FIANCE AND COMMERCE

Press, Volume LXXIII, Issue 22004, 30 January 1937, Page 11

FIANCE AND COMMERCE

(CONTINUED FROM PAGE 10)

FRUIT

more lively trade

NEW OATS APPEAR

(lit OUB COMMERCIAL EDITOR.)

Friday Evening.

The grain and produce markets are Showing rather more life than they Have recently, the spell of fine weather having allowed the threshing of a number of crops to be started. Fowl wheat in the meantime is dull, as both merchants and growers are waiting to see what the fixed price will be. There is still a fair demand at 5s 4d Lo.b. A number of milling lines of new wheat have been offered, and in general the sample is good. Some samples are showing a rather heavy moisture content. A number of lines of Garton oats have been offered, and in every case the sample is heavy, and attractive. At present, the sample has been so good that B grade is hard to acquire. Prices are up to 3s on trucks for A Cartons. 2s lOd for B’s, 2s 6d to 2s 7d for Algerians, and 2s 10d to 3s for Duns. / North Island ddmand for ryegrass is at present hanging fire, as pastures there are in excellent condition because of the rains. It is reported that certified seed crops have turned out considerably smaller than was expected. Several lines have been offered locally, but in general, the sample is not as attractive as it might be. The price is from 2s to 2s 3d on trucks tor both perennial and Italian. Very little cocksfoot has as yet reached the market, but it is expected that Plains seed will begin to come in fairly freely next week. The price will probably be between 6d and 7d cer lb. There has not been a great deal of business in forward potatoes, but several transactions,have been made on a basis of £3 oh trucks for Dakotas and £2 15s for whites for April-May-June delivery. Chaff is firm, about £3 5s on trucks for reasonably close stations.

Quotations

The following are the prices quoted to farmers, on trucks, at country sidings. unless otherwise indicated:— Wheat —Fowl wheat, prompt, to 5s 4d 1.0. b. Oats—A Cartons, to 3s; B Cartons, 2s lOd; Algerians, 2s 6d to 2s 7d; Duns, 2s lOd to 3s.

Ryegrass—Perennial, 2s to 2s 3d; Italian. 2s to 2s 3d. Cocksfoot —Plains, 6d to 7d; Akaroa, ,7d to 8d per lb. . Cowgrass—6d per lb., \ White Clover—7d to 8d per lb. Chaff—£3 5s a ton. Barley—Feed 2s 6d a bushel. Peas—4s 6d. Onions—£ll a ton. Bran—Large £4 15s, small £5 ss, Pollard—Large £6 5s a ton, small ’£6 15s.

DUNEDIN

(PBESS ASSOCIATION TELECBAM.)

ASHBURTON

Ashburton merchants report a fairly quiet week. Owing to the weather being unfavourable, very little threshing has been done. A few lines of Cross 7 wheat have, been delivered, which have been in good condition. Tuscan is expected early next week. A few lines of ryegrass have also been offered, but no sales have been reported. Fowl wheat is still enquired . for, and is in short supplv. One or two lines of Carton oats have been offered, and were of. good quality. Cocksfoot is now being, threshed and the yield is expected to be below the average. The following are prices to be paid to growers, free of commission, on trucks, at country stations, sacks extra: Wheat—Good whole fowl wheat 4s Bd, under-grade 4s to 4s 3d. Oats—A grade Cartons 3s, B grade 2s lOd, Algerians 2s 3d to 2s 6d, Duns 2s 3d to 2s 9d, according to quality. Grass Seeds—Perennial,' Italian, and ' Western Wolths, 2s to 2s 3d a bushel; cocksfoot, 7d to 8d per lb; red clover, 6d to 7d per lb; white clover, 6d per ’ Oatsheaf Chaff—Good, bright oatsheaf, £3 a ton. Partridge Peas—No. 1 grade ss, f.a.q. ' 4s 6d a bushel.

DAIRY PRODUCE

DUNEDIN

(rwtss association telegram.) DUNEDIN, January 29. The fowl wheat market is unchanged, but supplies are now getting Into short compass. Quotations rule from 5s 6d to 5s 9d a bushel, according to quality, sacks extra. The first samples of Canterburygrown oats have reached the market. , The quality of the oats is good. It will be some time yet before oats are available from the Otago district, as harvest- ( ing will be later this season, both in Otago and Southland. Crops of oats and -wheat in Southland are looking particularly well, and they are as far advanced as those in Otago. The prices of new season’s oats have not yet been established, but it is expected that they will open on a parity with those ruling towards the end of last year. These prices will represent an advance on the opening figures of January, 1936. Grade oats are worth to-day 3s 8d a bushel, f.0.b., s.L, and B’s 3s 6d, equivalent to 3s and 2s lOd respectively on trucks, country sidings, sackc extra.

The chaff market is weak, with supplies equal to the demand. Best 'quality is worth £5 a ton, ex store, sacks extra, and medium £4,105. Main crop potatoes are not yet on the market, and consequently prices cannot be nanled. Samples of new season’s seeds are not so far available.

CHICAGO FUTURES

SOUTHLAND

(PRESS ASSOCIATION TELEGRAM.)

INVERCARGILL, January 29. Present indications are that the oats harvest will be late this year. In the meantime there is not a great deal . of business being done, mainly because •of the abundance of feed and the scarcity of offerings of oats. Whatever is available for sale is being readily bought by merchants, and it seems that the new season’s oats will come on a bare market. There is a poor demand for chaff, . this also being due mainly to the abundance of grass, and to some ex- . tent to the falling away in the demand ■' as a consequence. of the replacement of horses by tractors. If will probably be at least a month . yet before any new wheat is available. The only business passing is in small lots for the supply of the poultey market. The exceptional growth o£_ grass in iall parts of the province this season has resulted in a fair acreage of ryegrass being set aside for seed. Southland seed seems to be coming into favour again, due to a large extent to the low price at which it has been sold. Certified seed will still be re- - guired for the export trade, but there should bo a good sale of other lines <o**Jjocal_£onsumntion. -next springy

COMPANIES REGISTERED

CANTERBURY MARKETS VEGETABLES AND

CHKJSTCHURCH MARKET

The following is a report on the fruit and vegetable market of Christchurch for the week ending January 29: Vegetables—Good supplies of cabbages and cauliflowers are coming forward. Cauliflowers were in good demand, and showed an advance on last week. Cabbages, on the other hand, were easier in price. Lettuce: Plentiful supplies coming forward, and although prices improved slightly today, values still remain low. Peas: Plentiful supplies available, bestquality lines realising up to Is 6d a peck. Potatoes: Supplies plentiful and values remain unchanged. Cucumbers: Values have advanced considerably during the week. Hothouse up to Cd per lb, outdoor up to 8s 6d a case. Fruit—Apples; Increased quantities of new season's cooking and dessert varieties are now coming forward and values are; Irish Peach, up to sijd per lb; Worcester Pearmains, up to 3\d per lb. Cooking apples, 6s to 7s a case for best quality. Tomatoes: During the early part of the week supplies were short, with tho result that prices showed a further advance compared with last week. Plentiful supplies, however, came forward yesterday, and values were well maintained, best quality realising from 8d to 91d; other grades, 4d to 7id per lb. Raspberries: Supplies remain scarce, and best quality lines are selling at high prices. Stofle fruits: Supplies of apricots, and peaches were short during the early part of the week, and values for best quality lines were high. Increased quantities of both lines came forward yesterday, and values, though a little easier, remained firm. Choice dessert plums are still maintaining good prices. New Zealand lemons: Steady supplies are coming forward, and values are from 10s to 15s a case, according to quality* . Imported Fruit —Supplies of Californian lemons and navels are available. Navels, up to 38s 6d; lemons. 60s a case. Ripe bananas: Supplies are very scarce, yesterday’s prices for best quality being up to 39s a case. Shipments Arriving—A further shipment of Jamaican oranges and grapefruit is expected on Monday next.

Eggs—First grade, to Is Sid a dozen; second grade, Is 2d; duck eggs, Is Gd.

DUNEDIN, January 29,

Now season’s apples nro reaching the market in fair quantities. These are mostly of the Gravenstein variety from Nelson. The stone fruit market was easier early in the week, consequent on heavy supplies, and also on the wet weather affecting the demand. There was a brighter demand towards the week-end, and good prices were obtainable for choice quality apricots, peaches, and plums. Triumph peaches arc still in heavy supply, but this variety is slow of sale, and low prices are ruling. A few lots of cherries are still arriving from the Alexandra district. Moorpark apricots have a sound enquiry, and prices showed an improvement each day. The apricot season is likely to be a short one. The peak of the supply is past, and many growers have now finished picking their apricot crops. Nectarines are so far offering in small lots only. The tomato market showed a sharp advance at the end of the week, and well-col-oured lines had a ready sale. Bananas are off the wholesale market for the present. A further supply should arrive towards the end of next week. Oranges are practically sold out of wholesale hands.

BUTTER MARKET FIRM

NEW ZEALAND AT 90/- PER CWT

LONDON, January 26. The butter market is quiet but firm. Quotations are:—

Choicest salted N.Z. to 88 —■ to 90 Australian .. to 88 to 90 Unsalted N.Z. .. to 91 to 96 Australian .. to 90 92 to 93

Cheese Cheese is firm. New Zealand white .. to 51s 6d coloured to 51s Australian white .. to 50s 6d coloured to 50s

BRITISH WHEAT MARKET

LONDON, January 28.

Wheat cargoes are dull at the decline. Parcels are quiet and easier. Futures are quoted.;— Jan. 25. Jan. 28. London ,(qr)— s. d. »s. d. January .. .. 43 6 42 5 May .. .. 43 1 42 0 Liverpool .(cental) March .. .. 8 3£ May .. ... 8 5 8 0| July .. .. 8 53 8 23

NEW YORK. January 28. Cents a bushel. Jan.<2s. Jan. 28. May .. .. 128 g 1263 ; July ■ ... 1133 1103 September ... 109? 107|

Registration of the following local companies is notified in the Mercantile Gazette: —

Taylors Cleaners and Dyers, Ltd. Regd. as a private company January 18. Office: 57 Kilmore street, Christchurch. Capital: £30,000 into shares of £1 each. Subscribers: Christchurch — C. H. Taylor, sen., C. H. Taylor, jun E C Taylor, D. E. V. Jewell, all 7500 each" Objects: Acquire business, assets and liabilities of “C. Taylor and Company, Ltd.” (in voluntary liquidation). Hollander (S.) and Company, Ltd. Regd. as a private company January 21. Office: Radley Bros.’ Building, corner Lichfield and Madras streets, Christchurch. Capital: £IOOO into shares of £1 each. Subscribers; Christchurch —S. Hollander 990, O. M. Miller 1 Objects: Manufacturers, importers, merchants, wholesale and retail dealers in clothing, soft goods, general drapers and mercers, incidental, , „ ~.. .

COMPANY NEWS

broken hill south

(UNITED ESJSS ASSOCIATION —COPYRIGHT.)

/ SYDNEY, January 29. Broken Hill South has declared a dividend of Is a share.

AUSTRALIAN GAS LIGHT

(PRESS ASSOCIATION TELEGRAM.)

WELLINGTON. January 29. The Australian Gas Light Company has advised tho Stock Exchange Association that transfer books will be closed from February 4 to February 18 inclusive.

BANK OP ENGLAND

RETURN

(UNITED MESS ASSOCIATION—COPYRIGHT.)

LONDON. January 28. The following is the return for the week ended January 27: ISSUE DEPARTMENT Notes issued— ' In circulation- • - • 452,300,000 In banking department 61,400,000 513.700.000 Government debt .. 11,000,000 Other Govt, securities .. 188.000,000 Other securities •• 1,000,000 Silver coin •• •• Fiduciary issue • ■ .. 200,000,000 Gold coin and bullion .. 313,700,000 513.700.000 BANKING DEPARTMENT Gmital .• -• •• 14,500,000 Rest 1 •• .. -. 3,600,000 Public deposits .. .. 12,200,000 Bankers .. .. .. 98,400.000 Other accounts .. .. 38,400,000 £167,100,000 Government securities .. 78,400,000 Discounts and advances .. 8,000,0Q0 Securities .. • • • • 18.700,000 Notes and coin .. .. 61,800,000 £167,100,000 The ratio of reserves to liabilities Is 41.45. The rate of discount is unchanged at 2 per cent.

SOME UNFAVOURABLE FACTORS

OUTLOOK FOR WOOL

DEARER MONEY AND ADVERSE TRADE BALANCE

LONDON, January 28. H. Dawson, Sons, and Company, commenting on the wool outlook, say that slightly unfavourable factors appear to be developing. There are signs of dearer money, and that the balance of trade will be unfavourable. This will tend to become worse, and the Government b appealing to manufacturers busy witt home orders to give preference t* export requirements. There fe no apparent accumulation of wool hj European countries, and a keen potaitial demand exists in Italy and Gcrnany.

BRADFORD TOPS

MARKET

IL’SINESS SMALL

LONDON, January 28.

At Bralford, buyers’ requirements are temporarily satisfied, and business is small lespite lower prices. Consumption,is good. Quotatbns are:—■ Last Last Jan. Year. Week. 28. d. d. d.

Merinos—70’s .. 344 41 394 64’s .. 33 39 374 60’s .. 32 38 364 Crossbrels — 58’s .. 25 i 334 33 sG’s .. 204 294 29 50’s .. 164 *264 *24| 46’s .. 144 *24 *234 44’s .. 134 *24 *234 ♦Nominal quotations. t

WOOL CONFERENCE IN AUSTRALIA

NEW ZEALAND DELEGATE RETURNS

FUND FOR PUBLICITY AND RESEARCH CREATED

(MESS ASSOCIATION TELEGRAM.) WELLINGTON, January 29. Mr H. M. -Christie, M.P., returned from Sydney by the Awatea after attending the recent wool conference as chairman of the New Zealand delegation. He said that there was intense interest in Australia in what the New Zealand Labour Government was doing, and there was a generally expressed hope on all sides that its efforts would prove successful, and the results permanent. There was also a general: desire for closer co-operation with New Zealand, particularly in defence, and people were anxious, too, that the trade differences between the two countries should be settled. He said that the wool conference agreed to establish an international publicity and research fund to be administered jointly by Australia, New Zealand, and South Africa. The conference achieved much of a practical nature. The fund was created and would be devoted to research and publicity throughout the world. “The councils will contribute to the fund on the basis of the average quantity of wool exported, calculated over a period of five years, subject to confirmation on the preliminary figures submitted,” said Mr Christie. “The quota of contributions for the coming year will be: Australia 60.5 per cent.; South Africa, 20.5 per cent.; New Zealand, 19 per cent. It is hoped that the secretariat will start work by the beginning of July. “At present wool prices are oh a satisfactory basis,” continued Mr Christie, “and it should be emphasised that the intention of the research and publicity campaign is not to attempt to raise prices above gn economic level. Such a course would defeat its own ends, and this fact is thoroughly appreciated by all concerned. “However, the conference was convinced that the present level of prices was not based on a very secure foundation and that well-considered action along the lines proposed is necessary to make the future of wool secure.”

TO REPRESENT BRITISH BEEF PRODUCERS

(BRITISH orncuc. WIRELESS.)

RUGBY, January 28

The Minister for Agriculture (Mr W. S. Morrison) announced in the House of Commons that Lord Bingley had consented to be nominated as the representative of the United Kingdom producers on the International Beef Conference and the Empire Beef Council. .

GROCERY TRADE

PROSPECTS AND PRICES

A quieter week’s trading is reported this week; nevertheless everyday lines are selling well. There have been no outstanding price alterations during the week except in soap, in which an advance is announced.

Grocers must look forward some time in February (it is reported in one » direction rhat it will be at the beginning and in another direction at the end of February) to an advance in sugar of about 3s a ton owing to a reported advance coming in sea freights on sugar from Auckland. The present freight has stood for many years, and considering the altered labour conditions attached to shipping this freight advance is no surprise. , i The approach of the Lenten season (which starts with Ash Wednesday on February 10) is causing interest to be taken in tinned fish. Fair stocks are held in the city; in fact quite sufficient to meet all Easter demands. Dates . London cables this week notify an advancing market for Khadrawi and Siar dates, both lines being quoted for prompt shipment at 4s per cwt. advance. This will mean id per lb increase in the retail price as soon as stocks now being ordered arrive on this market. Rice Enquiries made about the rice market this week in Rangoon show no price alterations. Dried Apricots The local market is very bare of dried apricots, and although prices have been advised from Australia for new season’s crop there is no word as to when stocks are expected here. Quality this season in Australia is excellent and already the new fruit is on sale in grocers’ shops in Melbourne and Sydney. The policy of the Australian growers is generally to fulfil home consumption orders before exportation, as, speaking generally, better prices are obtained by selling on their own market than by exporting to New Zealand, where Australian dried fruits such as apricots have to compete against similar products from other sources. Butter Early in February it is expected that an important announcement will be made by the Government as regards a selling policy for butter for the Dominion’s retail trade and also as regards wrappers. The opinion is current that some form of Government price control will come sooner or later. Cornflour Glasgow manufacturers of cheap cornflour reduced prices by £2 a ton and immediately afterwards decided that the reduction was not justified owing to the present unfortunate conditions in the maize producing areas in the United States (whence Glasgow cornflour millers get their maize), and cancelled the reduction, leaving prices as they were before. Olive Oil Stocks of olive oil in England are very small and one British packing house has, according to a recent report, ceased bottling. Other packers are still operating and shipping to New Zealand.

British pack olive oil just landed disclosed the following increases in landed costs over those of a ■ few months ago: soz 2s doz, lOoz 5s 8d doz. These are very substantial increases, and corresponding advances must be made in the retail prices to the public. The acute shortage of olive oil is due to the Spanish turmoil, as it is from this country that the chief olive supplies are obtained. Seeded Raisins A fair price advance was cabled this week from San Francisco for seeded raisins, both bulk and packets. As no shipping is available, little or no interest is being taken in these prices. Supplies are still available in Australia of seeded lexias, and this line has fulfilled practically all the seeded raisin requirements of the trade for some weeks. Barley Quotations from Melbourne for prompt shipment for barley show pearling qualities 4s, cape 3s fid, both f.o.b. Soap It will be recollected that in this column some weeks ago appeared the first prediction that soap values were heading for an advance. This has now taken place, and a new list just issued by New Zealand manufacturers discloses advances of £4 a ton on first and second grade soaps (and an advance'also in third grade). Best quality wrapped small bars laundry soap has advanced by 2s a box. It will be of considerable interest to country storekeepers, as well as West Coast grocers, to know that the Christchurch grocers have agreed to the following prices for soap retailed to the public—the standardisation of retail prices being welcomed by the trade in the city: First 'grade wrapped, 40’s Is 3d, unwrapped Is 2d; second grade, 40’S, unwrapped Is Id, third grade, 40’s, unwrapped Jld; small bars best quality wrapped laundry soap fid, barilla fid. Although soap prices have made a substantial advance, this does not mean that further advances will not appear in the near future. Australian soap manufacturers advanced prices by £4 a ton several weeks ago, and last week, owing to the continued advance in the landing cost of materials, were compelled to lift prices still further. The influences which have elevated soap material prices in Australia operate in New Zealand, the chief point meantime being as to what stock of raw materials are held in the Dominion. , '

Tea Last week’s auction sale of Indian teas in Calcutta drew an export catalogue of more than 1,500,0001 b, as against 2,250,0001 b for the same week last year. Quality is now showing autumnal appearance in leaf and liquor. At this sale there was a good general demand at • prices which in most cases ran parallel to the previous sale. Medium and any good-looking leaf tea met with strong competition, and occasionally ran slightly higher than last week’s value. There was a fair amount of stalky tea in the catalogue, and this met a slack market with easier prices. The following average prices were obtained at the sale:—Broken orange pekoe, common 10 annas, medium 11 annas 3 pies, good 12 annas 6 pies; broken pekoe, common 9 annas 6 pies, medium 9 annas 9 pies, good 10 annas; fannings, commons 9 annas 9 pies, medium 10 annas, 1 good went to 12 annas.

At Colombo last week the following prices were ruling at the auction of Ceylon teas:—Broken Orange Pekoe common, 68-70 cents; medium, 83-95 cents; fine, 1 rupee 27 cents. Broken Pekoe common 65-67 cents, medium 7682 cents. Broken Tea common 64-65 cents, medium 66-67 cents. Salmon The market for Cohoe Salmon in Canada is reported bv cable to be firming, and already one packer has advanced his c.i.f. prices by about 10 per cent. Nuts

Owing to the operations of German buyers, values in England for Brazil nuts have hardened somewhat. Kernels have recently advanced by 9s per cwt, and the in-shell Brazil nuts are holding a very firm market. German buyers recently purchased on a barter basis an enormous quantity of Brazil nuts in shell, and it was this operation that hardened prices. Pineapples

Queensland summer pack pineapples have been quoted, stocks being now ready. Prices'are the same as the winter peck and from reports, the present pack .will not be enough to see the

STOCK SALES

METHVEN

LEESTON

season through until the coming winter pack is ready. Coconut Desiccated coconut, which has been exceedingly high for some time, fell suddenly recently by 7s 6d per cwt in Colombo. When this drop was cabled importers looked upon it as an indication that the market was falling rapidly, and as far as can be ascertained nobody operated. Now the market in Colombo has jumped again, and it is now back to the same high figure as has been ruling for the last few weeks. Shipments now arriving are landing at a very rich price and this will continue for some time as at there dßes not appear to be any reason for any substantial fall in values overseas. Eggs and Dairy Butter Supplies of fresh eggs for this period of the year are short, and prices accordingly are very Arm. Yesterday the following prices were being paid to farmers and producers, by the city stores for supplies:—Firsts. Is 3d to Is .4d, seconds Is Id to Is 2d, ducks Is 3d, all prices being free of commission. One house reported yesterday that supplies showed signs of increasing. At least one large user is buying at Is 3d. but it is not known how long this operator will stay in the market.

Supplies of dairy butter are plentiful and sales are good. City stores are buying from farmers at satisfactory prices to both parties.

Fair entries of both fat lambs and store sheep were yarded at Methven for the fortnightly sale. Freezing buyers were operating up to the full limit, and good prices were recorded for the quality of the offering. Top price was 2Gs lOd for a line of 25 lambs. The store sheep market was a good one, and the offering comprised mostly lambs, for which there was a- good demand. Pigs sold well also, stores makjng 27s and woaners from 11s 6d.

Both the entries of stock and the attendance of farmers at Leeston stock sale yesterday were small on account of the pressure of harvest work in the district. The stock consisted almost entirely of pigs, about 100 being penned, mostly stores. Values were about on a par with those ruling at the previous sale. A few fat lambs made 22s to 265, baconers 52s 6d to 675, large stores 30s to 375, small 22s to 26s 6d, weaners 18s 6d to 2ls.