COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1849, 8 September 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAE.ES. The sales of investment shares recorded on Saturday wero: N.Z. 1.0.111 atid Mercantile at 10s. 5d., and Meat Export, 52n\ 6d. paid at £3 2s. 6d. The Quotations were as under Buyers. Sellers. £ s. d. £ s. d. . Bank New Zealand 10 8 0 rWeLl. Investment — 0 11 9 Christchurch Gas — 7 10 Well. Gas (£10) 15 16 6 - National Insnrantio — 2 8 6 Standard Insurance — 1 12 3 • Meat Export (525. 6d.) 3 16 — v N.Z. Shipping 15 10 0 — "Union Steam — -249 ' Well. Woollen (ord.) 3 19 0 — ■ Taringainum Totara 2 4 6 — . -Golden liay Corneut ...... — 10 0 Sharland's preference ... — 119 ' Wilson's Cement (pref.),... 19 6 — > W.JJ'.C.A. (£5) - 7 2 6 ' W.F.O.A. (£1) - 18 3 i - ARGENTINE - MEAT TRADE.. 3 The National Government has not acceded . to tho request of the directors of the five j Anglo-Argentine meat freezing companies ' to intervene for their protection against 3 the alleged attempt of the American Beef Trust (which controls tho La Plata Cold 1 Storage Company and La Blanca Company) to secure a, monopoly of the trade by increasing enormously tlii3 exportation of chilled beef to England, with the result that the prices of cattle have risen greatly in tho Argentine; while at the same time beef is being sold more cheaply in London than in Buenos Ayrc-j, so that, it is asserted, all the companies are losing £4 on every 6teer -slaughtered. The directors; of the two trust companies declaro that they make a profit on the chiliad beef sent to England, because their system of working is superior, to that <:f the other countries; Mr. Oaloo, one of the principal consignees of stock for slaughtering, has expressed the opinion that the high prices of cattlo are due in part t-o scarcity caused by the drought, that continued to tho middlo of last year, inducing the great stock-owners to sell their auimals, and to let their land for agriculture. The drought having ceased, the killing of cows was avoided as much ae possible, and the butchers hod to buy steers, and the stockowners, who had formerly stored cheap cows, had also to seek for steers, and to 0 compete with those whose business is exe clusivcly tho storing of freezing types. With 6uch competition prices naturally rose. Tho Minister for Agriculture, pre- '• viously to coming to a decision in the ; matter, invited several owners of large • estates and of immense quantities of cattle and sheep to a conference, and they ' advised him that it would bo injudicious to impose any restriction upon any of the h companies as to the number of animals that may be slaughtered. MARGARINE COMPETITION. U Margarine as a competitor must bo taken into account by the dairy producers of Australasia, -and Messrs. W. Woddel and c ~ 00. have written a special report on. thlfl 1- j matter, which they have issued as an ap:e pondix to their "Dairy Produce Review." ro It is here stated that "the consumption of L d margarine iu the large towns of the United - Q Kingdom, fostered by the immense improve- . ments in tho methods of manufacture, has made such cnoroua strides during the pnfit \ Q% two years that it has become a serious IS factor in the butter trade of tho Ujiitcd c- Kingdom; and unless something is dono 2d to neutralise its growth,'the position of Australasian butter in this country may soon bevome critical. The competition of margarino with 'choicest' Quality buttera l , is practically impossible, as it does not li- posse? 3 either tftic keeping qualities, or the fch genuine flavour of high-class butter, and or therefore its s-ale is restricted to those who , Y cannot afford to buy the superior article, J ' It is the secondary and inferior quality butters that aro foeliug the effects of the improvements of margarine, and unless the proportion of those t!ofl" flavoured and in--I.* forior .qualities ia greatly reduced, thftv

may ultimately be supplanted by .their cheaper and much more palatable rival. Messrs. Weddel and Co. then point out how the ma.nufaetu.rera of margarine, mostly wealthy companies, have taken full advantage of the progress in chemical Bcicnce, which in recent years has been 1 remarkable. Tho results have been astounding, and the manufacturers have been ; able to givo to neutral animal and vegetable fats a lactic acid flavour almost • identical with'-that produced in butter. "Naturally tho consumption of margarino has grown pari passu with the improvements in it» manufacture. That the European drought in 1911 greatly assisted tho increased fcuJc of margarine cannot bo donicd; but beyond that accidental occurrence, it is the great improvements in purity, flavour, and quality, combined with cheap prices, that 19 giving margarine its increasingly important position as a factor in the butter trado of the United Kingdom and Continent. Tho best proof of tho growing popularity of margarine is found in the increasing dividends paid by these eompa-nies." HOW TO FIGHT MARGARINE. "What," asks Messrs. Weddel and Co., "can tlie butter factories do to competo with fjuctii'a condition of-things? hiere is but one auswer. In addition to using thsir prosent facilities and opportunity to tho fullest extent, they must do a-3 the margarino factories liavo done, viz., take advantage of all the discoveries in chemical science, stLdy tho origin of flavours from tho bacterial and from tho chemico-physica-l ba-sos, and, above all tilings, remember that butter-making and cheesemaking are fermentation industries which have ceased to be .arts, and have become sciences, and must be. studied from every sci'cutiiic aspect. Success in butter and cheese-making depends upon .obeying absolutely the laws of fermentation by which is produced every good flavour known 111 butter and cheese. There ia a direct cause for every different flavour, good and bad, and if this cause were known it would bo possible to produce whatever flavour waa desired. It is essential tlLat butter and. cheese makers find out these causes, aa other fermentation industries have done. Individual butter factories cannot afford the cost of making researches, but tho total factories combined control sufficient capital to do what the brewers. have done. The universities and scientific institutions in Australia and New Zealand can readily supply many scientific men capable .ot carrying on original researches concerning flavour, and exploring the present unknown mysteries regarding the real origin of each different flavour in butter and ■che'Jse, and could thus supply the factories with the cultures and 'starters' to produce the flavours ' desired. Great as are the improvements iu tho present methods ot butter and oheeso making over those of our forefathers, we are only at tho commencement of discovering and controlling witii absolute certainty the making of butter and chccso with perfect flavours out of every churning of cream and out of every, vatting of milk. Until butter aJid cheese makors can do this, they should not consider that the Sciences of butter and cheese making have reached the limits of perfection." THE WASTE OF WAR. War and armaments aro the keynote of the financial situation all tho world over, though tho effect of public waste lias been accentuated by private luxury. A close observer of financial affairs says:—"The present depression in the markets is due to the waste of war. Unthinking people seem to imagine that. when a war has come to an end a revival in purchasing power comes with it. Hope, indeed, may return, but hope without cash is of little value, and the millions which are spent on a war, even in a foreign country, affect the interests and the resources of every other country, which had any commercial or foreign connection with the billigercnts. Not only is trade affected, but the money markets of tho world being highly sensitive aaid closely connected, are. affected very early, and recover late. Millions have been spent in armaments and actual warfare, and millions lost by pillage, ruin, and tho withdrawal of labour from reproductive work. Tho same phenomenon, which always seems inuxplicauio to tho public, occurred after the Boer War, when everyone thought that the markets would automatically revive. As a matter of fact, they became automatically depressed, and grew more depressed for several years." FIRMNESS OF LEAD. The firmuoss of lead is due to tho exceptional statistical position of the metal, reniairka the "Statist" in a recent icsue. White i<n other directions production has increased in lead there has been no such moveuieu't, aud wheat the 1912 figures are , available it- is probable that au actual reduction in the world's output will be shown. The principal reason for the rjliriukage ii the long draw™ out struggle in Mexico between the Government and tho rovolutiana/ry party. Strikes, too (< in Spain and Australia have been additional factors affecting production moro or less, but from the latter increased Quantities J have lately been forthcoming. For some months now the Mexican smelters have been paralysed through tho severance of all railway communication with the coast, | rendering it difiicult to transport either rciw materially to tho works or to send lead to thQ seaboard. The importance ot Mexico as a source of supply may bo gauged from the fact that out of a total of i,117,800 metric tons 120,000 tone came from that country. Tho output of tho i largest Mexican smelter is taken by one • of the leading English manufacturers, and the interruption of such sunplies has forced the firm in question on to tho open ! market, which at times has had an important influence on prices. Tho present position appears to depend 011 the ii> ; stability of Mexico, and the level of values ! is regard-ed in some, quarters as high, moro especially ini view of the unscttleincnt !of met alls generally. On tho ctiTier i hand, there oro said to be no stocks in Spain, Australia-, Mexico, or in the hands of \tlio consuming trades, eo that to tliis I ' extent' tho underlying conditions . arc ; healthy. Tho visible approach, however, of tho restoration of Law and order in Mexico would lie likely to evoke nerrousj nea> in the lead market and put valines on a lower basis, NOTES. . The British Consular report on tho trado of Ji&pau for 1912 shows that imports from Australia amounted to £1,316,« d against £815,224 for 1911; and exports to 1 Australia. ££88,4000, against £828,297. Tho j inereaso of over £500,0C0 in imports was L due to au increase of £400,000 in. wool and } £100, COO in lead l , which two articles account for more than- 80 per cent, of Japan's whole purchases from the Commonwealth. Other imports from Australia includo animal fat, wheat, skins, bones,, horses, butter, ) and manure. Tho total quantity of lead ] imported into Japan from all sources during 1912 was 18,005 tons, against 10,681 tons 5 in 1911 and 12,816 tons in 1910. 5 According to figures which havo been furnished by the Secretary for Mines of Tasmania, the aggregate value of the 9 minerals raided in the island State during 1912 £1,193,602, which represented an' jtiereiiso of £144,005 oil* t'ab. total for 1911. J liho gold wen aftiomlcd in quantity to l 37,973,255 flic 07.., worth £161,300, as ajraiiist 31,100,873 fine oz. and £132,103 for tho ira--5 mediately procedinir terra, last year' 9 adS anion raisin* tho total gold production of the Stc.t-0 rinco IEBO. to ,tho end of Decorator last to 1,733,660.744 fine os., worth £6 914132. Coal raised was 53,560 tons, valued at £24,568 at li'no_pit's mouth: tin - exported is fihown as 3.715.825 tons, worth ? £543,103; eilver-lpad prodnecd was 90,123.868 S tons, valued ot £309.093; blistea- copper,' ? 5136 tons, at £430,965. Undsr the influence of exccssivc supplies, n quotations for quinine have of late been, depressed. Accordinß to an Amsterdam n roport, an aflreomeut has been arrived at n betwean tho Java planters of . tho cinchona, ~ tree—from which the chemical is obtained „ —and European manufacturers, un<ler which the latter axo to take 5C0.0C0 -kilos i of tnunvne sulphate annually, for a period ° of five years, at a fixed price of 0.05 florin i per unit. The quantity mentioned reprc- ? scoitfi a,bout 80 per cent, of tlio present „ owtput. but in view of the accumulation : of stocks recently, it is thought that pro--1 duction will be kept down to this fisruro q during the term of the contract. Present „ «t«cks are to be takon off tho market by ° a syndicate and disposed of gradually at „ standard prices. It is stated that con- „ sidevablo difficnlti.es tad to ho overcome before the agreement was arrived at, and at one H™ o tl,e Planters threatened to ? erect their own joint, works for the cx--3 traction of miinino from the cinchona ? harit unless the European firms would como p to terms. " FEILDING MARKET HF.PORT. =■ Messrs. A. 11. Atkinson and Co., Ltd., of y Feildins, report a moderate yarding of ■■ piss, and top prices ruling at their market 0 last week. Poultry still commands high :e rates. Medium quality ■weaner pigs, 155., >f IC\5. 6d„ 17s. 6d.; poor slips, 15s. 6d., 16s. 6d.: y mall light porkers, 245., 295., 315., 325. 6d.; is heavier sorts, 375. to 465. Tine harrows, £3; 1C di=c harrows. '£5. Poultry, at per pair: la Hens, 3fi. 6d., 45.. 4s. 6d., 4s. 9d., ss„ ss. 9d.; roosters, 4s. to 55.; geese. 6s. 9d. to 7s. 9d. Star seed potatoes, 4s. 6d. cwt.; Southern Up-to-date, lCs. to lis.; Early Rose, lis.; table, 7s. to 9s. eack; pig do., 2s. 6d.; cauli- " flowcre, 6s. per sack; onions 1&3. ner cwt.; 1 pressed hay, £4 per ton; straw, £3; chaff, £4 12s. 6d.; oats, 3s. 3d. to is. 6d. t CUSTOMS. if Customs duties collected at Iho port of .(I Wellington on SatiV'day totalled £4293 e- 2d., the amount for tlio week being V 3 £20,434 lis. Bd. Tho returna for each of = t tlio past eight weeks.- compared with Uiu j 3 figures foi tlio corresponding period of tho v'l previous year, show as under:— 10 15IJ - July 19 13,703 9,067 ot .Inly 26 21.928 11,292 n, August 2 12.540 12,348 n? August 9 24.194 10,479 August 16 10,344 9,114 ~1 August 23 27,014 27,261 , August 30 15,876 17,218 0> September 6 20,434 10,446 |* 146,039 107^225 lie The beer duty collccted for the past ncr i, n- w.i 3 £194 155., as against £233 16s. for th( corrwDOJLdin2 week of la£t yeoA'.

KORTH OTAGO MARKETS. Q (By Telegraph—Press Association.) ...Oamaru, September 7. Thero is a fair amount) of inquiry for J wheat, but not a great deal is offering, and somo holders of velvet aro not willing to sell at the prices offered. Four shillings net at country sfation represents the value j here. Red chalf has improved m value, ] and 3s. Sd. has been given net. Tuscan ( sellers at 3s. 6d. and 3s. 6Jd., and Marshall's white at 3s. 6d. net at country sta- ; tions. Oats are a trifler woakcr. and tlio 1 present quotations are:—A prime, 2s. 3d. 1 to 2s. lid.; B Grade, 2s. to 2s s o*d. net at i country stations." Tlio stocks m lianu are not thought to bo large. Oatsheaf chalf cells at 70s. net on trucks. Potatoes con- I tiuue on the downward gra<le, and, dur- ' ing tho week, sales have been made at - 425. 6d. and 455., but, in other cases, tho ! prices given have ranged from 30s. to 303. net on trucks. There are few buyers. LONDON MARKETS; ! Mevssrs. Dalgety and Co., Limited, Wcl- ; lington, havo just received the following cabled information from their London office:—Tallow: Scarcely any demand. Good to prime mixed is par to 3d, per cwt. lower, and low and inferior descriptions are 3d. to Gd per cwt. lower. There is nothing doing in beef a.nd mutton. Wool: The market is steady, bub quiet. .Frozen meat-Mutton: Tho demand for New Zealand mutton is fair, and the market firmer. Wo quote New Zealand, 'prime Canterbury, heavy, 4Jd.; light, 4 3-Bd.; North Island, heavy, 4Jd.; light, 4Jd. ;Lamb: The demand for New Zealand is fair, and the market Armor. Wo quote;— Now Zealand, prime Canterbury, heavy, 5d.; light, 554; North Island, hoavy, 4|d.; light, sfid. Beef: Tho market is unchanged. The demand for New Zealand beef ia poor. We quote:—New Zealand prime ox beef, hinds, 32d. By. Telegraph—Press Association—Copyright (Rec. September 7, 5.20 p.m.) London, September 6. Copra Is firm. South Sea in bags, August-September 6hipment, £31 12s. 6d. per to Cotton.-J3eptomber-Octobor shipments of American middling cotton jire clearing at 6.91 d. per lb. Jute.—Native first marks, September Shipment, £32 12s. 6d. per ton. N.Z. Hemp—Tho market is steady. Sellers October-December shipment, aro asking £31 per ton. ... . , Rubber—Fine liifd Para rubber is quoted, at 3s. Bd'. jjer lb. Kauri Gum—ln stock, 292 eases.