Commercial.

Dominion, Volume 1, Issue 1, 26 September 1907, Page 12

Commercial.

FINANCE AND TEADE !' THE SHARE MARKET. Tho sales reported at the sitting of. the Stock Exchange, yesterday, were restricted to three lines. Wellington Investment shares had quittance at 125.; Palmerston North Gas sold at £7 2s. (id., and tho demand at the price is still strong. Wellington Gas, £5 paid up changed hands at 7s. Gd. The call disclosed tho fact -that brokors were, flush of buying orders. There wero declared buyers of Equitable Building'at illO, Metropolitan Building at J!l2, National Mortgage at A3 35., New Zealand and Itiver Plato at 29s Gd., Wellington Trust and Loan at £1 Bs., and Loan and Mercantile at 6s. . Gas shares camo in for some special attention, and there were bids of 17s. for Poilding Gas, but holders aro not likely to bo tempted at this low figure, llokitika Gas shares were Wanted at 12s. Gd., Palmerston 'North Gas at £1 2s. Gd., and llawera Gas at 2ts. Tho financial year of tho Hawera Gas Company terminates on Monday, 30th inst.,'"there is, therefore, six. months' accrued dividend for. tho buyer to receive. In Insuranco shares the only offer wns for Nationals, which aro" wanted at 275., and the price represents a slight advance. New Zealand's wore offered at 83s. with no takers. The bids for -Meat shares. ■ coverol Ckri'stchurch Meat at .£lO 75. ; 6d., Gear Meat 20s. paid at '17s„ and Meat Export £112s. Gd. paid at 655. Gd:. In the miscellaneous scction offers were made for the second issue of Ivauri Timber at 7s. 9d. or nearly 50 per,cent, below tho paid up value of tho shares, for Manning and' Co. Brewery shares at £3 15s:, sellers holding out for XI; for "Now Zealand Times" preference shitres there was an offer of 225. Gd., and for ■■"Wellington Opera House £5 10s. was bid. The mining group did -not see any speculation. Talismans wero in request at £2 7s. 3d. cum. dividend of Is. per share duo on the 15th pros. Waihis wero wanted at JCB lis. Gd., but sellers named. .£8 14s. An offer of 9d. .for Kuranui-Caledonian did not nieet with any response. DIVIDENDS DUE. Bank of Australasia G per cent, and a bonus of Bs. per siiare for the halfyear, payable October -Ith.- . ■Wairarapa Farmrrs' Co-operative Association , 6 per cent, dividend-and 3 per cent, bonus, payable after the meeting to-morrow (Friday). Talisman Consolidated Company Is. per share, payable to all shareholders on-tho register_ onthe 30th inst:' This' is the tenth dividend declared by the company, and isi, payable" on and niter October. 15th. Thu dividend will absorb .£15,000, and brings riie total'amount of dividends declared since tho: reconstruction of'the company to MONEY MARKET. J; ' , The London,money market • exhibits : the usual stringency-peculiar to the end of'the, September quarter. Thero is an accumulation •*" credit in the central institution, auu tba figures' are much larger, than they were at 'the' corresponding date »st year. -Tlnis ithb metal reservo is against J233,309,000,; ' and the other deposits total .£46,92-1,000 as against £10,888,000. The 1 current week will.be a trying one, but with the turn of-.the .month the outlook should improve provided always the situation in New York contains no "surprise packets." ' The open market discount rate is. at „€3 18s. 9d. per cent., as against i per cent, a year ago, and the Bank rate is -li per cent, against 1 per cent, at the corresponding date, of last MrA.Cortelyou, Secretary to the United States Treasury, announced towards tho end of last month that for at least five weeks he .would make deposits'in the National Banks upon approved security, tho deposits to be returnable, if required, by the beginning of January. Oust what'this assistance amounts to . translated into hard cash it is difficult 'to cay in the absence of moro precise details, but it may be mentioned that last year 28,000,000d015. 'applied, in "the" Bame way was found insufficient •-to prevent extreme stringency.^, Writing on the situation in New York at the end of July, Mr.- HeiiTy Clews, the banker, says" We are now within sis weeks of the crop-moving season, when requirements on that-account will . begin- to assert themselves, and when bank reserves should be rising! In view of the present insistent'demands _ upon capital, and the practical exhaustion of supply, the. outlook , for,. .the. money ; market'-is anything, but satisfactory. . Finn rates are ' almost sure, to predominate, and thero is no possibility . of any continued bull movement in securities under existing conditions. Whether moro gold will be shipped, to Europe or not does not yet appear.. Under ordinary conditions such shipments would creato 'bo uneasiness con- , sideling our ampta supply. With the ' situation as it is, gold shipments, however, are watched with more or . le.ss jealousy. Time-money rate is G per cent., running into next January, and there is no prospect, of any material '. improvement in sight. The practical failure of the Atchison, Union Pacific, and New York City loans is particularly significant, in view; of. the present congested condition of the security markets." • BALANCE-SHEETS. ' For tlio year' ended.July 31 last the Wairarapa Farmers' Co-operative Association made a net profit of .£11,114, as against .£13,433 in 1906, showing an I increase of JE6SI; with the amount brought forward the sum available for distribution • is £19,114, against £20,438 last year. Out of the amount available for division <£3009 is appropriated'for strengthening the' reserve fund, - which will now . stand at £28,102; the sum of £200 is added to the employees accident fund, which is thus brought up to £82!). 'The dividond and bonus distribution is on the same basis as last year, viz., G per cent, dividend and 3 per cent, bonus on paid-up capital, 3 per cent, bonus to shareholders on their purchases, and a similar bonus to employees oil their salaries, besidss a bonus to managersand heads of wliicb have shown a-sul'i£antial increase of profitable trade during the year. The gross profits amounted to £26,309, and the general charges, . which are lumped together (a practice which is much to bo deprecated), tctal £12,195, equal to a little moro than -1G per cent, of the gross profits. Tlio net profit earned during the year is equal to nearly 20 per cent, on the amount of tho 'paid-up capital, which stands at £70,800, as against £68,583 in last year's balance-sheet. The debenturo capital has been increased from £20,000 to '£25,000, the fixed deposits from £15,803 to £24,983, but the deposits at call have been substantially reduced from £17,812 to £52i8. Bank overdraft has expanded from £5708. to £11,738, and bills payable and sundry liabilities from £12,033 to .£15,794. On' tho other sido of the account tho freehold and leasehold property valuation has risen from £39,2-12 to £42,308, through tho erection of additional buildings during the year. Stocks on hand and afloat stand at JC99.183, again? l : £39,539 last year; book debts and bills receivable have increased from £48,GG9 to ,£52,521. A common feature of such a trading concern is the largo amount of book debts. In this instance they equal over 74 per cent, of tlio paid-up capital. A month's credit would no doubt represent a large sum, and probably the greater portion, if lint the whole, is "as good,.as Sold." At the saino time it would bo infinitely better for all concerned if .the association could do a strirtly cash trade. Such, however, seemsimpossible under, the conditions prevailing in the Dominion. The annual meeting of shareholders of the W'.F.C.A. will be held at . Masterton to-morrow. -STANDARD OIL. Tho Standard Oil Company is, no doubt, a gigantic Trust, with ramifications extending to nil parts of the world. That it is a menace to the community goes without saving, and public opinion demands that some restraint be put upon the monopolistic abuses of great corporations. The use of corrective measures, however, requires'great deliberation and caution, but the action of the United States Government, and of the states and municipalities, is unsettling things in America. Quite recently tho Standard Oil wns fined by Judge Landis the enormous sum of 29,2-!0,0fl0dols., but the United States Court of Appeal _ has. granted an application for a -writ of error, which will check for years 'the collection of the enormous fine. The tobacco trust and the railroad combinations havo been assailed, and con-

sequently the money markets anil Stock exchanges of--America'aro auite unsettled, calling,.for, tho, special support of tho .'Treasury.';:' ;Onsl. American authority, writing on .tho situation, says: "It may he necessary for tho Government to modify or moderate itr. present attitude. Whatever tho legal possibilities may be, it'i's* hardly good policy to -resort- to- such-radical treatment. Such drastic "measures are scarcely needed, aud,"'if'the surgeon's knife ..'is ..to ..be .applied^....it..should al: least bo used in the, most skilful and least injurious' manner Contracts in restraint, of trade 'aro probably inevitable to some extent in ..modern business. It is' mainly a question as to whether such contracts are- just and reasonable in :. their operations. If monopoly is to bo prevented, it cannot bo done bv attempting the impossible task of breiiki'ng up 'and redistributing a huge corporation- into- its original parts. Such.a. procedure is .wholly impracticable. There is no doubt that flagrant nbus'es' liave crept into the management of our great-, corporations and; railroads, and that public, interests 'demand'their correction and regulation, but the latest euro would' bo worse than tho dis.'aso; and .tho Government must , adopt more ,rat.ioual methods unless'it wishes'to bring on'a crisis which would destroy'its own supports, and delay, if not wreck, tho causo of genuine reform."- ' '-' BUTTER AND CHEESE. There is an' obvious mistake in the High Commissioner's cable message regarding, the price of-•■New-Zealand butter. ; .The ;quotation giv.eji is 1195., while Danish is quoted at 117s. That is, New Zealand buttor is -2s. higher than Danish ,'Which.cannot lM right.. At the corresponding date last year Danish stood at 1265., and New Zealand 1175., tho . premium on Danish being 9s. per cwt. ..The ..present quotation, of New Zealand butter is,, wo think, 1095., not 1195.. which would' hiakb" tho margin, of difference Bs. per cwt., j|s. compared with Danish. -'There is-'nti''doubt the market has . improved wnndorfully during the .past .few weeks; it.is, however, below the -parity., of last,year.. It.will bo rememho're'd that in ,September last year th'i.'bpeiiirig, 'prices"ward' good, but by .tho'middle-of' October-'tho marke-b weakened, and just about-then new season's Australian camo oirth'o market. New Zealand's new mako"_of butter reached London very carly.,-i"n. November, c\' Knrnrnea, arid wi)?,, quoted at life., Danish making 1235., and Siberian 1055.. By the end of November the out-i look changed with an expliftSdiJfi in supplies, and Danish butter' dropped to IjGs.,' and choicest New...Zealand to 110s. The serious dccline. in.-.t.he market last year landed , the dealors.-in heavy, losses, and naturally (;Ji l not been the same keen.-desire to buy at fancy prices.''AAS.far lis''cnii"be asceiv tained the following factories ;havo sold their present Benson's - oiitput i' StratrMl PairyvPactory'at IOJd. •Moar'Farmers' Factory- at--10id.

Mimgeroi Dairy- Factory, at: IOJd. The.majority of thp. factories will con- - sign, and it-is. known that; tlio folio wififi agreements', viz., -Awalniri anil' Eltham fac-. tories. tho 'season's' output' of butter,and 1 Card:if,'.'Kuponga "and ' Lowgarth, their oheeso-'outputs,»--i • ."With respect to -the- outlook, Wcddoi's' -Annual Ecviow-: states "fiat them is every, indication, .that, largo, supplies will bo available for the coming winter, but trade '..is- bo „ prosperous' that the consumption' is certain to' be'well maintained:' Considerably' lower prices, however, are exp'ected : -to rule for butter and cheese ■ than - have been : obtained thru year. ■ In Australia tho .lato autjumn and' early winter inako of better was much in cxcossVof - supplies,. cold stores were.,in consequcnce filled up.- The position was -very much the same in Nevv Ztala'tid, and it"'remains to bo seen"what willibo done with this' surplus of last season.- The general backwardness of tho season ;.in- Australia may result in-a largo-consumption of tho stored ; ■ butter;it,- ,-wjll. also havo the ■ effect of delaying exports, and therein! .lies, daujrex «fco„Zealand. ■Last year Australian butter, new season's make, 'readied the. London markets fully'a month "in advance of our . make, r ''artd there I'was' no' competition botweon-the two;- but-tliis -year-there is possibility of..such, competition, which', if it happens, will certainly havo a bad effect oil tho, New. Zealand, produce. ; ;,... .......

. - There" is the 'statistical position to bo taken' into', afceoittit'.".'The' 'itnports of buttor into-tlio United-Kingdom dnrmg the first sovdn--months-of- this and the, twp preceding years "compare as follow: -uos.-'--- -1905, - m. From -;- c*,vt. r • cwt. * cwt. New Zealand' 267,428 266,112 Victoria ..." 145,549 181.030' 217,427 •N.S; Vi r alP3. r .j:: 114,767 123,385-- 173,431 Queensland, 34,434 ... 65,263, ■ 86,346 Australasia'... - - 553,200- -655,139 . 743,316 Denmark ~,i....1,020,812 1,025,362 1,123,122 It;;p=ia ... 239,744 307,939 374,331 Sweden"' ... "'110,039; ".105,894 144,044 France : ... -196,740. - 201,637 144,307 Netherlands. ■ 126,477 122,561- 102,349 Germany ... 1,383 , 6,023 3,682 United States" 13,847 104,568 28 Canada 79,616" -• 61;579 , 6,203 .Other ... '■ . . ..... Countries... 117,596 • 83,913 72,664 ■ 1,912,309 2,025,466 1,970,730 . Totals ... . 2,470,509 2,560,695 2,714,046 The above figures show an increase in tho ."soyen'months of 53,U\ cwt., as compared with last year,"notwithstanding the almost total stoppage of supV plies from tho United States, and a very marked shrinkago: in ..Canadian supplies. The Australasian contribution, and tho supplies drawn from Denmark and fjiboria have caused the moderate increase given above. If the expansion 'in August, September, and October, is relatively no. greater, ;tlien wei may safely .assume:that tho consumptive demand will be quito equal to absorbing the'increase,' and "values will not be materially lower, than they wero a year ago. Much depends upon the, conditions of tho next six Weeks.

With respect to cheese, the Press Association cable messago' last receivedgives' the. London price of New Zealand cheese at 715., which is an obvious mistake;.the price is moro likely to be 615., at which it was quoted a fortnight ago by tho High Commissioner. Woddel arid Co. anticipate a lower range of values for this commodity also. Comparing the closing quotations of last week with those of a year ago we find' that Canadian makes stand at 60s. to 615., while last year tho prico. was up 1 to 625. There was no New Zealand clieese on tho market at this time lastl. year, at least, no quotation's wero cabled to the colony. - The market, however, was a good one throughout the season, and'the'Now Zealand cheese factories did exceedingly well, so much so that wo are.promised a very.substantial increaso in. tlie output. The, cheese market is dominated by Canada,, and that country lias suffered from :C,backward season. The position will bo understood when the imports into the United Kingdom for the first months of the year aro compared "with the • same periods of the twoi years: 1905. 1506.. „ , 1507. From cwt. cwt. cwt. Canada ... 734,853 " ?9j;9W" 636,293 New Zealand 75,215 ■ 114,65t" 169,863 Australia ... — .7-7-! 3.M0 United States 110,740 174,093 93,759 Netherlands:. 113,757- 131,732' 131,C70 France :... 31,631 ' -26,970 27,787 Other ~...., Countries... 34,514 43,151 43,409 - 1,105,750 1,288,509 1,106,036 There is a shortage of supplies mainly because Canada and the' United States have "been backward in their makes. The figures of August and September will throw more light on tho situation.

THE MEAT MAEKBT. Tlio London quotations for frozen meat are on the whole firm, and values are a shade batter- tlian- they wore at the corresponding.-date _i-of. lust year. There is, however, iiothini; in (lie situation to warrant any advance in the retaii prices'of butchers" nu'.it. There is very possibly ardifliculty-'inobtainini.; supplies , of, mutton", just'.iiiow; because farmers naturally prefer to shear their sheep before parting .with them. In another five or six weeks thpro should be 1 amp.lq\supplies available, and butchers must falte-tho good months ivith the poor ones. Tho'a'urionn'cement that t.!i.> Master ■Uutellers.'Asnocintion of \YelliiiKfon.; h[ul deCirlcd .In advance pricra is apparently quite, premature, for the principal, master butcher, viz., the .Gear Company, hqrj jiot; advanced prices, and bus no intention of doing so., finch a .movemdntrat' thrt" heginninf; of winter might have been defensible., but at.thii ope.r.ini; of tbo.summer season it cannot bo justified; The London

market is not likely to hold up, and mainly because Australia will 'flood the market. Tho dryness of tho weather in tho Commonwealth will compel pastoralists to get quit of their stocks as soon us possible, and as a matter of fact shipments from tho other side havo commenced, Victoria having sent a parcel of lambs about a fortnight ago. The imports of frozen mutton and lamb into tlio United Kingdom from January 1 to August 16, totalled 6,917,687 carcases, showing an increase of 397,1-40 carcases as compared with tho corresponding period of last year. HEMP. The margin of difference between Manila hemp and the New Zealand product is now very small. Last year Manila, fair current, on spot, was quoted at £41, while g.f.a.q., Wellington, on spot, stood at £34 10s., showing a difference of £{! 10s. in favour of Manila. The quotations received this week aro Manila £33, and New Zealand hemp £32 55., so that tho difference in favour of Manila is reduced to 15s. Tho position is an abnormal one, and likely to react on New Zealand hemp. Our product lias had a long run. and no doubt machinery has been adapted for its manipulation at the same time. Manila is the bettor fibre, and the prevailing lov.quotation must tempt manufacturers. BRITISH TRADE. British trade in 190G wns a great record, but it seems that 1907 will show oven bettor results. The Board of Trade returns for the eight months ending with August compared with the figures for the corresponding periods of the thrco previous years show as under:— 1 mports. Exports. Eight months £ £ 1904—355,316,302 195,200,129 1905—.164,61)2,157 213.0-W.IOB 1306-398,009,5 M 2-47,523,092 1807—129,861,286 584.124,8-1-1 As compared with the first eight months of 1006 imports this year show an increase of over vtlj millions sterling, and exports an ineroaso of over 5S£ millions. Tho total of exports of home produce for the past eight months is slightly larger- tlian that of the wiiolo of 101)2, Britain's oxport trade being now Ijalf :ts largo again as five years ago, • KAPOK DOWN.

Kapok down is, we think, produced in Nine Inland : if so tlio industry is worili encouraging. Kapok is a vegetab!? down, which, owint' to its intrinsic good qualities, is finding moiv ami more practical use. A British llmi has invented special machines for opening, cleaning, and eradicating all seeds and' impurities from tho natural product. When it has passed through these machines it is put through another process known as carding, which opens the kapok to its fullest extent. Carded knpok fills ;wico as much space ns knpok obtained by tho ordinary process, and can also be relied upon as being free from ■jvery kind of impurity or germ. It is now extensively used in the manufacture of cushions and quilts, and in many respects it is equal to, if not better than, animal down. Its high •r?comnicndat'on for bedding manufacture, in which it is 60 extensively used, is due to the softness and comfort so

essential to the sick bed. The buoyancy of kapok has been obsjrved by those who manufacture for tho shipping trade. On board ship, and on yachts, motor boats, launches, and similar craft, all kincls of articles, such as life-belts, buoys, coatings, cushions, mattresses, etc., can be filled with kapok and thus become the means of saving life. Its romarkablo buoyant power, its silky white, floss-like character, being repellent to water, enables it to keep afloat from thirty to thirty-five times its own weight, whereas ordinary cork sustains only.five times, and lined cork ten times, its weight. The density and capacity of absorption of kapok arc loss than all, other materials used in making life-saving appliances. , NOTES AND COMMENTS. Japanese shipping engaged in foreign tradf in 190G, showed an increase of lb/,Mi tons and 226 vessels over the figures of 1005. . The timber industry of Vancamrer is said to be in a parlous condition, so much so that unless fresh cipiial to the extent of fully £200,000 is foi Incoming several companies will be c.irv.pelled to close their camps. Over-pro-duction is the causo of the tr'ouole. In New, Caledonia a pearl button factory was started towards the end of last year, the capital being purely local, and so far operations have beon carried on successfully. Tho ,'raw product is plentiful on the outor reefs of New Caledonia, nnd as there is a largo annual export of tho shells local merchants considered that there was an opening: hence tho establishment of tho factory. The production of buttons is fairly -large, sonio 60,00.0 daily, for so small a plant, and the quality of tlie article is good. According to the United States Con-sul-General at Calcutta, there is a good demand for stout-limbed and well-rib-bed ponies. The ponies or small horses should be sufficiently active to be trained for the polo field, and suited to work in singlo harness to 9 low-hung twowheeled vehicle, in general use throughout India. IMPORT MARKETS. Trade between merchant and rotailei is still very much disturbed because of the tariff. In groceries quite a number of items will come 011 to the free list aftor October 31, while others will bo subject to a reduced impost, and, naturally, trado in theso items is very much affected. Apart from theso conditions, business at this time of the year is not quite so active as at other times, but towards tho end of next montn, when retailers' are taking in Christmas supplies, normal conditions should prevail.

Interest at tho momeut centres in new season's fruit. Currants, raisins, figs, prunes, dates, etc., como on to thp froo list on November 1, and both wholesalers and retailers aro endeavouring to work off their old stocks with as little loss as possible. With respect to new fruit expected to reach the local market early'in November, sales havo been mado to retailers at 225. 6d. to 235. 6d. net for currants, aud 325. to 335. for sultanas. The market for tho latter has hardened considnrably during the last month. The first direct steamer, the Goslar, was fixed to leave Patras and Smyrna on Monday last, to bo followed by the Thuringen leaving about October 3. Owing to tho difficulty of obtaining carijo spaco, considerable trouble was being experienced in completing orders for New Zealand by the first Bteamer.

With respect to the currant crop, Messrs. Langhland, Mackay, and their latest report state that the growing crop was progressing under favourable weather conditions, and no adverse reports had been received. The crop, however, was very lato this season. With respect to sultanas, crop reports continued very favourable, and tho prospects pointed to a, yield between 40,000 to 15,000 tons. Pigs, which will be arriving by the s.s. Goslar, aro being sold to arrive at 12oz. and lfoz. boxes at 355. per cwt. 71b. boxes at 325. 6d. to 335. 6d. 71b. bags at 25s 101b drums at 325. 6d. to 355. 6d. 281b mats at 19s. fid. According to mail advices prices for new crop dates woro coming very high, and opinions werj most uncertain as to the future. T<ast year the opening price for Valencia laisins prohibited the imp >•.--!.• tion of large quantities, but this year tlio outlook is moro promising, and new crop is being offored locally at about 30s.

Kir.sott's strawberry, an American conserve, which has been practically off tho market because of short supplies, is now coming forward again.

Cream of tartar is hardening, with the price now at about 11.Jd; lliero will, of courso, be a fall in tho quotations after October 31, when t.l-.is commodity will go on to the free list. Tlie price of blue stone has dropped very considerablv, a fall of .£7 per lon having taken place in the past few months, the reaction being duo to tlio .d'-cline in copper prices. A further decline is anticipated in December or Janunry.

Camphor was selling at Bs. ner lb.; it .is now offered at sn. 6d to 6s. This is a Japanese monopoly, and the cheek to consumption caused by the Mgh prices has no doubt brought about■ .1 reaction.

The quotations for Price's patent candles have been rather irregular, owing to some merchants having large duty-paid stockß, and which thoy made tho'subjeet of a cut line in their transactious with retailers. Stocks are now

withi:a reasonablo compass, and values are aspected to advanco Id. per lb. to cover tho duty.

Canned Fish.—Tho opening prices aro much higher than those of laid: year. Writing on the American salmon catch, tho "Produce Markets Ifeview" (London, August 3) stated that salmon fishing in America was in progress for all grades, but reports wero unsatisfactory, with no signs of improvement, and later news tvas anxiously awaited. One of the most disappointing features of the year was the Alaska pack. It was reportedto be very short, and stocks of theso goods in tho United States wero tho smallest on record, several bnyers having (d complete their present requirements from tho English markets, and it might bo taken for granted that now Season's quotations would be higher than for spot goods. Thero had hardly beon any sardine fishing, reports stated, owing to tli j rough weather which had provailed on the French coast. Tho pack of French sardines were quite insignificant, owl the very few fish being' caught were running six and eight to the quarter tin ar.d were costing tlio packers exorbitant prices. It occasionally happened that there was a run of small fish for two or three weeks in the autumn, and should this happen there might yet be a small pack of French quarter-tins, but as tho matter stood it looked as if groccry buyers would be wise to scetiro the best lots they could meet with of extra quality Spanish or Portuguese (packed in the French style), as there wan every probability that the real French quarter would be scarcer than ever, and be hold for oxtrcme prices.

■ Japan Kice.—Prices are hardening at the sources of supply, but owing to heavy stocks being held locally the quotations to retailors stand at £16 to £1!3 10s. Bice is worth more., and will advance as soon as stocks on hand are reduced.

Sago and tapioca have declined somewhat. Sago, which a jnonth ago was quota) at Sis.,! is now fully 3s. lower. Tho "Manchester GuaMiaa" lin? the following remarks regarding while bad Tlio scarcity or whilo had eonrfqlient upon a unusual demand this year is beginning to cans.', some uneasiness. Prices have l>reu comparatively high for a " lo; time, but it teems -likely thai the trade has not yet witnessed tho end of the ir.iward movement. A position such r.n' the present is extremely inconvinwai to consumers, bseausc' while 'many ihing-i can he safely bought "from hand to mouth" white lead is not on.! of them. New carbonate of lead dors not work well, and no painter who has n reputation to sustain cares to use it. On tho other hand, to stock white load with, a view of using it a year hence, .•'.f ! "-;r it. has matured, is disagreeable when the price reaches £27 to £28 pgii ton. The margin for a fall is tremendous, seeing that £14, or £15 per ton

wns a common figure a- few years ago. Tho position' of the makers is now very nti-ong, and they aro refusing ordora on all hands; but at the same time the profits of the industry are by 110 meani' satisfactory, .for, notwithstanding the scarcity, tho price has not risen yet in l-iopoition to the rise in pig lead." Wool—Tho total number of bales to bo catalogued at tho current series of London wool sales is 91,000 bales! as compared with 90,000 bales at the' September sales last year. The detailed figures compare as under ' 1006. 1907. Bales. Bales. •New arrivals 101,000 106,000 Forwarded direct ... 30,000 38,000 Net available... • ... 71,000 67,000 Carry over 19,000 2i,000 Total availablo ... 90,000 91,000 Last year tho sales opened at a declino of about 5 par cent., but the money market twolve nionths ago was very much disorganised. The movements of the market at tho current sales aro compared with tho closing prices of the previous sales, and the prices current (or New Zealand woo! at tho close of thci July sales wero: Sup. Av. Inf. Merino— d. d.. d. Scoured 2o 23 20 Grease 14 12 91 Pieces scoured ... 24 23 Do. .grease ... , ... 12} 10}- -81Crossbred— Pine scoured .:. 23 20} 17} Medium do 17} 15} 14 Coarse do 15 13} . 12} Pino groasa 16 14 10} Medium do 14 11} 9} Coarse do 12} 10} 9} Lambs do. ... - ... 12 111} . 8} Pieces scoured ... 21 13} 10} Do. grease 13 8} 7 The. prices given are tho extreme. Mail advices dated August 3 report continued activity in tho woollen industries of Great Britain. Dewsbury reports that manufacturers have sufficient trade in hand to enable them to run their machinery full time. The blanket mills give evidence of increased activity; in fact, manufacturers of these goods were busier than they had been for some time previously. Huddersfield reported the market slower, being betwe-jn seasons, but good orders wore being received from tho colonies. At Leeds all tho mills woro active, with a brisk demand for high-cla.ss worsted coatings and fancy suitinps. At Leicester consumption was said to bo on a good scale, but users were buyiug from hand to mouth.