COMMERCIAL.

Gisborne Times, Volume XXIX, Issue 3115, 11 January 1911, Page 2

COMMERCIAL.

THE METAL MARKET. [UNITED PRESS ASSOCIATION—COPYRIGHT. J (Received Jan. 10, 11.30 n.m.) LONDON, Jan. 10. Copper electrolytic, £SS 17s 6d. Tin, spot £lB3 10s, three months £lB4. Heavy American purchases and Eastern holders not selling have excited the market. THE LONDON WOOL SALES. For the forthcoming London avool sales 384,000 bales have arrived, whereof 193,500 have been forwarded direct to manufacturers, leaA-ing 195,500 available for sale. BANK OF NEW ZEALAND CIRCULAR. The Bank of New Zealand's producocircular, dated London 28th NoA-ember, states: —Wool: The sixth series -of colonial avool sales opened hero on the 23rdi instant, the opening having' been postponed owing to fog on the first day. The total quantity available being 117,OCO hales (including 13,000 old stock). As usual at- this time- of year the New Zealand quantity is relatively small, and consists chiefly of sliped and scoured parcels. There have been some very good shipments of Australian merino on offe-r, and these show practically no change from the closing rates of last series, but occasionally faulty parcels have changed hands at a decline of 5 per cent. iSlined and scoured New Zealand wools are quoted firm at last- sales’ rates, and the few lots of crossbred wool in the grease Avliich lm r e been catalogued haAm also realised equal to sth series Tallies. The sale room lias been Avell attended', and competition is very animated, it is therefore expected that prices will he maintained throughout the series and that the bulk of the ol(l stock will find its Avay into users’ hands. It is stated that stocks of avool in the manufacturing dis-. tricts have -been reduced to quite moderate dimensions, and that trade continues good. It is quite likely that a certain number of manufacturers liaA-e during the past feiv Avecks been marking time to see Avhether the colonial auctions and the London sales avoulc! disclose any Aveakness in the price of.the raw article; noAV, therefore, that late rates have been established, it is expected that forAvard business in tops will slioav considerable increase during the next month or two ; and it is gratifying to note that quotations for 36’s and 40’s tops are very firm. There is still an absence of American competition, but trade in that country is better than it lias been for some time,, and the stocks of imported avool into the States haA'o been considerably reduced since July according to the official returns, and compared to this time last year there is a smaller quantity of bonded wool in store there. The first series next year opens on January 17th. Meat (frozen) mutton, N.Z. : New Zealand mutton of p-riiue quality continues scarce, and prices remain firm'. Owing to tlie fact that good quality River Plate mutton can he obtained at about Id per lb."- lower than New Zealand, several buyers liaA-e recently

gone in for the South American shipments which are apparently giving satisfaction. Lamb: Very feiv old parcels are left and these do not compare'very favorably with the new Australian arrivals. Prices are Avell maintained, and wo hear of some A r ery good offers'about for ncAV season’s early shipments. Prospects for the coming season- are very favorable. Beef: Chilled beef has not been so much in evidence, and prices are firmer, especially for forequarters, the demand for frozen beef having improved. Pork: The trade in frozen pork continues good, and values are firm.

THE COMMERCIAL TRUSTS ACT.

A SOUTHERN COMPLAINT,

The withdrawal of certain rebates by the Colonial Sugar Company has been the subject of considerable complaint in the South. In reply the Company state that prior to the legislation of last year a bonus of ten shillings per ton Avas allowed by Avay of a refund, the amount being paid every half-year. Under the Commercial Trusts Act of the session Avjiieh has just closed, this was found to bo illegal, and in order- to put their customers -in tlie- same position as before the ComljsVfty reduced the price l of sugar by ten shillings per ton. This, it avis explained, Ava's really more in the buyer’s favor, as, under the old system he had -to wait for his refund till the end of tlie half year, while' now- ho gets tlie benefit of the -reduction immediately. The Company also alloived certain discounts, but it Avas found that this did not agree Avitli tlie Trusts Act, and the scale has undergone a modification. This change would not, howoA'er, it- Avas pointed out, warrent anything like an advance of thirty shillings per ton. The Company figure it out that- the new schedule would not mean more than five shillings per ton. It is claimed that sugar is cliea]>er in New Zealand than in any part of the wo-rld. As an instance of the ju ice, the Comjiany quote £l4 15s for ton for No. la which is tlie quality most- generally used in the Dominion, having quiet replaced. the soft sugar which Avas formally very popular, especially in the North, and) a retailer, by taking the fullest advantage of the discounts, can get his sugar at £l4 0s 3d per ton, Avliich works out at a penny and a-lialf per pound.