FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22437, 25 June 1938, Page 13

FINANCE AND COMMERCE

CANTERBURY MARKETS

POTATOES STILL LIFELESS (Bl ova COMMESCIAI, EDITOB.) Friday Evening. The Canterbury grain and produce markets remain featureless. The small seeds trade has, of course, finished for ♦he season, and the only interest is in potatoes. As the Government has still pot announced the result of its investigations into possible markets overseas most growers are content to hold their crops, and practically no business Is being done. The nominal quotation to farmers remains unchanged at £2 10s to £2 15s a ton. Quotations The following are the prices quoted to "farmers, on trucks at country sidings, unless otherwise indicated:— Wheat— Milling, f.o.b. June, Tuscan fis fid, Hunters 5s lid. Pearl 6s Id. Oats —A Cartons to 2s lOd, B Cartons to 2s 6d. Algerians 2s 9d to 3s. Ryegrass — Perennial 3s 9d, Italian 2s fid to 3s. Cocksfoot — Plains 8d to 9d, Akaroa 8d to 9|d per lb. Cowgrass—6d to 7d per lb. White Clover—9d to Is per lb. Potatoes— £2 10s to £2 15s a ton. Onions—£9 10s a ton. Chaff—£4 5s to £4 10s a ton. Barley— Malting 4s 7£d, feed 3s a bushel. Browntop — M.d., 9d to lOd per lb. Partridge Peas—4s 3d to 5s 3d a bushel. Bran —Large £4 15s, small £5 ss. Pollard— Large £6 5s a ton, small £6 15s. ASHBURTON Ashburton grain, seed, and produce merchants report a very quiet period In all sections of the trade. Potatoes are still the chief topic of discussion, and growers are anxiously awaiting an export outlet. Odd inquiries are still, being received for milling wheat, but most lines have now been marketed. Garton oats of good weight and colour are saleable, but light ■ and inferior lines are neglected. Oat sheaf chaff is not meeting with the inquiry it would appear to warrant, but most lines are not up to shipping standard. , , , , . Partridge peas are still saleable, but stocks are light. The market for ryegrass clover and cocksfoot remains unchanged. . The following are prices quoted to farmers, on trucks at country stations unless otherwise indicated, sacks extra, free of commission:— Wheat—Milling Tuscan 5s 9d, Hunters 5s lid. Pearl 6s Id. Fowl whert, 6s 9d (all f.0.b.). Oats —A Cartons 2s lOd, B’s 2s 6d; Algerians, 2s 9d to 3s; Duns, 3s to 3s 6d. according to quality. Grass Seeds —Perennial ryegrass 3s 9d to 4s 3d, Italian 2s 9d to 3s, cocksfoot 7d to 84d, red clover 6d to 7d, white clover lOd to Is. Chaff—£4 5s a ton. Partridge Peas —5s 3d' for No. 1 grade, undergrade 3s 6d to 4s 6d. Barley—Malting 4s 7id, feed 3s 3d. Potatoes —Whites and Dakotas, £2 10s (nominal). DUNEDIN ITHE PRESS Special Service.] DUNEDIN, June 24. The milling wheat market remains unchanged. There is no wheat on offer from the country and millers are working on their stocks, these including a fair proportion of Australian wheat. The fowl wheat market is unchanged. The store oats market is quiet with little inquiry. There is practically no demand from the North Island and local millers are not inclined to make purchases. Values are unchanged at 2s 9d, sacks extra, for A’s and 2s 6d I lor B’s. Sales are slow in the chaff market, and any business going through from stores is at £6 5s a ton, sacks extra. Supplies of good chaff are hard to obtain, and merchants are securing their requirements mostly from Canterbury and Southland. The outlook for the potato market Is not very promising, and the feeling Is developing that it will be practically Impossible to find a payable outlet overseas. The local market is quiet with sales difficult to make. The seed markets continue quiet and few transactions are being recorded.

VEGETABLES AND FRUIT

CHRISTCHUECH MARKETS Limited supplies of vegetables have come forward in Christchurch during the week, and values are as follows: Cauliflowers, up to 12s a dozen; cabbages, up to 9s 6d a dozen; lettuce, from 2s to 4s 3d a dozen; spinach, from 2s 7d to 5s 6d a dozen; rhubarb, up to 7s 6d a dozen; celery, from 3s to 10s a dozen; Brussels sprouts, up *o 8d per lb; potatoes, supplies plentiful, values remain unchanged; onions, best quality .realising up to 6s a sugar-bag; cucumbers, hothouse up to Is Id per lb. Fruit—Apples: With the exception of Jonathans, all varieties are in good supply. Values are:—Jonathans, extra choice up to 7s 6d, others 4s to 6s a case; Delicious, 3s 6d to 6s a case, according to quality; Sturmers, up to 5s 6d a case; cooking apples, 3s to 4s 6d a case. Pears: Choice dessert, 3s 6d to 4s 6d a half-case; cooking, 2s to 3s. Tomatoes: Limited supplies of hothouse available, best quality realising up to Is 4Jd per lb. New Zealand lemons: Increased quantities are now coming forward, and values are lower compared with last week. New Zealand Poormans: Best quality, 8s 6d a case. New Zealand passion fruit: Supplies very scarce, and any lines coming forward are realising exceptionally high prices. Imported Fruits—A shipment of Samoan bananas arrived during the week, and a shipment of Queensland pineapples. The pineapples realised up to 25s a case. Supplies of Californian lemons and grapefruit are available. Shipments Arriving—Further supplies of Queensland pineapples are expected next week. Eggs—First grade up to 2s Hd, seconds Is lOd to Is lljd; duck eggs, Is »id a dozen. DUNEDIN [THE PRESS Special Service.] DUNEDIN, June 24. Apples and pears are still plentiful, but choice quality Jonathans showed a sharp advance in price during the week. Low prices are still ruling for Delicious. Poor quality dessert and cooking apples are also selling at low rates. Heavy stocks of these two varieties are now practically cleared worn the marts. Choice quality dessert pears have a better inquiry. Supplies are now not so heavy. Small tots of hothouse tomatoes continue to reach the market. Choice quality cauliflowers are realising high values. Cabbages are to good supply, but the quality is Oioctly inferior. Parsnips are bringing good nrices. Carrots and swedes are plentiful. Marrows and pumpkins advanced in price during the week, jpe demand for lettuce has eased off because of cold weather.

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GROCERY TRADE

PRICES AND PROSPECTS Trading in both the wholesale and retail grocery trade during the week has been fairly good, with turnover satisfactory. Some attention is now being given to the ordering of new season’s fruits due for shipment from the Mediterranean in September, and the same remark applies to Singapore produce for dispatch by the next direct steamer scheduled to load about the end of July or early in August at Singapore, Calcutta, Batavia, and Penang, etc., for New Zealand ports. Almonds The Sicilian almond market in Europe, for new crop, September shipment, is still showing signs of weakness, and this week there was a reduction of £1 a ton in London. Figs A cablegram , from London states that the first crop of figs in the Mediterranean area in the coming season will be lighter than usual, and that for shipments during September no lower prices can be expected. Further advice conveyed in the message was that buyers were recommended to cover their requirements for the Christmas trade, and that in any case a fall clause would operate. _ This latter proviso will safeguard importers, and its offer seems to confirm the opinion that there will be no lower, prices for the September dispatch than those now being quoted. Sheep Tongues Because of a shortage of sheep tongues, the price of tongues packed in glass, by a North Island company has been advanced slightly. Dried Fruits A report just to hand from Australia states that from July 1 the Commonwealth Dried Fruit Control Board will issue a new price for Australian sultanas and currants, and this will show an increase in price to the Australian trade. This increase may or may not apply to New Zealand, but the opinion is held that it is more than likely that prices to New Ze»' land will be amended simultaneously. For the week ending June 9 the London agents for the Commonwealth Dried Fruit Control Board sold 685 tons of dried fruit, mostly currants and sultanas. Average prices obtained were sultanas £39 5s a ton, currants £26 10s a ton, ex store, London. With the exchange premium of approximately 25 per cent, added, these prices must be very satisfactory to the growers, even after allowing for freight and other shipping charges to London. New season’s Californian prunes for shipment in October have been quoted at prices which are on a par with to-day’s values. Peas Both marrowfat and Prussian blue peas on the local market at present are commanding high prices. The Australian market is also at a high level, and inquiries elicited a quotation for milling peas, f.o.b. Melbourne, 7s 6d. Cheese Supplies of factory cheese on the local market at present are short, and this position will, it is stated, continue until the new season’s make comes on to the market. Holders at present are not inclined to accept any offers below prices quoted, and generally the market is strong and definitely firm. Canary Seed The canary seed market overseas, both Argentine and Turkish, is developing signs of weakness. In the lafct year prices of canary seed have run to fairly high levels, and it seems apparent that the peak price period is past and that lower values are approaching. Asparagus The first shipments ot new season’s Californian asparagus are now due to be landed. Prices are fairly high, but in the absence at present of supplies from Australia, the line should find a ■ready market. Barley and Maize The following quotations have been issued for shipment from Melbourne, f.o.b. that port:—English malting barley, medium grade 3s sd, Cape 3s 2d. Maize, 5s 9d. Paper An oversea cablegram announces a reduction in the price of greaseproof and cap paper, f.o.b. at ports of production. No mention was made of the actual amount of the decline, the message merely stating that the market was weaker and values had fallen. Molasses Supplies of molasses for stock feeding are very scarce—in fact, some houses are out of stock of the 561 b tins. Limited supplies in barrels are available, and because of the phenomenal demand the manufacturers advise that there will be some delay in shipping as the difficulty in overtaking accumulated orders is somewhat acute. Tea Last week about 3,250,0001 b of Ceylon tea were offered by auction in Colombo. The selection was better than that offered at the previous sale, and the market responded accordingly. A firm market for Ceylon tea is expected for the next few sales at least. The Indian tea market is suffering from a lack of support at present, according to a cablegram from Calcutta. The first cargoes of new season’s Indian teas have been shipped to London, and buyers at the auctions in Calcutta are holding off until the London market for Indian tea opens and basic prices are then established. • The market lor Java tea in Batavia is bright, this position being caused by a shortage of supplies. At present there is a very good demand for all teas showing quality and liquor, and for these lines the market has advanced 1 cent per kilo. For lower grades the market is steady, with little or no signs of weakness. Prices of tea generally in Java are expected to remain firm for some time. Hemp Seed Asiatic hemp seed, new crop, due to land about December, will be dearer than present stocks are. The overseas market has moved up and from reports there does not appear to be any prospect of lower prices this year. Linseed Both whole and cushed linseed are at the moment scarce, and whatever parcels are available are commanding high prices. Quotations close on £3O a ton are current, and at this price little is available. Canned Fruit Recent cabled quotations for Californian canned fruit disclose a small reduction in prices. Eggs The supply of fresh eggs is increasing according to reports received yesterday. Although prices have held up fairly well, it is expected that a weaker market will rule in the near future. Yesterday city stores were paying for supplies the following net prices:— Firsts 2s, seconds Is fid, pullet Is 6d, ducks Is 9d. GOVERNMENT SECURITIES LONDON. June 23. The following are the latest quotations for Government securities compared with the prices ruling last week June 16. June 23. £ s. d. £ s. d

British— Consols, 24 p.c. .. 74 10 0» 74 10 0 Funding Loan. 4p.c., 1960-90 113 5 0 113 0 0 War Loan, 3} p.c. 101 15 0 101 17 6 Con. loan, 3J p.c. 102 10 0 102 5 0 Victory Bonds, 4 p.c. 111 10 0 111 10 0 New Zealand— 4} p.c., 1948-58 .. 99 12 6 99 7 6 34 p.c., 1940 08 6 3 98 7 6 S XUh. IMS . , JL BL U 0 8113