MARKETS AT A GLANCE.

Auckland Star, Volume LXIV, Issue 25, 31 January 1933, Page 4

MARKETS AT A GLANCE.

HEAVY TRADING EXPERIENCED INCREASED PRICES ON SUGAR. EASTERN" MARKETS ADVANCE. "Auckland Star" Office, Tuesday, January 31. The present unsettled position regarding exchange has accounted for heavy booking: by retailers during the past few days, anc tliis position has been still further accen tuated by the first of the month'; deliveries, so that wholesale merchant; have experienced very active trading con ditions throughout the week. Retailers have naturallv ordered heavily on all linei which they thought would be affected, anc this has resulted in merchants' stocks o some commodities being entirely exhausted Importers have been purchasing on a verj conservative basis for some months past and in many instances it will, be sorn< time before replenishments of certain linei can be landed, so that frequent loca shortages must necessarily be expected. General News. A further increase of 10/ per ton 01 refined sugar has been announced, the advance becoming operative from the 27tl inst. The Sugar Company has been find ing it difficult to cope with the volume of business offering, which is especial]} heavy now that the preserving and home jam making season is in full swing. Re tailers would be well advised to look intc their stock position and place orders t< cover anticipated requirements over th< next few weeks, in order to avoid delays in dispatch and consequent shortage oi supplies. Due to the recent increase ir exchange imported raw materials for the manufacture of matches are costing oul much higher, and advances on plaids, was and safety matches were announced tc the trade during the past week. A well known brand of tinned toheroas, which have been selling on this market for s considerable time, is now being quoted at a reduction on previous rates, and increased business is expected to be done or this line. Among lines which are ic rather short supply at the moment arc some grades of pineapples and salt in 511: bags, the shortage on the former being due to the heavy sales experienced recently. The Remuera, which arrived from Liverpool during the week-end, brought welcome supplies of Epsom salts, senna leaves, Norwegian sardines, herrings ir sauce, English table salt in both plair and iodised packets, gravy salt, etc. Es the s.s. Gabrielle, which arrived from Mel bourne last week, merchants received consignments of bulk tea, and assorted canned fruits, which are moving rapidly into consumption owing to the seasonable demand now existing for this commodity. The Golden Harvest from Seattle brought supplies of Canadian salmon in various grades Due to the recent increase in exchange : agents for a popular and well-known line of shaving creo.m advise that they have found it necessary to advance the pricc of the large size 1/ per dozen. Haricot Beans. Prices for new season's haricot beans are now available for the March-April direct steamer, and business is expectec to be done on present offers. Due to the demand that generally takes place before this arrival some small shipments as a rule are brought forward by transhipping steamer, but in the present .instance stocks are fairly plentiful, and it is anticipated that these will be sufficient to tide merchants over until the direct steamer s arrival. Eastern Markets. Pepper.—Cables just to hand advise that the market on pepper is remaining steady at last ruling rates. Nutmegs and Mace. —Quotations on megs are again easier to the extent of %d per lb, while mace shows no alteration over previous rates. Pineapples.—Latest c.i.f. and e. quotations advised on pineapples during the past week show increases ranging from 3d to 4%d per doeen, according to grade, but little interest is being taken in tlr.s market at the moment, as most of the business was finalised prior to these advances taking place. Sago and Tapioca.—Prices for sago and tapioca have shown marked increases during the past week, an advance of 1/6 per I cwt being recorded on sago, and 1/7% per cwt on tapioca. Fortunately for buyers a substantial portion of bookings had been placed previous to the above advances. Ceylon Tea. At the usual weekly sale of Ceylon tea held at Colombo on the 24th instant, 3,000,0001b was placed under offer. Quality of good and fine teas was reported to be very strong, and there was a good general demand, all grades recording advances on previous rates. Actual price alterations showed an increase of V*d per lb on Commcms and Price Broken. Pekoes, 1%.d per lb on Plain 8.0.P.'5, 2%d per lb on iirst Classic Broken Pekoes and 2d per lb on Fine 8.0.P.'5. Exchange remained unaltered at last ruling rates. At next week s sale the quantity offered is expected to total 3,000,0001b. Advices have been received from London that the proposals as set out below have been accepted by the Tea Association's representatives of India, Ceylon, Java and Sumatra, as a broad basis on which to proceed with the scheme. The question of the domestic application of this scheme too, and its acceptance by representative countries will now_ be the subject of reference by the various countries to the growers. At the moment it is rather questionable whether the export of this season's manufacture of tea will or will not be permitted after the 31st of March next, at which time regulation is expected to commence as far as Northern India is concerned. (1) That the exports of tea from the producing countries be regulated in order to restore equilibrium between supply and demand. (2) That the Governments of the respective countries would undertake to prohibit exports in excess of the quota agreed upon. (3) That the standard upon which regulation should be based should be _ agreed between the various associations in consultation, but it is suggested that it should be fixed on the maximum exports from each country reached in any of the three years, 1932, 1930 or 1931. (4) That the commencing degree of regulation for the first year should be 85 per cent of the standard export and that a committee should be set up representing all the associations interested, which committee, taking into due consideration stocks and the price of tea, should fix prior to_ expiry of each year the figure of regulation for the following year. (5) That the agreement should be for a period of five years. (0) It will be part of the agreement that the existing tea areas must not be extended during the said period of five years, except in special cases where the existence of an estate would otherwise be imperilled, and that no further areas must be leased out for tea cultivation and that no planting of tea must take place on land now carrying other products. Under any circumstances such extensions and new planting not to exceed % per cent of the present total planted area of each territory, and the respective Governments will be asked to make a binding regulation to the above effect. The conclusion and continuation of the agreement will be made dependable on the enforcement of the regulation by the Governments of all the territories concerned. Desiccated 'Coconut. Latest advices received announce a substantial increase on desiccated coconut, the advance being equivalent to the increased rate of exchange. Canary Seed. Quotations just received by cable advise that the market is showing a shade firmer tendency, while the recent increase in exchange is making to-day's figures about £2 10/ per ton higher than previous rates. It was also stated that the market is firm, with upward tendency. Ginger. Owing t» the recent advance in exchange local priccs for preserved ginger have advanced to take care of the increased cost of raw materials. The higher^pricet.

however, are still very considerably under the imported article, and due to its excellent quality the local manufacture has the decided preference of the trade. Bluestone. Advices just received indicate that prices for English bluestone have shown a reduction of £1 10/ per ton for immediate shipment, but little interest ie being evinced in this revised quotation at the moment, as buyers are fulfilling their requirements with the locally-manufac-tured product, which can be obtained at a lower figure. Californian Dried Fruit. Mail advices from Californian reviewing the 1932 season, assume that sales of dried fruits during the year just closed in the domestic markets have been greater than ever before. The principal causes, are attributed to economic conditions, housewives buying those foodstuffs which offer the best value and most for their money, and dried fruits rate high from this standpoint. Californian buyers have pursued a conservative policy in purchasing dried fruits, and quantities have been smaller j and more frequent, the sum total, however, being far ahead of the ten-year average. It is anticipated that the whole of the 1932 crop will be completely sold before the new season's prices are available. Cherries. The demand for crystallised and drained cherries during the Christmas period was much heavier than originally anticipated, with the result that local stocks are very low. Quotations received during the past week for Italian cherries in brine, which are largely used for the manufacture of the locally-finished product, show an advance of £6 10/ per ton on previous ruling rates. Due to the extremely light position of local stocks, immediate advances are anticipated in order to cover the recent advance in exchange. Tartaric Acid. Cables received from London during the past week advise that shippers are offering tartaric acid, both crystals and powder, for prompt shipment at a reduction of %d per lb on quotations last named. Little business is being transacted just at the moment, however, as the increased rate of exchange now ruling will make costs correspondingly higher, and the demand is likely to be somewhat restricted when consignments arrive. On the other hand, quotations for the Australian product are showing an advance of £2 per ton. Wholesale Current Prices. Butter—First grade factory, booked, ll%d per lb, and lid per lb for prompt cash; second frrade fa«tory, booked, lOMsd per lb, and lOd per lb for prompt cash. Farmers' separator, 9d per lb. Cheese. — First grade factory size (80'sf), 6%d to 7d per lb net; best quality medium (40's), 6%d to 7%d per lb; first quality, 7d per lb; loaf, 7%d to 9d per lb; tinfoil, %lb pats, 1/3 per lb; bars, lid to 1/ per lb net. Honey.—Bulk white, 4ttd per lb; light amber, 4%d per lb net. 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, 1/5 per lb; bacon sides, 7%d to per lb; roiled sides, 9%d to lOd per lb; middles, Mad to lOd per lb; shoulders, 6V4d per lb; rolled shoulders, B%d per lb: lard, bulk, 6%d per lb; pats, 7%d per lb. Linseed. —Whole, 16/3 per cwt. Linseed Meal.—l 6/11 per 1001b Flour.—Local, 2001b sacks, £15 //6 per ton; 100's, £16 2/6 per ton; 50s, £16 12/6 per ton; 25's, £17 7/6 per ton; 12%'s, £18 5/ per ton, 6Vs, £18 10/ per to Malt.—Crushed, 11/9 per bushel; whole white, 11/3 per bushel; whole black, 16/ per bushel. „ ... Twines.—Seaming, first quality, 2/6 pelb; second quality, 2/3 per lb; binder, 05/ per cwt. , Peameal. —10/ per 1001b. Bluestone.—36/3 per cwt Linseed Oil Cake Nuts,—l 2/3 per 1001b.