TRADE OF THE WEEK

New Zealand Herald, Volume LXIX, Issue 21325, 28 October 1932, Page 7

TRADE OF THE WEEK

RETAIL AND WHOLESALE - A MORE HEALTHY TONE FIRMER TEA MARKET * Fluctuations in sterling and the higher conversion rates are having an unsettling effect upon business in the city anrl trade during the week has beefi on a rather unsatisfactory basis. It i s expected that additional costs will havo to be met on arrivals from Canada and the United States and accordingly adjustments will be required in wholesale and retail charges. Distributing houses report a more healthy tone, in business, retailers' orders being well maintained. It is stated that a degree of constancy has been established in the trade, there.being a quick turnover of stocks at, shorter and moro regular intervals. The practice of buying only for the immediate future is a natural result of present conditions and it is giving general satisfaction. Latest advice from the East indicates a iurther advanco in tea prices and merchants interested in the trade have lately been paying particular attention to the tea market. The advances follow the announcement of a proposal to restrict the output in the principal tea-exporting countries. Somo time will probably elapse before the effect is felt locally, as fairly considerable stocks are held here. The produce market is fairly quiet, there being a gradual clearance of old season's stocks. 'I lie new season for many lines will commence with the new year, when the market will show increased activity. EASTERN MARKET Latest advice from the East indicates a firming in the market for sago arid tapioca. Prices for pineapples ate unchanged, with j the exception of one grade, which is slightly easier. Nutmegs are quoted slightly in advance. JAVA KERNELS Latest advices disclose a slight easing in Java kernels, which are now available 5s a l ton lower than previously. WALNUTMEAT Attractive rates are at present being quoted for walnutmeat and buyers have availed themselves largely of the present offers. RAISINS Seeded raising in cartons have been offered at very low rates for both prompt and forward shipment from San Francisco, but cablegrams to hand advise that quotations for shipment later than March have been advanced Is a cwt. Meanwhile, prices for other grades are unchanged. DATES The direct Rleamer carrying dates from Busra sailed on October 24, two weeks later than scheduled, consequently the new season's supplies will arrive later than ysual this year, and they are not expected until December 20. Good stocks of present season's dates are still held locally, but it is expected that the market will be short before the new season's dates arrive. Prices for dates for shipment in November and December from Busra, via India or London, are 1b 3d per cwt. above the rates for the direct shipment. ALMONDS Prices for new season's Sicily and Jordan almonds for November-December shipment are again firmer, the former having advanced £6 a ton. while Jordans are quoted £3 a tori in advance. Ground almonds are also showing a firming tendency, latest cabled quotations advising an advance of £7 20s a ton for prordpt shipment. \ WHITELEAD The market, for whitelead remains steady, prices being very firm. TEA Another advance' in the price of tea in the Esst is reported. Advice from Colombo states Uiat at this week's auction 2,500,0001n. Were offered, the quality being unchanged. There was a very strong general demand', all grades advancing considerably. Commons sold ljd higher, mediums Id, and good id a lb. in advance. Exchange is quoted at Is 6 5.10 d. 90 days' usance. Next week's auction will comprise 1,750,0001b. The cablegram from Calcutta advises a very active demand, the market advancing for all grades Jd to Id a lb. A cablegram from London also advises a rise ef Jd a 'lb. in Indias and Ceylons. The total export of India teas to New Zealand from April 1 to September 20 was 308,5811b., as compared with 311,3321b. in the same period last year. POTATOES Stocks of old potatoes held in Auckland are rapidly becoming depleted, and it is not known what quantity, if any. will be coming forward from the South next week. Inquiry for Southern potatoes, chiefly for steamers, the hotel trade and country orders iB still being maintained. It is expected that there will be a shortage next week, if stocks are not replenished. In view of the uncertainty of supplies; merchants are quoting for next week at lowest market rates. The present price is £8 5b to £8 10b a ton through store. New potatoes are coming to hand in increasing quantities and they are of improved quality. Supplies at present are somewhat short, as recent rains have interfered with the digging. They are worth from 2d to 2Jd a lb. ONIONS Store stocks of onions are light, but a fairly heavy shipment will arrive by the Niagara on Monday. It is probnblo that the decline in sterling will add to the landed fcosts, but bookings are taking place for next week at 19s for bags and 20s for cases OATS , / The market is quiet. The demand ii very slack and values are inclined to weaken. They are at present worth 4s 2d a •bushel through store. MAIZE The maize market is steady with a good sustained inquiry. It is not likely that there will be any further shipments this year of crushed maize from South Africa, and it is expected. that present stocks will be exhausted toward the end of December. The present, price of maize through store is 5s 3d a bushel, the wholesale buying rate in the Bay of Plenty being about 4s. FOAVI,WHEAT The fowlwheat market is in fairly short supply, Australian slocks being low. The next, shipment, from Australia will arrive about November 10. The present price is 6s 2d a bushel through store. CHAFF Owing to there being ample supplies of green feed, the demand for chaff is poor. Ample stocks are held and good quality Blenheim is available at £8 10s a ton through store. AUSTRALIAN BARLEY A steady demand for Australian barley has been maintained, (jupplies being sufficient to meet it, POLLARD The pollard market is slightly firmer, merchants' price through store being £7 5s a ton. Local mills are quoting unchanged at £6 10s. BRAN The inquiry for bran has also been affected by feed supplies. Prices are generally unchanged. THE LONDON MARKETS QUOTATIONS FOR METALS ALL-ROUND DECLINES (Received October 2/, 8.35 p.m.) LONDON, Oct. 26 Following are to-day's quotations on the London rnetal market, compared with those of October 25: Oct,. 26 * Oct. 25 Per ton Per ton £sd £ s d Copper, stan., spot . . 30 13 Ij 31 11 10J Copper, stan., 3 mos. 30 15 75 31 14 4} 'Copper, electrolytic . . 35 0 0 35 10 0 to , to 3fi 0 0 36 If) 0 Copper, elect, wire bars 36 0 0 36 10 0 Lead, soft, spot .. 11 12 6 11 18 9 Lead, soft, forward .. 11 17 6 12 3 fl Spelter, spot . . 15 ] 3 15 3 9 Spelter, forward .. 15 6 3 15 8 9 Tin, stan.. spot ..152 3 9 153 11 3' Tin, stan., 3 mos. .. 152 12 6 153 17 6 •American, 5.50 cents a lb., same as on October 25. ,