COMMERCIAL.

Press, Volume LVII, Issue 17126, 22 April 1921, Page 7

COMMERCIAL.

BUTTER PRICES.

MiSriSTiiftlAt. STATBMEtftf.

(VBESS ASSOCIATION l£t»Q*lit;j WtAAsifitoSi April 21.

A statement regarding tho fixation of butter prices was made to-day by tho Hon. W. Ndsttofthy, Minister of Agriculture. Touching on tiho question of whether tho subsidy was being paid to benefit tho producer or the, corusuttten the Minister said tho position sirnply was that, in the first place, local butter supplied have for stihte time past kept , a ldwer level .than export values Av means of subsidies front tfco State, tWtt I establishing tho principle" of trttd value* : which was open to argument, In the | second place, the butter produced from season would be no more than sufiioji-nt for local reqUirfchients, arid "given a free operation of the law of supply and demand, those controlling the supply could,, if untrammelled by t'ho Government, make a. price .accordingly. Regarding the stocks stored liord btl behalf df the Ihipcrial Government, and their po6siblo.iitilisation for the purpose of Ideal supplies, the Imperial Government recently notified that it would be willing to ihako sales df this UUth j, certain Possible niarkets being indicated, arid stated the. Mini In urn price, whidß'Ms. frcll beldw" that of 2s Ojd factory} «t which the butter Was purchaied The New Zealand Government wasplneed in tho position of a soiling agent, and ,its duty is to .bbtftin for it iis good R prico fi3 possible; even if, in the event of low prices, it had to bd held in store fdr sonitJ tiniOi Quite apart from this, there was a fair and nglht course to take with the dairy farmers, tvho make arrangements, months ahead for producing winter butter; and tho Government had to endeavour to hold tho balance justly between them and tiho consumers. Every aspect of the.situation resolved itself into ono which rendered it desirable to utilise local supplies under the best' conditions obtainable. " The present arrangement resulted in the 2d subsidy, based on a high cstiniftte bf consumption, with, storage ahd interest charges uddedj costing about £85,000 for tho whole period to August 31st i This estimate was purposely' made on tl high basis oh account of the fact that ttib vbluhie of pdbultt tion was changing and the natural tendency was to consume more butter in winter than summer. Expprtatioh or.all butter) including Whey butter ahd milled butter 1 ; neither' of which comeslindef the subsidy arrangement, is prohibited k s The bonds to be issued by tbd New JZettiftnd Fftrntefs' CdittperAtive AsSdclatibrl Of CbHtefbttry, Ltd., in dendmiitatidiis df £25, £Sf), and £lott, will carry Interest coupons at the rate. Of 7j per cent., -payable half-yearly free of income tax. In the paragraph setting dtit the interest fate, printed in tho Commercial columns .<n yesterday's issue, the WOfd "payable" was oniitted before "ihalf-ySftrly^ THE WHEAT POSITION. * The IVheAt Controller, Mr W. G. IMfctfenaldj itt diseasing Vfheat position with a "Press" reporter last night, said it Woltld Hot be politic to make any pronouncement about. nfhai should be immediately done to lelieve farmers holding large stock's of tvheat, which fttlllerS are not prepared to purchase at present. So expressed the opinion, however,, that in cbfißehUenetJ of certain, steps titken) tho position would be Bpeedily rightedi Satisfactory arrange'mentfi liud tolready beett made to relieve the Whertfc'market of lilies Suitable For Seed purposes, tod it had also been arranged that the sfcttLuiient with farmers on delivery of wheat to the mills could be The steps taken ih connexion With tho purchase of seed wheat Would relieve tho matket, .of aboiit '81)0,000 bUfihdls, whidh should considerably help the position.- A Government Statement ill regard to ihe PbSitidii may be expected shortly. " ' .

EXPORTS AND IMPORTS. mm A 6PSCIAI. bdß&kS?6W)fflrt,l < WMiLINGWN, April 21. Adcording to the figures published in this everttng's "Glazetie," the esports itam. the ttotaifiian tot the fitst quartet, of tha yeaf atiloUilkd to £13,198,614, &e eoliitjared wltfi £1ij41„6.768 in the ftrtet quarter of last yeftr, the inttreaje being £1j7??,72e. The imports totalled £16.669,602, as ftgainst' £9,791,061, an increase ttf equal to Stbout BO pet fcent. The exports flhd iwpbrts for the Quarter show »8 follows: 614, ImpbrtS £16;068;6D2. ThUs the imports exceeded . the exjlbrti 'by £2,461,988. wool And shippino problems. (PRESS ASSOCIATIOH TEUEOBAii;) WELLINGTON, April Si. The question of forming a Producers' Shipping Company Was discussed at A meeting of the Dominion executive of the New Zealand Farmerß' Union; The executive met the Producers' Committed and dlkMßsed bfopcßals, after, Which the'executive left t)he committee to continue consideration of the various propbsala made, . The meeting endorsed a proposal to ask the Government to issue a proclamation postponing Wool sales pending the conclusion of the negotiations with the B.A.W.U.A. . t The matter of th# increased* values being placed on. rural. land in recent Valuation* was brought up. It. Was pointed out many farmers would have no Income from which to.pay the land Minister. ' The Dotninidft Conference will be held from July 26th to 29th f iftclusivej AUSTRALIAN POTATO EMBARGO.

Mr T. fltikton* managing agent and organiser bi ine South island PbtAtu--s™*?!*' Assoclatibtt hiis„t'eceivea l a fetter from the fibh. W. MasseyGreenß, Commonwealth. Minister of Trade and Customs, also a', confirmatory BleSsage from the Aiisfraliin Prime Minister, tb> the effect that the representations made* regarding the importation into Australia of New Zealand potatoes would receive immediate attention, aiiii a further communication on tftio subject Would be forwarded at & later date. WOOL FOE AUSTRIA. (By Cables-Press AaßcUUdt-^Copj-Mgi*-) (Australian and N.Z. Cable Association.) LOKDON, April 20. Jt Is retorted that thd British-Australian Wool Realisation Association has sold to Austria 20,000 bales of its Australian stock under the.British Government's export credit* scheme. The wool Will be- Shipped direct to Trieste, BECLIKfi ifr (SEtt* MELBOURNE, April 41. there was a considerable decline in prices at the Newmarket oattle sales, duo to the heavy supplies and small demand. *"•*• dibpped by from 20s to 80s, on top of the 10» drop in last week's prices. AtiSTHALIAN marketo*. , (Received April 21st, 8.15 p.m.) SIDNEY* >B'il 21Oats—Algerian feed, 8s 4d; while Iced, 3a 6d to as 7d; ■ , ~, ,„. Maiec—Yellow, 6s 7d to 5s 8d; white.< 6s 6d. Si IDS tft « 10a, Onions—Victorian £$ 10s.

Meters Booth and, Co's .l*"*** htm» cables under date Mtl* '««*• lb«tl» demand for tallow is Very llntited, and m V»o>ncy of the market is Still doiratHtd. Nominal values Mo as foilotwi:— Edible tttittoa 86a W. edible beef S7», food inntton 84i Bd, goo«J beef 345, good ootour 82« 6d, no colour 3C« 3d* gilt &ta 6d. bamboo TotTTATß^auxnxa. (tttofc OCA trt«» t?O*RSSPO?tOtWP.) LONDON, March 9. The current numbcrofiho'Bulletin" of the imperial Institute contains a comprehensive and valuaolo "article on the utilisation of bamboo for paper-tasking. Bamboo has como nrnch to the "front in th» dcmncJion during the last year or two, and It eeem* likely thai, in tho near future, the manufacture of paper from it will bo undertaken bit a scalo in several countries. A British firm has been Rrantcd a concession for cutting bamboo in the Government totbtys In Trinidad, and has also established a bamboo plantation there of 1000 acre*. Losses have been granted 'or applied for, for working 'bamboo forests in Burma, MndrW, ftnd other parts of India, In IndoChinn, two factories, equipped on up-to-dat** linos are actually manufacturing paper chiefly from bamboo. Paper made entirely from bamboo pulp » of high-claw quality. Oh the whole it i* too good for the manufacture of ordinary newsprint, and is more suitable for the better grades of printjnsr paper. Tho nrticlo gives an account of the general character*, and distribution of bamboos, and iv drLtiled statement «« to their occiirreneo and ntilisallon in various countries. The technical side of the subject is fully dealt with, particulars beina given of tho virions ititthods which have been employed fcr the conversion of bamboo ittlo baper-pulp. S. *iAtoNfc*G~AND CO., tiTD. Thb thirty-ninth annual getieril twrtlirM? ef shareholders in S. Manning »«d Co., Ltd., will bo held on Wednesday, the OTth inet. The profit and loss Recount for the year ended tho Slat March, 1921, aflet inaktn* prevision for depreciation oh plant account, and amonnt written off freeholds, shows a credit balance of £ 11,046 12s Bd. The net profit for the venr wns £7730 16s 7d, and the balance broujrht fdrwhtd from the previous year wee £3315 IBs Id. The directors recommend the pnvment of a dividend at the rate of 10 per cent, per annum, absorbing £9600, leaving £1446 12s 8d to be carried fotward. ileaers J? I. Cowlishaw and,W. C. Hill retire hem the Board, and offer thcmselwi tor-reflection as directors. The paid-up capital of the company is £96.000, end the reserve fund totals £50,000. The property depreciation ac« count stands at iis.OOO, th* Christehttrch brewery property and frecholm and 1*»*»holds appearing among the assets at £148,474 4s 7d.

AtTCICLANn MABJKETS. (BMtCUL Tt> "TUB PIUHH.") AUCKLAND. April 91. Business oti first of tlie month aetSmni {« now receiving tho full attention el wholesale houSca, and the VbluntA bidl fair to eeHpe© that of test month Tha lower prices now ruling on Many atHryd** U*m Irovo stimulated buaincsa considerably, although buyers ootititiUo to WOTcU© tftrtlhe caution. A very hottteabW ttattira U the increase in public demand with thft Vftohltg of test*. An instance in bacon, which, flot\vithstanditur a largely increased output Is Very difficult to f<*ure ill Sufftaetlt flttUiUty Ip meet the demands. A dlsaptolnlfllft m»turo Una week is the e*NK*ling3y umall lh rival of southern breakfast foods, which h**» been expfcted to be ample lot r*qtllr*ttftßta, hut hare only tended to aggravate th# petition. Howovor, further anrtak am «*• peotscl Uik week-end. Hie poßulintr of oiulcldy-fTwfrtred brcekfttt foods * tot? #rtdent, and tlio public are not easily p»tMHd«d to take substitutes. AJthdUfH tttaM of flour are in better compass, ths situation Jo by no mean* out of tlio aeuto stage. Sugar-Tho prospect! of \«Wt WMM Hi July aro being discussed, trul at pHyftt.po definite information is available. (HtppHea continue to improve, and theft 111 Jftw plenty for OH requirements Hardware—Bunnew continue* M ajMMr. a. nay satisfactory nature, wrtb ft haslTlat Ua* | mand on wires-and iron. Bon*tns baa farther declined this week, ottd II JlCiQg jneM at a reduction of Is per cai*.. Hielatf bandies show a. decline in vawe, mil rata* are atill extreme. Gahraftiaed MtbHtsr M*» «J local maiiufacl-ure, are also on. a lowt* Intel, Potatoes—Southern potatoes have N*M to head in fair quaotitiea sines >si rWbft, which has lessened the Bile ©I anjr ©T tba local crop offering. ' The about over as tar aa th* AjwkiaM Wflfrll concerned. The arrival* trdm to* emrtti were mostly sold tor delivery froth ship'* side. Further regular rfiipwentt ,»i* ftow expected. The quotations is £S 10a to tt. Onions—The market is dull. Local • «J* Belling «.t 9s per owl. ■ , . Make—The price has firmed atttlfi Wpt to supplies being held batik fro» For iruppliia out of store Up to W Mi JMd this week, there beihg bo libel to tali «M*V &ll& 439 c Wilfttf. ' '•■' * Oats—On the spot while o»M arsjtff flftn, a* the southern steamer brought obillftamtrn* ly email shipments of this fraia. • Thaw were Aid for immediate ddiiW* WO* tfrWal at satisfactory prices to the importer!, torn local quotation is: A grade to «d to «• *£ ex gWrei Algeri&ti sttd (Mitt 61 to.Tk ' Eggs—Now that the retail tfrlb* « Ojsjs it fouTpenco each, this article becoma* it «frit» able htkuty. No doubt the MsHloll «fl) be relieved it little later on, but at the ynsent time, egjjs. er» so scare* that It wmM almost teem tlie hen* hid adopted % lay flbw" tfolfcy. „ . A vv Wholesale Wrfrenl itrfc** butter St m t>«f rb jf«s» i Hfe ,e teJH&fi cash), farmers' eepirstor II 90 f*t,lb( jUNt gHido f«efcnry cS*t« Is HJlflll, $m Ifcdttta lb Id pef lb net. batM II .*d,*«#ll> neti bulk lard » Bdj *jt» ..dTl|aV f#\ife garine il «d,J4te bMh gpSTl^ diWftuflt bf 2J par 6ekj)et.tan tt|to,i« sltarps «lio 101, brfttt «T 10b,- dattual (STa) Ml per tdnA ' ,v ?

otvbiat ItttUtft*; •v* st the Oitord Mint #ftmff»Jte.atjmMg|£ t)f fat ahfecp tatnllM ffliS, *t ♦IIAJW JgJ» itxtxiw. la tt» Wow «R Tht> (it lambs »et6 In iho ttUft« J*£ IB* sd, ttibdium wetoM* 16* to IM ifcjHi > i'bw ite iod to i«Toa. M».ftM^fwJ|» *«tht» ahd fcwi* *a» pod*; «* *»*»?if>S? I lag at 16* to its 80, m WimM* M» . t ll| 6d. T&6 KktlM wart M '«? lot Lwhfcl-F* 0. 0. EttlfclSttigl ft) ' H. Held, «i at Jfts ft£ .& P-J^l*BSu£ inan, W at is* adi.t. fr. Monk i mM.> 101 at Us ftdj tr. Andertoni IM it IM *T D Chrk, 110 at 17* 10d| L FajUjM***** "f 218 at. 178, 108 at lOa 8d; Oampbtll BfM,tt ; at IM Ud;,M. McQlllTrtf, «;•» J»h J* 4 Wright, sUllfe ldl at 16* 8d; J. tiittko, « MWtf, fl Jf X Meyert, 41 »* ** 1"? * WSP'rttff*•« 50 at 14* lldj B. hj, iUrnß, «0 4j*ifi?' », A. If. film*. 61 >i 1?» l3j */!WjP*S» '•' 63 at its id; 0. SrowU, tfMi *s{*, ti », Bluett, 4t Sim, aaa tt lfliiilj £(!*;>, Bdj L. Vincent, «It IM; T. food), N M , 16ft Bd. 'am Fat Bt*k, 18 «t Hi «*| P. . P Meyfem. 8 at 14A 8d; li. ehhMtJlj II « If* Bdr F. W«thM*poon,ja lit l(l» tt| fc McGrath, 99 at 15* 0d; W» Aadataag *** • 11 at 9*; 1). Clark, 11 at m id; *."£*s. 17 at iOi 9d; F. Bufer, 8 at 0* 7dj f. ». Monk, 21 at 6a fd: H. PrlcbMd, W at ljv 7d, 14 at 11* dd| if. J&m, « A M M| F. Pavolka, M at dt Gd; (silent. II at 111 ed. Store»-118 mixed MX lainba at 7§ Od, • «t 7e, 181 at lla 9d, 28 it hj& U it fc M, li at 18a. 28 at Da lod, £\at St.M, i oousa-toooth aw M «t 10a 9d, 70 at IM H, 80 (our, «ix, and «kht-{ooU»'al 14a H, 101 at 18A, 380 thrtft-dttiiterbrtd Hi Id to 11* 6d i« ag«d «**• <• 9d, It at 8* Jd, « *t SB . 18 t*o to iight-ttrotn l«t M.

GERALDINE STOCK BAM!, Thets was • fairly lsr*» yntdilf »t Um Stock sale this week, and • Rood UtMslttM. Fats were not numerous. The detttUkl tat lambs was better than for wethers lad ewr*. The gtlslity of the *for»* #o* **r# fiittM, some indicating a shortnei* Of f«*d. Pat •*** made- 8s .do. 12s, fat lambs 13s to ies Jd, and fat wether* Ms to 1«* iOd. The? bilk of the store ems tviiisel fa M to IB Td, but a few sold as low as 3», 2* Gd, And «t«i lOd. Sixty halfbred e*W fold it 1* «, two-tooth eft* tot M 114, t#o, sit, aad ei|4t. tooth eWes at 10s 6d, tit and MfM-to'itii ewes ft 13s 8d to 16s fid, lambs at Si <d to 1U 7d, ewe lambs at 8s lid, and B*ts*i M* larnba at it to 10* 3d. Ytwnf cMW foU at & it 6d, heifers at £1 12s 6d, and cato*,tt. 4s to 16s. Smaß. pig» brought 6s to 16fc CMJARtNfI SALS KBPORT. Jorlpni McOrortta Company, Ltd., t*>4>i» successful- clearing, wle oh account, «* tt» trustees in the estate of the late EtbsMh Rodger, on Tuesday, on ths prtotow, Ka Ifl 800 ley . street, Si. Albans. Amongst the articles sold were:—CsrpH «0j earn* ft, rufu»r £& 9'i piano byliopldnsoh fM. ceAoh and chairs stttf If*, bookcase 44 fra. difrsqtott £4, gramepoooe and B records ill, sJdaMUd £7 10s, carpet £6 se.

BTARR-BOWKETf SOOXETT. ■ ' The Chriktchurch Starr-BSWIWtt Bjtlkliag Society held a> meeting of uantwUm •»

1 the Chamber of Commerce lost evening lor , the purpose of disposing of three appropraationa of 41000.each—one by ballot and one by sale' in Group No. l.juid one by ballot in , Group No. 2. The Ballot in No. 1 resulted in ball No. 88 being dTawn, the shares in the chaster being held by throe and a premium of £62 10s per £IOO was obtained iar the sate In Group No. 2.ball' No.. 14 - wea drawn, .the shares in the duster being held by two' members. There was a largo attendance of members. ; EXCHANGE. 'TOStERDAY'6 TRANSACTIONS. .Sale. reported:—Soldiers' Settlement Loan, ii'pt* : Otmt.,,'i9&& ? *B9. ':.-.■'

v-3|@l|^^!;| ; April 01. :: ''^''^■. , '''''' l^<; ...'■'"", '■■■ .'!'■ yj ■•: M:':Bvff;i«' 1 of JMyeStmeut sharea aw;more iro•s:?:,;««Kptvaltbxmgh.prices ehow no change. The buyers' .is an i Stock,; 193». and 1938, |;^;^B^^lß»fV*te: j ";is»] 'i-Slv per Vcenfe.-.- Bonds, ; Australasia*: fracT |?frv;poi^ ! ;btiy^' i Jsos; -Bigljts, sellers ; Buyeis' £6 6a; Bank aelle>B :*il 12a jdj - Abraham i';i^ : afi^.^HU«ttQ»v-selle» 87b .6d; Dalgety and Ylnveatmeat, sellers ;■ ; |>;;>ls*j^},'';;.Mll««Vlft«,6d;,'National Insnranoe, mij&iuth; British, :bny>«,;Sft»;Vßtahaaid,:^uyerg' : 70a; Hndijbuyew ft* sellers 41s; Woollen 6d; fe*^*np?*;CSi)«J,:•'; :bUye»; 25i»; iC;, M:V. Banke, Wilson's s>gaCean«Jtt,V tuyers 4b, Ilii^J^Bfe^S'''.l'" r^rs!ssisss-:,.-: ■ • '■■■'■■

i latest quotatione: — Bnyerc. Sellers. £ s. d. £ s. d. ~ DEBENTURES— " HJZ. Govt. *1 pot oent. , •Inscribed, 1988 78 0:0 j — T$£. Qcrri. 4| peT cent. , Bonds, 1988 78 0>"0 . — N,Z.'Govt. 6 pel cent. Inscribed, 1907 .. 89 0 0 —' N.Z. Govt 5 per cent. ' Bonds, 1927 89 0 0 — -- K.Z. Govt., Si per cent. > ■Inscribed, 1933 88 15 0 — N.Z. Govt, 5J per cent. Bonds, 1983 88 15 0 — BANKSAnstaalasia "'Higlvte" ., ' Union "'of Australia 12 10 0. 14 10 0 — u 12 e FROZEN 'MEATN.Z. Refrigerating (£1 N paid) " ., — is e N.Z.; Refrigerating (10spaid) '' .. \ .. ' _ . 0 15 6 . . .4 - "•Cnnstcmiicn V. o o w g u.»i • MISCELLANEOUS-'--u J «" Booth;- Hacdonald '.: ' .& 10 o' j ItaflSn, StrutBere (6s pd.) — 0 6 0 1 N.Z. .i* Farmers' Co-op. * ' (£2 paid), ' ' 118 6 117 6 / NX Formers' Co-op. , (6 per oent.fprcf. i* ' div. only}, ' .. — 4 10 O 7 .MThiteombe and Tombs \2 10 0 « 12 6