TRADE OF THE WEEK

New Zealand Herald, Volume LXX, Issue 21555, 28 July 1933, Page 5

TRADE OF THE WEEK

RETAIL AND WHOLESALE TEA PRICES STILL RISING UNCERTAINTY IN POTATOES Fairly steady turnover is being maintained in city trade and there have been few notable developments during the week. Generally, business is slightly better. The continued rise in tea prices is causing concern among blenders. Prices j must soon advance in sympathy on I the local market, as values have risen without a break since restriction of exports from the tea-growing countries came into operation on April 1. As each weekly auction brings further increases, packers are in a quandary as to what extent prices should bo raised. Uncertainty still exists in the potato market, which remains weak. Substantial supplies are still available. Other produce lines are quiet. There has been an increased demand from the country during the past few days for superphosphate for top-dressing. Much of this business has been the direct result of finer weather under the influence of which clay roads have dried sufficiently to permit heavy cartage. TARTARIC ACID English shippers advise an advance of £5 a ton in quotations for tartaric ucid. Itie chemicals market generally is very firm. COCOA Prices for tbe principal lines of cocoa in tins have been reduced to the distributing trade by approximately 7d a lb. TEA The quantity of tea offered at the weekly Colombo auction last Tuesday was l,(i00,000ll>. There was a strong demand and all grades were much dearer. Commonest advanced Id per lb; commons and mediums, lid per lb; and good, 2d per lb. Exchange is unaltered. Next week's auction will eompriso approximately T,610,0001b. At Calcutta commons advanced Jd per lb. All other kinds were steady at late rates. BRAZIL NUTS Stocks of cracked Brazil nyta are becoming lower in London and holders are now quoting increased prices for prompt and forward deliveries. The m&rket is reported to bi firmer in tone and higher prices may be expected. OLIVE OIL Recent cable messages from the producing areas announce all round rises for forward deliveries of olive oil. Plentiful stocks are held in Auckland, bought at better prices, and it does not appear that the present rises will have to be paid in New Zealand for some time to come. SACO AND TAPIOCA This week's advice from Singapore indicates firmer conditions in the markets for sago and tapioca, Spot stocks are sh°rt and little relief is expected until the arrival of the Narbadi nest month, This vest-el has just commenced her quarterly loading in the East. JAPANESE SEEDS All varieties of millet and hemp seed have registered further advances, according to latest cablegrams from Japan, owing to the fact that holdings ex 1932-33 crons are now practically exhausted and the harvesting of new seeds cannot commence before December. CHERRIES The market for cherries has advanced strongly both for French and Italian varieties, owing to recent unfavourable weather in Italy which has apparently done considerable damage to the fruit. A month ago Continental packers were reported to be refusing to quote new season's drained varieties until such time as they had had a chanco of sorting a large proportion of their purchaEes to ascertain how much damaged fruit had to be allowed for. Fortunately New Zealand factories largely covered their requirements early and will. thuß secure their purchases at a considerably lower figure .lion to-day's nominal high rates. PEPPER Cablegrams from Singapore recently to hand indicate slight advances in pepper prices for spot forward delivery. The market is apparently steady at recent _ low levels, but sensitive to the slightest indications of better business ffom London. Should United Kingdom buyers come on to the market for any heavy parcels it seems certain the market will take a definite turn toward higher levels, PINEAPPLES The Singapore market for pineapples remains firm at recent high levels. Reports on the new crop are not yet to hand and it is impossible at this stage .to judge whether the market will continue to rise or whether the new season's output will be heavy enough to result in a return to the low levels at which this produce has been sold for the last three seasons. Locally the fine weather has stimulated the demand for this fruit and increased sales are reported. Spot stocks, however, are ample. POTATOES The potato market during the last fortnight has fluctuated violently and at the moment remains extremely sensitive. The spot position is weak ond offerings arc available at less than f.o.b. parity. The weakness is principally duo to the fact that supplies from all sources are still rather more than sufficient for the demand. Easier conditions exist in the South Island market than last week. Spot values for best quality range around £7 to £7 6s. Seed potatoes are in fair demand owing to the favourable planting weather and good supplies are held ONIONS This market is heavily supplied with Southern onions. The quality is favourable and they aro worth around £7 10s a ton through store W33EAT There is a slightly improved tone in the wheat market, with no appreciable alteration in values. Current prices are from Is lid to 5s a bushel through store MAIZE The maiae market is quietly firm and there is a good demand. Through store values are firm at from 4s 3d to 4s Gd a bushel. BARLEY The demand for barley is slow and the recent, advance in the Australian market will make importation at prices to compete with wheat and maize difficult.. Values at present remain around 4s to 4s 3d a bushel through store. -> x OATS AND CHAFF Dull conditions exist in oats. Prices are unaltered around 2s 9d a bushel. For chaff there is a moderate demand with ample supplies of good quality Southern chat! available. Values are £(> 10s to £('» 15s a ton through store. , BRAN AND POLLARD The demand for pollard is being well maintained and with the Australian position easier there is a strong inquiry for the imported meal. Prices of both New Zealand and Australian are now about on a parity at fli 10s a ton through store. The bran market is steady at £5 15s a ton through store. GOLD AND SILVER QUOTATIONS IN LONDON (Received July 27, 7.35 p.m.) LONDON, July 2G Fine gold ia quoted to-day at £6 .'is 9d nil ounce, compared with £6 -3s 6d yesterday. Silver is quoted at 17Jd an ounce? spot and 18d forward, compared with 18 1-1 Cd and 18 3-10 d yesterday. The quotation for silver at per fine ounce is 19 5-16 d, compared with 19Jd yesterday. PROPERTY SALES Samuel Vaile and Sons, Limited, will oiler at auction at their rooms, S-J Queen Street, at 2 p.m. to-day, threestorey brick building on section with (36ft. Gin. frontago at Nos. 50-62 Customs Street Kast. T. Mandono .Jackson will oiler at auction at 11 a.m. to-day, at their rooms, 9 Commerce Street, house of four rooms on section 'ssft. bv IGoft. in Richardson Road, Mount Albert. Robert C. Carr and Son will offer at anotion at their rooms, 20 Swanson Street, at noon to-day, six-roomed house at 117 Crummer Road, Grey Lynn. Richard Arthur, Limited, will offer at auction at their rooms, 191 Queen Street, at 10.45 a.m. to-day, fourroomed house at 13 Clarence Street, Ponsonby.