MARKETS AT A GLANCE. OVERSEAS MARKETS.

Auckland Star, Volume LXIII, Issue 27, 2 February 1932, Page 4

MARKETS AT A GLANCE.

OVERSEAS MARKETS.

NORMAL TRADING.

RAISIN QUOTATIONS HIGHER. EASIER MARKET WALNUT MEAT. "Auckland Star" Office, Tuesday, February 2. The short week caused by the holiday on Friday was responsible for a good rush of business, and although most wholesale houses were open on the Saturday morning, it was impossible to complete all deliveries in time. Yesterday was quite a good day in the wholesale trade, as tobacco deliveries were made throughout the town area. As, however, most of the 25th business has now been completed, trade from now on is expected to show a gradual decline, so that only normal trading is anticipated for the next few weeks. General News. Canned fruit has been selling exceptionally well during the last week or two, on account of all purchases of this line being in buyers' favour, who are operating on an advancing market. Already most varieties of second grade fruit amongst wholesalers are now exhausted, and although they still have fair supplies of standard grades those are rapidly diminishing, and are almost bound to be cleaned up before the new season's supplies arrive. Apricots are particularly short on spot. With new season's prices showing an allround increase of from 17 to 18 per cent, those retailers who are in a position to carry stocks are taking swift advantage of any available otters from merchants' present supplies. Due to increases in landing costs of British cream of tartar, desiccated coconut and bulk dates, merchant* have been compelled to revise their selling rates, and prices have been advanced accordingly. From the present position of oversea markets ft looks as if forward buying for the next few months will be greatly to the advantage of retailers, as practically all markets concerned are advancing. This movement, which has in many cases been a gradual one, has not affected the retail trade to any great extent as yet, on account of the heavy stocks merchants have been carrying, but now that they have been compelled to reorder on the new basis and replenishing consignments are coming to hand, wholesalers are being forced to revise their prices accordingly, so that almost in every case oversea commodities now landing are being advised at higher figures. Arrivals from overseas during the week have been more plentiful, the Otaio from Liverpool bringing Kruschen salts, packet cornflour, cream of tartar, etc. The Remuera from London, English matches in various brands, cigarotte papers, lump whiting, curry powder, essence of rennet, 1-16's, %'a and ] /&'s Norwegian sardines. The Talnui brought supplies of bottled curry powder, Glauber salts in bulk, Seidlitz powders, carbonate of magnesia, tobacco, etc. From Sydney by the Maunganui, chewing gum, ground and whole rice, etc. A very popular line of southern bottled rennet is now being sold throughout the wholesale trade, thirteen to the dozen. Costs on French olive oil are moving up rapidly, mainly due to the present depreciation of the franc, so ■that buying on merchants' present spot offers is advisable. Merchants' present offers for forward delivery on Rangoon rice, haricot beans, sago and tapioca are at price levels that should not fail to appeal to discriminating buyers. Prune prices on present overseas market value should be much higher in price, and therefore represent good buying at the moment. Raisins. Cables received from America regarding Thompson's unbleached bulk raisins advise that the market is up a further 1/3 per cwt, and considered likely to go still higher. The same position applies to every other raisin variety, all of which are showing a very firm tendency. Walnut Meat. Prices for walnut meat for spread shipment up till April next arc still being quoted, and if anything are fractionally lower all round. Fair buying has taken place, as prices are considered quite attractive, which is coupled with the fact that .after April shipment sufficient stocks have to be carried to take care of merchants' requirements until next December. Sicily Almonds. In cables received during the week the market for Sicily almonds shows a further firming tendency, present quotations being at an advance of £2 per ton on previous rates. Sicily Filberts. Sicily filberts in a cable received last week have shown a further advance, and prices arc now being quoted at an increase of 3/ per cwt. Ceylon Tea, At the usual weekly sale of Ceylon tea held on the 20th ultimo, 3,500,0001b was placed under offer. Quality showed a further slight improvement, and the result of the sale was a fair general demand. Actual price alterations showed that Commons remained firm, Price Broken Orange Pekoes advanced ] /4d pet lb, plain 8.0.P.'s %d per lb, first classic Broken Pekoes P/id per lb, and fine Broken Orange Pekoes 2Vid per lb. Exchange was quoted at 1/6%. Tartaric Acid. Latest reports received from London indicate that there is still a firming tendency for tartaric acid, the latest rates advised showing an increase of %d per lb. Resin. Prices on both American and French resin have during the past week shown a weaker tendency, and the following reductions are now advised: American "G" £2 per ton, "N" 15/ per ton, French "CI" 10/ per ton, "N" £1 7/6 per ton, "WG" £1 2/6 per ton, and "WW" £3 per ton. As these new quotations will materially help to offset the present conversion rate, failbusiness is anticipated as soon as the immediate stock position becomes lower. Prunes. No alteration is reported on prunes, which are still being listed on the same rates as before, although prices are, on account of the exchange position, making it extremely difficult to operate, and therefore prevent a good deal of business from being done. The prune position in Australia has further complicated matters, as latest advices received from this quarter are that owing to crop failure no supplies will be available for export this season. English Commodities. Little change has been registered on English lines during the past week, Brazil nuts show a very strong market, and liavc already advanced twice within a very short period. Dates. Bulk dates remain particularly firm, and in view of the market position are considered likely to remain at high levels. New season's Turban cartons are fractionally easier, registering a reduction of 4d per dozen on last year's quotations, making this an attractive proposition to buyere. Business on bulk varieties was particularly heavy in the early part of the season, which have been responsible for the early clearance of supplies. At the moment advices indicate that there are no supplies either in London or Basra, and there is every indication from sellers of the market being higher for "first tide" good quality dates. Olive Oil. Cables just received advise a further advance in French olive oil, although stocks now arriving were dispatched before latest advances advised in this market. Peanut Kernels. Since prices were advised a week ago the market for Java peanut kernels has shown a firming tendency, latast quotations being at an increase of 17/6 per ton. Lentils. Indian split lentils are now being quoted for new season's delivery for March-April 1 steamer. Prices in comparison to old

season's, which were forwarded by the last November-December direct boat, are slightly higher, representing an increase of 10/ per ton. Dried Apricots. Recent prices named on Australian dried apricots were apparently only cabled this market to give merchants an indication of the home consumption value, as from later inquiries made, the Control Board were only willing to book subject to confirmation, but were doubtful owing to the poor crop if there would be any available for export. Quotations have since been named on South African pack, and compare more than favourably with any others offering, being on an average of a halfpenny per lb lower than last year on the better grades, which is better than merchants expected. This is due to the South African Government, which has so far remained on the gold standard, agreeing to subsidise the growers to the extent of paying the present remitting exchange between South Africa and London. Business on this basis has already been finalised for prompt shipment. Borax and Boracic Acid. One prominent firm of English manufacturers advised the trade last week that borax has been advanced 20/ per ton for sacks, and 39/ for barrels. Borax, powdered and lump, 30/ per ton for sacks and 40/ per ton for barrels. Canned Fruit. Australian canned fruit prices, which were named last week, arc conside, higher than last season, which is mainly due to the smaller crop available. Naturally, in view of the slightly lower jn'icc and popularity of second grade, orders are already heavy for this packing, although since business was placed some difficulty has been experienced by merchants in obtaining confirmation of orders. One packer has advised his agents that ho is only able to confirm equal quantities of both firsts and seconds, another so far has only been able to confirm first grade, while a third has so far not confirmed either grade yet. Desiccated Coconut. Following the advances recorded in the market for desiccated coconut last week, cables just received advised a further increase of ]/0 per cwt. A study of this market over the last six months shows that it has been gradually, but slowly hardening, and prices at the moment in comparison to those named in June last year represent an increase of £10 per ton. Eastern Commodities. With the outbreak of hostilities in the far East all classes of foodstuffs from that area are likely to be seriously affected, such lines as peanuts, walnut meat, tea and rice being amongut the most important. As a rule China is a large exporter of rice, but in the present circumstances she will probably be a buyer on the outside market, with the result that Rangoon prices are likely to firm owing to increased demand. Walnut Halves. The market for French walnut halves has eased several shillings during the past few days, making this line, although still higher than Chinese, really an interesting proposition from the buyers' point of view. Wholesale Current Prices. Butter.—First grade factory, booked 1/lMi per lb, and 1/1 per lb for prompt cash. Second grade factory, booked l/OMi per |b and 1/ per lb for prompt cash. Farmers' separator, lOd per lb. Cheese.—First grade factory, export size (80's), 7d to 7V&d per lb net; best quality medium (40's), 7%d to Sd per lb; first quality, 7M>d per lb; loaf, 7%d to 89Sd per lb: tinfoil, 'A\b pats, 1/3 per lb. Honey.—Bulk white, sMid per lb; light amber, 4%d to 5d per lb. Bacon.-— Hams, 9V£d to lOd per lb; rolled hams, llVfed; cooked whole ham, 1/ to 1/1 per lb; cooked pressed hams, 1/3 per lb; bacon sides, 7%d to SVid per lb; rolled sides, 914 dto lOd per lb; middles, oV£d to lOd per lb; shoulders, oted per lb: rolled shoulders, 7\id to 8d per lb; lard, bulk, 0d per lb; pats, 7d per lb. Flour.—Local, 2001b sacks, £18 7/(5 per ton; 100's, £19 2/0 per ton; 50's, £19 12/0 per ton; 25's, £20 7/6 per ton; 12'As's £21 V per ton; 614's, £21 15/ per ton. Linseed.—Whole, 16/11 per cwt. Linseed Meal.—l 7/3 per 1001b. Malt. Crushed, 11/3 per bushel; whole white, 10/9 per bushel; whole black, 13/0 per bushel. Twine.— Seaming, first quality, 2/6 per lb; second quality, 2/3 per lb; binder, 7'.4d per Jo. Peamcnl—lo/6 per 1001b. Linseed Oil Cake Nuts.—l 2/6 per 1001b ■milestone. —36/3 per cwt.

SYDNEY WOOL SALES. MERINO'S FRESH RECORD. SYDNEY, February 1. At the Sydney wool sales to-ilay a fresh record lor the season was made lor greasy Menno, namely, 32d. The offerings totalled 10,„46 bales, of which 9077 were sold. Also 09.3 bales were sold privately. Japanese and Yorkshire buyers were most insistent. Prices for all Merino fleece and skirtings showed an advance of 5 per cent above last week's levels. Comebacks also participated in the advance. TALLOW, HEMP, PEAS. The Department of Agriculture has received the following cablegram, dated January 30, from the High Commissioner for New Zealand, London:— Tallow.—No auction this week. Spot market steady and more business doing for shipment. Spot Quotations nominally unchanged. Hemp.—Manila market quiet but firm. 'Jy grade for December-February shipment sold at Aj 18 5/, and for FebruaryApril shipment £18 10/. ,Sisal: Continues dull and depressed. No. 1 fair average quality lor January-March shipment sold at £14, but now quoted at £13 15/; Feb ruary-April shipment, £14 value. New Zealand: Market purely nominal, with values unchanged. No first hand sales reported. Peas.—Maples: Market firm on scarcity of offers. Business has been done in Tasmanian for February-March shipment at 59/. Sellers now ask 01/. New Zealand for March-April shipment, 50/ to 56/0. PRICE OF GOLD. Gold is quoted at £6 0/2 per oz.