PRODUCE MARKET REVIEW

Sun (Auckland), Volume I, Issue 299, 9 March 1928, Page 12

PRODUCE MARKET REVIEW

SHORT POTATO STOCKS MAIZE DULL OF SALE The brisk trade in seeds and manures which set in with the rain has been maintained throughout the week, and merchants have been hard put to execute orders. Paspalum, especially, is meeting with a ready sale, and it is safe to assume that sales of this seed exceed those registered during the autumn for some years. Despite the abnormally heavy demand prices remain practically unaltered, and available supplies are sufficient for present requirements. Potatoes have caused the greatest concern over I.he week, and supplies on the spot are extremely scarce due to the difficulty in securing adequate parcels from the Rangitikei coupled with the small consignments coming forward from the South. Consignments are eagerly snapped up, and the tubers are selling around 14s a cwt through store. Though greater quantities can be expected to arrive from Canterbury during the next week it is not likely that prices will ease to any great extent as the potatoes will come to a bare market and be required for immediate consumption. The future position in regard to the potato market is hard to forecast. Sales have been made to Auckland storekeepers for April delivery on a basis of £7 5s ex the ships' slings. There are signs of a hardening of the market in the South. Speculators down there have been re-buying from Auckland merchants over the week lots which were sold forward as far back as last October at values which allow the forward contractors a profit without handling the tubers of at least 10s a ton. What this means, of course, is hard to say, and the movement may end in nothing. It certainly appears to indicate, however, that supplies are not coming up to expectations, and paper dealers, foreseeing firmer values, are re-buying early to cover forward commitments.

Onions are causing little concern at the moment and the Canterbury product is now on the market selling through store at 10s a cwt. The local product of slightly better quality brings up to 13s a cwt though, with heavier arrivals from the South, no doubt prices will ease slightly.

Harvesting operations proving the bushelage per acre to be well above Government estimates, ample stocks of oats are available in the South. The possibility of a reduction in freights after the end of the wool season and a consequent substantial trade with England helps to keep the market in good tone. Through store Auckland A gartons are quoted at 4s 8d with B’s at 4s sd.

The demand for chaff continues unabated, with regular consignments coming to hand from the South. Quotations through store remain unchanged at £9 5s to £9 10s a ton.

Owing largely to the increased price, trade in bran anti pollard has fallen off over the past week. Merchants’ quotations range around £8 15s for bran and £lO 5s for pollard. Fowl wheat is meeting with a steady demand and ample supplies are ai'riving on every boat. Prices have eased slightly during the past fortnight to see merchants’ through store quotations range from 7s 6d to 7s 9d.

Maize is only meeting with a slow sale and it is difficult to hazard a guess at the near future! market for this cereal. Some merchants hold the opinion that a slight easing in values can be looked for, while others again look to the colder ■weather to bring on a stronger demand and a correspondingly healthier tone in the market. The price on the Auckland wharf remains around 6s a bushel. Consignments at the cheap freight are still available, but merchants are not keen to buy. SCOTTISH BID FOR DOMINION’S TRADE By Cable.—Press Association. — Copyright. LONDON, Thursday. The Clyde Navigation Trust has appointed a committee to consider - means of obtaining an increased direct trade with Australia and New Zealand. It will probably send an emissary to the Dominions to explain the merits of the port of Glasgow.—A. and N.Z. LOAN FOR AUSTRALIA UNDERWRITERS LEFT WITH 84 PER CENT. By Cable.—Press Association. — Copyright. Reed. 9.5 a.m. LONDON, Thursday. The underwriters of *the Commonwealth loan of £8,000,000, the subscription lists for which have now closed, receive 84 per cent, of it.—A. and N.Z. BUTTER AND CHEESE SLIGHTLY EASIER TONE Recent cables from London report a. slightly easier tone in the London butter market. Merchants advise receipt of cables from London principals as follow: Amalgamated Dairies, Ltd., from their London office, under date March B:—Butter, unchanged, Anchor 1765; some resales at a slightly lower price; quiet demand; Danish, 188 s f.o.b. Cheese, white and coloured, 98s to 995; market firm; upward tendency. Norden and Co., from their London principals, Andrew Clement and Sons, under date March • B:—Butter 172 s to 1745. Cheese, 98s to 995; market firm. Dalgety and Co., Ltd., from their London house, under date March S: —Butter: The market is quiet during this week, but there is now more doing. New Zealand finest, 171 s to 1745; Danish, 198 s to 200 s; Australian finest salted, 164 s to 168 s; unsalted, 164 s to 168 s; Australian g.a.q., 156 s to 160 s. Cheese: The market is firm. New Zealand white and coloured 97s to 98s; Canadian white, 100 s to 104 s; coloured, 102 s to 106 s. AUSTRALIAN PRODUCE By Cable.—Press Association. — Copyright. SYDNEY, Thursday. The following are to-day’s quotations on the Sydney produce market: Wheat.—At country stations, 4s lOd; ex truck Sydney, 5s ssd. Flour.—Export trade lifeless; local, £l2 15s. Bran.— £6. Pollard.— £7 10s. Oats. —Tasmanian, Algerian, 4s 3d to os; white, 4s lid to ss. Maize. —3s 9d to 4s. Potatoes. —Tasmanian, £ 5 to £6 10s. Onions.—Victorian, £ll. Adelaide prices are: Wheat. —Growers’ lots, 5s 3d. Flour.—Bakers’ lots, £l3 7s 6d. Bran.— £6 ss. Pollard.—£7 7s 6d. Oats. —3s 3d. MELBOURNE HIDES At the hides sales prices, excepting for stouts, were $d to $d lower.—A. and N.Z. MINING NEWS WAIHI. —The following information has been cabled to London: In the No. 7 level driving east on the north branch of the Martha lode the first 69ft assays 21s 9d a ton; the lode is about 2ft wide. The crosscut north is situated 333 ft east of No. 6 shaft on the south-east crosscut. Quartz 3ft wide was met at 17ft in, the assay value being 41s 9d a ton. In the No. 10 level driving west on the west lode the next 24ft is a mixture of quartz and country of little value. The drive crosses the boundary at 213 ft. Diamond drilling hole No. 20 was commenced horizontally at the No. 11 level close to the east boundary on a. true bearing of odeg. and is in a total length of 246 ft. At 24ft. the Martha lode was intersected. At 170 ft there is sft of quartz of little value.