COMMERCIAL.

Press, Volume LXI, Issue 18417, 25 June 1925, Page 10

COMMERCIAL.

WOOL STABILISATION. SIR J. HIGGINS'S PROPOSALS. (BX CABLE—PRESS ASSOCIATION —COPTBIGHT.) (ArSTBAUAK ASD X.Z. CABLE ASSOCIATION".) MELBOURNE, June 24. The main proposals of Sir John Higgins for the stabilisation of wool values are: — That the woolgrowcrs of the Commonwealth should voluntarily form an association, mutual in character, for the purpose of giving, as for as practicable, greater regularity and greater stability to wool values. That such association should .icquire wool clips by appraisement methods. That realisation of such wool clips be made under the direction of an association by proper technical and collective marketing methods. That all receipts and expenses be recorded by the association, and the balance distributed an payment io" wool acquired. •Sir John Higgins suggests that the capital should be £50.0130,000, half in wool certificates and half in £1 shares. The initial arrangements for the fund would be made in London by the Federal Government, which would be asked to guarantee the association until sufficient capital had l>een subscribed.

•Sir John considers that the Federal Government would be justified in asking the Imperial, New Zealand and boutu African Governments to co-operate in wool circles. It is considered probable that the scheme will bo adopted with modifications.

(Received Juno 24th, 8.15 p.m.) Representatives of the ■ Australian Wool Council and the CJraziers' Federal Council conferred with the National Council of the wool-selling brokers on Sir John Higgins's scheme, and adjourned until to-morrow without reaching a decision.

FLAX FIBRE AS COTTON.

A N.Z. INVENTION. (PHES3 ASSOCIATION TILEGHUt.) WELLINGTON, June 23. Tho question whether New Zealand flax is capable of producing fibre with cotton-like spinning qualities has been many years in the minds of flaxmiUers in this country. While it remains to be seen whether such fibre would stand up to the strain imposed on Qotton thread goods, some progress has been made in that an.invention has been perfected for the production of fibre. Mrs Hedberg, of Wellington, is the

inventor of a process whereby flax fibres produced by the preseni methods * of stripping and scutching 'are broken up into finer threads, varying, according to quality of the leaf, from coarse cottons to the finest silk. 'The staple ' is longer than the American or Egyptian staple. The process is simple and if the finished product is found suitable for many purposes for which cotton is applied, one of the most inyjort. ant industries may be established. . The cost of raw cotton is now so high that the New Zealand flax product should be able to compete successfully by means of this cotton substitute in the supply of raw materia] for the textile manufacturing industry.

SAWMILLERS AND RAILWAY TARIFF.

, (PEBS3 ASSOCIATION TILEOBAM.)

WELLINGTON, June 24.

Sawmillers are opposed to the increased rates on timber in the revised railway tariff and talk of holding a conference to enter a protest. They claim that it amounts to 23 per cent. and is the, advantage of imported timber,„while - the railways .will- lose -through "p> less quantity being carried. On 4he» other hand, it is calculated that the average addition to the cost of a house only means £6.

BUTTER RECORD.

VALUE OF NATIONAL BRAND. (by cable—pbsss assoctatioit—coptbiqht.) (aostbalian an» n.z. cabm association;) . SYDNEY, June 24. Buying a conference of dairy-factory managers it was estimated that by Juno 30th 2few South Wales would have produced 115,000,000 pounds of butter, with, an additional 5,000,000, pounds made on farms and sold as dairy butter. This is a record in production. Tho previous best was 100,000,000 pounds in 1921-22. During the 11 months ended May Slst last 842,765 boxes of butter were graded for export. The previous best was 790,000 in 1921-23. Of boxes graded thig year 42.20 per cent, was choicest, 28.5 first grade, and 25.21 second grade. The president, in his address, stressed tho importance of a, national brand, and pointed out the singular success achieved by Australian abutter since the "Kangaroo-*' Tirand had' first been placed on the Home markets. For the first time in history Australian butter had- led tho product of New Zealand in the poiat of price, which meant quality.

TRADE WITH AMERICA.

U.S. OFFICE IN SYDNEY.

(BT CABLE—PBES9 ASSOCIATION—COPIRIQHT.) (AUSTRALIAN AND S.Z. CABLE ASSOCIATION.) ■'- SYDNEY, June 23.

With a view to bettor sorving American exporters-in the Australian and New Zea-land-'area,, the Bureau of Foreign and Domeatic of the United States intends opening an office in Sydney on July Ist :■ The American. Trade Commissioner, ITr Babbitt,-''will be in charge.

CLEARING SALE. Dalgety and C 0.,, Ltd., held a clearing gale, on account of . the estate of the late E. M. Watson, Methven, on Tuesday. The eheep offered were a particularly good lot, and-for these competition was keen, and consequently ■ high prices were realised. Among : the ; principal sales-were: 148 four and five-year halfbred ewes, In lamb to Southdown 'and Border Leicester rams, at 39g; 154 four and five-year three-quarterbred owes, in lamb to Southdown rams, at'4os 6d; 187 two, four, sir, and eight-tooth halfbred ewes, in ,lamb to Border Leicester rams, at 43a 6d; 134 full-mouth ewes, in lamb to B.L. rams, at 85b 3d; 27 halfbred ewes at 335, 36 half and three-quarterbred ewes at 245, 43 lambs at 28a 3d, 0 ewes at 6s 6d, 8 Border Leicester rams at 81 guineas, 5 Southdown rams at 5; guineas, 1 sheep-dog. at £4 15s; 1 bay mare, 8 years, at £35; 1 black, mare, 8 years, ■at £39; 1 brown mare, aged, at £10; 1 brown mare, 8 years, at £3O; 1 bay.gelding, 2 years, at £43; 1 bay gelding, aged, at £ls; 1 bay gelding, aged, at £5 10s.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales reported:—National Back of N.Z., £6 11a (new), £6:7a'6d; N'.Z. Breweries, 41 = 3d; N.Z. Refrig. (pd.), 19s, (contr.) 9s 2d; V/hitcombe and Tombs, 703 6d. Sales on 'Change:— -Christchurch Gas; £7 ir>s. LATEST QUOTATIONS.

OTHER EXCHANGES. (EBESS ASSOCIATION TELKOHAMS.) AUCKLAND, June 24. Sales—Union Bank, £l4 15s Gd; South British'lnsurance, 50a; Huddart-Parker, 455; New Zealand Breweries shares, 41s; Taranaki Oil, 24s 3d. "WELLINGTON, Juno 24. Sailes repotted—Crown Brewery, £1 15s Gd- N.Z. Breweries (bonds), £1 2s; Gear Meat, £2s 3s. 6d; Napier Gas, £ll 2s 6d; Bank of Australasia., £U ISs. DUNEDIN, June 24. Sales—Bank of New Zealand, 56s 9d; Do-: minion Rubber, 225; Commercial Bank, 31s; National Electric, 19s. Sales reported:—Bank of New Zealand (two parcels), 66s sd; New Zealand Breweries debentures, 225.

AUCKLAND MARKETS. > (SPECIAL TO "THE PBEBS.") AUCKLAND, June 24. Business has received a ' noticeable impetus from the fine weather experienced during the past week, and this week there is another strong inducement to bring suburban residents into tho city, as the first winter drapery sale is announced. Potatoes—The market is a shade firmer on account of the smaller supplies sent from Canterbury during the very wet weather,, but there has- not been the pronounced advance that took place in Christclmrch when it was found that growers were unable to send, in their regular supplies.' There will very likely bo : much less sent up on consignment, so merchants are- ordering more freely, especially as the quality is very good. The quotation is .£7 15s ex Btore and £7 5s to'£7 10s ex "wharf.'•- The trial shipment to Australia ia being watched with' much interest. If it gets through all the restrictions it will probably be followed by further shipments, with a rise .as a natural result, Seed potatoes are beginning to. move off a little better. Such, varieties as Early Puritan and Kobin Adair ore meeting a fajtr enquiry, but there is, not yet much sale for Northern Star, Gamekeepor, and Up-to-date. Onions—There will be no more Australian onions until the end of next week, and the few now in stock are held for 20s. The recovery in tho market on tho other side may mean a higher price for further supplies. A few lines have been imported from Canterbury, and these are now selling at 17a 6d per cwt.

Oats —The demand is quiet at 5s 7d to 5s 9d ex store.

Chaff—Southern is selling at 10s 6d per cwt, being kept within bounds by Australian importations. Local is selling at 8s 6d to 9s 6d per cwt ex store, but very few lines of really good quality are coming in. Maiie—Consignments from the Bay of Plenty are selling at 6b 9d per bushel on the wharf for wholesale parcels of old grain New is offering at about id less, but none has yet arrived. "Wholesale current prices are: First-grade factory butter, Is sja per lb booked, Is 5d per lb for prompt cash, farmers' separator * 7naf BT ,V fir v 8t -K rade factory cheese, 98d to 108 d per lb; bacon and hams 1b to la Id P°, r , ]b, bacon sides 10.Jd to lid per lb rolled sides Is Id per lb; lard, in bulk lid per lb, pats Is per lb.

BUBNSIDE MARKET. (PHBSS ASSOCIATION SILXMAH.)

DUXEDIN, Juno 24. At Burnside to-day, heavy fat sheeu dropped about la in price, but lighter sorts sold well. Fat cattle prices were higher, but the rates for-lambs and store cattle wore unchanged. The few pigs that were forward sold at high rates. Fat Catle—There was a. yarding of IS2 head, compared with 227 last week. Tl:e quality for tho most part was only fair. The demand was good from the commencement, and prices rose fully JBI per head. Prime choice handy-weight bullocks eold at up to 43s per ,1001b, medium quality from 37s 6d to 41s, heavy weights from 32s 6d upwards, extra prime heifers to 38s 6d, extra heavy heifers to 33s 6d, and cows and light heifers from 23s to 28s. Extra prime, bullocks matle up to £l7 10s, prime £ll to £l4 ss, lighter £9 to £lO, prime cows £7 to £3. ss, aind lighter £5 15s to £G 10s. Fat Sheerj—There was an entry of 2751 head, compared with 2531 last week. Heavy wethers and ewea were in ample supply, while the proportion of fair Central Otago wethers was large, also that of medium ewes. The entry included sheep from Southland and the north.- The demand generally was quiet, heavy sheep easing Is per head, and other prices fluctuating slightly. Sheep suitable for export had a. keen salo at last week' 3 rates. Prime handy-weight wethers sold at from 7d to 7Jd per lb, prime heavy-weight from 6Jd to 7d, extra prime ewes 5d to aid, and aged and light ewes from ■ Fat Lambs—There was an entry of *32, and prices were firmer. Prime lamb brought from lid to lljd per lb, and medium quality to 10d. Store Cattle—There was a yarding of 217 head. Medium'* cows and a lot of indifferent quality of mixed- yonng cattle comprised the entry. Prices were not appreciably changed.

Pigs—There was a short stipply, only sixty fats and fourteen stores being forward. Prices were very high, with a further visa of 4s- to 5a on last week's high rates. Porkers sold at from BJd to 9d, and baconeis from 8d to Bid per lb.

Buyei :s. Seller s. £ s. d. £ 3. d. N.Z. GOVT. DEBEXTU1! :es— 'li per «-nt. Inscribed, 1933 9G 1-2 C — 6 per cent. Inscribed, 1927 93 0 0 93 .7 fi 5J per cc-r.t. Bor.de, 193U' 99 n 0 SJ- »er cent. In.-cribed. 1927-41 3H 0 0 OTHER DEBENTURES- _ New Plymouth Boro.. 5J per cent. — 96 0 0 N.Z. Breweries, Bonds i : 9 1 '2 0 ppr cent. ... 10'i 10 0 Wchingion Gas, S per cent. iv, r. 0 banks— Australasia H 10 U — Bank of Victoria ._ 7 15 0 Cornm. of Ausu 1 10 0 1 11 3 Coaim. of Aust. (pref.) C 13 0 — Coram, of Sydney 24 5 0 National of A'asia (£10 paid) 10 S 0 10 13 G National c: A'asia i£5 paiuj S '2 G 8 r, C National of XW. /.. (> 10 .0 — National of N.Z. (ncwl (5 6 0 .— New Zealand i. •2 10 S Royal (£1 paid) I 1& O Union of Aust.a 14 14 CJ 14 1C G INSURANCE— 6 National South British " U . '2 10 G LOAN" AND AGENCY— Gcldsbrcugh, Mort (cum div ) r, o - . SHIPPINGHov/ard Smith 1 14 6 — Huddart-Piirker •2 4 0 1 Ci el Union (prof.) 0 19 ■1 1 0 0 ALE AT— ■ 1 Canterbury — 13 7 (! 1 Gear _.. 2 4 r, N.Z. Refrig. (pd.) 0 IS 0 0 19 G N.Z. Refrig. (contr.) .. 0 9 0 0 '9 4 GAS— Ashburton 4 0 0 — Christchurch 7 la 0 7 15 6 Timaru .._ 7 7 0 BREWERIES— Crown 1 1G 0 — Manning — 1 17 0 New Zealand 2 0 9 2 1 9 CEMENTS— Wilson's 1 13 0 1 14 6 TIMBER— Kauri 1 12 0 — MISCELLANEOUS— Bealh and Co. .1 11 0 1 13 0 Electro. Zinc (pr<\f.) .. 1 8 G 1 9 3 Electro. Zinc (def.) 1 7 o 1 8 0 Mercantile Finance Corporation (3s paid) — 0 4 9 Mercantile Finance Corporation (£1 paid) — '0 18 9 N.Z. Farmers' Co-op. (£2 10s paid) -- 0 10 6 N.Z. Malay Rubber (ord.) 0 19 0 — N.Z. Milk Products .. 1 8 0 — N.Z*. Sugar of Milk .. ■— 1 5 0 Taranaki Oilfields 1 3 6 1 5 0 Whitcombe and Tombe 3 10 6 3 12 0 MINING— Mt. Lyell (ex div.) .. 1 0 8 1 0 10 J