MARKETS AT A GLANCE.

Auckland Star, Volume LXII, Issue 230, 29 September 1931, Page 4

MARKETS AT A GLANCE.

JIG WHOLESALE TURNOVER. OVERSEAS LINES ADVANCING. DRASTIC ADVANCE CONVERSION RATE. "Auckland Star" Office, Tuesday, September 29.

The sensational developments of last week in world finance have been so far reaching in their effects as to completely change the aspect of trade conditions. To-day it is impossible to definitely or safely" estimate future costs of hundreds of important commodities affected by the spectacular fluctuation of sterling exchange, and merchants have therefore withdrawn all forward offerings of indent goods. British manufactures dependent upon imported supplies of raw material must also advance in cost. Australian and New Zealand exportable products should substantially advance against the new demands created by the exchange situation. Deliveries for the 25th are generally fairly heavy, and last week proved no exception. In addition to ordinary business merchants' sales were substantially heavier on many lines, due to the change in overseas buying conditions. Local stocks are being rapidly depleted in such lines as salmon, Californian dried fruit (raisins, prunes, etc.), canned fruits, tinned tomatoes, Norwegian sardines, canned peas, salt, etc. In some instances Eastern shippers withdrew quotations last week, while others cabled advances 011 all lines. All foreign exporters who usually sell on a sterling basis will be forced, even if there is no market increase at the country of origin in the commodities offered, (to advance their quotations to compensate for the difference of converting their own currency into English money. For instance the dollar' was quoted at 4.85 a week ago, and on Thursday, September 24, at 3.50. which means thgt on this quotation (the £ sterling is worth approximately only 14/5. On this ba?is instead of paying 20/ to the £1 for out imports from America we are paying 27/8.

General News. Another shipment of bulk cornflour came to hand during the week, also stocks of bicarbonate soda, powdered borax and boracic acid. These two latter lines, which are carrying the new conversion charges, have been increased in price accordingly. Other landings included packet cornflour, safeties, desiccated coconut (bulk and cartons), 09 per cent cream oi tartar, 60-70 prunes and bulk dates. During the last few days merchants have received such a run 011 general stock lines that it has caught many of them quite unprepared, and a number of lines arc now in short supply, and in some instances practically exhausted. Jam apricots are very short, the same also applying to bulk dates. Sliced peaches are low, although in this instance replacement stocks are due early next month. 20-30 and 30-40 prunes are just about out, and _ further 6upplies will not be received until about the end of next month. A popular line of fruit extract that always sells particularly well during the summer months is now being offered for a limited time 011 a basis of 13 to the dozen. A well-known line of toilet soap is also being offered on the same basis. Prices of sugar ex store were adjusted last week, and show an average increase in bag lots of 3/3 per bag. Following the advice of reduction in plain varieties of jam a few weeks ago, raspberry is now being quoted in 1 and 2ib tins at a very attractive figure, as packers are anxious to clear stocks before their deliveries of new season's fruit comes to hand. A new line to this market this season is canned oysters, which has sold particularly well, and packers now advise that it will be necessary to apply for a reservation in order to secure stocks for the balance of the season. Packing will be finished at the end of the month, and as supplies are being exported it is estimated that there will be practically no surplus.

Sago and Tapioca. With all overseas markets on the move most wholesalers rushed to cover their requirements on sago and tapioca for the November-December direct steamer at last week's 'quotation. This business was not accepted, sellers counter-offering at an advance of 10/ per ton on both sago and tapioca, at which price they strongly advise buyers to accept as further advances would undoubtedly take place, the market being very strong.

Pepper. A fair amount of business for Singapore pepper was put up by cable last week at the rates quoted, but owing to the quick changes in the market were not I accepted, sellers counter-offering at an advance of 2%d per lb. Even at the advance, prices are said to be right, and most wholesalers will probably confirm their purchases at the increase. Cream of Tartar. Cables received from London last week advised an advance in. the market on 99 per cent English cream of tartar of £4 5/ per ton, and also that the general tendency of quotations was firm. This article has been in the hands of speculators for some itime, who had been discounting the market, 60 the present turn of events will no doubt cause some of them a sharp loss when they have to cover. One prominent shipper has just cabled withdrawing all quotations, which has further accentuated the position.' Ceylon Tea.

At the usual weekly sale of Ceylon tea held on the 22nd instant, 1,600,000 pounds was placed under offer. Quality showed a slight falling off, but is still considered good. The result of the sale showed that common and low medium broken were strong, and good brokens rather easier. The actual price alterations showed an increase of lid per lb on both commons and Price Broken Orange Pekoes, plain 8.0.P.'s remain firm, first classic Broken PeKoes and finest Broken Orange Pekoes declined lVid per lb. Exchange remained ynaltered.

Pineapples. In sympathy with all other Eastern lines, Singapore pineapples are much firmer, cubes I%'s being quoted last week at an advance of l?id per dozen, sliced flats Id per dozen, 2's sliced l%d per dozen, 2 1 ,4's sliced 2%d per dozen, crushed I%'s %d, and 2V£'s %d per dozen. A fair amount of business has already been booked for this steamer, and buyers are now going into their stocks with a view to covering the balance of their requirements as quickly as possible, and before any further advances take place. Walnut Meat.

The market for Mancluirian walnut meat for forward delivery is very strong. Advices were received during the weekend that quotations for all grades had been increased 2d per lb. Linseed Oil.

Quotations on English oil were received in the latter part of last week, and were listed at a further reduction in comparison with quotations made a month ago, prices for both raw and boiled showing a reduction of Id per gallon. Barcelona Nuts.

The market for new crop Barcelona nuts has also increased quotations on both first and fair average quality, being increased 4/6 per cwt. Almonri Nuts.

In cables received last week the market for soft shell almond nuts for new season's shipment is up to'the extent of 3/6 per cwt. Caraway Seeds. Cables received during the week advises that the forward position on Dutch caraway seeds is noticeably firmer, an immediate advance of fl/6 per cwt taking place. Almonds.

Latest cab) 2 advice in connection with prices for Jordan almonds advise that all quotations have been withdrawn, and

shippers are now waiting 011 an adjustment of the exchange position. It is understood | that quotations will be available again in a 1 few days. Sicily almonds are unusually ! firm at the moment, a cable received from | London in the middle of last week advising : an increase in new season s prices of £lt> 1 per ton. Cocoa Butter. The market on cocoa butter is slightly easier, latest quotations showing a reduction of 4/ per cwt. Madagascar Cutter Beans. Quickly following on opening prices for Madagascar butter beans, which' were quoted at very favourable rates a few weeks ago, the market has now taken on a firmer tone due to the unsettled conditions now ruling, latest quotations showing an increase of 2/ per cwt. Dates. Cables received last week advise a firming market on bulk dafes, as prices recently have been unremuncrative to growers, who are now asking much higher prices. For early shipment new crop Sairs are being quoted at an advance of 1/6 per cwt from London. The forward market is also distinctly firmer, quotations for January-February shipment being offered at an advance of 2/7% per cwt on those sold for earlier shipment. Salmon. On a basis of present landed costs prices of British Columbia salmon quoted by some merchants are showing unusually good value, as in some cases they are even below replacement value, irrespective of the present fall in exchange. This has ! resulted in substantial booking by retailers.

Of special interest just now are the particulars just to hand of the number of cases available for this season. A comparison of the previous two- years' catch gives a very good idea of the smaller quantities available on most grades.

Aug. 15, Aug. 16, Aug. 17, Variety. 1031. 1030. 1929. Sockeye ...... 243,007 305,342 201,(>00 Springs 19,151 22,943 Sieellicads .... 02;-5 1,303 054 liluejacks 21,397 32,830 19,791 Cohoe 23,05S 41,142 o7,<JPinks 109,757 712,387 236,344 Chums 19,488 21,450 20,739 Wholesale Current Prices. Butter.—First grade factory, booked 1/1% per lb, and 1/1 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, export size (80s), 6d to 6%d per lb net; best quality medium (40's), 7d to 7%d per lb; first quality, 6%d per lb net; loaf, 7%d----B%d per lb; tinfoil, %lb pats, 1/3 per lb. Honey.—Bulk white, 5%d per lb; light amber, 4%d to 5d per lb. Bacon.—Hams, '9d to lid per lb; rolled hams, lid to 1/1; cooked whole ham, 1/ to 1/2 per lb; cooked pressed hams, 1/3 to 1/4% per lb. Bacon sides, 9d to 9%d per lb; rolled sides, 10% dto 11% per lb; middles, IVAd to 11%' d per lb; shoulders, 7%d per lb; rolled shoulders, 9%d per lb. Lard: Bulk, 6d per lb; pats, 7d per lb. Flour.—Local, 2001b sacks, £18 7/6 per ton; 100's, £19 2/6 per ton; 50's, £19 12/6 per ton; 25's, £20 7/6 per ton; 12% s, £21 5/ per ton; 6%'s, £21 15/ per ton. Linseed. —Whole, 16/11 per cwt. Linseed Meal. —17/3 per 1001b. Malt.—Crushed, 11/3 per bushel; whole white, 10/9 per bushed; whole black, 13/b per bushel. . ... . Twines. —Seaming, first Quality, 2/6 per lb; second quality, 2/3 per lb; binder, 7%d per lb. Peameal. —10/6 per 1001b. Linseed Oil Cake Nuts.—ll/9 per 1001 o. Bluestone. —40/6 per cwt.