COMMERCIAL.

Auckland Star, Volume LIII, Issue 82, 6 April 1922, Page 8

COMMERCIAL.

.THE MARKETS AT A GLANCE. CONFIDENCE IN FUTURE TRADE "Auckland Star" Office. Thursday. Aaiil tHh. 102-. With inventories completed and monthly orders accounted for, business ha* quietened clown quite a bit during the week. It i» yet tixi eariy to ascertain trading returns for ti'o past jenr. luit the year now entered on promises to t>e :i far more satisfactory on* as far as finance is concerned, for already thore are signs of easing in the loan marker, one big honking institution having decided to reduce their loan rate to C per cent. Banking restrictions were certainly needed lo put an end to the wave of speculation which attached to trading, and although the pinch has lutlicted hardship, yet it has produced saner business methods. Optimism Is alfo helped by the continued firming of our export markets, higher levels again being recorded during tliia week. Wholesale houses are paying more attention to future 1 requirements, demand being steady enough now to warrant contracts for .spread deliveries, while price levels are considered satisfactory for heavier operations. Collections are steady, while forward business is reviving iiuite an amount of booking from retailers, especially where stocks are knowu to be short. Dessert fruits, dried frurts, sago and tapioca are heavily booked lor forward shipments. Price changes are covered in this report, quite a satisfactory feature though in the absence of any move of a startling nature. There nan been quite a common move amongst retailers recently to abolish the credit system, and, to a law extent, thjs is the cause of the acute competition that has appeared iv the trade. Not only in town, but in many of the country districts, grocery are cutting out the credit business, as It is considered as hu encouragement tor those wUo use this system to live beyond their meana. some not 'being able to adapt their spending power to the reduced returns available this season, and only by severe cuftaLlment of credit or insistence of cash business will the spending power be commensurate with earnings. ! Arrivals this week have been welcome, : having supplied wants in a number of line*, t Included are dessert fruits, tobaccos, hikl dried fruits, while Southern produce t« due ;ou Saturday by the Kurow.

Cream of Tartar. -Businc*; is far from normal, owing not only to the weak market. i but during the period of high prices and scarcity substitutes appeared as competitors, laud being assured of equal Jesuits with cheaper costs, traders quickly availed .themselves of the on'erings. Although there has been a steady decline and price is approaching pre-war level .vet these substitutes iiave moved in sympathy, autf arc now quoting about sixpence per pound under cream of tartar .:oets, so that business continues to be dividiid. Dess«ri Fruits. -Very heavy business has taken p!»tce lately against shipments expected of Alt. Unmllton fruits, the lirst of which is .uotineil ou the arrival list this week, scales have been so heavy for this popular fancy that little is left for casual Inquiries: however, further shipments mill follow. Included in the arrival are apricot*, fc-hich come to a bure market. Pineapples a!>? setting scarce, tint all business Us likely to he met. as new stocks are shortly due. Queensland pines are wanted, but no offerings are held locally. Jams.— Home preserving now being almost finished, melons only being available, household -leniauJs arc growing as home-made stocks diminish, ami an Improvement Iβ notlted In retail trade. Production costs eon-tinne much about the same, although the fall in the price of tinplates might warrant a reduction in the price of jam in the near future; however, the movement could only be a small one.

Dried Fruits.—The Australian Dried Fruits Association are now quoting prices .for new season"* seeded raislus: prices compare even with Californian landings. Dates iv packets and bulk, Khadrawie brand, are included in Cirgo aboard the Talnui due this week-end. Sales are particularly brisk, so that merchants' etovks arc not accumulating. -Costs remain at high level. Klgs are In quiet demand, while peaches and apricots show Improvement, with stocks on the heavy side. Forward business for .MtMnra miltnhas Is good, while present business la heavy for Smyrna .holdings.

Coffee.-There is an improved demand at firm rates, essences also being in this movement.

Dried Fish.-Stocks in first hands have been subjected to very heavy demand this week: retailers mention that salea are far heavier this season than for some years psst, principally caused by lower rates rulinx:. Salt berrings have become very popular, taking some of the demand from red herrings.

Sago and Tapioca.—Considerable improvement ie reported for immediate ami forward business, and the cable received this week notifying advance in cost, will throw more inquiry on to spot stocks. Split Peas.—Good business awaits arrival by the Kurow. due this week-end, seasonable inquiry now coming on. Pearl Barley.—Supplies have been hard to procure the last week or two. but arrivals of new season's at reduced rates will be available on discharge of the Rurow. l-'orw.ird business against this shipment Jias been brisk, so traders would do well to speak early for requirements; the low rate should be conducive to big business. Mutton Birds.—More inquiry attaches to this line, but returns are unremunerativo. 'owing to heavy stocks held. Sales are common at under cost price. Packet Peas. -Slightiy easier rates arc quoting this seasou, and already a fair «e----.uiand exists.

Rice.-There is more activity on the market, but choice remains scarce. Saigon is being taken advantage of to make competition, but preference is usually given ro better grades at higher prices.

Cocoa. —Sales have eonsiderabiv improved the last week »r two. aud chances are afforded of working off slow sellers at cut rates. One popular brand has been reduced oue penny per pound, but prices are likely to remain firm.

Vestas.—Price-cutting has been taking place for forward businefti, and this cause** a reaction On holdings; however, it is not likely that arrivals of cheaper goods will appear on this market before another two or three months. However, it has bad the effect to cause a small reduction in prices for prefient business.

Tobacco*.—New Zealand manufactured appears on the down list this week, lower rates now operating for three packings. Bales Tor this tobacco show steady growth, and there is now no doubt that the local make has i-ome to stay. Imported stocks show improvement, although shortage Is mentioned for most popular packings of pin? and cigarette tobacco.

Meats. —Reductions are listeil this week ■weakening of the market, the move being made to come Into line with other packings. Demand continues heavy.

Milk Powder.—A decline of one penny per pound ie advised for bulk packings' lor bakers' use. With so much fresh uiHfc available business here is very limited preference being given to fresh milk.

Tea. —The local demand shows a very regular nature, the general opinion belns that packet, prices are likely to remain firm, ■the principal reasons being the increased ■consumption and the reduce* crop returns. The Indian .Tea Association announce that the total crop for 1021 is 243,000.000 pounds, a decrease of 69.000.0 IX) lh. as against last year. An improTement attaches to inquiry for rhina teas.

I Hardware.—Althoußh hardware trade has been considered quiet for some months, yet the building returns for the quarter show substantial .increase in sonic suburbs. Present business is distinctly active, while promises of largo undertakings in the immediate future arc numerous. Aticklaudniade jars are likely to supply next season's •emand. and quotations are promised for the near future. Paint trades are somewhat quiet at the moment, but improvement Is felt certain in the near future. American reviews are bri;rlitcr. and in many trades full staffs are again at work. Price-cutting is reported to be disappeariiiß there, it being part of the programme dependent on depression, but with renewai of confidence this form of business is not wanted. Although hardware in different forms has taken a firmer tendency, yet lower freights may help itoward further reductions in landed costs. BUTTER ITA'KKET UNSETTLED. The position of the market for butter is somewhat peculiar In Auckland at the present time. The latest London cable qroted New Zealand butter at 19.V, which is equivfllent to 1/6} f.o.b. at Auckland, or 1/8 per lb wholesale. It was stated some time apo that the price of butter locally wonld be regulated ou the basis of a parity with f.o.b. figures for eirport. As a matter of fact, however, butter Is still •iuoted from 1/2 to 1 '4 D er lb Wholesale in Auckland, while in Christchuren the rate has been advanced to l/S per n>. This reverses the position existing a few months ago, when Christehurc-Ti people ■were setting butter cheaper than residents in Auckland. It seems merely a question of time when tne price of butter in Anrfcland must be Increased to an eouivalcnt of f.o.b. rates for London. The output of butter ,has been a record one this season in the Auckland district, -which should help to compensate farmers to some extent for the low prices that have ruled this year. The enuso of the large output has been the wonderful jrrowtli of pasture this year owiny to the frequent rains throughout What' Should be under normal

conditions the dry period. as a matter of fnvt there has not born enough dry weather to enable areas of felled bush to for prniss and clover s?cis for surface sowing. WHEAT. It may. after all. bo n fortunate thine that New Zealand will not require to draw supplies of wheat from Australia this year. as advice from New South Wales is to the effect that the mouse pla-gn" is a serious one over there. At Qulrlmli it is esti mated that on one homestead alone sixty to seventy thousand mice were UHlod in a few weeks. At the railway camp »' Wcrris Creek. Dubho. it is asserted that 30.000 mice were car.gbr in one night. Details are nor furnished, however, as to the method adopted, or how the count was taker.. One thing is certain, that wheal, stacks are being riddled by the mice, and that the plague Iβ a serious onp for the farmers. In one case the mice are stated to have driven a family from their home. KOWL WHEAT. PlentT Of New Zealand-crnwn fo-nl wheat is now on this market, but the quality of to millers rejecting large ' qr-antltlcs of grain as not being up to the standard required, it is possible that tbe pfice of fowl wheat may be reduced. An explanation of the wheat not being up to millers' standard may be. as stated in a southern exchange, that a good many of the earlier lots -were very iin'wisoly threshed from the stoob. The wheat now being sent iv. ■which was threshed from the stack, is stated to be a much better sample. Large quantities of the wheat threshed from I he stook have been rejected by millers at Lyttclton which means it must be sold for fowl feed. MAi/.y:. This grain Is meeting with better sale. Supplies arriving from the Coast hove been smaller bvtterly, consequently the local market is steady. .BARLEY. The demand for barley is very poor ai the present time. Borne brewers rtlll hold stocks of last season's barley. Millers are cuttinjt the price of pearl barley in order to effect sales. OATS. A grade Oarton oats are reported firmer in the South. This Is stated to be partly due to over-sellers for April delivery being prepared to pay a little more to enable them to till orders accepted. The wet weather i;i the -South Is expei.tcd to result In a larger quantity of oats being classed as 1! grade this season. The rise in onts in tie South] is not JusMfled by the state of the markets overseas. .So far. it is understood there liave not befii many oats exported. POTATOES. Only small quantities of Southern potatoes have come to baud so far. The Kurow has about 400 tons, but the Wingatui is expected to bring a good lot. The to be very .satisfactory this season. The price in the South is about £4 per ton ou trucks. Local potatoes now art- not of goivl quality. Best local sell at from £7 to £S per ton. ONIONS. There are still ample supplies of locally grown onions to fill the requirements of the local market. in the South growers of onions are receiving from £3 3/ to £3 10' Per ton. eio far few inquiries have been made In the South for the Auckland market. Apparently (Tie yield was a large one In this district, and it is a fortunate thing for growers that shipments were made to America, as it helped to clear the surplus jat satisfactory prices. j CUAKK. I Lines of local chaff offcrin- are not I meeting , with much demand owing to the i uncertainty in respect to quality. Supplies are being drawn from Hastings und Itancltlkei. 11l the Souih holders of chair are ; nrmer in their attitude in respect to price. owing to the oat market having advanced. Very little chaff is now coming to Auckland from the South. AND CI.OVKK SEEDS. Prices for these lines are easier. The Improvement In the butter market may result In farmers putting down more pasture than was expected when the outlook was so gloomy. Ample stocks are held locally for all t!,e probable requirements this season, us very little will be required for surface sowing tills autumn. In the Sou.h very little business Is reported in cocksfoot. Ryegrass seed has also a tendency to ease in price. Clovers are unchanged. The wet weather delayed the threshing of both wblte and red clover. I/I.VSKKI). The market in the South is nbout £10 to £11 per ton lor linseed on trucks at country stations. Argentina bus aMg crop of linseed this■ season, which may weaken too price of thst line this year. HAY. Practically no saleß are being made of hay. as there U si> much green few! this season. ror the same reason the sales of 'liran are much smaller thon usual at this time of the year. WHOLESALE CURRENT PRICES. Farm and Uairy Produce.—Creamery butter 1/3 per lb for prompt cash- farmers- separator. 1' per lb: cheese flr-ul Knide .factory, medium size. lod per lv export «lze 0d per lb: loaf siie, V 2 per b| hams, KW per lb nea; ba.-on. 11,1 per lb net: lard, bulk lid. pats 1/2; houev, prime grade. IOd; eggs, -.'/e per dozen wholesale Hour, £19 13/, less discount of 2* per cent per ton, in -OOlb sack*; sharps. £|> 10/; bran, £0 10/; oaameal, STe, £27 per liraljj—O uts . a cra.le, 4/« to 4ft per bushel, ex store: Algerian seed outs « ■ maize, 4.-9 per bushel, wholesale lines ex wharf; fowl wheat. 6/6 to 7/ per bushel Chaff Southern, £9 to jc'.) 10 Onions, ;>/ per cwt. Potatoes—Rest quality, £8 10 ro C!> per ton. ex store. manur.es. The shipment of baric elag 10 hand by the Oorset found ready «ale. and there is a likelihood of a shortage later in the autumn. Improved demand is- reported for other fertilisers. " ™ ON 'CHANGIv I The month of Ai>rll opened with a firmer tone in the market on 'Change. <;ovcrntuent War Loans are very strong The 44 per cent issue. 1938, sold at £90 15/ and for ■the 19.'i9 buyers offer £00 12/<! ' The inscribed issue of similar (hues could be , placed at £00 12.6 and £90 ]{)■ respectively Buyers of the 19H0 stock still offer £VJ. 10/ and both issues of Soldiers' 3} per cent' Loan had Inquiry at £94 176 (Jitv of Auckland !>} per cent, 1940. are wanted at £83, Macky-Ix)g<in debentures at £83, and Oisborne Sheep Farmers at £97. Bank of New South Wolpm sold yesterday at £33 7/6 and £33 89. anil P. and O" Deferrcf stock could be placed at £2!X>. but holders ask £310. The demand for all these high priced lines shows there is mouey available for investment. Bank of Australasia shares are Urmer this week, being wanted Jir £12 4 , ajid Union Banks could be placed at £12 s'. Bank of New Zealand are a little firmer, there being no seller below 40/6. with steady ilemaiiil at sixpence under that ugtire. Auckland Gas shares sold 20/« to 21 . anil contributing issue are jiow wanted at l(>/«. HuddiirtParker steam firmed to buyers at 439. and Auckland Trams preference issue, which sold at 17/3, could now 'he placed at a penny advance. Wilsons Cement advanced to sales at 15/6, with further .lenianil at Iha.t rate. AUCKLAND STOCK SALES. The New Zealand Loan and Mercantile Agency Company. Ltd.. report: — We held sales of diiiry and store cattle during the past week at Wcstfleld, Xgatea. and Papakura. There has been no improvement in prices, although practically everything penned has changed hands. The ynrdhigs at each snleyard have been heavy. We quote:—Springers, extra choice to £21 10/. good £11 to £W 10/. others £rt to £10 10/; aged cows and inferior heifers, £rz upwards: bulls. W to £2 15/: empty cows 15/ to £1 10 : calves, best 17' to £1 10', others 5/ upwards; yearling to IS-months heifers. £1 3J to £1 17/(i; heifers, suitable dairy purposes. £2 5/ to £4 10'; yearling' to 18-months steers. £1 5/ to £1 I.V: two to 21-year rfeers. £2 to £2 15/; three to :'ido., £3 to £>> 17 (!; grown steers, £4 to £4 15/; beef at fully Westtield rates. On Tuesday, a! West Tamakl, we held, in conjunction with Messrs. A. Bncklaud und Sons. Mr. Henry Brown's clearing sale. There was a large attendance of buyers, and we report a satisfactory sale, registered pedigree M.S.H. cows, "srns to 29gns; do. heifers, 4?us to 17 s ns; do. bulls. 3 B ns to ISgiis; do. heifer calves, 3gns to 13gns; do. bull calves, lssns to lOgns. The grade dairy cows were keenly competed for. und lv comparison with the pedigree stock sold exceptionally well. Cows to £20----heifers to £16 10/: farm horses, £13 to £321 10/; hacks, £tj to £7 I<V; unbroken light sorts, £11 10/ to £13 10.'. Alfred Buekland and .Sons, Ud.. report: We held our weekly sale of dairy and , f.tore cattle at Weetfielil on Thursday. There was a small entry and values were unchanged. Best cows sold at from .£l4 to £18: good cows. £10 10/ to £13 10/: others. £3 to £1O; aged and inferior, £1 to £4 lα'; empty cows. l<v to £1 lSr , ; calves 12/ to £1 3/: yearling to IS-montas-old heifers £2 to £3 15/.