TRADE OF THE WEEK

New Zealand Herald, Volume LXXII, Issue 22117, 24 May 1935, Page 7

TRADE OF THE WEEK

RETAIL AND WHOLESALE ORDERS ON JUNE ACCOUNT FIRM OVERSEAS MARKETS Wholesale merchants have experienced a fairly busy week, as deliveries on June account were commenced to the country on Wednesday and to the city trade yesterday. The principal movement during the week has been a rise in the price of Australian, rice in sympathy with the Rangoon market, which is very firm. Prices for almonds and nuts, which were very favourable until two or three weeks ago, also have advanced by up to £6 a ton, while a further rise in overseas quotations has occurred in white lead, which has risen by 25s a ton, making a total increase of over £3 10s a ton since the beginning of the year. ■WHITE LEAD The price of white lead has advanced 25s a ton. The market is very firm. OILS Firmer markets are in evidence for both olive oil and medicinal castor oil, prices for both kinds having: advanced 2d a gallon. EASTERN MARKETS The Singapore markets for sago, tapioca, j pepper and pineapples are unchanged, accord- I in* to cablegrams received this week. CATTLE DRENCHES Cattle drenches, Epsom salts, petroleum jelly and similar lines are beginning to move out to country storekeepers in preparation for the new dairying season. RICE An advance of 30s a ton in the f.o.b. price of Australian rice was announced this week. It is stated that the rise is due to the very £nn market in Rangoon. I ALMONDS The low prices which ruled recently for j almonds have been withdrawn, and quota-! tions for new season's Sicily almonds for September-October shipment have advanced j by £6 a ton. NUTS •In sympathy with almonds, prices for Sicilian filberts also show advances, present values being £5 & ton above values ruling two weeks ago. Quotations for Chinese peanuts in shell also have advanced by about £1 a ton. DATES Prices for new season's dates for September and October shipment from Basra are very favourable and considerable business is being booked for these shipments. Present rates are about on a par with the lowest oilers made last season. SOAP The market for soap appears to be very firm, as strong .American support in London hag forced prices up by about £i a ton. This support is due to the abandonment of the United States proposals to impose ft tariff on imported tallow. LENTILS The market for lentils is firm, and already one Indian shipper has notified ft slight advance. However, most requirements for the Dominion already have been filled and it is not expected! that any shipments will be made by the direct steamer ill September. COFFEE "With the arrival of the monsoons, the Indian coffee season has finished and all shipments for the Dominion have arrived or are afloat. Mail reports state that owing to the favourable prices ruling at the end of April large purchases were made, especially by Southern India dealers, and the 1935 crop was almost completely cleared. WALNUT MEATS The last of the season's shipments of Manchurian walnut meats came to hand this week by the Wanganella. As local stocks are not heavy and no farther supplies will be available from China until the new season's crop is ready for shipment in October or November it is anticipated that the market will be short before then. TEA The offering at this week's Colombo tea auction comprised 2,510,0001b. The Quality some up-country estates was useful, and above the average for the time of the year. There was a good demand, but common and medium kinds were slightly easier and good grades declined id to id. At next week s auction 2.750,0001b. will be catalogued. A mail report for March received from Colombo states that the quality was high, the peak being reached at the second sale, while the teas at the following auction were nearly as fine. At later sales, quality declined severely, particularly at the last auction. All teas, especially orange pekoes, continued to show stalks, and on account of drought conditions leaf became extremely brittle, making packing without causing dust and small leaf very difficult. Common and low medium sorts were steady. For fine and choice" types there was a steady demand, chiefly from London distributors, who paid very high rates, one price being the highest for 10 years. These rates were not maintained and at the last. suction practically no sales were made of S°°a and fine sorts, except at a decline of 2d per lb The easing in prices was not altogether due to the decline in quality, but rather to the withdrawal of support by one of the largest buyers at the previous sales. Medium teas were irregular, but were distinctly easier at the closing sales.

BURNS, PHILP YEAR largely increased sales A BRIGHTER OUTLOOK: "On the whole, the past year turned out fairlv well, the largely increased sales being the chief cause tor satisfaction," said Mr. James Burns, chairman of directors of Burns, Philp and Comi panv, Limited, at the annual meeting m Sydney last week. "The outlook for the ensuing year as regards copra is considerably brighter, but everything will depend upon whether the improvement in the market can be maintained, i Mr. Burns said that many people seemed to believe that the company had a monopoly in the South Seas, but this was not so. The company was faced with world-wide competition from many, nationalities.*, . , During the year the company boughs 1 two motor vessels*, from the North Ger- : man Lloyd Line, Mr. Burns said. When it was announced that the two vessels were to be placed by the German company in the trade between Australia and the Mandated Territory, Burns Philp and Company made unsuccessful attempts to secure the reimposition of the Navigation Act by the Federal Government. As the vessels were offered to the scompanv, and as another unit was needed ' for the Singapore trade, the directors considered it the best policy to purchase, conditionally upon receiving a certain amount of immunity from competition for a number of years. One vessel was to be retained in the trade in which its German owners originally intended it to run, from Australia to Hongkong. It was anticipated that a loss would be made on this trade, but the service would be of convenience to the people in the Mandated Territory.

GOLD AND SILVER QUOTATIONS JN LONDON (Received May 2.1, 7.45 p.m.) , LONDON. May 22 Fine gold is quoted at £7 Is ll£d an ounce, compared with £7 Is 5d yesterday. Silver 13 quoted at 34 11-16 d an ounce spot and 34 15-lQd forward, compared with 33Jd and 33 10-16 d yesterday. The quotation for silver at per fiw l ounce is 37 7-16 d, compared with 30 7-16 d yesterday. The following is a summary of the fluctuation in the price per ounce of fine gold in 1935: —

£ s d Highest price, March 6 .. 7 9 4 Lowest price, January 2 .. 7 0 101 May IS .. 7 2 7 May 17 .. 7 1 8 May 18 ,. «• •• .. 7 1 8 May '20 .. .. .. • • 7 1 8 May 21 .. 7 1 5 May 221 ■ ■ • • • • .. "T 1 Hi