COMMERCIAL.

Press, Volume LX, Issue 18220, 3 November 1924, Page 10

COMMERCIAL.

♦ GOVERNMENT AND THE WHEAT BUSINESS. «>'o FINGER IN THE PIE." 'SPECIAL TO "THE PRESS.") WELLINGTON. November 1. A question in regard to wheat was asked by Mr J. A. Macphereon (Oamaru) in the Hcuse of Representatives this morning- He stated that he had been approached with telegrams and letters on behalf of the farmer desiring to know what the Government intends to do iu connexion with the importation of wheat in 1925. It was felt by the farmer that it would be ivery unwise for the Government not to continue the control of the purchase of the necessarv wheat. The Hon. W. Nosworthy (Minister of Agriculture) replied that the Government ''did not propose to have a finger in the pie at all after the end of Ternary next.'' The duty would be kept on. and matters, allowed to adjust themselves in a free market. He did not think it wise for the Government, tc be in the business any longer than was necessary. PORTLAND CEMENT. INCREASED OUTPUT IN FUTURE. (PEESS ASSOCIATION TELEGBAM.) WHANGAREI, November 1. "Wilson's Portland Cement Company has completed the erection of new machinery at Portland, on Whangarei Harbour, thus increasing the cement output of these works by 50,000 tons per annum This means that the company's output now exceeds the total demand for cement in the Dominion. CITY PROPERTY SALES. LICHFIELD STREET PREMISES SOLD. That the demand for city property continues keen and that recent values continue to be maintained was evidenced by the large attendance at the public auction on Saturday of premises in Lichfield street, formerly occupied as a warehouse by the late Mr George Payling, and by the spirited bidding that took place. The property was offered by Pyne, Gould, Guinness, Ltd., Mr H. W. Jennings being the auctioneer. The property consists of a brick building of three storeys and basement, at present leased by Strange and Company, Ltd., as a bulk store, and the area is 12.1 perches. Tile present lease" expires on March Ist jiext year. Bidding started at £BOOO, and, after keen competition, the property was sold for £11,400 to Mr J. W. K. Lawrence, who purchased on behalf of a client. The property Mas sold on behalf of the estate of the late George Payling. PRICE OF BUTTER. A PENNY REDUCTION. It is announced that a reduction of a penny a pound in the price of butter will take place as from to-day. The retail price will 'thus be Is lOd per pound instead of Is lid, and the wholesale price Is Sd instead of is 9d. The same prices will also obtain in D'nnedin, but in Auckland and Wellington the retail price is Is lid. WELLINGTON SKIN AND HIDE SALES. There was a fair attendance of buyers at Friday's Wellington skin and hid© sales. Dry skins -were in strong demand and prices were on a pan with ]ast s sale. Salted skins were 6d to Is easier. Heavy and medium hides were firm at late rates, lights were id dearer, kip and yearling were on a par, and calf sold at Jd to Jd up, on last sale rates. Prices were as follows:—Halfbred. 17d to 22Jd; fine crossbred, 18d to 20£ d; medium coarse crossbred, 16Jd to 19id; short to half wools, lljd to 20d: lambs, 15Jd to 20Jd; dead and damaged crossbred, 14id to 17-Jd; inferior and badly damaged, B?jd to 13Jd; pelfs, IOJd to 121 d: damp, salted, and green, 9s 3d to 20s Cd: palts, salted, 3s 7d to 4s 6d; lambs, salted, Is 3d- to 6s; ox, heavy, 70lb and over, B|d to 9Jd; ox heavy, 59jb to 691b, Sgd to Sid; ox, Urdmm, 531b to 581b, 6d to 7gd: ox, light, 451b to 521b, 6d to 6gd; cut, slippy, and inferior, l§d to 7|d; cot.-, medium, 4Slb to 521b, s{d to 6|d; cow, light. 331b to 441b, 43d to 6|d; cut, slippy, and inferior, ljd to sid; bull, stag, 2Jd to 4d; yearlings, lllb to 161b, 7d to 7id; yearlings, 17lb to 321b 5d to 62d; calf, superior, up to 101b, 14Zd to 15d; calf, medium-good, up to lO.b l<iid to 15d; calf, damaged, up to 10lb, 3d to"l21d. Tallow on a par. In casks, 32s 3d to" 38s; in tins, etc., 24s 6d to 35s 6d. Horso hair, 151 d to 17£ d. I _ SMITHFIELD MARKET. (PRESS association telegram.) WELLINGTON, November 2. The New Zealand Meat Producers' Board has recived the following cable from its London office, dated October 31st, advising Smithfield delivered prices at that date as follows (prices for the two previous weeks are also shown):— New Zealand wetners and maidens, Canterbury quality, selected brands, fe-under per lb, 31-10-24 SJd, 24-10-24 ?Jd 17-10-"-i S2d, &7-64, 81d, BJd, BJd; 6a-.2, aA 8d 8d- other brands, 56-under, B*d 85d, B|d: 57-64, Bjjd, BJd, BJd; '66-72, 7Jd, 7jd, Ui. New Zealand ewes: 64-under,. 6Jd, 6id, bjjd. New Zealand lamb, Canterbury quality, 36-under, 1«4 12Jd; 37-42. 12Jd, 12J, 12|d: seconds, loia' I2ld 12id; selected, 36-under, 12? d, other brands. first quality 42-under, 121 d 12id, 12|d. New Zealand beef: ox fores, 4Jd, 4d, 3gd; ox hinds, Sd, Sd, 4Jdcow fores, not quoted: cow hinds not quoted. Argentine chilled beef: Oxfores, iid 4d 3Jd; ox hinds, 6Jd, 6Jd, bjd. Argentine'frozen beef: Ox fores, 4*d, 4§d, 4d; hinds Sid 53d, 5Jd. Frozen pork, 80-120 \b not quoted; 120-lSOlb, not quoted. Frozen veal: 4d, 4d, 4d. ABRAHAM AND WILLIAMS. The twer-tv-third report and balance-sheet of Abraham" and Williams Ltd., for the ! .Lr Mid'ed September 30th, shows a net year o£ £20,773 14s 5d (after SrSding for income tax, of 4s 10 2-3 d in i ltTfi To this has to be added £2955 7s 6d brought forward from last year, mak- £- a total of £23,729 la lid. irom this oiim haa to be deducted the interim dividend forthr a Tx months ended March 31st last and paid the following April, amounting to |2r4» 7s leaving a balance of £15,986 14s lid avai r able for distribution. Out Q f this sum the half-year's dividend on preference shares, amounting to £2460 12s, was paid on October Ist, and the directors recommend that a dividend of 2 per cent, for the half-year be paid on ordinary shares, which, with the 2-J per cent paid in April last, makes the dividend 5 % cent, for tie year, leaving £8243 2s lid to be carried forward.

FROZEN PRODUCE j LETTER. | i j IMPROVED LAMB MARKET, j i I THE FROZEN BEEF PROBLEM. (FROM OVR srECIAT, CORRESPOKDBST.) LONDON, September IS. An indication of the continued firmness of the frozen lamb market in Great Britain is afforded by the increasing strength in c.i.f. prices at the present moment for the early shipments of Australian lambs, which, by the way, have j already begun to appear on the market j here. The shortage of New Zealand carcases has resulted in a penny increase in wholesale rates on the month in Great Britain. It remains to be seen whether these prices will be maintained, uow that English lamb has shown a considerable falling this month. Poultry from Central Europe. Although it is not a matter which immediately concerns the New Zealand producer, it is interesting to learn of a frozen poultry export enterprise of a rather novel character being set on foot in Central Europe. This is a development in dead poultry marketing being undertaken by British enterprise in Budapest, from which place a cold storage train service is being organised to England by way of the new train ferry already in operation between the East Anglian port of Harwich and Zeebrugge in Belgium. A specially-con-structed railway car, with a compact and highly-efficient cooling plant, driven by a Diesel motor, has been designed, and during the poultry season it is proposed to export fowls, etc., by the ferry to Britain, and outside that season to send Hungarian meat to Switzerland by the same transit equipment. The possibility of a return fish freight is contemplated. Empire Butter Position. Due emphasis is laid in Weddel's thirtieth annual review of the imported dairy produce trade for the period ended June 30th last, just issued, ou the shrinkage iu the proportion of Empireproduced butter marketed in Great Britain, as compared with foreign overseas supplies. Imperial traffic three years ago just represented the greater part, or 52 per cent, of the whole. In 19132-23, it had decreased to 45 per cent., while last year only 35 per cent, of Britain's butter imports were from Dominions' sources. Dry weather in New Zealand, Australia, and South Africa was largely responsible, but Denmark has strongly maintained its top position, and Dominions' producers have to recollect that, after a break of seven years, Siberia last year came into the market again with an export of 2300 tons to England. Last year's total imports of butter into Great Britain totalled 224,009 tons, as compared with 229,061 tons in 1922-23, which,was a record year. Australian Export Schemes. A considerable amount of space' in the daily Press has recently been devoted to the elaboration of the particulars of a scheme said to be under way for the development of Australian beef export by means of a new shipping and handling organisation. It is noteworthy that, although this very high-flown enterprise is said to have been considered by the.Commonwealth Government, the features smack curiously of those of a scheme which has been on the tapis for three or four years. The latter project had been promoted by an Australian cattle man, who conceived the idea of ail express service of Dieselengined liners which will reduce the beef voyage from Australia to one of twenty-odd days, and thereby permit chilling instead of freezing to be the method of preservation. A fleet of ships, together with port equipment at Kingsound, after which his scheme has.: been named, and other vast equipment, has run his capital demands up to nearly ten millions sterling, and the same may be said of the proposals which are now attached to the name of Sir James Connolly, the late AgentGeneral of Western Australia, who is now in the Commonwealth. Indeed, the present project is extraordinarily like its early prototype. It has been rumoured that Lord Invefforth was associated with the present idea, but that shipping magnate has not been slow to disown the connexion. Critics of the giant enterprise state that the million or so cattle which comprise the herd population of the Western and NorthWestern territories of Australia are only about a quarter of the size, or less, necessary to support such a highly capitalised business. For the Test,, the trade here feels that these sovereign cures for frozen meat propositions are more in the nature of quack remedies, and far less worthy of pursuit, than the gradual prosecution of business on the lines more practically offered through ordinary market channels in Great Britain and Europe. The Continent is, indeed, becoming, to all appearances, the solution of the extreme depression in frozen beef export from the Antipodes, and it is thought that the great demand now coming from that quarter is likely to be a regular one for several years to come. An interesting news feature just to hand from Belgium is the intention of the Belgian Government to offer its system of State cold stores at Antwerp and the inland centres to a financial company, for commercial instead of State running. STRAWBERRIES AND CHERRIES. (special to "the PEESS.") DUNEDIX, November 1. The first oi the season's strawberries from Central Otago were eold to-day at 3s Id per pottle. Roxburgh and Central Otago-grown cherries realised from Is 3d to 2s 10Jd pe'r lb. DAIRY PRODUCE. Messrs A. H. Turnbull and Co. have received the following cabled advice from London:—"Danish butter, 236s to 238s (last week 242s to 2445); New Zealand salted butter, 222 ato 224s (224s to 2285); first grade, exceptionally 2265. Market slow. New Zealand cheese, white 96s (94s to 955); colotrred, 96s (94s to' 955); coloured and white, exceptionally 98s. Small supply."

i HOME WOOL TRADE, I LONDON AUCTIONS. i (FROM OUR OWS COSBKSPOXDKNT.) | LONDOX, September 24. ! Wool prices this, week at the Londor auctions, arc fully.on * par with those oi last week. The position (says the "Daily Telegraph") from a selling point of view, is very strong, though tho upward movement oi values has been very critically commented ucon bv those who are closelv identified with the manufacturing section of the industry, 6sd even others whoso interests arc not se directlv involved do not hestitate to point cut the anomalous relationship which exists tc-dav between the.market value of the raw material and the standard cf rnccs ob- | tainable for partlv and fully-made goods, particulnrlv varus and pieces, 'towards the end of last week prices in Londond showed in I some cases a distinct hardening tendency I but there does not appear to be the slightest uccessitv for any section of tho trade tc bid so keenh- as to overdo- the rise, tor m fpite of the acknowledged tcarcity cf merinos it is Drobable that ;ifl the wool actually required will become available. In many cases advances are being paid of 3d to pound comnared with what was bid for the same woo) last July. This, along with the broad competition, - puts the raw material on to a verv sound basis, for though America has bought very little indeed, there has been strong competition between tho home trade and practically all Continental countries. . One feature of the London sales is the quantirv of second-hand parcels catalogued -laily. The present is turning out an excellent opportunity for merchants to get rid of their stocks. It is scarcely in harmonj with the traditions of Coleman street foi it to becomo merely a secondhand market, but that centre is now providing an excellent outlet for speculators' wools.- There has, however, been a good sprinkling oi offerings en growers' account, Queensland having been reoresented by some decent weights oi new clip. Generally speaking, this is better grown thr.n last season, the staple; being longer and deeper in quality. This is tile Tesult of plenty of food and water, and the good rains which have fallen during the rust fortnight will benefit the next clip. The biu- offerings of crossbred are nearly all bemg absorbed by tho Home trade, though come nice weights of the shorter stapled ■wools are being lifted by France. Germany is also taking nice weights of merinos and crossbreds. That country _is known to be in need of supplies of either wool or tops, and, now that finance is somewhat easier, shonid bo able to lift big weights of the raw material. At current values the home trade cannot absorb anything like the weight of wool which will be offered m Australia, but ,tho way the Sydney auctions Mienpd indicates that there is every prospect of Continental and Japanese buying power beins concentrated in that centre and elsewhere. TRADE FACILITIES ACT. COMMITTEE'S MEMORANDUM. A memorandum has beeri~ issued by the Trade Facilities Act Advisory Committee setting forth the conditions to bo observed by applicants for grants under Section 2 of -that Act. It states that the capital sum on which the contribution is based will tos limited to the cost of the materials to be purchased and manufactured in the TJnited Kingdom. The committee will require details of the scheme with information as to the total co3t and the part of the total cost in respect of . which assistance is required, and information <ns to' the economic justification or desirability of the project, evidence to show that the whole scheme oan be financed,'particulars of the orders-to be placed in the United Kingdom, and evidence that tho prices to be paid for the same are fair and reasonable, and evidence" that the scheme is approved by- the Government con? cerned, and that the expenditure involved in the scheme is in anticipation "of expenditure which would normally have been incurred at a later date. The attention of applicants is drawn to the following over-rid-ing conditions:—(l) Tljf total sum payable by the Treasury, must not exceed £1,000,000 in any one year. (2) The total sum payable by tlie Treasury must not' exceed. £5,000,1100 in all. (3) No undertaking by the Treasury to give assistance can be given after three years from the commencement of the Trade Facilities Act, 1924, i.0., after M«y 14th, 1927, or in respect of a loan to be raised thereafter. TATTERSALL'S HORSE SALE. There was an entry of 26' horses at last Saturday's .sale at TattersaU's,. conducted by Messrs H. Matspn-. and Co r The., entry-.con-sisted for tie most part of medium to. in« ferior sorts, good sound draughts, .were-few in number. For this class there was a good demand at ruling rates." The principal transactions were for Sir N. J. Brown, Dunsandel, aged geldings, £2510s and £ls; client, nine-year-olfl mare, £l2; Messrs Thornton Bros.,' Harewood, aged mare, £3O; Messrs HoIHs and Co., . Sydenham, eight-year-old gelding, £27; Mr S. Judd, Marshland, nine-year-old gelding, dog cart, and harness, £24; client, eight-year-old mare, £l9 10s: Mr K. Morgan, Shirley, mare, £ls 6s; client, seven-year-old hack, £9; aged .'hacks and harness horses sold at late rate 3. LAND SALE. At their land auction on Saturday, Pyne Gould, Guinness, Ltd., offered, on account of the estate of the late A. K. Bushel], a Government leasehold on the Kinloch Settlement, comprising 591 acres. The "property did not quite reach the' reserve at auction, but a few minutes afterwards was sold to Mr Frederick Whitfield) a» a going concern, without the wool clip, for £5450. SATURDAY'S POULTRY MARKET. The Canterbury Co-operative Poultry Producers, Ltd., report that a good entry of poultry oame forward for market, but there is a shortage of prime table chickens. The following prices per pair were realised:—Table chicken* 7s to 14s, hens 3s to 7s, ducks 4s. 6d to 9s, ducklings 8s to lis, geese 7s to 9s, turkeys 18s to 365. • Egg. Market. Eggs were again plentiful last week, but, with- the export business, no great difficulty ■was experienced in keeping down the stocks. The Canterbury Co-operative Poultry Producers, Ltd., report the following prices per dozen for "Chain" brand:—First grade hen eggs Is 4d, second grade hen eggs and duck eggs Is 3d. ■ • S FERNIEHURST ESTATE. Dalgety and Co., Ltd., offered for sale by public auction on Saturday, on behalf of the trustees of the estate of the late Mr John Pow, the Ferniehurßt property, of 4420 acres freehold, situate at Parnassus. No bid was received, and the property was passed in.

CHRJSTCHimrw o*J||j»l EXCHANGE. fIH SATURDAY'S. TRANaicnij^^ Sales on , Change--Uaion Bank <fe*rfdiP J * 3d (2 parcels); Bums, v LATEST QUOTATIOSB. <>/#

it OTHER EXCHANGES. (PRESS ASSOCIATION TZUtOIUCS.) DUNEDIX, Soiambet 8. Saic—Dominion Rubber, 2'2s. Sale Reportsd—Otago Daily ltd, AUCKLAND DAIRYltfj i RECORD BUTTER PRODtCte. s (srisciAL to "the mtsnlY } \ AUCKLAND, No*sn£t* t Records in butter produclion'ttU^-Auek- :~ land district continue to this , season. The qnantity in October was 203,477 bcxerji-ttmpared with " 160,289 received in October )ut year, an c increase of 45,188 boxes. The season?*.'output ' to date is also a record, being SUjof boxes n against 313,933 boxes last year, ao, increase 3 of 77,880 boxes. The cheese proffticeb? tills * e season totals 23,196 .crates, against 34,857 last » 6 year, a decrease ax IGGI-crates. 6 ' n ' : * CHEESE AND BUTTER. 0 THE GIANT CHEESE. , > t 8 -..-■' ' -< $ r > . ' '"" , • u^i B (i«oM ovn ow» Muuniun), XC * LONDON, i About 120 peaple, all commercially '°3Sg£ ested in the dairy produce trade, maffl^rap 'way to the lK>ndoh Provision ExchlMfw^ the afternoon one of' New ZMMrapjl: "ton" cheeses on show at Wejnble^|!^^ offered for sale by auction to th»jjsl|H«& ', bidder; The arrangements »ere jnad*i|fl|||| . W. Grounds (New Zealand Dairy 'I«W and a!l the big firms handling; Blttt« I ~'|«|||; . cheese were circularised ten daye; prefioflK^ [ The cheese is still at Wembley; it irilJ^^S weighed on October Ist, whan fK'EBHp winners in the weight-guessing- oonpett|^i^ will receive their awards, and the Vuytpg^fc, [ the cheese will take possession of bis , jß||| i chase. dsllll 1 The auction was conducted by Hr mrb ( 'ington, a member of the Exchange, whoa||j|t unteered his services. On the day P^ftsii-' ' Mr Partington went to uie New aMWj^p Pavilion at the Exhibition, insptcted^a^^ i "tonner," and, keen to bo one of the w M|j||§| gussera, ha qwSfied for two tickets By , ?§||!§- ing two pounds of butter. *tHE This butter.was offered for sale cheese, and so spirited and enthosiutui^m^ the bidders that the price of five' ftj||||| ; per.pound was reached before the )fMßiam&' i fell. The ten guineas thus reaJis«4l|||| -, been-' given to the benevolent fond wNK Provision Association. '"'J^^m When it came to. the turn of ta6,dji»|§ Mr Partington referred to the ideal,"ctfw§, tions surrounding its mUrrafaoture-iir^f^w^ Zealand, told the. quantity of miHc t»*Bdj^K : i said that Mr Woods, the manager "a3fH& Ngsere factory, - had three times wm@jMfc Lonedale Cup for the highest' ***lMffilHl>< cheese-making. Competition became .3§§|p ; keen, bidding beginning at 119s JJ« «■». > end going up to 182s. At this. price it beoame the property of, Mr Greig, the director of an influential's§|j|i' of multiple shops in and around XftmjjSiM ■ Doubtless, Mr Greig will see to it -unique purchase obtains wide pubHcttyf^K > in this way New Zealand will tie s«t^a|||l? • equally wide advertisement. 'Hang > When the cheese is removed from 1 hibition it will be. enclosed in ' hoops, which will be loaned in order-'tp^K sure safe • transfer from Wembley London store. At the time of the WSfjlfl current price of best white'cheese "WJHm^ ■ and of coloured 90s, eo that the prictt'affij||'": ed for the approimate ton giant 100 per cent, above current va!ue. '''^jsffit The advance arrangements were Mr Grounds and , his colleague*, Motion and Mr Thacker, who also iflsWllg' ated the Weight-guessing competiti»*Mij||f" tract wider attention to the quality &*W& Zealand dairy produce. And then doubt that their purpose is being *ehifls|te This particular cheese should be at ita ■jjwfei 1, in November. **sbff ; ■ = if*^ ; Quick relief from colds in the Anfls?, : "NAZOL" penetrates the tiniest v jH^ sages and speedily destroys germs, }Ttm> for 60 doses. l jgM~

s ■ BttyerK rf^*f| )f eL 1 -*; d «S per cent. Inscribed raK* "v*^! h 1933 and 1939 s» * 5t Ml -, Q per cent. 'Bond*. j to 1941 t OTHER DEBENTCRES- , cLyttelton Harbour, < ',* , Vv^; d per cent. S3 f 0 - r > Christchurch Trams, *■ T '*&, ), 5$ per cent. -«t* P N.Z. Breweries, Bonds BANKS— " 1 */*, •, Australasia i3 <r% 41 0. ; «" fit, * i tNew South Wales df * *.\ o New Zealand 2 1%. *« w»M|11 Royal (£1 paid, cum f J • <Iiv.) ° .. Union of Aust. (eian 114 0 W" 3 a 0 rights) Union of Aust. (rights) Union of Aust. (frac- " 6 i H i3 1 e tions) .. « n< ftjflgft. il Western Ausrtrulian .. 3 14 8 fr* B iloan and agency- % s Go" dsbrcrugh, Mort 2 6 9 c GoldsbrougU, Mort aR l(new) 2 S ft IWvfM N.Z. Loan and: Merc 0 (ord. stock) 92 0* 0' '•if d N.Z. and River Plate .. _ ;- SHIPPING— d y Hr.ddart-Pnrker ipref.) Union (pref.) 10 0 i r FROZEN MEAT- ,, N.Z. Rehisj. (paid) .. _» -i ■«.« N.Z. Ret rig. (contr.) .. GAS— o a l ■S Christchurch _ «"»J BREWERIES--' tManning 1 .. ,. CEMENTS— 1 15 ft » Wilaon's 19 6 e . TIMBER - € Kauri 110 0 MISCELLANEOUSt 1 Beath and Co. _ i i^» Burns, Philp 118 6 i m » .} Electro. Zinc (pref.) .. 1 « 3 „'"'* * Electro. Zinc tfef.) .. V.8 0 " Mason, Stiuthers (14a * • paid) _ ft-tt « Msson, Struthers (Ks t paid) «» 6 h ft S Mason, Struthers «b e paid) .. *j ° e. N.Z. farmers" Co-oo, (£2 paid) • *.. t «• 0*4 ft a Whit combe and Tombs •811 0