COMMERCIAL.

Press, Volume LV, Issue 16415, 8 January 1919, Page 10

COMMERCIAL.

(By Cable.—Press Association.—Copyrights Australian and N.Z. Cable Association.) BOSTON* WOOL SALES. EOSTON, January C. At tho Government wool sales, fine carbonised Australian wool sold at lit to 145 ccnts per lb. MINERAL PRODUCTION. SYDNEY January 7. Tho State's mineral production for 101" was rained at £12,932,719, being £857,636 in excess of the previous record. - The 1918 iigures are not available. AUSTRALIAN WHEAT POOL. . MELBOURNE, January 7. The wheat pool overdraft is now £10,982,000. During January and February thirty-su: steamers aro due to load 238,550 tons of wheat for London. SALE OF 50,000 TONS TO NORWAY. (Received"Jaanwry 7th. 8.30 p.m.) MELBOURNE, January 7. Tho Whee-t Board Btates that 50.000 tor 3 of wheat have been sold to Norway at 5s Sd pjr bushel, f.o.b. COMMONWEALTH WOOL FIGURES. MELBOURNE, January 7. The Central Wool Committers report shows that tho Commonwealth wool production for the season 1917-18 was valued at £-10,624,000 NOTES FROM WELLINGTON. (froai a special correspondent.) WELLINGTON, January 7. Importers aTe experiencing a very anxious time, especially those with large stocks of rertain classes of goods. The sudden cessation of hostilities has placed them in a serious position. The release of controlled industries and manufactures, and consequent drop in prices, together with the reduction in freight and insurance, necessitates the writing down of.stock on hand to the new level and .to mako matters worse, consumers aro buying from hand to mouth, anticipating that values .will go lower. Several "merchants chartered sailing vessels to :.ring rierchajidise from the United States, and the \ easels arriving now can get no bade f. eight beoauso tho American markets for New Zealand produce havo collapscd, and it is useless sending goods to such markets on cpeculation. Hitherto America has taken a f.iir quantity of hemp, but for the weeks—that is, ever sine© the armistice with Germany waa signed—there has been no 'inquiry whatever from the United State-;. Fortunately for the hemp industry, millers have been prevented by weather conditions frr.m producing much. Merchants are naturally unxioua, and the only remedy appeal's to be to keep on importing, to averago tho price( and to maintain one's courage. It is yet too early to judgo cf the prospects, and the conditions that at the moment appear hopeless may easily enough veer round towards profit. It is stated that Oregon pine h again being imported, and that several sailers arc due shortly with this class of cargo. This should tend to ease '.be timber market and encourage tlio building trade.- However, it is commercial i-uildings thai nood to be. erected, and in this case, as also in- that of tramway construction, structural iron and steel will be needed, and there is not much prospect of such goods being very much cheaper than tho icc»nt quotations. The Stock Exchanges re-opened on Monday, but it cannot be said that much business is doing. Investors will naturally desire to eee the effect of the new condition on investment securities The signing -.if the armistice was immediately followed by the epidemic, and then cam© the holidays, so that there has not been anything in the nature of a share market for 6eveii or eight weeks. Great changes have taken place in the- meantime, and investments must be viewed froln a new angle. The share market .may display some dullness for a few weeks longer, and it is quite possible that the prices of certain classed of shares may fall. While a measure of uncertainty exists, there is no lack of confidence in the ultimate stability of tho cconomio conditions in New Zealand. GRAIN AND PRODUCE MARKETS. (by our commercial editoti.) Tuesday livening. Merchants generally report there is nothing doing in the markets. There aro no offers of either grain or producc from country districts at present. The showers of rain lately Will have a beneficial effect in filling out grain crops, and in stimulating root crops. The frosts last week did some dnmago in low-lying localities among potato crops. In Marlborough the. severe frost experienced about a fortnight ago is estimated to have reduced the probable yield of peas by. about 20 per cent. The area in peas in that province "is much larger than that in grain. The grain- crops there are very promising, And the cutting of oats has commenced. The following are _ the prices paid to farmers at country stations, free of commission, sacks extra, except where otherwise stated: Milling wheat according to Government price, South Island, 6s Old, f.o.b.'; North Island, 4d additional. Oats (nominal) —Beat Algerians, feed 4s Gd to 4s Od, seed 4a 9d to ss; best Gartons, 5s to's3 3d, feed 4s 6d to 4s 3d; Duns and Danish, os. Barley (nominal). Flour—£ls 10s per ton: 1001b bags, £16 sa; 501b bags, £16 10a; 251b %ags, £16 15s. Bran—Shipping £5 10s, local £5 13a per ton.Pollard—£7 10s per ton. Oatmeal—2olb bags £30 per ton, 7lb bags £34 10s per ton. Oateheaf Chaff—Heavy, bright, £6 to £7, medium £5 to £5 10s; Inferior £4 to £4 10s. RANGIORA MARKET. Tho first of tho season's fat lamb sales •was held at Rangiora, yesterday. Tho entry •was much below expectations, there being only 389, lambs and 154 fat sheep penned. Butchers, took all the. fat sheep, ewes realising 25s to 29s 3d, woolly wethers 41s, and shorn 32s 2d. The fat lambs sold well, an extra primo pen sold for J. Hughey making 33s 3d. Other lots were:—For T. Burgin, 11 sit 31s 6d; 170 at 28s; E. J. Cooksley, 32 at 265; A. Cooksldy, 14 at 21s lid; H. Clothier, 24 at 28s lid; R. Peach, 23 at 27s 8d; M. H. Stokes, 28 at 25s Gd; and G, Mcintosh, 73 at '24s 2d. There was an entry of 129-4 stores, of which 525 were passed in, having failed to realise owners' values. The sales made were: —Two-tooth wethers: 167 at 255, 94 at 21b 9d; two-tooth ewes: 40 at 37a Id, 22 at 29s 9d; ewes and lambs, all counted: 18 e.m. with'l3 lambs at 21b, 69 failing-mouth with' 42 lambs at 15a 118 s.m. with 142 lambs at 21s, 32 four-tooth wethers at 28s lOd, and 14 four and six-tooth ewes at 32s Od. Cattle—There was a yarding of 107, cattle. The domand was poor, and several lots failed to change hands. Fat cows made £7 10s to £10 10s, 18-months'-old steers £6 to £8 53, yearlings £4 10s to £5 10s, calves 30s to 40s, and bulls £1 5s to £7 10s. Pigs—32o wero penned. Baconers made Sss. to 1265, porkers 48a to 555, small stores 48s, and young sorts 13s to 28s. • In the poultry department, roosters . sold at 5s a couple, hens 3e Gd, and ducks 5s 6d. In the produce yards:—Chickwheat 6s to 6s (id a bushel, oats -6s, grass-seed 2s 6d to 3s bd, bran 160lb 125., sharps 1801b 17s 6d, meal -2001b 15s to 20s, oatßheaf chaff 4s to 5a Gd a sack, old potatoes 15s, new potatoes 3d lb, and green -peas Is 6d peck. ASHBURTON STOCK MARKET. The yarding of fat sheep at the Ashburton yards yesterday totalled 289, including 184 ewes, 87 wethers, and 18 lambs. There was a good attendance, and bidding was fairly brisk. Ewes in the wool brought 38s 9d, prime shorn ewes 30s 6d to 32s 3d, good - 25s 4d to 28s, primo wethers 34s 9d to 355, and medium 30s to 31s Gd.

The yarding of store sheep totalled 202T, Mid consisted of 1271 wethers and 204 lambs, the- balance bein? dry ewes, and ewes with lambs at foot. There was only a moderate demand, and 1036 were passed at auction. The principal sales were:—S3 sound and fail ins-mouth ewes and 98 lambs (all counted) at 20s 7d, 23 sound and failing-mouth ewes and 22 lambs (all counted) at 17s 9d, 6G four and six-tooth halfbred wethers at 31s, 189 mixed box lambs at 225, 17G full and fail-ing-mouth ewes at 20s 2d, 120 two-tooth wethers at 275, 223 two, four, and six-tooth ■wethers at 26a 6d, 106 Round and failingmouth woolly ewes and 112 lambs (all counted) at 235. Tbo yarding of cattle totalled 31.' There was nothing of prime quality, and bidding *33 Blow. Fat cows brought £10 5s to £11 12s 6d, fat heifers £10 12s Gd to £11 ss, springing cows £11 2s 6d. yearling steers and Heifers £1, and a line of 15 calves (steers) £1 19s. SHORT SUPPLIES OP OLIVE OIL. Supplies of olive oil, which hitherto came to -few Zealand from Palestine, axe now practioally cut off as a result of conditions arising out of the war. The position has become so acute that the largest importer of this, oil in New Zealand, an Auckland merchant, has had a representative endeavouring to obtain supplies in Palestino and Bethlehem, but without success (says the "Star"). One of the earlier contributing factors to the position that prevails to-day was the purchase by the Italian Government of the wholo supply of oil in their country, for the purpose of issuing it to their soldiere as a substitute for butter. The moot cerious difficulty that both exporters and importers have - had to face, however, is the scarcity of; shipping between Jaffa and Alexandra, the main qutlet to Palestine's exports. .This position has brought, about an increase in freights from 15s per ton (prior to the war) to £20 a ton to-day. Despite this, exporters

have perforce to us© the service owing to their being no other outlet, and axe pleased to get epaco even at thq exorbitant price. The position thus created is being felt universally, and from Glasgow, Japan. Australia, Melbourne, and Sydney ordem for oil have com© to the Auckland firm. The demands, in the majority of casee, however, have only been partly met, reduced quantities—the "maximum being or.e gallon—being supplied bv the firm at 60;, an increase of 453 over the pre-war price. THE WHEAT PURCHASE. Tho Wheat Controller has issued the following details of tlie Government's wheat transactions up to January 7th: — THRESHED. Bushels. Tuscan or Longborrv .. -.. 4,255,593 Hunters varieties .. .. 922,183 Velvet or Peari .. .. 916,816 Seconds .. •• •• 314,105 Total .. .. •• 6,439,027 Contracts to purchase goad milling wheat total 4,963.630 bu?hel3. Contracts '.i purchaso fowl wheat total 754,903 bus!.*^. The amounts paid to brokers total £1,106,101 12s >-!. THE PROPERTY MARKET. Jones. McCro?tie Go., Ltd., sold by public auction yesterday a two-storey house and outbuildings in Merivale hne, for removal, at £1-18. SALE OF NEW ZEALAND BUTTER IN ENGLAND. DISTRIBUTION OF PROFITS. (press association" telegram.) WELLINGTON, January 7. Tlie Minister in charge of Imperial Sup-« plies has been advised that the equalisation eoheme for the distribution of profits on the sale of New Zealand butter in England from last season's shipments has now been agreed on. The Imperial Supplies Department is undertaking the distribution, which will 1» mado with as little delay as possible. Tlie amount to be paid over by the Imperial Government will allow for the payment of 17s per cwt. on butter purchased, which, added to tho purchase price of 157s at which the butter was shipped, makes a total prims of 174 a. The exportable surplus of butter from. New Zealand for the present season has been purchased at 181«. EXPORT OF STEEL FROil UNITED KINGDOM. (press, association tei.egram.) WELLINGTON, January 7. Information from the Department of Overseas Trade, London, pays that all 'deliveries of steel for export from the United Kingdom are to continue to bo mado at the prices fixed by the Minister for Munition? Black steel plates are among tho articles tlrat may be exportod to countries within tho Briish Empire. EGG MARKET. Tho weekly egg sale of the Canterbury Egg Farmers' AsaOc.ia.tion was held yosleiday afternoon at the rooms of Messrs Harris Bros., auctioneers, Hereford street. There was u largo entry, and every lot was sold at the following prices:—First grade hen eggs (2oz and over) Is -Id to la od, second grade Is -Id to Is 4Jd, competition eggs Is duck eggs Is 4d to la 3d. 1 CHRISTCHURCII STOCK EXCHANGE. LATEST QUOTATIONS. Buyers. Sellers. £ s. d. £ s.' d. DEBENTURES— Whit-combo and Tombs. Ei per cent. .. 100 fl 0 —- BANKS— Commercial (4 per cent. cum. pref.) .. G fl 0 — Union of Australia .. 59 0 0 — SHIPPING— Huddart Parker •'• — 1 19 0 FROZEN MEAT— N.Z. Refrigerating .. 2 5 6 2 6 6 North Canterbury Co-op. (£3 paid) .. 3 0 0 — MISCELLANEOUS — Auckland Tramways .. — 10 6 Booth, Macdonald .. — 110 Colonial Sugar (Fiji and N.Z. pref.) .. 20 0 0 — D.I.C. .'. .. 010 0 — Henry Jones Co-op. .. — 111 0 N.Z. Farmers' Co-op. .. — 2 4 0