TRADE OF THE WEEK

New Zealand Herald, Volume LXIX, Issue 21349, 25 November 1932, Page 7

TRADE OF THE WEEK

RETAIL AND WHOLESALE

UNCERTAINTY CONTINUES

LOWER PRODUCE VALUES

The uncertainty in regard to Iho exchange position continues to influence trade conditions in tho city. The question of principal importance to wholesale merchants this week has leen to arrange finance, wherever documents are available, for shipments arriving shortly in order to savo in the event of an early increase in exchange rates. Tn a number of cases this has been possible, but there are still some important shipments some distance away which will bo seriously affected should an advance be made.

Little forward buying is being done and indentors are likely to experience a quiet time until the position is definitely settled. Fortunately, this is the quiet period of the year, and had the renewal of the controversy been delayed a, month or so it would have had a much more serious effect upon business of that nature. Satisfactory clearances were made by merchants in this month's deliveries which went out during the week. Business was not exceptionally heavy, however. Conditions in the produce trade are quiet, with a general tendency toward lower values. Although new potatoes were a shade firmer at auction yesterday, there had been insufficient rain to interfere seriously with digging, and supplies are expected to continue to come forward as freely as ever. Onions are also cheapening and with additional supplies arriving from Canada early next, week the market is expected to remain a buyers' one in spite of increased landed cost as the result of the easing in sterling.

Quotations already to hand for South Island produce for delivery next year indicate unusually good crops, and if present conditions can be accepted as a guide there is every possibility that prices in South Island lines will be cheaper next year than they were last. RANGOON RICK Quotations have heen received for new season's Rangoon rice for March-April shipment. The prices are named on a more attractive basis than last year. EASTERN MARKET Prices quoted from Singapore by one shipping house this week showed little alteration from those recently ruling. Difficulties in regard to exchange, however, have apparently arisen and subsequent advice notified a withdrawal of the c.i.f.o. prices, c.i.f. rates only being quoted in their stead. TARTARIC ACID After receding to the lowest level on record, the market for tartaric acid has now firmed and cablegrams from London shippers advise a fractional increase for shipment in December or January. RAISINS "While most grades of Californian raisins remain steady at late rates, some special offers have just been made by San Francisco shippers for Malaya seeded raisins in cartons for shipment up to next March. As most huyers have already covered for their requirements in this grade, little interest is being shown in those offers in the meantime. TEA The offering at the tea auction at Colombo this week was 2,375,0001b. The selection was poor. The market was generally easier, especially for low medium broken orange pekoes, of which there were considerable withdrawals. It is reported that this grade sold at increased rates after" the auction. Common grades declined id a lb. Good teas were unchanged. Exchange remains unaltered. Next week's auction will comprise approximately 2,250,0001b. The report from Calcutta advised a slightly easier market, with the exception of common grades, which were steady at last week's rates. A London cablegram advises that, the market for common and. medium teas is very strong. DESICCATED COCONUT The Ceylon market for desiccated coconut is now considerably higher than it was a month or so ago, and although the Papuan mills did not follow _ the market at the same time, cable advice has now been received notifying agents to increase the price of the Papuan coconut by id a lb. At the increased price, however, it is still much lower than that from Ceylon. As the tendency is for a further hardening in prices, good business continues to pass for prompt and forward shipment. ALMONDS There are indications of a slight shortage developing in both sweet Sicily and .lonian almonds, merchants apparently having covered their requirements this year on the light side. Both varieties are rather short on the 6pot and appear to be barelv sufficient for Christmas requirements. Similar conditions apply to muscatels this yen;-, there very little possibility of a carry-over jn this line after Christmas buying has subsided. Both almonds and muscatels are regarded to some extent as luxury lines and in these, and similar goods, merchants have had great difficulty in forecasting the demand. WALNUT MEAT Some uncertainty ha 3 existed whether supplies of new season's_ walnut meat would reach this market in time for the Christmas trade. It now seems fairly certain thr.t the new crop supplies will not arrive until January 5, some agents having received advice that their orders are being brought by the Ss'dney Maru. which is due on that date. As fair stocks are in merchants hands, this news is not likely to bo disturbing to the market, but in normal timesit would have been a serious matter to the trade From what ran be ascertained stocks will 'be about sufficient to meet, requirements until the arrival of supplies. POTATOES The price of new potatoes has fallen further and city merchants find that as tho Auckland price is still'a, fraction below Pukekohe parity, a. fair percentage of the business is being handled by them. Owing to tho heavy crops in and around Auckland, the position is likely to continue for some little time. Pukekohe retaining most of the Southern rail business. The auctions continue to handle, large quantities. Prices were a little firmer yesterday at 2s 6d to 3s 3d a bac of sr,lb. .An interference with digging by heavy rain offers tho onlv possibility of improving prices at present. ONIONS The market for onions is steady with an easier trend. A further shipment of Canadians is due on Monday. Theso are costing more to land, but this is not hkely to have much hearing on spot prices as stocks m Auckland are fairly large. Values at present are around 15s 6d n case. Early Victorians are being offered at favourable rates, but a further easing is expected in """ keL renvf. wheat Another shipment, of Australian fowl wheat, is now being loaded nnd is due in about a fortnight. As far as merchants know this will be tho last shipment from Australia. under the Government s present scheme, A good inquiry is anticipated, as most storekeepers will bo wanting additional quantities to carry them over the Christmas holidays. Prices remain unaltered around 6s 2d a bushel through store. Small quantities of fairly good auality Southern undergrade wheat havn been offered and eagerly taken up at around 5s 9d a bushel. ,MAIZE Contrary to expectations the maize market" continues to firm in the Bay of Plenty. Quotations on rail are now unprocurable under -Is fid a bushel. This movement has not yet resulted in a hardening of Auckland rates, bu,t, firmer levels are expected to operate in a. week or two. OATS AND CHAFF Prices for oats in the South have fallen considerably, and although no cheaper lines have yet come on to this market lower values should be available shortly. Chaff is slow without alteration in tho through storo price of £8 10s a ton, AUSTRALIAN BARLEY "With the new season's grain available soon, merchants are clearing stocks of Australian barley. Lower levels are offering for the new season's grain. BRAN AND POT/LARD The market for bran and pollard is unchanged. Bran prices are steady, with tho mills asking .-£5 10s a toil. New Zealand pollard is also unaltered at £6 a ton from the mills, while merchants are placing Australian at. £6 ISs to £7 a ton. through store on account of its better quality,