WELLINGTON NEWS

Hokitika Guardian, 13 November 1925, Page 4

WELLINGTON NEWS

TFTE PRODUCE MARKET.

(Special to “Guardian”.) WELLINGTON, November 11. The tendency of the markets in London for New Zen land produce is towards easiness. Ihe shipping hold-u]> in Australia and New Zealand In' causing temporary shortages nave a certain amount of strength to the markets, hut now that the ships are moving and produce is going forward in increasing quantities, prices are receding. Pinter has set with a declining market for the past two or three weeks, and according to the reports cabled from London by reliable bouses the market j„ very dull with practically no business doing. New Zealand salted butter is quoted at 210 s which represents a fall of 10s per ewt, and from the present tone of the market, values must go lower. On the face of it tins seems inevitable, for practically evert steamer leaving New Zealand or Australian ports is clearing with a certain amount of dairy produce, and it must he remembered that the Commonwealth is capable of shipping about 1,000 tons a week, and the Australian butter of to-day is of a high quality, and this is pro veil by the fact that Australian

blitter is now quoted at 202 s in Lon don. Wo have missed the good Christ mas market, and our heavy shipmen will reach the market in the New Aeai and must compete with Continents supplies. An unsatisfactory feature u the dairying industry is the contrar lion in supplies. According to officio figures the quantity of hut ter grade in the three mouths. August, Septom l>or and October, amounted to 1'2.1)11 tons against 10.020 tons, in the com*ponding two months ol last rear.

decrease of .1038 ions, equal to about 10.1 per cent., while the quantities of cheese graded in the same periods were 10,7(17 tons against 10.231 tons, an in-

crease of fi.l.'i tons, equal to 0.2 nt cent. Expressed in but ter-lat cqtt valent there is a decrease of 13.7 pc rein for the past three mouths. Th frozen meat market is not very enroll

aging at the moment. There is an absence of demand for wethers, and the market is depressed. 1 iie London Agency of the .Meat Control Hoard merely furnish.es the limitations issued !ithe Incorporated Society of Moat Inviorters. and gives no indication of tone of tl'.e market, which is of some importance. However, llie cabled market report of the Rank of New Zealand states that the market for wethers is depressed, that the demand for owes has fallen olf and tile market has declined, and that the lamb market is depressed inying to heavy arrivals trom other .sources. The beef market is dull

owing to heavy stocks ol Argentii beef. This is not pleasant reading ill now with the freezing companies shelly to begin operations for the seasoi Most ol the exporters of New Zealai frozen meat lost, heavily during tl

latter part of the season, which w

make them very cautious for the pro sent. In the wool market there is cer tainly apparent a hotter tone. Woo is wanted at a price, and if grower: -.how a disposition to meet the marko and to encourage confidence, then

should ho a good trade in wool at get orally reasonable prices. In dealii with wool, however, il would be nt wise to base predictions on the oond lions ruling in llradford. importal

though the market is. Wool is world comnioditv and the chaotic li: uncial condition-, in l-'ranee which nv.t re-act on other European einintrii may ft rove a very disturbing I'ai tor the wool market. After the wool sa

in Wellington on Monday next we will know a good deal more respect iog the position of crossbred wool. RANK OK NEW ZEALAND. This semi-state institution came in for considerable criticism during the election campaign, and il was made to appear that the Rank was making large profits and rendering little or in service. They have a belter aunnsiat inn nl the Rank in Australia. AAiistralia exports more commodities to New Zealand, than it receives from the Dominion, provision has to be made by importers in New Zealand to meet the excess of their purchases in Australia. For a eonsiderahie time a good deal oi settlement was done for them by hankers through the exchange on London, hut when rates been me adverse some time since the Rank of New Zealand built nil substantial resources within

the Commonwealth. The total amount nt its assets within tin* Commonwealth is Cil.ltM.77t:, and of that sum L'3,(if)o,r,:,0 represents ill vest incut in Australian Government stocks and municipal securities. ft is in this effective way that ihe Bank is helping the trade of the Dominion.