COMMERCIAL.

Press, Volume LVIII, Issue 17420, 3 April 1922, Page 7

COMMERCIAL.

BRITISH TRADE. OUTLOOK MUCH IMPROVED. (By Cab'.e—Prsss AwocifttiOT.—Cop.Tjjjii: ) (Auatraiivi and X.<.. Cab;o Association.) (Received April 2nd, 5.5 p.m.l LONDON", April 1. The buoyancy of gilt-edged invest ment securities characterises the Stock Exchange. These stocks arc not booming as they did in the middle, of February but the tone is strong. British Government securities received valuable assistance from the Commonwealth's bold action in leading tli« way with a five per cent, issue. This has already eau cd increased activity among colonial am! other gilt-edged securities and county corporation stocks, while industrials show a- strong undertone though the volume of business is moderate. It i<s now generally anticipated that the bank rate will shortly bo reduced to 4 per cent, as money is likely to become very easy owing to large. Government disbursements nest week. Discount <l"°tations in the open market have already fallen substantially in anticipation of tho general easing of the monetary situation. Interest in the foreign exchange market centres chiefly in the mark which has shown a great appreciation during tho last two days, closing at ISAj. This is probahly chiefly duo to tho reparation commission's aeeoptanco of Bradbury's plan for an organising conimitt-eo of experts to examine the possibility of ijaising an international loan for Germany.

Brokers' reports on tlia wool solos emphasise tho increased demand from tho consuming centres, especially Germany, whose spinners continue to purchase in spite of tho high values of fine wools and the low value of the mark. Another good point is the diminution of B.ATw.U.A. stocks of merinos which, although good supplies will bo available in a few months, do not exceed what is required at pijWK' ll rate or' consumption apart possible demand from tho United States. Tho only bearish influence i" respect of merinos is tho fact that values are, too high for manufacturers, and some firms report an absence of forward business, suggesting that quieter times are likely in the near future. Home manufacturers are also hampered by old stocks which often must be realised unon at much below the coat of production. Tho position of crossbreds is much healthier. The lingo supplies available preclude any sharp advance, but competition has developed considerably and tho cheap values are beginning to create new markets.

Messrs H. Dawson and. company say the immediate future of the United •States' market is still nebulous. When the home-grown clip is cleared there may be some modification of the opposition to the permanent tariff. It must bo taken into account that only forty per cent, of the wool consumed in the United States' is grown there, so fairlv extensive operations in foreign' markets will be necessary when normal conditions obtain.

The position of the butter market is full of interest. Prices continue to advance. Choicest New Zealand is nowfetching 19os per cwt. and may possibly go higher as there is a shortage of spot stocks and prospective supplies are moderate until Home and Continental production reaches full swing about a month hence. Retail prices will again be raised next week to Is lOd or 2s for best colonial, and Is 8d for secondary sorts. The question arises whether consumers, will pay these prices or revert to margarine, the manufacturers of .which are pushing it to the utmost with a result that consumption has increased considerably in the last fortnight, particularly in districts where there is much unemployment, but the bulk of the middle classes, who are now enjoying plenty of butter after several years or enforced abstinence, will probably pay the increased prices for butter in preference to returning to a substitute which is generally hated afnd only used by them because they were compelled to. By the end of the month supplies will be more equal to the demand. Already home-made is increasing. Milk is so plentiful that the retail price has been reduced from 9d to 3d per quart. A report from official sources on general trade says there is a continuance of indications of expansion of business though the actual volume of trade is moderate. The steadiness of the improvement causes a general belief that if the labour troubles are soon settled, the tide has turned and the outlook i» bright.

MEAT PRODUCERS' BOARD. MK J. S. JESSEP'S MISSION- TO ENGLAND. Though a comparatively young man, his ago being 4"J. Mr J. S. Jessep, a member and vice-chairman of the Neu Zealand Meat Producers' Board, who is going to Lnglaud immediately en business connected with the Board, has had considerable experience in the business di' meat production, while at the same time he possesses an intimate and practical knowledge of the shipping and selling side of tin: trad-3 (says the "New Zealand Times")/ Until seven or eight years ago, ho whs best known in Canterbury, an.l particularly in the Ashhurtoii district. He owned the Balaclava estate, beUeeu (jleraldine and Asiiburtt-n, for nißiiy years, and was also the owner of the Manuka Point station, at the head of the Rakaiu (Jorge, iiexides being extensively engaged in tanning operations in Canterimry lor a number of years, hf> was for sonie lime a fairly large exporter of : rozon meat on his oun account from .'.hat district, and was also the largest operator in store, stock on the coast of tin; South Island. Eight rears ago. -Mr Jensen remove:! to V\ nii-'ja, Jluuke'a Bay, and taking over the YVuihi station there, has worked it successfully ever since. He assisted in th" flotation and organisation of the Wairoa Fanners' .Freezing Company, which is purely a farmers' comt.'uc.v, to handle the stock of its mein- ;.">■-. and has be..-i chairman of duetor, I'ron tin- formation. This venture v. us rendered netvs>,iry owia: to the i-oiatijii of the district. uhieh ha- no othci ,-iorl.s ''or ninety miits 'ii either :-ide, and has ljcei; quite succcs.-ful, noiuithstanding enormous difficulties. which it is gradually surmounting. Jh i- ::ho u member ol the Waina "uivi i;wrd. and -i-Msled to get the wire in. and lias the r-iiti~ta<-tioi! of kinv.i'i', that the work is halt done now. In hi-, younger years, Mr Jessep served as, a sergeant-major with the New Zealand forces in the .-'outh African war. It is not, Mr Jossop's intention to remain permanently in the important position lie has now undertakentheugh tins is a matter for ivo future. He ha- large farming interest., ii: New Zealand, from which lie (Joes not intend to withdraw, hot which will be carried on under other m Mrtgemoiif during bis absence. He it'-ilises- iiie diftleuliie- in . the way of the M»sii Producers' Hoard, an 1 o;» his arrival in England vria address h'l.'.seif act'vely to tiie woll; of organisation, win -b neeessnrly will ni-ike the fullest demands upon ih" >•,.. sources of his experience and capabilities.

REDUCED FREIGHTS. BY OVERSEAS SHIPPING COMPANIES. The following circular has been addressed by: the Common wealth and Dominion, Federal,. New Zealand Shipping, and Shaw-Savill shipping lines to their agents at all ports:—"Tallow and pelts, rate of freight reduced from £7 2s 6d per ton, plus 10 per cent, primage, to £6 per ton plus 6 per cent, primage, from New Zealand to American, Canadian, and United Kingdom ports. Tins reduction has been decided upon as ot vital assistance to the producers, and was strongly recommended by the Meat Confc-ol Board for this reaeon. Effective for. shipments on and after Monday, April 3rd." BRITISH INDUSTRY'S BURDEN. (PBOU OTTB OWN COaEESPONDEST.) LONDON, February 17. A strong plea for drastic reduction of taxation wag made by a deputation representing the Association of British Chambers of Commerce which waited upon the Char-cellor of the Exchequer. Discussing the recommendations of the Geddes Committee that t)he Department of Overseas Trade should be abolished, Mr A. Balfour (Sheffield) said that for the modest amount of from £300,000 to £400,000 per annum which the Department had cost, the commercial community had received wonderful value and they had been well satisfied. At the same time, if the only way to save the situation was by drastic economies, the Aesocixition would have to bear its share without complaining, but they hoped that some nuoleus at least of the OverBens Trade Department would be retained. The industry and commerce of the country had been built up witih a Minister of Labour and hia 24,000 assjteits, costing the country £20,000,000 and if the modest Department of Overseas Trade were to be eliminated, the Ministry of Labour should also go. The working classes were now fully seized with.the fact that high taxation meant reduced wages and unemployment.

. What the Association considered was absolutely, netsessary if trade were to recover were:— ' *

(a) A much more drastic and progressive cutting down of expenses. (The views of the Association are that a cut of at least £200,000,000 fe necessary). (b) A substantial reduction of income tax, borrowing to be avoided, if possible.

(c) Abolition of the corporation tax. (d) Freedom from interference by Inland Revenue authorities as to the method by which balance-sheets were made** up, particularly in reference to stock valuation.

(e) An absolute assurance that the Chancellor of the Exchequer and the Treasury will again become the real guardians of the public purse.

QUEENSLAND MEAT INDUSTRY. (JPy CftMe—Press Association—Copyrigtht.) (Australian and NX. Cable Association.) MELBOURNE, April J.. f Mr Hughes has conferred witih repreientatives of the (juecneland Cattle Council on the critical position in the meat industry. It is understood that an Outlet will be sought in Russia and the Continental markets. 1 .» : DIRECT TRADE WITH MANCHESTER. SYDNEY, April 1. A. new. company has been formed, called Manchester Consignments, Ltd., with a capital of £50,000, to- support the movement for direct shipments from Australasia to Manchester. Regular steamship sonrices from Manchester to Australia and/New Zealand have been arranged. ' The statement ia made that Mr Mas3ey is au fait with the proposal, and intends to support it when the time is opportune by not sending goods through London or Hull. It is estimated that gdods can bo landed at Manchester on on average of £2 a ton cheaper. ENGLISH MARKETS. (By Cable—Press Association—Copyright.) (Australian and N./.. Cable Association.) (Received April 2nd, 5.6 p.m.) LONDON, April 1. Wheat—ln view of strong American- Canadian quotations, and expected world.shipments, cargoes are steady. The British demand is not brisk, but there is a good* enquiry for Australian for the Mediterranean. The Moora'a cargo to ths Mediterranean was sold at 65s 6d per quarter. Quotations for April shipment are 66s 6d, and for parcels afloat 64s 6d. Cotton—May ehipmont 10.41 d per lb. Rubber—Para 10Jd per lb, plantation (smoked) Bd. Jute—April-May shipment £25 IBs. Hemp—March-May shipment £3l iOfl. Copra—Mareh-May shipment £24'ss. Linseed Oil—£36 per ton. Turpentine—B6a 3d per cwt. Frozen Mutton—Canterbury light ll|d, medium llgd, heavy lid, seconds lid; North island selected 11 Jd, ordinary lljd; Australian fair lOd. Frozen Beef—Australian crops Bd, chilled Argentine fores BJd, hinds 8d; Uruguay fores 4d, binds 7id, others unchanged.

LONDON WOOL SALES. Dalgety and Co., Ltd., have received tho following- from their London office, dated March 80th, 1922:—"Wool gales closed very firm, with competition active. As compared with last sale's closing rates, greasy' super merino wools par to 5 per cent, higher. - Average to good greasy merino wools /unchanged; inferior and faulty greasy, merino wools 5 per cent, higher, scoured super merino par to 5 . per cent. higher; for average to good scoured merino tho .increase is very marked; inferior and faulty■ scoured merino par to 5 per cent, higher. . Fine quality crossbred greasy par to 5 per cent.- lower, medium crossbred greasy 5 to 7J nor cent, lower; coarse crossbred greasy unchanged, scoured crossbred wools 5 per cent, higher; slips combing par to 5 pel cent, lower, slipe clothing par to 5 per cent, higher. One hundred and twentytwo thousand nine hundred bales of free wool were offered, including 8000Punta Arenas and B.A.W.K.A. offered 93,600 bales. Of the Quantity offered, 85,000 bales were sold to the Continent, 1000 to America, and 123,000 to the Home trade/' ... THE MEAT MARKET. Balgety and Co., Ltd., have received the following cablegram' from their London office, dated March 80th:— "Frosen Lamb—Fair demand, prices weak. We quote New Zealand prime crossbred lamb, Canterbury heavy lljd, light lljd; North Island heavy IOJd, light lljd. Fair demand for''Australian lamb, for which we quote G.A.Q. crossbred heavy 9d, light IW. Froien Mutton—Better demand, and prices firm. We quote New Zealand prime crossbred mutton, Canterbury heavy id, light 8d; North Island heavy- 6jd> light 7jd. Froien Beef—Poor demand, and prices nominal. We quote New Zealand prime ox beef hinds, 4d, fores Sjd." ADELAIDE WOOL SALE. % ADELAIDE, April 1. A feature of the wool . sales was the advancement cm' the prices ruling over the last series. Merinos and crossbreds were }5 per cent, higher than the February sales. Yof&ahire secured the largest proportion of the offering.

NEW ZEALAND METROPOLITAN T.C'S EASTER MEETING. ' Tho following He tho handicaps for the first d»y:

' VAIMATE PLAINS T.C.'S AKKVAL MEETING. f-. V» following handicaps have been de- — 'feAtlßOA MAIDEN HANDICAP (in har'3W*); Of 140 aoTs; 4min class; ljra—Blwridy JiOCMtda acr, Lucy i'ranz scr; Xho Crown SsOj Dolly Clive scr; Ida Locanda. scr; Star- sor; BUir Audubon scr; scr; Princess Audubon set; Aero WM *or, Muter iJingana 12yds and; ' <s»A4vanceur 24; Belle Moor 24; Manna 24; ~ S&ttfekm King 24; Visible 24; Rescue 86; Ifoluri* <Ju*en 46; Johnny Golddust 84; Dftpfa* Wildwood 64; Waitarere 108; An<stelm 182 ' '" NOBJIANBY HANDICAP (in saddle), of } MO SOTsr- 3 r clow; lim—h'erranita sor;' * Visible) ecr, Johnny Golddust scr; General *(Botfl» sor, Franuia ©ueen Bcr; Pomposity P>r, Belle Todd scr; Daphne Wildwood scr; J 101 l eor; Silver - Lining , Bcr; P«!tt» Light bot; George Grafton'»cr; SfiG» Adranosur eor; Gold Bird scr; Nita Colo *rtayd» blld; Sedd el Bahr 12; Pearl Corbnado j25; Wild Daisy 13; Heather Girl 3.2; Johnny vjWk IS, Anselm 24; Bundaberg 36; Archfßathe 48, Mindful 48; Coal Light 48; Tarjrliwa* 48; Conscript 60; Ho-va 60; Succory jm, Pani 72; Beveille- 72; General Adranco m, Pitetta 84; Queen Pirate' 86. JjKAIMAtTE PLAINS HANDICAP (in har--f new), of 600 mys. 4.48 class. 2m. . wmanoer ..scr yds bhd Special Tracey scr Kokiritea .. 3G rGflldmen .. scr Mollie Chime* .. 36 ißsstrevor ..scr Jimmy Richmond 36 [Boycott .. ecr Native King .. 36 .. eor Van Cap .. 36 'Jtogita* Enu ..ecr Tiny Locanda, .. 3G fe J*>rema3a .. scr Nap per .. 60 p Imll Xjeav* .. ecr Delta .. 60 iwdy Somerset .. sor Warlock .. 60 |u yds bhd Bed Star .. 60 ||B«ianoe .. 12 Speculator ..GO Si»**»l .. 12 Master Councillor CO IS 1 *? P*ter .. 12 WaitipOpo ..72 K«ttl» Pointer .. 12 Temple ..84 IB&ien Chime* .. 24 Promenade .. 96 h«Ko|iess .. 24 William the Fitot 132 Wfie Bingen .. 24 Queen Pirate .. 132 J|gMry Audubon 36 All Bell .. 180 |P»uai .. 86 |O>ARANAKI DISTRICT HANDICAP (in ||**<Uje), of 140 bovs; 4min class; lim—AdajO™d scr; Rose Bingen scr; Jet Black acr; jSPjekßcr, Weizel ecr; Aeronaut scr; Churrir ||Jwl ecr; Joan Ashley scr; Proud Bess .few** bid, Oe Advanceur 24; Sonny 24; *s<*«? 24, Gipsy Mac 24; Maggie Girl 96; B fight Hawk 1C8; Ayro Bell 132; Mat Patch l&«6; Lobster 204; Roi Alto 216. "v HAWEBA HANDICAP (in harness), of t«g L«Jvs, 6min class; 2m—Peter Kae scr; *JW4 Bella scr; Mat Patch ecr;"Pete Peter ®; Ayro Bell scr; Allan the Great scr; K "J* Girl f«r; Night Hawk acr; Plunder B*f *** Bobbie B. acr; Lady Nan 24yds bhd; » Huon Junr. 49; Eley 48; Rio Grande Ben Lomond 48: Lobster GO; Bundaberg Roi Alto 72; Wild Nut 72;"Malmesbury. ■Q» Plumber 108; Hova 108; Succory

[>RD HANDICAP (in karneaß), of 45 claas; Hm—Johnny Golddust 1 bci , \Vait»rar» B cr; Gold 'Bud udubon ocr; Daphne Wildwood 10 light scr; Bell Moor licr; Sodd el Bahr 12yds bhd; Mayes I*dyiibip 12; "Wild Daisy 12; ?l 12; A'ita Cole 12; Anselm 24: C; Arch wood 88; Bundtberg 38; 35, Tha Bath* 48; Mindful 48; 48, Tcikorea 48; Pani 72; tor Patch 72: Special Tracey 84: I, P«!etta 84; Grey Peter 86; tor 98. HANDICAP lia saddle), of 275 dasa, Im—Bamsroa ecr; K«Oonactipt sex; Peace ecr; KeEffio Bingen «oi; Biuo Pedro m scr; Piletia scr; Wiiremana Athol ecr; Illumination acr; rset acr; General Advance 12vds i Chimes 12; Inclement 12; ne« 12, Jimmy Richmond 12; L2; Hangitea firut- 12; Van 2; Balha 12; Final Lear* 12; 12; Jewel Wood 12; Harry ■i Dejta. 24; Warlock 24; Hedge2*ud 24; Master Councillor 24; WMtirwpo 86; Hftt Zotock. 86} 60; Promenade 60; "William, the B» Pwate 84; AU Bell 84. -

PPVLIMIXARY HANDICAP (in «ddl< 71 Jot sovs. For imhopplcd trotters ), of ouly. 4.3 class- 1 B 5f. <scr Dillon S. 9s K«r»ki Eeno ffn Muj!iroo m Mi» % li * ■ % j- Tory* Is Imperial Victor . 98 2s Swiftest '23 Tidewater 23 Wonder "Why . 103 . 103 . 103 £»f y r ,i Bavclock 4s Stella Ashley . 103 Co'oW . 4s Dundenong . 303 •\T»l!ac' town oS Culverden 103 llarvo; 0 51 "Welcome E«ta . 6s {.'arbmea . 10K 10s Holt»8° 7s Sherrv 103 Boeett* « - Firct 73 Red Bell . 103 f-3 Mi53 LornaK3 Maori Princess . 10s . 103 j(_ Qaer.tin U3 Don Sonty 10s jE.VJ>ALTOX 11 ANDICAP (in harness ?,.ji class, lm of. ), of 400 s<r Don Dnrf«o 73 . India. •J= (io!d Crts-„ 7s Tiro"' 19 ■J? Kme Dinp'cn 7s ' 0«knut ;:= Kilmarnock K3 lis Bing Bor 4k J'"ina! Leave 83 jyOganifood •Is Lucky Prince . 8l Madeline peter Pi'. ! ° n 4i Kodal 5s Lelia Denver S3 8.3 Albert "Wallace • 03 Bnshchild 9s Delta Lady "Wildwood . Priiicc Burlington 5s Avcnuo 5? Wahinepiii ' Cs Kditii Chimes 9s" . 1)3 9« Elsie Gay Gav Wilkes Dillon Eddy Malice Wild TJit.-uo Huia Bird Cs F.ric Rothschild 9* f>i "Waipcro C3 Maluchv Cs Apres Moi 7s Pedro Ponto 99 93 9n 93 EASTEK HANDICAP (> harness), o: 1000 sovs. i.M CH3.1. --■"• Man o' ("War . Willie Lincoln . scr Apathoa 23 Jack Arroh Gs 63 Dn c anda Dillon • 33 Gold Girl (is Titsv Dillon . 53 Vilo 7s Grand Voyapo . Vice Admiral 53 Coldstream 73 5.3 Nancy Stair 73 Oruaraugi 6a Comedy Chief . 7s WILKIN HANDICAP (in saddle), o;* sovs. 3.5G class. lm 5f. 300 ' Xa«cr • Hiram Galindo . scr Placid ecr Waipero 13 jDoliy Dillon 8s 6s 83 Oakinit Bush Boy 2s Malachy 8s Unndr Cnimcs . 33 Wet Day 3a Cardinal and 93 Madeline • m<j Pnnzora Malice Gay Wilkes 53 Tawera . 5s J Lord Laddi« 10 s 10s Dilion Eddy . Quick Match . is Ivoyal Oak Cs MaTold Burwood 7a Fireman 103 103 103 Biag Boy Jlsrry Soul Dillon Shmo 7s Imperial Boy 103 7s Olivo Huon 10.3 83 Grand Denver . 103 Plil Smith 8s iTwnVTf HANI HC'AP (in of 500 ' WW. F° r un hoppled trotters only 4.48 . claf*.. t 2mWjuahi ■ ■ Fcr Kola. B.oy 73 Homafefek Dick Jbrrin Junior . JicfcMeKinney . Is Delvill© Wood . 3s Peter Jackson . . 33 First Fashion . 93 93 103. HiroW Child . 3s Merry Bingea . Us Marietta. . (4s Lady Patricia . lis ) Stormy Voyage . . ' 4s Paul Huon lis fhcstsua • . 5s Pi«ter Timm«rTradesman . 53 man 12s Bor. Patch . 6s Jlushroont 123 FLYING HANDICAP (in harness), of 600 SCATS. 2.16 clats. lm. f Mario Tempest . Bcr Asturio Ss , Lord Minto . . 3s Guynemer 3s 1 Clild Is Ben Dillon 3s Don "Wild . Is Nancy Stair 3s Gold Girl . 2a Hayseed 4s Locandft Dillon . . 2.3 Colemit 4s Hiram Galindo . . 2b Birdwood 4s JJellfaahion . 2s Rorke's Drift 4s . Tatsy Dillon . 23 Coil 4s .•GtMd Voyage . 3s Txigan. Queea . 43 Emperor Ss Glen Mavia . 4s •Onjx Ss Soprano . 4s ,1V; Dingo 'to ilffiliFAST HANDICAP (in harness), of 500 vvKjvi * sovs. 4.40 class. 2m. .JmfcJWfanlt . scr Thixendaile . 5s . *Si,'.p»rl Is Stormy . 5a iS!1wk61k» Is Marvin .Tunior . . 5s 8yap»tif/ 2s Prinzora' 69 tiffo Ss . Silver Locanda- . . 6s :Nrfto Scott 23 ToLermftry . 63 ;P«tffMa6 , 2a Lincoln Huon . . 6s -Sai'LomoncI . 2s Prince L^ona . 6s '.Betrayer . 3s Eady Swiihin . . te Idfild Briar . 3s fitormy Voyage . . 0s f fiSUr Queen IfBtrWs "Drift . . 4s Lady Joan . 6s . 4s • Bing 1 Boy . 6b IfEinperor . 4a Pater King* . fis JfQakriut R ltarvelle . 4a Adair . 6s . 5s "Master Hal . Cfl '"-■■ Medway and Alto Chimes not handicapped. ■'EXPRESS HANDICAP (in harness), of 450 ■!■'■• «ovs. 2.52 class. 2m. Paul Dafaalt . scr DnwneiMt . 63 T>on "Wild . Is Salamander . 6s V Grand Voyage • . 3s Latona' . 78 ' .Vile- , 43 Free Pointer . ,-7s" fjOnyx . 4a Cammio . 7s ' Lord Lytton 5a Doreen Dillon . . 7<3 legacy 5s Thixondale . 8a 'Logon Queen 03 Embracer . 83 Betrayer os Tiranna . 8s Pirtaint Mount 5s Warning Chimes 8a " Tefcf Mao , 6s Imperial Fan . 8s Qlra3i»Ti» . fi» Jlalro Mako . 8a wraani* 6s Proud Lojan . 8s ChflaTOod . da