COMMERCIAL.

Auckland Star, Volume LIII, Issue 98, 27 April 1922, Page 8

COMMERCIAL.

THE MARKETS AT A GLANCE. BUSINESS BRISK. JAM PRICES REDUCED. "Auckland Star" Office. Thursday. April 27, 1Q22. The week has been again crowded with Tvork, both in wholesale and retail houses, the holiday on Tuesday interfering with the general routine of business. There has also 'leen particularly heavy booking lor May iiuconut, and this has given all concerned i strenuous week. Stocks have been worked very close to demand during the !;ist few months as traders have been anxious to avoid losses through falling markets, but as it is now generally recognised that price levels have assumed o safer position for operating, there has returned a desire to hold a certain amount of reserve stock and also a desire to buy in quantity where advantage in price or discount is given. The merging into one company by Nestles Company and the New Zealand Milk Products Company is another instance of the world-wide movement by leading conjmcr- ■ ial houses to eliminate competition and in tnjsnre v profitable return for their product*. A benefit is passed on to the retailer however in this instance, for whereas it was necessary to buy the products of cither company in ten case lines to secure ihe minimum trading discount allowed, it can now be secured by an assortment of the two brands. Island mails have provided a heavy list of requirements for shipment this week, and coming at this period of the month means procure supply and dispatch the wide range .isked for liy island traders on short notice. The most Is not made of the possibilities of this market, due, undoubtedly, to the want of representation on the spot. Their requirements are so similar to our own. but uwin: to climate their dependence is almost entirely on Australasian supplies, and whereas New Zealand is taking what is given in the way of trade, Australia is leaving no stone unturned in the effort to secure all the business. English mail* are again very interesting, and point to more readjustments in productive costs, and invoices and goods landing now bear out the movement, nearly all grocery lines showing a decline, some fractional, others important reductions. Imports are far more interesting again, as retailers report a remarkable improvement In the demand placed on them since the butter market again became a paying proposition, and as the market ban every appearance of remaining firm the requirements will correspondingly show volume. It is common knowledge that refcreneument has been severe, in the country districts particularly, and what are termed every-day lines nave even been sparingly bought, so that with a return more in keeping with production cost there will naturally appear brighter business in country districts. Hardware and drapery establishments are also finding tbat the demand on them is growing witb the improvement in farming conditions. Sensational declines in grocery prices are now a thing of the past, hut small movements continue to appear, while now and again some line moves upwards. Overseas wheat markets are snowing strength. Australian millers having made a small advance in flour, which, however, leaves their price much under the price operating here. In many instances prices -are lower here tban in England. • •wing to rory heavy taxation on imports there; for instance, the Government collects ajd ;ax on every pound of sugar, 10d to 1/ on every pound of tea, 3Jd to 4jd on every pound of coffee. 10/6 tax on every 11:: pounds of rsMus. i> jd tax on every ounce of tooa.-co. en-.- etc.

Tea.—This neck's report is not yet to timid, but i; is awaited with considerable interest, as exceptional!; heavy quantities ■ over S.WJ.UUU iioundtS) are listed for tbe sales. It has to be cometubered that the price of ten. for staudard blends, is at such a level that, owing tv the industrial depression and unemployment problem lv Europe, buyers hay« bad to seizure cheaper grades io meet tlm demand from the section that has had its spending power reduced, and consequently wants cheaper food and drink. With the brisk bidding that has occurred to secure the cheaper grades prices have naturally iHlvancoa to levels beyond ail re? lation to real value, while better grades, alter reai-hluß high levels, have remained fairly steady for some while, so that, value for vuluo. common teas are now atrociously dear, nnd better grade teas relatively rlieup. Although increased quauTitles aru listeJ fur tliiK week's auction*. yet suspension for the holidays will probably show that bidding will be very keen on account of the effort to secure replacements for- sales over this period. The intentional reduction of output from the gardens this season has been accentuated by a season of exceptional drought, unfavourable for rapid llusuch and coarse plucking, thus the production of common tea decreased in inverse ratio to the enlargement of the demand. All circumers this .season, the present returns giving a substantial profit, whereat) in 11)20 ami the early part uf 11121 heavy losses were incurred. Jams.—lnteresting nevre to tbe trade this week is tbe information that a reduction In price on all packings of jam has bten made. Anticipation of this move was made in this ■■olumn last week, and according buyer* have held back, but with new prices named good business should result as the beaviest demand is the winter one, and as sugar price is firm and other coste seem • stable. the present quotations may lipid for some time. Morit packing! reveal a reduction of a half-penny per pound, but where packed in glass the move has been more, jars having supplied a substantial decrease in cost. Australian, owing to prohibitive tariff, is a neglected market. Rice.—Prices have given way somewhat and holders here are responding to the move by Quoting their stocks at a level with what the new price rice would sell at. Forward business i» brisk at tbe lower level quoting. Desiccated Cocoanut.—Colombo advices received this week point to this market having muted, a ad it is anticipated that the low levels previously ruling will not again be touched. Landings at lower rates have. jnst been made, so that present buying should be good. Since this information came through heavy business has been booked where stocks were low. Sales uf flake and sbred are slow. Cube Sngar.—Stocks are lightly held, while cartons are almost unobtainable: however, a shipment is now at the wharf, and should be in tbe bands of ■distributors at any minute. English Imports.—Several changes are noted in landed costs on new arrivals to band,i oils of most varieties again being at lower level. Acids bear out tbe decline mentioned in English advices recently, and are now near pre-war value. Small reductions appear on flsh and meat pastes, but essences remain dear, and sales are alow at the prohibitive figure. Singapore Produce.—Advices this week are of particular Interest owing to movements in prices named. Tapioca, reveals a slight advance with prospect of further move, \ and the low level for pepper has risen a fraction. Sales have been of a particularly heavy nature recently owing to the low levels operating, and tbe next advices are being looked forward to to see if the advances are maintained and warrant requirements being covered for at the uetv figure. undies. —The demand lias . shown rapid growth this month, and all are satisfied to operate at the low level ruling. Burmah ;:ii<l English are seldom asked for. and as for quality there is no reason why local made should not secure all tbe trade offerjug. Hardware. —Reports combine to mention improved conditions, and the scope of in.juiry is increasing in country districts. Sales are much brisker for fencing wire, •md the information that bed-rock prices -ire being named will, do much to increase i)ii«inesii. More cheerful reports are re••eived from the steel trade in America, tile lumber trade also having taken a turn for tbe better. The country there Is lookins forward to a big year in connection with building activities, and allied lines of materials, paint, hardware, cement, etc. They mention gains in employment in the iron? steel and automobile centres. Cloth. ins is also reported as active. . Auckland-uaade Jars are now being quoted, and a comparison with last years landed ■ os-is ot imported should do much to influence traders to turn attention to the local article, added to which ebould be preference to our own markets. Corrugated iron is abort, but tbe position is not acute, us landings are expected shortly. POTATOES. SuDDIICS ot Southern potatoes are ample in the nresent time to meet the requirement* of this market. Regular shipments mow come to haud, but uuXortunately m«ny ines arc of iuferior quality due apparently " tiie crop In «oroe districts having auffered ; shli'l'i-d first as the tubers will not beep. Aβ tin- kk Importers at this end are concerned j II iiioHi." thiit Hip potatoes require careful

I attention before being delivered from ship S side, and best samples only secure the full market price quoted. Lower rates have to I be accepted in order to clear tlie inferior lines. Apparently it will not be so much a question of price this year as the quality of the potatoes offering that will require careful consideration. At the time of writing the Wanaka has arrived with further shipments of Southern potatoes. Advice from Timaru is to the effect that the blight appears to have been conflned to the ■white potatoes, also that the crop on the whole has turned out much better than was expected, averaging from eight to ten tors to the acre. Fair quantities of potatoes, will be brought from Lyttelton by the Whangape. Ophi. and Kaikorai. Main crop digging i« now proceedine in Canterbury. Auckland at present requires about 5000 to 6000 sacks of potatoes, and the deliveries in the week before the Easter vacation were about 12,000 sacks. ONIONS. The local market is reported bare of onions It is now fairly certain that the exports a few weeks ago cleared out to a great extent the stocks held by growers at Pukekohe. Merchants are now Inquiring for more supplies from Canterbury. The price to growers is from £o to f.i 10/ per ton. It is understood thnt large orders have been placed in Auckland for onions for shipment to the Islands.. The result is tbat this market is now very firm. There are. however, ample supplies of onions available this Tear in the South, and supplies are expected from that quarter to kr*p this market going. The Niagara took 1000 bags of onions to Honolulu. MAIZE. A further shipment of flrct-class mai7.e has been received from Gisborne, and there being ample to 811 all present requirements, the market shows no change this week. Local demand for maize is not likely to increase until colder weather sets in. especially as there are now ample supplies of fowl wheat offering. OATS. The local market is decidedly firmer for oats this week. Stocks of white oats here are negligible at the present time, and A grade Gartone are meeting with ready sale on arrival at from 4/8 to 4/10. Merchants in the South report that offerings of oats from growers are small, as farmers ar« hoping to get better prices later on. Oα the local market the demand for oats bus increased probably, due to the continued cold showery weather, necessitating horses having more grain. SEED OATS. This line is now in fair demand. Good lines of machine-dressed, clipped Algerian seed oats are somewhat difficult to secure just now. Many of the samples offering are really not first-class grain. WHEAT. Advice from the South is to the effect that the Government is buying good Tuscan wheat for export. The effect of the broken weather during harvest in North and South Otago, as well as Southland, has bad a bad effect on samples of mllUnr wheat. In North Otago the proportion of sprouted or discoloured wheat is stated to I>* larger than was expected before threshing started, and much of the crop In South Otago is stated not to be of satisfactory quality. The fact, however, tbat the Government is buying wheat for export, is evidence there will not be any shortage for millers requirements. As there are lots of wheat rejected as not being «p to standard, stocks of fowl wheat should be large this winter. Locally the market is now well supplied with fowl wheat. The three farthings per bushel increment in the price of wheat takes effect from May 1. GRASS AND CLOVER SEEDS Ryegrass seed is reported a little easier In the South. White clover and cow grass are in short supply in the South. The demand for red clover in the South i» reported to be fairly good. CHAFF. A steamer arrived at Onehunga with a shipment of Blenheim chaff, which flnds ready sale owing to the quality lieing superior to lines from Hawke'e Bay and Kangitikei. Some lines forwarded of late from the latter district were rejected as net up to requirements. This is the unfortunate result of bad weather at harvest nine. WIIOLESALK CURRENT PRICES. Farm and Dairy Produce. —Creamery ■butter 1 ; 5 per lb for prompt cash; farmers , separator. 10d to lid per lb; cheese, first grade factory, medium size, 10d to ]ld .per"Hi,, export size IOJd per lb; loaf sine, 1/3 per lb: hams. Xld to 1/ per lb net; bacon, lid to 1/ per lb net; lard, bulk flu , , pate 1/2; honey, prime grade. 10d : eggs, 2.10 per dozen wholesale. ■Flour. £19 13/, less discount of 2} per rent u er ton. In 20011) sacks: sharps, £0 10': liran, £S 10/: uatmeal, 2."»'s. £27 per ton. drain.—Oats. A grade. 4 S to -J 10 per bushel, ex store; Algerian seed oats. 0 : maize. 4/9 per bnsbel, wholesale lines, ex wharf: fowl wheat. 6/!» to 7/ per bushel. Chaff.—ißcet Southern, £0 to £9 10/Onions. —10/ per cwt. I 'Potatoes.—Best quality. £8 10/ to £0 per ton. ex store. MANURES. The Makatea is due at the end of the present week with basic slag '17-30 per cent -from Belgium. As the price is reasonable sales have been made for delivery direct from shrp's side. FLAX. Owilis to the. depressed state of the flax market the Department of Agricnltnre has culled a conference of millers and merchants to meet' in Wellington early in May to discuss the best methoTl of restoring the good name of Government sraded hemp and recovering the trade lost in London durinjr the war. The lack of supplies from New Zealand dnrinz the war resulted in East African si«al getting a grip of the market in England. Buyers of flax in ■Britain have complained that the quality of the New Zp.nland product has been erratic. In addition to this, the price of sisal aid Manila hemp has been reduced to meet the altered condition*, which leaves the rates asked for New Zealand fibre toe ■high. A eonrpanv has .been formed in the south to manufacture points and varnish from by-products of the flax industry. The creen vesetablo iliitinnu* -waste from the flax mills can. it is claimed by the promoters, lie nsed to ■produce an oil of such density that it nn-ly requires three pounds of oisment to the callon of paint, an cotnnared with nine pounds required for linseed nil paints. It is also stated that under this system the use of white lead is entirely dispensed with. MEAT EXPORT. At the end of .March there were 1.000.000 carcases of meat in freezing stores in New Zealand. During the next six or eight weeks, however, .ouitp a fleet of steamers ■will lie in Xer Zealand waters. it Is therefore nreftnljle that the North Island meat should be out of the Dominion by the end of June, nnd tbat of the South i Island ciirh- in August. HAMS AND BACON". The outlook is th.v there will he ample supplies of bams and bacon, as there na§ been a bi<- increase in the .number of swine in Vw Zealand, particiJiirly m tu° North Island. The Increase In the North Island in two years has been ns.OOO, one in the Sonth Island only 3«.ftV( The l°!?Lr un, ' ber or swUle in ' Xc «- Zealand la 342.22.1, as compared with 235.347 in 1019. ON 'CHANGE. The A UC t7j»nd Stock -Exchange resumed wfi""* after <? e Easter vfcation on tTI -n ~? T *, or " Ills - and m sereral line* S«» P *• ".notations showed an advance upon cloehiz rates. The lii—esr advance was in iP. and O. Deferred slock ™^\ cle ffi? ? m Bellers •" «m «5a n?k? n !■££ b " n Ters at £3 '" B - Sl,tl ''Older" serine £338. Buyers came In for Colonlnl Surer, Australian issue, at £29 10.' }.ut » selling figure was not nifoted vl on Banks -were wanted at £!■■> sc, »« ,Z pared with £12 R/ before Easter Bank of Australasia sold at £V 1 14/ yesterday ?h f Hn°e n, *!"?" heU " the ™«rked cS tnis line was n ne red at £12 10/ Bank "1 / V«£ omn }. e rcials could he placed at Seller? IIT Z £ alallds «» 50/. but *o ■Wh Ttr ? t r?" , R T- verK "aw ofTcr 33/2 for >outll Hritlsu Insurance -α-lioroi* n,~~L wero sellers at that figure before Easter Sales -of Auckland Cue naiil teane ?;S» sold'at W" d rt Tramß - Preference fsVne SSL "GW A&SLS issues aro wanted at £03 15/. D cent LONDON BETTER MARKET. Joseoli Nathan and Co hive iw,i r ., ~ f?"<>7in? cable from their LomlonTouV"S« ted and nnsaltefl. ISO •■ m' r«n.7 :Sets n'uiet" W ' ro ' m,rPfl fc > f " */.

i STOCK SALES. MAXAWATU. Abraham and WiLUams Lid., report:—At the i'almerston North sale on April -'0. v.c had a fair yarding of. sheep and cattle, and practically evervthlng was sold under the hammer ■Wβ quote as follow?:—F.m. ewes running with Romney rams 18/, fat wethers to 2:1/11: springing Jersey cows at drop £12 to £17; .springing Jersey heifers at drop £14 5/. heifers, just calved, .£7, £8 10/, £9 10/, ill 10/. to £\S: cows, Just calved. £8 to £11 1-V: fat cows £2 10/, £3 16/0: forward cows, 87/6, £2 to f2 10/; store cows, £1 1/. £1 10/ to ±1 VZ/fr. well-grown weaner Jersey heifers £5 17.', weaner Jersey-cross heifers £2 -.', f2 3/ too 2/; weaner Shorthorn heifers, :<O/ to 33/. heifers r.w.b., £:t ti/. £i 10/ to £4 2/: lff-montus steers £2 8/6, bulls, potters 2J/0, 2.">/, to £2. At the Fellding sale on April 21 we had a good yarding of sheep and cattle. There was a good attendance of buyers and demiind was good for all classes of sheep. We quote:—-Fat lambs. 16/. 16/H, 17/ti to 20/7: fat wethers. 20/6, 23/7 to 26/1; fat ewes. 14/3, 15/8 to 15/8; 2-tooth wetheri to 23/6, 4 and 5-yeac ewes, r.w. S.I), ano, Uomney rams, 12/j lambs 11/6 to 12/10, cull lambs to 69: empty ewes, 7/6 to 0/6; dairy cows, t£3, £3 10/, -£4 £4 10/; fat cows, £2 10/, £3 to .£3 12/6; 2-year steers to i£3: 2-year Hereford heifers to £2 10/, heifers. r.w.b a £?> £4 to £o 5/j weaner Shorthorn heifers. 31/, 35/. to i£2 5/; store cows, £1 to 30/.