CANTERBURY MARKETS

Press, Volume LXIII, Issue 18924, 12 February 1927, Page 12

CANTERBURY MARKETS

HBATC WHEAT OFFERINGS. •„BT '.:-a COJiKMCIM. JMTOR.) FTiiiay Evening. Wheat is <-tfeml in quantities which aro causing millers M>mo concorn. The lowest figure for this week's delivery has been os i)d a bushel on trucks, i>ut os" tVi for Tuscan and 5s 7d for Hunter.-; lias lioen the prevailing price for ordinary delivery. There was a rumour yesterday in the country that this price had !*cn broken and that millers were ofteiing os 3d. There was no foundation for the rumour, as the ds (id oiler is still ruling. However, the position is not too reassuring, as much more wheat is _ being offered, than millers can conveniently handle, in spite of the fact that thu present price of flour, plus the dumping duty, warrants more than os Ikl on trucks. The question is purely one of finance, 'llie wheat crop of the province, even at present prices, is worth a million and a half of money, and the produce will all bo ready within a couple of months. It seems strange that in the schemes of providing rural credit someconsideration or help cannot ho jriven to what is really the most- gilt-edged product of the farm. Certainly wheat is a letter chattel than is land at the varying and fictitious valuations so often placed upon it. Yields continue on the high side, but in some districts tho lieitds, a 6 a result of tho prolonged spell of rainless weather, nro "pinched," and aro threshing below earlier expectations. However, tho figure mentioned some time ago as a probable Dominion yield—i.e., 84 bushels to tho acreshould not be far beyond the ultimate result. Exceptional yields are being secured in some districts, notably north of the Waimakariri. A fair quantity of fowl wheat has been sold forward at 5s 81d f.o.b. A shipment of flour from Melbourne, which arrived in Wellington during the week, was considered to havo transgressed the dumping regulations to the extent of 12s 6d a ton, so some headway is being made.

Flour Dumping. Tho following comment by the commercial editor of tho "Australasian" should bo useful to those of our politicians and officials who have been adopting overy pretext to avoid applying the dumping duty : "Flour millers in Australia may havo good cause- for congratulation that the. Acting Prime, Minister of New Zealand (Mr Downio Stewart) has deferred taking action to impose a dumping duty on Australian flour contracted for before January 27th. A considerable quantity of the Victorian product has been sold to New Zealand this year, and the prices accepted have been largely below tho home consumption price of flour in Victoria. It is generally agreed that there is justification for flour being sold for export at concession rates, but the disparity between the prices at which flour is sold here and those received from New Zealand calls for comment. It is reported that business has been done at as low as £ll a ton free on board Melbourne, while the home price of new season's flour is £l3 a ton delivered Melbourne or suburbs. The Federal Ministry loses no opportunity of applying a dumping duty on goods imported into the Commonwealth when bought at below the home consumption price in tho country of origin, and New Zealand is justified in treating imports, of Anatralian produce similarly. In future, however, the Dominion will »pply the dumping duty on Australian flour when sold in that direction at concession rates. Millers in Victoria and other States have practically been inviting New Zealand to take action in this respect, as the margin of prices ha< been particularly wide." The point of this comment is really the surprise manifested at New Zealand's weakness.

Barley and Oats. Barley that was not contracted for is practically unsaleable. Maltater* have been "landed" with such a surplus on their acreage contracts that they will not look at free barley for the time being, and 4s is a flattering quotation. > A grade Gartens, bright and an excellent heavy sample, have been offered at 2s 6d on trucks, Fs 2s 3d. Threshing returns continue to show veiy heavy yields. Seeds. A few parcols of cocksfoot have been offered merchants, but the price, Od for 12-13lb seed, is not attractive to growers. Tho importation of cheap inferior Continental seed, which appears to meet the needs, in the North Island, has helped to give this oldtime Canterbury industry a knock-out blow. There is now little enquiry from the North. ltyegrass is not moving to any extent, and it is 100 early for clover samples. Potatoes and Onions. The firmer . tone noted during the mid-week continues, though not much business is doing. Tho present dry weather, however, is causing some revision of earlier crop estimates, and it would now seem that last season's exceptionally heavy yield of 0} tons to the acre will not be repeated. Should the yield be on the nominal basis nf 51 tons the reduction in weight on last year's crop would be 24,000 tons, slightly more than the whole of last season's export to Australia. Just at the moment a lower yield is a probability, but a good rain would enhanco yield prospects tremendously. Present quotations are £\ f.0.b.5.i., or £2 15s on trucks. Onions are commencing to come forward, but as imported onions are held in the south tho demand is practically nil at the moment. For ordinary delivery £3 15s on trucks is quoted.

Quotations. The following arc quotations for produce to be paid to farmers, nocks extra, except where otherwise stated:— Wheat—os 9d (for prompt), 5s fid Tuscan, and 5s 7d Hunters (delivery when ready), on trucks. Oats—Cartons, 2s 6d per bushel; Algerians, 2s to 2s 2d; Duns, 2s 3d. Chaff—£3 per ton. Potatoes—£2 15s to £2 17s Gd per ton. Onions—New season's, £3 los. * Hed Clover—Bd per lb. White Clover—Bd per lb. Perennial Ryegrass—2s fid to 2s 9d per bushel. Partridge Peas—6s lOd. Barley—3s 9d i>er bushel. Itnlian Ryegrass—ls 9d to 2s per bushel. Cocksfoot—fid per lb. Linseed—£l2 to £l3 per ton. FROZEN MEAT. Dalgety and Company, Ltd., have received the folowing ctbled advice from London:—Frozen lamb: The market it unchanged, and tho demand runs principally oa light weights. We quote prime eroaabrtd lamb nan- season's North liland 86 to 421b 9Jd, acconda S|d, for Australian lamb the market it weak and Hie demand poor. We quote Auetralian g.a.q. rroatbred light Sid, heavy TJd. Froict< mutton: The market i» quiet, nnd the demand limited. We quote prime croaa. bred mutton, »«w icaion'a, North lilind light 7}d. North Island heavy 6id; (or Australian tb« mnrket Is dull, and the demand modtrato. We quote Australian g.a.q. cronbrad light 4}d. Frozen beef: The mar* ket la nominal, and the demand nil. We quote nominally N.Z. prim* os beef hlnda Hi, fores B|d. The pork market la unchanged. Quotations are nominal.