MARKETS AT A GLANCE.

Auckland Star, Volume LXIII, Issue 253, 25 October 1932, Page 4

MARKETS AT A GLANCE.

GRATIFYING TRADE INCREASE. PRUNE MARKET FIRMER. | EASTERN MARKETS WEAKER. "Auckland Star" Office, Tuesday, October 25, 1932. Merchants have reported a very gratify? ing increase in general turnover, packing and dispatch departments being particularly busy during the latter end of last week. This, apparently, was due to some extent to the holiday yesterday, but mainly to the fact that merchants are now delivering against November accounts to both town and country areas. General News. With the American and Canadian conversion rate showing a gradual but definite fall during the past few months, importers havo found it increasingly difficult to gallic the forward position. This alteration in conversion rate tends to increase landed costs on goods imported from these countries, and goods are therefore being wold by shippers on the understanding that any fluctuation in the conversion rate must be borne by the buyer. The result is that merchants have found it practically impossible to quote definite forward prices on forward business if they are to save themselves making a lose in their merchandising. The drastic fall of exchange that has taken place during the past few weeks has upset merchants' ideas of buying considerably, and is tending to restrict purchases from America meantime. The present U.S.A. conversion ruling at 3.39 dollars, as against exchange quoted a month ago, means an increase in buyers' purchases of 2 per cent, but afi against the rates quoted in June last, when the rate was 3.57 dollars, shows an increase in cost of 9 per cent. The Canadian dollar, while not showing such a sharp decline at the outset, has been dropping much more in. proportion during the last few months. In June last the Canadian dollar was at the level of 4.18 dollars, while to-day it is down to 3.49 dollars, so that, notwithstanding the preference arrangements that are at present in force between Canada and the Dominion, the present low conversion rate ruling ie also tending to restrict merchants' importations to a very large extent.

Merchants advise that there seems to be rather a shortage of both drained and crystalised cherries on spot, the heavy demand that has been experienced during the last few weeks against latest arrivals, practically cleaning up all spot stocks available. Any small quantities still for sale are being offered at a premium on previous rates. An inquiry into the stock position of Australian rice shows that merchants' contracts are now cleaned up, with local supplies practically exhausted. Merchants are* therefore being forced to fall back on Australian millers' offerings of Burma redressed, which is offered on the same cost as Australian, but, unfortunately, is not so superior a quality. Quite a number of lines are short on spot, prunes, in particular, are in good demand, and are short in the larger sizes, 20/30's, 30/40's, and 40/50's. Further supplies arc expected to arrive here about the beginning of November. Mpst brands of English safeties have been quoted at a slight reduction during the week, these reductions affecting recent arrivals which landed without the surtax.

Prunes. Some sharp advances have been advised in the market for prunes, and heavy business, which was sent up in anticipation of getting confirmation at previous rates, has been declined. Information to hand indicates that one reason for the increases is that a prune pool has been instituted, which is backed by Californian State funds. The report further indicates that the recent low prices for prunes have resulted in such poor returns to the grower that they have been unrcmunerative. . Eastern Markets. Very little alteration in epices has been noted during the week, both pepper and nutmegs being quoted at a reduction of %d per lb, while mace, after being quoted at a particularly high β-jure, is now being offered at a reduction of 2%d per lb on the previous advanced prices. Pineapples have shown practically no alteration during the week, with the exception of a fractional reduction being quoted on one or two grades. Sago and tapioca remain practically unchanged, with the exception of a reduction of l%d per lb on sago. Business on most Eastern lines is very quiet at present. Ceylon Tea. At the usual weekly sale of Ceylon tea, held on the 12th instant, the quantity placed under offer amounted to 2,200,0001b weight. Quality of Uva grades was rather inferior, although others showed a slight improvement, being coloury, bright and useful. The result of the sale showed a strong demand, with most grades generally rather dearer. Actual price alterations showed an advance of %d per lb on commons, %d per lb on price broken Orange Pekoes, a firm market on plain 8.0.P.'5, an increase of Md per lb on first classic broken Pekoes, and a firm market on fine broken Orange Pekoes. Exchange was quoted at 1/6 5-18.- This sale will amount to 2,250,0001b. The monthly mail report received from Colombo, dated September, advises that there were five eales during the month, which accounted for the rather larger quantity offered, that is, 9,691,1251b, compared with August, 1931, when there were only four sales, and the offerings totalled '7,310,5591b. Quality from the Uva Province was well maintained, and there were some really nice invoices offered, particularly from the higher elevations. These good and fine teas were well supported by buyers at comparatively high prices, the finest teas sold in the region of Ks. 1/30, or approximately 2/1, London. Public sales conditions, which, although considerably below the levels obtained by these good and fine teas during the recent years, may be considered satisfactory. Quality from the Nuwara Eliya and Matuarata districts also reached a high standard, and full prices were realised. Teas from the Dimbula, Dickoya and Maskelya districts were, for the most Dart, uninteresting. A heavy weight of plain ordinary liquoring tea was produced lacking quality, body and colour. Great discrimination is now shown by buyers, and high grown estates can no longer obtain high prices by virtue of their "mark" alone. Useful coloury medium and lo'w-grown brokens met fair support throughout the month, at more or less steady rates. Light liquoring brokens of all descriptions, except a few flavoury ones, continued to be very difficult to sell. Buyers of leafy grades followed quality very closely during the month, and Pekoes without quality irrespective of elevation, sold from 26 cents to about 30 cents per lb. A welcome feature of the month w;is the renewal of fairly strong buying on the part of Aus-

tralia, with the result that all good coloury brokens up to about 60 cents, sold rapidly at firm, to dearer rates. Exports to tlie United Kingdom were some 3 500 0001b more than the same period last year, and totalled 3,283,5881b. This is unfortunate, as London is already glutted with tea, and it is understood that the Indian crop at the end of August showed an increase of 18;5O0.000lb, which news has depressed the - London market very ' considerably. The average for the month showed a slight increase compared with July, but was over 23 cents less than the average for August, 1931. Crop is now coming ill very steadily. and_ the -quality of Uva teas shows a very big drop. Exchange during the month was very steady. I Butter Beans. ' Quotations for Madagascar butter beans have been received for March-April, and show slight advances on the previous rates quoted, but even at the present advance the price level remains consider-

ably under what was ruling last year. Quotations for Danubian beans remain unaltered with little inquiry, the consumer preferring the larger and softer butter bean. Dates. Prices for new season's dates for spread delivery throughout the coming year, are named at about 4/ advance on direct steamer prices. No reports as to quality have as yet been received, but present indications are that the quality is average, with the market firm, and with a distinctly upward tendency. Salmon. British Columbian packers are definitely refusing further business for l's, tails and Mi's Hats pink salmon, although Chums, Sockeyes and Cohocs are said to be in good supply. Some quotations have been received for Siberian Soc-keye at lower prices than Canadian, but an examination of the fish shows a decided advantage to Canadian in oil content, colour and firmness vi fish. The opinion has been expressed that Siberian, even at a lower figure, will not eell against Canadian choice. Currants and Sultanas. A limited quantity of Australian 2 and 3 Crown currants are offered for the next direct steamer, the Kartigi,, leaving early next prices for these being the same as formerly. On account of the last withdrawal, when it was thought that no further supplies would be available, quite fair business was filled with Greek Patras, which are expected to arrive well in time for Christmas trade. Australian shippers are also offering a limited quantity of 3 and 4 crown sultanas by the same vessel. In both cases it is understood that quantities of currants and sultanas arc very limited, and offers are I being made strictly subject to sales and shippers' confirmation. Turpentine. The market for pine tree turpentine is again showing a firm tendency, and today is listed at an increase of VAd per gailon. Some buying took place recently, but on account of the firm tendency at the moment any further business is rather restricted. Arsenic Pentoxide. The' market for arsenic pentoxide has been very firm for some tijne, but during the last week has shown an casing tendency, recent cables advising a reduction of £3 per ton in c.i.f. rates. Bluestone. The market for English bluestone has remained fairly steady for some months, although latest cable quotations now to hand are £1 per ton lower than formerly. Prices on this line ate governed entirely by fluctuations in the copper market, and as this commodity has been very firm during the last few wceke further reductions are not expected. Wholesale Current Prices. Butter.—First grade factory booked, I/IY2 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, lid per lb. Cheese.—First grade factory export sjze (80's), 6d to 6'/2d per lb net; best quality medium (40's), 6%d to 7d per lb; first quality, 7%d per lb; loaf, 7%d to B%d per lb; tinfoil, pats, l/ 3 per lb; bars, lid to 1/ per lb net. Honey.—Bulk white, 5%d per lb; light amber, 4%d per lb. Bacon.—Hams, 9',£d to lid per lb; rolled hams, 1/1 per lb; cooked ham, 1/1 to 1/3 per lb; cooked pressed hams, 1/0 per lb; bacon sides, 7%d to B%d per lb; rolled sides, 9%d to 10d per lb; middles, WsA to 10d per lb; shoulders, 6%d per lb; rolled shoulders, B%d per lb. Lard, bulk, 6%d per lb; pats, 7Vkl per lb. Linseed.—Whole, 16/3 per cwt. Linseed Meal.—l 6/11 per 1001b. Flour.—Local: 2001b sacks, £15 7/6 per ton; 100's, £16 2/6 per ton; 50's, £16 12/6 per ton; 25's?. £17 7/6 per ton; £18 5/ per ton; 6%'s. £18 15/ per ton. Malt.—Crushed. 11/9 per bushel; whole white, 11/3 per bushel; whole black, 13/ per bushel. Twines.—Seaming, first quality, 2/6 per lb; second quality, 2/3 per lb; binder, 59/ per cwt. Peameal.—lo/ per 1001b.

Bluestone.—36/3 per cwt. Linseed Oil Cake Nuts.—l 2/3 per 1001b.