TRADE OF THE WEEK.

New Zealand Herald, Volume LXVIII, Issue 20987, 25 September 1931, Page 5

TRADE OF THE WEEK.

RETAIL AND WHOLESALE. WITHDRAWAL OF QUOTATIONS. ADVERSE FOREIGN EXCHANGE. The satisfaction in trade circles with the improvement in turnover which has been registered by many business houses in Auckland this week ha 3 been somewhat modified by the effects of the sus pension of the gold. standard in Great Britain. At present overseas buying has come to a' standstill and most merchants are awaiting developments. The first effect "felt among trade houses in Auckland was the withdrawal from abroad of praqtically all shippers' current quotations for foreign commodities and it is considered unlikely that they will be reinstated until the exchange position stabilises to some extent. In train, it is expected will come the inevitable increase in prices for all lines of foreign origin. An indication of this was contained in the cabled advico received by one Auckland agent from his London principals yesterday morning which stated : " Everything where foreign exchange enters advancing." No advices had been received from America, but at the same time confirmation of orders sent forward the previous day had not been obtained. Goods landing by the Port Alma, which has arrived from New York, and the Sonoma due to-day fro~m San Francisco, will bo affected by the less favourable conversion rate for the United States dollar quoted yesterday. One line which will be the first to carry higher prices will be the consignment of Californian onions which tho Sonoma is bringing. In this instance adverse exehango will increase the price by about Is 9d a bag. Another important arrival during the week was the Cornwall, from West Caist of England ports on Wednesday. Her cargo, being of British origin, will carry usual rate of exchange of II 1 8 per cent, which has operated for demand drafts for some time. This vessel brought supplies of cornflour, acids, paints, oils and lead, iron and steel, hardware, galvanised iron, barbed wire, salt, carpets and linoleums and cotton, woollen and leather goods. * JUTE GOODS. % The 1931 importation of woolpacks into New Zealand was considerably below that of 1930. The market at present is ruling firm at values which give a very low return to manufacturers. Some New Zealand buyers are at present interesting themselves in deliveries up to next July-August. The final forecast of this year's jute crop shows a decrease of 49J per cent, on the revised figures for that of last year. BULK CORNFLOUR. Supplies of bulk cornflour landed by the Cornwall from Glasgow have relieved the shortage of this commodity. Thi3 is the first shipment to come to hand since the cancellation of Canadian orders owing to the increased duty on Canadian goods. The business will continue to go to England until Canadian importg are put on a more favourable tariff. Even then some of the former business is likely to _be lost to Canada as merchants are finding that the line is landing at a reasonable cost in comparison with the Canadian prices. ' RAISINS AND SULTANAS. Stocks of raisins and sultanas have been the centre of much interest amon? local merchants during the past day or two and some interhouse buying of Australian dried fruits bas been reported, although in view cf conditions most supplies are likely to be very firmly held. High prices have been ruling for all Californian varieties and. holding the opinion that the rates were not likely to be maintained, many merchants have been holding off. As a result increased business has been cabled in the past day or so. but up to yesterday there had been no confirmation of orders. On the face of it, however, it seems inevitable that adverse exchange rates will materially increase prices. In the meantime merchants who have covered fully in requirements of Mildura fruits could have cleared surplus stocks twice over. The last of the season's Mildura sultanas aro now being loaded at Melbourne and will be coming to hand by the Karepo in about two weeks' time. This vessel will have a fsirly large cargo as there has been no despatch for about six week 3 and she will be bringing a great deal of. supplies for Christmas trade. TEA.. This week's auction ai Colombo totalled 1,600,0001b. For common and medium kinds the market was very strong. For fine kinds the market generally was irregular, owing 'to a decline in quality. Calcutta advised a very strong market for all grades. Cabled advice from London reports that, since the suspension of the gold standard the market for low-grado teas ha 3 advanced Id a lb. Cables received from the producing centres advise that all orders accepted are subject to fluctuations in the conversion of the rupee, and that any fluctuation to the time »f shipment will be to the buyer s account. At that time the conversiim rate of the rupee was Is 6d. and should this increase, the cost of tea to New Zealand blenders will advance correspondingly. In view of the immediate strengthening of the London market it seem:} almost certain that this will be the case. POTATOES. Plentiful supplies of potatoes have been available this week, and there has been practically no alteration in rates, which remain at from £3 15s off wharf to £-1 5s a ton through store. A fair proportion of the supplies is still' being sent forward on consignment. A further shipment is due next week, but there appears little likelihood of any definite move unless next week's arrival is light. A lively demand has been experienced during the past week for seed potatoes, due no doubt to the favourable planting weather. Fair stocks are still available. ONIONS. Australian onions are now being cleared, and from now on the major business will be done in American. Tho adverse exchange has had the effect of adding about Is 9d a bag to the cost of these, and this increase will apply to arrivals by the Sonoma to-day. The price is firm, from 17s 6d to ISs a bag. WHEAT. No alteration has taken place in the market for wheat. Business is quiet and the price of grade remains at around 6a 8d a bushel. MAIZE. The market for maize is inclined to be a little weaker, and -merchants are buying only as the demand warrants. The wholesale buying rate f.o.r. is 3s lid a bushel, and most business is being done direct by iail with the Bay of Plenty. The price in Auckland through store is arouud 53 5d a bushel. OATS. Easy conditions exist in the market for oats. Prices are unchanged at around 3s t?d a bushel through store. CHAFF. The demand for chaff remains disappointing. and little improvement is expected in this market for the time being. It is worth from £" 5s v off the wharf to £7 15s through store. POLLARD. The Australian market for pollard continues on a slightly firmer basis, although it is still being imported and sold at below local price. The price of Australian at the ship's side i 3 £5 10s a ton and £6 a ton through store. BRAN. All business in bran is confined to the local product. Tho millers' price remains at £5 5s a ton. BASIC SLAG. Owing to the exchange position oversea quotations for Belgian basic slag have been withdrawn until the outlook in the exchange position clarifies Merchants generally are marking time in selling in the hope that something definite may be learned shortly. LONDON STOCK EXCHANGE. LONDON, Sept.. 23. Tho following are 1 included in to-day's quotations on the London .Stock Exchange:—Dalgety and Company, Limited, shares £5, 4 per cent, debenture stock £65. PROPERTY SALES. William A Home, Limited, will offer at auction, at their rooms, first floor. Home's Buildings, Vulcau Lane, at V 2.30 p.m. today, four-roomed house and 2|-acre section at PupatoetoC. F. Bennett, Limited, will offer at auction, at their rooms, corner Queen and Short!ahd Streets, at noon to-day. sevenroomed bungalow, with garage and sepnrate shop on freehold section, at the comer of Mays Roao *nd Curzon Street, Onehungn: and five-roomed bungalow on freehold section at 31 Fowlds' Avenue (corner Locarno Avenue). Mount Albert. Samuel Vale and Son 3, Limited, will offer at auction, at their rooms, 83. Queen Street, at 2 p.m. to-day. five-roomed brick residence with two garages, on corner sec tiou at 87. St. Luke's Road. Mount Albert; five-roomed house and 4i-acre section on main highway, Lynn.