FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 149, 18 March 1908, Page 10

FINANCE AND COMMERCE.

NEW ZEALAND. HEMP.' Tho price >of hemp has' again fallen, and the industry is apparently on-.its 'last .'legs. , , That the: value now in London leaves ' ' the; miller loss -under, present conditions is beyond question, and that, most, u not all, of the-mills will bo compelled to close down seems obvious. ■ Comparing the' quotations of New, Zealand liemp and Manila :' 6inc'e:. the -,beginning-of the: year, ,wo.-get i the, following — i : " ISDB."'' N.Z. heraj)..; i Manila. /—vr'' 1 /-';-' 1 s.' d;: J-ils.d. ' - . January: 4 ... ; 23 10 0 <'-■ ■■. 29 0 0 . . January 11 ... .29 0 0 29 10 0 January 18 ... - -28 10 0. - - •--2 DlO 0-, -. ■ - ' January : 25 28.-*.O ~0..,.29., 0,-.0;"\; ■ February 1 ... .'" 28' 0 0 28 . 0 0 ■ February 8 ..., 28 0 0 28 10 0 . February .15 27 15 . 0.. . .27 .5 0 . • February: 22...' -27 0. 0 i 27 0, 0, > February 29... • 23--0- - -25-0 .0 ; : March' 7 ... 25 0 0 " .- March-14'23 5- 0 22 0 0 .. It will be 'noted that/the' fallrlias' been.'very ~ pronounced since" the end of /February, and V that .rather leads - one.to : take an optimistic, view.; of the' situation. It is probable that' hemp will show a further dcciino during the next-two weeks, and the declensioiK-maj-be very pronounced,' but we may expect' a 'recovery in Apnl.-n .Tho position seemsi.to. ;bp. .this'. 'The have engagementsto . meet at the end of the current, month, which is also the'.eid of the. quarter,'and are 'forcing •Bales to, secure- funds; if; they are still short . of ~ thej money,; required, - then"' forced - 'liquida-' tloii wlir continue, and values, recede, but the moment,, engagements .are. met, .or, .'the .funds for meeting;'.them "are available, the down-" •ward' tendency , of values will -. be arrested. . ■ Looking at'the . movoments in the table,- ' tho downward " 'trend is v'ofi. a" pinickyi-char-.-acter,'the-fibre from\the Philippines is'being' ;. rushed for: sale, jiind/-presumably for 'the/'pur-' pose indicated. • -The■'-•Americans :■ are,,no more■ : . anxious to sell , at'a loss or to unnecessarily cut prices than are. New, Zealanders,;and-that . they; are doing so is'hii 'i]idic;itioii .that they are the victims of compulsion.', --We strongly incline to the; view that there will;, bo .. .slight recovery in -values next month;'the gain' may not be'large enough to leave the millers of the Dominion with a'-margin of profit, but - in ;any icase- it - is- ; imperative ■ tllat; the-condi-tions of the industry should be reviewed 'and efforts 'made to bring'about reductions in the cost of labour, of freight,-and .further reduc- . tions in royalties. The'exports of hemp in Januarv and Fpb- ■ ruary, compared with those for the corre- : epondingmonths of'. last ■.- ycflr, compare'; as under ..- i,-,,....; ;- .' .... ,- ~. •'

, • 1903. • ~1907::, ... Tons.. £. , Tons. ■ £. -January ...' 2116' G2,116 '" '3236 ' 98,203 February- '...' 2178- 53,921 « • -3117 105,916 ! . 1591 .£121,337., 6683 .£201,119 / The quantity shipped is less by 1789 tons, or nearly 27 per ccnt., while the shrinkage in value is <£82,812. LONDON WOOL SALES. •• The .second of the series, of .London wool sales commenced . Inst'evening, and; news from Coleman Street should • reach Mocal . brokers this afternoon. A penny declino all round JS expected, but it is more than likely that ■ coarse wools will be tho most-affected. -'Merinos may not see so heavy a decline. CURTAILED .-INCOME. - - _,The shrinkago of the "increase of producers this year ' promises to bo very marked. Taking the exports of perishable produce for January , and 1< ebruary as furnished by the.Department of Industries and Conimc-rco,' and 1 comparing . -with those for the corresponding months oi last'year,'we obtain the following:— . ' ' .'.191)8. ... -1907. ■ Decrease. £ £•■•■• ■£•" Butter ... ... 425,516 016,377 190,831 Cheeso „. .... .259,822 173,250 ' 86,572* Beef .„ ... 66,506 -• - 88,880 22,371 / Mutton iVi..-i 164,195 '. -267;286 "' 102,791 ' ... Lamb. ... ... 251,731 . 292,759 35,025 Hemp ... .... 121,337 . 201,119. 82,616: • -; .1,292,1ip;.,,;.1,&J2,701. i. :350,2G1u. - - '• ' • "Increase. ■ The decrease' of .£356,2G1, - is equal to about ■ 21.32 per cent., and is a rather large loss; but the above' figures do not indicate the full increase,.of• .tho-.shrinkage,: -for: there are other, items to be taken into consideration, such as wool, sheepskins, and, tallow. The shrinkage in the value of wool alone will-for .the season approximate'to'^ei-,250,000,"if "not "considerably more. , Dealing" with the exports of dairy produce during the past two 1 months,', the figures show a substantial'vdecrease-Mhotlie .'quantity " shipped, while as to . yalijef with ' the: excepf tion of a few factories the market risks, the season's:.:ofltputr.was.tsold.. to''dealers who are reaping the advantages of the high prices that have been ruling. The. quani.' tity and value of , butter shipped for the two months compare as under:— .y' 1908., 1907. -v , Cwt. A Cwt. £ "" January ... 16,123 227,243 73,011 3-50,433. February ......39,912 .198,303 51,627 ' 256,9-11; ' . V " £6,335 125,'5'i(T : ; 121,67i - 616,'377shere is, 'it will be scon, a very'pronounced ehortago -in, the export of butter, but ; this shortage is! moro than made good by the quantity of. chcese ; ;exported. The figures for the latter, compare as under :—> ' ■ , ' • .'••'■ 1903. : .V 1997. . Cwt. J2 Cwt. £ January 18,838 136,951 31,812; ! " 82,330' ' February ... 58,209 122,808 ' 52,989 90,920 : } - i 107,017 259,822 '■''01,831 173,250 The total quantity of dairy'produce exported •'luring the pajt two months, was 193,352cwt., as compared with 189,502cwt. in the corresponding period of - Vhich it' is obvious that the shortage in . the iinake ofbutter was not'wholly due to tho dry season, for. it. seems-that the manufacture of-, cheeso .' has cut into that of butter.. So far as Wellington is concerned, butter is at an abnormal pries, unwarranted from; any point of : view. When the advance was first made in sympathy with London quotations, the public" was given' to understand that ; there would be a-',sym- - - pathetic decline. values have got' back : to normal, and the excuso 'now is that the butter in store belongs to speculators, and the jsica of the commodity is higher in New

/Plymouth and Danncvirke. Nothing is said as to the prices in the other big centres. However,; there is.a prospect that supplies will accumulate, "in* which- case the price in the winter ' months should be much lower than they are now. The speculators who are hold T ing 100 tons of butter in store .in Wellington iust.now will be glad to sell for considerably less than-l-ld. One thing is clear, and that is, whatever mistakes tho speculators may make, and whatever view they may take of tho outlook,, an'endeavour will be made to saddle the public with the,loss, if any. - Turning to the exports of, frozen meat, there are decreases, in' quotations' and - values : in all three sections.';-Lamb is perhaps the most favourably situated. Continuing the comparative: tables we got the following:.— /' : • i" Beef. "•V"-''V '1908.' : > ■ 1907. ■■ Cwt. X Cwt. .£ ■ January 18,142 . 20,108 , . 36,563- 45,035 February ... 39,049 ... 46,398' ' 35,553 43,845 ■ '--V • 57,191 66,506 .72,110 £8,850 . f v ; . . Mutton/. ' . , ' " 1903. 1907. . ' Cwt. - j2 Cwt. .8 January ... 49,669 , ■|6,320 103,917 139,793, February:,.;.. 72,143 . ; 99,337 127,493' !'. .' 121,812 164,485 203,254 , 207,256 Lamb.' f 1908. , ' ' 1907, ""'.'-'"'Cwt.'- £ Cwt. £ January ..., 41,554.75,412 75,005. .138,006 'February ... 94,885'- ,179,322 .. 86,705 15-1,153 13Gi739-.; -'25i,734 161,710 . 292,759 If we compare the number of'carcasses shipped the shrinkage,-is seen to be very marked. The ,fig;ures'.'f6r,,muttpn''and lamb are as under:— "■ " "" 1908. ' 1907. , ~ Carcasses. .Carcasses. •-Mutton'- ... 226,188 380,778 Lamb ... ... 460,320 546,512 i-'S ~ 680,508 927,290 The decrease in the two months aggregates 240,782 'carcasses; equal to nearly 26 per cent. From the reports'trom the country districts, tho people were led to believe ( that 6tock was being rushed to the freezing works, but it seems this; was an • exaggeration. . 'p ■ ;;; - ' A difficulty hitherto in connection with the ;use of ramie for textile purposes has been the softening and .degumming of the fibre. .A process lias : recently.'been discovered by . Mr: W. M'Gregor'■ Smith,'-Shanghai, by means of, which, it-is-reported,.'the ramio fibre, direct' ifronii the,, market, . becomes a soft, filasse, far superior- to. cotton yarn, and very much like silk.'"The process lasts but ten minutes (says a Shanghai journal, in its report of a demonstration by ; the-inventor), and is most simple.

~"A condensed milk factory has been established in. Natal. This is tho first factory of the kind in South Africa. Last year the imports of condensed milk-. amounted to 27,311,771 pounds. ' ' Quotations for the- South African brands have been made at ss. per dozen tins, free on rail, at Port Elizabeth. In an article on the trade of 1907, tho " Leather Trades. Eeyiew" • remarks' Mention must be made of * th'o - increase in the export: of shoes; this amounted to. <£2,039,709 in 1907, against ,£1,956,913 for 190G—a satisfactory sign that our shoo,, men.. are . fully _ alive to the chances;'pf-foreign;.trade expansion. The imports of shoes', too, "by' the way, have now fallen, to about three-quarters of a million in value;' 'the figures l for 1907 . being ,£727,751, against .£795,515 for,-1906. From certain standpoints it is also"'satisfactory -to feel that the imports of leather reached high-water mark last year, and that a sensible declino has set in; after deducting the value of - re-exported -leather, -.our i.bill-X with _ other' countries amounted to .£7,267,816 for 1907, and .£7,983,035 for -the' previous year, the decline being very marked in the case of Amcrica, whoss business" with "Britain, fell from ,£3,799,717 in 1906 to'i£3,29i);l7l'-for'lnst year, and this at a timo' when leather values were very high. Summing" we think it is fair to assumo that . the ; trade figures for 1907 are decidedly en'.'couraging'; and'prbv;e.'that , the'leather and kindred industries are in a prosperous condition, and that lost ground is being gradually regained all round. /'A beginning has ; been made with the great census of production of the United Kingdom, which, as directed by Act of Parliament passed last session, is to bo taken in 1908. The industry, first to be tackled is that of coal and ironstone mining. Schedules are being sent out. The . form 'in which the informatipii is tb. be'/givbn has been decided by the;-;\BoardVof ;Trade,'/'in consultation, with a strong committee representing the idining:! industry. Special precautions are' taken to securo secrecy, apart from the penalty of-tiro,: years'"hard labour,, or other imjrisonmont ; or "fine, .'which, hangs over thoso 'who. improperly, . disclose information. Mineowners';;; are".; required ,to stato the output in tons for tho twelve months of 1907, and selling value iat tho pit or works; the number of persons' employed; number of days on which minerals were drawn; and capacity in 'horSt-pqWjr' .ot "engines, employed. STOCK EXCHANGE. (Btf ' TELTiG ItAi^il- —FIIESS ASSOCIATION.} r Dunedin, March 17. : Stock Exchange sales: Molyneaux Kohinoor, Is. . LIVE STOCK SALES. BY TELEGRAPH —SPECIAL ■ CORRESPONDENT. <• ' »'<•">• •Paiiiatua,' March 13. The biggest- yarding y of sheep this year wns penned to-day at Abraham''and Williams's 'and Dalgety and Co.'s sale. The yarding of ,cn,ttle was up to, tho average. Two-tooth eweß made from 10s. Gd. to 12s. Gd.; 2-tooth wethers, 10s. 9d., lis. 10d.; 1-tooth' wethers, 12s. 2d.; aged ewes, ss. 9d., Bs. 7d, j full mouthed, 10s. Gd., 13s. Id.; cnlls, Is. Id.; lambs, Is. Id., 76. .6d,; rams,.Lincoln, 3i t0,5 guineas; Romneys, i\ to 3J guineas; culls, 30s. Springing cows, 305.; 2-year heit'ors, 225.; store .cows, 325. 6d., 335.; 2-year steers, 705.;. 2.1-,vear steers, G2s.; 3 and 1-year steers, 955. With few exceptions, all lines were cleared, Messrs. Dalgety arid Co., Ltd., report having [held their Pahiatua Bale yesterday. More,

sheep came forward than wore advertised. Bidding was fairly brisk for wethers and good ewes. There was a small yarding of cattle, for which there wasapoordemnnd. Wcquote: 4-tooth wethers, 12s. 2d.; 2-toolh wethers, 10s. 6d.; very small wethers, 75.; 2-tooth ewes, to 12s. 4d.; f.m. ewes, ss. to Bs. 7(1.; cull owes, Is. Bd. to ss. Od.; Lincoln rams, 2-tooth, to 5 guineas; 2-tooth Romney rams, to 3} guineas; aged rams, to 1 guinea. Dalgety and Co. reportAt our ' Marton sale there was a good entry of sheep, and good demand for all classes of young sheep. Boilers, 2s. 2d., 2s. 4d.; cull lambs, Is. Gel., Is. lfld., 2s. 5d.; wether lambs, Bs.; Romney rams, 245.; and others,. 6s. Cd.; fat and forward ewes and wethers, 12s. Id.; 2-tooth wethers, lis. 9d.j aonnd-month ewes, Ds. 5d.; Lincoln rams, 11 guineas; fat and. forward ewes,' 10s. 3d. A good clearance was effected. GRAIN AND PRODUCE. (BY TELEGRAril —ritESS ASSOCIATION.*) CimiSTCHUncu, March 17. 1 Growers are offering very little wheat, and, while buyers arc inclined to lower their limit of price in consequence of the weaker tpne in' tho London market, sellers are holding firmly. Tho splendid crops of wheat in Otago are also impressing the Canterbury millers, who look for a considerable surplus despite the fact that the total acreage for tho Dominion is smaller this year than last. Only a few lots have changed hands locally during the week, 2000 bushels of Hunters having been purchased at 4s. 3Jd., and 400 bushels of the same variety nt 4s. 3d. There is nonbusiness of any moment passing in oats, tho amount of grain stacked this year being much larger than usual, \and offerings are restricted partly oil this account, and partly because farmers are not anxious to sell oatsat present. A few sales of chaff have taken place at ,£4, but buyers aro finding difficulty in reselling, and, consequently, not inclined to do further business 'at tho price. The demand for cocksfoot from the North Island has resulted, in prices being very high and firm, and a 'mercnant's sale of a lino of lGlb. seed at 9d. is the highest figure recorded for some years past. Onions have advanced in prico, and are now quoted at .£t 15s. to £5. LONDON MARKETS. '• BY TELEGRAM—I'UE6B ASSOC MION— COPYRIGHT, ■ i • London, March 10. The wheat and flour afloat for tho United Kingdom is 4,530,000 quarters; .for tho ■ Continent, 2,555,000; Atlantic' shipments, 135,000; Pacific, 45,000 quarters.' . ' ' Silver is quoted at 25 9-16. Mrs. G. G. Cooley, spiritualist medium, will deliver a short .lecture, give messages, and read characters in tl\o New Century Hall, to-night. A notification in regard to tho arrival of the s.s.' Star of Scotland, which, is, expected to arrive i to-day, from London,- appears in another column.

WELLINGTON • SHAKE IIST. ; p"S a-5 •; . mem' TI-M COMPANY. * Balance 4* ' S> ~ : ~ • ,ft • .. ,'v •"'( Forward (4» Sbara - rfp Euyor. Heller- saIo. Investor. •,-'. ;i'• •• £...'. •£ \ #■ £ 8, d. i 8. d. 8. d. £ P. d. . •• ':oc(f(OT : j ; .,:;#. ..-.io »». 6 ]" J j> 5 * ° f.S 5" KationM;-' - . . - 375,000 . « 15 13 6 6 6: :6 7 6 6 7-0 612 S 100.TO •«<«"' ! nnlta. J3 ■•':' ' ■ :1 8 0 1 8 0 E 7 ! Now Zealand',?"'< • > 500,001 ®*'£S f' ' 10' , JS i BofithBritttfiVV. I-;;;.'. 1CMM 4 M? I. ' .» •' !" •!= Ronflanl- 15.030 87 " a5 f- "nltd. w 189 - ■ ,8 5 10 • 10-aj ,. 10 . 3 6 JO °'° » O'O ■ Metropolitan,Bnildihj, ;",-;-.49.5pi..' .;.T,'~5.'' ," 3 ?" ""SJ*! .. .-..Ji "-'n '11 ■ b— —oil- fl -in 6 .' « 44 ,. WcllinatonInvestwv-: *#BO0».v.> «g4»W ''' ,6 ' 'S^r' ''*" 7 10 0 ' •' ' ? 0 6 I 7 0 ,/ ■ Wd'gSofaffiusJSKiiir-■--{•■ -■ s 8 . !>f <10 0 1 5.70 SationalMorteagii—; -.100,000. - - : 2??'2£- ' ' 10 • ; ;•••.. • *,f 5 • *.£ 2 • » i : N.Z.anaRiverPlato - '300,000 , |g.«» \ ;mf . . 7 ! J. 1310 . 110. .0 .413 4 V Loan and Mercantile - -135,831 . 315 ' lJ3 ' '.M 6 Op 0 0 5 3 Of 0 10 0 0 ' GAS,'' ' ■ to a el ' ' • c • -t Auckland - ...• ; 160,370 ' «Mg. 6 ni ]6 • 1n „ .„ . - . Christchuroli : . - J52.0M ■ ? .; »>}.- .10' 3 ®,f ® . 10 0 0 5 0 0 KoUdinc « • • 10 803 ' 103 •• . Dil • —. . 017 0 . • • ; Gisbomo . > :• .17,SOI. 1 ml li| .880 212 0 210 0 .510 0.' Eawera' . . . . 8,65.) „!« : I • i ' 10 • New Plymouth . . 18,001 3 ' 1M "»!} 10 i - iiapior - - - ' . I „ 1M . 15 ..„. v. . . . <0,937j- ' al83 . 5 5 15 , ■ ] • : '; v l . .'.3 : as .. v ■Palmerston North ' ■ f.7,00D J 1 " "l. ' 10' ' . „ „ . „ "■. VcUineton.- •,- : ■; J24.570l , JO-- ° 17 6 ' .. fantcrburyJ83.737 ,' •• jjv • .-Si ',. 8 0 0;, . • < , V ClirlEtchnrch ,- V- • • 1CJ,:S,1 . ' rrfi' ■ i- u * . - n „ n -il £ n r. n f; ;e.ear • ;• Vi&tij))' , u^ :i • 2-10 0 .290 t 1 3 Wellington Moat Sxp Vt :®. ' nil* ■ 8 -.■• <- ,613 6 , 105 7S51 C3.757 • 41 \B 600 . '5 '2 0 520 f5B6 - , . u . v J, ... ..,f 8 .. 2i v 8 "35 o '3 5 3 '356 663 ;Wanganni ' '• V<5,853 » ullAQi- , : i> ; . . uJ*; , . , 8 • - . 170,001 MM??.; .,.,1 *■ - !SB - „ 236 • r30 N.Z.Shipping - "• - -,473.81)' 5 . , ,, „ " J DnionSteam • . -:800,05V .A7-,D3i 1. nil.,- ...7i . 114 0 1J5 0 Vl'filn, Steam Ferry''.' 46.25J' ' ' w • *1 ■ liti. a" • Westpor6° - • ' EGO,00) '. »T,®S'.< & ' .li 12} 7 5 0 7 8 0 6 0. 0 l'auiriri - . - ' W.WJ , ,.-.,1/ 0..0 , .(1-1 0106 J 1 i . . \VOOIiI/3N. ' ' ' ,.. -. Kafapoi- - -\. 100,001 . 5 ' "*• -6 , .toosgiel- . . B3,4i/ J ! J 1 4 .3 10 ■Weliingfeotiv. . •- . by,l>3) i a g.- 3 3 0 3 6 0 S 6 0 • 7 5 6 - MISCdljI/ASEOUS. - • * iJonagbyKopa • • -. - . 47,003. ' • 1 • •' n }f —" 6 0 0 ■'-«'« , . LeylaBd&0'j3ri3i - 25,0)J.. , 1 ' uil 15 2 S 6 2 4 .6 . S 4 0 C16 4 .JiauricevillaliiuiJ. . 7.WJ ■ S,:. ' • K.Z;Candle * *■' - . 10.00J * J™ y VL . ' : - K.z;Drugs - - £00,WJ " :• &.5U mi- - 7 - «11 0 2 12 6 111 0. ■ 6 3 0 . ii.Z;Pap0rMili3-. * ( { 04,753 - '-"iijf-i •ri -'-i: 2 • 9 1 3 6 1 3 3 6 0 C K.Z.CoraeuS- « . T ' JU.OUJ . 2,Ml - '1 * ud- •'*112 0 112 0 Mftnninii« Cj. - " 90,1?))- ' »* 3 i v i .10 • , Ward & Co. -. ; - - \ WA"? J 1 . 10 412 0 4 11 0 4 12 6 ! Vvytn.OperaHouu. - - 1S.&-W * 1, ? al J . . Virgtn FrosnFooLl •'""'• _ =-SS.iitil " *7 i r , "~ Whitcombe&Tomb3« 46.25J .. cO.loV .. • . , .13 : . 4 4 .0 0 ' Biittriaad, Limuei ;. • *-U' ; ,019; 0 018.3 8 4 4