SUGAR PRICES HIGHER

New Zealand Herald, Volume LXXVI, Issue 23339, 6 May 1939, Page 9

SUGAR PRICES HIGHER

WORLD SUPPLIES SHORT REVISION OF ALLOWANCES LONDON MOVE REPORTED The price of sugar continues to advance. A further rise of 20s a ton in the wholesale price is announced by the Colonial Sugar Refining Company, Limited, to-day, making a total- advance of £3 10s a ton since December.

Overseas reports indicate that the continued rise is due to a combination of political anxieties and the tight statistical position of the world's markets. Continental Governments have - been encouraging traders to lay in stocks, with the result that the supplies fixed under the International Sugar Agreement of 1937 are proving .. inadequate. : A Press Association cablegram re- __ ceived from London yesterday reports ~ that the Financial Times says that in - order to relieve tho shortage of sup- { plies at present forcing up prices, the International Sugar Council is asking j. member countries to release additional > tonnages, probably by cancelling cer- * tain voluntary surrenders of export allowances for the current year. The controversial question of restoring the ; 5 per cent quota cut is unlikely at present to be raised. The international - situation precludes the holding of a 1 conference, and because of this the chairman is communicating with representatives of the countries concerned L by correspondence.

The International. Agreement-fixed basic quotas of exports by 13 export- ~ ing countries to the "free market," V which is the market thai; is left after "= each consuming country has taken the whole of its own production and the - British Dominions have had first call J on the United Kingdom market. i* In July last the International * Council found that the position for the i second year of the agreement, ending on August 31, 1939, would be -very difficult. It estimated tho consumption f requirements of the free market, allow- - ing a margin for contingencies, at;« 3,150,000 tons and tho quotas, in view 5 of the prospect of voluntary surrenders;* to the extent of a minimum of 100,000 " tons, at 3.582,500, showing an excess of supplies of 432,500 tons. The council, therefore, agreed to make an immediate cut of 5 per cent under Article 21 of the agreement, representing a cut of 184,125 tons. Countries exporting to the free market agreed to voluntary surrenders totalling" - 228,375 tons, and in order to bridge the gap Empire producers, Australia, South Africa and British Colonies, agreed to reduce their quota allotments by 20,000 metric tons, thus making up the 432,500-ton reduction required. ,

BUTTER UNALTERED NEW ZEALAND AT 114/IDLE MARKET REPORTED PRICES VIRTUALLY NOMINAL j Steady prices continue to rule in London for New Zealand butter, ■ and V * choicest salted remains a,t 114s per cwt. The market is idle and values virtually~ are nominal. New Zealand butter been unaltered for;, sane weeks at a level over 10s per cwt. below the Lon- : don equivalent of the guaranteed price. At this time last year the value stood at 1295, and shortly afterward reached a peak of 1355? A Press Association message sent-.-, from London on Thursday states that-? salted Australian "butter ranges fromg 110s to Ills per cwt., a drop of about-* Is 6d over the past week. Danish at,s • 125s is unchanged, but, while it was 6d cheaper than New Zealand a year ago, it now enjoys a premium of lis if; per cwt. in unsalted butters, New'| Zealand is selling from 116s to 117s and Australian from 113s to 114s. :~'p The market for cheese continues to"; be quiet. Both New Zealand -white and;., coloured remain at 60s per cwt. Prices for Australian, however, are___ lower. White ranges from 545. to 555, and coloured from 56s to 57 s per cwt. Recent quotations and those of a j-ear ago compare as follows: — May 5 Apt. 2S Apl. 7 -May Butter— 1939 1939 1939 193S New Zealand 11-1/- 114/- 114/- 129/Australian . 110/6 112/- 113/- 12S/Danish .. 125/- 12.5/- 131/6 12S/8, Cheese —N.Z.: White .. 60/- 60/- 60/- 6S/6 Coloured .. 60/- 60/- .60/- 69/Australian: White .. 54/G 5-5/6 53/6 66/av Coloured .. 56/6 57/- 56/- 67/6 The present price of 114s is equal to approximately 13.58 d per lb. _ f.0.b., New Zealand ports, compared with the guaranteed" price of 14.89 d per lb., f.o.b. The London equivalent of the guaranteed price is 124s 3d per cwt. The equivalent price of cheese is about 6.7 d per lb. f.0.b., compared with the guaranteed price of 8.42 d. A. S. Paterson and Company. Limited, quote:—Butter: The market is dull. New Zealand, 114s per cwt.; Aus- _ tralian. Ills; Danish. 12fis. There is no inquiry. New Zealand, 60s!, per cwt; Australian, 52s to 54s ;~ African, 50s to 545.

MINING NEWS | ——— ■ *? e. MARTHA COMPANY REPORT "'2 [by telegraph—OWN correspondent] "WAIHI, Friday It The following information has been' cabled to the London office of the"? Martha Gold Mining Company (Waihi) ,1 Limited: — No. 3 Level.—lv branch vein: In the " next 22ft. of driving west the vein... split up and work is stopped. ,« ' No. 4 Level.—l lode: At 164 ft. in-Vc. the Lovett south-east crosscut have } driven to the east 6ft. The assay valueris 27s 9d per ton, and to the westK 9ft, the assay value is 32s 3d per ton. ~ The value in both cases is based on a stoping width of 4ft; i - '• t YIELDS OF COMPANIES \l Sandhills (Otago).—23oz. 16dwt. from paddock opened on April 24. •;! Nemona (West Coast). —38Joz. from 10,100 yards in 123 hours. Worksop Extended (West Coast). —• * 15oz. in 123 hours. REPORTS OF MANAGERS * Mount Lyell (Tasmania). —Fortnight ended April 26: Mines—Tons extracted: North Lyell, 2910; Crown Lyell, 2041; West " Lyoll, 20,250; Lyell Comstock, 359 G. Reduction works: Furnace in blast full period; 0673 tons refinery anodes produced for current year. Concentratbr: Mill operated 336 hours and treated 37,395 tons ore, producing ■ 2033 tons concentrates. Copper refinery: Tank '■ houso in operation throughout fortnight, 552 tons copper produced for period. Total for current year, 7001 tons. s —. | • WHEAT IN CHICAGO f t - a CHICAGO,' May 4 ,! Wheat. —May, 75 cents a bushel; ; July, 73g cents; September, 733 cents. -