COMMERCIAL

Levin Daily Chronicle, 3 February 1917, Page 3

COMMERCIAL

« PIIOUOE 1 OmcULAll FtfO-U BANK OSF NEW ZEALAND. I'he latest produce circular of the Bank of .N.Z., dated 14th [December, lias been sent to us by Mr C. H. Pyke, the bank's Levin manager. It runs: .Wool—The eighth series of sales, postponed by the Government from sth inst., opened here on 14th inst., tre total net first hand stock available being as follows :— Bales. Ntew South Wales 30,100 Queensland 19 200 Victorian 7 -qq i •Tasmania 300 South Australian 2 200 West Australian 5 qqq iNew Zealand 16'500 9,000 T° fcal 90,000 The postponement of the Christchurch sales, followed by the definite 'announcement of the commandeering of next season's cliip, arid then later directing a postponement of ithese sales, has naturally caused a feeling of extreme perturbation throughout the trade, Although control of the Home clip earlier in the year was a pretty clear indication ithat sooner or later simlar measures might be adopted with uojonial wools, nevertheless, the news when announced was very disquieting, more especially when the trade became • aware of the probable intention of the ■Government to eliminate as far as possible the- usual channels in its scheme of distribution. It is the 11 nan a motis verdict of all sections that continuity of the trade should remain unbroken, and for the Government to establish a machine of its own would bo manifestly unjust to the mechanism already existing, and which admittedly Bias al] the benefits of practical knowledge andi experience of a century. How far the Government is likely to adopt a procedure which will proye generally acceptable to the trade cannot bo stated at present, although a semi-official announcement has lately been made that there is to bo no permanent abandonment of the London sale®, and that from time to time cf wool will bo offered in public auction here. It is probable, however, that this announcement refers moire parteularly ten merino wools, but to all appearances there is considerable doubt regarding New Zealand crossbred wool' suitable for khaki pur- . poses. Whether these wools will bo solid' in auction no one apparently knows, but grave doubts are expressed on the point. ' ~~ ' 1

Prior to the opening there was a strong enquiry from buyers in need of the raw material, and private sales have been made at very .substantial advances, compared to the previous sales, both in regard to merino and crossbred 'descriptions.

-Before the sales commenced it was announced that no special restrictions, for the present at any rate, would be imposed in regard to colonial wools and no doubt this had a quietening effect on niuyers, there being little excitement considering nil the circumstances. Tlio trade was unusally well represented, competition was active and well sustained, there being every indication that buyers were greatly in need of the raw material. Generally speaking merinos an appreciation of 7J to 10 per cent, while orossbreds mostly appreciated fully 10 per cent, these advances being rather less than expected.

Just as we go to' print instructions have been received from the War Trade Department of the War Office that Australian and New Zealand wools shipped on growers' account are not to be sold either by; public auction or private treaty pending further 'instiructions from them.

Hemp.—The difficulty of obtaining freight still accounts lor the absence of offers from the Dominion and consequently values have advanced; but littlo business is passing. A parcel of fair near at hand sold at £53. Current quotations: Good fair £55 10s; high point fair £54 10s and fair £53 per ton.

| 1-allow—During the past four weeks four series of public sales have buon held at which 6440 cas'ks of Australasian were offered and 0067 casks sold under the hammer. The market has been very firm throughout., and substantial advances have been recorded at each series of auctions, the net result on the month being an average advance of about 5s per cwt.

Although the spot stock shows considerable increase, a large proportion of it is not in first hands and is presumably waiting to be taken awayi by consumers. Home melit is not very plentiful and little tallow is offered either afloat or .for shipment.

Dairy Produce.—Butter: The market continues very firm, with pi-ices for the most part unchanged. Arrivals of newseason's butter are now being landed from the Arawa and Rimutaka, and these are expected to realize high prices probably 'round abount 212s at 216s per cwt.

Cheese—The market is very excited over the action of the Government in requisitioning the cheese ex Arawa and Hiimutaka, lately arrived in London. The position is further aggravated by an intimation from the Board of Trade that they may take over the whole of next season's output firom the dominion, and should that event Jiappen any surpluses not required by the War Office will probably be disposed of through the usual channels. Until some definite statement is made by the authorities it is not surprising that the market is practically at a standstill. There are no quotations for New Zealand, but it is interesting to note that Canadian is quoted at 132s per cwt. Grain ma'rkets.— Since out last issue values of all articles have increased considerably and there has been little check to the upward movement in any commodity. The advance is attributed largely to shnf-fc and the added difficulties of transport, etc., as well as high rates of .-freight. Although so far as New Zealand produce is concerned the market is almost bare of stocks, there have been certain quantities! of oats selling in the West of -England in which business has been done up to 47 (id per 3201U gross on resales, while to-day if anything were available probably ~ oOis ex store would be obtainable. In wheat, peas and beans there is nothing offered so it is impossible to quote values with any reliability. Frozen meat.—(During the past four weeks supplies at Smithfield 1 have been moderate. There* has 'been a general tendency towards higher prices, especially for prime qualities, but in spite of this the suppliesi coming forward appear to be quite equal to the demand, and trade generally has been rather slow. As customary at this season of the year, frozen lamb has to give Way a little to potrk, rabbits, etc., consequently although smaller quantities of New Zealand lambs are available here there has been sufficient to meet the demand'. The colder weather recently ©xperiencd and the' decrease in the supplies of chilled have resulted in a much improved demand for frozen beef.