TRADE IN AUCKLAND.

New Zealand Herald, Volume LXV, Issue 19953, 23 May 1928, Page 9

TRADE IN AUCKLAND.

WHOLESALE AND RETAIL. LARGER COUNTRY BUSINESS. PRODUCE MARKETS REVIEW. The wholesale houses are busier this week as the special orders on June account are now being dealt with. Ho far the country orders are the more substantial, city buyers maintaining the recent tendency to buy small quantities as required. . However, in the country, trade is moro buoyant., the increased earnings inducing buyers to operate more freely. This condition is expected to continue through l out the winter. Hardware houses noto the same features as the general merchants. While city trade is rather quiet, the farmers are taking the opportunity to effect improvements during the slack period in dairying. Among the larger lines moving off readily are fencing and building materials. American plain galvanised wire is moving off at £l6 to £l7, but most buyers prefer to pay another 30s for English make. American barbed sells at £2O to £2l, but here again another £4 a ton still leaves English more popular. Corrugated iron is selling well at £27 to £2B, and all recent orders include fair quantities of nails and staples. The painting season is now about over, so linseed oil and white lead are quieter again, but castor oil is being sold well. Most buyers are making their purchases in half-cases, quoted at 5s to 5s 6d, but some are prepared to pay a little extra to got it in the more convenient drums. RISE IN PIG IRON. The first advance in Cleveland pis iron since tho coal strike of 19*26 has_ just been established, the ironmasters having: agreed upon an advance of Is a ton in tho minimum price of all foundry and forge qualities. That the rise should be bo limited •indicates the makers are anxious not to ieopardise the recent improvement in trade, but they have felt the time has arrived Yvhen they might safely insist upon a sellineprice which would cover the cost of production. They are now really in a Strong position, for their sales have far exceeded Ihe output, and stocks have been reduced to the barest minimum. The position is that producers have disposed of the bulk of their prospective output for several weeks ahead and have contracts for delivery up to next September. The advance in the price seems to have stimulated the demand instead of cramping it. Buyers seem to anticipate another rise, and they are covering their needs well ahead, as there is i)o foreign f iron on offer at competitive prices. There is also bettor foreign demand, possibly in that case largely due to the fact that Cleveland can give prompt delivery. Whereas there is usually a good deal of delay in the execution of orders given to the Continent. COPPER. American statistics recently showed increased deliveries, but considerable doubt has been expressed whether actual consumption has expanded to a corresponding degree. and this prevented any rise in the price. Production has increased a good deal lately and is likely to go still higher, a factor which will keep the price down. As regards tho Russian market, it is stated that owing to extensive electrification work in that country the demand is very high for all technical materials, but imports are made difficult by high duties and by the strict foreign exchange regulations. LEAD. The market remains dull, largely owing to the _ poor demand from America. The British and Continental demand lias also been below the supply lately. Failing some material increase in Post Office orders for the cable trade, the general opinion in London seems to be that prices- will remain at a low level. TINPLATES. Prices are firm, due to the Welsh mills being well sold up and supplies are not too plentiful. Consumers ore snowing more interest, an important feature being the contracts foMarger quantities, than in the past, indicating the consumption of plates is increasing. Home and export demand has shared in this activity. DRAPERY. . The colder weather is gradually bringing in a better business in woollen materials. Clothiers report larger sales in overcoats, but even now the demand is not yet at its height. , HOSIERY. A feature in recent business has been the gradual move in tho direction of utilising artificial silk more extensively for men's wear. Its immense popularity for several years in women's wear has hardly touched men's trade until this year, but it is now expected thift during the coming summer there will be a ran on this material. During the past season a few sales have been made in artificial silk underwear, and there seems a likelihood of this bein£ extended to shirtings. The suitability of this material to blend in with cotton and wool is displacing the old Yorkshire shoddy trade. The points which appear to have turned the scale in forcing its adoption for men's wear are its appearance, giving a smarter finish to woollen suitings, and its intrinsic qualities for underwear. SULTANAS. Californian are this year offering at lower rates than the Australian sultanas. This is resulting in larger orders going forward, especially as there is a good deal of douK as to the delivery of Mildura fruit. Bout unbleached, and oil-bleached Californian sultanas show a slight advance in price. EGGS. Supplies are rather limited just at present, but it is expected they will increase with more settled weather. The wholesale price for best fresh of full size is 3s, with a probable reduction if the weather holds. Retailers are asking 3s 3d for hen and 3s for duck eggs, while a fair amount of chilled are working off at 2s Bd. POTATOES. Becoming decidedly scarce on the spot, and the wholesale price is firm at £8 to £8 10s, ex store, The position will not be relieved for a few days, but no fewer than three steamers are expected with supplies during the week-end. ONIONS. Southern are selling at 10s 6d after repacking, but they are not expected to last long now. Merchants are looking orerseas for supplies, but it is reported the Brown Spanish in Melbourne are in somewhat poor condition thiq year, so very few will be imported. This will probably give au opportunity for local growers to sell all they have been holding over for a better price. For further forward a good many sales of Japaneso are being made at 17a 6d a crate, to arrive at the beginning of August and the beginning of September. Bookings of Canadian also started at 193 6d a crate, to arrive by the October and November mail steamers. OATS. Firm, at ss, ex store, for B grade, and 5s 5d for A, but the price is held up only by the export inquiry, as the local trade is very limited. CHAFF. Tho rise in oats has attracted attention to chatf. as farmers iu the South now find they can profitably thresh their sheaves in stack, instead of cutting for chaff. This has hardened Southern chaff, and it is now quoted at £lO, ex store. MAIZE. Larger supplies arrived, the quality varying a good deal. The best parcels have realised 6s Id to Us 2d, on the wharf. FLAX. New Zealand fibre is meeting severe competition from Manila hemp, and merchants are finding it hard to effect sales in London or New l'ork when standard grades of Manila are selling there at £32 to £3B, with heavy stocks in hand and to arrive. However, very little is coming in now, as most of the mills have closed down for the winter, and when they resume operations in the spring there may be au improvement in conditions. There has been a very poor American demand for Manila, as buyers are filled with their immediate requirements, and are looking with 1 interest only at more distant deliveries. Abnormally heavy shipments to Europe have been made, and these are being absorbed only with difficulty, although tho lower, range of prices has undoubtedly increased consumption. For any small lots arriving local merchants are giving £2O to £2l for common and £2l to . £23 for low point fair. High point is nominally worth another £2, but very little of that grade is now being milled, '•r ■ ■ ■■ PUBLIC TRUST OFFICE. The following particulars of the loan transactions of the Public Trust Office and now business reported during April have been supplied by the Prime Minister. The amount paid out in settlement of new loans was £157,770. Further now loans were granted to the amount of £30,295 and the total new loans now awaiting completion is £568,250, \vhile offers of loans less than the full advances applied for amount to £117,985 — a grand total of £686,235. Applications for additional new loans amounting to £284,287 are under consideration. Tho now business for the first month of the new financial year was satisfactory, the total value of the estates accepted for administration being £543,173. On March 31 the total value of estates under administration was £44.155,548. Four hundred and forty now wills appointing the Public Trustee executor were deposited for safe custody by living testators, and tho total number now held is 58,424.