TRADE OF THE WEEK

New Zealand Herald, Volume LXIX, Issue 21277, 2 September 1932, Page 7

TRADE OF THE WEEK

RETAIL AND WHOLESALE FEW MOVEMENTS RECORDED BASIC SLAG PRICES HIGHER Conditions in city trade have remained fairly steady during the week. One or two quiet days were experienced at the opening of the period, following the rush of September orders, but more activity has developed during the last two days, and a slightly improved volume of trade is being maintained. Few movements have been registered in overseas markets, a number of which are firm at recent advances, The chief development has been the announcement of increased prices for basic slag for autumn delivery. An advance of 15s to £1 a ton has occurred. DATES Interest in new season's dates has now eased as merchants have covered their first uhipment requirements. Confirmation lias been received by cable that a direct steamer has again been chartered and the Oimara. will bring all the first of the new emsc-n's orders. So far her date of hailing has not been scheduled. Some packers announce that they cannot take any further business in stoned dates, whilo for ordinary bulk orders are now strictly subject to confirmation. SICILY ALMONDS The market for Sicily almonds lias liceu fluctuating considerably lately and business cabled to Palermo a little over a week ago for new season's was refused by shippers at the then ruling price. Cables just to hand, however, show that c.i.f. rates have eased again and orders previously rejected can now be accepted at rates about l"i less than those recently ruling. CEYLON TEA At the Colombo tea auction this week 1.750,0001b. wero offered. The market for commonest, common and medium grades was very strong. Mediums advanced id a lb. For good teas the market was irregular and slightly easier. Exchange is unaltered. Ab was mentioned Inst week, there will be no auction next Tuesday owing to the tea traders' holiday. INDIAN TEA Advice from Calcutta states that a strong market ruled this week for all grades at late rates. There was an offering of 2,250,0001b. Total exports from Calcutta to New Zealand from April 1 to August 2, 1932, were 120,0171b., as against 2C0,6901b. for the corresponding period in the previous year. / POTATOES The market has been well supplied with during the week and the price was a reduction on that of the previous week. Business was done at around £7 15s a ton ex wharf, and £8 5s a ton through store. Indications point to there being ample supplies for next week, with no immediate improvement in the marget in sight. A good demand for seed potatoes continued and merchants are still carrying ample stocks of the most popular varieties. ONIONS Stocks of onions are extremely light and they are selling at 28s to 30s a case through store, the highest price they have realised for some considerable time; 1 Limited quantities of Canadians are due next week but practically all are sold to arrive. FOWL WHEAT The market for fowl wheat is steady at late rates. Southern merchants do not appear to be keen to meet the coming Australian wheat competition. Prices for beßt through store are 6s 4d to 6s 6d a bushel. Merchants are now making their arrangements to, bring forward a quantity of Australian wheat for poultry purposes under the Government's contract. Indications are that the first lot will arrive in the first

week in October. Prices are expected 1o range from 5b lOd to Cs from tho ship's side to 68 3tt a bushel through 6tore. MAIZE Bay of Plenty nraize is being freely offered. Tho wholesale buying price is around 4s a bushel on trucks, Bay of Plenty. The price of local through store is 5s 3d a bushel, and South African 5s Bd. OATS AND CHAFF Both oats and chaff are dull of enle and market, prices in tho South are inclined to weaken. The prices on the «pot are unaltered. AUSTRALIAN BARLEY Tho demand is being well maintained for Australian barley and clipped continues to move out at 4s 3d to 4s 5d a. bushel. BRAN AND POLLARD Good inquiry continues for bran at the higher rates announced earlier this week. Mills are now charging £5 10s a ton and merchants £G a ton through store. Pollard is also meeting a tteaay demand at £7 a ton through merchants' stores for New Zealand, and £7 5s a ton for Australian. BASIC SLAG Quotations for next autumn's delivery of basic slag are now to hand and tho prices named show an increase of about 15s to £1 a ton on last year's rates. The increased price is due to the low supply of raw material. BUTTER PRICES BETTER RECOVERY TO 110s A CWT. BOTH MARKETS STEADY A recovery in the price of New Zealand butter on tho London market to a top quotation of 110s a cwt. is reported in merchants' cablegrams. This is a rise of Is a cwt. on recent quotations. Merchants have received tho following cablegrams from their London houses, dated August 31:— Newdick Brothers, Ltd., from Whiteley, Muir and Zwanenberg, Ltd.: —Butter: New Zealand, 110s; Australian, 103s. Cheese: New Zoaland, white, 635; coloured, 58s. New Zealand Loan and Mercantile Agoncy Company, Ltd.: —Butter: 109s to 110s. Cheese: White, 62s to 635; coloured, 56s 6d to 575. The market is steady. A. It. Turnbull and Company, Ltd,, from W. Weddel and Company, Ltd.: — Butter: Danish, 123s to 1255; New Zealand, finest salted, 107s to 110s; Australian, salted, 98s to 102s. Cheese: New Zealand, white, 62s to 635; coloured, 57s to 58s. Both markets are steady. LONDON BUILDING SOCIETIES MORTGAGE INTEREST LOWER (Received September 1, 1i.5 p.m.) LONDON, Sept. 1 Four London building socioties have reduced the mortgage interest rato for new applications by £ per cent to per cent. BRITISH BANKING OPERATIONS OF THE "BIG FIVE" The balance-sheets to June 30 of the group of British banks known as the "Big Five show that their resources have not been impaired by tho happenings of the last two years. Deposits of the five banks —Midland, Westminster, Lloyd's, Barclay's and the National Provincial—aggregate £1,594,927,752, a reduction of £68,391,263 in comparison with December 31, 1931. Cash amounts to £180,082,323, and provides cover of 11.3 per cent for deposits, compared with 12 per cent in December. The total cash items, including money at call, acceptances, etc., is £326,404,991, and the ratio to deposits is 20.5 per cent. Advances aggregate- £761,550,140, or 47.7 per cent of deposits, a decrease of £51,596,835 in tho last six months. This indicates the lessened trading actjvity, which is also revealed by decreases in money at call, acceptances and balances with other banks. The decrease in advances has forced money into other channels, and several banks have increased their holdings of investments. Reserves of the banks amount to £44,750,000, and have not depreciated in the last half-year.