PRODUCE MARKETS

Hawke's Bay Tribune, Volume XXV, Issue 161, 24 June 1935, Page 9

PRODUCE MARKETS

N.Z. APPLES SELL WELL Butter’s Upward Tendency COMMERCIAL SUMMARY By Telegraph—Press Assn—Copyright. LONDON, June 22. Australian and New Zealand apples continue to meet with excellent demand, and though supplies during the last week have reached the large quantity of 363,000 boxes, prices showed a further advance. Up till now returns are the best experienced for many years, and if, as appears probable, demand is maintained the season ought to give growers profitable returns—a welcome change from the disastrous results of recent years. Pears are selling remarkably well and the hot weather is likely to increase the demand for them. Ono satisfactory feature of the apple and pear season is that most cargoes arrived in good condition. Another commodity which is now doing well is butter. The upward movement which began several weeks ago is being well maintained, and New Zealand touched 90/- and Australian 87/-. Arrivals are clearing well, for in addition to ordinary purchases for consumption there is a considerable speculative activity, which may. bo regarded as an indication that traders consider prices likely to advance still further. One reason for the firmness is the low production on the Continent, where the cold weather has restricted the output and caused a decline in our imports. German purchases of Dutch produce also tended to harden the market. Another reason for the bullish sentiment is the decline in quantities afloat from Australia and New Zealand, which has fallen to 679,000 boxes, compared with over a million a year ago. WOOL POSITION, Describing the wool position, a Bradford correspondent says that the past fortnight has not witnessed any real activity in consuming centres, but th; strength of the raw wool position is exercising a beneficial influence. It is impossible to buy wool anywhere today to fit Bradford’s idea of prices, and although some topmakers are asking figures in harmony with overseas costs, wool spinners are refusing to pay anything approaching this price. What manufacturers and wholesale clothing firms would like is some summer weather to encourage buying. The new British clip is being well marketed under satisfactory conditions, although for several descriptions barely last year’s prices are being paid. CONDITIONS ON 'CHANGE. Confident conditions prevail on tne Stock Exchange. The outstanding feature has been the strength of industrials under the stimulus of a number of favourable factors, including good trading reports and the Chancellor of the Exchequer’s announcement of the £35,000,000 scheme for improving tho London traffic service. 'The gilt-edged market was adversely affected by the resumption of municipal borrowing, but the successful results of issues by Manchester, Cardiff and Birkenhead of three per cents at 99, all of which were heavily over-sub-scribed, showed that there was much money awaiting investment, and British funds rallied well. New Zealand’s conversion of the shortly-maturing £10,000,000 five per cent, loan is expected next week, but its terms have not yet been divulged. APPLE AND PEAR PRICES LONDON, June 22. Apples are selling well. New Zealand.—Spitzbergen 11/- to 13/-, Delicious 13/- to 15/-, Jonathans 12/- to 14/-, Cleopatras 12/- to 14/-, Stunners 13/- to 14/-, Dunns 10/6 to 13/-. Australian. —Jonathans 9/6 to 14/-, Cleopatras 8/6 to 13/6, Stunners 9/6 to 12/6, Dunns 9/6 to 13/-. Pears are in excellent demand. New Zealand: Winter Nelis 14/- to 17/- a box, Barry 11/- to 14/- a box. Australian: Winter Nelis 15/- to 17/6 a box.