PRODUCE MARKETS

New Zealand Herald, Volume LXXII, Issue 22032, 12 February 1935, Page 5

PRODUCE MARKETS

TRADE IN AUCKLAND

FIRM CONDITIONS RULE THE POTATO SHORTAGE A steady turnover is being maintained in the grain arid produce trade in Auckland. Values generally are very firm, especially in potatoes, wheat, maize, barley and pollard, while forward markets also are Aery strong. POTATOES The potato market is very firm and trading in difficult on account of the shortage of supplies. Although recent rains have benefited the North island crops to some extent the full effect on the yield will not be felt for some time. It is possible that supplies that were not anticipated will come forward next month. Sellers are still asking very high rates for, immediate delivery, but it is considered that slightly reduced rates may rule when larger supplies of matured potatoes are available from the district. At present dicing in the district has been curtailed by rain. However, fairly high values may be expected until heavier supflies become available from the South stand. The forward position in the South is rery firm, rates for May-June delivery being as high as £5 17s fid a ton, f.o.b. Christchurch. Some business has been done at this figure, which ia the highest for this period of the season for many years, but growers are not keen to sell. It is reported that North Canterbury crops vary considerably, although in the aggregate they will be lighter than usual, but South Canterbury crops are better. Values in Auckland range up to £ls a ton for good Quality. ONIONS Southern onions are making their appearance on the Auckland market, and as larger quantities become available it is anticipated that lower values will rule, especially as holders in the Pukekohe district will probably release some of their supplies. It in not considered that export will be possible at present rates, Beit Quality Southern onions are worth about £l2 n ton. while local onions are selling at about 7s a bag. Pickling grades are offering at much lower rates. FOWL WHEAT The. position for fowl wheat remains very firm and prices have advanced sharply over the week. If wheat coming forward in the South Island maintains its present standard smaller quantities of undergrade wheat will be available for poultry and stock feeding and consequently it is possible that the market will become even firmer. Difficulty is lx*ing experienced in obtaining adequate supplies of graded wheat, %nd ev»n at, the present high rules Southern merchants are reluctant to offer. Local values are around lis Sd to 5s 9<l a bushel, through store. MAIZE Tn sympathy with wheat, the maize market also has finned considerably. Holders are very firm in their ideas and it does not appear that lower values will rule. Merchants have endeavoured to obtain supplies from South Africa, but the landed cost would be about 5s (id a bushel. Best quality locally is worth 4s 9d a bushel, ex wharf, or ss. through store. BARLEY Recent cablegrams indicate a rise of 3d a bushel in Australian barley, as the United Kingdom and the Continent are taking fairly heavy supplies. Best quality clipped is quoted at 4s 3d to 4s 4d a bushel and tin. clipped at 3a lid to 4s & bushel, through store. BRAN AND POLLARD The price of pollard was advanced 10s a ton last, week, as local supplies are short, while l%iest advices from Australia state thnt the market there is 'is fid a ton firmer. Through store values for both local and Australian ate £7 B» a ton. but in some casas- lower prices are being accepted for delivery of Australian, ex wharf. There is a good demand for bran, but ample sunplies are available at i'fi a ton, throucn store.

OATS AND CHAFF Conditions in the oats market are much firmer, values having risen by about 2d a bushel during the week. Feed oats are worth around 3s fid a bushel, through store, and A grade Cartons 3s lOd. New season's matured chaff is expected to be available shortly, while old season's is selling at from £7 10s to £7 15s a ton, through store. SEEDS The grass and clover seed market is active, several advances being_ recorded during the past week, principally in cocksfoot and ryegrass. Deliveries have not yet commenced, but merchants are busy securing orders for despatch within the next month. REDUCTION IN CAPITAL . DOMINION BUILDERS' SUPPLIES The directors of Dominion Builders' Supplies (Christchurch), Limited, are submitting proposals to the shareholders for the reduction of capital to 6s a share. After writing-off the debit in appropriation account and providing for depreciation of assets, it is proposed, with the approval of the Supreme Court, to make a cash distribution of la a share. The company has a paid-up capital of £36,345 in fully-paid 10s shares. MORTGAGE LAWS AUSTRALIAN DIFFICULTIES Discussing the disabilities of mortgagees yri'der existing legislation, the chairman of directors of the Australian Provincial Assurance Association, Limited, Mr. E. S. Paul, stated at the annual meeting that no new mortgages had been taken over by the association diying the year. Before the passing of the Moratorium Act in Australia. mortgages had been looked on as trustee securities, inasmuch as the mortgagee lent up to 60 per cent of the market value at a moderate rate of interest. The effect of the legislation had been to deprive tl;e ■'mortgagee of all powers and remedies under his mortgage except by application to the Court, which le,d to endless delays and expense. On the other hand, municipal councils had power not only to issue writs for outstanding rates, but to commence proceedings in equity, and in default of payment they could obtain an order for sale for the amount of rates and the costs of the suit. The directors had brought the anomalous position under the notice of the Government, and amending legislation was expected. PERMANENT INVESTMENT CANTERBURY ASSOCIATION The accounts of the Permanent Investment and Loan Association of Canterbury for the year ended December 31 show a profit, after taking into account all interest due and accrued, of £5754, compared with £SIOO in the previous year. After deducting £925 for interest which,may not be received and adding £972 brought forward, there is available £SBOI. The directors recommend a final dividend of 2} per cent and a bonus of \ per cent, which, with an interim dividend of 1J per cent, makes <1 i per cent for the year. A transfer of £SOO is made to the reserve, and £BOI is carried forward.

OLD GOLD SALES DECREASE IN HOARDINGS Tn the last three years 233,9290z. of fine gold have been produced at the Melbourne branch of the Royal Mint, from jewellery, trophies, medals, and old trinkets. Tint for the extraordinary increase that has occurred in the price of gold in terms of currencies that are oil' the gold standard, much of this old gold would have remained in the homes of the owners, says the Sydney Morning Herald. In 1932 the rise in the price of gold became pronounced, and people began searching jewel boxes and drawers for gold articles which were of no particular use. The "production" of gold from these sources in that year was nearly three times as great as that from the whole of the gold mines in Victoria. In the following year the total quantity of old gold sold fo the Mint decreased by more than half, and fast year it fell further, to little more than one-third of the amount of 1932. Apparently most of these domestic "gold reserves" have found their way into the melting-pot,, and it is not anticipated that the 1932 figures will be equalled again.