COMMERCIAL.

New Zealand Herald, Volume LXI, Issue 18680, 9 April 1924, Page 7

COMMERCIAL.

WHOLESALE AND RETAIL.

THE PRODUCE MARKETS.

POTATOES IN LOW .SUPPLY.

Business has been rather demoralised | by the bad weather during the past few days, delays in delivery being general in ail departments. Although the nwst noticeable delays have been caused by the interference with shipping, as it has been impossible to work cargo on several of the wet days, oven more serious is the lo&s or inconvenience to the primary industries. The incessant rain has com© at an unfortunate time for this part of the Dominion, as pastures were looking very well, a3 a result of the intermittent rain of the last few weeks, and a continuation of a good dairying output was expected for some weeks. New grass was also coming away well, but neither old nor new will benefit by the excessive soaking now rceived, while in some cases the fanners report that later sown grass seed has been all washed away before it could germinate and take root. Any loss on this account wlil be difficult to make up so late in the season, while the extra milk supply that the flush of grass brought on will quickly taper away after the excessive rain, unless the weather keeps warmer than most people expect. Distribution has been a good deal delayed, especially through the impossibility of handling cargo, but this can ""bo overtaken, as there is still a week before Easter.

World's Sugar Position. Sugar.— sugar trade in America is rather agitated over the prospect of the Labour Government in the United Kingdom reducing the duty on sugar, and many of the sugar concerns estimate that even a reduction of 50 pet cent, in the duty would tend to increase tho consumption materially. That prospect is said to be one of the main reasons why British refiners- are now exhibiting such a keen interest in the Cuban market. Another factor is said to be that J&vas are practically sold 'up. and that Czecho-Slovakix, the chief _ exporting country of Europe, is more inclined to restrict exports than to increase thorn, having already sold freely to various European countries. One American trade journal of repute, in reviewing the possible changes that would be brought about by the reduction in duty in tho United Kingdom, Bays: "It is interesting to note that the consumption of sugar in the United Kingdom during 1923 totalled 117,000 tons, while the estimated consumption for 1924 is placed at 128,000 tons." This estimated annual consumption is hardly likely to be correct however, as the United Kingdom would probably consume that Quantity in a month. Local distributors are now well supplied with sugar, but there is inconvenience when a few days' wot weather interferes with the regular deliveries to which the trade is now accustomed. Dried Fruits.— feature in the market this season has been the steadily, advancing prices in apricots in California. . ino raisin situation also appears to be gaining strength. The bulk of the stocks are said to be under the control of the association, and the independent packers have little to oiler that is free from rain damage. Evaporated apples lire a firm market. Stocks of small size prunes in California are practically cleaned up. On the other hand, a good crop was secured in Australia. Ourrants, sultanas, and raisins gave a good yield. . _ . Potatoes and Oats.

Potatoes.—The market is particularly bare, and although the nominal price 13 now 14b ex store, tho position is so bail that holders coilld get almost any price. Bad weather has delayed delivery from Kangitikei, the Navua brought only a. lew, the Wincatui has been delayed, and will not arrive till next Monday, while the Kaiwarra shipment from Melbourne will probably not be here much before Easter. Local are almost negligible, but if , any growers have any loft they would be wise to market them during the next few days, if posOnions.—Also very scarce until arrival of the Kaiwarra, and the price is firm at 15s. Very few Canterbury onions have arrived. Oats.— has firmed in the Sonth, owing to a number of forward sellers now endeavouring to cover. The Southland crop is turning out light, and it has been stated that they may require it all for local use. In these circumstances a keen demand will meet the Canadian oats arriving by the Niagara toward the end of. the month. Thev will probably be quite sixpence under local, but in the meantime the market is firm at 68.3d ex store. Seed Oats. — sales are reported, at 7s 6d for Algerians. Chaff.— Selling well, as a good deal of contract work is going on in some districts, and there will be a good deal more when the weather takes up again. The chief sales are in Australian at 9a 6d to 10a fid. and Southern at 12s. Wheat.— exceptionally large shipment of Australian milling, and fowl wheat has been distributed, and the Kaiwarr* is bringing another shipment. Bran, and Poliard. Bran and Pollard.—The first lot allowed under the new permits will probably bo on the Kniwarra. The price has advanced in Australia, and this shipment* is expected to sell at about 10a per ton over the price of local.. Maize.— of Plenty grain is selling at 69 lid on the wharf in wholesale lines, and South African is being distributed on about the same basis. Demand is slightly improving. Grass Seed. fair demand continues, and as soon as the land is again fit to nloush there is expected to be a further call for seed. Fertilisers.A very heavy demand is reported. Super is being liken in large Quantities, while several shipments of basic slag have boon distributed, almost entirely from the ships' side. Kauri Gum.Receipts for the first three months of tho year amount to 1319 tons. which is considerably less than during tho same period of either of the last two years. The floods in the North are expected to effectively close tho supply of swamp gum for the rest of the season, but as this class of gum is not now in demand tho trade will not be inconvonienc^. General orders are coming in for most of the pood grades of gum, usually for small quantities at a time, but they aggregate quite sufficient to keep stocks of this class within small compass, although prices are carefully studied, and orders kept well within limits. The good grades are still realising high price?, but the proportion of this class is steadily diminishing, and tho large quantities of lower grades that, now preponderate in most consignments are diffioult to dispose of. There used to be a market for these in Germany, but they are only sold in occasional small lines. The hopeful feature in the trade is that in addition to the "«ual Now York orders there are steady nibblingu from London, confirming the impression that stocks in the United Kingdom must be very low, hutf there seems no chance of the market improving at present, and any suggestion of an advanced quotation is at onoe turned down, with no business doing.

THE METAL MARKETS. Australian and N.Z. Cable Association. (Reed. 11.55 p.m.) LONDON. April 7. Copper. £64 lis 3d; three months, £65 8a 9d. , Lead.— £33 15s; three months, £32 15s. Spelter.Spot. £33 17a 6d; three months, £34 23 6d. , , Tin.—Spot, £266 12a 6d; three months, £266 17* 6d. Silver.—33 13-16 d per ounce. CANTERBURY MARKETS. [BY TELEGRAPH. —PRESS ASSOCIATION.] CHRISTCHURCH. Tuesday. The market is firm for most classes of produe*, but tko bulk of business is disappointingly email. Most merchants are concerned with covering forward sales, and are meeting with some difficulty in securing ti:e goods. As a result of the position, B Gartons have firmed up, and for prompt delivery are now worth is 4d on trucks. Auckland merchants sold forward very heavily, and the turn of the market has been very much against them,. Chaff for prompt delivery is worth up to £0 per ton on trucks. The heavy quantities reported to be coming to Auckland from Victoria are not influencing the # market much in Christchurch. as the offerings are not much more than sufficient for local and West Coast requirements. There is a fair amount of opinion to the effect that winter feed will be so scarce that most of the locally-grown chaff will he required within the province. On account of the rains of a month ago, potatoes are rr Swing increased growth, and j are not yet C\- to dig in any quantities. Farmers who generally are enabled to dig in late March do not expect their corps to be sufficiently ripe until after .Caster. This is embarrassing to 'merchants who sold forward, and who are now required to deliver. F.o.r. "prompt" potatoes are worth £5 10a on trucks. The seed market continues quiet. A eood deal of cowgrass is being sold to fanners, on account of its relatively cheaper value with other seeds, but the wholesale market is very dull. Quotations to farmers are un to JHd per lb., and cocksfoot showed a eh»w» of* firming with the Quotable change. Peas show no improvement; Lo.b.. sJ- values ave 6s Bd,

MARKET REPORTS. FRUIT AND PRODUCE. With the exception of . potatoes and oranges there was * plentiful supply o' both fruit and vegetables at the city, markets yesterday. Bidding was fairly brisk in all departments. FEmT _ Apples were plentiful, and of many varieties. Delicious, beat grades, brought up to lis a case,, other grades from 5s M to Bb. Jonathans brought from 6s to 9s. and Mu a roes from 5b to as 6d » case. Ballarats brought from 7s Cd to 3s. while Golden Russet sold from 6s to 7b a case. Cox a Orange realised from 10s to lis 6d a case. Cooking pears brought from 5s if » 6s, and E. Barrys 6s to 6s 6d, a case. Winter Cole pears sold up to lis for choice grades, and from 6s to * for others ClairgeaAi brought from 6. to 7s a case. Passion truit sold up to 7s 6d for choice, and from fa to 6 for others. There was a keen demand for lemons, best grades realising » much . as 21s, while others ranged from 12s to 16s, according to grade. Ripe bananas choice quality repacks, sold at from 25s to 27s a case. Quinces brought 4s to 7s a case. Choice tomatoes realised up to 7s Ma case, other grades ranging from 2s to «s. Egg fruit sold at 4s to 5s a case. Choice persimmons brought from is 6d to sfi. ine market was bad for oranges, Fins realising about 12s 6d a case.

PRODUCE. Potatoes were still in short supply, best Southern grades bringing from 14s to los per cwt. Onions realised 12s fad to 15s 6d per cwt. Kumaras brought from Id to 1 l-8d per lb. Pumpkins from 5s 6d to 8s per cwt. Citron melons brought 2s 6d to 3a per cwt. Beans ranged from Is 6d to 2s a bag. The quality of green peas offered was poor, and brought only 3d to 3Jd per lb. Cabbages brought from 3s to 8s a sack, according to grade. while lettuce brought from Is to 4s a case. Celery was fairly plentiful, realising from 6d to Is 3d per bundle. Carrots, parsnips, beets, and turnips brought from 9d to la per dozen bundles, and rhubarb from 2b to 2s 6d per dozen bundles. Cucumbers sold at 4s to 5r per dozen, according to size, vegetable marrows brought from Is 6d to 2s 6d. DAIRY PRODUCE. Hen eggs were in short supply, realising from 2s B|d to 2a lOd per dozen. Duck eggs were over supplied, prices ranging from 2a to 2s 2d per dozen. Fanners' butter brought from la 2d to Is 5d per lb., the average being Is 3d.

FOREIGN EXCHANGES. Australian and N.Z. Cable Association. (R*cd. 7.10 p.m.) LONDON, April 7. THo following rates on foreign exchanges are current to-day. as compared with tho cabled quotations on April 3, and par: — Apl. 7. Apl. 3. Par. Now York. doL .- 4.33* 4.301 4.866 Montreal, dol. . . 4.43* 4.391 4.666 Paris, fr. .. 74.75 74.70 25.225 Brussels, fr. ►« 88! 88» 25.225 Homo, lire . . ... 08} 071 25.225 Stockholm, kr. »- 16.43 16.33 18.159 Christina, .- 31.67 31.63 18.159 Copenhagen, kr. .. 26.11 23.25 18.159 Calcutta, pence ..'l6 13-16 16 11-16 24 Hongkong, pence . 234 281 — Yokohama, pence . 23* 23* 241 The mark is quoted at from 20 to 21 billions to the £ sterling as compared with 191 billions on April 3. LONDON WHEAT MARKET. Australian and E.2. Cable Association. (Reed. 5.5 p.m.) LONDON. April 7. Wheat cargoes are quiet. Owing, to improvement in the sterling quotations are occasionally 3d hiffnor, but there is little buying. Part of a Victor- an cargo on the way to Bristol i» quoted at 46s 3d. axe quiet and have declined 3d to 6d. Mmmeuts by the Ceramic (Liverpool), and the Bulla (Aronnio.ith). are quoted at 463. AUSTRALIAN LAMB. [BT telegraph. — ASSOCIATION.} WELLINGTON. Tuesday. The Tft'jvr Zealand Meat Producers' Board has received a cablegram from its Melbourne representative advising that the number of lambs exported from Australia during the fortnight ended April 4 was 79 carcases. _____ _________________—