APPLE EXPORT.

Press, Volume LXII, Issue 18633, 6 March 1926, Page 12

APPLE EXPORT.

KELSON A BUSY POR^ {SPECIAL •TO "THE PBESS.'.Ii "V NELSON, March 5. The-shipping of export apples has now assumed .great proportions at the port of Nofeon. During February the Tiarieties were limited, and the total for the month amounted -to 11,9-34 cases.. This weeky however, has seen ;•«, big -advance in the quantities coming forward, as more varieties are ready for picking, and about 1500 cases a dav have been put through on the wharves. This number again ■will, probably be largely increased nest week, when the Jonathana will come forward at * a great rate, ~ and 2000 cases may be expected to reach the wharf - daily. .- The Jonathan crop is particularly heavy this season and from now on the stripping of the trees will, be general.' This .will enormously increase tl'.e quantity of fruit sent forward for shipment. A few growers have 'started-on Delicious, and by next week there will be heavy pickings of this variety also. Other varieties still reaching the port in quantity are Dunns, London Pippins, and Cox's Orange, . while there is al.so s good sprinkling of Lord Wolseleys, and a line or two of Jvin£ Davids. The quaility all through, is excellent, and the fruit is wonderfully clean. It is a little small owing to the drought, but very firm, and should open up .splendidly jn England. The packing generally is good, but in a -few instances the pack is rather loose. Growers'are-warned that all traced of epray ; should be removed. The inspectors ha/re not found much to complain about in this respect, but- a few lines have come forward which might have hern given a little more attention. THE REBOUND, —" '. £ HEAVY BUYING. NEW YORK STOCK EXCHANGE. (»T CABM— PSSSS ASSOCIATIOX COPIBIGHT.) (AUSTRALIAN AMD H.Z. CABLB ASSOCIATION) (Receired' March oth, 5.S p.m.) ! NEW YORK, March 4. The drastic decline in prices was brought to a halt in the' first two hours' I trading on the • Stock: Exchange on Thursday, when buying orders for -hundreds of thousands were distributed by strong financial interests and. hundreds of. "bargain , Trading continued in enormous volume and the rebound in prices was fyoni one , to: almost ' twenty-four points. Th© closo of th© day was marked.by an enthusiastic out-hurst of buymg. Salea fo r the day totalled 2,500.000 5il a *fV, compared with 3,78-5,700 on Wednesday. PRICE BREAK IN WALL STREET, ■ EFFECT ON MONEY MARKET. (special to "thjh press.") . . WELLINGTON, Starch 5. Last year there was a tremendous boom on „ tlie New York Stock Exchange, and records 6£ sales vrcro being broken almost daily, ans- quotations 'for stocks and bonds showed .'marked advances. In addition to the ; effect of heavy stocks of gold, tho United nioney market has been subjected to tn« influence' of the cheap money policy of' the Reserve" Banks. Meanwhile, capital Mcumulationa had been- going on rapid]". ■ Thin was shown in the huge volume of ; securities •by the American market.' The inevitable consequence of the abundance of credit was the diversion ofmoney into stock speculation. - The year 1923 was one of pronounced credit expansion, bat almost wholly through * loans fceourad by Btocks ond bonds. Tho Btate'.ment,. <A reporting' member banks of the Federal -seservo .system,. shows an aggregate .'increase ei loans, discounts, - and . investments in 1925 cmy a little short of a billion dollars as compared with 1924. Loans sechrrf by stocks and bonds totalled 6,511,818,000 dollars. ■ -The. byeak in prices now reported 15fes inevitable, for the speculation in stocks had. been_ carried .beyond the safety margin. "Writing in their monthly circular for January, the National City Bank of New York saya:—"The Stoak market gives no signs of . the olearing credit, and may absorb more. Insofar as. thei. demand for bank credit increases, the prospect is that it will b» satisfied only at higher interest rates." No doubt those interested in the Wall Streat gamble will make strenuous efforts • to "hold up- the market, and are certain to succeed far .»■' time, but confidence has been shaken, credit -will be difficult to cbtain, and a further fall in prices will occur. If the trouble could bo confined to the United States, the . break in Wall Street prices could be viewed by the rest of the world with indifference, but, unfortunately, that is not possible, for London is still dependent upon the United- States, and the Continent is dependent both upon London and New York. To a, larger degree than is generally appreciated, the European financial situation is directly or.' indirectly dependent -upon credit operations of the "Dnited States. One of two*, thigs must happen: Either there will be a flow of goldto the 'Cnited States for the purpose of sustaining, the credit situation, or the rate of interest must he advanced to check thfi j demand for credit. Whatever happens, there ! is bound to' be B reflection of the movej ment in London and tha Continent. ! .... CHICAGO WHEAT, . (bt cable—ibzss association—COPlßlGHT.] (ACSTBALrAjr" AKD JK.Z. CABLE ASSOCIATION'.] ! (Rewired Slerch Sth, 5.5 p.m.) | NEW YOKE, March 4. - Chicago Wheat—May, new 157J, .old IG7JJ Juljfc 140£; September, 1845. DAIRY;PRODUCE, - (ileceived March sth, 9.12 p.m.)' LONDON,' March 4. ! The butter Market is'slow. New-Zealand choicest salted 170s to 1725, Australian 164s to 1665, cnsslted 2s premium, Banish 182s. Cheese—The market is quiet. New Zealand white 975, coloured 9ls. . Sugar—Granulated 28s. 7Jd, The New Zealand Loan and- Mercantile Agency Company,, Ltd., ■ have. received the following cabled advfce from. London:— Butter: New Zealand choicest, 172 a to 174s per cwt. Market is dull, -with downward tendency. Australian, 16Sa per-evrt;' Danish, 300s per cwt. Cheese: .-995-to 102s' par cwt. Tho nittrket is quiet. '■ ? . • Dslgaty and Co., Ltd., have received the following cabled-advice from London:—Butter: The ' market'is very slow. We quote finest New Zealand 168s, for exceptional New Zealand brands 1725, finest Australian salted 1645, unsalted 1665, Danish 1965. Cheese: The market is very quiet. We quote New Zealand white 995, coloured 102s, Canadian on spot 110s. CEREALS. LONDON, Mareh i. Wheat cargoes are extremely weak owing to the downward movement in America. Demand is inactive, with a shilling decline. There is no' enquiry for parcels, and prices declined a chilling. '. ..Liverpool futures are quoted—March-May 10s 63, July 10b"Ed. Spot trade is easy. 'Australia e« ship.-58s 6d. Floor isdull., Australian es store 44b 3d. Oats—The market is easy. Peas are quiet and beans dull, . P. AND 0. SHARES. LONDON. JlaicH i. P. and O. Shales, £237.