COMMERCIAL.

Otago Daily Times, Issue 18537, 24 April 1922, Page 6

COMMERCIAL.

Daily Times Office, Saturday morning. The prices of Bell’s matches have been reduced all round. Brasso shows a slight reduction in prioe. Regent cigarettes are being reduced to the same price as Capstan—-namely, 8d retail for 10’s, and Is 4d for 20’s. Quotations received for the new season’s rice show a reduction in price,’ but shipments will not arrive here till May or later. Zig-Zag cigarette papers are unprocurable. New shipments are expected immediately. The Tainui has brought supplies of Gilbtey’s dry gin, Hennessey’s brandy, and glauber salts, and a number of other lines. Shipments of prunes, ex the Waitemata at Auckland, transhipped to Katoa, have reached the local market, and are going into immediate consumption. A small parcel of Capstan andi Three Castle tobacco has just arrived and gone into retailers’ hands. Capstan tobacco, full, has been temporarily reduced in price to Us 6c duty paid. The Canadian Spinner, now at the wharf, is discharging kerosene at ex wharf prices. The tame vessel also carries full supplies of motor spirit and benzine. Bulldog pea meal, lib packets, is again available at 6s 6d per, dozen. The Imperial Tobacco Company (of Great Britain and Ireland), Ltd., earned a net profit of £6,927,641 during the year ended October 31 last, or £267,850 more than during the preceding 12 months. Dividends were paid as follow:—5J) per cent, upon tho A cumulative preference shares, 6 per cent, upon the B non-cumulative preference shares, and 10 per cent, upon the 0 non-cumulative preference shares. Upon the ordinary shares an interim dividend of 5 per cent, wm paid, free of income tax, on September 1, 1921, and it was proposed to declare a fine! dividend of 10 per cent, and a bonus of 6d per share, both free of income tax, these dividends being the same as those for the previous year. After providing for dividends, and an interim payment of £352,908 as bonus to customers, there remained a balance of £729,657 to be carried forward, out of which would have to be met the balances of the bonus to customers for the year to October 31 last. A bonus at the rate of 15 per cent, on the the yearly salaries or wage® woe paid to the staff. The issued' capital of the' company is £35,380,594, while the assets amount to £63,880,108. Stock in trade is set down at £32,721,996. 'THE NEW ZEALAND LOAN. Press Association—By Telegraph— Copvriaht LONDON, April 21. Tho final instalment of 30 per cent, for the New Zealand loan is payable on July 6; 20s interest is payable on July 1. The financial newspapers anticipate a' good public subscription.—A. and N.Z. Cable. THE APPLE MARKET. FIRM) DEMAND IN LONDON. LONDON, April 21. The demand for apples continues to be Item. The Westmoreland’s shipment of Cox’s realised 19s Gd to 365; Ribstones,’ 16s to 20s; Worcesters, 17s 6d to 20s; Reinettes, 18a to 19s; Golden Pippins, 17s to 22s 6d; Armagh’s Tasmanian Cox’s, 17® 2d to 20s; New Yorks, 17s to 18s; Alexanders, 16s to 17s; Ribstones, 17s to XBs; Munroe, 17s 6d; Worceeters, 16s to 17s. Pears, per' tray: Vicars, 3s 9d to 4s: Bosch, 5s 9d; Clairheaus, 3s'3d to 4s; Largebay West Australian Cleopairas, 18# to 19s 6d; Dunne, 16s 6d to 19s; Jonathans, 12s to 15s Gd.—A. and N.Z. Cable. NATIONAL WAR BONDS. LONDON, April 21. The GoveMiment is offering to convert about £263,000,000 5 per cent, national war bonds, maturing in October, 1921, and April, 1923, either into ih per cent. 10-year Treasury bonds at par, with a cash payment of £4 per cent.; or into a3J per cent, conversion loan at £134 for each £IOO. NEW SOUTH WALES LOAN. LONDON, April 21. It is expected that the New Smith Wales loan of £5,000,000 will be issued at the end of next week. The price hae not yet been fixed. —A. and N.Z. Cable. LONDON MARKETS. LONDON, April 22. (Received April 23, at 5.5 p.m.) Cotton.—Liverpool quotation, American middling upland, May delivery, 10.9 d per lb. Jute.—Native first marks, March-April-May shipment, £2B 5s per ton. New Zealand Hemp.—April-June shipment, £3l per ton. Rubbfer.—Fine hard Para, IOJd per lb; plantation, first latex Crepe, Bgd; smoked noDed sheet, B|d. Copra.—South Sea bagged, March-May shipment, £24 5s per ton. Linseed oil, £4l 10s per ton, equal to Ss 3Jd per gallon. Turpentine, 75s 6d per cwt, equal to Ss Bid per gallon. Sheep,—Canterbury heavy, 7d. Lambs.—Canterbury light lljd, second lOJd; Australian best, 10jd. New Frozen Beef.—New Zealand hinds, 4d; Australian hinds, 4Jd ; chilled Argentine fores 3|d, hinds 6Jd; other meats unchanged.—A. and N.Z. Cable. Messrs Dalgety and Co. (Ltd.) report having received the following cablegram from their head dated London, April 20, 1922: “New Zealand prime crossbred lamb— Canterbury heavy lid, do light 11 id; North Island heavy Kttd, do light, lid. Demand poor owing to cold weather. New Zealand prime crossbred mutton—Canterbury heavy 7id, do light 6Jd; North Island heavy 6gd, do light 7£d. Demand good. , New Zealand prime ox beef—hinds 4d, fores 2Jd. Demand poor. Market New Zealand lamb steady; mutton, firm; beef dull. Australian good average quality crossbred lamb —heavy 9d, light lOd. Australian good average quality crossbred mutton —heavy GJd, light 6Jd. Demand Australian lamo poor; mutton, poor.” THE WHEAT MARKET. LONDON, April 21. Wheat cargoes are occasionally 6d higher. Cargoes ex Nilemede, 57s IJd; parcel ex Citv of Norwich. 5Gs 6d.—A. and N.Z. Cable. LONDON, April 22. (Received April 23, at 5.5 p.m.) Wheat cargoes are firm on higher American quotations. There is a good British and Continental demand at occasionally improved rates. Quotations: Afloat, 57s 3d; April shipment, 57s fid. For steamer parcels there is a fairly active demand at 66e 9d afloat. —A. and N.Z. Cable.

SOUTHLAND MARKET REPORT. (From Our Own Correspondent.) INVERCARGILL, April 24. Oats.—Since last report there has been something in the nature of a setback in price in so far as delivery to merchants is concerned. Farmers have been laying in stocks of good grade oats for seed, and there baa been a strong demand for milling. These demands having now been supplied, . priced to growers have come back from 4d to 6d per bushel, and the price on trucks is now more on a parity with shipping values, which are nominally on the basis of 3a 3d, f.0.b., s.i., for A grade Gartons, equal to 2s Gd to 2s 7d per bushel at growers’ sidings, this depending on distance from port. From samples shown this week it is ‘ evident there will bo a lot of 0 grade oats offering in Southland as Veil as under grade. Chaff.—ln view of the fact that numbers of farmers will have on their hands oats which cannot be fit for threshing, merchants are of opinion that no upward movement can be expected in this article as cheaper low grade stuff will have the tendency to keep the market at a low figure. Best quality old chaff does uot command more than. £3 10s at growers’ sidings to-day. Ryegrass.—Despite tile fact that considerable. quantities have been offered during the week, little business has been done. Merchants find it Impossible to do business with northern centres at a profit, and having secured sufficient stocks for the demands of their own retail trad© are now either holding off of offering at prices so much lees than were obtainable recently that farmers are showing no disposition to sell. So much light-weight seed is being offered, it is a foregone conclusion that prices will continue to fall During the holidays there was little doing in the stock market, with the exception of fat lambs and freezing-weight mutton. Fat Cattle.—The market continues to be well supplied, but prices are sheaving an Upward tendency. At the Wallecetown sale on Friday last prime beef showed an advance of at least 35s per head. This, U 6, doubt, was partly duo to the email yarding, hut even considering this the market showed an improvement. Prime realised from 27s 6d to 30s per 1001 b, price per_ head ranging from £9 5s to £l3 6s. Mcdiufii quality stock sold at from 22s 6d to 36s per 1001 b, price per head ranging from £7 to £8 10s. Fat cows were not keonily competed for, the prioe ranging from £3 103 to £4. . Tho whole yarding being secured by Woodlands Meat Works, Ltd, Store Cattle.—This class Of stock is a drug in the market, and few sales have been reported. Prices have shown no Change during the last six weeks. Th£re is, however, still a good demand for dairy cows and heifers, and these have been selling at prices ranging up to £ls 15s. Pat Sheep.—This market continues to 'improve, and prices to-day are from 6s to 8s better than those ruling two months ago. Freezing buyers, operating with increased limits, have forced the market up Is 6d in the last fortnight. Prime wethers are selling from 22s to 265, while 28s 6d has been paid for extra prime. Medium wethers have changed hands at from 19s 6d to 21e 6d. Pat Ewes. —The operations of freezing buyers has reflected in this market, a largo number of lines suitable for export have found their way to the worlrs. Prime ewes are selling from 14s 6d to 16s 6d, mediums from 10s 6d to 14s.

• Fat lambs have hardened a little, and the price per lb is noW in the vicinity of Bd. Freezing lines have been selling at from 23s to 26s 6d. others ranging from 19s to 26s fid. Store Sheep.—There is still a good demand for young ewes, but few lines are offering, moot sheep farmers having assembled their flocks and disposed of all Prices afS on a par with those ruling during the last month.

OAMARU MARKETS. : (From Ocb Own Correspondent.) OAMARU, April 22, Owing to the Easter holidays the week has been a abort one from a business _ point of view, but a fair number of transactions have been recorded, both in stock and produce, both markets showing a good deal of activity. A fairly largo quantity of wheat has borne forward during the week, hut it included several lines which were considerably below milling standard and which will, as a. result, have to be disposed of as fowl feed. Some fair-sized lines of good quality wheat, threshed from the Stack, having changed hands’ for milling purpose®, tho transactions including lots of 400, 500, and up to 1000 sacks of mixed sorts. The millers, however, are not very keen buyers, and are taking only the primest and oleanet® samples. Any lines that do not comply with this standard are being rejected. Fairly large quantities of oftts have been on offer during the week, but the inquiry is not Bo keen as it has been. A few sales have been mad© for milling, A grade Gortons realising up to 23 8d per bushel at country siding®, while B grade Gartons have been sold at up to 2s fid. Algerian oats for feed ing have been sold at up to 2s. Barley is still neglected. There is no de mand for 'it, and no business is passing at all. Farmers’ undressed lines of cocksfoot have been disposed of at up to 5d per lb. Medium lines of ryegrass have found purchasers at 2s 6d per lb, while for extra clean lots as much as 2s 9d has been given. On account of the holidays business in tho stock market has been somewhat restricted this week. As far as sheep and lambs are concerned the market maintains a healthy tone, the demand for both lines being good. There is a keen inquiry for good rap© lambs, which, However, are not procurable in largo numbers. There is also a fair demand for rape ewes, forward owes, wethers suitable for fattening on turnips, < and breeding ewes. A considerable number of wethers have changed hands during the Week. Owing to the holidays the usual weekly sale at Waiareka was not held, and the only public auction held since my last report took place at Duntroon, where there was a large entry of sheep, comprising some 800 fats and 3000 stores. The latter, which came principally from the back country, consisted mainly of aged ewes and eighttooth halfbred wethers. Bidding was very spirited throughout the sale, which is considered to bo on© of tie best held in this centre for some time. All the yarding was cleared with the exception of about 500. The following are a few of the prices realised: Lake Station wethers, 17a 2d to 235; wether lambs, 13s 6d; Waitangi wethers, 16s to 18s 3d: f.m. crossbred owes, from 13s 8d to 13® 4d; f.m. halfbred ewes, 10s 2d; cull merino ewes, 4s Id; cull merino wethers, 4s; six and eight-tooth ewes to 20s 9d; twotooth crossbred ewes, 2ls 6d; fair crossbred lambs, 18s 7d; good rape lambs, to, 23a 7d; f.m. ewes at from 6s 3d to 13s 4d, according to ago and condition; fat lambs, to 255; fat wethers, to 225; fat ewes, up to 16s. The average price for fat lambs is 8d per lb, but in one instance BJd was obtained for a specially good line. Prices may be quoted os follows; —Rape lambs, 17s; six and eighttooth ewes, 22s 6d; two-looth halfbred ©Wes, 18s; halfbred owes, guaranteed sound, 19s to 21s; sound-mouth ewes, 22s fid; four, six, and eight-tooth ewes, 23s to 255; failingmouth ewes, 12s fid (on© lot realised 15s); two-tooth halfbred wethers, 15s 6d to 16s fid; four, six, and eight-tooth, 17s 6d to 19s; extra good, to 22s 3d; fat lambs are selling well nt from 27a to 295. The cattle market ia still lifeless, end no transactions have been reported during the week except those recorded at the Duntroon sale, where 33 were disposed of at the following prices:—Twelve 18-month steers, £2 7s 6d; two three-year-olds, £3 16s; five two-year-olds, £3. Dairy cows, £7 5s to £8 15s; back-calvers, £4 to £5 10s. THE SOFTGOODS TRADE. EFFECTS OP FALLING PRICES. The effect® on the operations of softgoods warehouses of the “unprecedented fall in stock values” during 1921 were commented upon by Mr James H. Riley, chairman of directors of Beath, Schiess, and Felstead, Ltd. (Melbourne) at the annual meeting of shareholders. It was tho first time in the history of the company, the chairman said, that tho result of the year’s operations had been such as to render it impossible to pay a dividend on the ordinary share capital. The history of the company disclosed a gradual increase in turnover and profits, until the turnover reached a sum three times as much ns that of the year in which, the company took over tho business. In common with all other softgoods businesses in Australia the company had now to face big losses. Shareholders would realise the very difficult position in which tho whole of the softgoods trade, in fact every trade, woe placed when the sudden and unprecedented fall in stock values occurred. Prior to the fall, the company was advised that stock was very’ scarce, and that its orders would not bo filled for 12 months or two,years. Then, without warning came the collapse in prices in Europe and America, with the result that not only were the orders filled, but they were filled immediately, and the company was left with a very large stock which wa® extremely difficult to sell, and results were not as satisfactory as the directors had hoped. The outlook for tho future was brighter, trade had opened up exceedingly well, and the turnover for tho first two month® of the current year Showed an advance of £47,000 when compared with the corresponding period of the previous year. With a continuance of present conditions he was hopeful of a return to prosperity. Mr J. May said that the collapse in prices was absolutely unprecedented, and many house® had suffered in consequence. Business men of other countries had eaidl that Australian warehousemen had been too honeat in their business transaction®. On the collapse of nricee foreigners cancelled contracts, and refused to take delivery of goods. Australians had taken the goods ordered, and mad© a loss, and in some cases it had resulted in business suicide. Mr A. N. L. Benporath stated that there liad been a lot of talk about unprecedented falls in value, but in his opinion there had

been unwarranted, rises, The. directors had had warning of the crash that was coming, and should have been prepared to meet the losses. He mentioned several large rctai' houses that had made handsome profits. The Chairman replied that retail business was vastly different from wholesale business. The wholesalers were compelled to follow the market iff .order to buy; they were not re sponsible for the rises.. He had Seen the figures of many large Australian soft goods businesses, and he could assure shareholders that in comparison with some of them the company “was in heaven.”

THE FRUIT AND PRODUCE WORLD, Reilly’S Central Produce” Mart' (Ltd.) report:—Business is now settling down after the holidays, and a fair demand is experienced for all lines. We received and sold: Strawberry plants: Laacton’s Noble, 40s; Fillbaskets, -30 sto 40s; Ettersburg, 80s per thousand. Errington’s champion sweet peas: 6s for collection of 12 varieties. Violets, 4s to Gs Gd per dozen. Crapes: Local Croa Oolmas, to , 23; others, to Is lOd; Oamaru, to Is 9d; inferior, 9d to la Sd. Poaches: Dessert to 4£d; cooking, to 3d; bottling, _ to 4d. Quinces,' to 2jd. Tomatoes: Christchurch firsts, to 4d; seconds, to. 2d; locals, to Sid; Central, to 4Jd. Garlic, to 2Jd. Eschallots, to 2Jd. Green, peas; Choice, to 2fd- Pickling onions, to lid. Celery, Gd to Is per dozen. Potatoes: Locals, to 8s; Oamaru, to 6s Gd; Taieri, to 8s cwt; prime quality, £6 ex truck; others,' to £5. Hothouse cucumbers, 4s td ss; small, 2s Gd to SS Gd. Lettuce: Choice to 2s dozen. Apples: Choice Coxa, 10a to 12s; Delicious, 12s to 14s; Jonathans, to 10s Gd; others (desserts), 7s to 0s; cooking, 6s Gd to 7s Gd. Pears: 8.8. to 10S; 8.C., 7s Gd; Bergemots, to 8s; 8.T., to 8s; M.L., 129; Conference, to 12s; Winter Coles, 12s. Lemons: American "Pacific” brand,, 60s. Pineapples, to 30a iMandarines; Rarotonga, to 30a. Oranges: American, 60s; Island, 255. Bananas: Ripe, 465. Preserved ginger, Is. Peanuts: Best quality shelled, Gd; unshelled, to Bd. Walnuts, XOJd to Is 2d. Almonds, lid to la Id. Butter; Dairy, to 18 3d; milled, Is 4d Honey: Bulk, to Gfd; sections, 86 to 10S; Jib pats, to 5s dozen; lib pat®, 9s Gd. Hnigreave’s choice canned pines, 21s dozen. Beeswax, Is 9d to 2s, Bacon pigs; Prime porkers, to 7d; prime baconers, Gid to Tdj heavy-weights, to Gd; choppers, 3d. Golden Bay baoon: Rolls, Is Id; hams. Is Id; boneless, is 2d. Eggs: Stamped, 2s lOd; cased, 2s 8d; preserved (Slow sale), is 9d to Is XOd. Cauliflowers, to 7« for choice. Cabbage, to 2s Gd dozen. Vegetable marrows, to 6s. Pumpkins, 9s. Pie melons, 7s 6d. Onions: Canterbury, 9s Gd. Carrots, 6S. Parsnips, to 7a owt. Poultry: Hen* realised from 2s 8d to 3s; cockerels, from 8s (o Bs per pair. - E. OSWALD REILLY, Managing Director, Moray place, Dunedin.