In the Market Place

Sun (Auckland), Volume II, Issue 583, 8 February 1929, Page 12

In the Market Place

TOMATOES IMPROVE APRICOT SUPPLY LESS A slight improvement in the inquiry for tomatoes, which have had a slack sale for several weeks past, was evident in the City Markets to-day. The market is still dull, but next week may see another change. Apricot supplies are scarce and prices are keen. Repack bananas are bringing good prices. Peaches, pears and apples are among the local fruits in extremely heavy supply, and prices are only moderate. Some of the peaches offering are of exceptionally good quality. Potatoes, peas and beans continue to be in over-supply in the vegetable market. There is a fair demand for vegetables generally. With the slight increase of values noted last week, poultry was consigned in heavy supplies by the breeders today. Good classes are attracting the attention of buyers. Forward pullets are still selling well, but values show a tendency to drop. Quotations: FRUIT Tomatoes. —Ordinary Xo. 1, Is 3d to 2s; ripe, Is to is 6d; special, firm, smooth, 2s tC> Peaches. —Choice coloured, 4s 6d to 5s 6d; ordinary Paragon. 3s 6d to 4s bd. Plums. —Satsuma, 3s to 4s; Burbanks, 2s to 3s 6d; October Purple, 2s bd to 4s; Purple King, 4s to Bs, according to sample. Apricots.—6s to 10s. Apples.—Coloured Gravenstem, choice, *6s to 9s; ordinary, 4s to 6s; large cookers, 4s 6d to 5s 6d; others, 2s bd to —Special, 6s to 9s; others, US Grapes.—Hothouse, 9d to Is; special, Is to Is 3d, Blackberries. —sd to 6d a chip. Cape Gooseberries. —5d to Sd. Bananas.—Repacked A grade, 20s to 255; medium and seconds, 5s to 12s_. Pears. —Bon Chretien, good sizes, os to 6s 6d; small, 3s to 4s. Lemons.—Best quality, 14s to l<s; inferior, 6s to 9s. Oranges.—Jaffa, 30s to 355. Grape Fruit.—Californian, 27s to 'oos. FIELD PRODUCE Potatoes. —2s to 3s 6d bag. Onions.—3s to 4s bag. Kumerus. —New season s, 2 a d to <>cl lb. Cabbage.—2s to 7s sack. Swedes. —2s to 3s bag. Pumpkins.—ss to Ss cwt. Green Peas.—2s to 5s bag. Beans.—ls to 4s bag. Lettuce. —Is to 7s case. Cucumbers. —4d to 9d dozen. Vegetable Marrows. —Is to 2s 6d dozen. Rock Melons.—9d to Is 6d each. Cabbage.—On benches, Is 6d to 2s bd dozen. Celery.—ls to 2s bundle. Rhubarb.—9d to Is dozen. Pumpkins.—On benches, 6d to Is bd each. „ , , .Spring Onions.—ls to Is bd bundle. Radish.—6d to Is dozen. Carrots, Parsnips, Beet and Turnips.— 9d to Is 6d dozen. POULTRY Cock Chicks. —Heavy, breeds, 9d to 2s. 3d; light breeds, 4d to lOd. Heavy Hens. —2s 6d to 3s 6d. Lighter Hens. —Is 6d to 2s 6d. Pullets. —White Leghorn, forward, 5s to 7s 6d; Black Orpington, 5s to 6s 9d; smaller, 3s to 4s 3<L Roosters.—ls 6d to 2s 9d. Prime Heavy Cockerels. —3s 6d to ss. Light Cockerels.—2s 6d to 3s 9d. Drakes. —Young, Is 3d to 3s. Ducks.—ls Id to 3s 6d. Muscovy Ducks. —3s to 4s 9d; drakes, 4s to ss. Goblers.—los to 16s. Turkey Hens.—6s to Ss. Geese.—ss to 6s.

RAILWAY ACCOUNTS

JANUARY’S WORKING Press Association WELLINGTON, To-day. Following is the railway working account for the four-weekly period ended on January s: NORTH ISLAND Kaihu: Revenue, £664; expenditure, £785; per cent, of Revenue, 174.22. Gisborne, £3,582, £3,224, 123.42 per cent.; North Island main lines and branches, £39,729, £267,659, 84.23 per cent.; total, £395,976, £271,670, 84.69 per cent. SOUTH ISLAND South Island main lines and branches, revenue £240,947. expenditure £189,955, per cent. of revenue 96.32; Westport, £7,527, £6,396, 73.28 per cent; Nelson, £1,909, £3,056, 187.00 per cent.; Pict.on, £3,940, £3,353, 123.05 per cent.; totals, £254,325, £202,762, 96.28 per cent. Operating total: Revenue £650,302, expenditure £474,432, per cent, of revenue 89.43; miscellaneous revenue, £24,668; Lake Wakatipu, revenue £1,393, expenditure £1,259, per cent, of revenue 201.59; refreshment rooms, advertising and other subsidiary services, £3,501, £26,181, 95.91 per cent.; departmental dwellings, £8,312, £11,933, 361.08 per cent. Grand total: Revenue £716,178, expenditure £513,806, 87.26 per cent. of revenue.

DUN LOP-PERDRIAU

RUBBER MERGER COMPLETED (A ustralian and N.Z. Press Associat ion) SYDNEY', Thursday. The directors of the Dunlop Rubber Company, of Australia, Limited, and the Perdriau Rubber Company, Limited, announce that they have adopted an agreement for the amalgamation of their companies. The future name of the company, which also recently absorbed the Barnet Glass Rubber Company, will be the Dunlop Perdiau Rubber Company of Australasia. Limited. The basis of the amalgamation provides that the Perdriau ..ordinary shareholders receive approximately 117 Dunlop ordinary, and 22 Dunlop 10 per cent, preference shares, for every 100 shares now held in the Perdriau Company. Prefer-, ence shareholders will be offered cash or .an option over the.ir preference shares in the amalgamated concern. The three big rubber companies will continue to carry on separately.

WHEAT PRICES IN LONDON ( United Servicef LONDON, Wednesday. Wheat.—Cargoes are quiet and about 3d lower. By the Nohata, 47s 3d; bv an unnamed steamer in June for Calcutta. 445. Parcels are inactive at 3d to 6d lower. By the City of Canberra, 475. Liverpool futures: March, 9s 23-8 d per cental; May, 9s 4 l-8d; Julv, 9s Old.

BIG PRICES FOR RAMS Press Association FEILDING, Thursday. The Feilding ram fair was opened today, The Romneys being sold. Prices were excellent, the averages being about double those of last year. The best price received was by Mr. A. L. Wheeler (Mar ton) for a flock Romney, 28gns. ror stud Romneys the highest price, 32gns, was received by Mr. J. IT. McLean (Marton). Bidding was spirited throughout.

MINING NEWS

WAIHI.—The following Information has been cabled to the London office: Xo. 10 level, Regina lode: At 134 ft. west we Have crosscut to the north and at 16ft. in intersected quartz 21ft. wide, the assay value being 30s 9d a ton. At 22ft. in there is a further body of quartz 4ft. wide, assaying 35s 9d a ton. We have driven 37ft. to the west on this latter body, the assay value for this distance being 52s 3d a ton. The lode is about 4ft. wide.

CHEESE TRUE TO BRAND

A NEW ZEALAND NEED

MR. SINGLETON’S ADVICE Press Association WELLINGTON, Thursday. There was a large attendance of delegates from all parts of the Dominion at the dairy factory managers’ conference held in Wellington to-day. Mr. E. Fergusson, president of the association, was m the chair. “The New Class for Cheese” was the title of an address delivered by Mr. W. M. Singleton, director of the dairy division, Wellington. Mr. Singleton sand tnat at the present ume tne centre of discussion appeared to have switched over from cream grading to the manufacture of standardised cneese. The position now was that cheese, however it was manufactured, must be exactly true to brand. Dairy companies had the option of making fun cream cheese or standardised cheese, but were debarred from making part sKim milk cheese and branding it as “full cream." It was recognised that the effect of the new brana of cheese on the British market had yet to be determined, and that was probably the most important objection yet raised. The new brand permitted dairy companies to try out the market with a legally branded cheese, while it was also possible that that might have some undesirable reflex action on the price of "full cream” cheese. But there was also the chance that it might appreciate the price of “full cream.” In any case, it was deemed to be in the interests of the “full cream” brand that they should not export as “full cream” cheese made from other than whole milk. The disuse of a separated milk starter did, however, partake of the nature of a restriction, but it was the dairy companies which had been illegally exploiting the brand "full cream,” and they must carry tlie responsibility for the debarring of the use of the separated milk starter. Mr. W. G. Wright, who was New Zealand delegate to the World Dairy Conference, said the opinion of people in England was that the standard of New Zealand cheese and butter was deteriorating.

BANK RATE ADVANCED

STOPPING HEAVY DRAIN IN GOLD BANK OF ENGLAND’S MOVE (Australian and N.Z. Press Association) (United Servicej Reed. 9.16 a.m. LONDON, Thursday. The bank rate was advanced to-day to 5h per cent. The advance followed the net efflux during tlie week of £3,091,747 worth of gold, which reduced the stock of gold in the Bank of Englan’s issue department to slightly below the £150,000,000 laid down by the Cunliffe Committee as the amount that should be held, on the amalgamation of the note issues. It is understood that the Bank, of England advanced the rate to stop this heavy drain, and to prevent the situation from getting out of hand. The “Morning Post” points out that during a period of a little over five months our loss in gold has been £26,500,000, and yeb these huge exports had no material effect upon American exchanges. TO PROTECT ITSELF A British Official Wireless message says that the raising of the bank rate from 4i to 5i per cent, was not altogether unexpected. Since last September when the Bank of England’s stock of gold stood at the high record of £176,060,000, there has been a continuous drain of gold, first on account of Germany and recently for New York. Excessive speculation on the New York Stock Exchange has forced up money rates at that centre, and while they remained considerably above those, in London, the fear of gold withdrawals from here remained. There have been no indications of a slackening of speculative activity in America, despite attempts to check it, and the Bank of England is therefore obliged to protect itself. The Bank of England directors also had to look ahead to the autunln months ■when this country has to make heavy payments to America for grain, etc. The bank has therefore to replenish its gold reserve during the spring and summer months, and although it was hoped that this might be accomplished with the 4i per cent, bank rate, it is evident that conditions abroad have forced the hands of the bank. The bank rate has not been as high as 5 a per cent, since 1921.

EFFECT IN NEW YORK

ONE OF WORST “BREAKS” FOR YEARS

(Australian and N.Z. Press Association) Reed. 9.34 a.m. NEW YORK, Thursday. The New York Stock Exchange experienced to-day one of the worst breaks in years, and the second largest in its history. Prices declined at the opening following on enormous transactions, ‘ rallied later on support, but sold off toward the close with many issues breaking below the morning’s low levels. Dealings were so active that at one time the tape was over half an hour late. Radio corporations broke nearly 30 points from the previous closing prices. The market had been rising sharply lately and the technical position become very weak. It is therefore considered natural that when London raised the rediscount rate, and the Federal Reserve Board announced a more stringent policy regarding brokerage on loans, prices should break. Preliminary figures showed a decline only surpassed by that of December 8 last. The decline on December 8, referred to above, followed on the activities of thousands of speculators who had indulged in the so-called “Hoover Market.” Values of stocks of all varieties declined to the extent of more than £400,000,000 in the open markets. The Federal Reserve Board yesterday issued an important statement that owing to the continued increase of stockbrokers’ loans for speculative purposes to the huge total of £1,347,200,000 the board conceived it to be its duty to restrain, directly or indirectly, the use of its facilities in aid of the growth of speculative credit. This is interpreted to mean that in future loans made by the member banks of the Federal Reserve system will be more carefully scrutinised by the board. Referring to the excessive amounts of the country’s credit which have been absorbed in loans on speculative security the statement adds:— “Coming at a time when the country has lost about £100,000,000 worth of gold the effect of this great and growing volume of speculative credit has already produced some strain which has reflected itself in an advance of from 1 to 15 per cent, in the cost of credit for commercial WOOL SALES IN SYDNEY (Australian and N.Z. Press Association) SYDNEY'. Thursday. At the Sydney wool sales to-day the market closed with prices for all fine wools unchanged, but broader quality showed a decline of from par to 5 per cent. Comebacks and crossbreds were similarly affected. There was excellent competition on the lower basis. Greasy Merino sold to 29gd. A total of 11,308 bales were sold.