SUDDEN SLUMP.

Auckland Star, Volume LXVI, Issue 245, 16 October 1935, Page 8

SUDDEN SLUMP.

POTATO PRICES. , DROP OF £5 IN WEEK. SUPPLIES FROM SOUTH. Prices for Southern potatoes, which were realising from £19 to £20 a ton landed at Auckland a week P.go, have slumped to from ±'l 4to £15—a drop of £s—and5 —and according to a well-known city merchant there is a likelihood of tho prices going still lower owing to the increasing quantities of new season's supplies coining to hand. In October last year Southern supplies were realising only £5 a ton. "During the early part of the season the conditions were all against the potato crops in the South, and prices started to rise gradually until about a month back they were from £8 to £9 f.0.b., Lytteltfon," said the merchant this afternoon. "Then the market started going away and prices went as high as £17 10/ and £18 f.o.b. Lyttelton. The strange fact about tho position is that supplies have never been absolutely scarce, but buysrs here seem to have got the idea that there was a genuine shortage—more than was. actually the case." "The heavy buying started and a few firms in the South holding big stocks have not been pushing their supplies along. The situation was also helped by reason of the fact that the Pukekohe crops are several weeks behind and the supply of new potatoes so far this season has been very small. Fair snp- | plies have been coming along all the time and about a week ago the market in Auckland suddenly got top-heavy. The result is that potatoes have now slumped down from £19 to £20 at Auckland until they can be bought to-day from £14 to £15 a ton ex-wharf. There are fair stocks still available and unless something strange happens the market looks like going still lower."