MARKETS AT A GLANCE.

Auckland Star, Volume LXIV, Issue 85, 11 April 1933, Page 4

MARKETS AT A GLANCE.

SLIGHT TRADE INCREASE.

COCONUT QUOTATIONS LOWER.

CANARY SEED PRICES ATTRACTIVE

"Auckland Star" Office, Tuesday, April 11. Trade with wholesale grocery merchants was fairly quiet during the whole of last week, but a little more activity has been noted since yesterday, and it is expected that as merchants will be closing for the Easter holidays that trade will show a steady increase for the balance of the week. General News. During the latter part of last week there was quite an influx of overseas, as well as coastal, vessels to this port, which resulted in a fair amount of activity in the various inward departments responsible for the receiving of overseas consignments. Spot stocks of currants in all grades are reported to be in short supply, and some merchants are anxiously waiting on further supplies. Considerable interest is also being evinced in the probable early announcement of new season's quotations on Australian canned and dried fruits, which have apparently been held back until something definite lias become known in regard to the negotiations that have been conducted between the Australian and New Zealand Governments. Advice has been received from jam manufacturers of a reduction in second grade jams of 1/ per dozen in l's tins and 1/6 per dozen on 2's tins. Other sizes have also been reduced in proportion. This latest alteration brings prices down to a very low level, which may prove difficult to maintain on a basis of manufacturers present overhead costs. Due to the Lenten season, supplies of fish have been selling remarkably well, in some instances retailers importing stocks of dried salt ling and salmon in brine, which generally meet witn a fair demand at this time of the year. A new line of pipe tobacco, suitable for retailing in the bulk, is now being offered in l's, s's and 101b tins. Prices- are considered most attractive and it is expected that there will be a good demand in consequence. It is reported this week that a very well-known brand of Scotch marmalade has been advanced in price to compensate for the increased landing charges now in force. From overseas during _ the past few days merchants have received landings of English herrings in sauce, meat extract for the coming winter demand, English cigarettes, Canadian herrings in sauce, both keyed and keyless, English cornflour in bulk and packets, and also Canadian cornflour in bulk. The first shipments of new season's Madagascar butter beans have also landed to a receptive market. Prices on this commodity are lower than previous seasons, and therefore a ready sale is anticipated. By transhipping steamer from Australia merchants also received supplies of desiccated coconut, tea, toilet soaps, ointments, prunes, spices, cherries in brine, etc. From the United States further supplies of salmon have also come to hand. A new line of locallypacked pipe tobacco in 2oz tins is also being offered to the trade this week Packing is very attractively got up. A wellknown Southern line of bar barilla soap that has experienced a heavy sale tor a considerable period is now being further poimlarised by the advice of a reduction of 1/6 per dozen bars. Advices have been received that a further 5 per cent allowance is now being made on a well-known line of coffee essence. This has been made by the manufacturers to offset the advance in retail price due to the sales tax increase that would have been necessary if this discount had not been allowed.

Ceylon Tea. The usual weekly sale of tea in Colombo, which should have been held last Wednesday, has been postponed until to-day, owing to the coming into operation of restriction of exports from the beginning ot this month. Mail reports to hand last week, dated March 6, advise that the quantity brought to auction during the previous month amounted to just on 8,000,0001b, which quantity is in keeping with the time of the year. The average price for the month worked out at 49% cents, which was a very appreciable advance on the averages obtained in the last three months of the last year. Shipments to the United Kingdom amounted to 11,500,0001b, which compared well with shipments for the corresponding month of the previous year. Quality generally of the offerings out the month was rather in and out, that is to say, while some invoices showed improved quality, others mthesamedistrict were not so good. On the however, it was rather below standard for the time of the year. _ A fair amount of rain was registered during the month, witn the result that crops now being harvested are considerably in excess of the ties of a year ago. Very good demand prevailed throughout the an d a'l teas with pronounced quality ana flavour were duly appreciated by the trade and satisfactory prices were obtained ihe restriction proposals, or to use the official phrase, "The regulation of tea expoits made further progress during the month, and it may safely be said that they are now. an accomplished fact. Some few [weeks will yet elapse before the necessary legal enactments have been passed by the Governments concerned, but for all practical purposes restricted production will become operative as from April 1. In order to meet the requirements of the producing interests, it has been the Colombo tea sale of March 28 be postponed to the 31st idem, and the safe of April 4 be cancelled and the next sale held on the 11th idem. As regards the trend of prices for the next few weeks, fhprp seems to be no reason but to antici pate a strong market. The strength in he present market is not altogether due to the possibilities of restrictions, but there _ appears to be a genuine demand for good Ceylon tea, which is m short supply. Ihe official United Kingdom Customs figures show that tea stocks at the end of January amounted to only 289,500 0001b, which are 23,000,0001b less than the unofficial market estimates. It should be mentioned that these are the first j^. 8 : tics published siuce April, 1929, when the duties on tea were entirely removed.

Desiccated Coconut. Further slight reductions have been advised by cable during .the week on Ceylon desiccated coconut, and considerable business has been put through at the new rates. Papuan coconut has been oft the market for some weeks, this, it is believed, being due to no .supplies being available in the meantime.

Canary Seed. The market on new season's Argentine canary seed has opened up very favourably to buyers, being at the lowest level ever reached over a period of the past twenty years. Latest quotations received represent a decline of £1 W per ton on the prices ruling in January last, and considerable business lias been P u ® through at these rates. As it will take the best part of three months for delivery to be effected to this p,ort, it will be a while before the local market will react to the new quotation.

Sago and Tapioca. During the past fortnight the sago and tapioca market has shown a decidedly firmer tendency, and latest prices show an increase of 3d per cwt all round, feome last-minute business was put through on shippers' quotations received the week before last, but confirmation was not forthcoming. Eventually the majority of buyers confirmed business at the increased rates. The Narbada left for Rangoon on Friday last and was due at Penang during the week-end, so that unless there is any undue delay in the steamer sailing from the latter port, merchants will be unable to get any further bookings accepted for this steamer.

Peppers. Peppers are remaining steady, the only alteration being an advance of %d per lb in Muntok white. All merchants' requirements on pepper were originally covered at fairly attractive market rates, but the landing charges will now be higher on

account of the new duties being imposed. Sarawak white is likely to be called for much more in future shipments, as stocks of this line should land, at more attractive rates than Singapore due to their being no duty or surtax charged on this line, as it will land under the British preferential tariff.

Nutmegs and Mace. No alterations have been recorded on either line during the week, but due to the new duties and surtax charged, owing tr the decision of the Customs Department, that these lines will not in future land under the British preferential tariff, costs on these goods arriving by the next steamer, due early next month, will show quite an increase.

Pineapples. The market on Singapore pineapples is still showing a firm tone, latest quotations for first quality cubes showing an increase of %d per dozen, and lVzib sliced flats an increase of l%d per dozen. For the shipment due next month, local merchants' buying has been rather quiet, shipments on the whole being on the small side, mainly on account of the approach of the winter season. For the following shipment, leaving about October, consignments are likely to be very heavy in readiness for the following summer trade.

Resin. * The market for French resin in "N" grade is again easier, to-day's quotations showing a reduction of 7/6 per ton. This new quotation makes to-day's value pretty nearly the lowest level reached for some considerable time. No fresh quotations have been received in regard to American, but last prices offered were quite attractive.

Dates. All grades of dates now on offer ex London are exceedingly firm, and with expectations of higher rates to be named later. Advices received in connection with loose pack indicate that present supplies in London are not too satisfactory, with the result that holders are not anxious to ship to this market.

Brazil Nuts. Recent cables advise that latest quotations on Brazil nuts have shown a further reduction, which brings latest quotations down to a lower level than has been known for a considerable number of seasons.

Wholesale Current Prices. Butter.—First grade factory, booked, lOVzd per lb and lOd per lb for prompt cash; second grade factory, booked 9%d per lb, and 9d per lb for prompt cash. Farmers' separator, 8d per lb. Cheese. — First grade factory size (80's), 6'/id to 6%d per lb net; best quality medium (40's), 6%d to iVid per lb; first quality, 6%d per lb; loaf, 7Msd to B%d per lb; tinfoil, %lb pats, 1/3 per lb; bars, lid to 1/ per lb net. Honey.—Bulk white, 4 x Ad per lb; light amber, 4d per lb. Bacon. —Hams, lOd >o lid per lb; rolled ham, 1/1 per lb; cooked ham, 1/3 per lb; cooked pressed hams, 1/5 per lb; bacon sides, B'id to 9d per lb; rolled sides, lOd to lid per lb; middles, lOd to lid per lb; shoulders, 7 J /4d per lb; rolled shoulders, 9%d per lb; lard, bulk, 7d per lb; pats. 8d per lb. Linseed. — wnole, 16/3 per cwt. Linseed Meal.—l 6/11 per 1001b. Flour.—Local, 2001b sacks, £14 12/6 per ton; 100's, £15 10/; 50's, £16; 25's, £16 15/; 12 Vs, £17 12/6; 6y4's, £18 2/6. Malt.—Crushed, 11/3 per bushel; whole white, 11/ per bushel; whole black, 12/6 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.