COMMERCIAL.

Press, Volume LVII, Issue 17128, 25 April 1921, Page 7

COMMERCIAL.

WOOL DISPOSAL. SUSPENSION OP SALES. • Some interim information regarding tho wool realisation scheme was placed before the Standing Producers' Committee at a meeting this week. Mr Mabin, who is representing the producers in the negotiations with the British Australian Wool Realisation Association, is still in Melbourne, and his discussions -with the representatives of the Association have not yet reached a stage that -would enable him to make any definite report (says Saturday's "Post"). The committee decided to meet again as soon as Mr Mabin'a report became available. The committee discussed further the recommendation of the Producers' Conference that all wool sales, public and private, should be prohibited for a period of two months, pending the completion of the negotiations with the B.A.W.tR.A. It had been expected that the suspension could be arranged by agreement among those interested without compulsion becoming necessary, but the committee had reason to believe that in some cases an intention to sell in spite of the conference's recommendation had been made evident. The committee, after discussion, decided that the resolution of tho conference should be adhered to. INTEBNATIONAIi CREDITS. TER MEULEN SCHEME. (FROM OCR OWN CORRESPONDENT.) LONDON, March 4. <Sonj%., .tune ago the Economic Conference of the League of Nations formally approved of what is known us the Ter Meulen Boheme, for financing exports to the necessitous countries of Europe. One of the great difficulties lias been to find an organiser of out-stim-ling- ability and calculated to inspire international confidence because it must be remembered thut the matter is not one which, simply concerns Great Britain, but a large part of tho Continent of Europe It is now reported that the Economio and Finance Commission, in aocordanoo with the powers received by them from tho Council of the League /of Nations, have taken th» necessary measures for putting into execution the decisions reached at Geueva concerning the scheme for international credits. A sub-committee, consisting of Mons. Avonol, Sir Henry Strakosch, and Mons. ter Meulftu, will carry out provisionally the duties entrusted to the International Commission proposed under this scheme. Sir Drummond Drummond Fraeer, joint managing director of the Manchester, Liverpool, and Distriot Bank, and preside at of tho Manchester Bankers' Institute, has accepted the post of organiser provided for under tho decisions reached at Geneva. Sir Drummond Fraser'e activities have extended beyond th« Lancashire area, bj reason of the fact that durinjr the war ht did much first to originate and later U< promote tho success of the short term hor* rowing by the Government. H» appointment as organiser of the Ter Meulin scheme, it is considered, constitutes one of the best guarantees that that eoheme will certainly not lack the power of a strong pushful hand. Not only bo. but confidence will be increased because Sir Drummond Fraser'n long tanking training and his soundness on all financial matters make it certain that the Tcv Meulen plan will bo carried out with tho minimum amount of injurious inflation o 7 oredit.

CUSTOMS DUTLEa AN IMPERIAL CONFERENCE. (PROM OUR OWN CORRESPONDENT.) LONDON, March 4. At the invitation of the Prealdnut of the Board of Trade, a confeccnoe of Customs' representatives of the Empire is now being held' in London. Under tho system of Imperial preferential tariffs .which now prevails throughout the Empire, the place of origin of all produce and manufactured articles subject to Customs duties, and tho values of such produce or goods must bo aet out in order to determine the right «nd degree of preference, for which purposes* fci-m of declaration must be filled in by the exporter. .Similar declarations ere also required in rill cases in which ad valorem duties are imposed. As, however, each Dominion end Colony requires e different form of declaration, British exporters trading with difforont parts of the Empire are put to a. considerable amount of trouble, which would be obviated if all such declarations were framed on an agreed-upon rJan. This lack of uniformity has proved very embarrassing in the case-, for instance, of British merchants exporting' British goods upon which preferential duties are allowed to two or more Dominions. As o, matter of fact, there are certain lines of British goods which -ax© exported to every Dominion and Colony in the Empire, and a differently•wordf:). declaration, conforming to widelydiffering conditions and regulations, Los to be furnished in each instance. The task of the Conference is to draft a standaidiaed form'of declaration which will be applicable to shipments of goods to all pants of the Empire, in all cases in tvhicb particulars relating to values and country of origin are required. Besides tbo beads oi various Government Departments, the Customs representatives of Canada, Australia, New Zealand, South Africa, Newfoundland, India, and the non-self-governmg colonies are taking part in the Conference. Mr T. B. Herd is representing New Zealand. \ PRTCE OF BUTTER. (By .Cable—Press Association—Copyright.) (Australian and N.Z. Cab.» Associatwn.' (Received April 21th, 6.5 p.m.) LONDON, April 23. The Government's prices for Australian and New Zealand butter will remain v unaltered till May sth. The- price of Argentine butter has beer lowered by 5s per cwt. ENGLISH MARKETS. (Received April 24th, 5.5 p.m.) LONDON, April 23. Cotton—7.BGd per lb. Rubber—Para IOJd per lb, Plantation 10Jd smoked 9Jd Jute—April-May shipment £34 per ton. Hemp—April-June tiuipment £4O per ton. Copra—The market is quieter. April-Jun« shipment £25 6s. juinsoed Oil—£24 per ton. Turpentine—6ls per owt.

BIG NEW SOUTH WALES LOAN. (Received April 24th, 6.5 p.m.) LONDON, April 23. The Hon. J. Storey, Premier of New South Wales, has arranged a loan of £6,500,000, of which £3,000,000 will probably be floated in June and the balance a year latex.

FROZEN BEEF. (Received April 2Jth, 5.5 p.m.) LONDON, April 23. Frozen Beef—New Zealand, 4& to 5Jd; Australian, 4d to 6d; Argentine, 4Jd to BJd: Uruguay, 4d to 6!d. Chilled Beef—Ai-gentine, 5J(d to lOfcd.

AUSTRALIAN WHEAT POOL. ADELAIDE, April 23. The Premier, the Hon. H. W. Barwcll, addressing a deputation of the wheat nulling trade, said tliat the Government would oppose- the continuation of the wheat pool for another year, and would not sanction the referring of the question to the farmers by a referendum. Huwever, in consequence of other State* remaining in the pool and outside countries preferring to deal direct with the pools, it was Uecidid to postpone tht> final decision for the preesnt.

The Now Zealand Loan and Mercantile Agency Co, Ltd., has received a cablegram from London, dated April 20tb, giving the following market information:— Tallow—We quote present spot values for the following descriptions:—Fine mutton, £1 17b 6d per cwt.; good beef, £1 14a Cd per cwt.; mixed, £1 6b Ed per cwt. Rather more enquiries. Butter- (New Zealand)—No change in market. (Last renort £l3 15b.) Cheese—Coloured, £7. 19s; white, £6 19s. Fair demand. Mutton and Lamb —?To clung© in n arket. (Last report: Mutton 7Jd to.Bjd, lamb la 2d.; Beef—Hindquarters, 6dj fore-ruartors, 4d Market very depressed. Nominal quota, tjons, MONEY AND MAEKETS. World-wide liquidation has reached t point where it cannot bo halted for the benefit of any group or unit of production either in the United States or <'lsewhor< (says a, statement issued by the National Bank of Commerce in New York on Alard 21st). Employer* and workers who oit unwilling to face present conditions frankly and oouxageously are retarding leeumpU/*

■or normal business and working against t>i?ir own interests. Prevailing wage miles, which under present conditions are cf little real advantage to the workers, are tin absolute deterrent to the lowered costs vhich must' be established before the prices of.coal and steel can be lowered and freight altered. High wage nates are purely il'.usory as long as widespread unemployment or part time work reduces real .income and impairs l purchasing power. The primary and wholesalo markets, which for a time showed a spotty improven'.ont, have in many lines again become dormant. Steel output haß fallen to less t'a none-half of mill capacity. Bailway traffic' and earning® are decreasing week by ■reek, production of coal has fallen lo the lowest point in four years, and building operations lag for behind the total of new onnfrtruction known to be in immediate demand. Slow and moderate liquidation of borrowing from the reserve hanks is. reflected in the slight but Steady improvement in the reserve ratio of the Federal reserve system, although the fact should not he overlooked that a substantial part of this improvement is the result of gold importations, which have continued uninterruptedly for many months. There have been further marked declines in wholesale prices, but coal and steel, while lower, are i still out of line with the general price level. Buyers remain unwilling 'to contract for other than immediate necessities, which are at a minimum. FREEZING INDUSTRY AND TRUSTS. (press asbooiation telegeams.) GISBORNE, ApiA 23 r A laargtt attendance of farmers was present to-day to hear an address by Mr Lysnar on the recent producers' conference. The following motion was passed:—"That in the opinion of this meeting the Go7ernment should take immediate effective steps to absolutely stop trusts and big combines from directly or indirectly buying or controlling any freezing works in the Dominion, or operating in any way with our produce, and in particular 'to stop Armour and Vesty'B, and the latter's organisations, from operating in New Zealand in any manner howsoever in connexion with the freezing industry." Another speaker advocated reinstitiiting the commandeer at 50 per cent, of the price of the old commandeer—about.7d per lb. A committee was set tip to consider the suggestion. ' THE PROPERTY MARKET. Jones, McOrostie' Company, ?jtd., sold in their land salerooms on Saturday by -public auction: —On account of the Public Trustee in the estate of the late Archibald Armstrong, the property situated at the comer of Neville and Phmfcet streets, Spreydon, comprising J-acre of land and residenoe of 5 rooms, to Mr W. H. Perkins, for £410; and in the same estate, the property situated at No. 22 Forth street, Richmond, comprising ' 36} perches of land and residence of 4 rooms, to Mr S. Switeer, for £475; on account of the ti-ustees in the estate of the late M. Eagle, •the property, situated at No. 68 Stewart street, city, comprising an eighth-acre of land and leaMenoe of 4 rooms, to Mrs Stacy for £315. SATURDAY'S POULTRY MARKET. y . Messrs J. B. Merrett and Co. had a largo «?ntry of poultry to-day. There was a good demand and prices were firm. Table chickens realised 7s 6d to 13s 3d, hens 8s 6d to 9s 6d, pullets* 7s to 255, ducks 5s to 12.1 9d, geese 8s to lis, turkeys 16s to 545, all per pair. EGG MARKET. The egg supply is very well maintained, and there is a good demand. Canterbury Egg Circle first grades are 3s, seconds -2s lOd per dozen. \ 6 AUCTION SALE REPORT. . RESIDENTIAL PROPERTIES. CHADDOOK'S AGENCY COY., LIMITED. There was an excellent attendance at the auction rooms of Craddock's Agency Coy., Limited, - on Saturday, when the 'following properties were disposed of: — Lot I—Section and bungalow, Park road, New Brighton, on account of Mrs Waring, to Mr Eickboff, for £650. Lot 2—Over i-acre and 3 cottages, at corner of Hazeldean and Park roads, Addington, on account of Mr Money, to Mrs Comyns for £640. Lot B—About i-aore and house of 6 rooms, being No. 23 Bowen street, Biccarton, on account of Mr Woolley, to Mr Dawber for £350. Lot 4—No. 33 Haaet street, Linwoqd, was passed in at £876. 5735