FINANCE AND COMMERCE.

Press, Volume LV, Issue 16430, 25 January 1919, Page 11

FINANCE AND COMMERCE.

(Bi Ocr. CoinaKcm. Edito®.,

There is change in t.-fle oorrl:.lc:-.s. Business is 'iuit: m the poi=: o: dullness, an d an immediate impro-emer.t ia hardly loolci for. This condition is pa'-tly seasonal »r.d part!;." duo to causes vhrh we h»-.« tipiuinod on J'.-'-i-Ud occasion?. the chief cf lhts? being tho uncertainty as to the future course of pries*. This is perhaps more 6trongjy mark*i in the \rhole=a!«> p-ooery business thin i" any other direction, though tot l ', the hai-lwarc «:id sa:t goods trades ar» effected. (A'-ur.iry ~'u.".S »re deist rood ■ business amount «: t> lurvtst e«£os, ,J r ..jjjch. h*' ca"ed «- maikei demand tor tiniiM hi,i »r..l ti-.i.ed n.es»U. The biwl u i;.:rr t:.-.: ""d tnt l&r-scr perio-i OVCI which si * v i;l U spread fnoa.-i giv« m->> chants an opportunity of maii.tainir.- a gCvJ output tor unoti;*r HiciitU or tv.v. \ significant, indication ot nervousness connexion with the wholesale grocery trade is the fact that in numerous r.:»i.ar.c«s ir'.frhonso oßesii.gs- cf vurio..B coir.moOiUes are b«iii" nwd« a prices Mther below iiil.iig local' Violations or those at which thu goo !.i lrc available a', pons cf shipment. I'h.s juijv however, only bo n tcmpoiary symptom'of'a panicky feeling 011 the pur', o: ho'derj. Whether it will b« justified- ay tiia <.oufS«"of the market has U be wren. The Uotia'ii, w/iioh reached Wellington during "the week, b/ought a general cargo Irani Auitulw ot a,-.out -&&0 lons, including a quantity of goods thdt l-.a-l bsxn j.'.cailui;,' transhipment. It 'is to be fea;ed '>•»■"• '-•'<> co.-.fcigrees c: the apples from British Columbia winch were on board the Mukuru- when she reached Auckland some time ago v. '.11 have reason .to rt>--ret their purchase. The vessel vras first, quarantined in Auckland, and on being reined left at once, with the tipples, which were valued at £7000, sli.l on board, for Spljicv vhsro she was again <iu&rur. cirred. oho "brought the apples back this week lo Auckland, where they will have to meet the local tMiit which id now coming on to thy market* Austialian advices imparl that nearly all Eastern produce disptays a, firmer tendency. The opening of the world's markets again lias brought about higher quotations in v.roducin™ centres. - America i* £-iid to have placed largo orders' for tapiocas in the East Bine© t]i e liftin? of the embargo on imports by thfe United States Government, ar.d peppers artd cotfee have advanced in response- to heavy Euiopean orders. Iu tliis connexion a. report from ti prominent firm of London merchants dc,in» . a large colonial business is cf interest. Writing on November 2S;h,. the firm say:—lu practically oil trades wo do not think that, any .material fall in prices is lo.be expected for a long time, though in 6onio special cases, Vvhero 'proliteering' has been rampant, eome reductions may be looked for. All things considered, wo «re of opinion that overseas traders will be justifu-l in placing orders •without undue misgiving, provided they are prepared to give discretionary powers to merchants on this side, who are in a position- to watch the development of events." Besides the enquiries made by ,the French mission, it is believed that others of our Allies are looking towards Australasia for txado development. Belgium has been, making enquiries through her Consulates, and the questions asked cover a multitude of commercial. ..topics, including banking and •hipping. Most of the countries are no doubt hoping to capture the trade that Germany formerly d;*J with the Commonwealth' .and ftow Zealand, which was appreciable. In .1314, notwithstanding that there w«re fire months of war. jthe socds imported from CreTinitny into Xew Zealand "were valued at ~1,016,016, or 4.65 per cent, of the total. In r . 8 ?- le year.we obtained goode to the value of i;] 35,514 from Belgium, and £389,259 from . j ranee, the latter's proportion being 1.53 per cent, of the total. - 1 . ii'or years to come national sentiment will , certainly be against the admis«ion of gcods Oermany, and so whatever.of Germanya twde. that does not pass to thi United Kingdom will be scrambled xor by other nations. The United States and Japan harp, during the war period, ostabJis.ied extensive trude relations with the iloininion, and ior a. considerable time past [ ?"? ■ " a / a been dependent -upon- these conn- - tries for many line* of merchandise that vverti unprocurable from otier eourcec. In 1014 our imports from/ the United States afc or 11.61 per cent.; J"._ 1G the "mount waa £3,969,923, and in 1917 £3,900,638. From Japan we received in 4914 goods to. the value of £3513,364, in 1916 41562,974, and in 1917 £628,822.- Both these countries'will, without, doubt, not onW do tlioir utmost, to retain the trade "they 'have Already captured,' but also to' increase it. There :s thus a prospect of very keen competition. The policy of competition. in home trade - and combination in export trade- is-receiving considerable support in other countries, especially in the United State®. , An Act pissed by Congress last winter removed certain obstacles that existed. The new :law perrajts competitor* to form combinations aplely for export business, to make pxioeagreements, and ;to unify advertising' and ■ellinsj-campaigns, 6o far as foreign trade .is' concerned. -liecentlv twenty-eight steel companies," which are , independent of the United Steel Corporation, combined their interests solely for export business. The 1 Competition for Australian trade may leiad to the-establishment of new shipping lines; and possibly to the advent of branch establishments of foreign banks. - . _ Tho" Imperial Commercial 'Association ha* oeen recently formed in London, becauae business • men in the United Kingdom uc mcnaied by rapidly growing Stat® 'depart- . \meMs, _ '(irmod with plenary powers, whicA being used 'to cut down," and •'perhaps fatally impair, the British <pmmercial "sya- ■ tea. The State tu> a'trader etands 'eelfcondemned ' through' inefficiency, assert Lord lochoape and other well-known business; rrien, and the' definite object of the association -ls-rtol fight* for the maintenance of those sterling qualities upon which successful " commercial enterprise "is . based. the force and of'organisation, Gennany penetrated the Tenr arteries of British trade, and this economic, war will .continue long after pcacw is declared. The domination •of the world, it ia contended, will go to that nation or those nations which .prove in. the ./long -run to be ablo to win in the' competition. of efficiency. .For lack ,of organisation, < business men have. allowed - trade to become a'plaything of the politicians."- - ■ . There is something in noap! Messrs Lever ' Bros., of Port Sunlight, have decided, to irt■treaao their-autliorisod capital to sixty 'millip ca sterling. GENKBAL MERCnANUISE. . ■ -G3OCEIUES, ETC. ' • • The iloana, which reached Wellington from' San i'ianrisco,'carried * fair quantity >of canned fruits; which practically comj.pletca the shipment of tho present season's -'ordort. ' . i The Annette Roiph, which lately reached "Wellinjton,. brought a, shipment of Hawaiian piiiudpplea. ■ .. i " Advices from San Francisco, under date , D<x<ipiber 27th, regarding dried fruits, stated that' prunes and peaches were exhausted, and xaisins, figs, apricots, pears,- and apples wers getting into small compass." More recent, cables, however, have offered -. small of various fruits which havo eridently beet, released by tho U.S.A. military c 'authorities. As, however, • stocks ■ »lrendy •' held are sufficient for requirements • for • come .time, there has been no rush of orders. It is stated that while orders cabled 'to 'Frisco for raisins were declined, new se«- - son's quota tione for Tasmansan canned fruit being generally known, merchants are covering. requirements, aa the demand for this 1 fruit has always exceeded the supply. Tho new season for Australian dried ftuits commences in March, bat so far, - according to Sydney advices, no indication cf prices has .been giv%;n. There' is said to be, apparently, every possibility of a fairly S® 0 ® ■ »up;ly of sultanas, currants, and l*xias, but ston'o fruits—peaches, aprsoote, and neo> tarines—will probably be short. Quotations aie available for n®w reasons pit- fruits. Prices are. fairly high. Despite the high prioes that, bacon producers can command, supplies are very snort. Shipments are expected- soon of caustic . toda, in lib tins, and merchants are hewing for a lower cost than has obtained of late. There waa a general scramble for the plug tobacco (mainly Havelock) brought by the Saiapoi, and the position as regards supplies ■ in hand is now as had hs ever. > , » The -Kaiapoi ako brought some, hrys , oreakfwt cocoa in quarters and halves, the - - firat English cocoa to come here for fully 18 .' laonths. Y ,National candles have been offered on the < ; local market for less than they could be landed at to-day. French 95 per ccnt. cream of tartar '' being offered, between ■ houses, • at lb ,]ess than the present f.o.b. 'New York \ jnesu . ■ One' Australian mill has reported that it ' , is unable to procure any rice from India for m, Utng this season. It is expected that the mills mnet look to Japan for supplies, and • ■ Vsa w ta?si '

DOMINION'S TRADE AND MARKETS.

;. w-'.i ~et crouirh to work on. This account tor the recent rise o; £t2 per ton for lice, but unless the export of In<run rioe to Greet Britain 1;:,? been stepped, in which 1 case hti increased dorna.-.i for mijirt foilnw, th** effwt eo far us the Dominion ia f conoe.T.cl will r.ot '•» great. Canirarati'.Vy little rice from India reaches New Zealand, 90 per cent, c: the imports coming irorn e Japan, though the htt-r's product is much r inferior to Patea rice. i It may r.oted that, in the first Jcrocast of the Indian iic« crop for the year 1918-19, J i=»ued by the Department of Statistics, Indift, t'ce total area sown is given as 70.952,000 ' ncres, which is 6 per cent, bolow the rer -.-»ed estima'« (73,315,0W acres) last year. As t compared with - the fir.iu estimate c' l-J'> i yeir, there i 3 a decrease o; 11 yer cent. The weather conditions at sowing t nso werejijot--1 tuvourab!* 1 , excr.pt in .Lvver Burwa, tha Centra". Provinces, ar.d Bertr, Madras,, and ; with regard to tho wiater crop ct Bengiil, e Bihar, ar.d Oriesu. Kisowiiere frcspects arc - r.ot very hopeful. e Desiccated cocoanut is in short supply in the L-iminion. a Htoc'rs o: methylated spirits are almost s unobtainable, ar.d prices are practically pro- - hibi'.ivc. i A litt'e lot o; S'oclcoye salmon has been a landed arc is quoted at I>'« for halves and 25s 6d for pour.de. i A .Cliristchrrrch fani received. word ' from j Ffrm■? this weex that ap order for powdTe'd j horax which it had placed in October. 1917, ; hiid j-st feeri sh'ipj-Jfd. the j'.o.b. price showing no reduction cn recent quotations. • Reports from all parts of the district i indicato that" there will" b'> a wonderiul hohey - crop • this • year.; Co'r.otim'era appear to te ehy of koros?ne'and i bei'.ziiie, :rom a belief which is li vely to lie - justified that , prices must, come down before i long, . possibly through a further ", drop in - lieighis. , ( i The advance in the price of maize in Australia to, the high figure oi, bs per hi.shcl ! has given greater value to whk-h is - firmly held there, the opirion generally hold that millers would be obliged to in--1 creas« prices. American impoitfe -inay-keep . the local.market steady. ' . . . HARDWARE. I 1 Ijetters i reoeived. by /yesterday "s mail ' in- > dicate that the hardware tirade is gc:ng to" i have -a' trying time during-the' next twelve 1 monlhs.General-hardware is. stiT!. advancing, • deliveries , are '-uncertain, and the markets generally, in -an unsettled state. : Amc«igßt the numerous steamers arriving ' are the .lluahine,. Suoric, Burma, and lia- - maii. .AH these are carrying-shipments for i Lyttolton,. and ."it, is understood "that hard- > ware'forms-a considerable portion of these 1 'gotfes'. * . " ' . ' , _Aa English exporter, writing under date i November 19th, states: —"lt .is fu'l oarly to - make forecasts ..as to 'the' conditions which ! will'prevail during the nest few mbnths. The s present position is one of marking time by i both 'buyers' and-'sellers, iswaixirig the Go- • vemment's -decision on so .many pointo of > vitar iihp'ortanc* t,> the . lndnßlrial world. The' general view Is that- -values will advance i after Government , control - ' is' rSnrpvpd, al- : thon"h the Government will not entirely relax : "tt^ir.control-on a .number of raw muterials, . as this "would have a very unsettling effect I on and tend to make prices soar [ in consequenoe of tha demand in all directions 1 eroeeding' the possible euoply. We cannot t see that there is any prosp&t- of prices being- ; reduced ,to any material extemt for the 'next I six;.or nine months; "in fact, •in several i directions they will advance." j The British . Government have withdrawn i the restrict ions on iron and steel of all kinds, t brass, copper, 'and lead.' Orders for these i metals can be-plaOed without restriction, but a in certain caaea .export licenses are still i neccsaary. r It is /Btated'that the British Government subsidised the iron: and -steel industry- during 1 the'war to the extent of abcrut £60,000,000.. s After the war commenced the Government becume practically 'the .'sole purchaser of iron i, and steel products, and to stabilise prices, paid to the makers theso suttiidies to cover certain incrreaacd .costs due to the war. Now that the Government ■if no longer the'sole i purchaser, it is desicabie -to place the industries on aa economic a basis as early an"TJOssibie.~lt- wonld--not-co- for- the- sub» . sidies to bo withdrawn'in one" clean because the- great, • increase in prioos resulting from such an action would seriously prejudice the' resumption .'of ordinary work and cause great dislocation not only in' the iron* and steel trades, - but"- also in the wide field of engineering and other activities dei pendent on these 'metals: It has been decided, therefor*, ,to remove, the subsidies in two stages; those applicable'to steel making w'ill .be I-withdrawn on Jan-uary 31st, : when a revi«d."maximum schedule, for steel'will come into force. Pig iron subsidies will terminate on.. April' 30th, when it is. proposed to cease all >subsidies. •- The Government has left the maximum Tcioes for Home consumption but for r export as from November 18th, the following ' prices will rule as maximum: — ' • £ s. d. .Steel ship, bridge, or tank. plates, .. bases ' ... .. .. 16 10 0 Boiler plartea • .. / .. •1710 .0 Chequer plates , .. .. 18 0 0 Thin •ship, 1 bridge, or tank plates' 19 0 0 Angles, etc. .. •.. .. 16 3 6 Small angles, tees, or flats, -.. 90 0 0 Joists I .. .. .. .. 16 2 6 Rohnds, squares, hexagons . . 20 .0 0 Rails; eolb and .over .. .. 15 10 0 Rails, 50lb ; and ovsrl hut-under 601b lo 12 .6 Sheets and tinplate bars - (to be fixed) Bai iron .. .. .. .. 20 0 0 All prices f.o,b. These ■ export figures have been calculated to include thel' full amount of the,' subsidies which -the Government is .granting, and are "higher than those ruling for Home trade, but the Government will levy as a drawback from the makers on'all iron and steel exported the difference between .the home and export, selling prices.» From the ( - foregoing and' also iu riew of the great shortage and heavy cost of fnel which is likely to l«st for some time, it be recognised, is almost certain that pr&» of iron and steel are bound to advance after April 30th, when the subsidies are withdrawn.ln view of the enormous demand,' thene is no felling to what heights prices 'will soar, for - the . first few- 'months after jthe iron' and .stee] .indnstries regain' their freedom. As an example, on November JJOth 'the British G<rvwrnment.-.re-mo.ved all restrictions in .'dealings> in lead, and prices immediately jumped £11 per ton. . • :• SOFT ; GOODS. , : The mail this week brought a number -of letters from London principals "of New - Zealand firms, which, throw some light on the .present 'position of the markets, and their probable trend. . , . ..A' London firm,\\ writing to "'its., Christcbiirch representative on November .6111, •aid:—"We haVe cabled you .during the past week to the effect that you are not to .dispose of your" stock at any . reduced price, because we are quite" conhde.it' that prices are not going to tali. Tho last buying which we bought was August," and prices havo risen considerably since that, data} therefore, we feel qufts' confident 'in advising you not, under *ny, to slaughter your stock,' but to hold rather than dispose of same under' today's, prices." A London buyer, writing- at the end of November, quotes a letter, which was sent by one of this largest. manufacturers .oi Ireland to their London agent. -' It seems quite certain, he comments, that there will not be any break in-prices for the year 1919. "The only thing that is in ni£ mind which will "cause, these .prices to, drop will be -when the first demands are satisfied, owing to the high prices of linen goods, AJid cotton, will be substituted, which. will remoTe a larga ..pifc-tion of' the business from Ireland to Manchester." The'letter referred to ran as followsAs our customers, may be anticipating a general break.in prioes wo are writing to you to inform you that ther* is no probability of this happening. The whole of the Irian trade during tfte pas', two months his been thoroughly re-organised, and the different associations have been fonrxd, and the Parent Boand Association have th» matter well in hand, that there is no possibility in a J®" prices, -as you are aware that prioes - were fixed by the Government for the year isw. The prioes of yam have been fixed by ins Parent Association, and owing to the ne« . advanoes in wages, and the g»*t advance in prices of flax, prioes are likely to n® considerably advanced in the near futu • The prioes are fixod ior canvas holland a buckram, and there is now a keavyp*®. ? for anyone who breaks or reduces the prices of a contract. , . . i,.. Referring to the ootton marked, "lately been discussed, the same writer . • -"So far there has been a very » duotiou in the cotton but tn» P tion now is very acute, inaamiich as American Goverament have renicrred 6trictions on spccuUtire port ia also issued to-day of the ba. toa. in eight. The eUtaatioa rc*d " -tor t£ year WJ-r» 1916, 10,352,000; in 1915, 9,704, OW, and 1914, 13,013,000. As it is ? that tho world's demand is - t eleven, million bales, one_ can-readi y the crop is far ower than _ it To our mind this indicates i V i +i ma to no low prioes for a considerable X__ , cqjna. 'Jlfc. QoeiUoa xrhtso a aft^S aa

allowed is from the spinners, who have to-day a margin of 18d per lb. Or.e opinion of the markel, however, is this, that while we shall get a certain amount of rednction between now and the time bu«in*es ecttles d«_wr., prices of cotton goods will remain fairl;' high, and it will be at least six or eight months before we can 6ee nrices eaey in the right direction. By this* I mean that autumn, 1910. buying can be undertaken with an easier market." the announcement o: the peace negotiations appeared in the Java pap:rs, the kapcc market, became excetdinglv lively on accou-.t of speculatire local purchasce. On the other hand, however, producers f*)t little inclined to let their stocks j o, in anticipation of "till better prioes, and oc-nseqtiently pT"<e« advar.oed. The WaitomoV shipments o; kapx: have now all been delivered into store, and as there will not be another direct l>oat for some tiire to come, stocks avrula be of good value, more especially ae shipment to , Sydney and then transhipment to Xew Zealand adds to the p.-ic*- ci the kapw C'otton lliread y*nan-j:actur(V, it wc-u'.d appear, remark? h. ccntemporar.-. hare "passed o:i" a great ■portion cf the extra burden which fell lipon' their business ts a rorolliiry of the war. Thus J. and T. Coats and To., in their report (or 1957-16, are ablo to record a net- proSt of £3.171,796, compares ™ith ■ES.atU.OOO in 1916-17, »r.d £'3,a57.000 in 191516. The contraction sh-<7"- cur. hard'.y b/> ve?a;".'ed as cfltetituti'-.T a se'ionp eef» bi'cl: far (his vtr.* op•.'"e^ , ti-'f"tekinff. At «-l events shareholder*" suffered nothing, the rati? of dividend l»:ns maintainevl a.t tIU per ccnt. To fhe tnariv.e- ar.U fre underwriuing fund £100,000 was a;:d £2,nr,6.577 liHa beon carried •".'■rwa:«J, as against, i.'!,5'23,:!l 1 brought into the accounts. Ihe earnir.p-j in 1916 were a record for the comoany. which iu 1917 allocated £2,0CC,0C0 to its war contingencies fund. JUTE GOODS. l.'.e ordinary Xovcmber eteunicr, the TV-i----hoia, will not leave Calcutta tint;; the middl© o; February, so that it will be the end o: March, before her ccmsacks arrive, but t!\a .aten-tss oi the lurvest wil": minimise the difficuitv. Carnsacks by next Xovcmhor shipment for the. 1020 harvest are quoted about Its 6d for 48-inch. 'there is no buying just now on account o: tho belief that prions will full, whsrens they . are rising. ■Local quotations show an advance of in the lis; few day*. Th» market, is-finn. Wos>lijac!i3, July shipment, are qnoied today at' 5s 6d. Tflose. prices are based on excliange at Is' 8 IS-32d. which may drop, and in that cuso '- le buyer would'have a good rebate, possibly amounting to a shilling per dotfbn. 'It is a-so potnled out tlw.t Indian shipping freight has not dropped yet, prices being based on a ireijht £6 15s per tor.. This, too, may fall. ' The' freight rate in December, 1913, vas 50s pci* tou. The Waih'ora's cargo t\*i!l include' co.rnsacks, woolpacks, . hetoian, lime. cement and manure t«gE, linseed oil, and kapoc to the j total value of «ver naif- a million. I . , _ APPLES FROiI^CANADA. ' HEAVY LOSS .INVOLVED. ' > A , oiiuignment ■ of-11,350 cases of apples, which were-over-carried by the ..steamer Ma-_ kura to.Sydney early in December.last, was brought back to Auckland ,by the same vesssll Jate-on Moix?ay nig-hi, and unloading operations .were. commenoud next day. The fmit, is' comiirißed principally of .two varieties—Jonathan and- Mcintosh Red, watf shipped ut Vancouver-early in , November, and under ordinary circumstance? ' would have' been on the local market for the Christmas trade. However, Auckland was just i'ecovering from the epidemic of • inflnensa, and! a« the vessel had sickness, on board, it. waa quarantined . for some day 3, after which it proceeded oh its :voyage to. Sydney withoat unloading any cargo at this-port. The delay has resulted in a very serious financial loss to both the shippers and to t.he Auckland buyers, for not only haj-.the Chiistmas trade been , missed, but tho fruit has aJso -deteriorated by reason of the protracted delay. Of the shipment, about 6000 cases are on consignment from Canadian dealers, the other 8000 caaes being sent to the order ■of local buyers. Bonght >at - 17s fid per case, it is estindtotod that had th© fmit been placed on tho. Anckland. mai-ket at the schedule time it would; have' realised from Zla W to 24s per eiree, iii3tead .of 6s to 10*, the -prices realised at auction on Tuesday. These prices- will represent a loss of;about £8000, which falls .upon the' buyers at this end, and the shippers of tho consignment stocks at the other. The "placing of such' a large stock of fmit on'the local market at tire present time will also seriously affect .the prospects of local growers, whose stocks are just coming to hand. . ..CAEGO OF HONEY. FOKFEIxiID. \ FALSE DECLARATION BY SHIPPERS. At .tho. Sydney Central- Summons Court the Customs Department proceeded against three men on an information alleging that on or about August 16th, 19lS, they, were directly concerned, in, the commit ion of ah. offence against the Customs namely, the making of an untrue statement in a declaration.. • ' •The defendants, were: C. J. Ramsay, merchant; J. J. Sullivan, prodtico dealer; and Walter J. Smith", shipping clerk. It waa alleged that in August, 1918, there was shipped for London 160 tons of honey, which was. not shown in th» manifest. The honey waa discovered and seized by the Customs authorities on the arrival of the vessel at Brisbane. The Magistrate said he'had decided to Convict. He 'found that the honey in qtrastion was jin tended for overseas and not for Brisbane,. and that the defendants were aware-of that fact. In the case of Smith, however, he would impose the minimum penalty,] as he looked trpon 'him .as a dupe, although a willing dupe, in the case. The fines inflicted werre:—Sullivan. £100, with £26 fie, professional costs, and £20 witnesses* expenses; Ramsay, £100, with £28 ss, professional costs- and £15 9s witnesses' expenses; Smith, £25. , - I Mr J. A. Feiguson, who appeared for the. j Qustoms Department, announced that tie | cargo of honey would be forfeited. | ' THE COTTON INDUCXEY. TO THB EDITOR OF "188 rSESS." Sir, —The "local importer" interviewed by your representative appears to hove missed the real issues raised by my criticism of a representative of "ono oi Lancashire's largest cotton manufacturing- • firms," . who staged tjiat "raw material iras scarce, and four times pre-war prices, and that when the pre-' sent stocks are exhausted in New Zealand similar stocks will not be purchased at anything like the present prices." It is .true that the.great bulk of cotton goods are manufactured .in England, and* I hope these conditions will', be maintained, but England does, not produce the raw material America doee. Now that war restrictions are being removed, and the movement of American troops reversed from East to West, ship- ' ping space from America to England will be increasing from .now on, as already indicated by reduced freight rates. These factors, together with the anthentio information that raw material is not scarce, and that prioes are steadily falb'ng in the • most important country ct. supply,' show 'that prices of all manufactured cotton goods will fall considerably _ in the near future. I venture the opinion that "lotal importer" will not. place indents for nest season's requirements at wartime prices in England. -The American mail just to hand brings advice, dated December 7tb, 1918. of further drops in prioes for cotton, vix.: "S"pot" 282 cents December delivery 27J cents (ISJd), Jannary delivery 26| ceaits (13Jd), March delivery ' 25J cents (12Jd); • also the following information:—"Cotton •. tu-tuaily ginned from this season's crop is reported as 7,79j},6t5 bales to November Ist, compared with 7.185,178 bales at that time last year." "Total takings are 4,045,76s beks, comparing with 4,99»,535 bales at the same date last yenr," so that stocks of raw material ar® still piling up. As regards landed costs in New Zealand,' freights havo already dropped from £10 to £7 10s, and further reductions can lx» locked for within the next few months. War insurance has fallen from £6 6s per cent, to 2s fed per opnt., and I maintain that there is rot one single element, from the cost of i-aw material to the actual cost of the manufactured gocia landed in New ZeaJand, to war- • rant the statement that "when present stocks ai» exhausted in New Zealand sisnilav stocks > will no; be purchased at anything like present pnoeg.*—Yours, ejc.. _ ANDREW FAIR BAIRN. January 24 th. RESUMPTION OF WOOL SALES. (By Cable.—Press Association.—Copyright.) and N. 2. Cabl* (Received January 24th, 9.15 p.ml) i. , LONDON. Jannary 21. irtJldfineh and Company announce that auction sales of Australasian wool wil; commence early in April. THB WOOLLEN INDUSTRY, m* . LONDON, Janoirr CI. ahe War Ofice has withdrawn the restrietion era dealings in woollen vara fox consumption in the United Kingdom. WAR BONDS. Tn< LONDON, January 21. insre are many criticisms on tho Stock regarding the new issue of war bonds. II is considered that tho interest is at least 50 per cent, too high. There has been Bome talk of a breach of faith in mak- • ♦Si u j*** 1 ® practically the same' as tna o-d, after, the public hid been invited not to miss the last clause' oi eecurio j bonis ' bcion* iitgf. Saturdas,

Consols are quoted at £59. 7» 6d, >P. a r.d O. shares (def/) £100, and Dalget- e (del.) ! £1071. CHIXA' ENTERS MEAT TRADELOXDO.V. Jtnuirv-21. > A Ahipraent of 7500 quarters of Chines? frozen b«ef h43 arrived in London. BEET SUGAR CROP*. BERNE. January 21. | A Swii; cs-.ert predicts that the sugar ! beet crop of Europe *Til be an almost com--1 ple:e failure in 1919-1910.' o<ring to tho workmen on the Urge estates in Germany alia Hungary strikiag and lcjving the bcrts freeze in the ground. It is unlike.:' the production in Ih* Ukraine will ?Q®ce for 10-r.ai as the pea?*r.ts ™co have tytcome )h ndpv.cera have abandoned mt?r.ssve cu'-tivatio:-.. MELBOURXE MARKETS. MELBOURNE, Januaij 24. Kar'er—Chevalier 5s fd to 5s 10°;. tap<* 4s Id to 4s 2d. Oats—Algerian, milling i* M, I'ecd 4s 7d to ts Sd. Potato*?—£l2 to £12 Its. Onion's—£lo los to £11 W?. CHKISTCHUKCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS Sa'.e reported:—M»?oa, Stru'.hers (1-is paid), ifis. LATEST QUOTATIONS. Buyers. Se.lers. £ ». c. £ d. DEBEXTUEES--X.Z. Government ptr (Inscribed) .. £6 It> 0 BAXKPXatiarr.al of X.Z.. .. — B 1J u Union "of Australia . (cum. ... .. 61 13 0 : IXSURAXCF— Ne.w Zealand .. ... II 4 0 — South British .. .. 7 0 0 7 < G LOAX AN I) AGENCY— , Dalgety and Co. .. 912(j 10 b Permanent Investment S 17 — SHIPPING— union (5?. per oent. cum p.'ef.) .. .. 10 0 — FROZEN MEAT— -..Z. Refrigerating (cub:. dir.) .. .. 2 10. S — GAS— Chrißtchurcb . ■ 0 2 6 6 6 0 MISCELLANEOUS— Bii::sb Tobacco (Anst.) . 1 33 0 —.. Burns, PbiJp (Sydney) — .116 6 Cant. Fanners' Co-op. '(Tirearu) " ... .. — ' 216 0 Colonial Sugar . • 22 10 0 — Colonial Sugar (Fiji ai.d X'.Z. 6 p«r cent, wo/.) '3d 10 0 — D.I.C. .. / ... 0 10,0 -= D.I.C. (6 per oent. euro. '• pr«f.) . ... ..1 I.oo—. X.Z. Consolidated Rental) .. .. — 1 S 6 X.Z. Farmers' Co-op. — 2 4 0 Sharland bjwl Co. .. • 110 0 — Sfiarland ajid Co. ipiof.) I'lo 0 — Weeks' .. ... 6 0)0 — . Whitcombe and Tojcba 6 2 6 — YESTEEDArS BUSINESS OX OTHER EXCHANGES. (FJIZSS jISSOCTA'XXOX.'HUSGEjUIS.) AUCKLAND. Sale y vfW'.ilaoß.'s Cement, 14s lOd. Salea r»porti>.i:— National Banlc,' £6 11^; Xew Lxr±-, land lnsurax.ee, £11 4e; l'. and O. (deferred), £104. TOSLLIXGTOX. Reported ao-.t-: —Wellington. "Woolleai (ordinary), £7 3s. ■ • ' C'A NTEBBURY MA KJCETS. Friday Evening. . Stocks of milling ■ wheat in Christchurch av» imported . to bo at a very low level, and fte an Australian cargo is hot expected until the end of J?ebrnaiy, tko coming month's au w ill bo exiremely ehort, and may bo exha.Ußted. before tha imported wheat arrives. The -arrangements for the sale of the new crop' of wheat«axe >not yet completed. It is reported that brokers ale asking for 2d per bushel commission tor handling the crop, instead of Id, ' which whs paid them last year. The- high nor'-west winds during ttiQ week have done gome damage in shaking ripe crops, arfd generally knocking standing grain abcrat, as well as overturning stooks. Sinte the i-aiti 'of last week the weather has continued, very dry. The shortage of-coal seems likely to .delay threshing} bo that there will he very .little done out of stiiojc. ' Early cut oats are now in stock, and as there is little prospect of threshing crops. generally will, be aeoured as soon as possible. .. So far as the oata crops are concerned, this will mean' bright coloured'straw and grain, 'pnd as • the grain will be better 'filled than for several yeani past, the quality, of both grain apd chaff will be much above the average. Very little hew oats has* yet changed hands. A : line of Algerians" has been sold at -Is Sd at a" country • station. Some business has been done in sew season's chaS, at £6 for early February delivery, and £3 10s for March delivery at country stations.' Merchants' experience with forward business last year wis far' from satisfactory, and there is therefore a' likelihood of much less of' this business being dome in grain and produce this' season. A ntrmber of offers to do forward business in oats, for instance, have been' declined. The fact that crops are better than usual, and that the Korth Island is better provided with oats,, hay, and other fodder crops than last year,. tends to restrict operations at the present time. Some white clover is bein<* offered, hut the prices asked are considered too high, in view of the fact that there is a good supply of last season's seed still on hand, and can be bought, relatively lower than the prices asked, for new seaaon'B seed. The potato crops are looking well, and . shcrw the good effects of last week's rain. Judging by the way tho earjy crops are . turning out, the main crop should yield above the average. A faw sake of autumn sown onions have been' made at £8, at country stations. The following are the prioee paid to farmere at country stations, free of commission, Backs extra, except where otherwise stated : Old milling wheat according to Government price, South Island, 6s oi<l, f.0.b.; North Island, 4d additional. Oats (nominal)— Best Algerians, feed 4s 6d to is 9d, seed 4s 9d to' ss; best Cartons, 6e to Be Sd, feed 4s 6d to <s »i; Duns and Danish Se. Barley (nominal). . .. . Elour —£15 10s per ton; . 1001b bags, £lo S*; 601b bags, £16 10»; 251h bsgs, £16 lis. Brmn—Shipping £5 101, local £3 15s par ton. Pollard—£7 10i per ton. Oatmeal—2slb hags £30 psr ton, 71b bags £34 10s per ton. ' Old Oatshcaf Chaff.—(Nominal) heavy, bright, £6 to £7, medium £3 to £3'loe; in.ferior, . £4 to £4 10s New Oatshcaf Chaff—i£B . for. February delivery; £8 lOs .for March delivery. • Italian Ryegrass—Stripped seed 4s. Autumn Onions—£B. ... DAIRY ; PRODUCF.. Very little business has been done this season -in cheese for local consumption, most of the buying- being dose .from . hand . U>. mouth. In view of the. contract made with the Imperial Government, prioes are higher than lust year. For new honey, although the price is not definitely fixed, Gd per lb is cffer<bd, -and 7s per dozen for sections. The wholesalo prices are:— Butter—Factory ils 6d nct» farmers' separator Is 5Jd, dairy Is Id. .Cheeee—Factory lid to 11 Jd, dairy lOd to 10Jd. : Bacon—Bides Is rolls Is 4d, hams Is 3d Honey—Extracted 6id per lb, sections 7s per dozen. Eggs—Hen eggs, Is 3d per dozen. , FRUIT AXD VEGETABLES. Vegetables continue ia short supply, and prioee high. • Stone fruits are also scarce and dear, and the southern supplies will bo late, in coming and the quantity much smaller than usnai.. In the absen<» of outdoor grown, tomatoes are keeping high in price. A email shipment of pines, passions, and oranges arrived from Australia, and sold at high prices. The apples ex Mskura, from San Francisco, ire due at the beginning of the week. A shipment ot Cook Island bananas has just arrived, and ij expected to sell at high rates. The average wholesale pnoes on tie week were:— .%? season's de«ert apples 10s to lis per case, cooking 7s to 6s. Id, nectarines 6s 6d to Bs, P aßS i^® apples 25s to 30s, aprrcota (firs- gade) 7d 'I'S is 6d tolija, SoS & siw. S .' .jT: is 3d, strawberries Is ad ■tiLSJ'oS) J* n* fl. zn. lo""* 5 P" Ib ' «=»mbers 10d to is, broad be«is 3s per sugar h«t £ to is 4d per down Is to It 4d, parsnips Is 6a, radisbw Sd 7 i. itr,vlr>. 2s to 2s 6d, spring onions 1M to l}d pet cwt, Victorian Jbs The season being much later than last year, !, threshing oi early cut oats has only commenced, and so far only a few ttunplas oi have been sale. , The wmplw offeredw^ tar, aoiooi. contain a

and «ra light in weight. Auv aalss that have taien place are reported al about 4s 6d on trucks, bet ha,ving been 'p-archased for special outlets, cannot be taken as a true indication of opening values. Several buyers require early lines for seed purposes, ■ end for the firat suitable • samples higher prices, are obtainable for this purpose than shipping? business w*rraT.i.E. Rea.ping of oats is now geneor&l, but it will .probably be two to tliree ■weeks before uew Garlons are on the market. 1 TIMARU.' ' (SPICIAL.TO -"xm, rasss.") TIMARU, January 23. "Wh'oat—Official advice has bete received to tha effect that the price of good milling wheal has been fixed at 6s 6d per bushel, f.0.h., sacks extra. Meantime,' nothing is doing in' wheat, as no stock? ure available. There is a gotxl demand for fowl wheat, but very- little' is offering, Oats—Oatting has . become general, and, in one or two cases, has commcnced. Details of yields are not so fur to hand. DUXEDIX. (SPECIAL TO "THE THESS.") DUKEDIX, January 2S. There ase strong enquiries for milling uni best feed lines of G-arton oa.ts and Sparrowbills. Tlte slocks in store ure practically depleted, and the quantity oxi offea* is limited to small lots from couclry stations. Other, qualities also meet, with » good demand. Prime milling is quoted «to« 9d' to 5s lGd, good to beat 5s 6d to 5s Bd. « The wheat sales are confined to small lots of fowl wheat,- which are reodily quitted ou arrival. i The new season's potatoes are .now coming in ! more freely.': Freshly r'dug lots are fetching ljd to 2d, others Id to l?,d per lb. The bulk of the consigimsentß of chaff coming forward is of inferior (o medium auality, for which- the dein-and is slack. • Choice, bright, heavy oa.ter. flheaf is in short supply, ..and is quoted at £8 12s 6d, good na.ten shez? is a-t_ £8 5s to £8 10s, fair to good £7 10s to £7 15s. inferior to medium £5 to £6 per ton, nolrs ertra, SOUTHLAXD. (SPiICfAI, TO "THE PRESS.") IXVERCARGILL, January 24. Oats. —The market is very firm, but quiet. The high prioes are seriously interfering with trade, and buyers arc operating only' from hand to mouth. The new crop is improving sometrhat, but there is no doubt that mora heat is required if the orop is to come lip to anything like an average yield. Chaff—The market is very quiet, shipping orders being entirely absent, and lower prices must be locked for. Ryegrass—There has been & keeo enquiry for last season's seed. The new crop is going to be very late, and cutting has commenced only in one or two favoured spots. Potatoes—The local market is rapidly becoming normal. Tile area under crop is not anything like as large as last year's, bnt on the whole the crops are very good. Hemp—The market is quiet and unchanged. Th» only activity is in regard to parcels for London, but even the London market has suffered a considerable decline, as compared •with the maximum prioes ruling 'three months ago. i AUCKLAND. j (SFECLAL TO "THE FBJZSS.") AUCKLAXD, January 24.. I The Auckland markets arc rather quiet. \ Values tend to become unsettled between the seasons, and as several crops have given :i good return, and others are expected to do the same during the next couple of : months, buyers are- looking for lower values. Thi3 hits a tendency to keep purchases within narrow limits in all those lines likely to be in good supply, and consequently at iower rates than have ruled during most of the - war period. - Most lines of southern produce are in short supply, owing to insufficient shipping, but the shortage is not felt so acutely at this time of the year, .as wholesale requirements are at. their minimum just 'r.ow., I'otatoos,—Supplies have- continued oa a. very heavy sca.e, and'prices have eased ircm day to day. 'Ae position ha 3 been hnade more diiiiuuU this year on account of . the difficulty in disposing'oi any large quantities outside the Province. However, an outlet has been found for a fair amount, for which spaoe is available for shipment to Sydney, and a- shipment is leaving this' week, whicn ■ will considerably relieve this market. Naturally tlus has imparted s firmer fueling, to tho markert. Bales ha'e been made during the week at about £8, down to £5 for poor , quality. . 1 Onions—The quantity coming m is . increasing, especially eince the weather be- j came so much hotter. During the next fewweeks very large supplies will be available, and growers will' be looking for an oatle. to America and Canada. t , , Oata—Tha market keeps very firm, although the demand is not at all heavy. Only small lots are arriving from the Soutj, and these are selling at 7a ex store. Oatmeal—The high price oi oats ' is ke*P* icg oatmeal firm, especially as good raillmg grades are exceedingly scarce. The demand for oatmeal is l&ther quiet, but supplies are still low, and some brands unobtainable. Wheat—Fowl wheat continues scarce, and tho price, is firm . at 8s Sd ex storr. Tne demand keeps up well, and the Australian wheat due next week should meet e> food demand. , „ Flour is selling well on the basis of -16 10s per ton in sacks. Southern brands axo no» in heavy supply. , , Bran and Pollard—Both lines are short.. Chaff—The market continues irregular, wit" several lots offering at under recent Ta ~?" The demand is ouiet. as consumers are onJ taking what; is absolutely necessary. southern is worth about £3S 10s. Hay—A good crop hss been secured, generally in good condition, so that there be no shortage during the comins , wrnt This is naturally keeping chaff vaiues_down. Maize—The quotation remains at '8 the whari, in wholesale lines. BAKER BROS.' "WEEKLY LETHSG REPORT. Messrs Baker Brae.. 16S Manchester street, report having Ist the following proper during the psat week: — . On account Mr Taylor, cottage, cillr *® s street, to Mrs Campbell; on account Mr Fleshcr, hoise, Wyon 6treet, to Mrs Ricketts; cii account Mr Hopkins, shop. Heretord etreei, to Mr I>odds; on aooouct Mr Lee, cotlage, Stewart etreet, to Mrs Macintosh; on account Mr Fleeher, reeidenoe, Glouowter street, to Mrs Richardson; on account Miss I£o«Ta!<l, cottsgd, awr-Ut, to Mf M'codhamj on acoount ilr JxidiE, cottage

Gloucester street, to Mrs Mayes; on account Messrs J. Ti. Neale aiid Co., chop, Sou tU Crescent road, to Mra Keat. . 7570