COMMERCE AND MINING

New Zealand Times, Volume XXXVII, Issue 8351, 11 February 1913, Page 4

COMMERCE AND MINING

WELLINGTON STOCK EXCHANGE i'ESTEEDAY’S QUOTATIONS. MINING. Hurray Creek (oul issue) —11.30 a.m., e 6s (prom); 5.15, a 6s '.preni), Murray Creek (new issue)—ll.3o a.m., b 5s 6(1 (prom); 3.15, 1) 5s 6d (prem). New Sylvia—3.ls, b 10(3. Rovss Reconstructed —3.15, s 5s sd, Talisman Consolidated—ll.so a.m., e £2; 3.15, b £1 19s id, s £2. Waihi—ll.3o a.m., b £1 13a 6d: 3.15, h £1 Us 9d, a £1 14s 3d. IVaihi Grand Junction—ll.3o a.m.. a £1 29 3d; 3.15, s £1 2s 6d. Note.—Tbo letter , ”b” signifies buyers and "a” eeiiers. INVESTMENT STOCKS.

QUOTATIONS ELSEWHERE. Press Association. AUCKLAND, February 10. Sales at this morning’s call on the Stock Exchange: Waitangi, 7d. Waibi, 34a. Grand Junction. 225, New Waitaia, Is ad. New Zealand Insurance, <BS, Auckland Gas, £3 4s. Northern Steam (paid), ws Zd. New Zealand Drug, 51s. Afternoon Call: Dominion, Id. , Talisman Consolidated, 89s 9cl. Waibi, 83s 9d. Waihi Extended. SFI. Waihi Grand Junction, 225. New Zealand' Insurance (reported), 100 s. , Auckland Gas (now), 735. DUNEDIN, February 10. Stock Exchange galea reported: * Waibi, 345. New Zealand Insurance, £3. National Insurance, 445. Talisman Consolidated, 40s. Stock Exchange quotations: Dredging stocks: Manuherikia, sellers 7a; Olng, buyers Is; Sailor’s Bends, sel<£ors • Mining stocks: Roxburgh Amalgamated, sellers 3s; Kurunui Caledonian, sellers Is Id; Alay Queen, buyers 4d; New Sylvia, buyers 9id, sellers Is 2d; New Zealand Crown, sellers Is 4d; Old Hauraki, sellers 9d; Waitangi, buyers 6d; Tabsman Consolidated, buyers <6l 19s 3d; Waibi, buyers 281 13s 9d. sellers <Bl 14s 6d. Investment stocks: National Bank, buyers £6 Is, sellers <B6 2s; New Zealand Insurance, buyers £4 19s 64; Standard Insurance, buyers <Bl 12s 3d; New Zealand Shipping Co., buyers 2815 2s 6d; Union S tenth Ship Co., buyers <B3 7s 9d, sellers <B2 8s 9d; New Zealand Coal and Oil, buyers 5s Id; Empire Buildings, sellers <Bl 2s: D.I.C. (pref.), sellers <6l 3s; Milburn Lime and Cement (<81), buyers <Bl 15s; New Zealand Drug Co. (<B2), buyers <B2 9a 6d,. sellers JB2 10s; New Zealand Portland Cement, sellers <Bl 0s 6d; Wright. Stephenson and Co., buyers £5 12s 6d. E. W. B. Hornabrook. 163. Featherslon street, 'Wellington, member Stock Exchange Specialising in Mining Scrip. Trustworfa jr Correspondence from all Mining Centres. Telegraphic address i "Rornabrook, Web Ungten. DREDGING RETURNS. Press Association. REEFTON, February 10, Reefton dredging returns are: Pactolus, 21oz 7dwt 113 grs. ' Worksop, 2240 z for tbo week. COMMERCIAL CABLES HIGH COMMISSIONER’S REPORT. The Department of Agriculture has received the following cablegram from the High Commissioner, dated London, February Btb. (Note.—Quotations, unless otherwise specified, are average market prices on spot): Mutton. —The market is quiet, but holders are firm, on account of uncertainty regarding the butchers’ strike. Canterbury, 4Ja per lb; North Island, 4|d. Lamb. —There is a good demand for prime quality. The market is firm. Canterbury, this season’s, 7d per lb; other than Canterbury, 6Jd. Beef.—There has been no alteration in the market since last week. New Zealand fores, 3id per lb; hinds, 3Jd. Butter. —The market is firmer. Prospects are uncertain. Choicest New Zealand, per cwt.. 116 s; Australian, 109 s; Argentine, 108 s; Danish, 1295; Siberian. 110 s. Cheese. —The market is firm, with more inquiry. The average price for the week for finest New Zealand cheese, per owt, is 60s 6d. Hemp.—Tho market is quieter. Speculators only are in the market. Spot: New Zealand good fair grade, per ton, £34; fair grade, <B3l 10s; fair current Manila, <833 10s. Forward shipment: New Zealand good fair grade. <834 10s; fair grade, JC32; fair current Manila, <834 10s. Wool. —Tho market remains firm. Hops.—The market prospects are favourable; a much better demand. WHEAT. By Telegraph—Press Association—Copyrlgbi LONDON, February 9. The wheat market ia firm. There is great activity for cargoes, principally due to the drought and the unfavourable crop outlook in India. Seven cargoes of Australian sold, prices ranging from 38s to 38s 6d. A parcel of 14,500 quarters of February realised 37s 10id; two cargoes of 17,500 quarters of February. 37s 9d; steamer cargo in January, 38s liday Telegraph—Press Association—Copyright LONDON, February 9. COPPER. American stocks total 123,198,0001 b. COPRA. Fair business is being done in South Sea copra in bags, February-March shipment, at <827 15s—same as last quotation. JUTE. February-March shipment, native first marks, <826 10s per ton —a fall of 2s 6d. HEMP. The market is dull. Price on the spot for New Zealand Is <834 10s per tonsame as last quotation. RUBBER. Fine hard Para rubber, 4s 3d per lb—--6d down.

KAUEI GUM. In stock, 117 oases. BREADSTUFFS. The wheat anil flour afloat for the United Kingdom totals 2.901),0C0 quarters; for the Continent, 2.406,000,000 quarters; Atlantic shipments, 348,000; Pacific. 30,000. The total shipments to Europe during the week amounted to 1,600,000 quarters, including 185,000 from Australasia. PEICE OF FUGUE. (Received February 10, 9.25 p.m.) SYDNEY, February 10. Flour has advanced 5s to A 8 15s. ARGENTINE SHIPMENTS. The Department of Agriculture, Inductries and Commerce has received the following cablegram from Buenos Aires, dated February 7th, 1913: The followlug shipments of produce were despatched from the Argentine to the United Kingdom duriug January. 1013. compared with January, 1913:

LIVE STOOK SALES AUCTIONEERS’ EEPOETS. Dalgety and Co.; Ltd. At Porirua yesterday, in Mr Mungavin's yards, sheep came forward well, and the bidding was very brisk. There was a fair entry of cattle, and all lines ottered were in good demand. Prices: 3-tooth to f.f.m. ewes 8s lOd to 13s 6d, 2 and 4-tooth wethers to 15s. woolly lambs to' 10s 7d, shorn lambs Ss to Bs, 20-month steers A 3 12s Gd, 30-month heifers A 4 3s 6d, 6-ycar mare AlB 10s, yearling colts A 9. WELLINGTON CUSTOMS ■ The Customs revenue collected at Wellington yesterday totalled A 2792 lie. OUB ENGLISH WOOL LETTER NEW YEAR’S MARKET DISTURBED BY DYERS' STRIKE. • Prom Our Special Correspondent. BRADFORD, January 8. It can hardly be said that things have got into the ordinary running, although tho weejc haa produced quite as much business as anyone could reasonably expect. It takes time. after a holiday of the nature we have just passed through for things to settle down, and what with stocktaking and other disturbing factors, it is well that business men should be given the opportunity of feeling their way, back into their daily routine. Stocktaking is. now ■ practically over, and where balances have been settled, the results are spoken of aa being on the whole satisfactory. Some firms grumble about having had a ’’lean year,” but they are the exception, and I have every reason for saying that if their profits were even double, they would complain. However, it is the general principle of the wool trade and its connections which continues to engage most attention. As already said the week has brought forth most business In merinos, and although wo Lave not seen active markets, the meetings on ’Change on Thursday were better than last Monday, and certainly mi optimistic tone was dominant, especially among those handling fine wool and tops. I do not see much real cause for despondency, notwithstanding that the Balkan trouble still continues, and that a dyers’ strike has been decided upon. More daylight can be seen in the near Eastern difficulty, and It is only a question qt time when Turkey will have to submit ah<l accent the conditions on which permanent peace can bo arrived at. The dyers’ strike will directly affect the textile trade of this district, and it is » thousand pities that When trade is pood and the outlook favourable - operatives will not be content to continue to work and so help to maintain ,the prosperity which has characterised the’whole of the West Riding trade during the past t.welve months. Masters say they are completely sick of being dictated to by a lot of individuals whose knowledge of, business is anything but what it ought to be. They have granted privilege after privilege, they feel that they are no longs, muster of their own business premises, and seem determined whatever it costs to fight the matter out to the bitter end. The men are equally determined, hence it wilt be a question of which has th» longest parse. It is to be hoped that neither party will lose their head, but that common sense will prevail, and so end what threatens to be a serious conflict. MERINOS VERT FIRM. • There is’ really nothing new to say >» regard to merinos. There are fewer soft spots about the market than- we have seen for some considerable time, and the squeezable topmakers appear again u> have stiffened their books, 35d being the selling price for a good average 64 a. I understand that in one or two places id less would be accepted even to-day, but the tops are spoken of as being ‘‘lean,'' and lacking that spinning property which one likes to see. It seems to many people somewhat ridiculous to start complaining about the spinning capacity of a top when makers are simply catering for the demands of the trade. If. spinners will beat down topmakers to the uttermost farthing, they can only expect lean spinning tops, but there are still Bradford firms who are producing an exceedingly good article, and have a reputation to lose. These men are as firm as ever in naming asjd for their standard makes, and although others may be sellers at la less, they say that they are prepared to continue buying when the Australian sales reopen, and to back their opinion by operating on a large scale. They point to the fact that tlia trade has been able to weather successfully a colossal coal strike and other similar disturbing influences, and believe that they will get through both a Balkan and a dyers’ crisis successfully. However, there seams to be no very great keenness on the part of either topmakers or spinners to operate. Tho former are now being called upon to deliver their new year contracts, and as many spinners bought when prices were lid to 2d below what they are to-day, they are naturally disposed to use off the lump, instead of buying afresh. It must be said that prices are very firm, and hero and there some seem to think that they discern a slightly hardening tendency. Wo shall know better where things stand next week when the Australian sales begin, and in the meantime it is some satisfaction to know that corahs and spindles are all being fully run, and consumption remains unabated. CROSSBREDS A LITTLE IRREGULAR. Various views are expressed regarding the position of crossbreds. The market is very slow, Uttlo business seems to be offering, and it is well known that topmakers are at the present moment rather squeezable, particularly in medium and coarse descriptions. Some indeed go the length of saying that Kid has never been made at all freely for 40’s prepared tops, and two or throe firms being sellers at 15id, it looks on the surface as if there is a little weakness. No dombt there is not as much doing as one would like to see but after all most topmakers are by no means willing sellers under 153 U. Even then prices look in the eyes of the majority as being ridiculously low, and the outstanding feature of tho market to-day is the discrepancy between the cost of wool and,the price of the combed article in Worstedopolis. If we take iff s preparing wool such as is being quoted by several houses in Bradford representing Buenos Aires firms X4d is an average price, although in one case 13|d is being named for 40’s clean scoured, o.i.f. English port. At I4d it means 16id in the top.

and with 44’s to 46’s at 141 d to 141 d, tops cauuot be brought in 'by any party at the price whicii spinners are bidding. New Zealand has not furnished wool at anything like what is being named for the combed article; in fact, the price for tops is *d to Jd too low for any importer to no any good with what _ has been bought so far in Melbourne, New Zealand or Buenos Aires- 'The missing link today is tho lack of particulars among single yarn spinners, tho whole trouble arising from tho Balkan war. Thcro is no doubt that the Far East is in a (bad plight, and one wonders to what extent this is going to bo the lever for getting prices down in order to create a betler buying basis in New Zealand and the River Plate. There is certain to bo a very small quantity of wool available in London at the approaching sales, and it hardly looks as if there will bo any relief in that market, hence there is little real uneasiness felt regarding the future of crossbreds, notwithstanding the slightly easier tendency in strong qualities of tops. Medium and fine descriptions am firm, and business is not so stagnant as elsewhere. Noils continue to sell freely and make recent rates, and wool is still the ton dog. THE DYERS’ STRIKE. The handing in of notices by 8000 op-’ erativos employed by the Bradford Dyers’ Association has given rise to consideralble uneasiness, and at tho end of next week 40,000 to 50,000 men can be affected. This certainly is the blackest spot on tluv wool and textile horizon, and a struggle of no mean older appeal’s to be imminent. 'The general reader may not know, but tho various branches of the textile industry are so dependent one upon the other that a strike of this magnitude can very soon play havoc with other sections of the trade. Combers, spinners, and manufacturers will certainly keep their combs, spindles and looms running', but there is to-day such a (big business done in coloured fabrics that in two or three weeks’ time there can soon be a big accumulation of "grey” pieces waiting to be dyed which can seriously upset thp trade in the finished article. It is this aspect of the question which many are fearing, and coupled with the difficulty which has arisen over the Balkan question, ft means that conditions could soon be precipitated which would somewhat affect tho course of the raw material. A setback' of 16 per cent, in wool values would h&- welcomed by many in tile West Riding, for topmakers are sp well sold forward that any material decline in the price of raw wool would bring forth active buying. However, the dyers’ strike will probably engage the attention of the trade the most seriously, and it is to he hoped that wo shall see a peaceful solution of the present difficulty. BRADFORD TRADE WITH AMERICA The returns published by the American Consul in Bradford showing the trade which was done with the United States during 1313 make very interesting read* ing. From a wool standpoint they are most satisfactory, but when looked at from the spinner’s and manufacturer's point of view they are somewhat depressing. There has been no increase whatever in any class of semi or fully manufactured articles, only -wool showing an increase of A 1,001.113 and sheepskins are also up A 3944. I The aggregate shipments were A 3,066,761, wool- alone being responsible to the extent of A 1,503,128. This is satisfactory, the shipments of the raw material only being exceeded twice, namely, in the year 1909 when the wool shipments were £1,039,457, and in 1897 when they totalled A 1,783,300. One cannot tell what is likely to transpire under the new tariff, but it looks us if raw materials are going to largely take tho place of partly and fully manufactured articles. There is a serious shrinkage in Ilia year’s shipments of dress goods compared with 1911 amounting ■•to-'A82,498; cotton ' linings are also down A 32.400; worsted coatings A 23.146; silk yams Alll,958. and machinery A 23.200. One need not be surprised to see tho exports now sensibly fall off until a settlement is arrived at in regard to schedule K, and a special session of Congress is being summoned in March by the new President to revise tho wool and textile duties.

Bayers. Sellers. Sales. £ £. d. £ s. d. £ b. d BANKS— National of N.Z.. 6 Now Zealand ... — 11 5 0 FINANCIAL— N.Z. Loan and Maroantilo. 10s ... 0 9 6 N.Z. and K. Plate Land, Ltd. ... 6 Wellington Trust Loan, Ltd., ex — GAB— Christchurch. £5 — a 0 0 _ Wellington, pref. Shipping— N Z. SbinninsrOo 14 10 0 — — L;mon Steamship 2 7 — manufacturing-* Wellington Wool’n, - 1 ordlaaxy e— 6 io COAL— 'Hikurangi — 0 17 6 •— MISCELLANEOUS— N.Z. Drug Oo„ T.tfl £1 2 9 3 2 10 0 - Ward and Co., -Ltd. 4 14 0 4 16 6 T W.1T.C.A.. £5 ...

1913 1912. Frozen beef, quarters ... m.ooo 145,000 Chilled beef quarters... 131,000 155,000 Frozen mutton, carcases 165,000 241.000 lamb, carcases... 30.000 89,000 Butter, cu t 13,661 3,120