OVERSEAS MARKETS.

Auckland Star, Volume LXV, Issue 190, 13 August 1934, Page 4

OVERSEAS MARKETS.

DAIRY PRODUCE. THE BOARD'S REPORT. The New Zealand Dairy Produce Board has received the following market report from ite London office, dated August 10: — NEW ZEALAND BUTTER. 10/8/34. Last week. Last year. Salted .... 81/-S3/ 78/-80/ 88/-90/ Equals '9£d lb, f.o.u. Unsalted .. 84/-90/ S2/-84/ BS/-90/ Tons. Tons. Tons. Deliveries 1,060 1,236 1,540 In store 11,944 12,188 7,775 Australian: Salted, 16/ to 77/; unsalted, 78/ to 80/. Deliveries Australian 1661 tons, in store 9827 tons. Danish: 83/ f.0.b., 105/ spot. Dutch: Unsalted, 76/ to 78/. Estonian: Salted, 76/ to 78/; unsalted, 72/ to 75/. Latvian: Salted, 72/ to 73/; unsalted, 70/ to 73/. Siberian: Salted, 69/ to 71/. Ukranian: Salted, 66/ to 70/; unsalted, 65/. Polish: Salted, 65/ to 66/. Lithuanian: Salted: 72/ to 73/; unsalted, 70/ to 73/.

Market steady. Retail prices unchanged. New Zealand lOd, Danish 1/1. Imperial Economic Committee's estimated stocks all butters in store 1,835,281 boxes (last year 1,280,313). NEW ZEALAND CHEESE. 10/8/34. Last week. Last year. W'hito .. 49/6-50/ 49/-49/0 4S/0-49/ Equals s.3<id lb, f.0.1). Coloured 40/6-47/ 40/-4C/C 51/-51/6 Crates. Crates. Crates. Deliveries 18,459 U1.273 17,948 In store 145,000 145,024 134,343 Canadian: White, 58/ to 60/; coloured, 54/ to 56/; c.i.L, 50/6; new season's, 52/ to 53/. Deliveries Canadian 4974 boxes, in store 85,527 boxes. English: Einest farmers', 100/ to 104/. Market steady. New Zealand retail price unchanged, 7d. MERCHANTS' CABLES. Messrs. Joseph Nathan and Co. have received the following cable from their London principals, Messrs. Trengrouse and Nathan, Tooley Street, dated August 12:—Butter: 82/ per cwt. Very quiet. Cheese: White, 49/ per cwt; coloured, 46/. Steady. NO POSTPONEMENT. AUSTRALIAN WOOL SALES. (Received 10.30 a.m.) LONDON, August 12. The "Yorkshire Post" says that the wool trade welcomes the Australian decision to open the selling season on the normal date. The Bradford view is that a. postponement to test raw material values would do more harm than good by prolonging uncertainty and implying lack of confidence at the source. Though world conditions hold out little hope of the maintenance of last season's prices, there are some encouraging features, including the firmness of semi-manufactures and this week's upward tendency in Continental futures. STILL OBSCURE. OUTLOOK EOR WOOL. "Rarely has a new wool season opened with prospects more obscure," states a survey of the market issued recently by the Australian Mercantile Land and Finance Company". The firm comments: —"It would appear that the fate of the wool markets will depend very largely on international | politics. Emergency measures applied to' trade have at last affected wool, even the' laws of supply and demand having been suspended by some important wool-using centres. The most important factors are the determination of Germany to bar imports and of Italy to regulate them. Policies of self-containment, no doubt, have been forced upon these countries by the exigencies of finance. "It cannot be assumed that Germany and Italy do not need wool. It is probable; that they will purchase freely as soon as! the work of internal stocktaking is completed, or when finance permits. Curtailed imports to these countries might stimulate the demand of others, and we might advance the suggestion that wool is not in too great supply even without the customary activity of buyers for Germany and Italy in the Australian market. The call for woo! is, world-wide, and is increasing rather than diminishing. There are some grounds for confidence in the future demand for wool." H. Dawson. Sons, and Co., wool brokers. London, writing on July 3, referring to the German embargo on wool imports, explain that licenses for imports are obtainable, as the authorities announce that machinery must be kept busy and. unemployment averted. These licenses have, however, to be obtained by the consumer, who must supply proof of need, and the difficulties are still considerable. Consequently the immediate outlook is not very clear, but is by no means discouraging. The principal cause of uncertainty regarding values is the fact that there will be an increased supply, variously estimated at from 5 to 7 per cent from Australia.

WORLD'S WHEAT. CANADIAN ESTIMATES. OTTAWA, August 1L Canada's wheat carry-over at July 31 is estimated at 103,322,863 bushels, a reduction of 18,500,000 bushels compared with 1933. Drought and high temperatures in Western Canada during July and August flfrther reduced the condition o.f spring wheat by 19 per cent to 63 per cent of the normal. The autumn production was the lowest on record. Although the condition of the crop was not very encouraging, it was rated better on July 31 than at the same date last year. Taking a long-term average per acre as 100, it was estimated at 63 against 57. Last years crop was 270,000,000 bushels, 60 if the same acreage had been sown the yield would have been about 10 per cent above that figure, assuming the same conditions after July 31. However, the acreage sown was 7.5 less this year, so the total crop may be only slightly above last year's. UNITED STATES CROP. WASHINGTON, August 11. The United States Department of Agriculture forecasts a wheat crop of 490,960,000 bushels, and corn, 1,607,108,000 bushels. This reflects the devastation caused by the drought compared with the estimated yields some months ago. To-day's quotations in Chicago are: September, 1 dollar 4 cents a bushel; December, 1 dollar 7 cents; May, 1 dollar 10 cents. The New York price for cash is 1 dollar 9V2 cents. COTTON, RUBBER, JUTE, ETC. LONDON, August 11. (Quotations on Augiust 4 in parentheses.) Cotton.—Spot, 7.42 d (7.07 d) a lb; September delivery, 7.10 d (6.84 d). Rubber.—Para, sVfed (5%d) a lb; plantation and smoked, 7%d (7 3-lGd). ! Jute. — August - September shipments, £14 15/ (£l4 12/6) a ton. 1 Copra. —• August-September shipments, South Sea, £S (£8) a ton; South Sea, smoked, £6 15/ (£G 12/6); plantation, Rabaul, £9 5/ (£8 17/6). Linseed 0i1.—£22 10/ (£22) a ton. Turpentine.—42/ (42/) a cwt. THE PRICE OF SILVER. , (Received 11 a.m.) LONDON, August 11. . Silver is quoted at 21 9-16 d per ounce for spot delivery, and 21 7-16 d for forward.