COMMERCIAL.

Press, Volume LVII, Issue 17122, 18 April 1921, Page 7

COMMERCIAL.

BRITISH FINANCE AND TRADE. STBISE INFLUENCES. (Received April l'th, 5.5 p.m.) i LONDON, April \9. Under the influence of tho threatened strike, business on' tho Stock KxchongP lhas been of tho dullest, but thcro is■ n»> pressure to sell nor any serious decline even in railway and industrial Block*, though naturally tho tendency lia* been downward. What money is coming rate, tho Stock Exchange for investment,!*' seeking channels outsido thoso «Becte»i liv the Home labour troubles, honco th» noticeably improved prices in nuui> foreign Government and municipal bonds, colonial and foreign banking sihares, and tho steadiness in colonun Government bonds. % General satisfaction is expressed on tho money market at the Government s reversion to the old plan of tendering for Treasury bills, of which fifty millions will bo offered on Thursday. The new departure is regarded ai. virtually meaning de-control of tho money roarKo.. by the treasury and a step towards tho reduction of tho bank rate, wliun many business men have beon urging for n long time and which many banks now favour. The general impression is th#*' it will bo reduced directly the preset crisis is over. ~ ... , Tim "Wine Trade Reviow" anticipate the Budget will remove tho ad valowh duty on sparkling wines, wfliich will be replaced bv taxation on a sensible ba»ut. Tho ad valorem duty has been'an nbsolute failure from the point of view of rovonue, and done enormous injury to the wine trade with Franco and other countries. The prices of Government stocks or flrit and second .grade Australian Hut ter have been raised Cs per cwt. Now Zealand is unchanged, whilo Argentine, has been lowered by.9s per cwt. Traders anticipate that business will bo slow in tho immediate future., as retailers mostly bougiit largely early in t<ie month in anticipation of the strike. A well-informed authority in tho wool trade considers tlftt though the immediate outlook is menaced by the industrial strife which threatens to htranglo business, tlhere is ho doubt that the real state of the wool business n gradually becoming healthier, and tho undercurrent of influence making for improvement wiil gather force and ultimately lead to a recovery. Stocks uf merino end fine crossbred tops at Bradford are very low. A gradual liquidation is proceeding in every section of the trade, and with the removal of the old high-priced goods, the way is being cleared for replacement on wlor roveU. Financial difficulties are being readjusted after the disorganisation j,nd anxiety caused by sudaen drop in values and the settlement of the excess i.iofits duty accounts. The costs of production flights are gradually, aoorejising, and there are signs of easier financial can- . ditions. The progress of 'all thost factors has been slow, but the general trend is towards relief. Tho metal markets, under the Influence of tlhe strike Menace, are nearly at a standstill. The few transactions aro no real criterion of trado conditions. Only the fa«t that prices are cfceap lias prevented a further docljno m the demand by consumers. Tin and copper aro at a very low obb, but tho reopening of several tinplato worksgmia promise of expansion if labour permits.

DEBENTURE TAX. ' ' THE QUESTION OF BSBMPTXOII*. A considerable amount of confusion liact arisen in connexion with tfte exemption tif pojipent of tho debentnro , tax. Debenture-holders on presenting coupons at tho bank liaro found tiiat tho amount of tho tax hu boon deducted, and thpso tvho are exempted from payment and havo had the tax deducted, are undor the nooessitj of communicating with tho Commissioner of Taxes, in order to obtain a refund. . Tlioso poraons «nd public bodies exempted from .the payment of debenture tax are speoiilod iu section 84 of tho Land and Income Tax Act, 1816, an amended by section'l4 of tho Land and Jncomo Ikx Amendment Aot, 1980. Persons whose inoomee are mm than £BOO per annum are amongst thott exempted, and in order to get the benefit pf. the exemption they would, in tho ctißo of Chnstohwch municipal loans, go tA the City Treasurer (nest the Gas Company's office in Worcester streot) arid make o, declaration to tfcat tflect on a form whioh wiU be provided? ia ' respect of the loans of other public bodies 1» similar declaration should lie mado at the office of the publio body concerned. In some instances penans claiming exemption havo made ono de* , clarntioti in' of Ohrjfiteh«rdi municipal, Chriatchurch Tramway Board, and Christchurch Drainage Board loans, instead of malting * mpr* ate declaration in respect of each fitoii authority. On making this declaration holders of interest coupons reoehro their interest in full at the City Treasury,, or «t the office of the local authority that issued the loan. / Those claiming exemption* would note that the declaration form ahonld contain particular# of thaname of the loan (or loans), and the numbor.oa the coupons they hold. This information is not specifically asked for on the declaration form as (supplied to local bodies hy the, Land and Income Tax Dwjartment, but unless it u given tlwofficsr* of the different local authorities •*» unable to traoe these particulars limply . from the name of the person making ■ the declaration; as the debentures aro allpayable to bearer. The chief point to he born* i$ sund by those entitled to exemption 1» that the bank will not pay any Interest coupons unless they are allowed to deduct the debenture tax. and that in order to obtain payment in fall these entitled to exemption must apply at the City Treasury in the caso of Cbristchurch City municipal loans, or the offices of other local bodies in respect of the loans" issued by which they possess debentures.

SLUMP IN WHEAT AND FLOUR (By Cable—Press AwocUtioa—Copjni|&L) (Australian and N.Z. Csbl* AnwUtM) NEW YORK, April 14. Wheat has reached tho lowest price since 1916, July deliveries selling at 98 cents at Kansas City. Floor At Minneapolis sold uflder 8 dollars • barrel, the lowest sincel9l3.

AMERICAN TAEIST BILL. (HettUr'i Ttlcgnau,) WASHINGTON, April 16. The House passed tho Emermotf Tariff Bill by 209 votes to 112 wfthort amendment. The Bill affords protw* tion for six months to agricultural pr<v duct%, similar to tho Fordney Bill, including wool.

ENGLISH MARKETS. LONDON, April 16. Rubber—Pine >»aid par» lid; vlanUiJOß, first 1 latex «epe, lid; smoked ritbeS mm* Copra—Ajrril shipment £25 10* pev ton. Jute —Ap' il-ilar shipment £ll per ion. ■ nemp—Jnno shipment £4O per ton. Cotton—Liverpool quotation, American middling-VP-ami, May delivery. 8.69 d per lb Linseed Oil—£2s 10s per ton, equal Sta Old per gallon. Turpentine—ssb Gd per cwt, equal It a 1-id per gallon. Argentine frozen beef 5d and Hd, and chilled 6d and UW for binds ud iara » aoectnelii

LONDON WOOL SALES. ' Ofcoeived The free wool wfc» closed firm. P"<» a ' wore about i »er cent, above opening sales. met wtth strong Mflnpefa- ■ tion. The total catalogued was 52,250 baU», ,md about' 16 per .cent. w» sUpled OQtmd merinos were in. strong<te- . uiand throughout, and closed, at abouts_ to 71 per oent. below Maroh rates. . Clothing .Horta remained eteady at the opening •'JMio chief operator® ware the Oontinent, 6»- • ijeoially Germany. CordingoMßtoedj were in eooddemand, with a .hardening tendency. woola reoeivod no Continental supper i and' in the absence of Yorkshire de- . , mand.wwe often withdrawn., Tho reeervea . oil combine slipes we» aborobuytts • - consequently they Were mostly withdrawn. MEAT, WOOI/,' AND TALLO I^. • ' Dalgety and Company, Limited, haw »■ ' • ' (ieived " the .'following >telegram from, their ■ London office,' dated ' April 14th: —-*T?rozen .• change in prices for mutton, and ■. ..lamb aw in favour of buyers. ■ Froaen beef »uppließ 'an- exceeding demand at present. , quote "New Zealand prime ox beef, hindo Amtraliaa hinds 6id ; force /- .«d'- V Beef " prices . are irregular, inferior forflquirters, Auatealian, have teen sold at 3Jd." : ' ; v < The' New Zealand Loan • .and MercantileAgenoy Co., Ltd., advise having received the i followfce from London, under l&th Jnat^—"WooVflalefc—The average ctarent i Loftten ■♦alue of the underftoted description of lWw\ Zealand wool wa« as follow.—Good merino 15d,' medram merino 12id, inferior 3sriw> 9id, fine 'oroesbred 18d, medium r - cro»bred Hd, coarse crossbred {We) 6d, ccwrßecrosflbred (86's) Qd. Balea closed. •" -withthe tone of market better owing to •, 1 more active Continental 7 competition aa compared with 'April ,6th. Kne merino wool, (prosabiw wbol, and grewy crossbred i :: ' abimt g-Per centi dearer." ./ . ' Dalgety* and Company, Limited, have.re- £ oeived the following cablegram from their dated April 18th:—"Tallow - ■ Market depressed, and small business doing. ' ; Weqtiote good mixed 83a, whilst low sorts to® practically -unsaleable." < > i IBOTP FOB HAWAIL s;« ,/rasaa : association taleg&am.) • AUCKLAND, April 17. -vwiThe Niagara} . which left yesterday . aftwr- > c .'jt'oon foE*Vanoouver,. via .the: Islands, t earned •4 3700 oas««4»f appleß ' and - 250"'oaB8s of pears J O for Honolulu* iiV 1 ■>' 'i> 'j I 1 * 1, \ Niw ZEALAND CHBEgE ON HOME 1 1 * MABEET. , > ~ ,< .(risaa" AMQCIATION tzumkax.) , 'J' DTOTEDIN, April 16, The itebxetiiy ct &>o South Island Dairy f Ai»ooiati<jn > liatf been by. cablegram ': tbo Onud was/«leaied rt lWs^to.V 148 ato white.fWd 16Sa for oolouned. The . ' x^jnasg]i's'shipment-is. selling at 14te and J62s respectively. J BABBJTsStf SALES. X ' \ pems.") •J\ / DUlfffiDlN. April 16. faev se*eon's rabbitskuiß from North ■j-fv' .■-) :and-.fair:quantity will be fortnight. -; * .'Che *ji&W Bki9S„aiie said to be of good quality. - v>. werei »ai tbey brought up to • ' y V' ■ TABANAKI IRONSAND. ; , an,«xdMiaa) that. it is posnble the prowhkh: axe to, bo /«- ; <m the WiQamatte Biver, Portland, will- also con- ■: üßingi Taraniki iransand' on arconaider- " "'' •{ '"-4r& H of loW' gnde, tod requires a superior i j : < a® . Taranaki ironsand, to en- - * made is thai' the shquld be into hard white ; sitfplgi-iron New Plymouth .for convenience ■■ ■"- ' Of; «hipment. \ Thia iS stated be a dieap ' "-Lv ptooesa, 'so: techmoal difficulty, <v:v t and it k A -poasible that an expert -will be ~ -«ent'-<rtier . froai iPorUand ■to investigate, the • '■ powgit>ilitaeg. J : further . investigations with'

Tariwiaki ironsand are to be carried out by Messrs Summerton and Sons, of Darlington, England, in the hope of demonstrating' thai it can be profitably omelted by an electric furnaoe. By arrangement with the Mines Department, which is sharing the coat, the New Zealand Iron Ore Smelting Company will ship some 20 tons of ironsand to the firm by the Port Hacking, which-is to load at the New Plymouth breakwater shortly.

TRADE AND WAGES AT HOME. FALLING PRICES. . GERMAN COMPETITION. (from otjb own correspondent.) LONDON, February 24. In presiding at the annual meeting of the National Provincial and Union Bank Lord Inchcape emphasised the two points that excessive profits snatched during a hoom have always to be paid for later on, and that excessive wajfes .bring the penalty of unemployment The demand for British goods, following the •war-time supply of Japanese or American substitutes, he paid, had been genuine, but the boom had been killed, because nobody, whether ■ customer, Government, or .workman, had cared about costs. People had aqted as if trade and industry could stand any wages, and as if there were some bottomless purse out of which the deficits on railways, mines, and other controlled , trades could be made goody and from which huge cosily" schemes of social reform oould be prosecuted at the same time. Hard facts had proved the contrary. There was bound to be a reaction. The resulting fall In prices had materiaUy reduced the cost of-living,.and indicated the approach of more nearly , normal conditions. .The unsettling effects of the past _ year's events' would for some little' time to come show" thettuselves in the groat social calamity of unemployment,' but he be-, lieved that beneath tne present;'distress and depression forces were at work which. would. restore industrial • activity on a chastened basis, and that djßmand, killed by high, would be revived by low prices. union restriction of fmpioyment, opposition .to piece-'work/ o overtime, limitation of <iyitput, and the too frequent absence amoig .trade leaders of any spirit of co-operation, had made it impossible for British-industry to compete successfully in the worlds markets.. t COOT OP LIVING.

In. the opinion of Mr C. A. HcCurdy, the: Food Controller, % the present fall '.'in 1 prices is real, and 18 likely to continue for some time. ""The fall," he. said, "is not baaed on any Superfluity of 'stocks-ia the hands of retailers or distributordf or any local conditions ift any oountry,' It is a world-wide fall, which starts in the "great prairies of the Northern Hemisphere, _ where th® ■ world's wheat crop is mainly grown. "Wheat which cost 140s a quarter a few months .ago has. fallen to-day half that price." > " . " / v The fact that food-stuffs are cheapening; at the worst time ,of the year is looked upon as a good omen, for this foreshadows further falls as spring" and summer bring larger supplies. , Government butter has now been reduced 3d'per: pound and the home manufactured article is lower "in sympathy, 3s 8d per pound being paid in many localities. - In some places local dairy buttef is said to be selling at less than 3s per pound. One prominent provision, merchant is , advertising imported butter at 2s Bd, and it is almost certain that many' Bhops will be I selling it at-2s lOd or 2s lid. the beginning of the spripg.there is likely tobe a further reductjon. •» ' The following reductions, which have occurred within the last two or three months, may be recorded: —Butter, 4d per'lb; margarine, 2d per, lb; eggs, Is od per dozen; bacon, 4d and sd.per lb; "cocoa, od "per lb; sugar, 5d per lb; jams, 2d to 4d per lb; syrupy 2d per lb; turned fruits, 2d and Bd. _Burma beans, are being sold for less'on the wholesale market than before the war, and rice and similar articles are also \much cheaper. . All classes of dried' fruits have fallen substantially in price since before Christmas. . .. „ DECONTROL OF APPLES.

An important further stepanthe decontrol of food has just been , taken. The Apple (Prices) Order, 1920, is among some thirty Orders revoked, and thin step has been rendered possible by the supplies still available, and the increase m the quantities, expected to be shipped: from Australasia. It is estimated that 1,250,000 cases will be available from this source vfor the United Kingdom during the forthcoming'season, commencing towards th© end of March, ao compared with 830,000 cases, the quantity snipped last year.

\ REDUCTION OF WAGES^ Tt#ere are! many indications that the issue of a scleral reduction of wages in all tie great industries will soon be put to the teat. The Shipbuilding Employers' Federation have held an important conference at 'Edinburgh, when the whole question of production costs was reviewed, and a suggestion that wages should be '.'out?' by as much as 25 per cent! was discussed. Miners' wages are automatically falling-, and efforts will be made- to bring about « stall, farther, reduction. Maiiv collieries have closed down, and in others fourteen days' notice has been given to the miners to terminate their contracts. Thft next ferw weeks will see some criticaldevelopments in many of the'big industries: on the .wage qtfestion.. Some trade onions will probably arm© at ajoeementß under 'which reductions will take effect, hut any all-round plan ofreduction will be .fought bitterly by Labour.

> An oPTnnsnc outlook. . • An. optimistic, view.of 'the trade out-look-wasexpreesed at Northampton by Mf Kellaway, head of the Department

of, Oveaeeas Trade. He said he saw signs in oar overseas markets in a healthier direction. not very marked, and improvement was taot going to be anything sensational, but tirade was on the turn, and daring this' year we should see improvements. Particularly was this the case in the Far East, India, and the Southern States of America. Values weife gradually getting something like normal, and they had to do so Defore we could see any recovery in export trade. That was the trend of all information" reaching him. Suggestions regarding stabilising the exchanges, ha said, lacked common sense. Exchanges' indicated certain conditions, and one might as well try to stabilise a.thermometer as try to fix a rate of exchange artificially. _ It was no good talking about stablieirig exchanges until the conditions which caused adverse exchanges were put right. On the question of export credits, he gave no hope of the Government propounding a scheme by which they would take a greater risk than the present' one. GERMAN COMPETITION. _

From time to time the danger of German competition in several important industries is brought before the public, .but the Bill that was to prevent the British manufacturer from losing his trade is still awaited, although the Government maintains that "the matter is being given anxious consideration." To show the present position in the chemical industry _ it may be mentioned that the Association of British Chemical Manufacturers has stated that not only is unemployment rife and spreading, but that, unless soma immediate steps are taken, the fine chemical industry built-up at great cost on the strength of Government promises and in tne hope of a sane and ordered future will be lost to the country and "Germany will again become the chemical centre of the world.!' The position in the magneto industry, an inditstry the building 'up of which was largely instrumental in the winning of the war, is if anything' still more acute. A few weeks ago it was reported that quite 70 per cent, of the magneto makers of this country were either out of work, or working short time, and today German magnetos are being offered to our' inotor-car and aeroplane builders at a wholesale price of about £5, as compared with the British price of about £ls.'

In one of the-leading German journals it was stated recently that all the electrical works in Germany are full of work and have heavy and pressing orders on hand, including large orders from Great Britain. In the meantime, as an authority states, the British manufacturer' views with dismay his emptv order book, dismisses his workpeople, ft*- whom he can no loin;ger find employment, and wonders for how long he can continue tq stock the goods for which he lias no sale. The German traveller is with us ance again, and plentiful supplies of German manufactured goods are on sale in every large town in England. COST OF RAILWAYS -TO THE STATE. v

For the yeaf ending Maroh 31 next the railways are expected to cost the taxpayer no lesS than £43,000,000. far other words the siirh necessary to make good t othe companies the 'deficiency in present earning as compared ,with the 1918 standard of net receipts is double the original estimate. Last session £22,000,000 ™ voted by Parliament for this purposw, and a supplementary estimate has now been presented for %ood to the companies the deficiency in £21,000,000. It is explained that the additional vote is required to meet a deficiency of net receipts due to the coal strike, amounting to i£8,000,000, a further deficiency of £2,000.000 arising from tne disturbed conditions in Ireland, and the decline in revenue owing to trade depression, of which no estimate is given. The balance.is to cover repairs in excess of standard and arrears of maintenance made good.

.. A6HBUBTON MABXET. \WBeat —During the past ' week there 'Has been little improvement in the position, as millers have not yet leceived a. further supply of warrants from tho Wheat Controller. It is understood that a scheme is now udder way by which good milling lines will be' purchased' byL the Government, but so far nothing definite has been announoea. Oat 9—Advices from Southland indicate that growers will accept prices on a baeis of la 9d to Is lOd, on trucks, consequently any business offering from the yiorth. Island. i 9 being dons through that channel. Offerings locally are email, as it would appear that growers are endeavouring to.hold out as long as possible,-in the hope of a favourable change taking place in the market. Gartons to-day tfte nominally worth 2s on trucks. IHnes of good q-oality chaff are enquired for on a baas of £3 a ton, on trucks, country stations. . , Linseed—The position still remains rather weak, as those merchants who had orders oil hand harce- filled requir«ments,. and the demand is now elack. Fair average quality today is nominally worth £8 10b' per ton, on' trucks. ' .'

Potatoes—Small orderg.are coming to hand from the-North blond, but the demand is not yet in full swing. Crops locally are not yet fit for digging. Growers report that crops already dug have turned out lighterthan anticipated.. Prices to-day aTe nominally about £3 ss, on. trucks, socks euppplied by buyers. ; ". TATTEBSALL'S HORSE SALE.

Messrs H, Matßon and Co. had an entry of .87 horses on: Saturday. Th© quality rang<A from old up to medium draughts, no really good mimals boing entered. The bidding' 'was good to a certain price, _ and as most vendors'had made vn their qinds to eel] a good clearance was made of the entry. Aniong the sales made were—For Peter Clinton, ' E»q, Darfield, six-year-old pony £11; far J. T. Ferguson, Esq., , Halewell, four-year-old mare, £32; J. McDonald,: Esq., Sumner, horse, dray, .and harness, £25 17a 6d, eight-year-old gelding £l6; client, four-year-old hack, £7 10s; J. Henderson, Esq., Templeton, seven-year-old w'aro, £l3 ; R. Campbell, Esq., Woolston, nine-year-old. mare, £ls; client, nine-year-old gelding £8 fis, eight-yeai* old gelding £8; H. Carr, Esq., Cnristchurch, six-year-old mare, gig, and harness, £lB 15s; client, eig|it-ycar-old gelding, £l 10s, Aged and less useful 6orts sold at late ratee. i

■ LAND' SALES. . Jones, HcCrostie Company, Ltd., eold by public auction on Saturday, on account of the trustees in the estate of the late Mr A. M. Philpott, Lot 3, situated on Winter's road, Papanui, comprising 4 acres 2 roods 89 perches,of lin& together .with the homestood thereon, at £167 lOaper acre, to Mr W. A. Cooper; Lot 4, comprising 4, acres 2 roods 39 perches, situated on Winter's road, at £lls'per aore, to the same buyer; and Lot 6, comprising 4 acres 2 roods 39 perches, situated on Winter's road, at £165 per acre, to. the same buyer. There was a large attendance of the publio, apd great interest was taken in the sale. THE PROPERTY MARKET; A dairying property at Spencerville, Styx, was put up for sale by auction by Matson and Co. on Saturday, but- tiio prices offered did not reach the reserves. Details aier—lot 1, 47..acres, £56 (passed); Lot 2, 22 acres, £59 103 (passed); Lot 3, 48 (passed); Lot 4, 56 acres, not offered; Lot 5, 72 acres, with dwelling, £B9 (passed); Lot 6, 13 acres, £44 (passed). A 147-acre' farm at Grcenpark was submitted by Pyne, Gould,. Guinness, Ltd., but was passed in.

SATURDAY'S POULTRY MARKET. " Messrs J. B. Merrett and Co. had a large entry of poultry on. Saturday, over 3000 ■birds being entered, Good prices were obtained for quality birds. Turkeys realised up to 63s per pair, table chickens 7s 6d to jja 9^ i hens 3s 6d -to, 8s 9d,' pullets 7s 6d to '94s,' ducks 6a to 12a 6d, geese 7s to 103 6d, all at per pair. Prioeo for poultry are maintaining values equal to previous years, and there is no «gfi of a slump as with most other 1J lines of stock. EGG MABKF.T. . The egg supply has improved during the week. ' Jhere is a good demand. • Cantertihry Eg® Circles, first grades, are Sa, seconds 2s in - acooodazico with, the prices fixed lay the committee. 6 generaT" notes. jkn interesting review of ' thft exchange position, between Australia and' the United Suites, is oontaised in the latest "market report" of Mailler end Qoeroau, , 2?ew York. The report stales that "while the rates for exchange have shown some improvement (at one tjSne lising to 3dcL SSc. to the found), yet this his OJt helped conditions

to any extent, as it is etxTl almost impossible to negotiate in U.SJI. any bills on Australia or Neif Zealand. Our Jocal banks state they are not'in position to buy our exchange because they cannot negotiate these bills in London, the London bankers claiming that they have no funds in- hand available far their Australian and New Zealand connexions. This has brought about *au~almoet complete embargo' on export ~ trade, as and commission Houses axe not .in a position nor do they deezn it wise to attempt accepting business, making shipments and then sot Deing able to realise against the came. It is hoped that when the new crops of wool and grain become available in ' London that funds will then become easier and exchange relations can be resumed on more normal conditions. As it is at present, we find it impossible to negotiate any bilk unless undnr letters of credit, and ithe bankets are very particular about these." Stainless steel continues its successful corset for cutlery purposes, remarks an English trade journal, and steady progress is being made in adapting it to other uses, more particularly for parts of machinery which are in contact water, or corroding gases. _ Bicycle and motor spokes is another application for which there appeals to be a considerable future. Although more expensive than ordinary steel, the eltra cost is more than compensated for by the advantage of having spokes which, never require cleaning. Bicycle makers are only experimenting with the material at present. Another development is stainless : iron, which has been described as stainless steel with the carbon extracted. Owing to its softer nature is can be formed into many intricate shapes which are not possible with steel. Golf - clubs are being made of tilts motal. The experiment of making stainless steel fireplaces hue not progressed much. According to the "British Trade Review" for February, present indications in Britain are • <that a temporary shortage of supplies of drapery and clothing Is not improbable toward? the end of the present year, un- | less meantime conditions change very con- ' siderably. For financial reasons, and also because of the uncertain price situation, buyers are taking very lititile. But, for similar reasobs, .and also because there is no outlet at present for their wares, manufacturers I are producing very little. Makers have not the money t<? pay for materials and wages in order to produce for stock, and with trade so unsettled and demand ahpost absent,' it would simply be • inciting, trouble if output were maintained. The majority of orders are at present being executed from lines already in stock, which usually are offered at attractive rates. Comparatively little fresh merchandise is losing made. llany thousands of operatives have been discharged, numerous factories and workrooms' cloied, and the bulk of the remaining employees aro not working more than ialftime. Present surplus stocks an the market must be exhausted in duo course, and buyers must resume pfurobaszng to some extent or close their businesses through lack of supplies Should conditions remain unaltered fox w few months, and a general revival of trade set in, there appears every likelihood of supplies being insufficient for a fame, to meet demand, which would probably liave . the effect of sending quotations up 6omewliat, for a time. In all the producing countries of the world the state of affaire is more or less similar; in the United States restriction of output has been even' more drastio than in Great Britain.

Tho same periodical says that since th« beginning of tho year many clothing and drapery prices have been marked down by manufacturers, apaitt from forced .realisations. • Those reductions are from quotations ruling last October, and usually only bring rates back to about what they were in March and April, 1920. Anjong the ar-ticl-03 effected are shirts, collars, pyjamas, blouses, felt hats, jumpers, mantles, corset®, costumes, hosiery, and underwear. The fall in material rates hao been offset in some measure by higher wages and increased production costs. A good, deal h&s been writ. ten in the public Preea abouit pre-war vtSues luaving returned but this is sheer nonsense, tho comparison always being made between an iniorior article ikiw ■ ancL a. better grsidi* pre-war line. Even "elumg" prioes are double those ruling before the wax for merchandise. of similar quality.

The lepoiit of the actuary of the A3I.P. Society for 1920 indicates that there would have, been a surplus of funds over liabilities of £1,737,678 if the valuation of tho policy liabilities had been made on the same basis as that of last year, but fthe board resolved, in accordance with the recommendation of the actuary, to apply £285,485 iii strengthening the basis of valuation, ■so Ithat the 'surplus disclosed is £1,462,193, out of which £1,324,198 is to be allotted for distribution amongst the members, . This v{ill provide reversionary bonuses of about £2,273,000. The surplus in the industrial department is £54,274, of which £39,834 is to be .distributed among the participating policy-Folders, providing reversionaay bonuses amounting to about*' £54,000. Investment flucttiuation fund has been increased by £76,656, and' the .book vaJjies of the office premises have Jjeen further written down. bj. a sum of £18,632. ' -Kaito of interest realised on* tho mean funds (including investment ' and- .fidelity guarantee funds) was £5 4a' 7d per cent Expenses of. management (including commission mnd taxes) in -the ordinary department were 15.02 per- of the premium receipts (excluding purchase'' * mozuef tor annuities); excluding taxes Itihe rate was 12.58 par oent. Tha corresponding rates for the industrial department were 34.84 and' 84.00 'per cent, respectively.