FINANCE, COMMERCE AND MARKETS.

Auckland Star, Volume LX, Issue 292, 10 December 1929, Page 4

FINANCE, COMMERCE AND MARKETS.

MARKETS AT A GLANCE.

BRISK WHOLESALE TRADING.

LOWER PRICES ON CITRIC ACID

DRIED FRUIT MARKETS SHOW

SLIGHT WEAKNESS

"Auckland Star" Office,

Tuesday, December 10

Wholesale grocery houses have been exceptionally busy during the past week, and it is anticipated that all departments will experience very heavy trading right up to the end of the present month. Fancy gooda houses are also exceptionally busy just now, and as all oversea shipments have come to hand in good time this year, the various departments have been able to display their new arrivals to the best advantage, which has been of considerable assistance to buyers. Drapery houses are now featuring toys, fancy novelties, jewellery, toilet needs, holiday apparel, novelty gifts among their many attractive displays, which are already attracting considerable business. In this respect the public are strongly advised to make their Christmas purchases as early as possible in order to secure the best selection. If left till nearer the holidays they will also have greater difficulty in securing the necessary attention. General. An unusually heavy demand is being experienced by all groeery houses for canned fruit—peaches, pears, apricots and pineapples—these being very popular for picnics, etc. All Christmas commodities are selling well, and by the time merchants close for the it is expected that most lines will be sold out. Already some items are in short supply with merchants unable to reolfer on account _of no further replacement stocks coming forward. The last shipment of new golden bleached raisins has proved an excellent sample and the quality of the newly arrived bulk and carton dates leaves nothing to be desired. There are still small supplies of old season's seeded and seedless raisins available, both in bulk and cartons, and as the quality of both lines is quite good and the price of new season's so much higher, it is considered that both these lines will experience a good demand. There is still a distinct shortage of walnut halves, which is inconveniencing buyers to a certain extent. Shipments came to hand recently, but unfortunately some consignments on arrival were found to be infected with grub, which has affected deliveries. Dried apricots, in the higher grades, and peaches are also short. Jam apricots are fairly plentiful, and are selling fairly well. Small shipments of Italian walnuts arrived recently, and opened up in splendid condition. The quality should appeal to the most discriminating buyer. Fruit pulp is commencing to sell again, the varieties most popular being black currant, raspberry, strawberry, red curant, and gooseberry, which are not pulped so extensively here. Preserving jars are also commencing to sell, although the heavy demand will not commence till after the holidays. Christmas crackers are selling well, the varieties offered getting smaller week by week, as various packings are sold out. Both Spanish and Californian muscatels are now ialmfost sold up, and supplies of all packings are expected to be quite depleted before Christmas. Wholesale grocery merchants have arranged that their warehouses will be practically closed from December 24 to January 3, 1920. Skeleton staffs will be on duty to attend to urgent shipping and urgent necessities of clients, country and town, but no travellers are to be sent out to solicit orders between the Christmas and New Year holidays. Australian merchants report the arrival of new season's whole .pimento and whole cloves. Canary seed remains firm, with ■high prices likely to rule for the next five or six months. Prices for millet seeds and hemp seed are also firm, with new season's supplies not being expected before January-February next. In the meantime supplies are very short. The market has been almost cleared of supplies of Madagascar limas, with supplies of new season's not being due before March-April next. Handpicked haricots are fairly plentiful, and there is a good demand. Bulk Raisins. Cables last week advised some fluctuation in the Californian raisin market. The first cables received advanced unbleached bulk 1/ per cwt, two days later prices were again reduced to their orignial quotation and then advanced to their previous price again. Golden unbleached are also showing a firmed tendency, late cables received advancing this variety 1/ per cwt also. Nutmegs and Mace. Both nutmegs and mace continue to decline, cables received last, week advising further slight reduction on both commodities. Ceylon Tea. At the usual weekly sale held at Colombo': on the 3rd inst. a total of 3,000,0001b was p-laced under offer. Quality showed a slight falling off to the previous week's offerings, with the result that any coloury, bright liquoring teas were in strong demand, with light liquoring kinds having only a small inquiry. Common ■kinds advanced %d per lb, Price broken Orange Pekoes and plain 8.0.P.'s remained firm; first classic broken Pekoes declined Vid; fine broken Orange Pekoes %d per lb. Exchange was quoted at 1/6 5-16. ' Citric Acid. A cable received from London during the week has advised a sudden decline in shippers'-' quotations for citric acid, both powdered and crystal, of 7/ per cwt for prompt shipment. Business cabled at the | reduction has already received confirmation. > ' Tapioca. The market for sago and. tapioca has shown a much firmer tone during ..the last few weeks, cables received last week advising an advance of 5/ per ton on sago and 10/ per ton on tapioca. Mail advices received indicate that the recent low values in both these commodities -has been caused by the falling off in demand from Europe, and by there being very 'little inquiry received from the Indians. Owing to the low price of tin and rubber (the two principal articles of export) from Singapore, money has been rather tight, and dealers, therefore have not been holding any large quantities of tapiocas, more or less selling as arrivals came in from the millers. This has resulted in 6&me unusually low quotations, but the reported scarcity of tapioca in Java should make itself felt very soon now, with the result that a greater demand is bound to set in for Penang grades, with a consequent increase in value. In view of these facte, and that present prices are not far off actual cost of production, shippers are strongly urging merchants to consider the advisability of covering their requirements for some time ahead. As the market has already commenced to advance intending buyers would be well advised to act quickly. Pineapples. The Singapore pineapple market has proved most difficult to follow. Canning ' , UI full swing, and the quotations listed this week show an appreciable decline all round, to-day's list rates the lowest recorded since the war. Buying for the December steamer has practically finished, and only very email quantities will be brought forward at to-day's quotations. Some small parcels have been brought for the next direct steamer, Marcn-April, at present quotations, but

buying so far forward is of necessity verj limited, owing to the large shipments thai will be on the Avay to this port in a very few days. London houses report thai stocks in London and Liverpool are much larger than they were this time last year, and also that shipments afloat were largei which indicates that buying from this direction is likely to be restricted, they therefore express doubt of any permanent improvement in the meantime. Against this it must be remembered that prices generally are very low, and if values declinc much further canners may be forced intc considerably curtailing their output. American Resin. Cables received last week advised that American resin, after remaining linn for some weeks, is showing a tendency for a lower market, latest quotations received showing a reduction of 5/ per ton on G, and 10/ per ton on N, for immediate shipment. Rangoon Rice. Rangoon rice remains fairly steady at last ruling rates, the recent low quotations advised some weeks ago encouraging wholesalers to place the greatest portion of their season's requirements for delivery by the next direct steamer, leaving approximately March-April next. Present indications are that although the market remains unaltered at present, the tendency is distinctly firmer. Pepper. Cables received from Singapore last week showed still further fluctuations, all grades offered being listed at slight declines to the offers of the previous week. This reduction coming so close on the sailing of the December direct steamer, although very favourable to buyers, has not resulted in much business owing to the greater proportion of buyers operating when new season's quotations were first announced. It is not anticipated that the present favourable quotations will hold beyond the departure of the Narbada on the 12th, and that there is every indication that the market will firm. Mail reports received advises that arrivals at shipping centres are already commencing to show signs of falling off slightly, and there is no doubt that towards the end of the present month supplies will tend to become less plentiful. In the meantime on any appreciable declines it would be strongly advisable to cover as the short position is by no means covered, and the market is likely to be subject to some sharp advances. Now that the bulk of the crop has been marketed, and arrivals may be expected to become less and less, as time goes on, the ultimate prospects are certainly for higher markets. Walnut Halves. Cables received last week advised a reduction on extra perfect (French) walnut halves of 5/ per cwt for forward shipment, January February, March. Soft Shell Almonds. New season's soft shell .almonds are being quoted on the same basis as last fear, but no substantial business is expected from this quarter, as all merchants' requirements have been executed and shipped in previous season's nuts. White Lead. English quotations on white lead are showing a still weaker tendency, cables received last week advising a further reduction of £1 per ton on all packings. Peanut Kernels. Slight reductions on Java peanut kernels 'or forward shipment were notified some veeks ago, business being done at the juotation. Later cables received have advised a still further decline of 10/ per ton. Sicily Almonds. Sicily, almonds have 'been offered during ;he last two or three weeks at levels that rave 'been'down to almost pre-war, and i little business has been done at these ow rates. At first forward shipment for ;he first three months was not available, jut later shippers agreed to accept busiless for this period also, and confirmation or' the orders already sent forward has iow been received. Wholesale Current Prices. Butter.—First grade factory, booked, /6% per lb, and 1/6 for prompt cash, second grade factory, Booked, 1/5% ner b and 1/5 per lb for prompt cash. Farners' separator, 1/2 per lb. _ Cheese.—First grade factory, medium ;ize, mild, 9%d to ll%d per lb net; loaf, .lYzd per lb net. .Chesdale, 61b bars, 1/3 )er pound; 7oz packets, 9/6 per dozen. Bacon.—Hams, 1/1 per lb; rolled hams, 1/3 -per lb; boned hams, 1/4 per lb. 3acon: Sides, 1/ to 1/1 lb; rolled sides, 1/2 b; middles, 1/3 per lb; shoulders, 9d per b. Lard, bulk, 9d per lb; pats, lOcl per lb. Flour.—Local, 2001b sacks, £18 per- ton; 100's, £18 15/ per ton; 50's, £19 5/ per ton; 25's, £20 per ton; VlVz's, £20 17/6 per ton; QVt's, £21 17/6 per ton. Southern: 2001b sacks, £18 per ton; 100's, £18 15/ per ton; 50's, £19 per ton;' 25's, £19 10/ per ton; 12V2's, £20 5/ per ton; C'A's, £20 17/6 per ton, all less 2% per cent discount. Linseed.—Whole, 25/ per cwt; ground, 26/ per 1001b. f Malt.—Crushed, 12/ per bushel; whole white, 12/ per bushel; whole black, 14/9 per bushel. Twines.—Seaming, 3/9 per lb; >inder, 8d per lb. Peameal. —12/ per 1001b. Linseed Oil Cake Nuts. —15/ per 1001b. Linseed Meal.—l 7/ per 1001b. Bluestone. —37/6 per cwt.