TRADE IN AUCKLAND.

New Zealand Herald, Volume LXIII, Issue 19391, 28 July 1926, Page 9

TRADE IN AUCKLAND.

WHOLESALE AND RETAIL. QUIET CONDITIONS CONTINUE. PRODUCE MARKETS REVIEW. The general report is that quiet conditions are again ruling this week. The long clay last Friday gave the retailers a good return,'especially as the winter clearance sales were favoured with perfect weather. % An unusually large crowd thronged the streets during the evening, md all the. shops were well patronised, but tho total turnover was not excessive.

,tiyers are apparently taking to 'heart, the oft-repeated advice to economise, which has been impressed upon them by the highest financial and political authorities, as well as the evidence all round them that the earnings of tho community arts less than they were last year. It is expected that one result* of the contraction of turnover will bo a reduction in imports, but it is impossible to v at present in which departments this will be most noticeable. Sales of motorcars, which are usually blamed for the excessive importations, as well as the heavy commitments for instalment purchases, are not likely to be reduced as much as they would bo under a cash system of purchasing, for the facilities for buying under deferred payments are being increased, rather than diminished.

WAR DEBT PAYMENTS. Last month's financial letter of the American Bank, San Francisco, contains the following statement: " The payment by Great Britain on June 15 of 67,950,000 dollars interest on its war debt to the United States was met promptly and as a matter of course." It is to be noted that all the American debt payments are _to be made in dollars, and not in sterling, so that Britain is now saving a considerable amount each half-year by the return of sterling to par, while if France ever pays., anything she will have to find nearly ten times as many francs to meet the 30,000,000 dollars, payable during the first and second years, as would ordinarily have sufficed. Recent payments have been facilitated by a very large increase in American importations of crude materials, accompanied by decreases in exports of crude materials and foodstuffs, and as these were largely financed from London, even though shipped from the East or to Europe, London accumulated large credits in new export, which were available for these payments. The increase in imports of crude materials. according to tho United States Bureau of Commerce, amounted to 36 per cent., and arose largely from the great advance in tho price of crude rubber.while exports of foodstuffs were only slightly more than one-half of those of the previous year, resulting from a reduced export of grain, particularly wheat. It does not seem to be at all clear how America will be prep&red to accept these annual payments from Europe, unless they are taken in the form in which the debts were contracted, goods, for nearly every -American trade publication is boosting oxports, while the settled policy of the country appears to be to put up a tariff wall against every commodity except rubber which is likely to enter in Quantity. It was recently stated by Mr. U"iver in an address to the United, frt.vtes Chamber of Commerce, that of the £1,500.000,000 in gold in the whole world, £900,000,000 was in the United States already, and the holding was increased by £20,000,000_ during the past year. Brit-' will certainly pay, the amount contracted for, even if .it- entails shipping the gold across the Atlantic, but tho question is how long America will he willing to accept a useless commodity of which they have alteady far more than they can employ. When 120 000,000 people in tho United States are holding more gold ths.n all the 1,725.000,000 people in all the other countries in the world put together, it would seem that there will have to be a drastic change in the trading policy of these 120,000,000, if thay ever expect to receive the £2,417,000,000 which the rest of the world oweß them. VANILLA BEANS TRADE. A_ year ago the Society Islands in French Oceania were pouring Vanilla beans into San Francisco at about 25s per lb., but thi3 year the price Iras dropped to sa. Failure of the_ Vanilla bean crop in other tropical countries last year brought unprecedented prosperity to tho planters in the Society gtoup, but when crop conditions returned to normal in other parts of the equatorial world the supply overtook the demand so rapidly that the bottem fell completely - out of the temporary monopoly in the South Seas.

The extraordinary fluctuation is attributed by the Mercantile Trust Company of California to the blight which overtook the Vanilla bean crop everywhere except in the Society group, and an American traveller who visited one of the islands during the height of the Vanilla boom has related the effect of the unexpected and unaccustomed prosperity upon native life. The price of Vanilla jumped .overnight from three francs a kno to one hundred, the islanders awaking one morning to find themselves in the same position as the man who sees ail oil geyser gushing a fortune _ over his front lawn. They were all taillionariep., aud at once ordered motor-car 3, phonographs, and sewing machines, besides buifding Caiifornian bungalows and a ■ motion picture palace. Every .hour, of the day and night mcitor-cars plied up and down the ten good miles of road on the island, their occupants .dressed to the last minute, decorated from stem to stern, machines and humans alike, with flowers.

However, this exhibition does not differ in principle, but only in degree, from what uas been witnessed over and over again in countries far more civilised than the Society Islands, there being apparently a natural reluctance on the part of people suddenly wealthy to put much by for a rainy day.

ITALIAN TEXTILE TRADES. In view of the quiet condition of most of the textile trades in England and America, it is rather significant to find pronounced activity in Italy. Satisfactory conditions prevail in the woollen industry. At last report the combing mill 3 were replete with orders, working in soma cases in three shifts, with every prospect of similar conditions prevailing for several months to come. Spinners and weavers maintained normal employment for their establishments, especially in connection with the seasonal ment3 for the next winter campaign. Home demand remained fair as a whole, but there was a slight depression noticeable in overseas trade, owing chiefly to Customs tariff difficulties, more particularly as regards exports to the Lower Danube, the Balkans and the iMear East. Cotton milk also were everywhere working full time, while spinners and' manufacturers had plenty of orders on hand to keep them busy at least for a few months ahead. The position, however, presents some difficulties, chiefly in connection with the unsatisfactory state of the market for raw cotton. Spinners were compelled to work with comparatively small margins of profit and experienced delays in collecting the amounts of their invoices. In some cases, also, especially as regards export to South America, contracts concluded forward on the basis of the higher prices ruling at the time for raw cotton bad to be cancelled owing to buyers refusing to take delivery. Notwithstanding these difficulties, an optimistic tone prevailed. THre was more business in markets for ILa-liun silk and a number of contracts were concluded for delivery in the new season. In spite of falling exchange, France purchased freely to Bupply the Lyons' market, while American buyers also showed interest. At the same time, the position of the silk industry in general still leaves much to be desired, and no effort is being relaxed to deal with many disturbing problems that have still to be solved in order to place it again on a sound footing. The Government is taking up the question energetically, and it iB hoped that, with a fair average production for the coming season, the situation will undergo a rapid and more permanent improvement.

As regards the heavy excess of Dalian imports over exports last year, it is stated that this adverse balance is largely reduced by the tourist traffic, as tourists spent 3500 millions of lire in Italy last year, equal to about £30,000,000 at the present rate of exchange. EGGS. The market shows, the fall which came in last week, wholesale being weak at Is 7a to Is Bd, while retailers are asking Is lOd for full size. POTATOES. An easier tone is apparent in the South, although sales are reported to have taken place for shipment to Sydney at £8 10s i.0.b.. and it does not cost murh more to prepare potatoes for that market than for Auckland. Local quotation is still £9 lQa ex store, but lower prices are expected when the Wingatui arrives, towards the end of the week, as the market may then reflect the lower cost in the South. Seed are selling better now, and all the main varieties are available. The break in the weather will probably reduce the inquiry for a time.

ONIONS. It is unfortunate that the main Japanese shipment has been delayed, for it will now not arrive till August 13, although contracts were made for July delivery. The small lot of purchases secured in Sydney, which arrived last week, sold very readily at 25s a crate, but will not last till the next arrive. OATS AND CHAFF. The fodder trade is r dwindling business in _ Auckland, with all tea motor traffic superseding horse-drawn vehicles, and both lines are dull of sale. Regular quantities of chaff are arriving from Australia, and the South at late rates, and filling most of the inquiry for horse feed.

WHEAT. Tho xVustralian market is up nearly sixpence, and local merchants are row Asking bs 9d for fowl wheat. Another shipment will soon be leaving Adelaide by the Kaitnngata. FLOUR. A second advance of 10s a ton was announced in Auckland on Monday, and the basis price is now £2O 15s in sa'cks. Regular shipments of Australian flour are arriving by each steamer, to supplement the New Zealand milling, and these reflect tbe stronger tone on the other side. BRAN AND rOLLARD. With regular importations from Australia, there is no sign of a shortage, but. the prices are very high. MAIZE. Better shipments of old and new grain are arriving from Ctieborao and the Coast, and realising 7s and Cs Pd respectively for wholesale lines on the wharf. Now that the new grain shows an improvement in condition, the former difference of Is a bushel in the price has disappeared, and three-pence represents about the difference in value at present. FLAX. Not very much, is coming in. as most of the mills are closed for the winter, but even the little arriving is accumulating in store, as the coal strike has cut off all inquiry for export, and no sales aro beinj made at present. KAURI GUM. A noticeable change in the market is that the demand for good Quality has almost dropped out. any sales now made being for the cheap grades, of which recent shipments have ti'ken up most, of the supply. The returns 'or June shipments illustrate the low range of gum now being shipped, and this is fairly typical of recent trade:— Destination. Tons. Value. Average. United Kingdora.. IS9 £9,752 £sl 15 0 Australia .. .. 1 £6l £6l 0 0 Canada . . . . 2 £ll9 £59 10 0 United States .. 11l £10.004 £9O 2 0 Recent, advices from London indicate thai a good proportion of_ the better class gum shipped there finds its way eventually to Russia, although it is difficult to make sales, on account of the long terms of credit usually required. The news from New York is rather disconcerting. One of tho largest firms in that city is wanting to sell back to Auckland a line of 200 cases held there, which dates back to 1920. and they have already shipped back one line, purchased in 1923 for a customer who formerly took regular Quantities each month, explaining that it is quite impossible to place it. Some of it was of very superior quality, costing £370 to £430 a ton, but they are buying a very similar quality in Antwerp, apparently shipped from Belgian Congo, at £sl 10s_ a ton. A sample of . the latter competitive line is on exhibition in Auckland, and experts are of opinion that kauri of the same grade would realise £350 or more. Formorly the best was always the easiest to sell, but substitutes aro being continually tested, and the result of the rush for cheaper raw material is seen in tho lower qualities now chiefly in dernaud.

AUCKLAND COMPANIES. ONE NEW REGISTRATION. A private company has been registered in Auckland, details boing as follows: Eotorua Land and Investment Company, Limited, to purchase, lease, and hire lands, etc. Capital, £SOO. Shareholders: J. D. Davys, 493 shares; H. M. Davys, 5; E. Sledge and M. Sledge, one each.

MARKET REPORTS. FRUIT AND PRODUCE PRICES. There was a keen demand for oranges at the Auckland city markets yesterday. Prices for apples advanced slightly and lemons eased somewhat. Poorman oranges of large size were well sought after, with a steady demand for other fruit, the market showed a bettor tone all round than :ist week.

Supplies of vegetables were heavy and the demand Wcis fair. There was no very di;t inct change from last week's prices. The market for eggs was improved. Supplies were moderate. Prices realised were:—

FRUIT. Apples.—Delicious, 8s £kl to 10s 6d a case; Ballarats, 6s to 7s; Dohertys, 4s to 7 s 6d; Munroea, 6s Gd to 8s; Sturm era, 6s to 8s; pears* cooking, 8s 6d to 9s; Batrys, 9s to 10s; Coles, 7s 6d to 10s; Nellis, lis to 14s; tree tomatoes, 8a to 12a 6d; lemons, 8s to ].4s; mandarins, 20s to 28s: natel oranges, 19s to 235; Rarotonga repacks, 10s: Aitutakis, 17s to 17s Gd; Norfolk Island oranges, small and large cases, 4s to 19s; Norfolk Island bananas, IGs'to 20s; repacked bananas, 21s to 255, Sydney fruit: Pineapples, 10s to lis; grapes, 325; pasaion fruit, 14s to 18s; poorman oranges, 4s 6d to 9s.

PRODUCE. , Southern potatoes, 83 to 9s per cwt.; kumaras, to 3d per lb.; cabbages, 8a to lis a Back, on benches, 2a 6d to 4s 3d a dozen; cauliflowers, 4s to 12s a sack, on benches. 3d to 9d each; onions, 20s to 25a per cwl; pumpkins, 6s to 10s per ,cwt.; citron melons, 12s to 13a per cwt.; lettuce, 3s to 8s a case; swedes, 2s 6d to Gd per cwt.; celery, Is to 4s a bundle; leeks. 3d to tid a bundle; rhubarb, 4s to 6* a dozen bundles; hothouse cucumbers. 5s to 7s 6d a dozens carrois, parsnips, beet <ind turjs, '3d to lOd a dozen bundles

DAIRY PRODUCE. Hen eggs, full size. Is 8d to Is BJd a dozen; intermediate size, la 7d; pullets, la 6d to 3s Gid; duck eggs, la 7Jd to Is 8d; farmers' butter, Is 3d to Is 5d per lb. THE CANTERBURY MARKETS. POTATO PRICES EASIER. [BY TELEGRAPH.—PRESS ASSOCIATION.] CHRISTCHURCH. Tuesday. The potato market has been adversely affected by publication of the Statistician's figures, and values to-day are easier. The Kaitoke was to have arrived yesterday in Sydney on a market bare of New Zealand stocks, so that the consignment should meet a favourable market. The Karetu is sailing from Lyttelton on Thursday, but cargo will be less than the 20,000 sacks originally estimated, as the Waihora is sailing direct on August 4. The Waipahi left on Friday night for Auckland, the Kaponga sails on Thursday, and the Poolta a Saturday, with fair consignments. This will keep Auckland supplied for some time.

Few farmers have offered potatoes, and one sale for coastal business has taken place for August at £5 5s on trucks.. However, for potatoes for export the figure is higher than this. August, coastal f.0.b., s.L, is mentioned at £6 12s 6d to £6 15s. As bearing on the supply still in farmers' hands one trader, who nas made a close inspection of the position in the Rangioia and Ellesmere districts, says that potatoes have practically all gone. The excess apparently is held in the South. Merchants find the same difficulty in securing wheat as millers, 7s 2d on trucks being offered in cases without response. Oats are very dull. A grade can be Becured at 43 f.0.b., s.i., and B grade at 3s 9d.

PROPERTY SALES. ST. JOHN'S COLLEGE ESTATE. The 79 residential sections in the St. John's College Estate will be offered at auction this evening by C. F. Bennett, at his rooms. N.Z. Insurance Buildings, under in-fcrt-uctiona from the St. John'a College Trust Board. The secfions are elevated and command fine views of the harbcur and surrounding country. Full-width metalled roads and farmed footpaths are an attractive feature of the estate, while the new Purewa station will bring it within a few minutes of town. Easy access is -already assured by a motor-bus service, which passes the estate.