TRADE OF THE WEEK

New Zealand Herald, Volume LXX, Issue 21561, 4 August 1933, Page 5

TRADE OF THE WEEK

RETAIL AND WHOLESALE LOCAL TEA PRICES RAISED GRAIN AND PRODUCE QUIET. Satisfactory clearances are reported by the distributing trade in the city. Grocery lines especially are moving out steadily, but, generally, some improvement in business is being noted. Overseas markets as a whole are fairly steady and quiet. Tea prices continue to firm, further rises being reported from Colombo this week ill all but the cheapest grades. v The movement in this market has culminated in an advance locally from the beginning of this month of 2d per lb. in all tho best packet teas. The rise in tho Eastern tea markets, following tho adoption of a restriction of exports, together with the effect of higher exchange and duty, has resulted in a largely-increased landed cost. This would have been passed on before but for the largo stocks of tea on hand when the taxation measures and tho increased exchange came into operation. * i Little activity is reported in the grain and produce trade. All markets are quiot, with few movements in prices. CAUSTIC SODA Overseas quotations for caustic soda are now being nkined on a slightly firmer basis. EASTERN PRODUCTS This week's messages from Singapore report a shght increase in prices in most* grades of pineaijples, with others changed. Nutmegs and pepper are slightly eaßieu DESICCATED COCONUT There has been an easing in quotations for Ceylon desiccated coconut for both prompt and forward shipment. Current rates are at a very low level. SAGO AND TAPIOCA Owing to the smaller orders of sago and tapioca brought by Narbada on "6** last voyage from the East spot stocks have run very low and subsequent transhipments via Sydney have done little to alleviate the shortage. A considerable premium is now offering for any available local stocks and buyers are finding it extremely difficult to fulfil requirements. The Narbadft ib now making up her July-August loading, but has not yet left Calcutta and is not likely to reach Auckland until tho middle of next m ° nth * DRIED FRUITS

Shipments of Australian dried fruits which were originally offered up to the end of July have been extended up to beptember. The Itiwitea this week landed a substantial consignment.

AUSTRALIAN PRUNES Buyers are Mowing great interest in Australian prunes, which have now been oSering for some time. Prices are attractive in comparison with other varieties and most sizes are available. Regular shipments are coming to htind. TEA

As a result of the continued increases in the price of tea at auctions in the 4-ast local prices of all the best grades of packet teas were advanced 2d a lb. by packers at the opening of the _ month, and as the market iri the Eaut i» Btill advancing further increases are. likely. Some retail prices have been adjusted accordingly, but the higher pieces are iiot yet general, as some retailers are holding stocks. The quantity offered at.the Colombo auction this week wils- 1,600,0001b. .Quality showed an improvement. Commonest and low mediums were slightly easier, declining id per lb. All other grades were dearer. Exchange is unaltered. Next week a offe£* ing will comprise approximately 1,700,0001b. There wag an active demand at the Calcutta auction. All grades were dearer. Commons advanced 3-8 d per lb. and medium grades id to Id per lb. ' , A trade report for June received from Colombo by mail states that .prices generally continued their upward trend and at the closing auction the average of the offerings of low-grown teas was about 50 cents, a condition which had not been experienced for a considerable period. Buyers also showed their keen appreciation of the better quality offerings and tho level of rates for those descriptions closely followed any improvement in quality. Orders naa been in moderate supply from all markets.

POTATOES The potato market in heavily supplied and remains weak. Spat price# are still below f.o.b. parity, values remaining around £7 a ton. A fair demand for seed potatoes is being experienced and merchants are holding ample stocks of the popular varieties. Prices generally are at a low level. OMOI« S

Steady supplies of southern onion» continue to arrive weekly. They are worth £7 10s a ton. — rVrvi . _ WHEAT

No alteration has occurred in the market for fowlwheat, which remains steady. The demand is good at 4S lOd to 5s a bushel through Store. . MAIZE

The maize market is steady and offerings are becoming more substantial. Current prices are arbund 4s 3d to 4s Cd a bushel.

OATS AND CHAFF The market for oals is lifeless. The demand is very slack and feed ®ats are worth around 2s 9d ft bushel. Chan also is dull and the demand slow, Ample supplies of southern are available at £6 10s a ton. BARLEY

Australian barley is m good supply as the result of the arrival of a shipment this week. Further importations by the next steamer are unlikely owing to the attractiveness of the prices of maize and wheat. Prices range from 4s to 4s 3d a bushel through store. • BRAN AND POLLARD Steady conditions prevail in the markets for bran and pollnrd. The latter IS in strong demand. Values are unaltered. JAPANESE SHIPPING CO. INCREASE IN PROFITS A higher profit for the half-year ended March 31 was shown by Nippon Yusen Kaisha, the Japan Mail SteamCompany, Limited, but dividend was again passed. At the half-yearly meeting held in Tokio on May 26. the president said the net profit was yen 1,129,000 (about £112,900 at par), after providing for the customary reserve fund, depreciation of the fleet, securities and other property to the extent of yen 5,890,000 (£589,000).• With the amount brought forward, yen 1,739,000 (£173,900) was available. There was a further , deduction for the legal reserve fund, leaving yen 1,679,000 (£167,900), which would be carried forward. The president said the shipping trade had been adversely affected and there was a fiteady decrease in world cargo movement and increased laying-up of tonnage. To accelerate the removal of obsolete steamers owned in Japan, the company had decided on scrapping certain old steamers and replacing, them by Bix new improved motor cargo carriers of 7300 tons gross each, which would be put in commission before the end of 1934. AUSTRALIAN PRODUCE (Received August 3, 7.55 p.m.) SYDNEY, August 3 Following are to-day's quotations on the Sydney produce market: —Wheat— Market very quiet. Shippers are not operating owing to uncertainty overseas. Bulk wheat nominally 3s sJd> bagged, 3s 6jd. Flour, £ll. Bran, £4. Pollard £4 10s. Potatoes: Tasmanian, £6 10s; f Victorian, £5 10s. Onions: Victorian brown Spanish, £4 10s. Oaten hay, £7. Maize: White and yellow, 4s 4d. Adelaide prices are: Wheat: Orowors' lots, 3s 3d to 3s 3Jd. Flour: Bakers' lots, £9 10s. Bran and pollard, £5 2s 6d. Oats: Algerian, 2s Id. BRITISH WAR LOAN (Received August 3, 7.5 p.m.) British Wireless RtJGBY, Aug. 2 War loan, -8| per cent, is quoted today at £9B 18s 9d, compared with £9B 16s 3d yesterday.