COMMERCIAL.

Otago Daily Times, Issue 18876, 31 May 1923, Page 6

COMMERCIAL.

WORLD GLUT OF FRUIT. APPLE EXPORTERS’ LOSSES. LONDON, May 12. The chairman of the Australian and New Zealand section of the London Chamber of Commerce, Mr Tredwcn, slates that the result of this season's Australian apple export is disastrous. The average price for three shipments up tb the end of April was 6s lOd a case. The cost was from 8s to 9s a case after leaving the orchards. Apple growing is being overdone, says Mr Tredwen. A quarter of a million cases of last season’s Australian canned fruits, and millions of cases of American are unsold, and these cannot be sold before the new Californian shipments arrive. Traders hold 7206 tons of sultanas, which is twice the average consumption, and before the new Smyrna shipments arrive in September there will be a considerable drop in price unless the Smyrna crop is small. More fruit is grown than the world can consume. LONDON SHARE MARKET. LONDON, May 29. (Received May 30, at 9.55 p.m.) Waihi Junction shares, buyers 5s 7d. Bank of Australasia, £l3 17s 6d. New Zealand Loan and Mercantile debentures, £75 10s, ordinary, £7O.—A. and N.Z. Cable. THE WHEAT MARKET. LONDON. May 29. (Received May 30, at 9.55 p.m.) Wheat cargoes are 3d to 6d lower in sympathy with American weakness and “bearish” Liverpool advices. Parcels are in fair request at 3d to 6d decline. —A. and N.Z. Cable. BRISBANE WOOL SALES. Press Association—Bv Teloirrn oh—Copyright BRISBANE. May 30. The wool sales have opened, 14,650 bales being catalogued. The selections were somewhat better than at previous sales. Prices ranged from 5 to 10 per cent, higher, Germany secured the bulk of the offerings.