TRADE IN AUCKLAND.

New Zealand Herald, Volume LXIX, Issue 21132, 15 March 1932, Page 5

TRADE IN AUCKLAND.

RETAIL AND WHOLESALE. BUSINESS ON FIRMER BASIS. INDENTING ON CAUTIOUS LINES. The decision of the Government not to raise the rato of exchange has had an important effect upon trade conditions in Auckland. For sonic time merchants have showed a hesitancy in buying, but business has now settled on a firmer basis. Although the Government's decision has had the effect of promoting overseas buying, importers are still proceeding cautiously. At present importers are showing very little interest in anything but prompt shipment orders. Most merchants will be stocktaking at the end of the month and this, together with the annual bank balance, has the effect of limiting indents. The general tendency is to buy in limited quantities. Unless forward markets are considered most favourable, buyers prefer to wait and see how conditions will affect sales of various lines beforo booking wardDRIED FRUITS. There has been no change in recent prices for American dried fruits, although raisins are inclined to show ». firming tendency. The improved dollar conversion rate has affected the demand and more inquiries are being made The demand for American fruit will be affected considerably by tho prices asked for Australian dried fruits. Merchants have already received a- circular drawing attention to tho new grading regulations of Australian dried fruit, and it is expected that the new prices 'will be available this week. If anything, an advance is expected. ENGLISH SALT. A shipment of English salt, which arrived by the Cornwall on Friday, is now being unloaded. Sales have increased owing to (he opinion that salt will be subject to a duty when tariff increases are considered by" Parliament. BARCELONA NUTS. There has been a reduction of 2s a cwt. in tho present reason's Barcelona kernels. Supplies are considered good, and the new season's crop will be ready in October. BRAZIL NUTS. Shelled Brazil nuts have been reduced Id a lb. for April-May shipment.. Last, year's crop was a. heavy one and this year fewer inquiries have been marie. WALNUTS AND WALNUT MEAT. Tho present crop No. 1 Naples Sorrento walnuts has been reduced by 3s a cwt.. Prices for walnut meat have also shown a reducSICILY ALMONDS. The new crop of Sicily almonds has been reduced 6s a cwt. for September-October shipment. There i 3 a reduction of 2s a cwt. on present season's for prompt shipment from London. Little interest is being shown by importers and prices aro expected to decline further. DATES. There has been an increase of 9d a cwt. in tho price of present season's native stored Sinr dates from London. Supplies are comparatively short. New season's dates are due on ihe market, in October. OIL OF LEMONS. With the improvement in sterling overseas the oil of lemon market, which has been firming sfrontrly during the past three months, has shown a slight weakening tendency. This is expected to continue. OLIVE OIL. Conditions similar to those in the oil of lemon market have operated with respect to olive oil. A fair demand is being experienced, - COCONUT. New Guinea coconut in bulk is being quoted at the same rate or slightly lower than Ceylon, which is easing in prjeo. ACIDS. The market for citric and tartaric acids is unchanged after a slight decline recently. The demand remains steady. SINGAPORE PRODUCE. Contrary to expectations, quotations for Singapore produce, pineapples and spices, have been on a c.i.f.e. basis, on which they are actually lower. Buying has not been heavy and it is not expected there will be a great demand until August for direct shipment. POTATOES. Heavy supplies of potatoes continue to arrive and are generally hard to quit. There are no immediate prospects of a better market, as the main Pukekohe autumn crop will come forward in a few weeks. The Southern market has weakened, but prices are still above the local crop. ONIONS. The market for onions is distinctly weaker owing to exports being reduced. A shipment will be sent to Sydney by tho Marama this week. CHAFF. The chaff market is well supplied, but the demand remains good and stocks aro clearing well. BRAN AND POLLARD Stocks of bran and pollard are adequate for the demand. MAIZE. There is an exceptionally heavy demand for maize, which is in short supply. Negotiations for importations from South Africa are in train, but no definito action lias ; been taken. OATS. Oats are in short supply and difficulty is still being experienced in obtaining 6uprlies from the South. BARLEY. The barley market is still firm and supplies are being cleared satisfactorily. The demand is likely to continue.

A DIFFICULT YEAR. GREY VALLEY COLLIERIES. NO DIVIDEND- PAYMENT. The seventh annual report of Grey Valley Collieries, Limited, shows that owing to adverse trado conditions throughout the Dominion during the last year the demand for coal was not as brisk as in previous years. The total quantity produced and disposed of was 99,944 tons. Tho balance transferred from the profit and loss to tho appropriation account was £7906, which, together with the credit balance of £592 brought .forward from tho previous year, made a total credit of £8498. Full provision had been made for depreciation and taxation, which amounted to £5500. It is rocommcndcd that the' remaining balance of £2998 be dealt with As follows:—Transfer to general reserve, £2115; carry forward to next year's accounts, £BB3. It is further recommended that tho' total amount of £9115 in the general reservo account be transferred to the disaster loss account, reducing the debit balance therein to £6OOO. An air compressor and an electric motor and equipment costing £2OOO had been installed, and wore working satisfactorily. Messrs. R. B. Bell, H. Morpeth and A. Smith retire from tho board, but are oligible and offer themselves for re-elec-tion. Mr. J. R. Templin had been appointed to the directorate in the place of Mr. J. M. A. llofct, who had resigned. Following is a comparison of tho company's results and appropriations for the past three years: — 1929. 1930. 1931. Brought forward . £272 £522 £592 Not profit . . . 20,358 19,070 7,606 £20,630 £19,592 £8,498 To reserve . . . 2,500 4,500 2,115 Depreciation and taxation . . 9,610 8,500 * 5,500 Dividend— Per cent. ... 8 6 Amount . . 7,999 6,000 Carried forward . . £522 £592 £BB3 PUKEKOHE PRODUCE PRICES. fFBOM OUR OWN CORRESPONDENT. "1 PUKEKOHE, Monday. Locally-grown potatoes are quoted today at 5s per cwt.., f.o.r, Pukekohe, as against 5s 3d last Monday, and onions at 10s ,por cwt., tho same as last Monday. Supplies are plentiful but the market is quiet.