MARKETS AT A GLANCE.

Auckland Star, Volume LXII, Issue 46, 24 February 1931, Page 4

MARKETS AT A GLANCE.

HEAVY TRADING IN GROCERIES

LOW MARKET ON GUM ARABIC TURPS AND RESIN FIRM.

"Auckland Star" Office. February 24, 1931

Better business was experienced by most I wholesalers during the past week than was originally 'anticipated, the usual | monthly orders that come in about this I time being to hand rather earlier than usual, which proved of very valuable assistance to packing departments, especially as most of them are working with smaller staffs than they did at this time last year. The Tofua being in port last week was also responsible for fair business activity 'among those merchants dealing with Island trade, the usual assortment of orders being taken by this vessel for the various Island ports last Saturday. General News. Generally speaking trade for the month has been quite -good, and by the end of this week merchants are anticipating that the aggregate turnover will be well up to last year's. This taking into consideration that values of nearly all grocery commodities have fallen so considerably, speaks very well for the amount of trade being done at the moment. A further reluction by some soap manufacturers in certain proprietary brands not previously altered has been responsible for a reduction of 3/ .per case in these lines. Sheeps' tongues in 12oz size are now down 9d Der dozen, which is an keeping with the low values now feeing obtained for mutton at the various freezing works. This hist alteration should 'bring retail quotations down to a very attractive level for the householder, and-sales are expected to increase accordingly. Forward costs on prunes are steadily rising, from which it seems fairly definite that some merchants will shortly have to revise their indent offers, particularly for the larger sizes. Raisin prices also have been quoted for some little time on a steadily advancing market, so that merchants' present costs, which •have shown very little attention as yet, are very attractive. Cigarette papers, particularly French makes, have proved more popular than ever during the last few months, with the that merchants in many cases are finding that their usual contract monthly supplies are proving insufficient for present requirements. This apparently is mainly due to the change over of the consumer, largely to the use" of tinned cigarette tobaociD now being packed in New Zealand, and is the natural result of the present cconomy trend. Opening prices have been named for new season's mutton birds by certain packers in Tasmania, and at the rates now listed very much improved business is anticipated. In comparison to opening quotations last year present rates show a reduction of approximately 20 per cent in merchants' previous wholesale rates. Some very favourable indent offers are now being made on desiccated coconut for forward delivery, and good business is expected to result. Owing to the present uncertainty of exchange, and the act that merchants are quoting on a firm delivery price, offers should prove quite an attraction to storekeepers. Recent advices indicate that no further offers of Golden Bleached raisins by packers will bo made. Prices for Socla Bleached are now listed at such a high level that it is nn;ic:r,ated very little interest will be taken in _ this line for the time being. A new line offered on this market is a hygienic packing of greaseproof paper suitable for lunches, etc., that should have a distinct appeal owing to its attractive get-up and low price. One very popular line of washing powder is now being offered to the retail in quantities of ten boxes less a special trade discount of 10 per cent. Whole Cloves. The market for cloves generally is showing a slight easing tendency, quotations for both Zanzibar and Madagascar showing a decline of Id lb. Prunes. Californian packers advise that 30/40 prunes are now in very short supply and that some shippers are letting only a few of their stock of this size go with their assorted orders. 30/40's in Oregon,' Washington, Italian type are being offered at an advantage of 5/ per cwt, but as in the larger sizes price as mostly subservient to quality, the trade generally are not inclined to accept Oregon pack so freely as they do Santa Clara. Currants. In view of the present shortage in Australian offerings of currants considerable attention has been created in Greek grades, and a fair amount of business has been placed in this market. Apparently, the business passing has helped io cause a firmer tone, and the last cable received advises that both Amalia and Patras grades have been increased 2/ per cwt. Gum Arabic. The latest prices quoted on gum arabic show a reduction of £3 per ton as against prices formerly ruling. This market is at an unusually low level just at present, in fact the prices now ruling are the lowest recorded over a considerable number of years. Present prices in comparison to those ruling in February last year show a decline of quite 50 per cent in shippers' quotations. Ceylon Tea. At the last sale of Ceylon tea held at Colombo on the 17th instant two million pounds was placed under offer. Quality of most grades showed general improvement, this being noted particularly in up-country sorts, which were bright and of good quality and occasionally line. The result of the sale showed a fair demand with prices irregular and rather easier except for good medium and best sorts Actual price alterations showed that commons and Price Broken Orange Pekoes were firm, plain 8.0.P.'s declined Ad per lb, first classic Broken Pekoes remained firm and fine broken _ Orange Pekoes advanced %d per lb. Jixchange was quoted at l'/5 31-32. At the following sale being held to-day 2A million is being offered. Advices received during the week indicate that the programme of restriction of the plucking of Cevlon tea though not definitely settled, will probably be arranged on a basis somewhat similar to last year when prices were too low to show a satisfactory margin to tne grower. In allocating the actual restriction it is probable that a differential basis for commons, mediums and fine teas wall be arrived at after taking into account production during the years 1927, 1928 and 1929. It is estimated that the restriction will probably fall heavier on common teas, while fine will be left practically unlimited. Turpentine. Turpentine, in sympathy _ with. the advances in resin, is also showing a firmer tendency, prices to-day being listed at an advance of Id per gallon oil recent quotations. Sago and Tapioca. Prices for both sago and tapioca have for some time been listed on a falling market, but this week a sharp reaction has taken, place, And prices have advanced appi'oximately £1 per ton. Early :n January advice was received that supplies were only moderate and an increase m shippers' quotations was likely at any time. This increase has now taken place although it took some little while to materialise. With a view to finding out something definite in regard to the position of this market a cable was dispatched to Penang last week, and the following reply was received: —"Advances due to short covering and supplies decreasing slightly. Demand continues poor, another setback possible, but collapse unlikely. Recommend operate soon as market a little easier." From this it will be seen that the present increase is mainly du- to brokers having to come on the market and make purchases against sales previously made which has been ■"esponsibie for the present increases. Apparently shippers are inclined to think that the market will ease again slightly, and it is then that they consider the market will Ibe most favourable to buy for the next I sailing.

Bluestone. Cables received from London advise that bluestone is easier, a reduction of .£1 per ton being adv.ised, all round on English and Continental qualities. Pineapples. Merchants have already received a considerable portion of their contract supplies of Fijian pines, and the Tofua, which arrived last week, brought further consignments which were delivered to merchants against orders on hand. This pack, due to its similarity to Hawaiian, has been very well received on this market, and supplies are much in demand, some grades being sold up and unprocurable just before the first of this season's delivery commenced. Prices this year are slightly higher mowing to increased costs, but notwithstanding this all grades, particularly broken and crushed, are very much in demand. As advised previously the present season's pack was sold up well before the end of last year, and inquiries are now being made for packers' quotations on winter pack which is generally ready for shipment about July-August next. Resin. The latest cables received in connection with quotations on resin show that this market is decidedly firmer, present rates showing an advance of 7/6 per ton for both "G" and "N" grades. Desiccated Coconut. Prices for this commodity have shown very little change during the past few weeks, although at present rates the market is considered very favourable to buyers. Some interest has been shown, but so far very little business has been actually sent up. Olive Oil. Olive oil is now 'being listed on a firm and advancing market, latest prices for French showing an advance of per gallon on bulk quotations. Sicily Almonds. The market for Sicily almonds is again showing a firmer tendency in the latest cables received, prices haying .ilvanced £ 1 per ton with shippers indicating that the forward market is firm.Nutmegs and Mace. Nutmegs, while still at a low level, are now showing a firming tendency, last advices received being at an increase of %d per lb. Mace is also firmer, prices this week showing an advance of 2d per lb. Kapok. The market for all grades of Samarang kapok is quiet but firm just at present, prices as at present listed being considered quite attractive. Ample stocks arc available locally owing to a shipment having just arrived by transhipping steamer from Australia last week. Brazil Kernels. In a cable received during the week-end Brazil kernels were reduced 2d per lb, this decline in rates being in sympathy with the low prices now existing for Brazils in shell.. The market for Brazils in shell showed the last decline come weeks ago, but on account of stocks held at the time shelled nuts did not immediately follow. Barcelona Nuts. A cable received from London during the past week advises that quotations for Spanish Barcelona nuts, present season's, are again slightly easier, the latest market advice being a reduction of £1 per ton. Raisins. Thompson's seedless raisins are now being listed at an advance of 6d per cwt in choice pack, while the advance in conversion rate has also been responsible for a further increase in merohants* landed costs. Wholesale Current Prices. Butter.—First grade factory, booked, 1 /2Vs per lb and 1/2 per lb for prompt cash. Second grade factory, booked, 1/0% per lb and 1/ per lb for prompt cash. Farmers' separator, lOd per lb. Cheese.—First grade factory, medium size, mild, 7%d per lb net; loaf, S'Ad per lb net; Chesdale, 61b bars, 1/3 per lb; 7oz packets, 9/6 per dozen. Honey.—Bulk, white, 6d per lb; lightamber, od to s'/id per lb. Bacon. —Hams, 1/ per lb; rolled hams. 1/3 .per lb; cooked •whole ham, 1/7 per lb; cooked pressed hams, 1/9 per lb; bacon sides, lOd per lb; rolled sides, 1/ per lb; middles, 1/ per lb; shoulders, 7d per lb; rolled shoulders, 9d per lb; lard, bulk, 7%d to 9d per lb; pats, 8d to 9d per lb. Flour.—Local, 2001b sacks, £18 10/ per ton; 100's, £19 5/ per ton; 50's, £19 15/ per ton; 25's, £20 10/ per ton; 12%'s, £21 7/6 per ton; 6Vi's, £21 17/6 per ton. Linseed. —Whole, 19/6 per cwt; ground, 19/6 per 1001b. Malt.—Crushed, 10/ per bushel; whole white, 9/9 per bushel; whole black, 11/9 per bushel. Twines. —Seaming, 2/6 per lb; binder, J7/6 per cwt. Peameal.—l2/ per 1001b. Linseed Oil Cake Nuts.—l 2/3 per 1001b. Bluestone. —37/6 per cwt. Linseed Meal. —2V per cwt.