MARKETS AT A GLANCE

Auckland Star, Volume LXVII, Issue 237, 6 October 1936, Page 4

MARKETS AT A GLANCE

GOOD BUSINESS. GREASEPROOF PAPER ADVANCED. : J CANARY SEED: MARKET FIRMING. ■ "v; --.yW i ■"Auckland Star" Office, " Tuesday, October C. Wholesale distributing grocery merchants' are still experiencing exceptionally good business. Last we'ek was a particularly busy one and trade opened up again yesterday with fairly substantial business still coming to hand. Reports now available giving a summary on the turnover for the month just closed show that the business for the total period lias been exceptionally heavy, being considerably in excess of the same month of the previous year. Reports already published show that the returns of flie imports for the month from overseas shipping has also been particularly heavy, and is no doubt in a great measure due to the optimistic tone that has been prevalent during the past few months. General News. Of particular interest to the trade is the announcement by the Sugar Company that as a result of the recent legislation, the sugar works are now closed down at 1 p.m. on Friday as far as deliveries are concerned, so that in future no delivery can be guaranteed after that time until the following Monday morning. This will also affect country shipping business, so in future it will be necessary for all country orders for shipment by steamers leaving on the Saturday to reach wholesale merchants not later than the previous Thursday. The Californian market position still remains particularly firm, although 6ome slight fluctuations have beeTi noted in dried fruits. Indications are that very little interest is being taken in present rates, this applying more particularly to prunes. Merchants have advised the trade of a slight increase in retail selling prices of i kraft paper, both in rolls and flats. A well-known line of mops and polishing oil is being further popularised by the I offer throughout the retail trade of a 5 per I cent trade discount on minimum orders of £3 parcels, which will operate until the end of the year.

Arrivals from overseas and coastal ports during the past week comprise shipments of Ceylon tea middlt-cut Sockeye salmon, Canadian onions, tobacco, bulk fine and iodised salt, chlorate of lime in lib tins, English Worcester sauce, dried cherries, white shoe cleaner, curry powder in bottles and tins, isinglass, French capers, loz packets of carbonate of magnesia, Seidlitz powders, loz senna leaves, Spanish olives, loz salts, castor oil, olive oil, bath bricks, English lobster, %'s sockeye salmon, Norwegian sardines in 16tlis and %'s. l's tails pilchards, chewing gum. Australian rice, canned fruit, health biscuits, etc., etc. Greaseproof Paper. Merchants have received advice that the market for greaseproof paper is particularly firm, an increase of a further £1 per ton being recorded. Up to a few weeks ago. supplies were particularly short, but further consignments landed some days ago and the market has supplies for the moment. Canary Sepd. The market for Argentine canary seed continues to show an "upward tendency, since opening prices were- named, a total increase of approximately £2 per ton i being advised. Indications point to quotations going to still higher levels, and as a result substantial business has been put through for the first shipment and confirmed. L Walnut Meat. As was advised last week, quotations for new season's supplies of Mancliurian walnut meats were announced and in comparison with the opening rates for last season show an increase of about l%d per lb in amber and light amber grades, with quotations for light quarters about on a par with last season's offerings. Information so far to hand regarding the crop situation is to the effect that it is expected to be about 80 per cent of last year. In some quarters advices received indicate that the crop will be later than usual this year, owing to supplies not ready for shipment from Tientsin before November.. On the other hand, some agents indicate that they expect shipments to be made much earlier, which will make the nrobable arrival late November or early December. The market in Tientsin is rather uncertain just at present ' and dealers there are holding off expecting higher pi-ices. With the world's markets for all grades of nuts and almonds at a very high level at the present time, it is anticipated that rates for walnut meats will maintain a firm level. i

Dried Fruits. Advices have been received from the Australian Dried Fruit Control Board that four and five-crown sultanas, as well as one, two and three-crown currants and Lexia raisins are now being offered for shipment up to the end of the present month, subject to supplies being available. Sultanas are firmer to the extent of 2/ per cwt, but other lines are offered at unchanged rates. Tapioca. The market for Singapore tapioca remains- fairly steady, quotations in last week's cables . received being a shadehigher to the extent of l%d per cwt on Singapore pearl sago, 4%d per cwt on Penang seed tapioca and 3d per cwt on medium pearl tapioca. Ceylon Tea. Mail advices just to hand from Colombo state that only four auctions were held during the month of August, the quantity on offer declining from a little over 8,250,0001b to 6,477,9091b, and realised an average of 67% cents per lb against 67% j cents in July. There was a good general i demand throughout the month with common teas in particular request. Prices advanced up to approximately %d per lb for all grades. The better liquoring sorts, however, were inclined to be irregular, but on the other hand the quality of the high grown teas from the Dimbula and Dickoya districts was very plain and uninteresting. A number of very nice invoices of tea were available from the Maturata and Badulla districts, which were keenly competed for, mainly on account of the American market, and high prices were paid. The lower Badulla teas have not this year had the strength and pungency expected of them, and although where quality showed improvement higher prices were paid, the rates realised by this class of tea were on the whole rather disappointing. Forward samples show teas to be generally improving all round, particularly Dimbula and Dickoya sorts. Exports' to the principal markets were again heavy, the United Kingdom taking approximately 2,000,0001b in excess of the August figure last year. Shipments to the other countries showed little variation, and on the whole can be considered satisfactory. Exchange during" the month was again steady. # Resin. Quotations for American resin are fairly steady in cables received last week, the only alteration being a reduction -of 2/6 per ton on N grade. Dried Apricots. \gents advise that shipments s of South African dried apricots whicl# recently came to hand have proved exceptionally good quality and value. Inquiries have| been made for further supplies from this! source for next year's requirements. '■ Coffee. I

Mail advices received state that the Brazilian Government continues to attempt to keep the coffee market up by destroying the surplus. Its programme according to New York advices, requires that planters give up practically free to the Government 6,600,000 bags, or 30 per cent of the new ci'op, to be destroyed by! burning in order to more nearly balance the supply and demand. To compensate the planters for the loss of this coffee, it I

is expected that the Government will provide the impetus for an advance in prices, and in this' connection has been, buying coffee on the New York Exchange. Following the Government's announcement, the market moved up several points. Turpentine. The market for pine tree turpentine remains quiet with prices unchanged from those of the previous week. A little business is passing. Pepper. There is little alteration to report in the pepper market, with the exception, that Sarawak white pepper is listed at' an increase of l-16d per lb. Prices, however, are considered to be at a very low| level just at present, and it docs not secmj that there will be much possibility of any | material advance being made while the London stock position remains so heavy as it is at present. Coconut. , , •. Late cables received from Colombo advise that the market for' desiccated coconut is distinctly firm, latest quotations for bulk and packets received showing an increase of 10/ per ton. Wholesale Current Prices. Butter. —Finest grade, booked, 1/2% per lb, and 1/2 for prompt cash; first grade factory, booked!, 1/2, and 1/1% for prompt cash; second grade factory, booked, 1/I'=> and 1/1 for prompt cash; whey, 1/1. ana 1/0% for prompt cash. Cheese. —Export (80's), per lb; medium (40's), B%d; first quality (-0 s), B%d; loaf, 9d per lb. Honey.—Bulk white, s'Ad per lb; light amber, 4%d. ~ , , , Bacon.—Ham, 1/2 per lb ; rolled bone ess ham, 1/4; cooked whole ham, 1/6; eoo-ced rolled ham, 1/7; cooked pressed ham, 1/8: bacon sides, ll%d; rolled sides, 1/1; rolled middles, 1/2; pressed shoulders, 1/1; lard, bulk, 8d; pats, 9d; dripping, sd. Linseed—Crushed, 16/9 per 1001b; whole, 16/6 per cwt. , Flour.—Local, 2001b sacks. £14 12/ per ton; 100's, £15 12/6: 50's. £15 17/6; 255, £16 7/6; 12%'s, £17; 6%'s, £17 17/6. Malt—Crushed. 10/3 per bushel; whole white, 9/6; whole black, 11/6. Bluestone. —28/6 per cwt.

GRAIN AND PRODUCE.

| MOST LINES STEADY. I . I DROP IN POTATOES. I The only notable change in grain and produce markets since last report has heen an easing in the price of potatoes. Substantial shipments have come to hatld from the South, and, were it not for the fact that consumption remains at-a hign level, a greater decline iu prices would have occurred. As it is, the price is from £1 to £1 10/ per ton lower than it was a week ago. Latest information from the South is to the effect that the market there seems easier. There are still fair inquiries for seed lines, with recent quotations maintained. Quotations for horse feed are unchanged. Oats are very firm in the South, and B Gartons are still selling locally at 4/5 per bushel. The demand for chaff at £8 7/6 per ton shows signs of easing off, as is usual at this time of year. Fowl wheat is very firm in the South, [ and merchants have difficulty in obtain- | ing really saleable quality in undergrade I samples unless they are prepared to give j within 2d a bushel for the price for i graded. | Maize is unchanged in price, but at 6/11 per bushel it does not enjoy a ready sale. Barley prices are unaltered, but a very firm market is reported from Australia, and an increase may be anticipated later on when present commitment® from overseas have been disposed of. A good demand continues for pollard and bran at late rates. The market for onions *is now chiefly dependent upon Canadian importations, which are of excellent quality, and sell at 15/6 per 1001b bag. Wholesale Current Prices. Pollard and Bran.—Mill prices: Pollard.. £6 10/ per ton; brail, £6. Merchants prices: Pollard, local, £7 5/ per ton; Australian, £8 2/6; bran, £6 15/. Oats. —Feed: B Gartoiis, 4/5 per bushel; A Gartons, 4/6;-clipped Gartons, 4/9; clipped Duns, 5/6; clipped Algerians, 4/6. Fowl Wheat. — Canterbury. 6/2 per bushel; undergrade. Id to 3d less. Maize. —Local, 6/11 per bushel. Barley.—Feed: Clipped, 4/6 per bushel: undipped, 4/1. Barley Meal. —9/ per 1001b. Wheatmeal. —10/3 per 1001b. Chaff. — G.b.0.e., £8 7/6 per ton, for Southern. Potatoes.—Table: White, £8 17/6 per ton;'red, £9 7/6. Seed: Early Rose. 12/ per cwt: Dakota Red, 8/6; Early Puritan, 9/; Cliff's Kidney, 15/; Arran Chief, Gamekeeper and Northern Star, 7/6. Onions.—Californian, 13'6 per 1001b bag frepicked); Canadian, 15/6 per 1001b bag.

MILK PRODUCTS

CHEAP IN JAPAN. POOR CHANCE FOR IMPORTS. A few months ago considerable publicity was given to an isolated shipment of butter from Japan to the British market, and an opinion was expressed that New Zealand had no occasion to fear any competition ■ from Japan in butter, but that it was likely that more attention would be paid to condensed milk, for which there is a huge demand in the East. Information recently received by an Auckland firm of exporters from their Singapore associates indicates that Japanese condensed milk is selling there at about half the price at which it' is possible to supply the New Zealand product. There is not the same margin between the respective juices of unsweetened milk, but even so the advantage is with the Japanese.' Cheap sugar, labour, packages and transport costs and a lower return to the Japanese dairy farmer account for the low price at which the milk is offered.

WHEAT PRICES

WEST AUSTRALIAN RECORD. Conditions in the overseas markets are encouraging to Australian wheat growers. Sales of 629,000 bushels of Australian wheat in London were recently reported, including new crop wheat for JanuaryFebruary shipment, which is the first sale of new wheat of the coming crop. The record price of 40/ a quarter has been paid in London for this season, a cargo of West Australian wheat changing hands at this price for October shipment. Sales of Australian wheat in London in September amounted to about 2,401,000 bushels.

DOLLAR RATES. #

The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice: — U.S.A. Canada (per (per £ 1 N. 7.) £ 1 N.Z.) Sellins O.D. 3.94g 3.94J T.T. 3.933 3.94 Buying O.D. 3.983 3.95|

£1 IS WORTH

Based on the rates on October 3. a New Zealand pound was worth approximately:— £ s. d. London 0 10 1 -Australia . .r..... 1 0 1 U.S. A 0 1C 3 Canada 0 16 3 Franco 0 13 7 .Germany 0 9 7 Java 0 12 1 Japan 1 7 4