MARKETS AT A GLANCE

Auckland Star, Volume LXV, Issue 149, 26 June 1934, Page 4

MARKETS AT A GLANCE

GOOD BUSINESS. I>RIED FRUIT SHORT. CHEESE MARKET FIRM. "Auckland Star" Office, Tuesday, June 26. Business continues to be fairly heavy, although merchants advise that there has been ii certain amount of dislocation us regards orders being sent forward to couutiy districts owing to the recent iloods, etc. With the resumption of proper l'orv.aiding facilities, storekeepers] orders are being rushed forward as quickly as possible. Although business has been fairly heavy, merchants report that trading conditions have not shown quite the same volume as last month, and this is thought to be due in a. great measure to the tact tint the end of thin month is the half-year tor balance and stocktaking, which generally affects trade to a certain extent. Genera! News.

Merchants have experienced considerable disappointment during the past week, mainly on account ot the fact that the YVanganella, which was anxiously expected with merchants' supplies of dried and tanned fruit, was in port for such a short duration that a considerable quantity of this cargo was not discharged, with tlic result that eagerly-awaited shipments did not eventuate. in the main most merchants received small quantities, but as the market was already short prior to this arrival, the small quantity that was discharged is totally insufficient for even general requirements. A further factor in the fruit market is that supplies of Calil'ornian are also very short, this being due to the recent strikes on the Pacific Coast, which has dislocated shipping of main supplies to Xew Zealand ports. Advice's were received on Friday last that sugar has been increased a further 10/ per ton, which applies to all grades, including golden syrup and treacle. Prices have shown eoinc small fluctuation this year, the previous alteration being a reduction of 5/ per ton made about four weeks ago. The cheese market is very firm and higher prices are now being offered for export, resulting in very firm quotations on the local market. There has been a shortage of local Stilton cheese for some time, but this lias been alleviated by the arrival of further supplies during the past week. A shipment of South African dried apricots to hand lately has proved very welcome, as supplies are getting short. Further supplies of both Sair and pitted dates have now come to hand, and should sell well, as quality hns proved superior to the previous consignment. Owing to higher costs, however, merchants have had to increase their wholesale rates slightly. A reduction in certain brands of apple and raspberry jam, ns well as apricot and apple, were advised last week, the alterations being %d per lb on I's and 2"s and Ma per lb on 6's. 10"s and 53's tins. Market reports received from Australia state that supplies of new season's Australian rice are now available for shipment, and orders can be booked at list prices for either prompt delivery or for delivery ■within the next H5 days at buyers' convenience. There is a steady demand for supplies. They state that in spice lines there has not been any important change in the market. The new crop of pepper will bo late, and this fact, coupled with the shortage of supplies, is keeping this market firm. With the event of cooler weather there has been a material improvment in the demand for coffee, but there has not. been any change in prices. Seeds of all descriptions are still remarkably cheap. Arrivals from overseas comprise English AVoreeste.r snuce, Dutch cocoa, malt extract in drums, teas, southern walnuts, tobacco, resin, permanganate of potash, wax matches, British Columbia salmon, bulk drained cherries, greaseproof paper, fluid magnesia, cigarette papers, carton tablet sugar, pork and beans, powdered alum, peanuts in shell, bulk tea, etc.

Ceylon Tea. At the usual weekly sale of Ceylon tea, held at Colombo on the lJtth instant, the quantity brought to auction amounted to 2.375,0001b weight. Quality generally remained unchanged, and the result of the sale showed a Root! demand lor commonest, with others steady. The only alteration recorded in price was an advance of %d per lb on plain 8.0.P.'5, all other grades remaining steady at last ruling rates. Exchange was emoted at 1/6 3-16. At next week's sale it is estimated that offerings will total 2,500,0001b. Eastern Produce. Mail advices just received state that the scheme recently proposed tor the control of rubber export* from June 1 has been approved by the Governments of the countries concerned- The price of rubber has consequently sharply advanced, and as rubber is the principal article of export from the Straits Settlements, the increased price is creating a certain amount of surplus funds, which are available to finance stocks of other Straits produce, with the consequence that dealers are inclined to hold for higher prices. Poppers have advanced sharply in sympathy with the London market, and tapiocas have improved sentimentally on the general feeling of optimism which is prevailing at the present time.

American Resin. The market for American resin continues to show an easier tone, prices advised by cable this week showing u reduction of 2/6 per ton on "X" and 4/ per ton on "G." Local stocks seem sufficient for merchants' immediate requirements, and very little ordering is being done at present. Turpentine. Quotations for Pine Tree turpentine continue to show declines, a further reduction of Id per gallon being advised this week. Production is now at its highest, and on this account the present is considered the most favourable time for buying. Pineapples. Singapore pineapples showed practically no alteration in recent weeks, the market is firm and it is not expected that anything in the way of low prices will be seen for the next steamer. Some offers were put up recently at counter ofier rates, but sellers would not accept same, adhering to their regular quotations. Pepper. There is little to report in the pepper market, prices this week arc a shade easier. Supplies on the local market have ! become a little short in certain directions, I with the result that it has been necessary I to bring small supplies forward via (Australia to keep merchants going. Sago and Tapioca. The market for sago and tapioca remains steady and featureless. While Penang seed has advanced 3d per cwt, Singapore sago was correspondingly reduced by the same amount. The market on Penang seed is remaining high just at present, while the Singapore article is going back to tlie low level previously ruling. As there are still five weeks to go before the next direct steamer leaves for this port, buyers have plenty of time to watch the market. Bulk Raisins. Mail reports from America state that the first quotations for new crop golden bleached raisins were made some weeks ago, arid the trade throughout Europe has shown remarkable buying interest. This in itself would indicate good prospects for a substantial Californian raisin business with Europe this season, influenced by a rather drastic change in th'q general raisin situation. As far as can be judged, the world's production for 1034 will be quite materially lower than last season s output, which was already lighter than that of the preceding year. As an illustration, a contrast of crop figures for the Californian production in 1931 of 261.777 tons, with those for last year totalling 180.8a3 tons. It is yet too early for any definite estimate of this season's Californian production, but it is generally expected to be about the same as last year. As to tho two other important producing sections. Smyrna and Australia, it is too rally to make any crop estimate for Smyrna, but the gist of reports received bo far is for only a fair crop, lighter

than last season. The tonnage for Aus- j tralia is determined, showing a decline of | about 13,000 tons below 1933. There has thus been a consistent decline in the world's production tor a number of years. The situation in California is further strengthened by the successful conclusion of the marketing agreement which will control the price of natural Thompson's, and affect also the market for bleached varieties. In the purchase of grapes, the | deliydralovs will also have to face this season the new competition from wineries, which were, of course, not in the market in recent years. As prices paid for bleached Thompson"* last year were not ! remunerative, the; production in California lias fallen down sharply, and whereas it j conKl be increased when stimulated to j I satisfactory returns, the total output is \ limited by the capacity of the ilehydrators. j The largest quantity produced so far in ! any season was about 16,(100 tons- Another ] point which it will be well to bear in mind in connection with raisins is the fact that, in contrast with other Californian dried j fruits', the greatly reduced cost when converted into foreign currency because of the depreciation of the dollar, has not yet, or only to a small degree, been olfset by an advance in price. Even on the basis of | the somewhat improved current market when converted into foreign currency, today's prices arc still close to the lowest on record. Dates. Offers on present season's dates arc being made from London at what are considered very attractive prices, and principals recommend buyingAlmonds. Cables received in connection with the almond market state that medium whole blanched sweet almonds and genuine pure blanched flaked almonds have been reduced 5/ per cwt. Wholesale Current Prices. Butter*.—First grade factory, booked, llVi per lb, and lid per lb for prompt cash; second grade factory, booked 9kd j per lb, and 0.1 per lb for prompt cash. Farmers' separator, 8d per lb. Cheese.—First grade tactoiy size (80's), ii%d per lb net: best quality medium (4U's), liVirt per lb; first quality, (id per !b; loaf, <5%d per lb; tinfoil, Vilb pats, 1/3 per lb; bare, 1/ per lb. Honey.—Bulk white, 4Vfed per lb; light amber, 4J4d per lb. Bacon.—Hams, 10% d per lb; rolled hams, 1/0% per lb; cooked ham, 1/3 p<-r lb; cosked pressed ham, 1/li per lb; bacon sides, SJ%d per lb; rolled sides, ll'Ad per lb; shoulders. S'A-d per lb: rolled shouldeis, o%d per lb; middles, llVa.l per lb. Lard, bulk, 6d per lb; pate. G'/id per lb. Linseed.—Crushed, '2-1/0 per cwt; whole, 23/0 per cwt. ' Linseed Weal.—l 2/0 per iOOIb. Flour.—Local: 20l)lb sacks, £14 12/6 per ton; lOO's, £15 10/ per ton; 50's, £ I'J per ton; 23's, £10 15/ per ton; 12%>, £17 2/6 per ton; 6'4V, £18 2/6 per ton. Malt.—Crushed, 10/3 per bushel; whole white, 9/6 per bushel; whole black, 11/6 per bushel. Twines. —Seaming, first quality, 2/3 per lb; second quality, 1/11 per lb; binder, 49/6 per cwt. Blueetono.—27/6 per cwt.