COMMERCIAL

Southland Times, Issue 19515, 15 May 1922, Page 2

COMMERCIAL

AUCKLAND MARKETS. (Special to the Times.) AUCKLAND, May 12. Choice Delicious apples realised from 12/6 to 15/-, a distinct rise over last week’s prices. Jonathans sold from 7/- to 8/6, some boxes rising to 9/-. Northern Spys brought 7/- to 10/ 7 , while other varieties sold from 5/- to 7/6. In cooking apples Bailarats realised from 8/- to 9/-, Munros 7/- to 9/-, and seconds 5/- to 6/-. Of the various, varieties of pears, Winter Coles, Winter Nelis and Elizabeth Coles sold from 13/- to 15/-, according a quality. Other varieties realised much, lower prices, while a large supply of ripe fruit went from 5/to 7/-, and at times 8/6. Tomatoes, supplies of which are falling off, realised up to 10/- a case higher than was reached last week. Passion fruit, which are coming in in smaller quantities, realised from 6/- to 10/-. Persimmons sold from 4/- to 5/-, some lines fetching 6/-. Tree tomatoes also brought from 4/- to 5/-. Local fresh lemons sold from 6/- to 12/-, cured 15/- to 22/-, according to count. Rarotongan oranges advanced in price, selling at frpm It/- to 12/6 a case. Bananas were in ripe condition, and prices fell somewhat, ranging from 11/- to 18/-. Ripe hothouse grapes from Sydney realised from 4/- to 20/- a box, while local hothouse grapes sold at from 1/7 to 2/4 for first grades, and 1/to 1/6 for seconds. Guavas fetched 3/- to 4/6. TIMARU MARKETS. (Special to the Tinies.) 'TIMARU, May 12. On the local grain and produce market things are moving quietly. There is a growing opinion that there is not so much milling wheat as it was anticipated there would be, and that the Government will not be under the necessity of purchasing for export such a large quantity as was at one time expected. Millers are only buying odd lines of superior quality. They are sufficiently well stocked for present requirements and are showing no disposition to buy now stocks which they believe they will be able to get later on. Fowl wheat is in steady demand at 4/6 to 4/7, f.0.b., but there is not very much good whole wheat offering. There is a fair quantity of under-grade fowl wheat, smutty, and shrivelled lines, but these are hard to quit at 4/- to 4/3. Oats are dull in a wholesale way, this being attributed to the Southland crop coming on to the market. Much of this is of second grade, and is consequently selling at lower prices than, were formerly ruling for oats. To-day’s quotations for A grade Gartons are 2/7 to 2/8, while B’s are quoted at 2/4 to 2/5. The season for Algerians is practically over. Dark heavy Duns arcmin good demand at 2/9 to 3/-. Barley is dead. So far this season it has not been in other than a comatose condition, and this state of affairs is attributed to the fact that brewers are not operating. They are still working on stocks bought last season. It is predicted, however, that they will have to come on the market shortly. By way of an experiment, a local firm shipped a line of barley Home this week, on consignment.

The cocksfoot market is a little livelier than it was, and farmers’ samples are worth 5d to 6d per lb. Good heavy ryegiass is very firm, but there is very little now left in, farmers’ hands. Good Italian is worth about the same, and Western Wolths about 3d more. Clovers are not offering to any great extent yet, but the first samples of the new crop are expected to come on the market next week, when the price is anticipated to open at not lees than 1/- per lb. There are buyers now at this figure. Splendid weather has been experienced for harvesting the crop, which promises to turn out fairly well Potatoes are difficult to sell, owing to the fact that most of the markets are oversupplied. A lot are being shipped to Auckland, and other North Island ports. F.o.b.s.i. fair quality, merchants are offering £3 10/- on trucks, sacks in, but for specially good table lines a little more than this can be obtained. Linseed is just starting to come on the market, and it is selling at £l2 10/- pa ton, on trucks. DUNEDIN REPORTS. (Special to the Times.) DUNEDIN, May 13. Millers are showing very little interest in the wheat, market, as they are now carrying heavy stocks. Even samples of good quality are becoming difficult to place. Several parcels of sprouted wheat are still offering from the south, but these are not being accepted for milling. The majority of these growers are therefore holding their wheat in the barns. Some, howevei; are selling for fowl wheat, the price of which to-day is 3/10 per bushel, sacks extra, on trucks. The shipping demand for fowl wheat is quiet, and sales have been made from Canterbury at 4/5 f.0.b., sacks extra. Local merchants cannot do business on this basis, in view of the prices asked by growers. Milling wheat (new season’s).—According to Government prices: Tuscans 5/6j f.0.b., Hunters 5/9J, Pearl 6/33. Dunedin millers’ prices are as follow : Flour, 2001 b, £lB per ton; 100’s, £l9; 50’s, £l9 10/-; 25’s, £2O. Bran, £5 per ton. Pollard, £9. Oatmeal: 200’s, £l9; other quantities, £2O. The New Zealand oat market has weakened, chiefly on account of reofferings from Australia. This has caused some merchants who have been holding stocks to sell at a reduction, and A grade have been quoted during the week at f.o.b., s.i., with Bs down to 2/10, f.0.b., s.i. No sales are being effected from this port, as growers will not sell at a price which will permit merchants to turn their purchases over at a small margin of profit. Offerings from the country are fairly plentiful, but a good many of the lines are under-grade and there is no market for this quality at present. Consignments of chaff have eased off, but as feeders are fully stocked, the market shows no improvement, and £4 15/- per ton, sacks extra, ex truck, is the highest price for best quality. According to advices there are a number of stacks now being chaffed in the country, and it is expected that there will be fair supplies available here within the next fortnight. Several trucks of chaff that have been badly weathered are now arriving on the market, but the demand for this quality is very quiet, and sales have to be made at about £3 per ton, sacks ex truck, in order to effect a clearance.

Digging of potatoes is now nearly finished on the Taieri, and consignments have eased considerably during the past week. There are, however, fairly heavy supplies in stores, and for these from £4 10/- to £4 15/-, sacks included, ex store, is being asked. The demand is on the quiet side. There now seem® to be a better tone for delivery later in the year, and during the week sales were made at up to £5 10/- per ton f.0.b., s.i., spread delivery, July-September. Merchants ire buying forward, as they ai ticipate- that the quantity of good potatoes will be in short compass in a month or two, following on the prevalence of blight. BRUCE WOOLLEN CO. A BONUS issue;. (Per United Press Association.) TIMARU, May 13. “Fifer” in the Timaru Post writes that the Bruce Woollen Mills Manufacturing Company has circularised* its shareholders stating that it is making a bonus issue of 70,000 shares in the proportion of one/share for every four held. The capital of the Company is £BO,OOO and this bonus distribution will increase it to

£lOO,OOO. The reserves are over £40,000, and £20,000 of this will be transferred to capital account by the issue of these bonus shares. STOCK EXCHANGE. (Per United Press Association.? AUCKLAND, May 14. Sale: South British, 36/-. BUTTER POOL NOT INTENDED TO HOIJD UP PRICES. (By Telegraph--Press Assn.—Copyright.) (Australian and N.Z. Cable Association). LONDON, May 12. Five of the principal importers of colonial produce in a letter to the newspapers state that the promoters of the New Zealand dairy pool have no intention of establishing a ring to hold up the price to consumers. Such an object was obviously unattainable because the competition of dairy produce from other countries ensures a regulation of price by the law of supply and demand., The writers express the opinion that the interests of the provision trade are safeguarded by the promotor’s assurance that they intend to distribute all the produce through the existing trade channels. LONDON MARKETS. LONDON, May 11. Wheat cargoes are steady in view of Continential demand, Benvollich 57/3. Very httle is doing in spot. Australian due is quoted at 60/6. Flour is quiet. Australian ex-store, 43/6 and 44/-. Barley is inactive. Oats are firm. Peas and beans are steady and unchanged. Sugar, granulated, 48/9. LONDON METAL QUOTATIONS. LONDON, May 11. Copper, £6O 3/9. Lead, spot £24 5/-, forward £23 5/-. Spelter, £27. Tin, spot £l4B 16/3, forward £l5O 1/3 Silver, 35§d per ounce. MELBOURNE HIDES MARKET. MELBOURNE, May 12. The hides market is firm for all weights with condition and substance, but medium lights and inferior sorts declined a farthing.

WOOL MARKET. KEEN DEMAND FOR FINER SORTS. SYDNEY, May 13. The Daily Telegraph commenting on the animation of the wool market, says that seldom has the demand for merinos been so keen and widespread as to-day, and seldom, if ever, have the general conditions of the market been so favourable to growers. It is truly a wonderful market. As the prices go up the demand seems to widen and accentuate. Practically all sections are operating, and all are eager to secure supplies before the season ends. ' Buyers unable to fill orders in auction rooms have been keen operators privately. The crossbred position also shows a distinct improvement, though marked preference is revealed for the finer free descriptions. The demand for very coarse burry sorts is still prejudiced by the big weight of “Bawra” low grade crossbreds remaining over from the appraisement scheme, which hangs like a wet blanket over the trade. CROSSBREDS BUOYANT IN LONDON. LONDON, May 12. At the wool sales a moderate selection of merinos sold well at full rates. Crossbreds were bouyant and the market for all grades very firm. WHEAT CARGOES FIRM. LONDON, May 12. Wheat cargoes are firm and prices generally unchanged despite a large advance in the American market. BANK OF NEW SOUTH WALES. CAPITAL TO BE INCREASED. The half-yearly perid of the Bank of New South Wales enedd on March 31, and the transfer books closed on Thursday last. The annual meeting of the shareholders will be held in Sydney on May 30, when the directors propose asking the proprietors to increase the capital by the creation of new shares. The present paid-up capital is £5,000,000, and the reserve fund is £3,500,000. The previous increase of capital was agreed to in. November, 1919, the capital then being increased from £4,000,000 to £5,000,000 by the creation of 50,000 new shares of £2O each. Those shares were issued at par, shareholders having the right to take up one new share for every four shares held. BRITISH TRADE. THE APRIL RETURNS. LONDON, May 11. The Board of Trade returns show that for April the value of imports decreased by £12,901,190, and of exports by £4,359,936, while re-exports increased by £676,112, as compared with the corresponding period of last year. The principal decreases were:— IMPORTS. ' £ Meat 5,265,887 Dutiable food and drink .. 4,825,935 Non-dutiable food and drink 2,415,638 EXPORTS. £ Machinery' 3,503,948 Iron and steel manufactures 1,943,449 Vehicles 1,352,070 The principal increases were:— IMPORTS. £ Raw cotton .. .. 2,621,553 Raw wool 2,686,874 EXPORTS. £ Coal 3,340,638 Cotton yams & manufactures 1,560,421 THE PUBLIC ACCOUNTS EXCESS CUSTOMS RECEIPTS. HELD FOR CURRENT REQUIREMENTS. (Per United Press Association.) WELLINGTON, May 12. Referring to the public accounts, the Prime Minister stated to-day in reply to certain criticisms, that £2,409,000, excess Customs revenue collected in the financial year 1920-21 as the result of over-importa-tion of goods into the Dominion was reserved from March 31, 1921, for the purpose of supplementing the revenue for the year which had just closed. The amount was held in cash and liquid securities, and was available for the requirements of the current year. Mr Massey stated that the criticisms he had seen were reasonable, and on the whole favourable.