MARKETS AT A GLANCE

Auckland Star, Volume LXVI, Issue 244, 15 October 1935, Page 4

MARKETS AT A GLANCE

. TRADE WELL MAINTAINED. SUGAR ADVANCED, j . j NEW DATES EXPECTED LATE. ) ! "Auckland Star" Office, ' Tuesday, October 15. Merchants have been exceedingly busy 1 tln'oughout the past week, and with the J general firming in prices that is now ) taking place, trade for the present week > has every appearance of being very well maintained. i General News. i In view of the continued advance in > overseas markets, the wholesale traders have been compelled to increase their prices on many commodities during, the i past few weeks. In a number of instances I owing to the difficulty overseas shippers are experiencing in sizing ud their stock position, they have meanwhile been compelled to withdraw forward offerings. This action no doubt is the resuifc <ot heavy buying, which irv some instances is occasioned by the demand exceeding the supplies. The war between Italy and Abyssinia has caused quite a chaotic condition in some markets, with no immediate prospects of improvement. Latest information regarding the first of the direct steamer shipments of dates from Busreh indicates that this sailing will not take place until approximately October 28, which means that it will be late December before direct consignments can arrive. Present season's stock is light, and as there is a good demand at this period of the year for dates many retailers are now covering their intervening requirements. In view of the firm position in f.o.b. values for cheese local quotations are steadily advancing. Owing to the 1 short position of cfcrtain stocks occasioned 1 by the holding up of shipping in California, a fair amount of interhouse buying ' by merchants has been necessary, particu- ] larly in regard to prunes, which are steadily advancing in price in consequence. Quite a number of grades are now out I ot stock. The olive oil market is exceed- ' ingly firm, therefore any offers made by merchants should be excellent stock. Owing to the clean up of Australian i stocks of dried fruit, merchants' holdings are not anticipated to be sufficient to supply whatever trade requirements there, i may be prior to fresh fruit coming on to the local market, and the retail trade would he well advised to watch the ; position very closely. A steady firming is noted in overseas quotations for Chinese 5

whole ginger suitable for preserving, which should make local offers of preserved of keen interest to the retail. Arrivals from overseas comprise shipments of English tobacco in 2oz cut, packet cornflower, bulk cornflower, English coffee essence small and large, drained cherries, medicinal bath salts, poultry spice, jute twine, English sardines, lobster, capers, powdered magnesia, Spanish bottled olives in soz and lOoz size, Senna leaves, Epsom salts, red herrings in 24's and 100 s. From the South coastal vessels have brought the following: Breakfast foods, baking powder, bruslnvare and medicinal emulsion. A bonus offer of one bottle free with each dozen ordered is being offered to -the retail this month on a well-known line of fruit salts. The price of lard in both pats and bulk has been advanced Id per lb.

Sugar. . An increase of 10/ per ton is advised in all grades of refined sugar, commences from Saturday last, the 12th instant. A slight advance is also recorded on golden syrup and treacle. Resin. Prices for resin continue to advance, and last week cable quotations were higher to the-, extent of 7/6 per ton on G and 3/6 per ton on N. This market has been steadily advancing for some weeks now, but unfortunately agents have no information available as to conditions ruling in America. Additional business has been put through at the increased rates. Brass and Copper. The metal market continues to firm, copper sheets are quoted in late cables received at £2 per ton higher, and tubes at Yid per lb higher. Brass sheets and tubes are both quoted at %d per lb increase. It is anticipated that prices on both these commodities will go still higher, and fair quantities of copper have been bought during the last few weeks. Tapioca. Sensational rises were noted last week in both sago and tapioca, varying with different sellers from £2 to £3 per ton. -These increased rates, with the addition of exchange, if maintained will make a considerable difference to merchants' selling prices here. Commodities like these are very popular food for soldiers in warfare, and if the present activity continues, prices are likely to go considerably higher. Some additional business was put through last week at increased rates. In mail reports just to hand, sellers say that the bulk of tapioca shipped from Penang gees to India, but the demand from that quarter is very uncertain and irregular. Supplies, however, are not large, and they do not expect to see the market give way much between now and the New Zealand direct steamer sailing in December.

Pineapples. A rather sharp advance was recorded last week on most packings of pineapples as follows:—First quality l%lb cubes, 2%d per dozen; l%lb sliced flats, 2d per dozen; talis, %d per dozen; 21b sliced, 3d per dozen; 2%1b sliced, 3d per dozen; l%ib crushed. %d per dozen; 21b crushed and 2%1b crushed, %d per dozen; l%lb cubcs, second quality, l%d per dozen. So far practically no buying has been done for the December sailing, and in the meantime buyers prefer to wait until the market settles down. Ground Almonds. Quotations for ground almonds, in recent cables from London, show an increase of 5/ per cwt. Even at this advance quotations are considered very favourable, in view of the firm state of the market. As forward bookings can be spread to June on present figures, buyers are recommended to cover, as further advances are iinticipated. Nuts. , Owing to the Italian-Abyssinian situation, ail Mediterranean lines, such us nuts, have been withdrawn from sale. It s also advised that some of the principal English packers are not able to offer any )f these lines ex London stocks, except it very heavy advances on previous quotaions. An earlier cable received from jondon stated that prices for all nuts are lardening, and they recommend that the iresent is a very favourable time to effect nirchases.

Olive Oil. A substantial increase in price has taken place in quotations for French olive oil, but, despite this fact, quite a lot of business is being done owing to the withdrawal of the Italian line. Unbleached Ginger. A further increase of 2/ per cwt has been noted on quotations for unbleached African ginger just to hand. Cherries in Brine. Quotations for botli Italian and French cherries in brine have been withdrawn from sale, and as there has baen no advance registered in local packs of crystallised and drained by local manufacturers, present offers show particularly attractive value. Valencia Almonds. An increase of 7/6 per cwt has been registered on three - crown Valencia almonds. Cream of Tartar. An increase of £4 per ton on quotations for English cream of tartar is noted by one well-known house this week. Desiccated Coconut. Further cables received from Colombo last week advise a sharp firming in the market for coconut, shippers increasing prices by 30/ per ton, with further advances anticipated.

Rangoon Rice. Opening quotations for Rangoon rice named a week ago were at a slight increase on opening prices for last year. Since then the market has made a further advance, the latest increase being an advance of 10/ per ton. White Lead. Since the increases advised on both white and; red lead at the beginning of the month, further increases of £2 7/6 per ton have been advised on white lead, with the position advised as being extremely firm. No advice of any alteration on red has been received, but further advances are anticipated. Salmon. Cable advices received from shippers of British Columbia salmon advise that quotations for the late run of Sockeye and Pinks have been withdrawn. Lentils. Quotations for No. 1 Indian split lentils for the March/April direct steamer have been advised, and although quotations to hand are at an increase of approximately 30/ per ton on last steamer prices, shippers state that even so quotations are quite attractive, considering the generally firm state of this market. Castor Oil. A very firm position is noted in quotations for Australian thirds castor oil in both drums and half-cases. In August last an increase of 3(1 per gallon was advised, and this week a further advance of 3d has taken place, making 6d per gallou in all. Canary Seed. Mail reports advise that the market for this commodity has been advancing very rapidly within the last three weeks, and the position is that it will continue to advance rapidly until December. It may be opportune to mention that this increase is not due to speculative buying, but is simply the results of large demands from several countries, as there is only a small amount of seed available with which to meet this inquiry. Wholesale Current Prices.

Butter.—Finest grade, booked, 1/4% per lb and 1/4 per lb for prompt cash; first grade factory, 1/4 per lb and 1/3% per ib for prompt cash; second grade factory, booked, 1/3% per lb and 1/3 per lb for prompt cash; whey, 1/2% per lb and 1/2 per lb for prompt cash. Cheese.—First grade factory size (80's), 6%(1 per lb net; medium (40"s), 6%d per lb; first quality (20's), 7Vid per lb; loaf, 7%(1 per lb; tinfoil, %lb pats, 1/3 per lb. Honey.— Bulk white, 5%d per lb; light amber, 5d per lb. Bacon.—Ham, 1/1 per lb; rolled boneless ham, 1/3; cooked whole ham, 1/5: cooked rolled ham, 1/6; eooked pressed ham, 1/8; bacon sides, 10% d; rolled sides, 1/; rolled middles, 1/1; shoulders, 7%d; rolled shoulders, B%d; cooked pressed shoulders, 11(1; lard, bulk, 7%d; pats, 8(1; dripping, 5(1. Linseed. —Crushed, 22/9 per cwt; whole, 21/9 per cwt. Linseed Meal. —12/9 per 1001b.

Flour. —Local: 2001b sacks, £14 12/6 per ton; 100's, £15 10/; 50's. £16; 25's, £10 15/; 12%'s, £17 2/0; OVi's, £18 2/0. Malt.—Crushed. 10/3 per bushel; wholewhite. 9/6; whole black, 11/0. Twines.—Seaming, first quality, 2/8 per lb; second quality, 2/2 per lb; binder, 49/0 per cwt. Bluestone.—27/0 per cwt.