THE TURPENTINE MARKET.

Auckland Star, Volume LIV, Issue 72, 24 March 1923, Page 11

THE TURPENTINE MARKET.

noil and Co., stairs that supplies of turm-i----of 102] tho Home S "marnl In "c ?„! Sd ■States of America had boon heavy and Id (nlueil. and as the new crop did not show promise of beinj: any larger In volume thnn that or the previous year, there appeared 'to was never ranch more than one month's supply of turpentine In tank In Ix>ndon. J Uls position ot affairs wan not helped by tile fact that it was impossible durin.- thV> first six months of the year to obtain Irench turpentine nl prices which would compete with American c.i.f. prices. Krnnro hud enjoyed a pood demand nt Homo ami from other Continental countries and appeared to be independent of Uinh'nn for tho marketing of her output of turpentine. During the mouth of .Turn- the snot ni-lc of turpentine in London rmv from <;? t,, ,110/ per ewt. These high prices, however made tlv» Import of rV.-nrh turiv;ntlue possible, and by the middle of July J ondon stocks were augmented by over I">Of> barrels of the French product, with further ■ilrj,'ments expected. ITl.es easrd off considerably during the summer months, but October found Savannah aDd London will l*iii>«dlv advancing markets. In cnnscqilPnee of the prospect of supplies befns inadequate to meet the probable cletnund over the ensuing six months. During November and Decem" ber. however, the demand in America fell crop exceeded expectations. By this t!:n.-> the London stocks had been considerably augmented—both from America and Frame. I'rices declined on both sides of tin- Atlantic, altlioujr'i (he last few clays of the year found rh<" markets risinp one? more, it is Interesting to note that the total London deliveries for the year H)22 wer<- S-LOIK barrels, as asainst f>4.88!! barrels in the prorlous year—a decrease of 10.2:11 barrels Of the total u>22 deliveries, 11,1121 barrels were French.