>,0001bs the previous year over tho same period. To Australia and New Zealand exjiorts aggregated about II.SOOjOOOIbs, against 11,819,70 S last year during the same period. Mail advices us to the Calcutta market, dated July 4th, state that the olforings were on tho whole rather inferior. There was a good ail round general demand and buyers appeared to be more anxious to secure tea than previously this seasou. Common grades wore harder to buy and everything uf “cup ,J quality was well looked after and fetched full rates. Tho opinion was ox'p/essed that tho world would be very lucky if it could get prices below those then ruling. Tho weather in the producing districts during June was unfavourable snd as the outturn last July was large there will not be more tea made this July unless tho weather becomes more favourable. ■ COFFEE. As the visible supply of coffee is reported to be less by over two million bags than it was last year, there does not seem to bo any probability of any material relief. The supply was lower on June Ist than on May Ist, and consequently the “hull" operators acted rather largely in the terminal market. In London quotations were raised to the highest point, though it was expected that they would be affected by increased receipts in Santos, which were due when the mail loft. The returns of tho world's •visible supply of coffee, on June Ist, 1911, and 1910 respectively, wore: 1911 . 1910 Bags Bags Europe 7,786,090 8,941,0100 United States 3,804,000 3,399,000 Brazil 1,322,000 1,965,000 Total, June Ist 11,912,000 14,305,000 Total, May Ist 12,605,000 14,674,000 DRIED FRUITS. On the spot and, in fact, throughout Now' Zealand supplies of currants and sultanas are in small supply. The latter fruit in Smyrna lias undergone a further advance of 10s per byi, making a total rise of A‘2 per ton during the past fortnight. A Liverpool report dated Juno 17th states that shippers confidently assert that the new' crop of sultanas will be very small indeed, and tho little business actually done indicates that the range of prices will be very much higher than. last year. The steamer Bielefeld is expected to bo the first carrier of Mediterranean fruits, calling at Leghorn, Catania and Girgenti, and coining via Beisra, which port she will leave about September 27th for Fremantle, Adelaide, Melbourne and Syd- ; noy. The Linden is expected to be the second boat, and will leave Patras and Smyrna about the end of September for the" same ports. Supplies therefor© of new season's dried fruits may bo looked for hero early in November. Under date May 24th a Smyrna report as # to tho growing, crops of sultanas, raisins and tigs is as follows; —As regards sultanas again an unfavourable outlook shows. The vines have not yet recovered from tho effects of last year’s blight, and are bearing a small show of fruit. Present forecasts point to a likely production of between 28,000 and 30,000 tons, but in view* of the reduced state of stocks everywhere thus quantity will not be sufficient to meet all wants, and high prices must again be reckoned with. The weather hitherto has been unsettled, and rains have been falling at intervals, but no damage is reported from any district., Reports as to the coming of figs are conflicting, estimates varying from 95,000 to 110,000 loads. Is is generally admitted the severe cold, experienced during the winter has affected the trees, and a smaller production than usual is expected. eastern produce. Cables this week report a further advance in tapiocas, seed to the extent of 5s per ton and flake Is up 10s, with pearl unchanged. Nutmegs and mace are without change. Pineapples are cabled as being without any material alteration, but some sizes cannot bo quoted, no reason however, being given. London reported that early in Juno it was difficult to find spot stocks of I£U> cubes, chunks and 2lb whole pines. Cables advised that a strong state of affairs existed,, packers being reluctant to accept fresh business, despite tempting offers, supplies apparently being quite inadequate for wants. Pepper this week is cabled unchanged, and in regard to this lino it is reported that supplies, which for some years had gradually been increasing have now tended in tho opposite direction for two or three years, and under existing circumstances are expected to. do so until prices rise high enough to encourage cultivation. Tho pepper nlant, however, takes five years to arrive at bearing maturity, and the competition of rubber growing has seriously affected popper. Owing to severe competition in Australian dressed rice reports from Sydney go to show that tho price for numbers 2 and 3 grades have been reduced 10s per ton. No, 1 grade, however, remains unchanged. FISH. A marked condition, says the "Pacific Fisherman.” in regard to tho prospects of canned salmon owing to a greater demand than supply, is the increased cost of packing, w'hich- is likely to result in another advance in tho price of salmon of all grades. ’’ One thing the trade throughout the country may feel certain of, and that is no. advance will be made unless it is unavoidable, and no greater advance will bo made than actually is necessitated. Tho packers appreciate the importance of keeping canned salmon among tho staple food products, realising immediately certain grades become listed as "fancy” groceries at a fancy price the consumption is immediately cut down; but the cost of production is something which must be taken into consideration, and the packers must also deal with the question of supply and demand, for they have the world’s wide patronage, which, during tho past year, has been clamouring for stocks they cannot supply. In this connection, the views of a well-known San Francisco packer are of interest. "Tho question of the price of the 1911 pack depends largely upon how match Alaska red salmon the public will consume at tenpeuce per can. It is recognised by everybody that it is impossible to pack sufficient red salmon to supply tho demand at 7sd per can, but the business is so hazardous and the risks so great, and when losses. come they are so heavy, that it is admitted that there is no profit left to the canner if he packs at a price to permit tho retailer to sell red salmon at 7£d per can." So far no prices have been named yet for new season’s salmon, but as is usually the case these are expected i

through anv day now. Our previous advices hereon go to show that quotations must bo greatly ahead of those of last seasou, due to the higher cost of labour, the increase in the price oi tin and oil, also the short run. News to hand from Portugal regarding the sardine fishing indicates that a number of packers have been compelled to close l heir factories owing to labour troubles, and it would, anpour certain that this fish will see a‘linn market for some time to come. In this case also the higher rates for tin plates and oil indicate that there is every X)rospcct °* juices being higher this yeai. Reports ar<s to the effect that the demand for Portuguese brands is increasing, ankl Chat orders from all parts of the world are heavier than has been the case lor some years. JUTE. Cables this week report a higher market for jute and a firm tone prevails. Writing under date end of June, Messrs Giilaudors, Arbuthuot and Co. advise that there has not been the inquiry lor Australian corn sacks which was so much in evidence the previous week, at the same time we cannot help feeling that it will bo dangerous to discount sacks as any indication of a renewal, and the demand is sure to cause a rapid advance. A few days later, writing on the same subject, Messrs Gillandcrs say tho market has been dull, with no inquiry except for a few spasmodic orders for Australian corn sacks, in which fair business lias been done. News from the jute districts is not so good. It seems that the cold and wet weather lately experienced has done more damage than was generally imagined. it does not look as though the crop will be any earlier than lost year. Cutting is progressing very well in the low lands, and sunshine is badly wanted to help tho growth of tho plants in tho high lands. At tho time of writing the monsoon current is very weak and there is little doubt there is to be a break in the rains, which is just what the juto crop requires. SUGAR. Towards the close of last week the price of sugar was increased 2Cs per ton, influenced to a great extent by tho labour troubles in Queensland, For some months past the market at Homo has been an advancing one. Under date Juno 3rd the following London report is available:

Quotations on tho week are mostly 3}d to 3d dearer. The demand has been on a moderate scale, buyers operating only for immediate requirements. The present state of trade is regarded as rather disappointing, as a period of activity had been looked, forward to, especially in view of the lethargy' which characterised the market before the duty question was settled. It is evident that buyers consider there is plenty of sugar in eight without causing them to take future needs into serious account. No doubt the trade hold only moderate stocks, but, as -often happens, buyers do not always follow' the expectation of holders. Attention is etill directed to America. IloUlctb hoping that buying orders will come along for European beet, but New York prices continue below parity on this side. In the United States there is an evident feeling that prices on this side will decline, but the outlook remains uncertain. It remains to bo seen whether tho Java crop may bo pressed for sale; if so, mlues might decline. It is very probable that Jam sugar be attracted to this country in quantity, w'hich contingency would operate against beet. Dry weather on the Continent in places caused a .firmer tone in the speculative market. The Cuban situation has ceased to attract, being pretty well discounted, and attention is centred more on the progress of tho beet crop, also whether offers may be forthcoming from Java.

Beet Sugar.—Prices have been irregular, but are about 3d higher on the week, complaints of the dryness of tho weather causing tho firmer tendency, although tho crops on the Continent in most cases are said to be doing fairly well. Closing rates are:—June 10s 7£d, July ICte Bd, August 10s B*d, September 'los s£d, Ootobar-Decomber 9s 9£d f.o.b. Hamburg, all sellers. Cane sugar has been in slow demand at barely late rates. The better refining grades are slightly cheaper, but low descriptions remain firm on scarcity. TV) arrive about 2000 tons Java have been sold at 11s to 12s c.i.f. U.K. Crystallised is in poor request, quotations haying a tendency to decline. Cuban receipts at all ports for tho week wore 22,000 tons against 39,000 tons last year. Total visible supplies are 2,869,000 tons against 3,664,000 tons in 1910 and 2,932,01)0 in 1909.

METALS. Messrs Vivian, Younger and Bond in their circular doited June 16tQi state that -with regard to the tin market the absorbing feature of that week had boon the severe squeeze for near maturities, which was acute up to tho previous Thursday afternoon. Those who had perpetrated it deserved the severest censure of all who desire to. see a clean and free market. It was easy enough to point to tho damage, but not so easy to find the proper remedy. It might be taken that whatever could bo done to protect tho market from the results of any conspiracy in tho future would be done, and that measures would be taken to restore confidence. Those who had been accustomed to deal in the London tin market need entertain no fear that the authorities were not alive to tho situation which demanded attention.

Private cables j ust to hand report that American fencing wire is slightly firmer. Tinplates are witiibut any change, with a quiet market in evidence. PROPERTY SALES Messrs W. H. Turnbull and 00. report the following sales of property during tho quarter ended July 31et: Eight rooms, Hinton! street, land 58ft x 12m, £IBOO. Seven rooms, corner South road and EJytho street, land 55ft x 150 ft, £I2OO. Five rooms, Brighton street, land 39ft x lintt, £6OO. five rooms, Cornwall street, land 40ft x im. £650. Six rooms, Goldie’s Brae, land 40ft x 120 ft. £BOO. Five rooms, Eintonl street, land 40ft x 90ft, £670. Block of shops, Brooklyn, on land 99ft x Soft, XSOCO. Six rooms, Frecling street, land 40ft x 12ort. £750. Two sections, 99ft x 150 ft, Parade, Island Bay, £725. Section 60ft r 100 ft, Adelaide road, £3OO. Two sections, 92ft x 150 ft, Cornwall street, £360. Two sections, 100 ft x 300 ft, Houghton Bay toad, £IBO. Section 40, Wilton estate, £ll2 10s. Section 7, block 8, Hataitai, £222 10s. Sections 44 and 45, Wilton estate, £225. Pour houses, Thorndon Quay, land 60ft x 150 ft, £2175. Section, South road, 132 ft x 350 ft, £6OO. Five rooms, Matai road, Hataitai, land 40ft x" 100 ft, £SOO. Section 15, Wilton estate, £135. Six rooms, Waiwetn, Lower Hntt, land 4Cft x 132 ft, £7OO. Nine rooms. Marion street, land Ir 1.7 p In area, £2500. Six rooms. Fairview road, Kolburne, land 60ft x 150 ft, £7OO.

THE SHAREMAEKET

WELLINGTON STOCK EXCHANGE YESTERDAY'S QUOTATIONS. MINING. Consolidated Goldfields—lo aan., s-£l 0s 3d; noon, s £1 Cfc 3d; 3.15, ! b 19s 6d, s £1 0s 3d. _ „ Knranui Caledoman —10 a.m.« b Is 2d, s Is sd; noon, b Is 3d, s Is 6d; 3A5, b la 3d, 6 Is 6d. , May Queen—lo a.m., b 2s 3d, s 2a 4d; noon, b 2s 2d; 3.15, b 2s 3d. s 2s 4d. Now Bic Elver —3,15. b £3 18s. New Sylvia—lo a.m., b 3g 6d, s 3s 8d; noon, b 5s 6d, s 3s 7d; 3.15. b 3a 6d, s 3s 7d. Ross—noon, b Is lid; 3.15, b Is lid. Saxon—noon, b 2s 6d, s 2a 7d, sales 2s,

72jd (reported), 2s 7d (’Change): 3.15. b 2s 5(3. s 2c> 7d. sales 2s 7d, 2s 6&d (reported). Talma Mines—lo a.m., b Is lid, e 2s Id; noon, b is lid, s 2s Id, sales 2s (reported); 3.15. b Is lid. s 2s Id. Tal.sraan Consolidated —10 a.m., b £2 10s 9d. s £2 Us 3d; noon, b £2 Us. a £2 11s 3d; 3.15, b £2 11s, s £2 lie od, sales £2 Ua (reported). Waihi—lo a.m., b £3, s£3 Is 6d; noon, b £3 Is, s £3 Is 9d; 3.15, b £3 Is, s £3 Is 9d. Waihi Grand Junction—lo ami., b £1 7s 3d, s £1 7s 9d; noon, b £1 7s 3d, s £1 7s sd. sales £1 7s 6d (reported); 3.15. b £1 7s 3d. s £1 7s '6d. Waihi-Pacroa—lo a.m,. b 12s 6d (prom); noon, b 12s 6d (prem); 3.15, b 12s 6d (pram). Waitangi Consolidated N.L.—lO a.m.. b 5s 2d, s 3s 4d; noon, b 5s 2d, s 3s 4d; 5.15, b 5s 3d, s 3s 4d. Watchman—lo a.m., bls 7d; noon, bls 7d; 3.15, b Is 7d. Note. —The letter "b” signifies buyers and “a” sellers. INVESTMENT STOCK.

ON OTHER EXCHANGES. PBES3 ASSOCIATION. AUCKLAND, August 2. Business don© at tho morning call of tho Auckland Stock Exchange to-day included:— May Queen, 2s 3d. Sylvia, 3s 7d Occidental. 3d. Saxon, 2s 5d to 2s 7d. Waihi, 61s 3d. Crown, 3s Id. Waihi Extended, Is 7d. Grand Junction, 27s 3d. Oashraoro Timber, 20s. Wilson Cement, ordinary, 395. Afternoon call: — Maw Queen, 2s 4d, 2s 4d. Saxon, 2s 6d. Tolluridos Proprietary (contrib.), 4d. Waihi Grand Junction, 27s 3d. South British Insurance, 74s 9d. CHRISTCHURCH, August 2. Sale reported:— Feilding ,Gas, 22a -6d, DUNEDIN, August 2. Stock Exchange sales:— Waihi Grand Junction, 27s 7d. Saxon, 2s 6id, 2s 7d.Rising Sun, 40s. Sales reported:— New Zealand Paper Mills, 21a 3d. Grand Junction, 27s 6d. Saxon. 2s 6cl, 2s sid, 2s 7d. ON THE LONDON MARKET. NO CHANGE IN PRICES. By Telegraph—Press Association—Copyright. LONDON, August 1. Tha prices of colonial investment shares are unchanged. STOCK EXCHANGE TELEGRAMS. SAXON. The ■Wellington Stock Exchange received the following telegram from the Saxon Company yesterday :—“ln breaking down reef to-day strong blotches of gold seen; reef making stronger.” NEW BIG EITEE. The Wellington otook Exchange received a telegram yesterday stating that the Now Big River Company had declared a dividend of one shilling, payable to-morrow (August 4th). WELLINGTON CUSTOMS. The Customs revenue received at Wellington yesterday totalled £2220.

Buyers. Sellers. Sale*. £ 8. d. £ B. d. £ a. d. FlNANCTAIr— National Mort’ge, Ltd 3 10 0 N.Z, Loan and Mercantile ... 0 17 0 0 18 0 _. N.Z. and R. Plate Land, Ltd. ... 2 0 0 _ Wcl'n Invest T.A. Co.. Ltd O il 6 — Wcl'n Trust Loan. Ltd — 7 11 0 — GAB— Chri.st’cli £5 (ex) 9 12 6 Napier 25 0 0 25 10 0 ■Wcl'n. £10 (ex ... 18 10 0 Wcl’n, £7 IDs (cx) 14 15 0 — — INSUE.ANCB— Standard of N.Z. 1 11 0 — meat Peeseeving— Christchurch Ilea* Co — 16 2 6 Welling’n Meat Export, £5 — 6 8 6 WeJling'n Meal Export, £4 — 5 6 0 WelTng'n Meat Export, £2 12s 6d ... — - 3 5 0 — SHIPPING— Wellington Steam Perry, 15s pd. ... — 0 17 0 MANUPaCTDEINOKaiapoi Woollen pref. 5 6 0 Welling’n Wool'n. ordinary — 4 0 0 _ COAL— Ilikurangi — 0 19 3 Ta-upiri — 1 2 0 — Westport 1 8 9 1 9 0 — Miscellaneous— Leyland O’Brlea Timber 1 8 3 Manning and Co.. Ltd — 4 6 0 N.Z. Drug Oo., Ltd., £2 2 9 6 _ N.Z. Paper Mills — 1 1 9 Sharland and Co., Ltd., ordinary ... — 1 5 0 _ Sharland and Oo. Ltd., preference — 1 5 0 Taranaki Petroleum, £1 pd. ... 0 16 6 0 17 0 Taringamutu Sawmills, Ltd. ... 2 6 0 2 8 0 _