COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 710, 8 January 1910, Page 8

COMMERCIAL ITEMS.

* . ': TUB' JTEEEZING' COMPANIES. . '. Tho freezing companies in New Zealand are threatened with labour troubles just when they are on the'noint of workine full time, and at hich pressure. The meat business has , '.-'not'been a profitable one during tho past year, and. all. the companies that buyv.stook for freezing have suffered. One has merely to. look, up the balance-sheets ■ recently iGsucd to realise, this.'.-- Tho .Wellington Meat Export Company made heavy losses and. in their report, the directors recretted "that they have not.a.lmore satisfactory balance-sheet to place before shareholders; but, owinc to'the London meat market..steadily and: persistently declining ■ almost from tho commencement , of the year, and finally utterly, collapsing, tho purchases of stock on the company'e own account have been ■ very unprofitable." .... The Vranganui Company lost very heavily, and'it is bolievcd that other Korth Island companies Buffered severoly.. The outlook for the;meat market is not- very promisimr. , .Large, exports are going forward from Australia and Argentine; and, furthermore,, there, is a. great deal, of in Groat Britain. ■ Everyone .hopes thai , the dispute will. be amicably; settled,' and that nothing,•will bo done' to check tho output. The farmers- are: as much interested in the. threatened strike as are: the freczine companies.'. . . ,'.; > ':,..;. ■ -.•../' .-.; ':■"'■ ■■.■"■ . THE MONBr-IIAEKET. '".■!■ '. ;; '''';, ■ The ■ reduction; of, the: BanW of ; England rate from 1 J to' 4 per ; cent may be regarded as a normal!movement,"-.The bank will now havo control '.of considerable funds,-owing.to the payment of- the,, income tax into the .Treasury, account,, and this- should cause further reductions in: the rate. It is very.-probable .that 3 per cent, will bo fixed as the minimum' ba-. foro tho'. month'.ends.' 'Money: has been .comparatively dear in London for a-period ,of threo months;-. The: bank rate was advanced to 5 per cent., on.October; 21, and the .imposition of.a.higher rate was averted; through. the-: action r.ot '.the :■ Bank of: France. The.'French; institution extended . its . operations. ' in ' tho direction of discounting English bills, paying gold ■■. for them.; It" paid sovereigns and American eagles for Englislv!paper, eharging-JJ per! cent., on, the condition that, at' maturity, they should bo.repaid in. sovereigns; and, English bills oh i'ronch houses' it discounted free' ■ from ■':- any. ,'such stipulations ■as to 1 repayment. :■.■ French.writers : held that' this : step enabled the Bank.of .England to avoid a-- ; f urther rise, in the rate.., ':, THE BUTTER' POSITION..' AT 'HOME.}.; The imports 'of butter. into tho United' Kingdom for-tho first ten months of 1909 t0ta11ed:3,«2,313ewt.,-:compared, with 3,551,401 cwt. for ,tho corresponding period .of tho previous ■ year, and Svith 3,638,638cwt. • for the same period of 1907. The falling-off in supplies waa siid-to be noticeable in the shipments: from, nearly all the producing countries, the. exceptions :belng Now. Zear - land,. Sweden, and' France.' However, an increased.. Homo .'production helped .to mako good ' tho smaller imports . from abroad. It'was expected that: : by the'end :of the. yoar tho imports of :but,ter would ,top ■ those ■-. for ■:-. 1900, i as -increased quantities woro on their way. from- Australia' and Now Zealand, There.Jiad been a scarcity of best quality t at Homo : for some time, past,. and.'tho ,demand''bad; bcon' chiefly .for this- description;- -Thera 'were fair stocks of Siberian buttcrihcold store at Baltio ports, - ' also inland. in Siberia, but , Germany, was expected .to ;tata the greater., part-of this supply in order to makq up tho deficiency of their internal production. It'was stated that recently, secondary butter had been boughtin liondon for export to Denmark to help make good there the largo:export to Germany. In this country fair quantities ■ were. in cold' : store,''.but tho' general- position\was healthier than'last year, when .there was Va-'.vory -'considerable'speculative element ,in, the : situation,;,which, subsequently! culmin-; 'ated in.ruinous '.losses. - :■:;..-: •, :r ; -■'•;■;.'■;;• ''■f ,■'.•■.: OUTWAED PEEIGHTS.'' r ,;' :V. ■ : In'roforrins to; the/advance in' outward freights on measurement .cargo ;per. steamer from London and Germany to.:.Australia,; "Tho : Times" of Tibvember 23 stated, .that (it: was; not unnatural that the ..shipninu. -companies should wish in: some ~way , to: make, good part yqf the additional, cost, ,of rnnning'their". vessels,.'as they -antici-. patod very .heavy,, losses duo, to,.the difficulty of securing; coal. , -'■■An instance, of a , steamer which'' left; -Australia in the first :days -of •■ the 'strike is", given.. • Tho .whole; ' of" the V insulated ■> space ■• for .3000/ tons.- of., frozen meat had been.booked, but tho vessel was,'obliged'.to'sail with space for 1200 tons: of;.this unoccupied,-and' tp.com-i pleto '■ her : bunlierinj: "with. coals ot 355. bd.; per. ton,; in stead of the nsnal i'ato of: about !l3s. In this case,: tho loss;is estimated at 'about £300!), and assbowas..partly loaded, with 'cargo, and .largely, f supplied.' with coals before; the bcßinninsj'. of. the-• strike; ; tho case is no criterion of the seventy, of the.'possible';losses. -."' ,■->.■'■ .'".;;■■-•.,■ '-:■ ■'. --: ';'.;■ •;■ THE WOOELENi'TEADE.-'.I-' ■'.'; ■ ■.'.-. According to tho "Manchester Guardian ,, the West .Hiding woollen .'manufacturers have no cause to -complain of the lack >of.' orders, and although '■ many of them, do' complain of the: small-margin ; of profit the output is very largo. .■ Some time aeo the Turkish military authorities : placed considerable orders for khaki in the heavy woollen district. . These are now approaching completion, and repeats aro confidently; expected.' ■ '■: Both China : ; and'. Turkey , requiro largo Quantities for- the 1 new service uniforms which' are .part of ;the", army reorganisation plan in;,both : Empires. If orders for these aT6 placed, in ¥orkßUire, ; a largo number of looms will' be'with- , drawn from competition in tho ordinary , markets, and manufacturers generally will reap the benefit.. -That , the. woollen manufacturers havo. great, faith: in tho future is proved by their '~-recent purchases of :raw material.. ;The,'.Home-' demand for ■finished goods is, steadily increasing, , and. .some , sanguine:spirits- believe that the woollen trade is on : the eve -of another, of its periodical.-'. booms,, though. booms., are. rather, discredited :■ in. Lancashire. ■As the boom is not yet here, perhaps oho must not make too-much of, reports from Germany that,■ in .spito:of high 'tariffs.. the' woollen trado is ina.state , of 'dcoD , depression. '■-■■• ."■;,■■■.■•'. ,-':'•■'/"'■ ■■■>.-.'•'■■''■■■" .■'•.!■:':■■■•-■• r--.>'-. : V ••'''•MOTES; •...■■■ :-. .:/.;'•:' ■.'■'.'.; L Tho i.Wcllington Stock 'Exchangp yrill.'-bo rc-opened on. Monday; and the daily sittings will bo resumed.!-/. :. ~ .'•;■■ Latest reports from; Germany respecting the iron markets there-'advised, that at the Dusseldorf iron prices were further advanced, Quotations on November j4 being as .follow:—Spiegoleisen had been raised-.from £3-£3 4s. to £3 25.-£3 45.; Luxemburg ■ Thomas' iron.from £2 Bs.-£2 lis. to £2 95.-£2125.; Gorman smelting No.vi: from ■ £3.185.-£3 .to'£2-195.-£3 Is:; German smelting No. 3 from;£-2 17s>£2 19s. to £2' 18s.-£3;. and German hemitito from. £J-£3' 2s.' to , £3 ,ls.-£3.35. ■;, ; ':■:.■'>■ ..'.'.,. ■ When ' the .pnited States ' Government took orer thoworks on. tho Panama Canal from the French there remained 78,004,0G0 cubic yards to bo oxcavated' on'the■great Oulebra "cut," and one half of: that excavation had • been completed on Octobor 23.. the total': taken out being.,-, 39,002,299 yards.. Including ;tho work done, by tho French,; thin cut is now not far short of twoi.thirds finished. That is, much, tho heaviest' work; on the;canal. ; ;; , The exports of ■ tin, from tho Malay' States (tho world's greatest show a falling-off this. year. ~; T hey amounted to 35,490 tons in tha first nine-months -of ,1909, as compared with 37,243 tons in the corresponding period last year, a decreaso of. 1753 tons.. ■:;.-. '" . : ...; ■; .-• -..;.'■■■ '-.■ 1 The official report on the production'and' consucjption of' coal in -India, issued . a few weeks ago,-.'states that from =1,015.210 ' tons in 1878, tho production rose to ; 12,769,635.t0i1s in 1908, about 90 per cent. of. tho total being raised in Bengal. ■ Tho exports Bo principally to Ceylon and tho Straits Settlements, -the third place being, occupied by Sumatra. Tbo: consumption ■•■ of ■ Indian coal by Indian railways, includinn workships,. amouiit3 to 3,684,000,.t0n5,'; and shipments of - bunker.. coal .amount to ■1,100,000. tons.: Indian' coalis consumed ou •FV-mors, of almost all the lines that touch a t Indian ports, being mixed in some cases .with Welsh coal. ■ There appears to be a fairly general: consensus of opinion', that Welsh coal has about 20: per cent, more burning power, but that, on tho whole, the quality, of: Indian coal has: improved in recent years. .■.;;' : , ■ ■~.:■'■::" ' After '.'.lamenting tho bad, condition of trade for thoyeariust closing—conditions ascribed to ovor-productipn—Calcutta "Capital" (Novembpr.2s) mentions that the Juto Mill Association ; committeo havo tho matter in hand, endeavouring to bring tho mills into lino on the proposal'to work-a five days' week during tho;whole of 1910 (a' shortor • period is considered ■ uccless) Tho proposal haa commended itself to thii common sense of tho vust majority of tho mill ..agents, already, and hopes are high that practical unanimity .will bo the result of the negotiations.-.. Vlt is, to ,bo hoped," Bays "Capital," "that vj,- disloyal recalcitrancy on tho part of one! or' two will bo able to upset a proposal' designed for the good of the' whole. Industry,". ■■ •

Tho annual report of tho'.Panama Canal Commission estimato that the total cost of construction will reach £59,400,000, and that with the purchase price.cost of sanitation, 'and civil governments the total bill will amount to £75,0C0,(iC0. Tho original estimate of the cost of construction, inclusive of policing'and sanitation;, was £28,800,000. In 1906 the' cost of ■ construction alono was estimated at £27,800,000. Tho. increase in the present estimates is attributed to tho : .fact that twice tho.amount of '• work',. originally contemplated .was found, necessary, and' that, labour and material have grown more expensive. Tho iotal amount expended on the purchase and construction up to October 30 ' wa3 £30,200,000, nractically one-half tho total estimates. It will be remembered that the Payne Tariff Law authorises tho .issue of bonds to the amount of £58,000,000, which, 1 with' the £16,800,000 already issued, will . cover the wholo cost of tho work unless • once. again tho estimates are found too low. . ..< ..,_/ ■. ..: "'-;■. ;. ~" '.- : Customs'revenue*collected at Wellington yesterday amounted to £1885 10s. 4d. . '. ■'-. ./WELLINGTON MARKET-EEPOET. '' Messrs. Laery and Co., Ltd., Wellington,, report wholesalo prices ruling :on the markof:—Wheat, fowl, 45.; Bd. to'4s. 10d.; feed. oats, 2s. '2d. to . 2s. 6d.; dun op.ts, 2s. .4d. to 2s. -6d.; seed oats, 2s. 4d. ■to 2s. Bd.i maize, 4s. to 4s. 3d. j crushed ' malt, fowl barley, 2s. 4d. to 2s. 6d.; Capo barley seed, 2s. 6d. to 2s. 9d.; flour, New'Zeaiaud £11 ss. to: £11 105.,' Australian '£12; to- £12 10s.; bran, £3 15s.' to £4; pearl: barley,- 155.; peas. , Prussian .'blue . ss. 3d. to' ss.>6d.V split £17 10s.;-bonedust, £s ; ;iss;;. superphosphates,- £5 to '£5 55.; pollard, £4:155,t0 £5 IOsj; basio': slae.-'£4 10s.;, chaff, (oatensheaf), £3 ss. -to £3. 15a.: oatmeal, £11'. to' £11 10s.;- potatoes,,- old ta.ble, £2, to £3; potatoes, new, £5 to £810s. per ton Victorian onions, 7s. 6d. to Bs. 6d. cwt.; molasses fodder, £5; bacon (factory),' sides 73d., hams Bid.', rolls 8Jd;; butter, prime bulk, Bd. Poultry-Hens, 3s.' to ;3s. 6d.; ducks, 53. to 55. : 6d'.-, turkeys, gobblers 18s. to, 20s.,:hena.l0s. to Ms.'; fresh eggs Is. 2d. to Is. 3d. doz.;.cheese. S}d.'to'6d. 1b.,10af,65d. to ;7d.j : Akaroa machine-dressed ■ cocksfoot 7?d. to Bd;' per lb.. farmers': dressed cocksfoot,'sd. to 6d. per lb.;". ryegrass, 3s. '9d. to;4s.' 6d.\per bushel; .Italian- ryegrass,35.. 6d..t0 4s..'6d.;bushel;: white,clover.-70e, to: 755. per ont.; , red clover; 75s..per; cwt;; . cow-grass, -755, i per,-cwt.;, alsike, ;825."6d.' cwt.; mustard, j4os. . owt/.;,.-'rape . seed,: -, 265. cwt.;.timothy,.32s. 6d. cwt.f.Swede and ' turnip seed, "60s. ,'to 60s. cwt. ! •'.'•. ; ': '■ Tho Now; Zealand Farmers' Co-operativo' Distributing Company, Limited, report as follows:—: •'.:-: i' .•'..'■'. :■'. -;■' ' , . Now that ■ the ', holidays: are - ever, values are more even and-tho, demand steadier.' : Fruit. is 'all in good demand,'and., the . prices fair, for good lines. Wo. aro:receiving .very large. supplies of .vegetables. from ;the Hutt, all selling readily ..at ,higli prices. 'Auckland are .now reaching.:us, and a sharp decline:in• values has: eventuated. Potatoes', aro improving in size, and quality," and. tho market is- ■ firmer', at', higher., value's thanslast -week;.Eggs art'lstUl'iin ;good demand:"at ,ls.V4d., • but -a decline 'is 'probable. ',Butter,' is.-in' largo .prices' uriohangeoi" but ; deoreasmg., supplies which' will, no doubt follow shortly will mean a firmer market. , I^ew Potatoes, best, Hutt £9,. : medium'£7,' others £6 per ton;■'cabbage, choice 75., ordinary ss. per. sack; green, peas, 7d. to Bd. ' per. peck;. carrots, Hutt Is. : 3d. por doB, oxcellent demand; . turnips, ■.white, - Bd. to 10d. doz. ;■ excellent demand jveeetablo marrows,; 3d. to 6d. .each; good demand';;let- • tube, choice 25., fair is. : 6d. per case; spinaob, best, 2s. per. case;' French.beans, , choice .Hutt,. 2d;; .other..'lots, -Id.'to-'lid.; cucumbers, .hothouse 65., ■ outeido.. gro\ra ' Is. to 2s. 6d. per doz.; broad beane,: jd.; to Id.,per;lb.i,spring.'onions; ls.'dozon bun-' dies;-radish; 6d. to, 9d. dozen bundles;- to- '■ matoo,s, hothoiisolOa. 6d:, outside Eeda v ßs./ .'medium'.Sβ." per i-case, good demand; rhubarb, Is. : dozen ■■■ bundles, poor demand:6d. per: lb.'i'.'apples,' cookers, large'4s:".6d.,'.small 4a.'- casb;;4os-'' : sert,;,- well./coloured,'. 9s'. .--od., >■ bthers-i 6s.' per case;■'apricots, choice largo -ss.':6d.v medium 4s;-6d.,. small, peaches', choice: dessert - 65.; ■ medium 5§., ■ small 2s. | to 3s/' 6d, per .S'-caso;, plums, cherry "largo i 45., small '23;:6d'.,''. dark.'3s...td-45.,'; Blue" , Diamonds 55: , ,-.,Ogans; 25.;.6d. tp:;36." '6d^",Bur-, banks butter,■ best' separator,' printed :.wrappeW''^d;.: , to->sdi;' : '- , Bepara'tbf, , : : , bulk,.Bd:, V.dair?..'>pats , '7d.-tb:-Bd:';'rc , heese; ; best .factpry,;mediumß'6d.-.;poralb.,: lo'of -tU-" lb,;..eggs, ,ls,:;M. per...doz.i.;good:;domand; , : bacon,..factory,: sides Bd..- rolls:-9d.,hams : 9d: per.'lb.; 'honey, demand :is,'weak 1 now . jam fruits available, 6O"s4d. per 1b.,-bees-wax.' strous inquiry; consignments 'would realise high;valuesj fungus, keen: demand at Sjd; per lb.; \yalnuts,'.scarce; early-lots' would .realise high values;.-tallow,'.;tins;* 215., to 228.;cwt.;- .w001, , . Ehpripskins, ■■■ and hides.:, snecial'n'ealffi'on 14,''-"i910.; .Onions,' Melbourne .Globes, £810s. per 'ton; : strawberries, ,ls v : per...lb.;.; raspberries, 4,8. . ,6d, to. 55.. 6d.^rtr/bnpkptftßrTants,'.yac>; ! Ba. M. to'.9s.-6d;', r^c'r f }.cas'o; currants;'red, ;• 6b..t0.7e..per 1-casp;;nectarines, choice'6s. 6d ; ...medium. 4s;, : ;Broall 2s.;.';iier rj-case; ferapes, NelsonV Is. ; 2d. tb:'lk ; ' i 4d.''- , p0r ,, 1b. i-P.oultry-Coclierel»,',"'6s«: 6d. to-. £s. '6d. ■ for ' good Mr.dß; small,-' 3a.:, 6d.:: table' Toostors', •4s;; 6dA:torsS. - 6d.i",tal)le .'h'eh'ej^T.'lsniaU'i' .; 3s. -toi ,35. , 6d:;. ducks,': large '6b. 6d:; small'' 55..,'6d. ,per- pair;.;turkey - gobblers,~-lCd. ?: . per :1b. , ;, liens, .Bd..per :lb.;'livo woight.'' ,:..'.; , ,;;;;■ ",;:BANK'.EATE:"EEDIJOEb;';' ; :/;' : ; : V ,'iV. ■■; .■ FWVL:ji:,m ■ 4 -PEE CENT? , By'Tclegraph-TPress-AssociationT-CopyriEht :. ' . : ,; ' .-'■'-.' 7-'. "■■:'■ '■. London,-January. ; o.' . ... Tho:;Bank of "England , . discount : rate,'■which was..redueed..froni 5 to-4J percent., , was tb^day...further .reducedUo'lper.cent.; /-!>■. : -'^'"^^^(^^S'&Kvv , By Telegraph i rPre3^lisßbciatipn--Cqpyrlrtt , '' - .'.'■'■*'"'.'.;■.■ i »' f - *";f . : :"!t6ndpn?- r irSnujiry•'K"'-''" ';Ear silvbf'ls'qnoleS l at'24''3-16di'per ounce' Standard.b.,,•-,.!;;; .'::•; ,;:-'.V'V; •-.'.■!■:>■:, v.--iV; ■;:■;;;': S^v'^QEAOT^SrJ^KETf ' : (By' Telegraph.-Press.;;Association.) ;;■■-■'■■ ■ ■ ; "'"■■'.; Christohuroli, ■•'■'' Januar y " ,7.'"'- , ,:Thero/is a-fair amount bf-;business-paßS-ing in:laßt'.Bcason's.-v7heat:,:holder3'now being moro ; ansious to :EOll.beforo the now crop comes in, and. millera. are .requiring to, roplehish' their' stocks.,. Prime milling wheat is realising 4b. 2d;. ; to 4s. 3d., and second quality 4s. -to •■ 45.. Id. at country stations. ,. Among the sales reported to have ; taken place' during. , the-, week .are:-1500: bushels of pearl at'4s. :3d., ; lOOO'bushele at ;45;3dv12,000 bushels at'4s.'2d., ICOO bushels at 45.2 d.-, 1200 bushels of tuscan at 4s. 1d.,, and 1000 bushels of' Hunter's at 4s.:id; ! ;'A few samples,: of • now oats' have been '. submitted, but no'business is.' yot roportcfi, and nbtSing. fresh has'transpired in conneotion' with barley, but it is reported that, the crops.'being threshed' out ofstbok are not turning, out well. ;,.-. ' ; ■ ; '■':/'-, : -'- SHIPPED ;ATy AlJciLANl)},;;:}:;^; ; ; ;., : : I4TEST^BUTT^v : ■■".;■■ fFrom Our.Special.Cbrrespondbnt.) : ' '■':■' ■'"'■ '"■"" ; f .-..'•..'•'.•' Auckland, January 7. : Tho output of. the Auckland butter factories, for the fortnight onded to-day totalled, about 600. tons... The quantity to bo shipped Homo for tho .fortnight- is 19,603: boxes, or 490. tons,: a • falling-oil as'. ■ compared with the previous . fortnight, when 612 tons:woro shipped. .For the.sea- . son, from: October 1 to to-day,- the total export has been 3189 r .tons,.as compared , with 2273 tons for-the corresponding period of last season, and tho increase thereforo represents a-big money gain to dairy farmers. ' ',■'"' ■'■ .'.•"■ ;' The Government's- official figures • show the butter exports:from:tho four, principal butter-exporting porta i in; the: North -'Island' •' from; Septembor ; : 1 to, December. 15, as follow :—Auckland; . £193,987; •'" Now' Plymouth, ■ £134,614; Wellington, -.£118,264; Patea, £51,- .. 746. Taking New Plymouth and-Patea to. Kother as represontuig Taninaki, it will' .. be seen that Auckland is now. in the lead without counting in. Gisborne, which exports a fair quantity of butter.