COMMERCIAL AND FINANCIAL

Evening Post, Volume LXXXV, Issue 36, 12 February 1913, Page 4

COMMERCIAL AND FINANCIAL

Evening Post, Wednesday. Monetary conditions throughout the country give little indication of becoming easier. The current mortgago rato_ is fully 6 per cent., although information has been received that in Auckland a few days aga> £10,000 was obtained on a broad-acrs proposition at muoh under 6 per cent., but the monoy lent was trust money. Some disquieting reports are coming to hand from the 'dairying districts of the t North Island, and particularly, Taranaki, as to the effect that the current prices for butter in London • will have on factory finance. It is \ felt, that unlesß a decided improvement is made, and that shortly, in the tone of tlie' Ikjndon butter market, .suppliers will * probably be called upon to take 'less for their butter-fat thun they are n6w .receiving. Payments tot butter-fat wore, based; upon the prospects of the market as they appeared at the ■opening of the -season, and they cortaittly i appeared decidedly good then. On tho j other hand the prices received for wool at the Wellington and other sales this month, and at the close of the last werb surprisingly, good, and growers' and brokers' expectations^ generally Bjjeaking, were exceeded. This will put a good , deal of money quickly into the odutttry, for " prompt day " is wit Kin a fortnight of the sales. The meat,export trade has received a check, of course, through the Labour dispute. Although the loss is- not likely to be overtaken, it' is confidently felt that considerable leeway will be made up before the season closes. AUSTRALIA'S IMPORTS.—Notwithstanding the stiff tariff of the Commonwealth, t there has been an enormous increase in the imports, and " luxuries " figure conspicuously among them. Soft goods or drapery and allied imports account for £16,525,302, an increase of £1,487,749 over 1911, and four and a-half millions sterling increase over the imports under that heading for 1909. Iron and steel (largely for Government works) and machinery and timber also figure largely in the imports. Exports of Australian merchandise amounted to a value o£ £66,391,293, a decrease of £1,043,879 as compared with the preceding year< Wheat and flour showed decreases of £3,166,464, and butter a decrease of £1,293,800. Wool_ showed alO per cent, decrease in quantity, but an increase in value (due tb ' the high prices) 'of £261,424, or 1 per cent. Metals, meats, skins, and hides, togethor with fruit, show substantial increases. COMMONWEALTH NOTES.-At the beginning of February there were Commonwealth notes in circulation to the total value of £9,848,000, and the gold reserve in the treasury amounted to £4,326,070, while the investment* of the trust fund in debentures and stocks or on fixed deposit reached £5,735,000. Investments and gdld reserve together amounted to _ £10,061,070 against the notes ißsued. GAS COMPANIES.— The Victorian Government is preparing a Bill to submit to Parliament, which, as the State Premier. Mr. Watt, has said, "will be found to- give just as much consideration to the gas consumer as, to the investor. It will be a fair, proposition to both partieß." It is expected that the measure will bs brought ,before Parliament in July. ' The Australian Gas Light Company, Sydney, pays a. dividend at the rate of 10 per cent, per annum for the half-year ended 31st December, on a paid-up capital of £1,274,994, instead of 15 per cent, on £849,996, the capital having Tbeen increased out of reserve. Brisbane- Gas Company pays a dividend of 12 per cent, per annum. The Company is putting in vertical retorts. Auckland, by the way, is doing the same. Wellington Company, at the Miramar works, has such retorts already installed. DAIE-Y PRODUCE.— Prices have im< proved in the United Kingdom for New Zealand butter and cheese. t So far as the former is concerned enquiry, has been stimulated by , a reported shortage of Danish production, combined with the inc/eased demands for this butter by Germany. Commonwealth exports of; butter far the . season let July -to Ist February amount -to 729,915 boxes, againßt' 977,2l2, boxes ' last Season, and 1,165,484 boxes for, 1910-11. Reporting on tho position of butter in thb United Kingdom p4 -on Ist January, Weddels state 1 that "for*' the next three months supplies of butter -for our markets will depend almost entirely on weekly arrivals from the Continent and Australasia. A demand for colonial butter at present prices (New Zealand salted 120s to 1225, Australian 113s to 115b) has sprung up on the Continent.' 1 FRUIT EXPORT.—An order has been placed in New Zealand by Argentine buyers for 20,000 cases of apples, tho price being 6b per case f.o.b. Wellington. Melbourne will export 10,000 cases of pears to London on 17th February. Previous Bhip' ments of soft fruits, which turned out well on arrival, realised 13s to 19s in London, aB against 6e per cftee in, Melbourne, The freight and charges to London amounted to about 6s per case. Plumß realised up to 40b * case, GROCERIES.— A substantial rifee on presa'at prices for all Norwegian sardines is imminent. It is understood that packers of Portuguese fish will not raise their prices, ■ but stocks) in merchants' hinds are expected to be held for a figure in keeping with the advance on the .Norwegian article^ Little or no busihesS is being 'done 'in tapiocas for the New Zealand ntarket, ahd owing to -large stocks ih merchants' hands prices, are somewhat easy. Cables ' from Singapore indicate that peppers are firm at December quotations. Chinese walnuts have made their way into the New Zealand market, and are steadily selling, at firm prices. A fair business is being done in Chinese peanuts, ,The prico of preserved Canton, ginger remains very hign, and business is milch restricted in consequence. Cream of tartalr advanced £1 per ton last week. AUSTRALIAN DRIED FPtUITS.Prices of modfc of tho lines of tho Australian Dried Fruits' Association were recently fixud, and they «how lates (in tho Commonwealth) on currants, 6ultanas, and lexian uuenangod on last year. Seeded j raisins are £d'per pound higher. Apriuolti are, roughly l|d per pound higher except plain, which are lid higher. The experience of growers last year was that American pcachefl sold in the Commonwealth at 2d per , pound lower than Australian, after paying 3d per pound duty, and yielded a handsome profit to importers. This year the Australian Association has lowered the price of four-crown and threecrown peaches by 2d per pound, and twocrown and oiie-crown by l^d md plain by Id per, pound on last year's rates. The list Was Scarcely in merchant*' hands when non-trust or rather hon-association offers were received for three-crown grade currants at 14d por pound reduction on the associations'* list, delivery being spread over three months. The MactaVen Vale interests, who have* undercut the association, quote 17 per cent, cheaper than their rivals, but their output i 6 only about 10 per cent, of that of the association, or (of currants) 300 tons as against" 3000 tone. Australian consumption is from' 4000 to 5000 tons of currants per annum. There has, no doubt, been a falling off in consumption of this fruit in favour of sultanas, but it is expected that fully 3000 tons will be required, and that fche association may still bo able to control Ithe situation. _ Merchants 'are naturally adVerso to giving any .special advantage to one section of producers at the rxpense of others. There will, no doubt, be a considerable quantity of association fruit offering to New Zealand this year. Mildura currantß are duo in tho market at the end of this month, nnc! the MacLaren vale a few Weeks laier. PRODUCE.— Business in the produce market is steady and uneventful. Free on board prices are approximately as follow:— Flour, £8 10s per ton; fowl wheat, goo.d whole sample, 3s 8d to 3s Bi«d, with inferior lines cheaper ; feed X oats, 2» 3d to 2s 4d, and A gratia 2& 4d to 2s sd. In this line there is some fluctuation, due to the coming in of the new -crop 1 shortly. Bran is £3 15s to £4> per ton, and pollard, is up to £6 per "ton. •Auckland and Oisborne quote maize at 4» 6d to 4s 6d f.o.b. Blenheim chaff is offering at ,£4 per ton f.o.b. Tho New Zealand onion crop is about ready, and easier prices affl looked for. At present £7 10s to £8 pef ton is about the price

in Wellington. Regular lines of "old" potatoes are not yet to hand, and tjie market is therefore fluctuating from dhj to day. The standard sample of Vii;-_ torian wheat hai been fixed at_ 631b per bushel — the highest standard since 1905. The previous standards were as follow: — 1905, 631b; 1906. 6211b; 1907 to 1911, 65ilb ; 1912, 6141b. The, United Farmers' Co-operative Association, Ltd., reports local prices as follows: — Wnent, whole fowl prime, 4s 4d per bushel; maize, primo Gisborne, 4s lOdj oats, prime short feed 2s lOd, Algerian seed 3s 4d, Ganton Feed 3s, Duns 3s, Sparrowbill seed 3s, 4 Black Tartarian seod 3b, Black Excelsior seed ss ; Capo barley seed, 3s 9d; chaff, prime oatonsheaf, new season's, £5 per ton; bran, £5 ss; ricemeal, brown £6 10s, white £6 16s; pollard, £6 10s; barley meal, £7; flour, Tiinaru roller, 200's 209, 100's 10s* 3d, 50's 5s 3d ; pure ground pea flour, £7 por ton ; cocksfoot, farmers' dressed s£d per lb, machine dressed 74d; perennial ryegrass, machine dressed, 30lb seed, 4s 9d to 5s 6d per bushel . Italian ryegrass, machine dressed, 301b seed, ss; bacon, prime fattory 9£d, rolls lo|d por lb; bcuns, hoivc seed, 4s 9d per bushel ! peas, Partridgo seed 4s; 3d, Prussian blue seed 6s; linseed oil cake, £13 jss per ton; whole linseed, £18; crushed linseod, £20.