COMMERCIAL.

Press, Volume LVII, Issue 17123, 19 April 1921, Page 8

COMMERCIAL.

t PRICE OF BUTTER. STATEMENT BY THE MINISTEB. (PEESS ASSOCIATION TELEGRAM;.) AUCKLAND, April 18. The dairy companies have reduced the selling price of their butter by a penny per lb, says the Hon. "W. Noßworthy, Minister of Agriculture. The price to the consumer will remain unaltered, this being brought about by a subsidy of 2d per lb instead of 3d, as was the case from April 1. From October last until the end of March, the subsidy was 6d. Provision would also be made later on to assist towards the storage and interest charges upon butter, which would be held in store for the purpose of ensuring supplies during the later winter months. AVhen considering the price to be charged for winter butter, the dairy factories had first asked a net price of 2s 4Jd ner lb. Thev later reduced this to 2s Id, and finally had agreed to a further reduction to 2s OJd. Observations had been kept on the amount of butter produced of late, and all evi- j <3ence available went to show that the butter made since April Ist, with that to be made during the remainder of the autumn and early winter, would be sufficient to meet requirements without any being nvailable for which is prohibited, save with the prior consent of the Minister of Customs. PKICE OF MEAT IN AXJOEXAND. (special to "the fbess.") AUCKLAND, April 18. The Auckland Prices Investigation Tribunal, which returned from the East Coast during the week-end, fixed the local price of meat at its sitting this morning. The schedule was submitted to them just prior to their departure, and was not approved until this morning. Generally the new prices show a reduction of 2d per lb. In view of the serious fall in the price of livestock, the reduction would appear to be small, but this is attributable to the market decline in the value of ! the by-products. Prices have only been fixed provisionally, and are liable to be readjusted according to any fluctuation that may take place. WHEAT PRICES ADVANCE. (By Cable—Press Association—Copyriglrt.) (Australian and N.Z. Cable Association.) NEW YORK, April 16. Wheat prices at Chicago advanced 5 cents, as a result of the reports of the damage caused by the tornado, and the Argentine crop estimates being 80,000,000 bushels below last year's crop. There was a wild scramble to buy. LONDON WOOL SALES. Palgety and Cp., Ltd., have received the following cablegram from their London office, dated April 15th:—"Wool eales closed firm at the highest point, of the series. Fifty-two thousand boles free wool were offered, including 1,800 Cape and 1,000 Punta Arenas* Of the offerings 72 per cent, was sold. Continental wool buyers were the principal operators, but English wool buyers bought very little. Prices, OS compared with last sole's closing rates, were: —For fine Merino combing greasy 5 per cent to 10 per cent, lower, and for other descriptions of greasy and scoured Merino wool, 20 per cent, lower. Fine and medium quality orosßbred, 10 per cent, lower, whilst coarse orossbred was. neglected."

HIGH COMMISSIONER'S REPORT. (PBK3S ASSOCIATION TELEGRAM. 1 WELLINGTON, April 18. The High .Commissioner's cabled market report, dated London 16th, is as follows: Meat—Trade de elow, the demand being limited. Prices ire tending downward, owing to a large supply of imported beef. March shipments of frozen and chilled beef to Great Britain exceed 700,000 quarters. New Zealand mutton, light-weight, is quoted, lit 82d to 9d per lb, and heavy-weight, which is difficult to sell, at Bsd per lb. New season's lamb is quoted at 14d to 15d per'lb, and lamb from America at 12Jd to 13d/ per lb. .-For Government cut lamb there is no demand at Is, and a reduction of price is under coneideration. New Zealand' beef prices are irregular, ox hinds selling at 6d to 6£d per lb,- and fores aj 4d to sd, but inferior quality and cow is selling as low as 4|d amd 8a per,, lb. Butter—The English price has declined to £l6 16s per cw.t Danish has declined, and is 54s to 60s per cwt lower than English. The high prices are checking the demand. New Zealand is quoted at.£l3 6s io £l3 lOsi per cwt (equal to 2s 4id to 2s 4jd per lb); Australian at £l2 8s to £l2 12e: and Argentine at- £l3 2s to £l2 12s Cheese—Canadian stocks are small. Whit© is quoted, at 144s to 158s per cwt, amd coloured at 160s to 1625. New Zealand white is quoted at 134s to 142s per cwt, coloured at 158s to 1625, Australian white at 134s to 140s, and coloured at 164s to 168s _ per cwt. On account of the strike conditions, quotations are governed principally by availability for immediate delivery. Wool—The sales closed yesterday. An improved demand towards ithe end resulted in a larger proportion being. sold. Average closing prices were :—6o'b to 64's (Merino), 12d to 14d per lb; 66's (super halfbred), Hid to 13d; 50'e (halfbred), 94d to lid; 48*8 (fine crossbred), 8d to lOd; 44's to 46'b (medium crossbred), 6Jd to 8lfi ; 86*8 to 40's (coarse crossbred), 6d to 6id. France, Belgium, and Germany were the nrincipal ' buyers, though the Home (trade tool a fair quantity, notwithstanding the anxiety caused by the threatened strike. Hemp—The market for New Zealand conitinues dull, and quotations are nominal.

POTATO GBOWEES' ASSOCIATION. A well attended meeting of potato-growers was held at Springeton Sovtih last week. Mr T Buxton, organising secretary of the. Potato Growers' Association, explained the methods the Association would adopt with regard to tho sale and distribution of potatoes. The meeting resulted in a branch of the Association being established and 25 new members being enrolled. Mr E. J. Tyeon was appointed secretary. Crops in the district were reported as being very light indeed, and in one or two cases owners did not expect that they would be worth digging. A meeting was also held at Templeton and a branch was established to be called the Papanui branch, to comprise growers in the Templeton, Yaldhurst, West Melton, and Weedons districts. Mve members were appointed as a branch, committee, with Mr J. D. Selbie as secretary, with power to add four other members from the districts included in the branch. _ Members promised support to the Association in every way possible, and to endeavour to gain fresh members. A large number of growers in these districts had already joined the Association, but the organissi did not have time to call on some of the smaller growers.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales Teported:—N.Z. Govt. 41 per cent. Inscribed, 1938, £77 103; National Bank of New Zealand, £o 7s 6d. Latest quotations : Buyers. Sellers. £ b. d. £ s. d. DEBENTURES— N.Z. Govt. 4J per cent. / Inscribed, 1938 ..77 0 0 77 15 0 N.Z. Govt. 4J per cent. Bonds, 1938 .. 77 5 0 N.Z. Govt. 5 per cent. Bonds, 1927 ... 88 10 0 • N.Z. Govt., 5J per cent. Inscribed, 1333 .. 88 15 0 ' N.Z. Govt. 5J per cent Bonds, 1933 .. 88 0 0 BANKS— Australasia (cumi right) 81 0 0 83 0 0 Australasia, "Rights" 12 0 0 15 0 0 New South Wales .. 29 io 0 30 5 0 New Zealand .. 2 5 0 2 6 6 Union of Australia .. 11 9 6 INSURANCE— Standard .. .. LOAN AND AGENCY— Golds-brough Mort (Melb.) 18 6 ■ SHIPPING— ' Huddart-Parker .. 1 19 6 P. and O. Deferred' Stock (cum. drv.) .. 815 0 0 FROZEN MEAT— N.Z. Refrigerating (£1 • paid) .. _ 18 6 N.Z. Refrigerating (10s „, P ■• •• COAL— Westpoxi .. ~H 16 9 BREWERIES— Manning .. .. _ 3 12 6

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OTHER EXCHANGES. (PBESS, ASSOCIATION TELEGRAM.) AUCKLAND, April 18. Sales on 'Change-New Zealand Insurancs, 265; Auckland Gas Company, 19s; waini, 27b. DOTEDIN STOCK EXCHANGE. DUNEDIN, April IS. Quotations: -Rising Sun, sellers 7s 6d; Talisman Consolidated, buyers 3s 9d; Waini, sellers 27s (id; Mount Lyell, buyers lis 10d, sellers. 12s- 6d; National Hank, sellers £5 10s, Bank of New South Wales, buyers £29 lOs; Hank of New Zealand, buyers 45s 6d, sellers 45s 9d; Union Bank, sellers £ll 12s 6d; National Insurance, buyera 545; Standard Insurance, buyers 435, sellers 465; P. and U. (deferred), buyers £320; Union Steam (pref.), buyers 18s, sellers 18s 9d; Huddart-Perkei (ord.). buyers 89s 6d, sellers 40s 9d; Westport Coal, sellers 275; Westport-Stockton (<"«., buyers 6s 2d, sellers 6s 6d; D.I.C. (pref.), .sellers 19s 6d; Goldsbrough, Mort, buyers ' 28s, sellers 30s; National Mortgage, buyers 60s: Loan and Mercantile, sellers £9O; Wright, Stephenson (ord.), sellers 335; Wright. Stephenson (pref.), sellers l7o; Dune-din-Kafkorai Trams, buyers 225, sellers 235; New Zealand Refregerating (10s paid), buyers 14s 6d, sellers 15s; South Otago EVee?ing : buyers £4 10s, sellers £5; Bruce Woollen, buyers 395; Kaiapoi Woollen, sellers 265; New Zealand Drug (40s paid), sellers 655; 7\ew Zealand Hardware (ord.), sellers 15s 6d; Otago Daily Times, sellers 475.; Papuan Products, sellers Is sd; Perpetual Trustees, buyers 30s, sellers 355; Trustees' Executors, sellers 525; Whitcoinbe and Tombs, buyers 465, sellers 645; Government Woifc Bonds, 1930, sellers £B7; 1938, buyers £7B, sellers £79 1939, buyers £7B; Government Postal 6 per cents., buyers £BB 10s, sellers £B9 10s; Soldiers' Bonds, buyers £B9; Inscribed, buyers £BB 15s, sellers £B9.

GENERAL NOTES. The absorption by Lloyd's Bank (England) of tho business of Messrs Fox, Fowler, and Co., will mean the disappearance of the last of the independent issuing banks in England and Wales, thus leaving the Bank of England the only institution with the right to issue notes. It will involve also the loss of separate existence by a very old bank, the business of Messrs Fox, Fowler and Co. hawing had its inception as far back as 1787, and beinsf thus 184 years of age. Tho bank had 55 offices, all situated in the West of England, 21 of which were branches and the remainder agencies. When tho South African Government entered into contracts for tho purchase of Canadian flour, little did they realise what was in store for them. Not long after the purchases were made, prices of wheat in the United States and Canada began to fall and the Government found itself in the position of holding large stocks of flour which threatened it with substantial losses unless the world's wheat markets recovered. According to ackices just to hand from Cap© Town, the South African Government has cut its losses by disposing of the unsold balance of this flour to millers at 40s per sack of 2001b, and' it is estimated that th/are will be a loss on the Canadian flour of about £500,000. It is computed that the millers will not be on the market again until about the end of May. The reoent reduction in the price of wheat for gristing into flour for shipment to New Zealand has not brought any business to Victorian millers. Negotations were opened with importers of flour in New Zealand, and m some quarters (says the **ArgU6 > of the sth) replies have been received stating that any importation of flour into the Dominion is still prohibited. , Particulars of the effect of State control of freezing works are gathered from the accounts of the Wyndham freezing works, Western Australia. The experience there was much the same as the experience of New South Wales in the construction of abattoirs at Homebush. The estimated cost of the Wyndham freezing works was £260,000; the cost tj date Ijas been £BOO,OOO. Last year's workin" showed a loss of £120,000. It was estimated that the works would treat 80,000 bullocks each year. In two years it has treated only. 15,000. The estimate of overhead charges per beast for interest, sinking fund, and depreciation was 16s Bd. The actual overhead charges to date have been £5 6s 8d per beast. At that rate it would cost almost as much to kill a beast as to rear a. beast. In a comparison between trade conditions existing just now in India and in New Zealand. The "Yorkshire Post" mentions that th»i Federation of Britieh Industries has found it necessary to advise firms with orders from Indian houses not to take legal proceedings in cases—and they are numerous—where the orders are cancelled, but to make the best out of,the disagreeable situation by means of compromise. At present there are lifnculties in the way of trade with India, a* Lancashire especially well knows. The full rupee has impelled Indian firms to cancel orders on a large scale, and they are also declining to take delivery of orders already despatched from this country. "It is more encouraging (continues the writer) to turn to New Zealand, where the heavy obligations incurred on account $t war expenditure are, I learn, being met without much trouble. The dairy industry has had such a successful season as to more than compensate for the six millions estimated reduction in the value of the wool exported. Al the same time, the New Zealand Government is taking steps to prevent the cornering of wheat in the Dominion." In Sheffield the conditions of the cutlery, trade remain extremely depressed, alike in the home and export markets, but there are a few individual exceptions The Sheffield, "Daily Telegraph" mentions that firms with a well-established reputation continue to book sufficient business to keep their hands employed, and the table knife branches are generally "fairly off for work. The smaller makers and those who started in business during the war are the worst sufferers. "Buyers in Australia and New Zealand are not yes in a position to finance their orders, andi as rbgards those colonies a very large amount of valuable business is being held up. It is understood, however, that by the beginning of May the financial difficulty will have been cleared away and trading will be resumed." Makers are recosting and revising their lists, and prices are generally easier; The movement is being helped by reductions in. the cost of celluloid and ivory. As regards spring knives and scissors, however, labour represents about 80 per cent, of the costs of production, and if these were on a lower level it would be possible for the makers to offer their goods at prices calculated to tempt business. The makers have asked the operatives to accept a reduction of 25 per cent, on their war bonus, which represents rather more than 12J per cent, on their remuneration. Keen German and Austrian competition in unplated spoons and forks is developing.