FINANCE AND COMMERCE.

Press, Volume LV, Issue 16412, 4 January 1919, Page 11

FINANCE AND COMMERCE.

IC DOMINION'S TRADE AND MARKETS.

(Bt OUR Cokihrcial EDITOB,

Wholesale biwineaa in Cnristchurch was yesterday, speaking- generally, ' suffering a recovery" from, the Chrratmae and New Year holiday period. Little businees of any sort had been done 6ince before Christmas, and the heads oi firms were mostly grappling with the unusually large English and American mail which arrived on the last day oi the old year.

The interval between the signing of -he armistice and. the despatch of the mail from London (November 20th> and the United States (about December Bth) had not been long enough to enable anything like a true perspective to be gained of the general trend of businees affair*. This will not be possible until tho Peaoe Conference has concluded its deliberations and the world lcarra exactly how matters stand. Even when the atmosphere has been wholly cleared oi active warfare, the effects oi the conflict must oc fslt iri industry and commercs for a. long time to come. There is naturally much speculation as to what Trill happen, and there are almost a 3 many different opinions as prophet®. The truth is that the factors in the new situation are eo great and in some respects so little recognised, and the virtual close of the -war is so Tecent, that it ia impossible to predict the future course of events with any approach to certainty. Nevertheless, the views of men competent to form opinions. are of great interest at the present juncture. For that reason we quote the following remarks by the manager of the National City Bank of New York in reviewing economic conditions at the beginning of November. There was to be cxpected after the war, he believed, a, demand for many kinds cf goods and. equipment, so urgent that for a time price would be a'secondary consideration. "The whole world is doing -without things that it would gladlv buy wearing out equipment, and falling behind' ii 3 Tfants. It ie falling behind in house building, for example, in road making, in railway extensions, and in the development and improvement of public utilities. Automobile construction has nearly ceased, and the cars in use will be nearly worn out. Clothing will be worn out the world over, and stocks of cotton will be low, therefore there will be a good market for cotton. Nevertheless, it is inevitable that priceß will bo on a declining scale, and this wi'l be the factor of uncertainty and danger in the situation. Prices must decline, far .one reason, because "the conditions which occasioned the rise will be reversed. The millions of men withdrawn from industry will be returned to it, and the millions of women who have entered industry will not .all leave it." In this connexion we may refer our readers to some remarks printed below on the future of the soft goods markets, which are | broadly applicable to all commodities. A ; possible and at present unknown feature of the future ie tho action of the Governments of exporting countries. In the opinion of ono New York authority, "nothing seems settled except that the markets will not be left to themselves until reasonable security is ensured."

Locally there ia still a great deal cf complaint at . the slow delivery of goods for this market from the North Island. Some of the_ ooneijnments by the Moaca, Makura, and Navua have not yet readied Christchurch. As for transhipments from Australia, matters in that connexion go from bad to worse. We hear of numbers of sailing veesels leaving thp States for Australia and of a fleet of steamors duo to arrive there—some, of course, will also come to New Zealand— during the next few months, but if the present paralysis of the intercolonial service continues, tho position, so far a a local stocks are concerned, will not bo improved. The loss to New Zealand resulting from the delay in -transhipment that haa obtained for months past must amount to a considerable sum. HARDWARE. Record business is reported for the Christmas season. Many seasonable lines were quickly cleared, but stocks held generally managed to meet all zequirements. Wholesale trade is still rattier dull. Prices are unchanged, but it is probable that many lines will experience a temporary aiop during the current year. The British iron and steel industry is not likely lo be affected for some time to come, as- Jt is completely under Governa»n>t control. No doubt war. work, will .b&-continued to eomc extent until the. peaco terms are accepted, and there is a possibility of. tjhe Government exercising some steadying influence on the. market even after tua peace treaty is signed. Local imports just lately have practically been nil, except for some small consignments of American horse-nails, artisans' tools, ets. j An English brasafoundry firm cables:— "Accept orders, working hours reduced, wages increased, prices advanced."

Messrs Guest, Keen, and Nettle fold advise that tho restrictions on their manufactures have been removed. This applios to wood screws and aJI screw department manufactures, except ratchet braces and sails, which Hre still subject to shipping Jioenee. . , The last San Francisco mail brought advices of numerous shipments per the Toftfa, Suevic, Tonawanda, Titania, Annette Rolph, and Awiral C'ccille.' Amongst oihor 11. it a there tiro-fair eupplies of poultry netting, wire nail 3. pipe, wire, lawn mowers, shell, and general goods. Bar iron is being quoted, Crown quality, at £29, c.i.f.e., Lyttelton. . ~.. Axles have materially advanced,. and in view of recent advices will experience a.further increase. Tho same remarks apply to axle boxes and clips. Belting, both. < balata, and leather, shows an upward tendency. Wooden handles for tools are'at high figure*. Hickory' aro very scaroe, and the shipping position in Australia is affecting substitute eupplies. iiaw linseed oil is quoted at 10s, case lots, 103 6d in drums, and 9s in casks. Boiled tis penoe advano'e on these prices. Large stocks of kapoo have recently been landed, bale lots being quoted at Is per pound. Good grade waste is worth. 90s per liund red w eight. Sheet load is uneasy, present quotes approximating £52, toll lots. Fair stocks of bolts and nuts ure on the water, but in view of the light nature of stocks held will do little more than tide over present requirements. Plain galvanised wire is beings quoted to arrive at £50. ' , , The price of tin in America was lixea oy the Government in the middle of lust month as follows:-New York £080 per ton, ban Francisco £270 per ton. On the same dote (17th) tin was quoted in London at £269. las eoot, and 20s less at three months. GROCERIES.

The wholesale houses opened for business yesterday for the first time alter the Christmas and Sew \'e*r holidays, and conseouentlv there is little to report. The makers of Highlander and other brands ot condensed milk notify an «dv tt v>er case, prices now standing—Highlander 3hi, Cowslip aOc, I.X.L. 2*. The,:rise,* ataittfc to bo wholly due to ttoe fact that iho makers' purchase of fresh milk is based on factory prices, and ttt* exceptionally high i-rice recently fixed by for this season's checae » * _. v iew sarv for tho condensed milk firms their price lists. XestleV and Milkmaid brands have also advanced to ois P« Some tiino Australian P-«l ■ j'i „ t j. a j fnrlshinsr per lb. It has tow receded by tiia* amount ' it is reported that tne Sydney manufacturers were cutting prices, but that they have since coins mto ilne \., „, iar . n . It is said that tho Navua's monthsquaran tine at Papeete did not the tion of some of the dried fruit that she Jit.l on board for Xew Zealand. a Recent advices from Colombo reporter gori demand for all good hquoting Und= and mice* were firmer. English, American, and OanvJian firms were operating. Swedish matches may availab^ again, before very long, the British _ mcnt having lemovea in October bargo on their importation into Great. b tain. Three thousund casea-21,ei>J,-" 1 ' "boxes—will cono iu every montb. . The English mail which came to hand t >.s week brought a number of j ; tera from tho London representatives Jocal wholesale importing nrms. Writing about a, fortnight before « mist ice was oigiied, one corresponden . • -'•Buyers here to-day are very . clined to stand still and wait, for U<S tion of hostilities, which it is QUi.e po= sible will occur at my moment, it is difficult to say what will happen war. We personally feel that there » to be a, certain slump, it will only be slight, that prices will be considerably. m® soon Ss ever the market, rights has been enormous buying b., an j official, to clothe people in France who have beenpracUcall (;o ed for four yea*s. All S«>d s "re beLnvemment can put their hands on. ■ sent out for the use of tbeeeP 6 \i anc he«alio a fact that in the banks < ter there ia cash lying waiting chase, for the St.^;«^ the war is over. \Ve are aiso with the position of lh<> , m ®u^ t : ngs; the such goodsas cahcowiand shi • {rom majority to-day are asking ai..

eight to twelve month? for deliver". Only to-» Jay We heard from a Bradford Srm in reference to an order which, was sent down that October, 191!t. is the earliest delivery they can offpr. AVc are also imormed that t'ne next allotment, of wool in the hosiery district will bo for Government and wartime hosiery only, and will r»ot be allowed to be used for civilian purposes. We foci, therefore, that it i« qui ; « probable that when the temporary e'untp is over liizh prices will continue for "at least another two years." 11l h letter dated London, November 12th, another writer nuts a. somewhat different complexion on tiie business outlook. Linen, he eays, at the present moment is very dear and ecarce, the reason being that 110 flax has been corning: forward from Ruesia, as after the Germans made peace with that country they monopolized all the material they could" pet. But it was thought that flax would soon como to the British market, and with the demobilisation of the army a large number of men would go back to their usual occupations. The anticipated cessation of large Government contracts for woollens, which had occupied the principal mills, would probably enable export buyers to get orders executed at loweßt prices and with quicker delivery. At the time cf writing these goods were rather scarce, and for an order for dress goods made only partly of wool the makers were asking twelve months for delivery. All classes of cotton goods were at top prioce, and manufacturers were full up -with orders, but there was reason to hope that goods would before long be procurable at lower prices. Jute goods were very dear and difficult to get, on account of the Government taking everything they could get for sandbags, tarpaulins, etc. ' Thai" would, however, cease, and all goods for which jute was need were bound to come down in price. Jute, of course, is a considerable factor in the making of carpets. With regard to eilk the opinion was that, with the end of the war, a change would take place in ?he price shortly.

The3c two letters need to be read together. The opinion of- the heads of the soft goods business throughout Australasia is that prices at Home will no't como down to any extent for a considerable period, and that in some directions they may even advance. The writer of the eecond of the above letters does not apparently give full consideration to two factors which mint tend to prevent any slump in prices—the continued high rata of wages and the enormous ±tome demand to replenish tho stocks which years of restricted output for civilian purposes have eo depleted. The Home market is certainly tho one that will be supplied first. Late aavicca from London . report that among th« goods that are unprocurable are vegetable ivory buttons and invisible hairpins. Hats seem likely to maintain the present high range of prices. English reports of the middle of November slate that velour and felt hoods were practically unobtainable, and the few that were available were extremely expensive, Makers of hoods, it was explained, were only allowed 21 per cent, of their 1016 allotment of wool, and the price of rawwool, uncarbonised, was 7s Gd per lb. Tagel and Canton. plaits still ruled, very high, and for Leiohou Canton, the price lor which used to be £-21 per bale, £38 was being* asked. Another make had risen from £18 ;o £'75, and a third from £16 lCs to £63.

. Among the many articles for which early in November English manufacturers were refusing orders were braces and belts.

Messrs John Denniston and Co., of NewYork, in their report of November 2nd, slates that a decided change had taken place in general opinion regarding the effect of peace on cotton prices. "It is now urged that the withdrawal of enormous Government orders will seriously curtail consumption, and that the export demand may not compensato for this on account of a continued shortage of tonnage. It is unquestionabjo that prices are abnormally high, and that with the period of deflation which will come sooner or later, cotton prices, in common with of ull commodities, must recede. Reports from the South, too, have aroused expectations of a larger crop than was cxpected on October Ist, and some predictions now point to a crop of possibly 12,500,000 bales; To sum up the situation, cotton ia piling up in the South, stocks are large, cxporia are small, speculation is lacking. The visible supp'y of American cotton is 2,651,212 .bales, compared with 2,543,000 bales at this time last year. Total takings of American cotton for this.season have been 2,556,87?-bales, against' 2,513,037 bales for that period of last year." CANTERBURY MARKETS.

Friday Evening. Business in the grain and produce markot lias not yet settled down eincc the holidays, and. there, is little doing. Interest is now beginning to be contred'in the new crops, which are much more promising than for several years past. The harvest will be late, and it may be a month before any wheat is ready for the binder. A few paddocks of Algerian oats ou light land are in stook, and others are changing colonic Therei-will not be a great weight of straw in either v. ; heat or oats, owing to the want of rain'in the spring, but both are well headed. Some offers have been made at about 5s at country stations for new eeuson's oats, but no business is vet reported. Oatsheaf chaff ia likely tp command a good prioe, for although the demand may not be as great as laat year, the. quality will be eo much better. Marlborough is likely, to be. able to supply a larger quantity of chaff .than last year.

The potato crop so far is looking remarkably well, and with the low temperature this summer there is not likely to be any danger from blight.. The crop in tne -Auckland district is a • specially good -one, and the demand for potatoes i'rotu there is not likely to set in as early as usual. The ryegrass crop is . expected to be much smaller than last year, but the white .clover crop promises to be greater. ' The cocksfoot crop should also yield better. The following are the prices paid to-far-mers at country stations, free of commission, sacks extra, except wherootherwise stated: Milling wheat according to Government price, South Island, ,6s OJd, f.0.b.; North Island, 4d. additional. . Oats (nominal) —Best Algerians, feed 4s 6d to 4s 9d, seed 9d to-ss; beat Gartono, 5s to 5s Cd, feed 4s 6d to.4s 9d; Duns and Danish, se. Barley (nominal). Flour—£ls lOfl per ton: 1001b bags, £16 ss; SOlb bags, £16 10s; 251b bags, £16 las. Bran —Shipping £6 10b, local £5 15s per ton. Pollard—£7 10s per ton. Oatmeal—2slb bags £S0 per ton, 71b bags £34 10s per ton. . Oa tsheaf Chaff—Heavy, bright, £G to £7, medium £5 to £5 lCs: inferior £4 to £4 10s. DAIRY PRODUCE. There arc no changes to note in any kind of dairy produce. The wholesale prices are: — Butter—Factory Is 6d net, farmers' eepa- ; rator Is 2d. dairy Is Id. Cheese—Factory lOd, dairy 9d. loaf 9Jd. Bacon—Sries Is 2d, rolls Is 4d, hams Is , 3d. ; Honey—Extracted Gd to 7d per lb. Egge—Hen. eggs Is 3d per dozen. FRUIT AXD VEGETABLES. Good supplies of vegetables are coming forward, and tiho price remains very good, though peas and potatoes have dropped a little during- the week owing to the larger quantifies coming to hand. 1 Cherries are very firm, and tho -supply is short. Tomatoes are coming forward in greater quantities, and the price i 9 coming down somewhat accordingly. There were very few apples offered on the market during the week, and first-claas fruit is unprocurable. Plums from Auckland are selling well. There is no definite news yet as to sailings of fruit bcite from Australia and the Islands, but several iijijs of fruit are expected about the middle of the month. The following are the average prices obtained at auction during the week: — Applet, dessert 20a to 23s per case: pears, C« to 8s: plums. 4s to 6e: apricots, IOJd to lid per lb: black currants, 4'd to 53T red currants, to 5Jd: cherries. U 3d to -2s Id; gooseberries, • £•! to 2Jd: peaches. 7Jd to Is Id: rarpberries. Is 3d to Is 6d; strawberries, ■ lid to Is IJ.d; Tomatoes. local lid to Is 2d. [ Bear.s, kidney 7d to 7id per lb; cucumbers, lid to ]«; beet. Is 5d to Is 7d per dozen bundles: carrots. Is to Is 3d; pusnips, Is to Is 3d: radishes. 5d to 7d: rhubarb, 2s Cd to Ss: spring onions. Is 6d to la 8d: turnios. Is 6d to le Sd: cabbage*' 3s 6d to •►3 6d per dozen; cauliflowers, 2? 6d to 6s; lettuce, £d to 9d: green pea?, la od to la 9d • new potatoes, local 2d to 3Jd per lb, Auckland onions 2Ss per cwt. TIMARU. (STECIAL TO "THK TRESS.") TIMARU, Januari- 3. t According to a statement by ihe Minuter of Agriculture, tho price of wheat for "the coming season has no; yet been definitely fixed. It appears now t&at there is a possibility of the price being increased from the 6s Gd offered to 6s lOd per bushel for good quality, -milling wheat. The latter price will be acceptable to growers wuo, however, express dissatisfaction with the proposed

price for the 1919-20 crop. The wheat crops throughout South Canterbury are ..ookmg ■we'll. They are still in the growing stage, and ihoug-h some of them axe elightly toucned by frost and blight, they are, on" the -whole, looking exceptionally well. So far as can be learned, the disastrous hailstorm which passed over t>3rt of Timsru on Wednesday hist was not felt* in the country. Cutting ehou'd commence a'ootii the end oi this month, and probably the harvest will he j n full siring during February. Present judications uoint to a 30-bneliel crop. Oats are also Icoiir.!r remerknbly weil, and th<*e is almost a to'ial absence o: the diseases that have been so prevalent in ceTeal during recent years. It. -.s difficult to jrauge die trend of prices, but it is believed that n. high basis of values will t>o maintained during the season, though in tlw early mouths of it tliere is a likelihood of a good many more Algerians beiiur offered than the market will he able to then absorb. Algerians are uoi so popular for feeding purpcsei -as Gartons, and more of them than usual were sown this year. Against |^ !S----however, it is likely thai the North Ismnd •will require to draw ail it 3 seed A-gerjarw from the South Island. Owing to tha drought in Australi*-, prices there are at a much higher level than they were i?«t when they could be bought at about 2s per bushel, agsinst the present- quotations of ovrr 4s per bushel. There is iow pra;ticfllly Tin firmano for chaff. Blenheim is quoting £6 10s, with a cheaper freight, this being equivalent f -o about £5 10s on trucks, counlry stations, in South Canterbury, sacks found bv buyers. The potato crops continue to iQok well. AO business in looul tubers :s yet : -reported, but th« wholesale price in apout £13 per ton. It does not appear likely that much ryegrass will be sared, owin<r to the lateness of the &c.i°on. "White and Ked clover padlocks for seed ar» very numerous, "White clover being in evidence all over the district. iield peas ore in full flower, and promise a good return.

DUNE DIN. (special to '"'the press.") DUNEDIN, January 3. There has -practically hoen. nothinp doing in the gTain and produce markets this week on account of the holidays. Prime chaff is quoted at £8 10s, medium quality £6 to £7. Oats as Gd, whea-t Gs Gd, new potatoes 3d to 3i*J, straw £3. It will be about a fortnight yet .before business begins to move a^ain. BURNSIDE MARKET. (PHESS ASSOCIATION TBLBJKA*.^ DUNEDIN, January 3. At Buruside to-day 166 fat cattle were yarded. Competition was not keen, and prices of prime bullocks declined 20s to 30s per head, and medium and light weight übout lCs per head. Best bullocks ma-Ac £19 to £22 12s 6d, extra £25 2s €d, medium to good £1£ to £17 10s, best cows arid heifers £14 to £16, medium to good £12 to £13 10s, others £10 and upwards. Fat Sheep—746 were penned. At tho 6tart pTioes declined la Gd to 2s per head, but towards the close competition IxKsme keener and late xates wero realised. Best -wethers made 42s to 4Ga, extra 50e, medium to Rood CGa to 395, best ewes Sss to 41a, medium to good 30s to 345, others 25s and upwaias. Lambs—26o were penned. Competition was slack, and prices declined 3s to 3s per head. Pigs—a. small yarding of fats sold at late rates under good competition. ADVANCES ON BUTTER AND CHEESE. The secretary of tha-New Zealand. Dairy Association (South Island) states that the Imperial Supplies Department ha 6 advised tho Association that it has agreed to the payment of advances against butter and cheese after the produce ha« been ia'store for a period of fourteen days instead of twenty-eight days,, as hitherto.

NEW PLYMOUTH CUSTOMS. (PRESS ASSOCIATION* TELIGRAM.) NEW PLYMOUTH, January 3. The Custom-s -revenue for the port of Xew Plymouth last year reached &_ record of £54,115, agaittat £18,382 tho previoae year. AUSTRALIAN : MARKETS. (By Cable.—Press'.Association.— I Copyright.) MELBOURNE, January 3. Barley—Chevalier 5s C*J to 5s Cd,- C'spe 4s to is 2d. Oats—Algerians, milling,4a Isd to 43 4d, feed 4s Id to 4s 2d. Potatoes—£l3 10a to £15. Onions—£ll 10a to £12. SHARES. , (Reoeived January 3rd, 0.5 p.m.) LONDON, December 31. Bajjk of .Australasia, £136 15e; "Unioo. Bank of Australia, £67 10s; National Bank Zealand, £6 10s (ex-dividend); Bank of NewZealand, £12 12a 6d; Now Zealand Loan and Mercantile, £71 ss, and £103 106 (etdividend). •- -• ■ .• ~ AMERICAN WHEAT SUPPLY. (Australian and N.Z. ; Cable Association.) (Received Jan-uuary 4th, 13.25. a.m.) NEW YORK, Jinuary 2.. The Chicago'visible vrhieat aupply is 123,-. 340,000 bushels. mining; AUCKLAND GOLD RETURNS. .FOR DECEMBER. The gold r&tumS from "the Auckland' district mines for December totalled £39,565 ■8s Bd, the whole of which was contributed .by the Ohinenruri field. Compared- with the. yield for December, 1017. namely. £31,832 13s 9d, this shows ail increase of £7732 14s lid." Do tails arc: — Waihi Company, 12,240 tons .. £25,392 0 0 Talisman Ccnnt>any, 850 tenia.. 8,889 1 9 "Waihi Grand Junction Company, 3500 tons 5,284 G 11 Total .. • .. £39,565 8 8 REEFTON.COAL FIELD. A forward ptep for Reefton, is the development of tho coal industry there, and in this direction a further advance is being ina'lc (says the ."Grey'River Ar;»ua"). 11 r ,W. J. Morris, of Reefton, hae eucces.ied in liavinj a company underwritten for tfc« construction' of a railway line to Messrs J.'crris and Learnioai'a coal mine, and as ihe property has hitherto been worked by a w«i<ter. isi> ( ; tram the «t«p is oho ?{:ai sliould mean a'j considerable.impressment. X"s:d«;r. the cchemp decided on. a system of railway will bo c.->n-fitruck'J with branches to tap four mine# in the locality arul to carry the Government railway waggons. Several parties of sleeper cutters are now busily engaged cutting 15,000 sleepers for the line.