FINANCE & COMMERCE.

Waimate Daily Advertiser, Volume XXIII, 7 August 1922, Page 7

FINANCE & COMMERCE.

POTATO MARKET.

BIG DROP IN POTATOES. Within three days the price of potatoes has receded by about £1 a ton, and conditions at the moment do not point to any decided recovery being made for a space. A few weeks back there was a sharp and unexpected rise in potatoes. The drop which has just taken place, partakes of the same characteristics. It is now obvious that the withholding of supplies from the market by growers to force up the prices were overdone. At the higher rates there have been heavy and as soon as this became evident, the Auckland and other northern"* distributing centres ceased to purchase further. This resulted in the set-back to the market. The Glaucus has just lifted 6068 sacks of potatoes for Auckland from Lyttelton. The Wingatui has also sailed for Auckland with 12,258 sacks. This vessel lifted 6724 sacks from Thnaru, 2692 from Oamaru, and 2842 from Lyttelton. The Katoa is now loading potatoes f°r Auckland at Oamaru and Timaru. The Opihi will load at Lyttelton in a few days, and it is likely to take a heavy shipment. There were heavy rejections in respect of the potatoes for the Glaucus and Wingatui, and the rejected potatoes have to be made up by sound potatoes in other vessels. Under the circumstances the Auckland market is not likely to buy anything but the most sparing quantities for some weeks. Moreover, the Wellington market is now fully stocked. Prices for August have receded to £5 5s to £5 10s a ton, f.0.b., s.i. The new rates for September hav e hardly been established. They vary from £5 15s to £6 a ton, f.0.b,, s.o. The price on trucks, country stations has receded to £4 10s says Friday’s Christchurch Sun.

HOME MARKETS.

(Per Press Association —Copyright.) LONDON, August 5.

Lambs.—Canterbury light and medium Hid, heavy IOJ-d; North Island, selected lljd; South American light 9id.

Frozen beef--Argentine hinds 3sd, chilled do. 6Jd, others unchanged.

Dalgety and Company have received the following cable from their London Office, dated August 3 —Prime crossbred lamb, Canterbury heavy IOJd. light lljd, North Island, heavy lOid, light IOJd. Demand fair, market weaker. Prime crossbred mutton, Canterbury heavy 4|d, light 6Jd, North Island 4Jd and sid. Demand principally on light! weights, market weak. Prime ox beef, hinds 4id, fores 3d. Demand for New Zealand beef better, market steady. Australian lamb, heavy 9d, light 9Jd, mutton, heavy 4id, light 4Jd. Australian lamb fair, mutton poor. Wool. —The sales opened firm and active, with brisk competition. As compared with last sale’s closing rates, merino combing 5 per cent to 10 per cent, higher; merino wools of other descriptions, par to 5 per cent, higher; merino wools 5 per cent, higher, except short, faulty par. Crossbred wools, fine quality, par to 5 per cent, higher, also medium and coarse quality. Crossbred wools, fine quality, scoured, par to 5 per cent, higher. Medium and coarse scoured crossbreds, irregular to 5 per cent, lower. Slipe par. Good lambs’ wool, any change is in sellers’ favour; lambs’ wool, short and faulty unchanged. Quantities offered, 44,000 Australian; 36,500 New Zealand; 2300 Cape, 17,000 Punta, 3600 Falklad Islands; 86 per cent sold; Punta 75 per cent. sold. B.A.W.R.A. offered 28,500 Australian; 10,500 New Zealand; 7,000 Cape; 98 per cent. sold. Home trade bought 70,000; Continent 61,000; America 1,000. Next series, 4th September to 15th September. Butter is depressed. Australian finest salted 1945, unsalted 1965; New Zealand salted 196, unsalted 198 s; Danish 2025.

Cheese. —Quiet. New Zealand white 90s, colour 86s. The Australian Press Association understands that negotiations for the sale of Mort’s Dock to an English Company, are approaching completion. Mr Blakemore, a former President of the National Chamber of Trade, predicts that the price of the quartern loaf, now 9J, will bq reduced to 6d by the end of he year, owing to the exceptional wheat crops in America and Canada.

It is reported that manufacturers of textile machinery in Lancashire are receiving large orders from China for the equipment of cotton mills about to be established by Japanese capitalists.

WANGANUI WOOLLEN CO.

DISAGREEMENT AMONG DIRECTORS.

WANGANUI, August 6.

Interviewed to-day concerning Mr Doherty’s advocacy of liquidation of the Wanganui Woollen Mills, as published by the Press Association, the chairman of directors, Mr W. J. Polson, expressed utter astonishment at Mu Doherty’s attitude, which was directly opposed to the view of his fellow directors. In view of the fact that the company has a subscribed capital of practically £20,000, and that a very considerable sum has been spent in initial undertakings, Mr Doherty’s statement all the more amazed him. It is true, said Mr Polson, the directors paid Mr Doherty a sum of money to report on the English woollen mills during his tpur of the Old Counry with the New Zealand bowlers. On the strength of iinvestigations made during the tour, Mr Doherty became an enthusiastic advocate of going on with the erection of the mills. He strongly recommended this course in correspondence and at the directors’ table after his return. The directors hold several letters from him, dated as late as April last, urging that the company do not delay any further. Mr Doherty also endeavoured to buy out another director who, prior to the presentation of Mr Doherty’s report, was not in favour of going on, and to have Mr Hugh Vickerman (whom he now nominates in favour of liquidation) appointed in place of this director, on the distinct understanding that his nominee would favour going on.

“I would point out,” Mr Polson continued, “that on precisely the same facts on which he sought to have Mr Vickerman appointed for the express purpose of ‘going on,’ Mr Doherty now nominates Mr Vickerman as a gentleman prepared to assist him in stopping the Company from going on. After returning to the Dominion and urging the directors to push on with the erection of the mills and the purchase of machinery, Mr Doherty further urged that in view of the information he had gained on his visit home, he should be appointed managing director, offering to take shares as remuneration. Mr Doherty also nominated as manager a gentleman he met at Home. The directors did not see fit to appoint Mr Doherty as managing director or his nominee as manager, and decided to delay proceedings until a further drop in the price of machinery occurred. The directors were guided in this by the advice of the proprietor of a large and important Scottish woollen mill, who during the war was in charge of the woollen trade of Great Britain, and who is a large and enthusiastic shareholder in the Wanganui woollen mills. And now, suddenly, Air Doherty seeks to bring about liquidation, for the alleged reason that his investigations in the Old Country satisfied him that the Company cannot succeed, although it was actually as the result of those investigations that he strongly recommended going on, and endeavoured to replace the one director who he thought was not in favour of going on and sought to have himself appointed managing director for the avowed purpose of expediting the progress of the policy.” FOOD PRICES. The Government Statistical!’b report for July says: — The index number for the three food groups as at June 15 is 1528, a decrease of 24 points as compared with the preceding month’s figure (1552), and an increase of 4280 per cent over July, 1914.

'The index number for groceries has fallen 24 points, a number of decreases in several minor items being recorded as well as a slight fall in the prices of potatoes, flour and sugar, in most towns.

A fall of 31 points is recorded in the dairy-products group, due mainly to a fall in the price of eggs in most towns. In some cases the fall in the price of eggs was counteracted by a rise in the price of butter. The index number for meat fallen 19 points. The cause of this decrease is a slight fall in the prices of beef joints, other items remaining stationary.