GROCERY NOTES

Press, Volume LXXXIII, Issue 25365, 12 December 1947, Page 10

GROCERY NOTES

SUPPLIES OF SAGO

A transhipment of South African haricot beans has come to hand at Auckland by the Suva. As in the case of previous landings, the bulk of the shipment will go to the canners and will later come on the market in the popular pack of beans in sauce. By the same steamer a shipment of Dutch maize cornflour has arrived. For this the retail selling price has been fixed at Is l»,fcd per lb. Prices for the recent shipment of Mediterranean figs new being distributed are announced at Is 4d and Is 4lad per lb. The Christchurch quota will not be on had until after Christmas. Canned Peas.—The first lot of new season’s canned peas, which will be available in Auckland before Christmas, will not be on hand in Christchurch until early* in the New Year.

Salmon.— A small shipment of Canadian salmon has arrived in the north this week and is being landed on import licences issued to importers for the 1947-48 period prior to the restriction on dollar funds. It is understood that the total shipment will be distributed throughout New Zealand under the direction of-the Food Controller. This will mean that only a very small quantity will be available to each importer. The quality landing is mostly in the highest grade pinks and cohoes. Sago.—At last the long-expected shipment of sago has arrived. The quantity is only part of a transhipment that has been lying in Sydney for several weeks, yet it is anticipated that it will be sufficient to cover a general distribution before Christmas. Some supplies have already arrived in Christchurch. The price to the consumer announced by the Price Tribunal for this consignment is Is 4Jd and Is 5d per lb. Nutmegs and Mace.—After being withdrawn for some weeks, nutmegs and mace are now quoted for earliest shipment. The market is much firmer, and prices are up on previous landings. Eucalyptus Oil.—Fairly large shipments of eucalyptus oil bottled in Australia will be landing in Auckland this week ex the Kurow. These consist of orders placed as far back as May of this year. The holdup has been caused by the shortage of bottles existing in Australia. Dessert Fruits.— Owing to the shortage of dessert fruits in Australia, shipments to New Zealand were considerably curtailed. Recently dessert peaches only were offered in No. 10 cans (gallons), and merchants who were unable to complete their business in 30oz tins have covered the balance of their licence in this size can. Stocks will be available shortly and should be an excellent pack for hotels and institutions.

Tin Billies.— These have been more or less short over a long period. Supplies are now more plentiful, and manufacturers advise that prices have advanced by approximately 10 per cent.

HOLDERS OF STERLING SECURITIES INVESTMENT JOURNAL’S ADVICE “Holders of sterling securities should, in our opinion,” says "Jobson’s Investment Digest,” "give serious thought to a realisation ot those stocks with a repatriation of the funds to Australia for reinvestment or alternatively a switch to Australian shares on the London Exchange. “The economic situation in Great Britain has not improved and there now appears every possibility of current conditions forcing a devaluation of sterling. “In the event of such a devaluation, holders of sterling funds must sustain a loss equal 1o the extent of the devaluation. “Australian stocks, therefore, offer sound security until such times as sterling is definitely stabilised unless, of course, the Commonwealth Government, for political and other reasons, decides to maintain a standard ratio between the £ Aust, and the £ stg. Obviously, if the Commonwealth Government voluntarily devalues the £ Australia, no doubt other Dominions will be expected to follow a uniform policy, in which case the mighty dollar would assume even mightier proportions and our all-round economy would have to be drastically pruned. Even if such an all-round devaluation was brought about in sterling areas, the relative security offered by Australian stocks must surely be considered more attractive, especially in view of the low interest rates which must prevail in Great Britain for some time to come because of the vast loans to be floated for railway nationalisation, etc.”

STERLING ACCOUNTS ISSUED N.Z. LOAN AND MERCANTILE CHARGES Revaluation of fixed assets has been made in the accounts of the New Zealand Loan and Mercantile Agency Company. Ltd., to June 30 last. The company’s balance-sheet is presented in a revised form. All Australian and New Zealand assets and liabilities, instead of being taken as previously at par of exchange, have been converted into sterling, involving an exchange loss of £1,035,206 sterling, of which £551,913 has been provided out of revalaution of the company's fixed assets as at May 31, 1947, and the balance from reserves. In his statement accompanying the accounts, the chairman, Mr W. E. H. Tatham, points out that the valuations were made on a conservative basis, ’.‘being not greater than the values prevailing in 1942.” The ‘Financial Times” comments that liquidity is a feature of the statement, for the net current assets of the company are not far short of £3,500,000 sterling.