COMMERCIAL.

Press, Volume LVII, Issue 17116, 11 April 1921, Page 8

COMMERCIAL.

THE WOOL COMMANDEER. QTJESTION OF SURPLUS PROFITS. (Received April 11th, 12.10 a.m.) LONDON, Aoril!9. Newspaper cables from New Zealand report that Mr Massey is dissatisfied with the Imperial Government holding £8,000,000 surplus, as an offset to the losses on the realisation of the balance of unsold wool. ... The Australian Press Association is authoritatively informed that it is impossible to distribute the profits before the ultimate losses are ascertained. New Zealand has already shared equally with Britain in the surplus profits. Probably the undivided balance will be insufficient to offset the . anticipated losses on the unsold wool. Nevertheless Britain does not propose to ask New Zealand to refund any part of „the profits already received.

TRADE SLUMPJN BRITAIN. DECREASE IN IMPORTS AND EXPORTS. (By Cable—Press Association—Copyright.) (Australian and N.Z. Cable Association.) (Received April 10th, 5.5 p.m.) LONDON*, April 7. The Board of Trade returns for March show that imports decreased by ■ £82,825,425. Exports decreased by £36,890,420, and re-exports by £18,143,152. The principal decreases in imports were:—Grain and flour, £6,019,811; dutiable food and drink, £29,664,919: meat, £4,056,441; raw cotton, £33,919,644; wool, £4,704,878; oilseeds, etc., £4.568,905. The decreases in exports were:—Cotton yarns and manufactures, £12,591,459; woollen worsteds, yarns, and manufactures, £5,792,653; coal, £4,960,345. The increases in exports were: —Machinery, £38,862,506; vehicles,. £3,737,681. COMMENT ON IMPORT FIGURES. In its current number the "N.Z. Trade Review," after referring 'to the import figures, says:—"During tho coming quarter we expect to see considerable improvement in these figures, as importation is' being severely curtailed, while exports will increase as long as there is enough shipping available for their removal. Thero are' heavy' stocks of wool, meat, and cheese awaiting removal. The markets for our main products are not very favourablo at. present and reduced returns must be expected. It will take some time formatters to right themselves, and while we are experiencing a period of financial tightness and quietness in trade, wo think it will not be very long before some improvement will be noticeable, and conditions will, steadily return to normal. Owing to the present state of affairs the Government recently extended the moratorium to apply to money on deposit at call. This was no doubt merely a temporary expedient to prevent embarrassment in /some quarters, and will probably not be made use of except where absolutely necessary, and it should not be required for very long.'' CONSOLIDATED FUND. The following is a-statement of the Consolidated Fund revenue for eleven months, ending' February 28th, 1921. and- February 29th, 1920: Eleven Eleven Months Months Financial Financial o , « Yeaz, Year Source of Keveaue. 1920-21. 1919-20 -£' £ ' Customs • .. 7,661,731 4,208.090 btamp and death duties.. 3,384,482 2,931942 Postal and telegraph .. 2,283,964 1,568,978 Land tax .. ... 1,657,587 1,645,606 Income tax .. .. 3,541,974 3,602,745 Beer doity .. .. 326,192 813,177 Railways _ .. .. 6,098,572 4,929,683 Registration and other fees 194,522 136 949 Marine .. . .<. ■ 60,199 37J193 Miscellaneous .. 1,135,182 978,801 Territorial .. .. 178,110 173,369' JStalional , endowment . revenue .. .. -100,448 112,840 Other receipts .. ~» 67,924 5,288 26,880,887 20,642,661 The following is a statement' of the expenditure during the eleven months ended Feburary 28th, 1921, and February' 29th, 1920: Eleven Eleven Months Months , Financial Financial .. „ • Year, Year Head of Expenditure. 1920-21. 1919-20. ' A £ £ Permanent Charges— Civil List ".. . .. - 25,495 -. fi0,769 Interest and Sinking Fund .. .. 7,544,140 6,801,754 Under special Acta .. 3,896,652 8,121,596 Totals, Permanent Charges ..10,966,287 9,944,119 Annual Appropriations—

wheat And oats. Returns of actual threshings received to March 21st from threshing-mill owners show that, eo far, 1,301,968 bushels of wheat and 733,347 bushels of oats have been threshed out. The average yields per acre in cases where particulars of areas were furnished (covering 99 per cent, of total threshings) work out at 33.33 bushels for- wheat and 34.65 bushels for oats. A-table is appended showing, by land districts, the quantity of wheat and oats threshed and the yield per acre in each case: — "Wheat and Oats Threshings, Yields and Averages, January-February, 1921. Wheat. Oats. P 2 . j5"2 Land District. S?| &< ."§"2 &% si ?• °> oft g 6 Bush. Bnsh. Bush. Bush. Hawke's Bay 3,417 83.83 14.244 85.52 Taranaki .. Wellington .. 18,166 31.93 34,709 41.52 Nelson .. 5,173 28.90 3,229 26.63 Marlhorough 2,167 25.20 4,974 45.22 Canterbury 1,129,549 33.05 546.087 32.38 Otogo .. 148,496 36.31 127,368 45.89 Southland .. Totals ... 1.301,963 33.33 733,847 34.65 IMPORTS.

In the current (March) issue of the Monthly Abstract of Statistics particulars are given of. the imports-for February. The following shows the imports for January and February in 1921, 1920, and 1919:

Totals .. 10,990,372 5,917,785 5,069,604 The total for the two months in 1918 was £3,870,289. Importation continues to' exhibit considerable expansion, the -total for the two months of thiß year being about double the arm-age of the corresponding periods of 1919 and 1920, «ad nearly trebla -that of 0317 aid 191^

All soft goods lines show heavy »«€•«•> and this section accounts for » fairly part cf the total increase. Apparel, carpets, hosiery, cotton, and woollen piece gooas have the heaviest growth. . Hardware goods also show considerable increase, in which all items share. t.~l ware, iron pipes, and electrical Hwohjiwry are the most noticeable inoreases. Foodstuffs show light growth, which is more than ncoountai for by the aeavy imports of BUgar. Most of the ether items show decrease. ■ Beverages show a decline- from the heavy total of 1920, and are barely up to the avelagß of the three preceding years. Tea shows a particularly heavy drop or. last y^" 7 - Cocoa imports were 36,2261b-£5564-and coffee 87631b—£333. . . The miscellaneous section shows Dig increase. Motor vehicles and petrol account for a third of this section, and about a tenth of our total imports. Coal, glassware, paper, and tobacco-have the principal increases. . Following are the quantities of imports or neveraa lines, the fluctuations of which are of

BANK OF ENGLAND RETURNS. {By Cable—Press Association—Coprtifht.) (Australian «.nd N.Z. Cable Awoctauon.) (Received April 10th. 5.5 p.m.) LONDON, April 7. The Bank of England returns for _the week ending April- 7th afford the following comparison with those of the previous March 31. April 7. Coin and bullion .. 126,527,000 12-6,529,000 Reserve .. 16,894,000 17,583,000 Proportion of reserveto liabilities, p.c. 12.27 12.05 Note circulation .. 129,905,000 129,215,000 Government deposits 23,047,000 21,495,000 Other deposits .. 114,654,000 124,212,0001 Government securities 26,004,000 31,693,000 Other securities .. 112,909,000 114,147,000 Short loans, 6J per cent.: three months' bills, 6p to 6i per cent,; Treasury bills, 6 per cent. GOVERNMENT SECURITIES. The following are the latest quotations for Government securities, with a comparison with those ruling last week: La9t week. This week. £ b. d. JB s. d.

METALS. (Received April 10th, 5.5 p.m.) LONDON, April 7. Lead—The imports last month were 12,660 tons, of which 942 tons were from Australia. The export* totalled 4064 tons. t LONDON WOOL MARKET. B.A.W.R.A. SALE CANCELLED. (Delayed.) LOSDON, April 7. At the wool sales the British-Australasian Wool Realisation Association's first oatalogue was offered with reserves on the'basis of February rates. No bids were forthcoming, and after several lots had been vainly offered Mr Ronald, representing the 8.A.W.R.A., asked if it who worth proceeding with the sale. Buyers shouted "No." Mr Ronald then asked, "What about to-morrow's catalogue?" Buyers repeated that they_ would not bid if tho reserves were maintained, consequently the B.A.W.R.A. sales were cancelled for this series. A free wool sale followed. There was a good eelection of scoured and greasy merinos, and good competition at yesterday's level.- Yorkshire buyers were operating. The Bradford market is quiet, and prices are irregular. Sixty-fours realised 2s lOd 56's Is lid, SO'e Is Bd. . ENGLISH MARKETS. ■ LONDON, April 7. Butter is selling briskly. Wholesale dealers are charging about 267s for first and second grade New Zealand, and 249s Gd for Australian. Retailers, are anxious to secure good supplies, fearing a transport strike. Cheese is less cctive. Retailers already are holding fair stocks. Coloured remains unchanged; white New Zealand is 140s to i42e; Australian 138s. . Sugar is unchanged. Wheat is quiet. Parcels of a cargo of Australian sold at 789 6d. Flour is slow. Australian, on spot, 66s 6d to 675. Oets are firm, but quiet. . Bailey is inactive. Australian Chevalier, landed, 67s to 70s. ' Beans ere quiet and unchanged. Peas are steady. Australian blues 3605, marrowfats 400s, ex store. AUSTRALIAN WHEAT PRICES. MELBOURNE, April 9. The Wheat Board has announced that wheat is available for expoit-to tile East, Pacific, New Zealand, and Africa at 7s 6d per bushel. It is probable that there will be a further reduction owing to competition by other countries. Mr Hughes was asked by a deputation of producers' representatives to continue the wheat pool and Government finance of it to the extent of 50 per cent. Mr Hughes is consulting Cabinet. The farmers meanwhile are taking a ballot on the question. THE PROPERTY MARKET. Jones, McCrostie Company, Ltd sold by public auction, in their land sale rooms on Saturday:—On account of Mrs S. Summerfi<*i, the property, situated at No. 23 Stanmore road, Euiwood, comprising 18* perches (more or less), together with a square house of 4 rooms and improvements thereon, to Mr H. Thacker. The price realised was £3OO. ASHBURTON MARKET. The Ashburtbn mariket, -in common with others, is" also showing the effect of the present financial stringency, and merchants are not operating to any great extent. Wheat—Apparently millers' warrants have been filled for the time being, as it is difficult to find an outlet for any lines unless-of very choice quality. A considerable quantity of wieat is n-till on offer, but growers will lmvo to exercise patience meantime. Oats —Very few are offering from growers, who ore evidently feeding their stock with their supplies. 2h© emgou? ia esaemoditv,

liegislauve .. " • 59,055 39,005 Finance, 490,958 159,459 Post and Telegraph .. 2,120;5i6 1,276,623 Working Itailways 5,061,998 8,725,778 Public Buildings 153,087 118,055 Cook Islands 11,729 10,704 Native .. 81,426 24,920 Justice ' 587,760 455,272 MinoB .1 34,498) 30,061 iInternal. Affairs ' " ..- 570,958 286,410 Mental Hospitals and Public Health 422,884 633,401 Tourist • 78.655 56,992 Defence .. 459,134 415,173 Customs and Marine .. 238,251 185,986 Labour 40,655 35,483 Lands and Survey 287,993 218,602 Valuation and Electoral 70,091 156,967 Agriculture .. 252,078 586,856 Education 2,256,062 1,924,967 Services not provided for 16,663 13,660 TotalB, Annual Appropriations 13,244,454 10,253,374 Botab 24,210,741 20,197,493

1921. 1920. 1919. £ £ £ Soft goods . 2,702,430 993,393 1,633,816 Hardware' 1,449,739 604.683 447,812 Foodstuffis 539,942 497,072 296,388 Beverages 227,484 437,243 226,992 Miscellaneous , 3,156,353 1,725„332 1,102,190 Other jjoods 2,914,424 1,660,062 1,302,406

interest:— Iron—But, bolt, rod tons 1921. 2,453 1920. 2,632 x Corrugated rtieet cwt. 44,436 41,132 Fencing wire tons 2,846 913 Barbed wire tons 1,083 382 Pig and scrap tons 1,681 1,725 Pipes- and fittings tons 2,066 993 Wire nails ..owt. 23,080 7,872 Fish, preserved lbs 427,273 933,825 Rice cwt. 3,858 0,837 Ale and stout ..gals. 8,991 7.165 Whisky gals. 126,381 128,169 Tea lbs. 296,983 2,125,795 Candles Iba. 32,579 32,651 Matches gross 36,419 5,697 Carbide of Calcium tons 72 37 Motor vehicles Ko> 1,920 2,291 Benzine, «tc. gah. 4,680,512 2,100,S24 Kerosene gals. 1,026,556 1,230,764 "Linseed oil gals. 69,643 76,424 Turpentine gala. 235,451 52.543 Leather lbs. 81,482 107,405 Printing paper cwt. 37,103 ' 30,478 Pianos No. 295 -Oj Tobacco lbs. 690,627 310,956 Cigarettes lbs. 146^37 140,273

'2£i per cent. Imp. Con. 48 15 0 48 2 6 5 per cent. Imp. War , Loan 87 2 6 86 2 6 8£ per cent. Imp. Wai Loan 85 0 0 84 17 6 6£ per cent. C'weeltli - Loan :■■ W 0 0 97 2 6 5J per cent. C'wealth Loan 9G 5 0 96 5 0 New scrip, 10s discount. N.S.W. 4'a, 1938, Jan.July 75 9 6 75 5 0 N.S.W. 3V«. 1935-50, AprL Jan.-July 60 2 6 60 2 6 N.S.W., 3's, 1936, AprilOctober 64 10 0 64 15 0 N.S.W. 5|'s .. 93 5 0 *91 2 6 N.S.W. 6i's .. 100 2 6 100 5 0 Vic. 4's, 1921-6, Jan.July .. 84 0 0 84 2 6 Vic. 3i's. 1929-40, Jan.July 61 10 0 62 2 6 Vic. 3's, 1929-49, Jan.July .. .. 65 15 0 55 12 8 Q'land 4's, 1924; Jan.July 88 17 6 89 0 0 Q'land 81*«, 1921-24, Jan.-July 87 0 0 87 a 6 Q'land 3'a, 1922-47, Jan.July 56 0 0 56 0 0 N.Z. 4's, 1929, MayNov. 85 0 0 •83 10 o N.Z. Si'*. 1940, Jan.July 69 17 6 69 17 6 N.Z. 1945, AprilOctober 58 0 0 58 5 0 S.A. 31's, 1916 or after 67 15 0 67 10 0 S.A. 8'b, 1980, Jan.July .. .. 50 2 6 60 5 0 Tas-. 3*'«. 1920-40, Jan.July .. .. 68 0 0 68 7 0 Tas. a's, 1920-40, Jan.July 60 0 0 60 0 0 W.A. Hi's, 1920-35, MayJuly 69 0 0 •67 17 6 W.A. 3's, 1915-35, May. ■ November i *Ex divi 67 5 0 •66 10 0 [end. \

FOREIGN EXCHANGE' RATES. LONDON, April 7. The foreign e Echange rates on London afford the following comparisoi i:— Par. Apl.4. Apl.T. Paris (ft.). .. 23.223 55.93 54.95 Christia.nia (kr.) .. 18.159 24.38 24.37 Stockholm (kr.) .. 18.169 16.70 16.67 Montreal- (dol.) 4.86 4.42 4.3% New York (dol.) 4.86' 3.90J 3.92J Yokohama (yon) .. 24J 29J 29Jdi Hong Kong (doli.) .. 33| 28Jd 29d Berlin (mark) .. 20.43 242 248 Calcutta (rpe.) ■ 10 to gold sov. 15fd i5Jd