MARKETS AT A GLANCE

Auckland Star, Volume LXVII, Issue 141, 16 June 1936, Page 4

MARKETS AT A GLANCE

TRADE SHOWS IMPROVEMENT. 1 SALMON SHOWS WEAKENING TENDENCY. FIRMING OF CALIFO-RNIAN RAISINS "Auckland Star" Office, Tuesday, June 16. During the past week both the wholesale and retail trade have experienced a gradual increase in the amount of business transacted. The exceptionally high prices now ruling for butter and cheese 011 the London market will undoubtedly have a (reflection in increased buying power from the dairying districts, which should also affect the town aretus, owing to the greater amount of money in circulation. The announcement made this week that the majority of the dairy factories are making a payout for this month of 1/ per lb butterfat, an increase of 3d per lb 011 last year, will be a source of extreme gratification to dairy farmers generally. The unusually long spell of dry weather has benefited the retail trade a great deal, particularly in the main centres, with the result that most quarters report excellent Business for the time of the year. The farming community, however (particularly in the Waikato district and in the North), are beginning to feel the effects of the long dry spell and most districts would now welcome a change. General News. The salmon market is showing a very weak tendency, with the result that buyers are hesitating before placing their new season's requirements. The fact that the wholesale trade is trying to hold off should not affect the retail to any great extent, as many merchants, in order to get over the present difficulty, are quoting prices forward with a fall clause against further possible market declines. The Californian fruit market shows indications of still higher prices, which will be reflected in increased costs in landings to come forward later. A noticeable overseas marKet advance is reported in French olive oil, this, 110 doubt, being the result of the unsettled monetary system and the chaotic conditions at present ruling, plus restrictions on the Italian olive oil output, due to sanctions still being enforced. Quite a number of overseas vessels have arrived during the past few days, and this has resulted 111 considerable activity in shipping and dispatch departments, as a number of lines to hand have previously been in short supply.

A line of English soup cubes previously selling on the market is again being offered and in view of-the present cold weather is expected to be in demand.

; Advices received from Australian millers indicate that overseas markets for rice are still very firm. There is an unusually • strong demand being experienced from ( Europe, and at the moment there seems little prospect of any decline in value. Harvesting of the crop of Australian rice has finished and ample supplies are expected to be available for the New Zealand market, and millers are willing to book at present rates, spread delivery for the next three months. In spice lines, markets for all descriptions of whole ginger are particularly firm, and from present indications it seems unlikely that lower prices will be uvu.ilI able until the early part of 1937. I Jn coffees prices for all descriptions are I at an exceedingly low level, but unfortuI nately the low figures submitted have not stimulated the demand to any great extent, which is still very dull. Supplies of all descriptions of seeds are now available at reasonable rates. Shippers state that there has not been any change in the canary seed situation since las/; report, and while high prices are still ruling in overseas markets, there is little prospect of a change this year. Arrivals from overseas and coastal ports during the week comprise further shipments of Manchurian walnut meat in amber halves and pieces and light halves, canned apricots and peaches, bulk Ceylon tea. desiccated coconut (bulk, Ws and l's packets), Californian macaroni and vermicelli. breakfast foods, baking powder, malt extract, Californian prunes (18/24's to 80/90's), bleached and natural seedless raisins, Canadian sardines (both with key and keyless), caustic soda in bulk, English cream of tartar, English tobacco in lot and 2oa packings, etc., etc. Tobacco and Cigarettes. Deliveries of tobacco and cigarettes against the 16th booking were being made to bath town and country districts to-day. The majority of storekeepers and I tobacconists' orders were delivered, only I a few being carried over for the following day. Californian Prunes. Mail advices regarding prunes indicate that business has been disappointing in volume during the first four months of this year, although a purchase of a considerable tonnage of both Californian and Oregon prunes on the part of the United States Government, together with less favourable prospects of the growing crops, have gradually restored confidence, with the result that the market has been more | stabilised of late. In addition to its prc- [ vious purchases, the United States Government intends purchasing a total of nearly 10,000 tons of prunes in the near future, with the idea of further stabilising the market. Price cutting by holders of surplus of last . season's stocks has further involved the position, although it is_ stated that much of that offered was of inferior quality, and has been sent mostly to European buyers. Brokers report that on account of the very low selling basis for home consumption of last season's prunes still held,and that provided the present uncertain political and economic situation in America does not preclude it, advances in prices are inevitable. Resin.

The market for American resin is now showing a firmer tone, an advance of 12/6 per ton being recorded on G in cables received last week, and 7/ per ton ou N. These increases are rather sharp as no indication had been given an to alteration, neither have agents been able to find out any reason for the firming of prices. Californian Raisins. It is estimated that the new crop will be from 10,000 to 20,000 tons less than last year, and much of the shortage will be in a smaller production of Golden Bleached, which have suffered so far from frost damage. Some speculative prices have been named for home consumption only, but leading packers have not yet names quotations. Turpentine. The market for pine tree turpentine also is quoted at very firm rates, prices advancing in cables received last week by a further l%d per gallon. Jordan Almonds. Quotations for Jordan almonds for new season's August-September are named at £1 per ton advance on last year's quotations, but it is confidently expected that lower prices will be named as soon as Spanish political conditions are more stabilised. Alaskan Sockeye Salmon. Prices for new season's Alaskan Sockeye salmon have been named at figures showing a reduction of 3/ per case on tentative prices, which show a slight advantage as" compared with British Columbia Sockeye. Jute. The jute market continues at a fairly favourable level, particularly on corn sacks, which are listed at a reduction of l%d on the 46-inch and l%d on the 48inch. Wool packs, on the other hand, are weaker, and are listed at a reduction of Vid per dozen. Tapiocas. The market on tapiocas remains fairly steady, the only alteration in cables received being an increase of l%d per cwt on Penang seed. There is very little activity at present, although the levels now ruling are on a par with the prices quoted when most of the buying was done for the last direct steamer.

Pineapples. The Singapore pineapple market continues fairly steady, with a reduction of %d per dozen being noted in second quality l%lb cubes, I%d per dozen in second quality l%lb sliced flats, %d per dozen in 21b slices, and %d per dozen in 2%1b slices. Business is very quiet, as the majority of buying has already taken place for the next steamer sailing. Nutmegs and Mace. Nutmegs continue firm at last quotations. Mace, on the other hand, is quoted at unchanged rates, except for broken, which is easier to the extent of %d per lb. Even with this reduction quotations for mace are considered to be fairly high. Wholesale Current Prices. Butter.—Finest grade, booked 1/3% per lb, and 1/3 for prompt cash; first grade factory, booked 1/3, and 1/2% for prompt cash; second grade factory, booked 1/2%. and 1/2 for prompt cash; whey, 1/1% and 1/1. / Cheese. —Medium (40 s), 7%d per lb; first quality (20's), 8d per lb; loaf, B%d per lb. Honey.—Bulk white, 5d per lb; light amber, 4%d per lb. Bacon.—Ham, 1/1 per lb; rolled boneless ham, 1/3; cooked whole ham, 1/5; cooked rolled ham, 1/6; cooked pressed ham, 1/8; bacon sides, 10% d; rolled sides, 1/; rolled middles, 1/1%; pressed shoulders, 1/; lard, bulk Bd, jjats 9d per lb; dripping, 5d per lb. Linseed.—Crushed, 16/9 per 1001b; whole, 16/6 per cwt. Flour. —Local, 2001b sacks, £14 12/ per ton; 100's, £15 12/6 per ton; 50's, £15 17/6 per ton; 2,Vs. £16 7/6 per ton; 12%'s, £17 per ton; 6 , /4's. £17 17/6 per ton. Malt. —Crushed, 10/3 per bushel; whole white, 9/6 per bushel; whole black, 11/6 per bushel. Blueetone.—2B/6 per cwt.