COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 778, 30 March 1910, Page 10

COMMERCIAL ITEMS.

NELSON BBOTHEES. At* tho annual meeting of shareholders of Nelson Brothers, Limited, held in London on-February: 15, the chairman, Sir E.. Montague Nelson, in accounting for' a loss' of : .£70,147 on the sale of frozen meat during the past year - nave an interesting- revic\y. of tho conditions which, led up to the' loss. He' was told that something like a million of money must have been lost on frozen meat at the Smithfield Market during . the», past twelve months. The reasons for this loss were not far-to seek. The supply largely exceeded the demand. • The total increase in the importations of frozen sheep and lambs during 1909 over 1908 was 1,415,000. carcasses. That largo increase, coupled' with the bad state of trade generally in this country, accounted for the enormous loss which nreat .importers had suffered. Between April and August the glut in the market was terrible. He:could not say' that they had never seen anything like it before. Some 20 years, ago there was a considerable glut in the market and the stores, were full, but this was now very much accentuated by the verylarge increase ■ in tho number of • stores in existence in the country. During those months it was difficult to get storage for the carcasses as they arrived. Prices fell to a level that had not been sjen for many years, the result being that the average price realised for lamb was lid. per lb., and for mutton jd. per lb. below that for- tho previous year. Such a loss was 1 quite . unexpected, but he thought they,. might congratulate themselves that they were prepared for it. They had taken .£50,000 from the reserve fund— which was built up for the purpose of dealing with such an emergency—to- cover the loss and to pay a dividend of 2 ,per cent., making 4 per cent for the year. The tide had now turned. Since the commencement of the current year—October I—they had been doing very well, and although it was unwise to prophesy in the mont trade, lie thought there was every' probability that next year they uoultl bo. able to replace a substantial amount of what they had .taken from the reserve on this occasion. It would be unfair to regard last year's •slump as being wholly detrimental to the trade. It was far from being that. The very low prices quoted for. frozen mutton and lamb during the worst period, of the slump, brought the products within the range of quite a large number of new customers; and so tho meat secured <i particularly effective advertisement, the benefits of which are now accruing. Tho trade now is in a. .very healthy condition, and as supplies-are likely to he reasonably moderate during the rest of the season good prices should continue to rule.

THE WOOL TRADE. . Goldsbrough, .Mort, and Company's annual review of the wool trade, which, of course, deals exclusively with the Australian product, remarks that one sensational feature of the series was the strike of the coal-miners in New South Wales, causing a dislocation in shipping, and necessitating a stoppage of sale throughout the Commonwealth, proving, however, in many cases, a blessing in disguise to growers. The growth of the winter auctions is, they state, becoming a pronounced factor in Australian sales, and indications, are Dot wanting that future developments 'in this direction may bo looked for. The outstanding feature of the year has been the strong support accorded to crossbreds of all grades, despite the great volume and everincreasing production of these wools. From March 1 last year to February 23 this year the sales of wool in Australian markets amounted to 1,528.469 bales, of whioli Dal_gety and Company sold 295,721, and tho New Zealand Loan and Mercantile Agency Company 180,239 bales.

„ CROSSBRED WOOLS. At the, last London sales medium and coarse crossbred 'wools declined from 5 to 10 per cent., as compared with the January sales, and this was attributed to the 1 lack of American support. The London correspondent of an Australian contemporary puts another i complexion on the matter. According 'to this authority trading of late had been of somewhat diminished extent in crossbreds of ! medium- coarso grade, the recent rapid upward movement in values having caused a check to business in these descriptions. This, it was. claimed, arose from consumers of the lower numbers of yarn finding themselves unable to obtain an advance for goods; commensurate with that which had taken place in the cost of tho raw material. They, show a disposition to act-with caution, and await developments, before committing themselves further to the purchase of yarn. Spinners in their turn decline to commit themselves to extensive contracts for tops for future delivery until they have secured orders'which priidenco would induce thsm- to cover. But the position of top makers, who committed - themselves a couple of months - ago to . extensive delivery, for which they had made no,provision by the purchase • of. raw material, has.not improved.to anj; very material extent, and the purchase of tho wool they will require will go a long, way towards keeping values steady. The .knowledgo of this and of another' important factor bearing upon coarse crossbred descriptions, namely, the shortage and inferior character of tho •River' Plate supply, imparts confidence to" all engaged in this branch of the wool trade. No uneasiness is felt on account of the present relative lull. All the auctions of any importance ill New Zealand are now over so that the main source, of future .supplies .will be London, and' it is generally felt that the requirements of the ninny'sections, of the industry which, gathers there will prove sufficient to keep prices up' to the January level if, indeed, it not later on ill the year cause-them to go higher.

MANCHESTER SHIP CANAL. Somewhat better , results are. shown ,by the Manchester Ship Canal, whoso report for the past: half-year, appears 'in the financial papers to hand by iho last mail. The trafhc carried was some' G5,3G0 tons more than in; the corresponding six months of 1908, totalling a,378,600 tons. Altiiongh there was a falling-olf in the freight of, sea-borne ■merchandise and coal, there was a larger trade,in some articles of better-class traffic, aud this,. together with - the fact that a larger proportion' of the business . wdi conducted on the Manchester, section of the canal, where the . tolls are on a higher , scale, contributed to the increase in-receipts. .The gross receipts amounted to 'i!i2G,200,"0r .£24,700 more,, and net revenue - was <£466,300 or i 16,700 higher. Net' revenue chargcs were only a few hundreds uu, and the available balance at net revenue was .£17,200 higher at .£168,800. .The balance of the interest due on the Manchester Corporation's loan'was short bjr- : X7000,' ■as against .£32,000,. and- a further issue of three and a half per ; cent, preference stock to this amount to. the council. For the whole of 1909 the.traffic carried was 19,100 tons less at 4,563,400 tons, but re-, ceipis were higher- at ; ,£534/100. NOTES. . The year commenced well for the Suez Canal Company/ The number of .'ships that made the passage in, January' was 414, against 362 in. the .same month of 1909, and- 303 .in .- 1908. The receipts amounted in 1910 to in 1909 to .£412,800, and in 1908 to £345,200. ' Last. year, on the New South. Wales railways, one person was killed for every 350,561 train miles run, and. one person was ' injured for every .82,145- miles run. The accidents in Victoria were, however, -lunch more numerous, one .person being killed per 250,902 train miles, and. one person. injured per 25)035: miles. In 'the past •soven years 287 neojile were killed, on the New South Wales railways, and : 344 on'--the Victorian, and 1921 were injured on the' New South .Wales lines,'but as: 4624 on the Victorian-. ■ Tfie New South Wale's' Savings Bank's] deposits at the close of last year amounted i to'-,£20,149,589, showing an increase ot .-£1,3-11,309 during the .year 1909.' In 1908 the increase had'been ii 1,275,123; but during 1907 the expansion attained record dimensions, reaching ,£2,009,625; At tho close of 1899 the savings bonks' deposits iii-this State were .£10,069,434, and in tho ten years; since ' then tliey , have -been doubled.'.

-Customs revenue collected, at Wellington yesterday amounted to .£2852.165. 9d. ; TRADE, IN ALLEN' STREET. .' Business 'was. resumed yesterday after tho Easter vacation, ana considerable activity wa's experienced. Th? general opinion in the markets is that trade is steadily improving. , Messina Lemons.—-Heavy shipments have come forward from both Melbourne and Sydney, and prices are'now .easier. | Banailas.—The Navna is due to-morrow with the usual monthly shipment from Fiji. As retailers are now quite out of supplies, very satisfactory' rates should bo obtained for; this shipment! Grapes.—Oil account of. the low rates ruling South' Australian shipments avc falling oft' considerably. ' After freight duty and other charges are paid, there is nothing left for the shipper at present market quotations. :' Pears and apples continue in . heavysupply, and 'there is no alteration 'in values. . ' . Tomatoes.—Consignments are falling off considerably, and an advance in values seems likely.

Vegetables.—French beans and green peas are somewhat dearer, owing to the shrinkage in supplies.' Onions are still in heavy supply, and the quotations ruling are extremely low. Potatoes.—The market is firm; stocks are light and the demand continues good. Fresh eggs have advanced a penny, and are now quoted at Is. nd. to Is. Od. per dozen; preserved, Is. 3d. Butter.—Supplies have increased slightly, but the quotations are unchanged. Bacon and hams aje in strong demand, and a good business is doing. Poultry.—Prices are unchanged. Tur.keys continue in short supply, whilst geese are unsaleable. ■ Oatmeal and Rolled Oats.—A satisfactory trade is being done ill these lines. Pollard.—The supply is fully equal to the demand, and there is no alteration in prices. •• Maize.—Tho demand is improving, and heavier lines are now changing hands. Barley.—Malting is :u short supply, and excellent business is being done on the basis of ss. per bushel f.o.b. Picton. HIGH COMMISSIONER'S CABLE. The Commerce Division of tho Department of Agriculture received the following cable message from the High Commissioner, London, on March 26:— The produce markets are quiet generally on account of the approach of the Easter holidays. The average price of Canterbury mutton is 4|d. per lb. nominal; there is no stock on hand, but supplies are likely to increase. North Island mutton is averaging <iJd. per lb. The average price of Canterbury lamb is sJd.' per lb., and of other New Zealand lamb 53d. per lb. New Zealand Beef. —Average price: Hindquarters 4?d. per. lb., forequarters S'^d. The average price for the week, of choicest New Zealand butter is 1225. per cwt. The average prices for the .week:of finest New Zealand cheese are:—White Ki per cwt, • coloured 60s. .'fid. Hemp.—There has been no change ill prices. The Manila output'for the week is 28,000 bales. W 00l Sales. —6200 bales of New Zealand wool are held over from the series which closed-this week. LONDON MARKETS. . -.Messrs. Daigety and Company,-Limited, report having received the following cable messages from their London house, under date of March 23:—Frozen meat: Mutton is in good demand, prices ruling from Jd. to -id higher. whilst;lamb is also in very good demand, any change in prices being in favour of sellers. For beef, holders are asking 4d. more for hinds, and Jd. more for fores, but the advance which is. being-.asked is checking business. Wool: Sales closed'firm. As' compared ' with- last sale's closing rates,' greasy super merino wools' and heavy, earthy and wasty 'greasy merinos are unchanged, whilst other,. descriptions of greasy merinos show an advance \)f from', 5 per cent, to 7J per cent. Scoured" merino wools, are .5' per. cent, higher. Crossbred wools of medium ;and coarse; quality, suitable for America, are from 5 per cent, to 10 per cent, lower; other

orossbred' wools of niedipm and , coarse quality are 5 per cent, lower, -the total net quantity available amounted to 139,000 bales, - of. .which 6000 -bales- were sold to America, 78,000 --for- Home consumption, 46,000 to the .Continent, leaving 0000 bales to be carried forward. Rear 1 iisatious of tiio foilowinj wools on account of our clients are reported':— 11 bales' wool, ;on account of Mr. Thos. Harris, Palmerston-1N.,'... 10Jd. 5 bales wool, ..'on' account- of Mr. S. Haul, Palmerston North ......... lOd. 19 bales wool, on account of Messrs. Vella ; Bros., Plimraerton lOd. 19 bales wool, on account of Mr. T. E. Craine, Palmerston North ... 9.67 d. 54 bales wool.'on'account of Messrs: Barrow Bros., .Wauganui 9.61 d. 5 bales wool, on ■ account of Mr.' '; W. L. Falconer, M'asterton ....... 9jd. 9 bales wool, on; account of Mr. J. Devane, palmerston North -9id. , 22 bales wool, on account of.Mr. A, R: Bryce, Palmerston North ..: '9.3d. ' 11 bales wool,' on account of Mrs. F. H. ■ Schorman, Masterton ... 9.2 d. 21 bales wool, on account of Mr. A. , , R. Bryce, Palmerston North ... -BJd. G bales wool, on account of Mr. I. t - O'Hagan, Palmerston North ... BSd.