COMMERCIAL.

Press, Volume LX, Issue 18194, 3 October 1924, Page 10

COMMERCIAL.

'f ' I ♦ SVHEAT MARKET. government withdrawing. DUTY TO BE SUSPENDED. OftBSS ASSOCIATION TELIGiAH.) WELLINGTON, October 2. The following official announcement has been made by the Department ot Industries and Commerce: — Owing to the unfortunate shortage in last year's crop, the Government, during this year has been engaged in the business of importing wheat to supplement the Dominion's production. This has been done mainly in to supplies for milling purposes, but in order to avoid certain difficulties, and in order that all supplies might be duty free, the Government up to this time has brought in and sold to merchants a very large quantity of wheat for poultry food. The Government made substantial contracts for forward delivery, and consequently Australian wheat of good quality has been made available to poultry farmers at prices in New Zealand which have not reflected the material advance in world market values which liaa taken place during the past few months. At the same time the prices of other feeding stuffs with one or two exceptions, have been comparatively high. As a consequence of these c-ircum-Btances, the demand! for poultry wheat, particularly in the North Island, has been heavy, and to some extent ahead, of actual current requirements. The comparatively low prices at which Government sales of wheat have been made have apparently also tended to restrict offerings bv holders in the south, and statistical information inxhcates that New Zealand wheat is being withheld from sale in anticipation of better prices. The Government has now substantially completed its arrangements for supplies to rmllers, and the chief reason for regaining in business so far as poultry wheat is concerned, no longer exists. The Minister of Agriculture, therefore, announces that in order to avoid being concerned in the trade longer than is necessary, and agree- . able to the expressed wish of the interested parties to secure their own supplies, the Government, from November onward, will leave the jnarket to be supplied wholly by the operations of merchants and brokers. In order thai supplies of imported fowl wheat may, if necessary, come in at the lowest possible cost the duty father than primage duty) on wheat will be suspended until February 28th, 1925, and permits for importation (after November 30th) of quantities of wheat limited to current requirements will be issued to merchants by the Customs Department. In order that merchants may have adequate tijne to make the necessary arrangements this notification is given, and to provide* for immediate requirements ahead the Government has justreleased in "Wellington and Auckland the substantial quantity of 80,000 ,bushels of wheat for poultry food. A similar quantity will be offered to merchants in Auckland and "Wellington (on the basis of their previous monthly requirements) towards the end of October. The price for this shipment, which will be the Inst sold on the Government's account to merchants, will be six shillings and ninepence a bushel 6acks -in, ex-wharf, Auckland and Wellington.

N.S.W. WHEAT. r SALES FROM THE POOL. (IT CAXLX—PXMS ASBOCUTTOir—OOfTMOHT) (AUSTRALIAN AOT H.Z. CAB LI ASSOCXATXOV.) SYDNEY, October 2. The secretary of the wheat pool states that the pool has effected heavy overseas sales at a price equivalent to fig 5d a bushel at country stations. THE NEW CLIP. ' ' (mis Msocunoir maatuu.) WELLINGTON, October 2. Prospects for the wool sale are de- • clared to be good. A dispute at Terawhiti is delaying, shearing operations. PRICE OP BUTTER. («pmcui. to "tot nut."). DUNEDIN, October 2. The rise in the prica of butter re--ported from Anckland has speedily found its balance locally, the announcement being made that there is Id per lb advance all round, wholesale and retail, making the rates 2s 9d and Is lid respectively. ... The advance is purely a reflection of British market movements, and they in turn are ascribable to the coming in of Germany. CANADIAN BANKING. (BT nttrtM—niH associaho* —comiinß) (iimuux AXS HZ. CUU UIOCUBOI.) (Received October 2nd, 9.55 p.m.) OTTAWA, October 1. It is stated that the Sterling Bank of Toronto has been absorbed by the Standard Bank. AUSTRALIAN PRODUCE. . J (si CkMLZ—PUSS ASSOCIATION —COPYRIGHT) (AXJSMALIA* AHB K.Z. CABLX ASSOCIATION.) (Beoeived October 2nd, 10.45 p.m.) • SYDNEY, October 2. Oats: lumniu Algerian, 4s Sd to 4s Sd • bushel; Whit# Giants, 4s 7d to 4b lOd. Maiie: Yellow, 3s 3d to 3a lOd; white, 4s to 4a Id. Potatoes: £4 to i& » ton. Onions: £24 a ton. ■ The Wheat Pool reports extensive overseas Bales of near season's wheat, for DecemberJanuary shipment, at 5s 5d to 6s 6d net at country stations. ADBT/ATT>E, October X Oats: 3s 2d to 3s Sd. SHARES. LONDON, OetoW 1. Meant Lfell: 30s 7d. Waihi: 97s 6d. W®ihi Grand Junction: Is «d. GOLD. LONDON, October 1. . Tha price of gold is £i 1J« 8d an ounce. [WANGANUI CUSTOMS RETURNS. (KSBB ASgOCIATIO* TBLKOmAK.) WA2JGANUT, October 2. .Tha Wangajnoi Customs revenue for the Otptoniber was £33,039, and for nine WOSwl the total was £78,086, an increase k. ° Y * S ooirwfponding period «»f