CHE SYDNEY GRAIN MARKET.

Press, Volume XLVI, Issue 7350, 1 July 1889, Page 6

CHE SYDNEY GRAIN MARKET.

Those Christchurch journals which a dttle while ago thought that they knew all about everything, should reprint the followiug extract from the Sydney Telegraph of June 12th, and place by its side the advice which they gave to our tannexSr-to the effect that the markets would rise. Those who gave that advice ihould then study both columns till die contents are not likely to slip from their memories in future. If they will only do this they will not indulge in foolish prophecies in a hurry. At all events we think they should not do so anless the? ure prepared to make up the loss themselves instead of leaving it to be borne by one of the niost industrious sections of the community. That is the only condition under which the people's mantle should. be assumed when other person's Interests are at stake. The extract reads &s ■ — "Very? tfcl: of importance has transpired lately It* ■ud local market for grain. Prices obtainable lh Sydney for New Zealand wheat ure low, owing to the market being 3o fully supplied. By standing out for unreasonably high figure? at the beginning }f the season the growers of the latter , :olouy forced millers here to make con:racts in San Francisco, from which port wheat can be laid down, if necessary, it from 4s 3d to 4s 6d per bushel. The consequence is that large cargoes of Californiati grain have arrived and are advised. Millers are well supplied, and ihere has been a general decline of nearly 3d per bushel iv prime milling wheat, a decline that is»reflected to the fullest extent in New Zealand markets. If growers iv that colony had been content to uccept lower rates three or four months ago no oue would have cared to take the risk of [•HportinsCalifornian wheat. New Zealand and Adelaide would have had this market pretty much to themselves and would have been able to obtain higher rates all round than they are likely to do at present, now ibat the only remunerative outlet for their surplus products has become glutted from other, sources. It may be necessary to drive , bargain sometimes, but it is very suicidal to do ao when it cuts thewroDg nay. Vhe outside value of New Zealand wheat at British ports at present gives an f.o.b. Jjrice at port of shipment of only about l» J 4sd per bushel, and it is very probable, now that the Californian trade is fairlyiopened, that the price here will drop Jp a~price which corresponds. That is, of course, supposing that nothing transpires to raise the market in Great Britain."