COMMERCIAL.

Southland Times, Issue 18984, 19 November 1920, Page 2

COMMERCIAL.

STOCK EXCHANGE. No sales were reported yesterday on ’Change, and the following were the quotations : Bank of Australsia, buyers £BS. N.Z. Coal and Oil, sellers 4/10. Westhaven Timber Co., sellers 14/-. Westport Coal Co., sellers 32/-. Southland Farmers’ Co.-op., Ltd., sellers £4, buyers £3 15/-. Wright, Stephenson & Co., Ltd., sellers 43/-. Southland F.M. & P.E. Co., £1 shares, sellers 31/6, buyers 30/-. Southland F.M. & P.E. Co., 10/- shares, I sellers 16/9. | Waihi Gold Mining, buyers 30/-. Waihi Grand Junction, sellers 9/6. Peninsular & Orient, deferred, buyers ! £4lO. U.S.S. Co., pref., buyers 20/6. Kaiapoi Woollen Co., buyers 31/6. Milburn Lime & Cement, sellers 35/6. N.Z. Hardware, pref., sellers 19/-. Papuan Products, buyer, 1/10. Greater Lyceum, sellers 6/6, buyers 5/-. War bonds, 1938, sellers £92 5/-. War bonds, 1939, sellers £92 5/-. Invercargill Borough, 4} per cent, debentures, sellers £S4, buyers £Bl 10/-. Mosgiel Borough debentures, sellers £BO. N.Z. River Plate, buyers 21/-. THE WOOL POSITION. WELLINGTON SALES CANCELLED. (Per United Press Association.) WELLINGTON, November 18. The Wellington wool sale, set down for Monday next has been cancelled. The catalogue would have totalled in the vicinity of 2500 bales, and the brokers were prepared to hold the tale with the view of testing the market for the North Island wools. It was considered that the catalogue would have comprised an offering fairly representative of the North Island, and so would have afforded some indication of market values. Latest advice from the Wool Buyers’ Association, intimating that they desired cancellation of the 'Wellington sales, has led the Wellington Woolbrokers’ Association to fall into line. The sales will be resumed at Christchurch on December 7, and will continue as follows;—Timaru, December 10; Dunedin, December 14; and Wellington, December 20. CHRISTCHURCH SKIN SALES. HEAVY DECLINE IN VALUES. CHRISTCHURCH, November 18. The first auction sale of sheepskins since February, 1917, when the Government commandeered sheepskins, was held to-day, the catalogue totalling 20,034 skins. In consequence of the heavy decline in wool values at Monday’s sale, -and also of the fact that there has been a big drop in Australia in values of sheepskins, it was fully expected that there would be a substantial drop from commandeer values, but even taking these facts into consideration, the prices obtained to-day were generally speaking below the expectations of sellers. However, more than three-fourths of the skins offered were sold. The following comparative range of prices for abattoir and other salted skins, estimated at per pound, gives an indication of the extent of the decline in prices to-day:— Commandeer Auc. Prices Valuations, Nov., 1920. Super Merino 12 jd 9d Faulty Merino 10/ d 7d Sound Haltbreds .. 14d 7 id Faulty Haltbreds .. lid Gd Sound 'I-breds Kvjd sid Faulty ;j-brcds .... lOjd 4d Sound (. iossbned.s .. 11 id Tjd Faulty Crossbreds . . lOd osd Pelts 6*d 2d Faulty Pelts od Id TALLOW SALES. (By Telegraph.—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) LONDON. November 17. (Received November 18, 5.5 p.m.) | At the tallow sales 2830 casks were offered and 594 said at about 4/- decline. Fine mutton realised 7 0/- per cwt, medium SS/-; fine beef, SO/-; medium, SS/-. j THE PRICE OF GOLD. LONDON, November 17. (Received November 18, 5.5 p.m.) The official price of gold is 11S/9 per ounce. LONDON WOOL SALES. LONDON, November 17. (Received November 18, 5.5 p.m.) At the wool sales Government reserves are varying from day to day. The with- i drawals to day were smaller than yesterday, hut the market is unchanged for till qualities. SHARE QUOTATIONS. LONDON. November 17. (Received November IS, 5.5 p.m.) Waihi shares, buyers 28/9, sellers 31/3; Junction, 8/9. TRADE IN WELLINGTON. The fall in values and the weakening of trade are distinctly perceptible in Wellington, and some traders in a big way are experiencing an anxious time (reports the correspondent of the Press). One thing seems Inevitable, and that is that, there must be a tailoring off of imports until the balance of trade is restored. Butter and cheese are now being shipped, and it is believed that such arrangements have been made that the proceeds of their sale will be immediately available in Loudon. In the meanwhile the banks, being short of credits in London, are exercising a very close supervision over their clients, and providing accommodation only for such imports as are considered absolutely necessary. The shrinkage in the volume of imports must be substantial, because loan money is not at present available in London ; that is to say. the Government cannot borrow in London because of the high j rate of interest, consequently the benefit of ' such loans is not available for adjusting ] trade balances. j "SITUATION NOT ALARMING." ( The following is from the Australian Investment Digest, for November, 1920: — While the situation demands serious thought, it is not really alarming. Money will con- j tinue to be tight for some months yet, and ■ the community generally will have to reduce its expenditure. That, however, will bo no great hardship, for many persons have been spending far too much of their income. Relief will come when the wool and wheat have been realised, and the proceeds are available in London to restore the banicing credits. The decline in share values is not very serious, for many stocks were over-valued. Times may be a little hard, but, after all, the community should be able to stand some adversity after the good times it has had. A pessimistic attitude by the average man will not do any good. On the other hand, the man who resolves to make the best of it and not the worst, and who will back that resolve by supporting sound enterprises, if he has ready money, or by giving a full day’s work for a full day’s pay if he is a worker, will benefit not merely himself, but be a genuine benefactor to the community in general. BANK ADVANCES ON WOOL, Commenting on the financial outlook, the latest issue of the Mercantile Gazette states: —“Banking accommodation is not easy to obtain. Against wool, overdrafts are tardily granted to the extent of 5d or

6d per lb. Meat is also regarded unfavourably by bankers. Hides are low and tallow unsaleable; hence our farmers will not be good buyers in the near future, save, of course, in the butter-producing districts. The banka will be called upon to assist the farming community to a considerable extent. These demands, with those made by local bodies, and now the compulsory loan under the Discharged Soldiers’ Settlement Act, will be a further drain on the finances of the country.” Referring to the volume of importations, the Gazette says:—-“ Merchants who gave orders during the war for more than their requirements to ensure getting some supplies were compelled to leave open the date of delivery. British manufacturers, seeing before them an era of dear money and lowering prices consequent upon the Continent exporting (Germany beat America last week for an order to supply locomotive engines for Java), have gone over back orders, and have executed them as speedily as possible, merchants getting fulfilments of orders they newer expected. Goods ordered for delivery in 1921 have already been landed at Dominion ports, resulting in over-stocking the markets in most lines. With travellers on the road offering retailers goods at landed cost, the banks are naturally diffident about giving accommodation. To accentuate the money tightness still further, last tenth account day did not see the usual total reached. It would appear, therefore, that drapers and such lines are not enjoying the usual volume of seasonal business.”