HOIST BY THEIR OWN PETARD

Sun (Auckland), Volume 1, Issue 81, 27 June 1927, Page 12

HOIST BY THEIR OWN PETARD

POTATO DEALERS CAUGHT AUCKLAND MERCHANTS' MOVE “J-JOIST by their own petard,” is the term which apparently adequately describes the position of some of the Southern potato speculators. “Kerbstone merchants” they are called in the North—men who buy forwards, and. seldom holding, work all the time on paper. For weeks the cry has gone out from the South that crops were poor, and that harder values were inevitable In addition, the shipments sent North Ijave been of a very average quality, containing a large percentage of small tubers and bad. For once Auckland merchants took them at their word, and when offered a trial shipment of 300 tons from Tasmania, .six closed on 50-ton parcels, to be landed here ex the Kartigi some time in July. This will have, the eifect of steadying the market, and further shipments are likely. Now there is talk of the Southern merchants having the shipment prohibited from landing on the grounds of hardship for Southern growers. It is claimed, also, that Aucklanders, caught short, were compelled to buy outside to cover future deliveries. This latter reason is denied locally, and the position would appear that paper buyers in the South, depending on a rising market, and boosting it along, have forced Aucklanders to look elsewhere

If there is a real shortage in the South, as has been repeatedly emphasised, it is held that the Southerners have no cause for complaint If they have a cause, then the blame is on themselves, and their previous misstatements of the position have reflected to the detriment of the growers.

The Tasmanian shipment will be landed at from £7 to £7 10s on the wharf, Auckland.

Maize is the only other produce line giving much concern locally. A stray shipment of 500 sacks of the Java cereal arrived ex Sydney during the week, and found a ready sale at 6s 3d ex the wharf.

Spot stocks of this cereal are ample for present requirements, and parcels coming to hand from the Bay of Plenty are meeting a market at from 5s 9d to 6s, according to maturity. Contracts for July to September spread delivery are being made with Gisborne merchants on an easier market.