FINANCE AND COMMERCE.

Press, Volume LV, Issue 16418, 11 January 1919, Page 13

FINANCE AND COMMERCE.

Bntirejs in Christcburch since, our laai^ port has been patchy, but has shown distir.ct signs of picking ur- after the prolonged 01sturbancc of the November holiday*, the epidemic, and the Christmas and New Year holidays. Buyers have r.ct yet, however, recaiuei their iortror coofidence. Conditions throughout Iho world, quite apart from the disorganisation naturally resulting directly from the close of the great war. tend to cause feelings of anxiety and caution, which is decidedly reflected in business. The visit of tho French Mission and the trade propaganda work done by its commercial members have given fresh interest to tho question of trade with France, and good results in that direction may be expected to follow ilie Mission's tour of the Dominion. No patriotic Nc-w Zealander wants to do business with Germany, or buy Germun good?, and every New Zealand admirer of France—which is much as paying the population of the Dominion would like Franco to take the place in our trade formerly occupied .by Germany. What this would mean is indicated by the figures lately published by the Minister of Customs showing that in the year before the wur the value of import's into New Zealand from France was £157,755, and from Germany X6SS,'J39, while our exports to France in the same year.were valued at .£173,204, and to Germany £267,53.1. If there is any meaning in our expressions of loyalty to our splendid Ally, as there assuredly is, theso figures will be reversed. The opinions cf M.M. Leclerq-Motle and Marcel Mathieu. as furnished to interviewers regarding tho possibilities of increased mutual trade between France and New Zealand have been published during the past few days. Speaking iast night, M. Mathieu, who is a silk manufacturer, said lie was quite satisfied that there w'ere openings for excellent trade with New Zealand in French soft-goods, particularly in silks, woollens, and to a lesser extent in cotton goods. He repeated, however, his opinion that it is imperative to have here sullicietit French agents to handle the.goods, and to keep an eye 011 other goods that may come in labelled "Frcnch style," "Paris fashion," ptc., that were really not goods manufactured in France at all. In connexion with this matter of trade with France rather than with Germany, it is of interest to note some remarks made during the week to an Auckland interviewer by the Hon. A. M. Myers. Minister oi Customs, in referring to Lord Northcliffe's warning as to Germany's preparations for utilising her organisation for overseas commerce. There need bo no alarm, the Minister said, that New Zealand could' be over-run with enemy goods now that hostilities had ceased. The War Reflations Act, 1914, ns amended by tho War Regulations Amendment Act, 1916, provided that all regulations made thereunder should remain in force for one year after the war, or for such shorter period as the Governor-General might determine. "It is still illegal to trade with Germany, Austria, Bulgaria, or Turkey," said Mr Myers, "it will remain so until the conditions of futuro trade with these countries are settled, and it is unlikely that any step towards settlement will be taken until the wholo question has been discussed by. the I'cace Conference. ■ In tho meantime British Consular certificate® of origin and interest must be supplied for all goods imported from countries bordering upon Germany, Austria, Bulgaria," or Turkey. The official black lists will remain in force, and it will still be unlawful for any alien enemy. in Ne<v Zealand, other than one who is also a British subject, to fcngage, in foreign trade. The importation of all goods of enemy origin, even from other British Dominions, is prohibited, and persons in this Dominion must' not attempt to communicate, whether bjr tetter,. telegram, or in any other manner, whatever, and whether directly _or indirectly through any intermediary in New Zealand': or elsewhere, with any person, firm, or company in "an enemy country. Should trade relations with present enemy countries bo resumed at some time future, the Government has already talren power tinder the. Finance Act of 1915 to impose on any foods from these countries an over-riding surtax of 50 per cent The public may rest asauied- .that trads relations with enemy countries will remain for some considerable time'upori their present footing." That, we believe, expresses 'the views and ■wishes of a -very large proportion of iiew Zealandera, if not, indeed, practically of all. Our first duty, as purchasers and consumers, is to our local manufacturers, _ then, as Sir J amies Allen pointed out in his speech at the reception to the' French Mission on Tuesday, to those of Great Britain, and after them to. those of France and Belgium. With regard to the matter of price-fluctua-tions, which are.of deep interest' just now, tho remarks of an, American exporter are worth noting. The war being over, it was natural, he says, for the casual observer to assume that peace would bring a decline in prices in the basic industries, but the economic situation must be viewed with ,carc. "Prices are based on production, demand, and cost of labour. Labour will not, without ft great struggle, accept ft less compensation than the high wages now being received. Further, there has not been, and will not be for some time, any considerable immigration, so that sour. > of cheap labour is closed at present. Regarding production, it will take a long time for the world to readjust its factories and labour supply from war necessities to the manufacture of ( peace commodities ..on an economical basis." As for demand,-."after four years of economy and- sacrifice,' the consumer needs merchandise in tremendous quantities. The buying •power, due to the vast amount of money in circulation, is enormous. New mafkets will develop rapidly into first-class consuming countries, for. example, Russia, China, India, Balkan States, etc. In the devastated territory of Franco and Belgiuln a .tremendous amount, of material is neoesaary to re-build schools, hotels, houses, office buildings, publio 1110117 plants, railroads, factories, etc, all of which were destroyed or neglected during the war. There are small IUUs to draw from, but tho hulk of this -material will have to be manufactured." The ' Voter" concludes: "It is our personal opin- . i6£'that, unless'the unexpected happens, the world is entering into an era of great commercial expansion and prosperity, and "whereas, temporarily, some prices may decline, we-feel that the question of merchandise and is, and will continue to be, more important than price. That is, those merchants who are fortunate enough to have stocks.,in their warehouses, or on the water, will be the. first to reap these benefits."

DOMINION'S TRADE AND MARKETS. (BT Oca CoMirmaciAL EDITOR.,

"GENERAL MEBCfeINDIBE.

GROCERIES, ETO. Sago' and tapioca have again made a slight advance .of 3s per cwt. and in that of .the latter Is 7d Der cwt. Rica is in very short supply owing to the disorganised state of the intercolonial shipping service preventing transhipments from Australia. Many buyers are expecting an advance in this commodity. > - Australian new season's canned fruita have opened up at an advance- of about 2s per dozen on last year's opening rates. Among other goods hung u? in Sydney fot want of shipping, are supplies oi new season's Hawaiian pineapples.Small lota of new season's raisins, and other Caliiornian dried--"fruits dribbled through for; the Christmas trade, and are still slowly coming to hand, but the bulk J- r of shipments Ihave yet to' reach this ' market, being held back in. Auckland and Wellington. . Cream of tartar has dropped 'from 4s to . 3s 8d per lb for cwt. lots. Carbonate of soda has also come back from 40s to 80s per cwt. Tartaric acid and citrio acid have each : ™ declined 3d per lb. Kerosene has advanced from 16s 6d to 17a •per case. . Many brands of tobacco, notably Havelock, are extremely scarce, and plug is almost unobtainable. In this case, also, the almost complete disorganisation of the shipping service with Australia is the cause of th» short : supply^ • i C'icdle6, it- is stated, are unlikely to fall in puce yet, as contracts were made last . year lor raw materials for this year at the high prices then ruling. The manufacturers of Edmonds's baking ' and custard powwders have notified me>rchants that owing to the altered conditions . of _ shipping and the possibility of their receiving Taw materials at more regular in- . tervals, they are resuming full outputs forthwith. Three months' notice will be given of any fall in price. Taper bags nr« still very scarce, especially the smaller sizes. c There has been fairly heavy buying lately " in .tea, which is valuable just now. Reports - : ; . from. Colombo state that the. market thsre reopened last Tuesday alter an interregnum <-■,of three weeks with the small offering of 1,750,0001b. The British Tea Controller, who " requisitioned 60 per cent, of the output, •, wished • to 'complete- the contract in full f ai th« «nd of February, initead of at the end of June, in accordance with the conmode last year for a twelve months' sup.plyr-This decision is expected to leave 1 * but very little tea availably for Australia .i: during ilia pre*ent month and February.

No steamer has been ed far to leave Colombo for Australia during January. Tindirect fateamer for New Zeal an*.! from Calcutta 13 not to leave for threq or four weeks or early in r.ext month. It 13 not known at present if she will bring down tea. One of the largest firms in the world, Carter, Macv, and Co., of New York, in a report issued on November 21st, expressed the belief that the trend of tea prices at least for the next six ' or ei?ht months would be upwards. They statod that Great Britain, under normal conditions, carried stocks of between SCO,OOO,OOOIb and 500,000,0001b, while presftnt stocks were about IOO.OCO.OOOib. Russia in the last year in I which p.ho was able to receive shipments of ! tea, took over 500,c00,0001b. The Scandinavian countries, Holland r.nd Belgium, had been without iea for at least 2i years. The shipments to South America hud been gTeatly restricted, and stocks were now practically nil, whiie even in Australia ancLSouth Africa stocks were below normal. At the least calculation, there was a shortage of visiblo stocks in the world of 1,000,000,0001b, while the total tea production of the world waß approximately 800,000,0001b. If sufficient tonnage were available and all the embargoes were lifted at the same moment, there would be an iinmediiito demand for more tea tha.ii could be grown in next 14 months, and the writers could not eee how this would hav» any other effect than to stiffen prices in the primarv market*. The extent to which n rices would 'h* stiffened would depend enHt'c'v on how quicklv and how early at the name time the general governments lifted their embargoes on shipping restrictions Ante Tactof- was the utter lack of ships to carry <be tea, which would "indicate a certain stiffening of the market tl-e extent of which was to lie measured by how suddenly the demand came. — • Recent San Francisco reports state that on account of the scarcity of imported salt fish there has been a tremendous demand for barrel salmon. As nreviouslv advised, the pack of asparagus was not largo enough to come anywhere near mifiplving the demand, with the result that all asparagus packers were compelled to make pro rata deliveries. ... , California Dried Fruits.—Towards the end of November, after the armistice was eigned the War Trade Board in the Lnited States of America announced that it would consider applications for licenses to export dried fruits (with the exception of apples, peaches, and prunes), thereby releasing apricots, pears, and raisins. Unfortunately, however, raiein stocks are all exhausted, and only apricots find pears are With the exception of njyplep, apricots, and pesre the C&lifonnan market is practically bare of all dried fruits, and the new campaign will be entered with a cleaned-up market.. Last year was a drv season the rainfall nearly everywhere being bel6w' normal. This season, however, heavy rains have already fallen, and if there is sufficient rain during the next few months there is a prospect of good crops. A local firm is reported to intend loading a steamer in the Mediterranean for New Zealand in April. This will enable consumers to enjoy ftuch things as Sicily almonds, Malaga raisins, Italian lemons, and Greek currants, which havb n6t reached the Dominion for years, _ , Auokland papers report an increase in the wholesale price of Southern bottled ale and stout, as a consequent of the higher cost of commodities and increased wages. The advanced price is obtained by the abolition of tho usual 10 per cent, discount hotelkeepers, and is equivalent to a rise., of fid per dozen, which, it has bleen decided shall not be passed on to.;tlie consumer. The'continuation' of the embargo on the export of bottles' from Australia is the niain reason for the present great scarcity of • bottles, especially of pints. Our Dunedin correspondent states that latest advices from Great Britain the effect that- there is. only a two years' eupply of whiskey there, and as permission to lesume manufacture is not likely to be given for another twelve months, and as the spirit takes at least three yeare N to mature, 'he prospecte appear., to be rather in favour of a rise than a decline in prices. . HARDWARE. . Business during the week was uneven in character, buyers apparently not being inclined to purchase for other than current requirements. There are so many rumours of price-fluctuation that/' this condition of affairs is only to be expected. Axes are in very short supply still, and prices are as last quoted. The same remark applies to bolts, and aa the British Government evidently intends to maintain control of the iron and steel industry, no immediate relief in price can be expected for some time. Brass and . copper sheete, tubes, etc., are dull, and prices as .However, with the decline in copper "and tin ingot, it ssenis that in about six -months' time we can expect a drop in prices. Galvanised iron is very Scarce, and prices are purely nominal. As high as £97. is being paid for small, lots. It is certain that as far as the local market is concerned there will be-no eenaational {all in . valuea as at present" rumonrSd,. at least for «om6\three or four months. < Shipments of American iron are reported on the'Wter, and will probably be offered at a figure between £70 and £80. Black sheets are in much the same position, stocks light and prices high. White lead is firm at about £85 per ton, and there is a tendency to still further advance. Sheet lead is worth £52_ by the roll. Red lead ie very short, and prices variable. Several shipment* are due to arrive shortly. Large stocks of wire nails are on the water, ■but at present local values are firm, £62 being an average price. Horse nails have -fallen, mainly through large holdings having accumulated, as low as Is 4d basis being quoted. Fowl-netting, 36 by 2 by 19, is being offered to arrive shortly at 26s per roll. . Linseed, castor, and neatsfoot oils are as last quoted. The local markets are still bare of galvanised pipe, but several vessels are due with heavy -stocks for this port, and the position, as far as suppliM are concerned, will bo relieved. Galvanised wire etaples are worth 62sj galvanised fencing wire £52, and barbed £53." Screws and files are as last quoted. Mr Theodore de Schryver, the Auckland repreisentative of the "Steel Company of Canada is reported by an Auckland correspondent to have received particulars of the steel industry in and the States on the cessation of hostilities. The writer states that he had learned in Washington that the entire stock of the Steel Corporation in.ita various warehouse* did not exceed 50,000 tons. The .prices of the' finished products were controlled largely by the ra* materials and labour. Dealing, with the materials necessary for the manufacture of sfeel, he states that a supply of ore sufficient for the next six or eight montha wa's in stock, but had been purchased at war prices and transported at war freights. Coke was high, with little prospect of lower prioes for ooal, labour, or transportation, while limestone bad about doubled in price. The world had been bared of pi£ iron, and future demands for some time looked fully equal to the production. Ferro-mangaseae and alloy* used in the making of' steel had to be bought far ahead, owing to the war, and at four or five t.'rnes their normal value; and sorap eteel, which was used in large quantities for remeltin?, was more than double the price ruling in MM. SOFT GOODS, ETC. Business is reported to have shown rather more life during the put week than has characterised it. for some weeks. Goods are coming to hand in fairly large quantities, and with the return of ships to the New Zealand trade importations are expected to increase. . The following cables were received during the week by a manufacturers' agent from leading manufacturing firnjs in the Old Country, in reply to his request for information as to the market outlook. Regarding cotton goods:—"Difficult to forecast outlook: temporary stagnation everywhere. Some decline possible, but severity and duration depend on many factors. Wages have just advanced 50 per cent. Production is difficult. Caution advisable at present." Xo ; 2: "Future very uncertain." , No. 3: "Prices firm, no redaction at delivery uncertain, material •oarce." No. i: "No immediate reduction, priies firm." Linens: —"All linens dealer. • Out March (1918) list baa advanced 15 to 20 per cent. No reduction possible in 19.19." "Business in this market (says a. report received by the .last mail regarding the Liverpool cotton market) bae been ecmewhat dull since our Jast report. The demand for the great Eastern outlets has not improved, and most buyers appear to be_ adopting a_ waiting attitude. There is however, business about for France, and Government buving is also "mentioned, in some cases Covering delivery well into next year (13ip., The Cotton Control Boai-.l has issued instructions ts stop all looms m La^®?"' 0 for a full week to relieve the y»™ and alio the levi«« now being P 4:d . b -' diioere are to be doubled. Taking into consideration these facts, with the coal which is of great importance, th seem to hf /any likelihood of J"™* prices here for eome tune to comeThe statement was ma-ie London soft-goods house to> a ei f^ oc £ firm that practically the whole ot tneir

or certain grade® of hosierv had been Requisitioned b-.- the Imperial" Government "ti supply tlip needs of the unfortunate Russian?," and that this course had also been taken with other firms. This may be true, ""t ii on<\ were to assume that a I'M bn ,„ a d,. ,nd that for "Russians one eboiild read "13elciar.£." the statement won M bo much more credible. The eame v J l '" l mentioned that larc numbers of uuyers from India and Chins had iiniverl :n London anxious tn plare orders at almost any price', and urgently seeking to replenish their supplies." . A ne:v irdustrv (to -vhich reicrence has previously been inado in this column), the spinning of wool into yarn and knittin? the yarn into arti-'o* of wear was Siven a fashionable introduction London at the end of Ortolier, at tin exhibition opcr.cd or Prince ;=c. Duc'ne« o: A no':!, in >ne Bed C'ros* workroom?. '' ml 7 * l 'P'"" ning wheels, and on sale were sheepdog s.tiikin K s, a colli* muffler. and a Pekingese cardigan jacket. „ ... . T, , The .sscrctnry of tlic Wellington Boot Manufacturers' Association, in J" 1 authorised statement appearing in the Wellington ' £- v«ninjr Post" of Thursday, said. t.iat in n;s opinion boots and shoes won |1 not recede in price for a considerable period, and were likely to reach still iii? Her pric** in the near future. Leather of all the more desirable sorts was limited ir. supply. >• not actually short, and prices were ruins the world over. In face of the great demand in Europe tor leather, and all other articles that go to the manufacture ©r bods and shc<s, a ftiiiher rise was inevitable. As a. matter ot fact nianv lines had risen since the cessation of hostilities. Wages also bad risen. Bcot3 made with calf uppers would undoubtedly ad- J vance. High as pricee were in New Zealand, thev were lower, especially a-s regarded men's boots, than in England and the United States. "The final reason ior expecting further advance,"' concluded Mr Ward, "13 the economic one, in common with all other poods, viz., the inflation of the currency by the issue of paper money. This demands the immediate attention of the Te-sponsible authorities. The immense creation of money during the war period, and the lessened production of commodities forbids the hop 6 of receding prices for some time to come. Money is °too plentiful without the corresponding increase in production of goods." Mr Ward's statements and conclusions, it | mar be added, were largely confirmed yester- | day by a prominent member of the boot trade in Chris'cliurch.

RELEASE OF FOODSTUFFS. UNFILLED MILITARY CONTRACTS. (special, to "the press.") AUCKLAND, January 10. The demobilisation of the troops in New Zealaud has had tho effect of releasing largo supplies of certain lines of foodstuffs, for which contracts had been let by the Government. Practically all the grocery and meat supply was in the hands of southern firms, but Auckland houses held largo contracts for biscuits and jam. An adjustment of these contracts, as the result of the demobilisation, has now been arranged, a certain quantity having been reserved for local military requirements, and the remainder allowed to revert to the ordinary market. This additional supply has greatly relieved the position, the local markets having been very short of theeo goods for several years past. The necessity for meeting ruiLitary requirements, together with the difficulties associated with the shortage of labour and shipping, ha-s kept local supplies very low. The island trade lias bad to be cut out completely, by one firm, in order to meet the home demand. The manager of one leading firm stated :that about 50 toils of jam, representine the unfilled portion of the Now Zealand military contracts, was being forwarded by the Govcrnmont to England for the uso of the Zealand soldiers still in camp there. At tho beginning of tho war great difficulties arose in connexion with the jam and biscuit making industry, as a result of a shortage of tin-plate and glass jars, but it is stated that the position has greatly improved, supplies of tin-plate having come for- , ward more regultirly from England. FINANCIAL NOTES FROM WELLINGTON. A SPECIAL CORRESPONDENT.) WELLINGTON, January 10. The local Stock Exchange is only just beginning to- settle down v to business, although investors are not' numerous. There lias oeen a demand for war bonds and war stock <at "£97 -.'lOs"that- is,- 50s pelow par. at this price the return to the investor is about 42 per cent. New Zealand. Kefrigerating shures appear to be in good demand. A sale was made at 45s 6d a day or two ago, but buyers are now prepared to give a. shilling more, but the shares are dot easily procurable, and those who particularly want them must pay more. nJBuyers are bidding £6 2a 6d ex dividend for National Bank shares, and the probability is that the shares will go higher, for the opinion is current that the bank will either be absorbed by some ono of the larger British joint stock banks, or tnat the bank will itself increase itß capital by the issue of the 100,000 shares that are still in reserve. The first proposition may or may not come about. Although it is believed . that the British joint stock banks -will endeavour to cultivate a closer and more ' intimate' connexion with the oversea Dominions, no evidence of any such move being made in respect to New Zealand is as yet. available, and in view of the fact that all' our- banks have important" offices in London, the British banks may bo content 'to arrange closer working arrangement* rather than. venturo upon outright acquisition. ' It is more likely that brancher of foreign banks will be established in New Zealand. Japanese and American banks are eaid to have opened branches in Australia or are contemplating doing so, /and an extension to New Zealand would do a simple matter. The receirfc cable message stating that the P. and O. Company had purchased a controlling interest in the Orient Line has revived interest in the fate of the Huddart Parker Line, and the trend of events will be indicated in the movements of the shares. The attitude* of firomen, seamen, end waterside workers may depress shipping shares.

LONDON" MARKETS. (Received' January 10th, 11.45 p.m.) LONDON, January 4. Robber—Para, 31 Jd; plantation, 27id; smoked, 26} d; Hemp—The price of Manila has been reduced to £25 per ton, owing to a decline in the Philippines, and cheaper transport. New Zealand ; .prices - are unaltered. RABBITSKIN3. . (By Cable.—Press (.Australian and N.Z. Cable Association.) • - LONDON, January 8. Annings* report states that, at the rabbitskin sales 371 bales of Australian and New Zealand were offered, and 185 bales sold. Australian hatters declined 70 per-cent, and furriers 60 per cent., aa compared with February prices. New Zealand hatters declined 30, and furriers from 10 to 15 per cent., as compared with November prices. THE MELBOURNE MARKET. MELBOURNE, January 10. Barley—se 3d to 5s 9d: Cape, 3s lid to 4s 2d. Oats—Feed, 4s 3id to 4s 6d. Potatoes—£l4 to £15. Onione—£ll 10s. CHRISTCHURCH STOCK EXCHANGE. LATEST QUOTATIONS. Buyers. Sellers. £ s. d. £ s. d. DEBENTURES— N.Z. Refrigerating, 6 per cent. .. — 100 0 0 BANKS— \ New Zealand (fully pd.) 17 17 6 — Union .. .. 59 0 0 — INSURANCE— National .. .. 3 4 0 — New Zealand .. .. 11 2. 6 11 7 6 FROZEN MEAT— Canterbury .. .. — 10 0 0 N.u. Refrigerating .. 2 6 0 2 7 0 COAL-AVestport-Stockton .. OSS — BREWERIES— Manning .. .. 3 0 0 310 0 TIMBEB— Leyland O'Brien .. — 17 6 MISCELLANEOUS— Booth. Macdouald .. — 110 Cant. Farmers' Co-op .(6 percent. re div. only) CO 5 0 — N.Z. Drug Co. Rights 0 1K 0 19 Sharland and Co. .. 110 0 — MINING. TALISMAN MINE. (raEss association telegram.) AUCKLAND, Januarv 10. For the bVoken period of December the Talisman Consolidated, Ltd., crushed and treated 580 tons, yielding bullion valued at £886S 1-Je. The costs for the month totalled £5 17s 9d, made up as follow:—Mine development, 25s 2d; mining, 429 3d; milling. 365; general, lis Id. The directors have sent to London the following cablegram:— "'Number fifteen level rise progress thirteen feet, no values."

CANTERBURY MARKETS.

Friday evening. The unsettled weather U . r h i " S u I .j\^ n lus not been conducive to the ° , jc of harvest, »nd b warm e P e >,■ welcome. The harvest generally will °- latc, a .id £0 fur only a ICW car '" T » 1 J oats have been cut. j° t j.„ crops generally arc looking «-1. « yields should be quite equal IUIS, if not better. , ... .No business i» rot reported in new »ea:on's grain, but ft line of _ i a three thousand bushels of Alsenan oata were fat on offer at 5s 2d at a; «*££ station, Inn this hgure was considered abo\c the market value. . ~ During the week a quantity or tll *ern ton's cliaft baa been shipped t - market., and there is now r™s"J t frcsu enquiries. new man come on the market. . ■ There is some movement in T J e = view of the probable short crop of_ p • nial this season. A large line o> , season's Southern 6eed has J l ., between merchant?. A line of new st PP seed, bright and heavy, has been purchased at 4s at a country station. It " anticipated that there 'will be a fair cro P ° Italian rvegrass. . , A r.i Some business has been dor.e with bourne in last season's cocksfoot. Tilt, potato crops are still promising well, and are free from disease. Beyond tne retail trade in early varieties, there is no - business yet reported in the new crop. The rnllowing are the prices paid to farmers at country stafior.s, free of commission, sacks extra, except wlier** otherwise stated. Milling wheat according to Government price, South Island. 6s OJd, f.0.b.; Jvortii Island, 4d additional. Oats (nominal)— Best Algerians, feed 4s 6d to 4s 3d, eeed 4s 9d to ss; best Gartons, 5s to 5s M, feed 4s Gd to 4s 9d; Duns and Danish, ss. Barley (nominal). Flour—£ls 10s per ton: 1001b £16 ss: SOlb bigs, £16 10«; 251b bags, £16 los. Bran—Shipping £5 10s, local £5 lo# per tori. Pollard—£7 10s per ton. Oatmeal —251b T>ags £30 per ton, ilb bags £34 10s per ton. . Old Oatsheaf Chaff.— Heavy, bright, £6 to £7, medium £5 to £5 10s; inferior, £i to £4 10s. Italian Ryegrass.—Stripped seed 4s. DAIRY PRODUCE. Xo pricc has yet been fixed for new season's honey, and it wi!l all depend upon what export business can be done. Eggs arc cheaper by one penny per dozen. The wholesale prices are: — Butter—Factory Is 6d net, farmers' separator Is 2d, dairy Is Id. Cheese—Faetorv lOd, dairy 9d, loaf 9Jd. Bacon—Sides is 2d, rolls Is 4d, liams Is 3d. Eggs—Hen eggs 13 2d per dozen. FRUIT AND VEGETABLES. Vegetables arc in fair supply, and prices, are generally high. Cauliflowers and good cafrbages are somewhat scarce owing to uamagfc by aphis. Local apricots and peaches are coming 111 and realising good prices. Cherries are scarce, and black currants are selling well. Supplies of bananas, oranges, and lemons arc expected during the next fortnight. Hothouse tomatoes are still ill tlio market, and prices are keeping up, as it will be a fortnight or three weeks before the outdoor grown are ready. The average wholesale prices on the week wore: Apples, dessert, 20s per ease, apricots, first grado. lOd to lid per lb, second grade 6d to 9d, black currants Sid, red currants 5d to sid, cherries Is 9d- to 2s 3d, gooseberries 2£d to 3d, grapes 2s 9d to 3a, peaches, first grado 9d, second grade 6d to 83, plums 5d to 6d, raspberries Is to Is 6d, strawberries Is to. Is 2d, tomatoes lid to is 3d, was nuts Is.

Kidney beans 6d to 8d per lb, broad beans 2s 6d per sugar bag. beet Is to 18 8d per dozen bundles, carrots Is to Is 4d, radishes (id to lOd, rhubarb 2a to 2s W, spring onions Gd to lOd. turnips Is Gd to 2s 6d, cabbages 2s 6d to fis per dozen, cauliflowers 2s to 6s Gd, lettuce 6d to la fid, green peas lOd to Is 9d per peek, new potatoes, local 2Jd per lb, Northern ljd to lid, onions 28s per cwt. TI3JABU MARKET. . (srECIAJ, to "the tress.") TIMARU, January 10. The wheat crops throughout the district are looking particularly well. They are not 60 long in the straw as they were last year, but they are well headed. The straw is not so sappy as it was last season, and it is not thought the crops will go down as they did twelve months ago. Some of the-crops are rapidly changiilg colour; and will ■ be j ready for the reaper in about a fortnight. A further shipment of Australian wheat came to liacd this week, and it was a particularly good lot. A million bushels of the Government's purchase has now been landed at ports. There is a good demand for fowl wheat, but buyers are objecting to pay the maximum price of 6s f.o.b. for tho quality tbat is left. _ , The cutting of oats has started, though it is by no means general. One or two crops, are already in stack. The great majority of the crops are looking splendid, and promise to yield heavily. Old oats are worth • 5s on trucks. There is a good deal of speculation as to the pri-o at which new oats will open, but the consensus of opinion seems to favour somothinjf in the vicinity of 4s 6d. Given suitable weather, it is expected that the first samples of Algerian oats -will be on the market about the end of this month. . . There is a fairly large area in peas this season, and they are growing well. Some of the garden peas, which are being grown on various farms in areas of several acres, are estimated to yield up to 60 bushels per aC The indications are that very little ryegrass coed will bo saved, this year. i Locally grown new potatoes are now coming on to the market, an-i are fetching 1<« per cwt. Some of tho potato crops in the, Waiinate district have lately been frosted. MARLBOROUGH. (special to "the pbess.") BLENHEIM, January 10. Harvesting operations in Marlborough aro well forward, and the new'produce is beginning to come into the markets. Chaff is being freely offertd by farmers, but the demand has not been keen, prob-' ably owing to tho fact that large quantities of old chaff .which had been held up at iijyttelton on' account of the shortage ot shipping has been placed on the Wellington and Auckland markets during the last few weeks. Merchants in those cities wish to clear these stocks out before operating •with the new stuff. A few lines realised £5 10s per ton in the stook, but the market hag ea9®d slightly, and chaff is now being freely offered at £5 per ton. Thia may be considered a good price for this time of the year, and as the yields are heavy, tttu oat crop is proving exceptionally profitable to the growers. As there is a large .quantity of chaif to ship from the district this year, it is hoped that improved shipping facilities will be available. The barley and wheat crops are late, but promise well. No business has been done in thess lines. These cereals cover limited; areas this season, but the yields are expected to prove remunerative. 'lhe pea crops are now being harvested, and a few have been thrashed. A record area—probably 10,000 acres—has been sown, mostly on contract, and a good yield is likely, despite the severe frost experienced on Christmas Day- At that stage an exceptionally heavy return was in sight, but the unwelcome visitation has, it it calculated, reduced tho average to the exteht of from ten to fifteen bushels per acre. 'Xhe general contract price is about 12s per bushel. Tho market for free peas has not yet opened. There is a substantial yield of hay, the bulk of which has been saved in " good order. The demand at this time of the year is small, and the nominal value is £3 in the stack—the prevailing rate last year. Potatoes were badly hit by the frost. Though they have been revived somewhat by recent rains, the yield has apparently been reduced very substantially. Very few new potatoes have come into the market. Not much grass seed will be gathered in the district this year. Clover and lucerne seed crops are looking we.l. but tbey will not be harvested for several weeks yet.

dunedix. , (SPECIAL TO "THE mss.") DUNEDIX, January 10. The oat stocks are light and offerings arft smail. Any bright heavy samples suitable for milling are. quickly disposed of. Prune milling is quoted at ° 8 Bd, good and best feed 5s 3d to 5s 6d. ihe shipping enquiry is still s'.ackTiiere is practically nothing offering m wheat. , ~ There is little enquiry lor old potatoes, but any lots of freshly-picked still have a fair" demand. J»ew ee *f? n 3 tubers are now offering ia larger quantities, end. prioes hare eased in consequence. * resmv-cug (locally grown) are quoted at to -id per lb; others 2d to 3jd. , The chaff market u .""ely euppuea, and all consignments on have been cleared at quotations. !J 7 °aten sheaf continues in better dsl ? a than medium quality, although the latter quality has been leceiving wore attentwn in view of the lighter Eupp'.iss. Best sheaf is quoted at £"8 to £ 8 •? 6d ' choice £8 10# to £8 12a 6d per ton, bags extra.

SOUTHLAND. (SriCIAL TO "tub tress.") t I.X N'EICCAI'.U ILL, January 10. Oats—The market is firm, and stocks are now getting very low. Xbc visible stocks do not appear lo be more than about 12,0*X> bags, and as the harvest is certain to bo i»lc, there is very little chance o£ prices declining until thu nevv crop is ready for delivery. There nas beei' a little cuq urv lor forward delivery, but owing to the abnormal conditions, merchants do net teem disposed to quote. ChafT—The market is firm, and is likoiy to continue so until the new crop 13 tsrvestcd. It looks, however, as if the shipping demand for next season will be much lesj then during the present season. It is stated that the estimated quantity of chafl to lie harvested will be from two and a half to three times greater than last yeaj. I; this provts correct, it will have a bearing on the oats position. Potatoes—l'hc market is being supplied chicfly from the North Island, but owing to lack of shipping, supplies arc arriving in dribbles. Henap—The market is quiet, and no pales of any moment arc going through. A sale of g small quantity was made during the week at £34 10 a on trucks for low, fair, and £'37 lor high. fair. Even at this price merchants aro not keen to buy. as the future of the market is very uncertain The quantity at Bluff stores to-day is about 1300 tons." Ryegrass—Both perennial and Italian aro firmer in price, and sales amounting to close on 1000 bags for dressed seed were made during the week -at prices representin? an Kdvance of from 3d to 6d on thosw obtainable three months ago. Buyers are st Inst realising that the new crop is going to be very much short of last year's. AUCKLAND. (SPECIAL TO "THE PKESS.") AL'CKl>rt..\ o, January 10. Potatoes—Large quantities continue to come into the market, and the price has come down a little, best quality selling <it 12s ex store. | No enquiries have eo far come from Australia., where fancy prices have been occasionally quoted as a result of drought conditions. Onions—The . crop is steadily improving, and better quality are sent in everr weeK. The quality is still unsatisfactory lor storing or shipping, so that buyers are only operating for immediate requirements. The price has. fallen to 14s, ex store, with a prospect of a further decline as supplies increase. Oats —Business is very quiet. Consumers fire buying as little as possible, and merchants are waiting till tho market for new grain becomes more settled. Stocks are very light here, and the market is firm at 7s ex store,, with a prospect of something in the nature of a shortage before the first consignments of new grain arrive. Oatmeal—The position is now easier. Several brands are still unobtainable. Fowl wheat is very scarce, and supplies from Australia are badly wanted. Flour —A good demand continues. Bran and pollard supplies are still low, and orders aro being cut shortChaff —The position is not at all unusual for the trade at —tho end of the season. Now that the new harvest is in sight, several odd lots arc on offer that were not previoi sly heard of, and these aro bringing the market down, even though new chaff will not be fit to use for another month or so. A few lots of Southern have recently arrived, and best- quality is selling at abaut £10. ex store. Maize—Larger quantities liave arrived since last report, and the market has broken a little, although 8s on the wharf remains the nominal price for'wholesale lines. Cornsacks—The price is a little lower in anticipation of an easier market. Forward stocks at present are rather low. EMBARGO REMOVED. (Received January 11th, 1.10 p.m.) WASHINGTON, .Tanuarv 8. The TTar Trade Board has ordered the removal of restrictions on tho importation of wool from non-enemy countries. The order becomes effective on January 10th, after which d<ite licences will be necessary, but will be granted freely. THE WAIRAKEI ESTATE. (special to "the tress.") \ AUCKLAND, January 10. • A company, with a capital of £100,000, has been formed in Auckland for tlio purpose of purchasing tho well-known Wairakei Estate. This property, which is situated on the Rotorua.—Taupo—Napier road, 50 miles from Rotorua, has been in possession of the Graham familv for nearly forty years. The estate contains what is claimed to be ono of the most remarkable collections of thermal ■wonders in the world. METHVEN STOCK SALE. There was 'a very small yarding at tho Methven yards on Thursday. Fat ewes made 25s to 27s Bd, and fat cows £10 10s to £12 10s. A heifer sold at £11 15b, and a line of merino ewes and lambs (all counted) changed hands at 18s lOd. CLEARING SALE. Mr H. A.. Lloyd, Ashburton, conducted a clearing sale, on account of the in the estate of H. Martin, Greefistreet, on Thursday. The principal Bales were: — Horses, £4 10s to £33, cows and heifers £8 to £15, calves £2 3s. RANCIORA HORSE FAIR. There was an entry of 30 the Rangiora Fair yesterday. Prices were:— Young broken-in draughts £'-5 to £3-, nged sorts £8 to £20, inferior £2 to £0, hacks £0 to £14. A four-year-old unbroken mare made £10.