TRADE IN PRODUCE

Sun (Auckland), Volume III, Issue 731, 2 August 1929, Page 10

TRADE IN PRODUCE

POTATOES HOLDING UP HEAVY SHIPMENTS ARRIVING I The Sun Office, 9 a.m. Potatoes continue to occupy the centre of interest in grain, seed and produce circles. Other lines are fairly steady, with little outstanding move in prices. On the spot stocks have sunk to within a very small compass and the Kaiwarra shipment is urgently needed. The vessel brings around 7,000 sacks. The Waipiata next week brings approximately 12,000 to 13,000 sacks. The market’s absorption powers will be somewhat taxed, but prices will depend largely on the Southern f.o.b. parity. Should the market hold firm down there, merchants will not quit under cost here, and will quite easily find storage for any surplus tubers until the position eases. Auckland merchants are somewhat in the dark as to the position in the South, and are not prepared to make any definite forecast as to the future. They certainly had not expected a shortage of supplies so early in the season and, even yet, are inclined to believe that the potatoes are being held back by farmers who in many instances have been hindered in their digging operations by unfavourable weather. A slight easing in the South in the near future would not be unexpected in some quarters. On the spot the tubers are selling through store at from £ll to £ll 10s. Seed potatoes are meeting with a slightly better sale. Ample stocks of most varieties are held on the spot. Japanese Onions Arrive Stocks of onions, which had sunk to a very low ebb, were supplemented by the arrival thir week of the first decent sized shipment of Japanese, via Sydney. The biggest portion of the shipment was sold to arrive. The quality was not quite up to expectations. Business is still being done in local onions. Merchants through store quotations for both locals and Japs are firm at 17s 6d a cwt. The oat market, is slightly firmer, and a rise of Id a bushel in the near future would not be unexpected in certain quarters. Through store, Auckland, merchants ask around 4s 6d to 4s 7d a bushel for B Gartons. The market for chaff continues extremely firm, merchants asking from £lO to £lO 10s a ton, through store, Auckland. The recent firmer tone registered in the market for vdieat is fully maintained. A rise oC one penny a bushel each month is indicated in the forward quotations. The pool in the South has the position fully in hand at the moment, and there is every indication that it will be able to hold control right up till the time when the new season’s crop becomes available next fall. Maize Market Easier Despite the fact that there is a steady retail demand from poultry feeders, the market for maize is decidedly weaker. Heavier supplies of the new season’s grain are now available, and this is having a bearing effect on prices. The quality of the cereal is now quite reliable and business is now being done for railing to all parts of the North Island. The requirements of the Auckland market are being satisfied largely by forward purchases around 5s 3d and 5s 4d f.0.b., Gisborne, now coming to hand, while the biggest part of the trade outside the city area is being sullied by direct railing from Bay of Plenty stations at from 5s 4d to 5s 6d. The wholesale price on the Auckland Wharf is nominally steady around 5s lid, but very little business is being done, the supply being considerably greater than the demand. Bran and pollard meets with a steady demand from feedei s, merchants’ prices being unchanged at £S 10s through store for bran and £lO 10s a ton through store for pollard. Further orders for pollard are being booked for shipment in Austro lia this month. Produce Boats’ Movements The Kaiwarra, from Dunedin, Timaru, Lyttelton and Wellington, arrived in Auckland this re orning. The Kurow loads at Dunedin today, thence Timaru, Lyttelton, Wellington and Auckland. The vessel is due here on August 12. The Waipiata, from Bluff, Dunedin, Oamaru, Timaru, left Lyttelton for Wellington yesterday. The vessel is scheduled to leave that port tonight for Auckland, arriving here over the week-end. The Wingatui loads at Dunedin on Wednesday next, thence Timaru, Lyttelton, Wellington for Auckland. The Kaiapoi, from Melbourne, via Hobart, arrived at Bluff yesterday, and left in the evening for Auckland via Dkinedin, Lyttelton, Wellington, New Plymouth The vessel is due here on Monday week. The Llimaroa, from Sydney, is due on Tuesday next. LONDON DAIRY MARKET BUTTER QUIET, CHEESE DULL (Australian and N.Z. Press Association) ( United Service) Reed. 10.40 a.m. LONDON, Thursday. The butter market is qv.iet—salted New Zealand, 170 s to 1725; Australian, 166 s to 1675; unsalted New Zealand is practically the same; Danish, 1725. Cheese is dull —New Zealand, white, 86s; coloured, 90s. No Australian cheese is offering. MERCHANTS’ REPORTS Merchants report receipt of overseas cables as follow: — Dalgety and Company, from their London house under date July 31: “New Zealand butter, 169 s to 1725. New Zealand cheese, white, 86s to 87s; coloured, 90s to 91s. Market very quiet.” Amalgamated Dairies, Ltd., from their London office, dated August 1: “Butter: Our prices unchanged, Anchor 1745; market steadier. Rather better demand. Danish, 165 s f.o.b. Cheese: White, 86s; coloured, 90s; market weak.” Andrew Clement and Sons, from their London office: “First cheese steady, 86s to 90s; butter quiet, at 1725.” BANK OF ENGLAND RETURN (United P.A. —By Tclccjraph — Copyripht.) (Australian and N.Z. Press Association) (United Service) Rec-d. 9.5 a.m. LONDON, Thursday. The following is the Bank of England return Issue Department € Notes issued in circulation .. C 71,517,795 In bank department 42,955,784 Government debt 11,015,100 Other Government securities 235,213,833 Other securities 8,931,291 Silver coin 4,839,776 Amount of fiduciary issue .. 260,000,000 Gold, coin and bullion . . . . 141,000,000 * Banking Department Proprietors’ capital 14,553,000 Rest 3,554,029 Public deposits 31,075,094 Other deposits, bankers .. .. C 0,277,409 Other accounts 37,657,056 Seven-day and other bills .. 2,063 Government securities . . . . 62,256,50 u Other securities, discounts advances 9,951,195 Securities 24,151,272 Notes 29,557,542 Gold and silver coin .. .. 1,234,607 The proportion of reserves to liabilities is 2 8.20 per cent. Short loans art* quoted at 4 1 j per cent., and three months bills at a 15-32 per cent.