MARKETS AT A GLANCE.

Auckland Star, Volume LXII, Issue 87, 14 April 1931, Page 4

MARKETS AT A GLANCE.

TRADE FAIRLY ACTIVE. RAISIN MARKET FIRM. BRAZIL NUTS EASIER. " Auckland Star " Office, Tuesday, April 14, 1931. Business was exceptionally brisk last week, the Easter holidays being responsible to a great extent for the amount of trade passing. Country storekeepers particularly have been unusually active, and it is apparent that they are finding business in their various districts on the improve. From the amount of mail to hand yesterday, it would seem that the decline in trade this month will be much more gradual, and that merchants generally will experience a fairly good week. General News. • In trade advices received by merchants during the last few months, and from the general information received in connection with overseas markets, particularly English and American products, it is quite evident that the market for the main foodstuff lines are well down to rock bottom, and that the tendency of most lines is for a general soundness, which is further accentuated by the present exchange situation. Apparently retailers have realised that prices in the main are not likely to go any lower, and therefore are committing themselves to a certain amount of forward buying* which has had the effect of causing merchants in many cases to reorder, as they had been rather conservative in buying, owing to the previous general prevailing depression. The prospects for an improvement in general trading conditions are therefore much brighter at present than they have been for the past six months. Overseas importations were very heavy just before Easter, but have shown a slight slackening off since, although in readiness for the winter trade demand supplies of English bulk cocoa and also soups in concentrated form, as well as tinned, have just landed. Further supplies of carton dates in both 12 and 16oz packets, and also American bulk unbleached T.S.R. seedless raisins are to hand. Another shipment of walnut meat is due very shortly, and supplies of this line will be quite welcome, as spot stocks are getting very low again. A popular line of imported cough cure, which has been offering throughout the retail stores on a special bonus scheme of half a dozen with every three dozen of small ordered, expires at the end of this month. Some very keen offers are being made by merchants in bulk broken Pekoes and broken Orange Pekoe teas just now, which will help the distribution of bulk teas very considerably. The favourable quotations are due to the lower market existing on this line some little while ago enabling merchants to make fairly substantial covers. Australian rice at the new reduced rate is landing this week', the drop in comparison to previous quotations being £3 per ton. A new line manufactured locally is lemon and orange honey, which is now being offered on this market very attractively got up. This is packed in soz cartons and lOoz jars, and is offered at prices which are much lower than any imported product of a similar nature. One Southern packer is now offering a very attractive line of bottled whole raspberries which should sell unusually well, as at the price offered this line is excellent value. By the last direct Melbourne steamer, which arrived about ten days ago, the first consignment of dried peeled peaches were received. This line, on account of its excellent quality, has sold well everywhere, and repeat 'orders were received so quickly that most of merchants' stocks are now depleted. An endeavour was made to reserve further supplies, but so far merchants have been unable to obtain definite confirmation. In certain quarters it is anticipated that some small deliveries will be made, and that wholesalers' orders will be treated on a pro rata basis.

Bulk Raisins. New season's prices for Golden Bleached raisins were named before the holidays at a comparatively low figure. Considerable business was done at opening rates, and an advance of 1/3 per cwt is now registered on choice, extra choice, and fancy grade. Brazil Nuts. In a cable just to hand Fara Brazils have shown a decline of 1/ per cwt for MayJune shipment, although no alteration has so far been made on Manoas or Paras for deferred shipment. The market generally is considered very firm, and the above slight decline will not lie sufficient to affect merchants' selling prices. No change has been recorded on kernels, which are ruling very firm just at present. Considerable business has already been done on all these lines, but there is still a fair portion expected to come in for late shipment. Dates. Although the date market has advanced on most bulk grades there are still some particularly attractive offers being listed on 12oz carton and lib paper bags. These offers are only available until the stock now held in London is sold, when both lines should revert to their original price, in view of the present firm position of bulk dates. i Resin. Recent cables advise generally firm conditions in the American market for resin, the decline advised about a fortnight ago not being due to any change in the market, but more to advantages secured by shippers with lower freight rates. Mail advices indicate that, due to the United States Government classifying gum spirits and turpentine as farm products, it automatically enabled the Naval Stores producers to secure loans on their stocks. Immediately this ruling was passed by Congress large stocks were withdrawn from the market, which, together with the short interests covering their commitments, is largely accountable fpr the generally firm tendency of these two products. The largest association interested has been endeavouring to secure a fair return on their investments, as the recent low levels have been most unremunerative. On the other hand, it is suggested that the recent Act will "encourage producers to maintain their 1928-9-30 rate of production, by reason oi the assured support of buying power from the Government. Pepper.

Singapore pepper quotations continue to fluctuate, prices this week showing an advance on various grades of Ytd per lb all round. Buying for this steamer finished at the beginning of last week as the steamer was scheduled to leave Singapore on Saturday last. Mail reports state that the recent increase in prices was due to more sustained buying fom London, this being necessary owing to some operators having to cover on previous sales. This was the result of prices in Singapore quickly responding and advancing beyond London parity owing to very small arrivals which were quite inadequate to meet the increased demand. It seems rather strange that the very small supplies which have been reaching this market since the beginning of the year should not have resulted in higher prices long before now, but week after week has passed with only minor fluctuations, with the result that shippers were hilled into the belief that the small arrivals, in view of the shrinkage of world demand, had ceased having the customary hardening effect upon prices. The present position appears to be that with short cover, speculative buying and genuine demand from overseas, there is a larger demand for. peppers than can be met from the very small arrivals, and in the circumstances the market is firmer with buyers predominating, and the possibilities are that the upward movement will still continue. Nutmegs and Mace. Nutmegs have shown little change during the past week, remaining steady at last ruling rates. On the other hand, mace is decidedly easier, a drop of l%d being

noticed on first quality since last report, and 2 1 ,kl on second grade. Mail advices state that the position with regard to these products is somewhat puzzling. Except for some recent large orders from America, demand has been quite poor. Dtslers allege that prices ruling for some time past have been discouraging *" to growers, who, in many cases, have allowed the fruit to rot, with the result that arrivals have fallen off. It is reported that there are several contracts in this market not yet covered, so prospects are that prices will be more or less maintained until supplies again accumulate. Tapiocas. Tapioca remains steady at the last quotations advised. The bulk of the business | was done some little while ago, but a few clean-up orders were sent up at the last minute just in time to catch the present sailing. Mail advices indicate that the recent, declines were brought about much quicker than usually expected, the Indians only making a few purchases and then withdrawing from the market. Europeans also withdrew from the market. Owing to the February stoppage very little tapioca has been coining on the Penang market, but in consequence of the almost entire absence of demand the market has rapidly gone back. Stocks held by dealers are by no means heavy, but Europeans appear to have sufficient stocks for nearby requirements, and will probably keep out of the market in the hope of being able to make further purchases later at lower prices. The statistical position appears to be quite sound, and if Indians recommence operating dealers will be sure to advance their prices. On the other hand, if Indians and Europeans display lack of interest, dealers may have to reduce thdir prices further, in which event Penang tapiocas would be a very good buy. Pineapples. Singapore pineapples are listed practically on a par with recent quotations, the only alteration being a drop of %d per dozen on l%lb sliced tails, 21b slices, and lMslb crushed. It is not expected that a big quantity will be brought down by the present steamer in view of the winter period, the most important sailing being the July-August steamer, and buyers will need to watch this market very closely, as to-day values are very low. Mail advices indicate that packers in some instances have reduced their prices slightly for various packings, and values may decline a little further through forced sales. Shippers indicate that they cannot see that prices will go down very much further, as at the moment there is hardly anything in the business as it is for either growers or canners, and they would no doubt allow the fruit to rot rather than work at a loss. A few canners have become bankrupt over this business, which proves that they have been incurring serious losses. In shippers' opinion current values are quite low and represent excellent buying. Jordan Almonds. Prices named on new season's. Jordan almonds by cable last week show a slight weakness in comparison with the prices named when (Opening quotations were first made. The prices now listed are on about a par with last year's rates, which were below the average price for Jordans in previous years. ' Sicily Almonds. Cables received last week advise that Sicily almonds have shown a sharp advance due to the report that the main crop has been damaged by storms. Owing to their being no surplus of supplies of old season's in London, any available stock of old season's has also advanced in sympathy with new season's, both lines being now approximately £20 per ton dearer than they were two, months ago. Cherries. In cables received from London during the week French crystallised cherries have been reduced */4d per lb. English No. 1 whole have also been listed at a similar reduction. Ground Almonds. Cables received from London last week advise an increase in ground almonds quotations, and that prices were expected to advance again within the next few davs in sympathy with the recent increase in price in Sicilies. Quotations are very firm just at present. Wholesale current Prices.

Butter.—First grade factory, booked, l/2 J /6 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, 7%d per lb net: Chesdale, 61b bars, 1/3 per lb, 7oz packets, 9/6 per dozen. Honey—Bulk, white, 6d per lb; lieht amber, 5d to 5%d per lb. Bacon.—Hams, 9d to lOd per lb; rolled hams lid to 1/ per lb; cooked whole ham, 1/ to 1/1 per lb; cooked pressed hams, V 3 to 1/4 Ms per lb; bacon sides, SMsd to 9d per lb; rolled sides, lOd to lid per lb; middles, 10% dto lid per lb; shoulders, 6%d to 7d per lb; rolled shoulders, B%d to 9d per lb; lard, bulk, 6d per lb; pats, 7d per lb. „,„,.. Flour.—Local, 2001b sacks, £18 10/ per ton; 100*8. £19 5/ per ton; fiO's. £19 15/ per ton; 25's, £20 10/ per ton; 12% s, £21 7/6 per ton; eVi's. £21 17/6 per ton. Linseed.—Whole, 20/6 per cwt. Linseed Meal.-20/6 per 1001b. Malt.-Ciushed, 10/ per bushel; whole white, 9/9 per bushel; whole black, 11/u per bushel. ,„ ~ .. , Twines.—Seaming, 2/6 per lb; binder, per lb. Peameal.-11/ per 10010. Linseed Oil Cake Nuts.— l 2/3 per 1001b. Bluestone—37/6 per cwt.