WELLINGTON MARKETS

New Zealand Times, Volume XXXIII, Issue 7449, 25 May 1911, Page 8

WELLINGTON MARKETS

. TEA. In our last remarks regarding the Colombo tea market, all grades with the exception of leaf teas were slightly easier. Advices just to hand, however, report that the markets in Colombo have taken, an upward, tendency, Brokcna were dearer by about two cents, despite the fact that the quality had deteriorated owing to the heavy rains that had taken place in most of the tea producing districts. An improvement in quality was. however, anticipated. The Grocer,” under dato March iibth, reports as follows regarding the London tea market for Ceylons. Attention continues to be mainly directed to teas up to 9d, but buyers are more discriminating than of late, giving the preference to useful grades at the expense of plain liquoring sorts. Above 9d some very nice liquors are to bo had, worth Intrinsically more than the extravagant prices now being paid for common. In a market such as the present, quality for certain grades is often a secondary* consideration. Quality this week of many invoices was better, some estates sending excellent teas. Broken Orange Pekoes often showed distinct improvement in tip and appearance, and met with increased competition at firm rates. Broken Pekoes also sold more readily at prices inclined to harden. DRIED PEXJITS. A strong inquiry continues to exist on the spot tor local fruits of nearly all descriptions, and as stocks are not any too heaVy the markets are bound to keep up until new season’s supplies are available, in our last remarks an advance,in prunes and seeded raisins was reported; prices were considered, however, solely of a speculative nature, and further reports to hand by cable advised a lower tendency. A reaction, however, has apparently set in, as prunes are slightly firmer, and seeded raisins have gone back to their level of last week. Firm quotations for Mediterranean sultanas and currants foe the coming season aro likely to bo named during the next day or two- London advices still continue to indicate that tho Home markets are displaying a very strong attitude. At tho same time, towards tho close-of March a slight casement had taken place in sultanas, due,' however, to fruit showing lower quality; despite this the fruit was considered good value, and the prices were not likely to be repeated. As a matter of i lact a general advance was predicted,/when mere definite information had been obtained as to tho growing crops. Prices for dates have now been named for this coming season, and prices compared with last season’s opening quotations are practically on a par. EASTERN PRODUCE. Latest cable news points to a Blight fur-1 tbor advance in tho price of seed tapioca,} whilst pearl is unchanged. London advices on .March 25th pointed to only mo- { derate stocks being held, and no doubt this I will result in a strong inquiry for some i little time to come. .The markets in the, East for tapiocas have gradually been advancing. and it was predicted in London that with the heavy depletion in London stocks spot prices would shortly approximate more nearly to tho parity of forward. Plain white as "well as Singapore white and black peppers have advanced in price. Pineanplcs also conticjiQ hna. Tho Waitcmata discharged aj[

miscellaneous cargo of Eastern during the past few days, many lines b ing badly required, the niarlcet locally ha ing been well depleted of stocks. The “Board of Trade Journal has the loh lowing extract taken from the report the Ceylon Chamber of Commerce for t ie half-vear ending December 31st, iyiu, relating to the exports of Ceylon produce from Colombo and Galle during tho jears 1509 and 1910;

According to the annual report for 1910 of the Planters’ Association of Ceylon, tho exports of tea during 1911 are estimated, to amount to 183,000.0001 b. The estimated quantity of rubber to bo shipped in 1911 amounts to 5,C00.0Q01b. Further information Is' still arriving M to the strong position in regard to Singaporo pineapples. The summer pack shouM now be commencing, but, as previously mentioned in these columns, the pack was expected to be at least 20 per cent, short this season. Some advices mention a range of 20 per cent, to 30 per ccnt« shortage, and as stocks in the Homo markets are announced to be very small a strong position muet be faced. In disthe state of the market a London tile, under date April Ist, states that it is many years since the fruit was at itspre sent high price, but the general position precludes any »dea of an appreciable fall and 7vrices> are more likely to remain firm throughout tho year. The return, even at the present price, to growers is still short of that expected from rubber, wili-ill will, for this season, monopolise a groat deal of the suitable land, while if entirely fresh areas were planted with 1 pines, it would be a considerable time before supplies were affected to any large extent, as the plant takes nearly two , years to arrive at maturity and to produce frui; fit for canning. CREAM OP TARTAR. Caolo advices from London indicate that (ream of tartar is firmer, and that the damage sustained on the Continent by frosts is likely to bo more serious than wag at first thought to be tho case. It is considered too early, however, to forecast with any definiteness how the crops wili result. Mail advices to hand Icaol one. to gather that the frosts came when the buds were on the vines, and whatever damage may be done there is tho chance of new buds being formed after the first buds have I*eeu destroyed in such oases. The high prices which have ruled for tho jmst nine months have had the effect of creating a hand to mouth demand throughout the world. i JUTE. ■ The Calcutta market continues to cx- ; hibit a very strong tone, and there is practically no probability of the market coming back, in fact higher prices may be looked forward to. . Messrs Gillan dors, Arbuthnot and Co., of Calcutta, advise that tb© mills have agreed to extend the present short time working, viz., five days per week, up to the end of September next, unless any objection is notified by June 30th. • The agreement is io extend automatically until the end of the. year, and so on in periods of three months until July Ist, 1912, when the new Factorv Act comes into force. The principal point of the Act is the limitation of working hours. A textile factory may not start work before 5.30 a.ra. or continue to work after 7 p.m., making a factory day of 153 hours. Children are allowed to work not more than six hours a day, while no man may work for more than twelve hours. In practice the result is likely to be an actual working day of twelve hours. The present working day of mills consists of fifteen hours, viz., 5 a.m. to 8 p.m. 1 Old jute was quoted in London on April 13th at £22 12s 6d per ton, c.i.f., for nativoj first marks for April-May shipment, md £22 17a 6d for May-Juno shipment, while at the corresponding day last year quotations wore £l3 17s 6d to £l4, the difference of £8 15s to £8 17s 6d being based on tin. shortened supplies of jute remaining in India. SUGAR. Advices dated London March 25th are *o hand regarcung the sugar market, and -©■ port as to hows; Ffices have been further advanced 3d to yd. The market is mainly under the influence of the firm attitude of the Continent and New York. There is not much trade demand, which is largely uiverten to British, refined, forcing prices upwards, while the small arrivals of foreign are readily cleared. The market is in a cunousiy anomalous condition, as everywhere there is an abundance of sugar, while an artificial scarcity is maintained. The ordinary laws ol supply and demand would appear to be set aside, or made subordinate to the conditions brought about by the manipulators. Some people who were bears a short time since havo. since-become bulls, emboldened by the firm iront presented by sellers. in some quarters the holding back of supplies in Germany and Austria is said to be due to certain arbitrage business in the Paris market, and therefore it is contended that until the time of -such, being undone, no undue weight of this stock Is likely to bs felt. Prices may have been forced down too low, but tlie rise Is apparently not yet finished, and the question is asked, may not the advance be overdone? There is little reason for the rapid changes, wiuen have taken place this week in the speculative market. Continental holders have been unwilling sellers, but at the furthey rise there has been more disposition to cto business. It is reported that there are also larger offers of Russian crystals. Beet Sugar.—Tho market has been ex. cited, with sharp fluctuations in prices, which vary according to the'news received from Cuba, New York and Hamburg. German beet, 88 per cent, analysis, is 2d higher on the week, but closes flat aa follows ;—March 10s 7d, April IQs, 7id, May 103 7id, August 10s 9d, OctobeivDoc-oinber 9s Hid, all sellers, f.o.b. Hamburg. Closing rates at© about 2d to 3d per cwt- below the beat point touched during the week. (Jane sugar has been in only moderate demand, but stiffer rates are paid for good refining and low brown qualities. To arrive 150 tons Mauritius syrups, April-Mav shipment, have been sold at 8s 4£d c.i.f West India crystallised has been in limited request, and at auction on Tuesday 233 S hags crystallised Trinidad were only partly disposed of at previous rates—middling yellow . 15s 9d; but 46 bags Barbadoes wero withdrawn. To-day there was a good demand for the email quantity offered—--1062 bags crystallised Bemorsra, which realised firm rates —middling yellow 15s 9d; also 158 bags Demerara syrups, good middling yellow 13s 9d. Prjvatel.v crystallised Trinidad has also been sold at .5s Pd. Receipts in Cuba at all ports for the week were 78.000 tons against 76,000 tons last year. Guma estimates the Cuban crop ac 1,453.000 tens. Total visible supplies are 3.477,000 tons, against 3,139,000 tons in 1910. and 3,446,000 tons in 1909. Befined.—Encrlish has been in pood demand, at 3d to 7id advance, but the market closes with a quieter- tone.

1909. 1910. . lb. 185,797,366 175,103,457 . lb. 6,062,693 6,579,360 . lb. 1,492,530 3,586,854 cwt. 89,107 70,278 - lb. 824.008 639,20/ Cinnamon quills . . Ib. 3.509.506 Cinnamon chips . . lb. 2,941,578 cwt. 581.478 615,3// cwt. 766,506 25.978.244 27,201,074 Cocoanut poonae cwt. 253,709 319,589 Cocoauuts no. 18135,653 16,114,088 Plumbago cwt. 627.737 630,569 Citronelia oil .... . lb. 1,573,932 1,762,919