COMMERCE AND FINANCE.

Star (Christchurch), Issue 16938, 12 January 1923, Page 8

COMMERCE AND FINANCE.

THE FATE OF BULL CALVES. Bull calves bora into this Dominion during the past year must have found us cold and calculating, judging from the very large number of calfskins Avbich have been offered at the sales (says the Auckland “Star.”). In Auckland district, as in other parts of New Zealand, there has been an extra supply of calfskins, undoubtedv duo to the fact that farmers did not consider it a paying proposition jto allow bull calves to live. This opinion was based on the ruling prices for bcel and store bullocks. Having knocked a youngster on the head the OAvner Avas sure of 5s for the skin, Avhile ho Avould only have received about 15s lor the animal' after nine mouths feeding. Best quality calfskins during 1922 have ruled at from Is to 15d, except during a short period in the winter months when supplies were short and prices went up to ißd. Down south n.n unsually large number of heavy cow hides have found their way into the market, but that has not been a feature in this district. The demand for good butcher’s cow and ox hides has been steady throughout the year. Light ox and coav hides have been about old to 7d per lb ; medium ox 7d to 8d ; and heavy ox Bid to Is. Sheepskins in the early part of the year AA-ere hardly Avorth sending to the sales. When the prices for wool jumped, however, sheepskins followed, and showed a similar increase in value. WHERE HAS IT GONE? There is a steady but slow return to the position in the banking business of the Dominion, when the deposits are balanced by the overdrafts, in other Avoids Avhen the money placed with the banks by the public is on a parity with the money lent by the banks to their customers (says the Wellington “Post” iri introducing a. revieAv of the December bank returns). For some years before the Avar the position was that the deposits AA-ere much in excess of the advances, and this was especially so in the profitable war years, when the excess of deposits over advances, as at the end bf December. 1919, Avere nearlv £15,250,000 of an excess, and at the end of June, of the following year, an excess, or credit to the public, of £19,808,000. But what a mighty fall Avas there at the end of June, 1921! For that quarter the advances made by the banks wire £8.874,390 more than the combined deposits, consisting of current accounts and money on fixed deposit. Not only had the surplus of nearly £20,000,000 as at the end of June, 1920. gone, but there was added an indebtedness of nearly £9.000.000. in al! a shortage of roundly £29,000.000. Where has it gone? Losses in trading by many wholesale houses and farmers’ enterprises; losses in i'ands bought at high prices Avith the proceeds or part proceeds of land sold at high prices; depreciation in the value of stock. avool. meat, and some other products; but not so much on account of butter and cheese, which although selling at reduced rates on those current under Imperial Government purchase, brought, on the whole, fair returns to rnen who were not seveiely shackled with high-priced farms. FRENCH WOOL BUYERS IN NEW ZEALAND. Two or three buyers for French woollen firms were present at the wool' sales at Wanganui. In conversation ' with one of them a reporter learnt that their requirements in avool were iii keeping Avith the quality of the avool produced in this district. The French mills looked for avool s of a fine quality, bs their combing and other machinery were not adapted to taking wools more than two or three inches in length. OAving to the bulk of the avool not being of the description they required, he did not think that they would operate to any extent at the local sales. Wool produced in the. South Island was more suited to their needs. Bradford. American, and German looms, on the other hand, could take wool almost any length. A QUESTION ABOUT BUTTER, A writer in the Wellington “ Post,” referring to the price of butter, says: “Reading in your paper that the price of best grade butter is to be increased by Id per lb. making best brands Is 8d per lb, I would be pleased if you would publish the following question :—Re butter, to be exported to America from Auckland, 190,000 boxes for £500,000 equals £2 12s 7*d a box. £2 12s 7sd for 561 b equals 11 l-3d per lb. If Auckland exporters can sell to Americans at 11 I-3d. so that the Americans make a profit of 600,000d01, Avhy cannot the butter exporters give the New Zealand people a share of that profit by reducing instead of increasing the price to tlieir own people? TARANAKI BANKRUPTCIES. The aftermath of the slump was felt in a severe manner by the small men of Taranaki last year, when forty-four bankruptcies were recorded by the De-puty-Official Assignee. This is a record number for the district under Mr Medley’s jurisdiction, which embraces all the area surrounding New Plymouth and Stratford. Speaking to a “ Daily News” reporter, Mr Medley said that practically all the bankruptcies Avere due to the slump, the men affected being compelled to “go to the wall ’’ in most cases through having started business with insufficient capital. The lowest number recorded during the pass ten years was three in 1920, while the previous highest total was twelve in 1918. Included in last year’s bankruptcies were eight farmers, two sharemilkers and five labourers, the occupations of the other bankrupts being : Storekeeper (1). drapers (2), tailor, bootmaker, jeweller, salesman, plumber, neAvsvendor, drover, sawmiller, taxi driver, bricklayer (1 each), contractors (3), carrier (1), land agent (1), manager (l) 'and waggoner (1). There Avere also three Maoris and two women among the number.