TRADE OF THE WEEK.

New Zealand Herald, Volume LXIV, Issue 19719, 19 August 1927, Page 9

TRADE OF THE WEEK.

WHOLESALE AND RETAIL.

BRIGHTER TONE OF BUSINESS. PRODUCE MARKETS REVIEW. The wholesale trade is beginning to brighten up considerably owing to the receipt of orders for September account, and preparations are now being made for the delivery of these, country deliveries commencing 011 Monday. So far the orders seem to bo a little ahead of those at this time last year, and this is attributed to so many retailers having worked on small stocks for several months past, in addition to which. there is at present more confidence in the prospects of the approaching season. This applies particularly to dairy produce and wool, both of which promise a good return, in quantity and price. At the same time it is stated that buyers are exceedingly cautious in the orders they are sending to the wholesale, their value being made up by t.he large number of lines required to replenish stocks sold rather than the magnitude of individual items.

It is stated that many farmers are straining their financial resources to the utmost at present, in order to buy fertilisers at the low prices still offering, but th.s expenditure is viewed with equanimity by business houses, as being calculated to bring in solid return during the season. Consignments of superphosphate and other fertilisers are being sent by rail arid steamer to an extent that has never before been known, even the broken weather not preventing farmers from taking delivery, in order to get it on the grass as soon as an oportunity offers. Ilea*.., bookings have been made for later delivery, right up to the end of October. Produce houses have been somewhat quiet during tne week, chiefly owing to thu shortage of Southern produce, but this should be remedied by the arrival of the Wingatui to-day, and the Katoa on Monday. Fairly heavy bookings have been entered for both vessels, and a large proportion of each cargo will be delivered direct from ship's side. Retail trade has not been of the usual ■ nterest this week,, except in the case of the very few houses still offering clearance sale prices. These have beon very well supported, but hardly to a sufficient extent to benefit other houses by a large influx of visitors into the city A fair amount of attention has been given to the spring show ot drapery just opening up, and this is expected to increase as the weather improves. The break yesterday was a flisappointment, for conditions had promised well on the previous day, and drapery is always admittedly influenced very 'largely by the weather WOOL. All the producing countries seern to be looking forward to good prices for the coming clip, and New Zealand may expect to share in the higher returns. A noticeable feature in the sale of English wool during June and July was the. strength of the American demand, in spite of the tact 'bat some Boston holders have been ofterinc to resell to Bradford On the other hand America took from the Southern Hemisphere during the past season much 'ess than in t"he previous year, and a reflection of this has been seen in the bonded stocks which were shown by a recent Government report to be only about 75 per cent or the quantity he'd at the same date last year ft has been estimated that about haf the present English clip is being shipped abroad and this should open the door to a gootl demand for New Zealand and Australian wools/' EGGS. The market is a little weaker since the beginning of the week, and retailers yesterdav were asking is 8d for= duck eggs and Is 9d for hen eggs The price is now nearly low enough to permit of export, and. it ib anticipated a fair quantity will be shipped, commencing next month, provided the bakers indicate their requirements beforehand. SICILY ALMONDS. Slightly reduced prices are named, but little business is passing, most of the Christmas requirements having been purchased some time ago at favourable rates. SINGAPORE PINEAPPLES. Just before quotations for direct steamer were: withdrawn, some lower prices for both cubes and slices were named. These P rl f-es showed some advantage, but as most of the business had already been done it is not thought these lower prices will aSect locaJ quotations. REACTION IN TEA. At the Colombo auctions on Tuesday there was a general decline in prices, ranging from a farthing to a halfpenny. No explanation of the easier market has been given, and the change is quite unexpected, in view of the improving quality. However, prices are admittedly high, mail advices of the auctions four weeks ago showing that some teas changed hands at a remarkably high price, equal to about 2s 3d. and when such a high level is reached in any commodity a temporary reaction often follows. RAISINS After a period if low indent prices, it is advised that some of the cheaper lines have been advanced Apart from the fact that, the crop this year appears to be about three weeks fate, the position is not one to warrant the present' low prices. Retailers are therefore taking full advantage of forward buying CALIFORNIA u PRUNES. Considerable interest is being' taken in prices from California for both old and new season's prunes, which' are being quoted at exceptionally low figures. It .was originally announced the new season's crop would be handled by the CaKfornian- Prune Marketing Corporation, but it - would now appea.r that the necessary further 40 to 45 per cent, of growers to increase the association s membership to 95 per cent, of prune acreage of five-year or older trees has not been forthcoming .Prices have since been the subject of severe undercutting, at what appears to be considerably below actual values. However, it seems certain the new low level of prices will considerably increase sales of prunes locally .. _ „ One quotation iust cabled from San Francisco,- for shipment from early. October onwards. shows a very substantial reduction on the opening rates for last season s fruit, ranging from 6s fid per cwt. on Po'9os. to lis Gd on 40'50s It is believed the very low prices this year will result in a heavy demand from Germany CANNED FRUIT. Californian packers are evidently making a stronsrer hid for trade this venr, and they arc heing materially assisted by lower quotations from the growers for fresh trim. Thus the peach growers are this year ouoting the canners £fi and £3 a ton respectively for their two grades, as compared with JH and CI last vear tin's being in recognition of the carry-over in canned peaches last spring, and the low prices at which much of the product had to be moved. However it was stated, when the mail left, that the canners did not appear to be in any great hurry to buy. and it is thought that even those lower prices might not hold when the season is intfull flush Only a moderate output is exnected Pears, on the other hand, will cost the canners about.il a ton more then last year. the crop r.ems much smaller throughout the State of California Quotations for some of the new * ea " son's canning are now through. and show a reduction of about Is a dozen on airvn cots standards and seconds, and n" l *' o more on RnrtWt oears IJe R e will be avai'ahle for sliioment from September onwards -and if: remains to he seen to what extent the lower prices wil 1 enable t. e Can forninn article to recover some of the trade recentlv diverted to Australia on account, of the lower cost POTATOES Business hns been quiet awaiting plies, but. a fair ' quantity . should be here to-day and will be distributed at once. "'ill not. be many on the Ka'oa. ar.d the indications favour small shipments .at present, owing to the difference of opinion io values. The tone in the South is verv firm, and nn offering only small quantities whi'e for forward delivery they ■ire quoting higher still The f.o.b, P n £e for immediate detiverv fiiflv warrants. 10s here and although some may he sold for 'ess. it is pyoectod the nric.e will soon settle down at that figure Seed potatoes are sroine off slowly. as growers arc nwn't'iiT weather To tret on with their planting The break yesterday was very disarmointin?. for the season is late already. and this will mean a further delay in the crop. Good stocks of s»?d aro held in the city. ONIONS. Stocks have Mieen supplemented by the arrival of the August purchases from Melbourne. via Wellington which are meeting a fairly good at 10s f>d to # lis. The quality is f**Hy good and similar small shipments shov'd keep the local trade supplied until the new season's Canadian arrive. OATS. The market remains very weak, with no attention on the part of buyers, as the local requirements are very small. A few B urnde are moving oC at 4s 2d ex store.

CHAFF. Local stocks are practically depleted, but a shipment is due from Nelson to-day. Arriving to a very bare market, a good proportion of the shipment will be distributed at once. Price is unchanged at £9 Ss to £9 10s. WHEAT. Fowl wheat is firmer than ever, and it is difficult to purchase in the South, even at the current quotation. Merchants will be forced to raise their price to 8s 6d as soon as they have sold their light stocks bought on a lower basis. . • , ' '% > FLOUR AND OFFAL. No further changes in price have been made and business remains normal. Bran is in rather poor demand, but pollard is eellinc well. MAIZE. On account of the broken weather the arrivals for the week have proved barely sufficient for requirements Stored stocks have therefore worked off well, but it isl expected that next week will see larger supplies". The price is unchanged at 6s on the 'wharf for best quality, hi-1 lo%ver grades are realising irregular rates. BANKING ASSOCIATION SUCCESSFUL OPERATIONS.

A large number of shareholders of the Dominion Investment and Bank'ig Association met yesterday to consider the first report of the directors for the nine months ended June 30. Mr A. G. Lunn, chairman of directors, presided. In reviewing the work of the association. the chairman said its activities to date were unparalleled in the history of New Zealand. The association came into being less than a year ago through the energy of Mr Davl Pollock, now the managing director. They were told they would have difficulty in raising £50,000, hut that amount was over-subscribed at short notice. An appeal for another €50.000 had also been over-subscribed and the directors were now considering fhe advisability of issuing further shares. After practically only eight months' operations they were able to, pay a dividend of 7 per cent, and to carry £SOO to a reserve fund. A pleasing -feature was the steady increase in deposits, the sum of £19,549 having come in 'to date. Mr H. P. R. Caughey, a director, emphasised the policy of,, conservative methods in finance pursued *' By the directors. This was undoubtedly, ihe best policy at the present time. • • The report and balance-sheet; details of which were published in the .Herald on August 6, were adopted. Mr Lunn and Mr. Pollock, 'retiring directors, were unanimously re-elected. Messrs Hutchinson, Elliffe and Cameron were reappointed auditors. ' A motion thanking the staff ,for its active co-operation was' carried., .. One of the shareholders referred to the man\ duties of :the direttprs and suggested they should be rewarded for their services. However, the chairman stated the directors were so-pleased with the results that they had decided not to accept any honorarium during the first year. WELLINGTON WOOLLEN CO. THE CHAIRMAN'S ADDRESS. [BY TELEGRAPH. —OWN CORRESPONDENT.] WELLINGTON. Thursday The annual meeting of the Wellington Woollen Manufacturing Company was held to-dav. Mr. W. H. P. Barber presided. Iti moving the adoption of the report and balance-sheet, Mr. Barber said depression in the Dominion generally, especially in the more recent months, had affected adversely the profit in that the compensating return on the business done had not reached the level it should have done. There had been very keen competition, and it was only by forcing sales it a low margin that figures could be maintained. The position of the company was strong. While the called-up capita! had been increased by £15,000. the indebtedness had been reduced by £33.455. The plant was supplemented by £3789 and £SOOO had been written off its valuation for depreciation. At the same time it was kept in thoroughly good condition. From revenue the total stock had been reduced by £19,208, but the reduction in finished goods was £25,387, a satisfactory feature, as cheapness continued to be n dominant factor, and it was obviously safer not to carry what might be termed speculatives lines. All within that description had been disposed of. and the stock was good and taken in at a conservative value. ;; The gross profit shown was less by £3221, but the overhead expenses were down by £3245. There was now an increased ■ total for dividend on the new capital, so that the balance remaining to be carried forward was less by £1219 13s lOd The item \"sundry debtors" was lower by £2214. Ample provision had been made for contingent losses. AUSTRALIAN PRODUCE. (Received August 18, 8.30 p.m.) A. and N.Z. SYDNEY, Aug. 18. The following are to-day's quotations on the Sydney produce market:— Wheat.—At country stations, ss; ex truck at Sydney, 5s Parcels, Silo wheat, 5s Bjd. Flour. —For export, £l2 10s, f.0.b.; at local ports, £l3 ss. Bran. —£7 10s. Pollard.—£B 10s. Oats. —Tasmanian Algerian,•; ss; white, 4s lOd. Maize. —Local, yellow, 5s ; f Queensland, 4s lid Potatoes.—Tasmanian. £ll to £l4. Onions.—Victorian, £6. Adelaide prices are:— Wheat.—Growers' lots, 5s 4|d to 5s sd; parcels, nominally, 5s 7£d to 5s Bd. Flour.—Bakers' lots, £l4 2s 6d. Bran.—£6 10s. Pollard. —£6 15s. 4 * ' : Oats.—3s 7d to 3s Bd.