COMMERCIAL.

Press, Volume LVII, Issue 17114, 8 April 1921, Page 8

COMMERCIAL.

PRICE OF BUTTER. AUCKLAND PRODUCERS' PROTEST (PRESS ASSOOIATIOK TELEGBAM.) AUCKLAND, April 7. A meeting of representatives of butter producers of the Auckland province, ? to further consider the price to be charged f l or butter on.the local market, unanimously.resolved, protest against thesuggested action ol tne Government to use Imperial stocks to force down the local price below the cost of production; also to reiterate the demand for a free market.. A resolution was also carried recommending producers not to accept less tor their butter than 2s 2id per lb ex factory- A telegram embodying these resolutions was forwarded to tne Government.. The telegram stated the position as it crista" from the producers' pointiof Yiew,.and emphasised that, as butter could'not here at London summer values, the producers • must, therefore, insist on a price . cover the cost of production, and that any "attempt at coercion by the Government would be strongly resisted. The hope was expressed that the Government would either remove all, restrictions immediately, or continue tne present subsidy of 3d per lb, REDUCTION IN SYDNEY. (Australian and N.Z. Cable Association.) (Eoceived April Bth, 12:20 SYDNEY, April 7. The wholesales price of butter has been reduced by 2d per lb.. .•'. THE WOOL MARKET. I , B.A.W.R.A. POLICY CRITICISED. (By Association—copyright.) . . (AustraliM »nd N.& Cable Association.) 'LONIiONV April 6. Despite the willingness of London wool circles to assist, the British-Aus-tralasian Wool Realisation Association to workits Ujcheme, in the growers' is learned that a fear • is widely prevalent that the methods which "Bmia," is pursuing are only tending to continue the depression through'which the wool trade is passing- ."-.-... Authorities point out that it is.useless for "Bawra" to reduce offerings, while maintaining reserves much above current values, as it is now doing. An influential representative of pastoral interests expressed the opinion that there is ample' room in English and Continental factories to absorb 1,000,000 bales, ready for blending and ultimate manufacture, but the presence of hugeTacoumulationß and ''Bawra's" price, reserves are preventing wool prices from, reaching an economic basis, from which renewal' of confidence and extended buying are alone possible. He declared that the accumulations ; of wool were acting like a pall upon the trade, the revival of which was imperative. Whatever the immediate losses may be before the trade revives, he believed that it would ultimately be better for lie pasfcoralists themselves if the whole of the "Bawra";wool'were dumped at tfhe bottom of the ocean, 'owing to the-improved outlook whica the new wools would enjoy;as a result. He admitted that this would mean a grave financial "bursty up" in Yorkshire, but the trade could not hope to revive before bottom was reached. "Bawra's" present high reserves were only reducing; sales to a minimum, and accentuating: she difficulties of financing pastoralists. Mr. Dawaon, president of the Worn Federation, says that the only legitimate way.of stabilising the market, tinder the present circumstances, is a wise limitation of supplies, in order to avert a farther collapse and utter ruin of confidence. ':■■'■: '■-"■>.' The Colonial Wool Merchants' Association resolved' that, in the interests "of all sections, prices should be stabilised, that members shall instruct wool-

brokers of the value of each lot, in accordance with the level of prices ruling on February 17th, less 10 per cent., these prices to constitute a minimum reserve, except in cases where members have other instructions. BRISBANE, April 7. The Federal Council of the Queensland Graziers'. Association resolved in favour of adopting the iiritish-Austral-ian Wool Realisation Association's scheme. LONDON FREE 'WOOL SALE. FURTHER DECLINE IN PRICES. (By Cable—Press Association—Copyright.) (Australian and N.Z. Cable Associating.) LONDON, April 6. At the free wool sale 9922 bales were offered, of which 1372 were New Zealand. There was a good selection. There was a large attendance, and competition was "much better than .was expected, apparently due to the reduction of the quantity offering' at, this series. The demand was chiefly for the Continental market, as Yorkshire and the United States buyers were doing practically nothing. About 75 per cent, of the offering was sold. Merino averaged about 10 per cent, below the March closing rates, good lambs 5 per cent: to 10 per cent., and crossbred slipes about 10 per bent. The withdrawals were chiefly inferior sorts. ' AGRICULTURE IN AMERICA. NEW YORK:, April 6. A Chicago telegram states that Mr Wallace, Secretary of Agriculture, met representatives of the-national'farmers'-.organisa-tions and worked out plans for the co-opera-tive marketing' of grain with Government assistance; The Agricultural Department is investigating reports that farmers are reducing their crop' acreage as a strike against low prices, Correspondents throughout jhe country, however, report that the acreage ia •normal.- ' -; TRADE WITH GERMANY. . ;fAUSTRALIAN WHEAT SALES. '.-■;. •",.. MELBOURNE, April 7„ "In the House of Representatives, Mr P. W. Tudor asked the Kt. Hon. W. M. Hughes if it was p. fact that over 1,00,000 bushels of wheat had been sold to Germany at from 7s 6d to 7s 9d a. bushel, f.o.b. Mr Hughes replied that he was unable to supply, the information, but he knew that no wheat was sold to Germany f.o.b. It was Bold c.i.f. The average price of the wheat sold for overseas was above that which the people of Australia had to pay. , ADELAIDE, April 7. A. trade circular has.- been issued stating? that an additional 60,000 tons of wheat have been sold -to Germany at T« a quarter, c.i.f. It .is stated that this works out at fully Is a bushel less than Australian consumers are paying. ( AUSTRALIAN BUTTER POOL. . ■ SYDNEY, April 7.' The New South Wales Government having declined' to institute another butter pool for the coming winter,' the New South "Wales and Queensland representatives of the Commonwealth Dairy Produce Pool decided to continue the pool from April Ist to September 30th, with Government support. P. AND O. COMPAOT. • LONDON, April 6. The P. and' O. Company' has declared a dividend of 12 per cent., free of tax, on deferred stook. / ( : , AUSTRALIAN ORE EXPORT. • . April 7. Mr Hughes announced that in view of the slump in metal prices the Government had decided to permit the exportation of ores. ■ AUSTRALIAN MARKETS. , (Eeceiwd April -Bth, 12.20 a.m.) SYDNEY, April 7. : Oats—Algerian, feed 3s 3d; white, feed 3s 3d to 3s 7d. Maize—Yellow Ss 9d, white 5s 6d. J27 to £B. Onions —Victorian. £5. ADELAIDE, April 7. Oats—2a 2d to 2s 3d. AUCKLAND MARKETS. (special to "the press.") AUCKLAND, April 7. A healthy tone continues in the local markets, although business ie confined to immediate requirements. Flour, tobaccos, southern packings of breakfast foods, and teas are practically * unobtainable. One . merchant states that it is easier to Becure goods from! overseas than from the South Island. Certainly the service is most inadequate for requirements, and any movement to iniprov« the present service would be gladly welcomed. Hardware —An active time is now being enjoyed by all branches of the trade; in fact, it is doubtful if any other trade is at present so 'besieged with-demands. The increasing l , hope of better conditions is manifested by tangible happenings. The preparations for new buildings, renovations, additions, and the number of new houses now being erected shows .th«t a very optimistic tone prevails in this trade. The most conspicuous decline this week is the heavy reduction on primary costs for glass. . t Potatoes—Local supplies are being sent in freely by growers, wfio realise the wisdom of quitting their holdings before the southern; new crop reaches this market. Large quantities of potatoes are expected from'the south within the next week or ten .days, and when these come to hand local grown will not be in much request The quotation is JE9 to £9 10s p«: ton. market is very dull, supplies being in excess of requirements. Local are selling gt 9s per cwt. Maize—Ample stocks are held. The price ' is 5s 9d to 6s on wholesale lines on the wharf. Oats—The quotation is 4s 2d for B and 4s 3d; for A grade Gartons. The .demand for j Algerian seed oats for autumn planting, is already setting in, but the main sowing takes

place in May and June. Machine-dressed Algerian seed oats are quoted from 63 to 70 per bushel ex store, according to quality. Chaff—The market is dull, as the supply is in excess of the demand. The price for hest local is £3 to £8 10s per ton. «x store. Flour—.Supplies of flour are still short, as tho local mill has not been able to overtake! the leeway due to the few weeks' idleness or* tine waterfront. Wholesale current prices are: Creamery butter 2s IJI per lb (less rebate for prompt cash), farmers' separator la 9d per lb, first grade factory cheese la 3Jd per lb, export size la 2Jd, loaf Is 6d, dairy cheese Is 8d per lb, hams Is Id per lb net, bacon Is per lb net. bulk lard 1 Is 3d, pats Is 3Jd, bulk margarine Is 4d, pats Is 6d, prime honey lOd, eggs 3a 4d per dozen, flour £22 lOs (less discount of 2j per cent, per ton in 201b eackrf, sharps £lO 10s, bran £7 10s, oatmeal (25' a) £22 per ton. AUSTRALIAN MUTUAL PROVIDENT *» SOCIETY. In our columns to-day will be found an advertisement, published by the A.M.P. Society in connexion with the seventy-second annual report. This Society has again achieved a record by writing over £13,000,000 of new assurances for 1920. They have paid in death and matured claims for the same period over £2,000,000. The funds have been increased by nearly £3,000,000, and members will now receive a sum in reversionary additions to their policies amounting to over £2,000,000, which is nearly equivalent to pre-war totalis. Since tha formation of the Society the cash surplus divided amongst its' members has reached the enormous total of nearly £36,000,000. Several new and attractive ' tables have been issued recently, which should prove of interest to the inspring public. "WELLINGTON'S MOST VALUABLE LAND. v , • Mr James Ames, Wellington city valuer, was asked what he considered Wellingtons most valuable ,larid.Aiter qualifying his opinion by saying that eome sections were more valluable for particular purposes than others, he went as far as to say that certain land with frontages to the more southern end 01 Lambton quay and round about Grey street was perhaps valued as high as any in Wellington. Willis 1 street land, too, was amongst the best property, Manners street perhaps not quite so valuable, and parts of Cuba street could probably be sold as high as land in Willis street. Courtenay place was appreciating in. value very rapidly—it was destined to be a leading business thoroughfare. He had put up the value of some parts of Ccurtenay place 100 per cent., and so far had received no complaint. They knew! Mr Ames, when asked as to the highest value he had placed on any land in the city, said that he did not think he had reached £4OO a foot anywhere. He knew all about the sales that had been made away above that figure. He could even quote an instance wliero approximately £BOO a foot ■ had been paid for a double-frontage section, with an old wooden building on it, not far from the General Post Office, and it would probably be worth that money to the purchasers, but the considerations that often weighed with an individual or a firm did not conoGrn him—he had to take a broader outlook than that.EXPORT OF POTATOES. (PEKS3 -ASSOCIATION TELEGRAM. 1 WELLINGTON, April 7. An Order-in-Coiincil has been gazetted revoking the prohibition on the exportation of potatoes. .' ', FLAX INDUSTRY. .'"[ A large .number \>i the flaxmills in the Manawatu district have already closed for the winter months, and iri the course of-'a few, days practically, oil-will .have ceased operations. The price of flax at present 1* such that continuance of operations at a profit is not possible (says the "Post's" corresponjjent), but in any case it i? the custom to close down for. a couple or months at this time of the year. 1 , ■ / I--GEHALDINE STOCK tfALE. At this week's stock sale theTe was a very large yarding and a, good attendance, but there was a further (decline in prices. Fat ewes made 6» to 13e 6d, fat lambs 12s 6d to 18s 4d, and fat wethers 12s 3d to 15s 6d, with one pen up to 20s 3d. Store ewes sold at is lid to 13s 9d, three-quarterbred ewes at\l4s 4d to 18s Sd, two-tooth ewes at 6s lOd to 15s a pen of 392 two-tooth halfbred ewes at 15s, and a line of 415 two-tooth three-quarter-bred ewes at 170 6d. Mixed sex lambs sold at 3s to 13s 6d, and wether lambs at 8s 2d. ■There was e, good yarding of rains, 'but. only a few were sold, Border Leicesters bringing up to 3gs> English Leicesters selling at half a guinea, and Romneye at'lg. There wafl little demand for cattle. A cow and calf realised £ll. weaners selling at 8» 6d to 16s, »nd porkers at £3 17s 6d. AUCTION SALE OF NEW BRIGHTON SECTIONS. . Jones, McCrostie Company, Ltd., sold by public auction in'their rooms on Wednesday night, on account of Mr W. R. Crompton,, lot 5, situated in Jervois street, New Brighton, containing 20 perches, for £76, to Mr St Fox; lot 6, containing about 20 perches, to Mr A. W. .Sellare, for £75; lot 4, containing! the same area ,to Mrs N. G,, Chapman, for £75- and lot 3 to the same buyer for £75. OHRISTCHURCH STOCK EXCHANGE. LATEST TRANSACTIONS. Sales reported:—Manning's Brewery. £S 12s 6d. ' Latest quotations:— _ , Buyer«. Seller* - •£ «. d. £ s. d.

I WELLINGTON - STOCK EXCHANGE. I (SPECIAL TO "THE rRESS."! I WELLINGTON, April 7. Quotations—lnscribed Stock. 1938, 'sellers £79 6s; Stock, 1933, buyers £BB, sellers £B3 6s; War Bonds, 1938, buyers £7B, sellers £'.i>ss; Bonds, 1930, sellers £88; Bonds, 1933, sellers £B9; National Bank, buyers 105s; Sank of New Zealand, buyers 465, sellers 1 48s; Equitable Building, sellers £9 ss; -Abra- [ ham' and Williams, eellers £5; Goftsbrough Mort, sellers' 30s; River Plate, eellers 17s 9d; I Wellington Gas (preference), sellers 17a; Na~ tional Insurance, buyers 545; New Zealand, buyers 24s 6d; Colonial Sugar (Australian Register), buyers £22 17s 6d; N.Z. Refrigerating (10s paid), buyers lcs, sellers 16s; Hud-dart-Parker (ordinary), sellers 42a; Kaiapoi Woollen (preference), sellers 255; Hosgiel, sellers 105s; Wellington (ordinary), sellers £3 17e 6d; Wellington (preference), sellers £" 19s; Waipa, buyers 14a 6d; Westport, sellers 275; New Zealand Drugs, sellers 583; Wairarapa Farmers, sellers £6 Is 6d; Sharland and Co., sellers 22s 6d; Waihi, buyers 26s 9d; Grand Junction, eellers 7& Cd. 1

DEBENTURES— IT.Z. Govt. 4J per cent. Inscribed, 1938 — 80 b 0 N.Z. Govt. 5 per cent. InaoriBed, 1927 88 0 0 — • N.Z. Govt., 61 per cent. Inscribed, 1928 %~ 89 2 6 N;Z. Govt. SJ per cent/. Bonds, 1933 88 15 0 S9-5 0 BANKSNational of N.Z. — 5 11 0 New South Wales ' — 30 5 0 New Zealand r s 6 2 8 6 Union of Australia — 11 10 0 LOAN AND AGENCY— GolfiabroughMort. (Melb.) — =. 1 10 0 SHIPPING-Huddart-Parker ' — 2 2 6 * Union (5J per cent, cum pref.) 0 17 6 '— FBOZEN MEAT— Canterbury "■ — 11 0 0 N.Z. Refrigerating (10s paid) .. 0 14 9 — North. Cant. Freezing- — 3 0 0 COAL^Taupiri > .. — 0 17 9 Westport-Stockton 0 5 3 0 6 3 "Westport-Stockton (8 per cent, non-cum pref.) — 0 9 0 BBEWEKIES- • Manning .. ,. .. — 3 12 6 MISCELLANEOUS^- - Colonial Sugar (Fiji and N.Z. 6 per cent, pref.) Mason, Strutters (4s pd.) Z' 20 0 O 4 2 18 0 0 6 N.Z. Farmers' Co-op. (£5 paid) .. — 5 0 0 Whitoombe and Tombs — 2 16 6 DUNEDIN, April 7. Sales on 'Change :—Mount Lyell, lis 5d (four); Bank of New Zealand, 46a 3d and 48s; Westport-Stockton (ordinary , >s 7d.'