TRADE OF THE WEEK.

New Zealand Herald, Volume LXVI, Issue 20251, 10 May 1929, Page 9

TRADE OF THE WEEK.

WHOLESALE AND RETAIL.

GOOD OUTLOOK FOR WINTER. PRODUCE MARKETS REVIEW. Wholesale business has slackened off a little sinco the beginning of the week, this being a common feature at this period of the month, when most retailers are only filling urgent requirements in small quantities from week to week. However, deliveries to the country districts are never really quiet in a season like this, when production keeps up on such a high scale, and the buying-powef of the farming community is largely responsible for the confident outlook of business houses regarding their winter trade. Retailers report a 1 normal turnover, with several features tending to emphasise the return of Friday trading to its old-time importance as the heaviest business day of the week. Several houses now arrange a special display on Fridays. City and country buyers are expected in full numbers to-day, all the more on account of the schools breaking up for the holidays, which will necessitate the purchase of many extra requirements. Drapery houses will share largely in this extra trade. AMERICAN FRUITS. Whatever may bo said of earlier frosts, there seems no question that the disastrous frosts on April 8 and 9, following a fortnight of extremely cold weather, have severely damaged the fruit crops, being particularly severs on the early varieties. A private estimate puts the peach o.utput at 'Jo per cent, of the normal, with a possibility that it may bo cut down to 25 percent. of the original estimate. An official report issued by the Federal-State crop reporting service states that indications point to a 40 per cent, crop ot cling peaches, 25 to 30 per cent, of almonds, 50 per cent, cherries, GO , per cent, pears, 40 per cent, plums, 55 to (i 0 per cent, prunes, and 80 per cent., apricots. It is added, however, that it is still too early to estimate exactly hojiv much of the crop has been destroyed, although the situation for all fruits- is most serious.

Tho reduced outputs of fruits produced in such largo quantities in California must necessarily affect the world's price 3. Last year that State produced about 400,000 tons of clingstone peaches, 200.000 tons of freestones. 13,000 tons of almonds, 20,000 tons of cherries. 220,000 tons of pears, 275,000 tons of prunes, and 170,000 tons of apricots. Some packers havs withdrawn all quotations for several varieties of fruit in the meantime They cannot see any possibility o£> filling even present commitments, and any small quantities of the lines in which there will be a small carryover will be supplied only at a stiff advance Pears may not advance very much, as California is not the only supplier of this fruit, large quantities being produced in Oregon also. However, this variety is not of much direct interest to Auckland, on account of the successful local pack probably being sufficient. AUSTRALIAN FRUITS. Packers have withdrawn quotations for canned peaches, apparently owing to thq un-' certainly of the competition to be met from California. Importers are independent of Australian pears, as they can keep on buying from South Africa for the present. Australian packers are still quoting sultanas and currants for delivery tip to Juno. Evidently they are discounting the reports of damage in California, as these fruits are so late in flowering that the loss will probably be very small. EASTERN GOODS. The news that tho direct steamer Sussex has resumed her voyage to Auckland has only to a small extent relieved anxiety as to the damage to tho cargo caused by tho lire. It will now bo over a fortnight until it is discharged, and that will allow for a good deal of sweating and fermenting to take place. Prom inquiries made yesterday it seems that most importers decided to tako no chances over their consignments arriving in good order, but immediately ordered moderate quantities to come via Australia, preferring to incur the extra cost, rather than be short of supplies. It is understood that tho chief damage will be to tho Rangoon rice, of which large Quantities aro now imported about twice a year. This trade is comparatively modern, and on account of its lower cost is tending to diminish the interest in Australiandressed Japan quality. Formerly importers were disinclined to bring down large quantities, owing to tho risk of weevil developing if stored in bulk, but for immediate sale, and consumption it is meeting with quite a good demand. Sago and tapioca are sure to run short if the Sussex consignments are damaged. However, no authentic details have come to hand, so that importers must now await tho arrival of the vessel, and replace from Australia any lines that do not arrive in good order. TEA. At the Colombo auctions 011 Tuesday there was a good demand for common teas generally. In low mediums the market advanced two to three cents, but others were easier, according to quality. Next week 3,390,0001b. will bo offered. EGGS. Unchanged at 3s retail for hen eggs and 2s id for duck eggs. The latter continue in comparatively heavy supply. POTATOES. The market has become very dull. This is due to too many arriving from the South on consignment., in addition to importations by merchants, and the positiou is depressed by tho large quantity of good quality local coming in. An unexpected output is being obtained from the autumn diggings, often surprising tho farmers themselves, lor they aro getting up a good table crop, whereas they were looking only for seed for next planting season. It is explained that tho second plantings were well established before Christmas, and the heavy rains during that week carried them right through the dry period until the middle of March, when warm rain finished them off and filled out the tubers to an unexpected size. Nevertheless. the forward position in tho South is very firm, growers being influenced by two important factors, the expectation that they will eventually get them into Australia, and the reports of blight having damaged the crop in some areas. Meantime local merchants are pushing off best quality at £7 10s ex store, although owners _of Southern consignments held here are asking moro money. ONIONS WEAKER. Contrary to all expectations the market is weaker, and . fairly large quantities are still coming to Auckland from the South on consignment. Although several lots liavG gone to Australia, tho aggregate quantity has not made much impression on the good crop secured, both here and in Canterbury, and the weakening market has induced Pukekohe holders to show more disposition to sell. Merchants aro asking .£9 to £9 10s ex store, and this seems likely to be bedrock. OATS. The market, is lifeless for immediate delivery. but. Southern shippers are. asking more for later dates. Local quotation is dull at -is 5d for 13 grade in small lines, and 4s Sd for A. CHAFF. Much in the same position, with full stocks quoting at X 9 10s ex store, but forward deliveries higher. THE WHEAT CRISIS. The collapse of the market in the Northern Hemisphere, duo to the heavy American carryover which must bo sold before the new harvest, is not likely to bring relief to New Zealand consumers. The wheat surplus is so small as to make tho growers independent of an overseas' outlet, while the sliding scale of duty keeps out overseas flour. Poultry farmers therefore still have to pay 7s 8d for wheat in Auckland, although it is selling far cheaper than that ill London. MAIZE. Firm at 6s 9d ox store, and likely to remain so, as holders at. the Bay of Plenty and Gisborne are confident that they can get their price for all their surplus before the new crop is toady. FERTILISERS. Tho Raisdnle is due at any hour with a large shipment of North African phosphate, which is nearly all sold to arrivo, and will therefore be despatched direct from tho wharf This is almost a new line as far as Auckland is concerned, having been imported in very small quantities hitherto. The rock phosphate is taken to Belgium to be ground, and this consignment would have been here much earlier tint for the bad weather experienced in Europe toward the end of their winter, as this very seriously delayed shipping.

TARANAKI OILFIELDS. Taranaki Oilfields, Limited, report as follows for tho week ended May 4:—Gisborne No. 2 well: Drilled to 3020tt., in caving shale; 6|in. diameter casing t,o 3008 ft.; small quantity of water at 2996 ft. Also fair showing of gas.