COMMERCIAL.

Press, Volume LVII, Issue 17107, 31 March 1921, Page 7

COMMERCIAL.

PRICE OF WHEAT.

DISCUSSION AT TIMABU.

(special to "the press.") TDIARU, March 30.

At a meeting of tlu» South Canterbury executive of the Fanners' Union to-day, Mr J. Bitchener, M.P., presiding, the prico of wheat was again discussed.

The Temuka, Pleasant Point, and Fairlie branches wrote that they were willing to accept tho Government's offer. The Timaru branch did not approve of the offer (as they considered it a broach of faiJi), .and tho St. Andrews bi anch asked the opinion of th-> <jxeculive as to whether legal opinion should i;e sought with a view to compelling.tho Government to observe the terms of their contract.

The Minister of Agriculture wrote, m i'6ply to the South Canterbury executive's letter, in which they declined to accept the Government's offer for this .season's wh;at, and requesting tho Government to carry out thoir contract, stating that he was quite in tho dark as to how it was considered the Government did not carry out their contract. If they had read his published statement on th'o subject he thought they would agree that the Government had carried out their contract, both in the letter and tho spirit. Considerable discussion took place on this subject on lines similar to discussions previously reported. Mr C. N. Orbell said there could bo no use in discussing the matter further. What they shoidd turn their attention to was the securing of a very definite acre ment for next season; one about which there would be no ambiguity and in which there would bo no loophole for escape. (Hear, hear.) Mr Patterson said he would like the fcelina; of th> executive on the suggestion from the St. Andrews branch that le?al opinion should bo sought as to whether it would bo possible to compel the Government to keop to their contract. Usually when two parties entered into a written agreement it could be legally enforced, though he did not know whether it would be prudent, in this ease'to try to enforce it. The majority of wheat-growers were not satisfied with Mr Nos worthy'a- interpretation of the agreement. Mr Buckley said the Union should not .allow themselves to be done out of their rights every tirao. If they did they would lose prestige. Every time they sent deleffit.s to a conference they got "lambed down," either by the Government or by tho North Canterbury delegates. The trouble was that farmers did not act in unison. At the present time they had tho St.. Andrews | branch wanting to prosecute the Government and the Pleasant Point branch wanting to accept things as tliey were, so as not to cmbajrass Mr Mnssey.

Mr C. N. Orbell: Oh, well, we don't want to see him killed. He d the best man the farmers have had' for many a long day. Mr Copeland said that Mr Nos worthy had given th;>m a good, explanation, and there was nothing more to do. Mr Orbell proposed and Mr Copeland seconded, that further discussion on this year's prices be stopped,, and that the executive confine their efforts to securing, a binding contract for next year. Mr Trotter said the Government, had broken their contract, but it was quite, useless to take tiny action against them. [!<• approved of tho motion. Tho motion-was then put and-carried.. With regard be- noxt year's wheat, the chairman said he thought they should ask the Government to take the whole crop, and not merely buy up to October as set out in' the agreement, Mr Drinnan said that, every fanner was sou-inn; wheat this year, and, given a favourable season, tne surplus was going to be the trouble. On the motion of Messrs. Patterson and Steven, it was decided "That the Government be asked to take over all surplus milling wheat after October 31st as well as the wheat threshed up to that time."

Th? motion was carried unanimoaaly. Sir Jtimes Wilson, president of the Board of Agriculture, telegraphed tliafc in view of the present position regarding markets for wool, meat, and other produce, the nccumulat;>d stocks of wool and freight rates for meat. flic authorities considered it desirable that a representative meeting of producers should b« held to discuss the best method to be adopted. The meeting would be held in Wellington on March 31st. The South Canterbury executive wore invited to appoint a representative to attend the meeting. It was decided that as there was no time to send a delegate (bh:> letter was only received the previous day), the following motion should be sent to the conference:~"We protest against any freight contract being entered into for more than one year, and consider that freight rates should be reduced to the 1913-14 level."

WINTER PRICE OF BUTTER.

2/6 FEB LB RETAIL.

(press association telegram,) PALMERSTON N., March 30.

A thoroughly representative meeting of dairymen concerned ' with the production of butter for th;> winter months was held- a.t 'Palmerston North to-day to consider tlm question of fixing a reasonable prico for butter as from April Ist, following the termination of the contract with tile Imperial Government. The attjndanco was practically representative of all districts which could undertake tho malting of butter from April Ist, comprising North and South Auckland, the King " Country, Bay of Plenty, Poverty Bay, Hawke's Bay, Taranaiii, Wanganui, Manawabu,: Wairarnpa, Wellington, Nelson, and Westlalid. Mr Arthur Morton, president of tho National Dairy Association, was in the chair. The point was stressed that tho suppliers of milk for butter had a right to expect fail- terms by comparison with the returns available from milk supplied for other purposes. It waa mentioned that drri<l milk factories Were buying milk on a basis equivalent to 2s D|d per lb of butter-fat. The present London price of cheese wob equivalent Jto-3g 6d per lb of butter-fat at the New Zealand factory. Th;> Wellington City Council was making contracts for winter milk at 2s per gallon, which was equivalent to 43 net per lb of butterfat at the factory. Reference was made to tho widespread misunderstanding of tho subsidy paid by th.' Government for the purpose of enabling consumers to buy butter during the summer months at sixpence per pound below tho market value. It was mentioned that if thy Government had not eased the price for consumers by a charge on tho general taxpayers, the retail price would have been 2s 9d or 2s lOd. The cessation of the subsidy meant that the consumers would not have this saving of sixpence as a bonus from the Consolidated Fund, The feeling of tho meeting Was that it would meet the public half-way. Thx> producers would take the unprecedented course of accepting loss for winter but* ter than for summer butter, but as the consumers would be no longer receiving the benefit of a subsidy, the retail prico would be higher in winter than in summer.

it was resolved unanimously that an equitable basis of price for butter as from April Ist would bo the OU'» adopted recently by a representative meeting of Auckland producers, namely, 2a 2Ja

per lb in bulk at the factories, or free on board or five on rail, and '2s 4Jd for pats, with id discount for cash. Tho fixing of tile same price for bulk butter free on rail or free on board as at tho factory was to facilitate n uniform retail prico of approximately 2s 6d throughout tho Dominion It was explained that with the cassation of tho subsidy scheme the prico of 2s 2Jd at tho factory meant a drop of 3d for the producer. It was estimated that the increase in cost of production for winter would b> about 25 per cent., equivalent to a&out 6d per lb, and tho increased charges for storage and interest would add another permy. Thus at T?s 2 J jd the production for winter would f.how a total drop of lOd per lb by comparison with the production of summer. Bri'f reference was rnado to the London parity question raised in various published * reports, but the opinion of the meeting w.na that tft« Lon-lon parity was not a factor at this timo of the year, when the export season _ had closed. The wholv question at issue was the production of butter as from April Ist for the local market, and a basis reasonable to both the producer and tho consumer.

SHIPPING FREIGHTS.

SUBSTANTIAL SEDUCTIONS.

(By C«W«—Frew AwocinHon—CcmrrMik.) (Australian and. IJ.Z. Association.) SYDNEY, March 30.

A substantial reduction in shipping freight* between Australia and the United Kingdom and the Continent has been decided on.

It is understood that tho rates for refrigerated meat have been reduced to the same level as those recently announced by the Commonwealth state Line, namely, by 33 per cent. It) is understood that a freight war between the Government and tlho private owners is inevitable. (Received March 31st, 1.25 a.m.) MELBOURNE, March 30. Mr Hughes states, that tho reduction in freight rates by tho Commonwealth State line applies only to transport to the East of flour and gristed whoat from Australia.

AMERICAN TRADE.

PACIFIC PLANS.

WASHINGTON, March 29. It is understood that the United States, is planning a commercial oftensive in the Far East, with the object of building up trans-PaciUc trade,. sis an off-set against the loss of trado in Europe and South America. The projected programme includes the establishment of new steamslhip lines from, both Pacific and Atlantic ports to the Far East. Tho campaign is to include heavy American investments m Australasia, the Straits Settlements, China, and Japan. •

GERMAN TRADE.

RENEWED ACTIVITY.

BERLIN, March 29

The German. South Sea companies aro preparing to resume activity on & scale. They aro increasing their capitil and asking America for assistance, i'he Jaluit Gesellschaft is, fusing with tho Trado Plantations Company under tlw title of the Trade and Colonisation Company, supported by several large banks and important, merchants. Extensive quays, warehouses, and equipment,, those of the Ham-burg-Amerik a Lino in magnitude, are being rapidly constructed at Hamburg for the exclusive use of American ships, with railway connexions allowing American goods to be sent direct into Central Germany, Czediio-Slovakia,. and tho Balkans.

NEW' so&ab: refining, pbqcess. (By Cable—Press Association—Copyright) lAuatrslian and N.Z. Cable ---Bsocifition.) LONDON, March' 29. Schmidt, a Danish, chemist in Java, has d«vised ft eugar-rofining procoes, substituting comminuted charcoal for lime in pttiiilyiag, the juico. One treatment results in a clear syrup toady for evaporation into pure sugar. The process is continuous, the cliarooal being obtained from the combustion of refuse. 'i'lte new and simplified proceee greatly increases the yield.

SHAKES. . LONDON, March 29. P. and 0. (def.)— Buyers £345, sellers £366. Xtstgetj" and Co., Ltd, —£61. AUSTRALIAN WHEAT FOE GERMANY. ADELAIDE, March, 30. Merchant*, have received confirmation of the report from Loudon that Germany hna bought lOe,<X» ton* of wheat for March shipment at. 7a 7d. a bushel, free on board, axU that Germany haa been, granted six months-' - credit foe thA sal*. A Melbourne nxeafi&ga state* that Senator Rttseell, chairman of the Australian Wheat .Board is not inclined to discuss, thtf sale to Germany. He stated that, the Board could net allow the wheat te rob it hod to dispose of it on- tile best poaaibl* terms, and was doing fiat.

KUW SOUTH WAXES PLOTTB MILLS. „ SYDNEY, March 30. . Several flour mill* have resumed operation*, but only 40C of the 1100 idle meahavo been absorbed.

/ —. TALLOW AH> CHEESE. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the ioliowing cablegram from London, under data 23rd inst#;— * "Tallow—We quote present spot Values for the following descriptions:—Fine mutton, £1 19« 64 per cwt; good beef, £1 IBs 9d per cwt; mixed, £1 9b 3d per cwt. Limited demand. "Cheese—Coloured, market firm; white, very quiet, £7 ie."

HIGH COMMISSIONEB'S EBPOBT.

IPBBSS ASSOCIATION TJELEGUUI.] WELLINGTON, March 30.

Th» Department of Agriculture has received the following cablegram, dated London, 2&th inst., from tho High Commissioner:— Meat—There is no material change in the market. Chilled beef in realising maximum price*, hut fiozen ia in large supply at pievious quotations, Zealand li^ht-woight mutton and lamb is selling bc«iy ai ihe maximum pric# oi 9d and 1» Id per lt>» ro•t>£ctivcly« Butter—There ia a fair demand, but the market is quiet, buyers waiting to knov thi price at which the Government stocks will be offered for sale. Cheese —Tho market ia quiet, ana has ai easier tendency. Canadian white is worth jB7 10s to £7 10s per owt (Is 4d to la 4}d per lb); coloured, £8 to £8 2a per owt. (approximately Is sid per lb); New Zealand white, gl 2a to £7 4s per owt. (Is 3d to Is BJJ per lb); and coloured £7 18s to £3 2s per owt. U» 4Jd to Is 6d per lb). Hemp—The Manila market is steady, but there is scarcely any demand. J grade, January-March shipment to March-May shipment $9 now quoted at £3B per ton, buyoiß. New Zealand is neglected, and nominally unchanged. High points spot at £ls per ton, March-May shipment at £42 per ton, and fair at £49 and £4O per ton, respectively. At this week's publio sale .4781 tales were offered, but met with Tory little demand, and praotically all were withdrawn. Wool—The Bradford market continues dull, and -values of tops yarn and piece-goods tend downwards at present. Quotations for tops .are:—<4's (menno) 8s 4d, 66's (fuper hall bred) 2s Sd, 40'* (coarse crossbred) prepared la 944 per lb . . Fruit—The present supply con cists chiefly of Oregon applee, which are selling at up to £1 4s per caae of 4Clb, on account of the Easter demand. Pears: Only South African are available, which are realising Ss to t» per dozen.

COLONIAL SUOATt 'FTJI AND NEW ZEALAND).

An extraordinary meeting of tho Ehar> holders of the Colonial Sugar Bcfinin* Company (Fiji and Flaw Zaaland) was held at Rydney oa tho 28 rd inat., Mr E. V, 7 . Knox, chairman of directors, presiding. lUsoluiioftt WW p*«-Od, providing for the of tlje capital of the company. Tho |;raferenoo sharee aio to ba reduced frorji £2) to £lO, on tho footinif thaFtho £lO per uhuro to b« repaid »harebo<dcr», or any part thereof. shall not be called up again. In addition to the repayment of £.O per irhare, a' piemium of 61 6§ per fcliaro » to be pai l to aWetraldei*. Tho return of euch capiftal f-*** prattoai win b* mad© o& * <lat#

be fixed by the board, together with accrued dividend, at the rate of 6 per cent, per annum, till tie'date of payment. The resolu!Jons will be aubmitted again to shareholders it a confirmatory-.meeting. CITY COtJNCIIi RESERVES. Four City Council reserves were offered by itnotian by Messrs H. Mataon and Co. yesordrtf; for leasing for a team of 14 years, rut no sal© was effected. The lots offered A-ero:—Lot 1, Selwyn, 28 acres; lot 3, Spaxton, 449 acres; lot 8, Spaxton, 898 acres; lot *4, Spazton, 845 acres. In some in* fiances, negotiations are pending for the longing of the sections by private treaty.

MARKET. . (PKESS ASSOCIATION TELEOHAK.) - DUNEDIN, March 80. The Burnside market was supplied with sood yardinga in moat department* to-day. The demand was fair for all classes with the exception of store cattle. While . values for lambs fad pigs showed no change, sheep realr ieed higher prioea Fat cattle were in fuE supply, and tne tone of the market, especially at the opening of \ the sale, wa» a shade Renker than last week. Fat Cattle—There was a yarding of 304 head, 1 of fair quality. The sals opened with orjcßs ranging from 10a to lGe per head below last week's, rat as it progressed vafads izn* proved, and at the close were firm at lest week's rates. A total clearance was effected without difficulty. Prim A ox beef, made up to 41s per 1001b, .but the averagdk price of ox and heifer beef wae in the vicinity of S7s Cow beef averaged 25e per 1001b. Extra prime heavy-weight bullocks made £2l 7s 6d, prime £l6 10s to £l9 2s 6d, medium £ll to £l4 12s 6d, othere £8 to £lO 10s, best cows and heifers £lB Qs fid, medium £lO 7s 6d to £ll 10s, others £8 2s 6d and upwards. Sheep—There was a yarning of 2019, a Inrge proportion of which came from Central Otago. The majority were in medium and low condition. Although the sale opened at last week's parity, prices gradually improved to the'extent'of Bs, and for best sheep 4s per head. Extra prime wether mutton was worth 4d per lb, and a Bhade less. Ewe and inferior was down to 2Jd. Extra prime wethers made 28s 3d to 809, prime 22a 6d to 273 6d, medium 17s 9d to 20s 6d, lighter 10s &1 and upwards; extra prime ewes 245,. prime 17s to 20s 9d, medium 10s to 14s, lighter 6s end upwards. Store Cattle—A small yarding wn offered, the quality of which was not up to »ge. The demand was almost lifeless, and sales were difficult to effect, even at a reduction on tho low prices lately ruling. Lambs—There wis a yarding of 1807 of mixed . quality. The demand was fair, and sales were effected at prices about on a par' with late rates, ranging from 19s to 25s per head, and a number of lambs, not suitable foe Dutchera' requirements, were sold at prices ranging from 9s to 12s 6d per head. Extra, prime lambs made 22s 9d, prime 18s to 21s Bd, medium 15s to 17s 9d, and inferior 10s fld and upwards. Figs—A small yarding, comprising mostly baconers, was offered. Prices realised w«e about equal to last week's rates, although the _ demand was not means brisk. The Mount Somers Lime and Stone Co., Ltd., having installed more power and crushing plant, are now in a position to supply Carbonate of Lime for immediate delivery. Order for delivery now, and aave disappointment later on. THE MT. SOMERS LIME AND STONE CO., LTD., 178 Coahal street, Chrtstcburch. 'Phone 41S8. Box 637, Christchureh. 4