POTATO MARKET EASIER IN THE SOUTH

Sun (Auckland), Volume I, Issue 158, 24 September 1927, Page 5

POTATO MARKET EASIER IN THE SOUTH

AUCKLAND NOT BUYING (Special to THE SUN.) CHRISTCHURCH. Friday. During the last few days the market fcr potatoes has eased, apparently brought about through the shipments which went to Auckland by the last two boats being heavier than was expected. The Kurow from Lyttelton loaded 7,200 sacks, and the Waipiata from Timaru 2,800 sacks. The supplies from these vessels have not been cleared off the wharf, the shipments h iving been too heavy for the market, a id Auckland merchants are not buying a . the f.o.b. prices offering at present. If good progress should be made in clearing up Northern stocks during the next few days, Aucklanders may be expected to come on the local market again Ii: appears likely, however, that there ■w ill be enough potatoes in both Lyttelton and Timaru to keep the market from a substantial rise.

The greatest danger seems to be in the quantity of “paper” potatoes held for and, if holders are compelled t> take delivery, it may have a bad effect on the market. The drop in Sept imber has affected October as well, and, although some merchants seem optimistic, it. remains to be seen whether their optimism is justified. In the present state of the market, it is difficult to interest buyers.

Prices have dropped since last week and although several prompt shipments have been sold at 100 s a ton f.o.b. s.i. quotations for September are available at 35s f.o.b. s.i. Lots for October shipment have dropped during the last few days from £6 f.o.b. s.i. to £5 5s with further sales at the latter price. These quotations however, may not be justified. j heir maintenance depends upon the actual weight of potatoes left in the country. Sp3culation will soon be over as most merchants stop operatihg at the end of this month. The price to farmers is £3 15s to £4 on the trucks. WINING NEWS OH IN EMU Rl.—The manager reports: During the fortnight ending 24th inst., the drive north of the Silverstream crosscut was advanced 27ft, making a total distance of 577 ft in that direction. At 572 ft, on the hangingwall section, sulphide ore was met with. As this drive is now parallel with where good-grade ore was located in the Silverstream section, 250 ft westward, and in similar country, the appearance of this ore is distinctly encouraging. The drive is on the extreme hangingwall, but will now be taken on a diagonal course to follow the ore. The drive is now penetrating unprospected country at a depth of over 400 ft. The construction of the power-line is being steadily proceeded with.