TRADE OF THE WEEK

New Zealand Herald, Volume LXXI, Issue 21803, 18 May 1934, Page 5

TRADE OF THE WEEK

RETAIL AND WHOLESALE EASTERN GOODS FIRM ' PRODUCE MARKET REVIEW An average volume of business is being maintained in the distributing trade in the city. Drders generally have been coining in well, but are now beginning to increase with the approach of the time for deliveries on June account. Further and larger shipments of Mildura fruits are to land next week. .Merchants have had a busy period taking goods into store from recent shipments and this is likely to continue into next week. The development of a much firmer market in the cast has attracted attention during the last few days. As yet no explanation lias been received as to the reason for the sudden movement, but for some time it has been known that stocks of certain lines have been low. There have been no major movements in the grain and produce trade. The demand for Southern potatoes is still limited on account of the supplies, of locally-grown. EASTERN MARKETS Eastern markets are very much firmer this week antl fairly sharp advances have been cabled in prices for sago, tapioca and pepper. Pineapples also are firm. CANARY SEED Considerably higher prices have been reported for Argentine canary seed. Information has now been received that the movement is the result of large buying by Germany. CANNED PEACHES ' Following the announcement of higher prices by the New Zealand canners of peaches, some Australian shippers have withdrawn prices for sliced peaches, while others have withdrawn i>rices for all grades. As a result of these developments it is considered there is every possibility of a general advance in prices. TEA The offering of tea at this week's Colombo auction comprised '2,990,0001b. Quality was poor. There was a good demand at slightly easier rates for all grades. Next week's auction will comprise approximately 2,750,0001b. Exchange is quoted at Js 0 7-3'Jd to the rupee. AUSTRALIAN FRUITS A report from Melbourne - regarding the dried fruit crop advises that in the dried grape districts picking has finished, but there is still some fruit on the racks. The yield is considerably less than in 1933. and grades have suffered from adverse weather. Final figures are not to hand, but an approximate estimate of the Victorian yield is sultanas, 26,000 tons; currants, 8000 tons; nnd lexias, 4500 tons. As in 1932, dehydration is again receiving much attention to finish off the fruit, and to secure, in spite of seasonal vagaries, that degree of dryness essential to good keeping. POTATOES Business in potatoes has been steady during the week, but the demand for Southern, has been disappointing and dealing restricted on account of local supplies still being available. Southern potatoes are worth around £G a ton' through store. ONIONS The onion market has been depressed. A quantity of South Island onions has arrived weekly. The quality is fair, but some varieties, are not good keeping and have to bo disposed of for quick use. Values range around £5 10s a ton. Local onions are better quality and are making £6 lOe a ton through store. WHEAT The wheat market is stationary, but there is a good demand. It is worth around 4a 9d a bushel through store. MAIZE The market for maize is steady and offerings are quite sufficient to meet the demand. The price is being maintained around is Gd a bushel through store. ; : BARLEY Consistent inquiry is being maintained for Australian barley at 3s lOd a bushel for dressed. OATS AND CHAFF The market for oats is generally quietly firm. Feed oats are realising arouncj 3s 4d a bushel through store and A Garton3 3s Bd. The chaff market is very quiet, with no alteration in values. Business is being confined principally to Canterbury, which is in the position of being ablo to undersell Blenheim, where supplies are short. Through store Auckland it is worth up to £7 10s a ton. BRAN AND POLLARD The bran market is steady at £5 15s a ton through store. Pollard stocks of both New Zealand and Australian are generally light. Fairly largo shipments of Australian pollard are coming _to hand next week. When deliveries ei ship on account of forward orders have been made the demand is expected to slacken for a fortnight. Australian pollard is worth from £(V 15s to £7 a ton through store, and New Zealand £G 15s a ton on the same basis.

PROBLEM OF INVESTMENT MONEY SEEKING AN OUTLET LIFE ASSURANCE FUNDS ' Investment is a problem just now for whoever has savings, comments the Sydney Morning Herald. This is felt by the insurance companies and the life organisations are disposed to consider that people with funds are using them more freely for life assurance so as to cast the responsibility for the investment of the funds on the societies. It has been found to be especially the case in Great Britain, where there are indications of increasing resort to the life offices as an alternative to direct Stock Exchange investment. New business of certain classes has been coming forward to a greater extent than would be sought. The position is illustrated in some remarks by the chairman of the board of the Scottish Life Assurance Company relative to assurances of the single premium type. It might be complimentary of investors, he said, to place upon the company the work of finding suitable investments for the large premiums involved, but the company was neither a bank nor an investment company, and consequently had to put some restriction on' the amount of these particular assurances. So with the National Mutual Life Assurance Society, which found it advisable to stiffen its terms for sinking fund policies and shortterm endowment assurances particularly bv single premiums. The difficulty of the individual investor of finding sufficiently safe and remunerative channels for his money is indeed reflected in the needs of insurance offices themselves, and especially of life offices;with their necessary largo funds and liabilities to provide for over a long and in many respects uncertain future. Sir William Goschcn. at the annual meeting of the Sun Life Assurance Society, 'in dealing with the subject of its funds, said that were it not for the difficulty of investing what the society already possessed it could have added substantially to its funds. The directors had restricted accumulation without curtailing the genuine business of life assurance. Life assuranco companies had found during the past eventful year that they were regarded as a safe place of refuge for moneys. Though that regard might be considered a compliment, the society had continually to bear in mind that its business was life assurance, and not that of a bank, and that nothing should be done that might prejudice the benefits afforded by life assurance. NEW ZEALAND FRUIT PRICES IN LONDON LONDON, May 16 The Port Chalmers' New Zea'land apples sold as follows:—Granny Smith, 12s to 14s; Delicious, 7s 6d to 12s; Dunns, 8s to lis; London Pippins, 7s 6d to 9s; Jonathans, 8s- to 9s. The Sultan Star's New Zealand pears (cases).realised: Josephines, 14s to 15s; Winter Coles, lis 9d to 14s 6d; Gloutmorceau, 12s to 12s 9d.