TRADE IN AUCKLAND.

New Zealand Herald, Volume LXVI, Issue 20333, 14 August 1929, Page 7

TRADE IN AUCKLAND.

WHOLESALE AND RETAIL.

NEW GOODS FROM OVERSEAS

PRODUCE MARKETS REVIEW

General business docs not show much buoyancy just at present, but tradespeople are looking for finer weather to bring- moro activity. Farming operations are largely restricted to necessary work in connection with the dairy season just opened, but orders for fertilisers for forward delivery, indicato that it only wants a week or two of fine weather for the usual spring top-dressing to commence, with all the accompanying activity to merchants, mills, and railways and other forms of transport. Most of the wholesale houses report quieter business, except in the delivery of goods recently landed. This is particularly -so in the caso of drapery. City drapers are already making their custom-ary-display of new goods, but clothing houses are still featuring heavier ma terials, and do not expect much in spring sales for several weeks. Several parcels of new goods have arrived, but the weather holds out very littlo inducement to feature these for the present. A little more activity has developed in suburban building, and this is regarded hopefully by the many allied trades, which have experienced a quieter time during the winter.

SUGAR. Tho markot remains very weak. Immense quantities of Cuban raws are being thrown on tho world's markot, apparently already over-supplied from various sources, including an increased production in Europe. Britisli Empire production has been greatly stimulated by tho preferential tariff of the United Kingdom, but if this in removed, ii nd the Blight preference hitherto tjiven to Cuban sugar by the United States is sweDt away, increased composition may bring prices still lower. COFFEE. The high level recently reached is restricting interest on tho part of buyers, as the general impression is that it haß reached tho top. There is a feeling in some quartern that tho controlling authorities in Brazil may gradually bring down tho price a litth' and then allow it to harden up again, in order to stimulate business. Apparently the situation is entirely in their nand3. SARDINES. Tho old monopoly of Portugal and France has gone, arid many of tho old popular brands which used to dominato the local market have not been soon for years.. Norwegian now supply the bulk of tho trade, while a fair quantity comes from Canada. Italy is tho last country to enter tho lists us an exporter of Bardineß, and doubtless these will soon be Been here, the price being übout the same aB the best brands of Norwegian. Distributors are also awaiting with some interest the development of a local pack. WALNUTS. Imported lines aro dear this year, and this makes it even easier than usual to sell the superior quality grown at Al:aro» and Nelson. The Califomian clop shows an astonishing fluctuation, probably moro than any other fruit grown there, and the partial failure of the crop last year was largely responsible for the subsequent higher prices all round., as it led to larger importations from all sources. However, tho corning crop is promising well so far, and may yield 30.C00 tons, in spito of the early damage from frost, compared with only 21,100 tons last year. The weather influence is so pronounced in regard to tho yield that in 1927 there was a record crop of 41.700 tons, in 1926 it was only 11,700 tons and in 1923 it was 2-«,900 tons. This fluctuation is most remarkable in a fruit which is grown on old trees which always give the impression of being almost proof against tho vugaries of tho weather. OLIVE OIL. A good crop in all the Mediterranean countries lias brought priceß down. However. tho extra production has been largely absorbed during the hot weather in Europe and America during the last couple oi months, as there lias been au abnormal use of vegetable salads.

EGGS. Tho market has given way since lost week, and some grocers have discounted tho future by marking both duck eggs and hen eggs down to la 6d. This is I below thn wholesale pnrity, for sales have been mado this week at Is 5d to Is 6d. POTATOES The market ,is firmer at £ll 10s, and nigher prices aro likely to rule, very shortly, induing by tho quotations just to hand from Canterbury for shipment dunng tho rest of this month and in September 'lhe Wingatui and Kurow will boUi_ bo discliart, ing substantial shipments during the few days, bo that there is no difficulty about suDpliea for tho immediate future. Racn week is usually tho time for restricted produce movements in Canterbury, ao thut ciuickßales from the wharf are expected in caso of any shortage next week. Uracmj returns indicate a larger crop than la uprL r so that tho present high maritet is not justified by the .statistical tho ccneral impression is that too largo a proportion will bo found to be damaged by blight and other pests, and Possibly is what is holding up th f- ® ar . ko L ttor inSeed potatoes are meeting a■ bene l in ing ir;n n, frUly OUll Mo"t h so?ts r Uvo advanced 03s a ton, and local supply are exhaiisted iu Canterbury.

ONIONS. | ni cut which ax lived b> much dulv Buffered in transit, and tho loss is so cnvrrA that local merchants will do \eiy chary about committing themselves to any largo importations next year. It looks as f there is a good opening for Pukenohe glow ers to effect m.les for a longer period each year at tho usual rising prices, provided that thev can harvest tho onions m good condition, and that they havo the J" J&fi 8 for storing them. . At present the wellstored Pukekoho onions aro realising up <o tho same price as Japanese, although lattor wcro grown six months later. OATS AND CHAFF. Both lines show a rising market, although Iho local demand is not particularly brisk. Tho changes havo originated in tho South, where oats havo gone up threepence, and local merchants are now asking up to is 9(1 ex store for B grade. This is probably due to a likelihood of export to Australia, duo to continued dry weather, and it is not yet known to what extent tho position has been changed by last week's rain in New South Wales. , , _ There is a definite shortage of prime chad, although low quality is offering rather freely, and bc3t is now quoted at £lO 10a to i'll ex store. WHEAT. With the world's market showing a sensational recovery since bo many countries aro threatened with a smaller harvest, Canterbury growers are not really as anxious to got rid of their holdings as they were a few weeks ago, although all along they havo been sheltering under a sliding scalo of duty. Forward quotations for tho next.four months will nmko tho local price foV fowl wheat Ts lOd, but most merchants still have modorato stocks well bought, and they art' able to quote 7s 7d to 7s 8d ex store. FLOUR. Local mills aro making good sales at the regulation prlco, and tho quality is giving (very satisfaction. BRAN AND POLLARD. Although activo gristing is taking place, thc local mills are now unable to cope with tho demand for either lino, and insufficient quantities aro obtainable in tho South. Pollard has boon imported from Australia for somo months, owing to tho incicttsec demand from pig-farmers during a season oi very good prices for pork, nnd hian is no to bo imported to supp'oment tho local milling. It is not yet c.enr whether the tie mand for bran will necessitate further 1111uortations when pastures improve from their present very watery state, as large quantities are now being consumer) by dniry cows just in Merchants aro taking every precaution to provide against a shoilaM.. and the first shipment this season will be put aboard in Australia this week. MAIZE. Old grain is now almost exhausted, niid tho few remaining small lots are held for grinding New is now in perfect condition for shipping and storing, and is moving off well nt t'.H 9d ex storo to local buyers. Waikato and King Country distributors, howe* :r, are again getting their supplies by the ioutj adopted for the first time Inst year, by mil direct from thc Bay of Plenty. A larger consumption i 3 reported, row that tho distributors can land it at a relative! v lower cost as compared with wheat The usual citra winter demand is being felt.

FERTILISERS. Super lfl selling well, chiefly for delivery nejrt month, but some fanners are willing to tuko it at oncc. in order to get the full benefit of tho wholo season by topdressing as soon as thu weather allows. iflP llirnutitka will bo discharging another shipment of North African phosphate .this week, and this also in going on tho land us soon as possible, most of the ohipment having been hooked for immediate delivery from the wharf. L'LAX.

The oversoas markets arc a little stronger, nnd promise better for the new reason than seemed likely a few weeks ago Heavy supplies of Manila hemp have depressed prices for some time, and the present slight improvement will bo welcomed by millers, ns most of them will bo resuming operations during tho next few weeks. WERE'S TMJST RESULTS.

DIVIDEND OF 6 PER CENT.

NEW ISSUE OF CAPITAL.

The report and balance-sheet of Were's Investment Trust Ltd., tho first invest mont trust formed in Australia, have been issued. From the commencement of business on July 23. 1928, to June .50 last the trust made a net profit of £10,332 from income received after providing for income tax In addition certain changes of investments resulted in n net'surplus of £4139, after deducting £592 to cover any possible taxation charges. Thus the total surplus for the term has been £14,471.

The average capital for the full period was £138,920. On this amount the net profit from income represents a return of 7.437 per cent, and the net surplus realised on changes of investment shows an additional 2.980 per cent., making a total of 10.417 per'cent, on average capi tal employed. Tho whole of tne preliminary expenses, totalling £3788, has been written off from tho investment fluctuation reserve (created from the surplus on sale of investments), Dividends of 6 per cent, for the term absorbed £7640; £ISOO was transferred to general reserve and £ll4B was transferred to investment fluctuation reserve, raising it to £ISOO, after provision for the extinction of preliminary expenses. This leaves £43 to be carried forward. The investments number 205. At tho balancing date investments at cost figured at £261',637 and sundry assets totalled £1563. Capital paid up is £187.500 and other liabilities included: Loan, £50,000; securities bought but not paid for, £13,685; and sundry creditors, £2410, Lists of tho company's holdings and of its shareholders are published with the

report. A further issue is announced of 750,000 shares of 5s each, which are offered at par to shareholders in the proportion of one new share for every share held: fractions will be ignored. The new issue will raise the paid-up capital to £37f>,000 in 1.500.000 shares of 5s each.

MARKET REPORTS.

FRUIT AND PRODUCE PRICES. The good market for apples was maintained at the Auckland City Markets yesterday. Pears continued to be somewhat slow "of sale, while there was again a poor demand for Poorman oranges. Lemons were fair in value. Mandarins were scarce and dear, realising 19s to 25s a case. Island repacked oranges made 20s to 23s a case, and first grade ripe bananas, 22s to 27s a case. The field produce market was heavily supplied with cabbage, cauliflower, pumpkin and swedes. Good supplies of all root vegetables were also offered, there being a fair demand. Both Southern and Japanese onions wero a little dearer.' The prices for the other lines remained about the same as last week. There was but a fair demand for moderate supplies of both hen and duck eggs, all grades one penny a dozen cheaper. Farmers' butter was in short supply and met with a good demand, selling at the ruling rate of Is Id to Is 4d per lb. The following are yesterday's prices I'-

FRUIT. j Apples, Delicious, extra fancy, ]os to 12s a casor others, 83 6d to 9s Cd; Wineuaps, 8s to 10s 6d; Sturmeiß, Hawke's Bay, 10s 10 10s 6d; Doughertys. Gs to 8s Cd; Munroes, 9s Gd to 10s Gd. Pears, Coles 7s 6d to 9s; Nellis, 7s 6d to 9s; Josephines, Gs 6d to 7s Gd; P. Barry, 7s to 9s; Vicars, 7s to 7s Gd. Tree tomatoes, 4s to 8a Gd. Tomatoes, hothouse, Gd to Is 3d per lb; lemons, No. l's, 9s to 12s a case. No. 2 and medium, Ss to 7s Gd; oranges. Island, repacks, 20s to 235; Australian navels, lGs to 20s; Poorman, No. 1, 4s to 4s Gd; medium and small, 3a; bananas, first grade, repacked, ripe, 22s to 275; second, 12s to 18s; Australian citrus fruit; Mandarins, 19s to 255; pines, lGs to 18s; passions, ISs to 20s. FIELD PRODUCE. Potatoes, Southern, 10s to lis per cwfc.; ' now lid to 5d per lb; onions. Southern, 9s to lis per cwt, Japanese, 14s 10 16s a crate; spring. 3d to 9d a bundle; kumara, Islnnd, 12s per cwt; Tauranga, 10s to lis; cabbage, 2s to 6b Gd a sack; 011 benches, Is to 2a Gd a dozen; cauliflower, 3s to 9s 11 sack; 011 benches, 2r to 9s a dozen; swedes, 2s to 3s a bag; pumpkins. 6s to 8s per r wt; on benches, Gd to Is 3d each; bonus, 2s to 3s per lb; lettuce, Is to 9s a case; cucumbors. hothouse, 8s Gd to 8s a dozen; sound citron melons. 10s to 12s per mvt; celery. Is to 4s 9d a bundle; rhubarb 4s lo 5s Gd a dozen; spinach, 9d to Is 3d; radish, Gd to 9d; carrots, parsnips, beet and turnips. 7d to Is; leeks, 3d to 5d a bundle. 1

DAIRY PRODUCE. Hen eggs. A grade, first quality. Is 5d per dozen; B grade. Is 4d; duck eggs, A grade, Is 4d; B grade. Is 3d; farmers' butter, Is Id to Is 4d por lb.

HIDES AND SKINS SALES,

VERY LITTLE CHANGE IN PRICES

Thero was very little variation in the prices realised for hides and skins at the sales conducted at tho Auckland Chamber of Commerce yesterday. A slightly improved demand existed for dry sheepskins, the values for all lines remaining practically at par. The following prices wore realised:— Cow hides, light. 7d to 7 l;Pd per lb: medium. G'd to 7d; second quality and cut, s>d to Gd; faulty, sjd to Gd: ox hides, light, 7 1-Sd to 7id; medium, 7!d to 7jd: heavy, 8d to BJd; second quality, 6}d to 7d; cut, Gjd to 71d.; kips, best grade, 7}d to 7id; seconds. Old to GJd: yearlings, best grade, 85d to 9d; seconds. 71 d to 71d; calfskins, heavy, 91b to 101b weights, 9d to 9id por lb; best light, Is Old to Is o}d: best medium. Is Id to la lid; light and medium cut, lOd to 10](1; slippy, S!d < o „ oc| . „ , Sheepskins, three quarter to full-woollert, medium to fine crossbred, 10Jd to Hid: coarse crossbred, lOd to 10jd; faulty. Bjd to 9d: damaged. Sd to B|d; badly-damaged and broken, 7!d to 75d: half-woolled. medium to fine crossbred. 9!d to 1 Old •' co " r ', 0 crossbred. 9Jd to 9,' d: fs-ilty 8d to Bd. damaged. 7d to 7}d; quarter to bnlf-woolled, damaged, Old to 7d: quar er-wool efl.floyid. Old to lOd: faulty. 81 d to 9d: In nibs.tins, sound, lid to Hid; faulty and seedy, 9Jd to lOd' dnmaged, HJcl to Old; salted sheepIkins half-woolled to three-quarter. arge. 9a 3d to 10s each: medium, 8s to 8s 9d light. 5s 9d to Gs fid; quarter to halfwoolled In.irc Gfl to Gs 9d: medium. 4s 9d to 5s Gd- light, 3s 3d to 4s 4d; lambskins, large, Gs 3d to Gs 9d; light to medium, Best mixed, in barrels. 27s Gd to "8s per cwt: second quality, 25s Gd to 2Gs fid -- poor quality and gut-stained, 21s to "4s- in tins, good quality, 2Gs to 275; seconds, 24s Gd to 25s Gd: horsehair, best tail Is 9d to Is lOd por lb; mixed. Is Gd to is 8d; shorts, lOd to Is 3d: mane, 9d to 9}d.

CHICAGO WHEAT MARKET. Australian and N.Z. Press Association. CHICAGO, Aug. 12. Wheat. —September, 1 dollar 31ft cents nor bushel; December, 1 dollar cents; March, 1 dollar cents; May, 1 dollar 483 cents.

■LONDON DAIRY VALUES. Joseph Nathan and Company, Limited, has received the following cablegram dated August 12 from its London house, Trengrouso and Nathan, Limitedßutter, unchanged, 170s; whito cheese, 85s; coloured, 89s.