GRAIN AND PRODUCE MARKETS

Press, Volume LXXXIII, Issue 25270, 23 August 1947, Page 5

GRAIN AND PRODUCE MARKETS

LITTLE ACTIVITY There is little to report about the grain and produce markets in North Canterbury. The chances of the lifting of the embargo on the importation of white clover into Great Britain appear to be remote. If anything, there is less inquiry for all lines of grasses and clovers, but there has been no rescission of prices during the week on the part of exporters. The spring inquiry from farmers for small seeds has not yet set in. Somq farmers who are being offered current prices for white clover have decided to hold their stocks in the hope of a material improvement in the market.

The indications are that many areas of light land shut up for white clover during the recent era of high prices will no longer be saved for seed. With a return of only 501 b to 601 b of dressed seed to the acre, and prices as low as from Is lOd to 2s 4d per lb, this type of land is bound to go out of small seeds production. Merchants report very healthy inquiries for peas, barley, and linseed contracts, and the announcement of an increase of .3d a bushel in the price of malting barley for the 1947-48 season, although not a very handsome increment in the light of the mounting costs of production. will tend to popularise this safe and non-exhausting crop. No further sailings of potato ships' are in sight, but it is expected that space will be made available on at least one, or possibly two, ships early in September. Meanwhile there is a very fair inquiry locally for seed potatoes. Quotations aie as follows:

Potatoes —Growers prices: Whites ana Dakotas, £8 15s a ton f.0.b., s.i.; Suttons and King Edwards. £9 ss. Onions.—£2l a ton, f.a.q. Wheat.—Tuscan and Cross 7,7 s BJd: Hunters. 7s lOJd; Marquis, 8s 2Jd. (From all these prices id a bushel is deducted as the grower’s contribution to the insurance fund against frost, flood, and hail.)

Oats.—A grade Gartons, 4s (on trucks), Algerian, 4s 3d to 4s 6d; Duns,-good quality, 4s 6d to ss; black, 3s •6d to 4s Red Clover—2s 6d, machine dressed. White Clover.—ls lOd uncertified. 2s Id I .!• ; 2t 4d m.s. Barley—Cape and malting, maximum price, 5s 6d (0.t., s.e.) for No. 1 quality Chaff —G.b.o.s., £9 a ton (f.0.b.. s.i.). equivalent to £6 10s. o.t. s.e.. country stations Cocksfoot.—4d to 6d per lb (nominal). Linseed. —£3o a ton, on trucks. Partridge Peas.-lOs a bushel (No 1). 9s for f.a.q.; Prussian Blue, 12s 6d. DUNEDIN MARKETS <P.A.) DUNEDIN, August 22. T|iere has been a good inquiry for seed wheat. Indications point to an excellent spring sowing, so that there should be a greater area of wheat sown this year than last season. The information received this week that the ceiling price for white oats has been raised from 4s to 4s 3d a bushel should induce growers to give this crop more consideration, particularly as the quantity harvested last year was not sufficient for the Dominion's requirements. Next season’s oat crop will therefore come on. to a bare market. Supplies /jf chaff continue to be sufficient for all requirements.

There is a keen inquiry for all varieties of seed potatoes, but these are difficult to obtain.

The week in the small seeds market has been one of the quietest for same years. Very little business has been recorded in any lines. Values of white clover have depreciated still further and even on the lower basis no interest is being taken by merchants. Montgomery red clover and cowgrass are also quieter, but business is possible at reduced quotations. No inquiries are being received from overseas for Chewings Fescue, nor is there any interest in crested dogstail, cocksfoot, or brown top.

BANK OF ENGLAND RETURN

(N.Z. Press Association-v Copyright) (Rec. 5.5 p.m.) LONDON, August 21. The Bank of England return for the week ended August 21 (with the previous week’s figures in parenthesis) is:— Issue Department (millions).—Notes in circulation. 1399.4 (1411.7); notes in banking department, 50.8 ( 38.5); other Government securities, 1438.4 (same); other securities, .6 (same). Banking Department.—Capital, 14.5 (same); public deposits .12.7 (16.2); bankers deposits, 301.3 (294.9); other accounts, 93.8 (93.4); Government securities, 332.6 (342.6); discounts and advances, 22 8 (20.7); other securities, 175 (187); notes and c °i n - 53.3 (40.8); ratio of reserve to liabilities, 13.0 per cent. (10.0 per cent.); Bank of England discount rate remains unchanged at 2 per cent.

FURTHER INCREASE IN PRICE OF SILVER

(N.Z. Press Association—Copyright) (Rec. 5.5 p.m.) LONDON, August 21. The price of silver has. been increased forward tO 38 s^d ’ *° T otb spot and SHAREMARKET INDICES

IqLmilo”.—"Financial Times” (1926 equals

FARMING OUTLOOK IN , AUSTRALIA FAVOURABLE SEASONAL CONDITIONS During July general rains fell over most parts of the Continent, and considerably improved agricultural and pastoral p:ospects, reports the Statistical Bulletin ‘ssued by the Commonwealth Bank of Australia. Good falls were recorded over inland areas of New South Wales excepting the western and north-western divisions, which are still dry. Condit ons in the southern wheat belt have improved and pastures are responding to the rain In Victoria general rains were received with heavy falls in the north-east and floods in the south-west. Crops in the southern districts are satisfactory, and those in*the north and Mallee areas have been revived by recent rain. Very little rain fell in Queensland, and although pastures generally are fair, those in the central and south-western cpvisions are very dry. Moderate rains were recorded in the agricultural districts of South Australia with heavy falls in the south-east. Stock is in good condition, and feed, although decreased, still plentiful in most districts. In Western Australia heavy showers fell over most, of the State and seasonal prospects are good. Moderate to heavy rains continued in Tasmania, and temperatures, which were milder than usual, have encouraged growth in crops and pastures.

Inds Ord. Govt. Gold. January 31 . 131.7 120.52 129.51 February 28 132 119 82 135.28 March 31 128.4 117.76 123.4 April 30 134.5 118.19 119.72 May 27 134.9 118.61 114.73 June 29 133.1 116.87 115.56 July 30 122.5 113.76 116.52 August 7 120.8 113.01 115.99 August 11 121.6 112.83 118.19 August 12 120.1 112.6 120.03 August 14 . 118.0 112.02 125.12 August 18 . 117.0 112.80 August 19 116.5 112.62 134'34 New York —Dow Jones (126 pniiak 100). 1939 Highest (Sept.) rails. 35 90: industrials, 151.22. Low 23.15; industrials, 121.4. Rails. est (April), rails. Shares Indus. said December 31 . 51.13 177.20 1.820,000 January 31 . 50.88 180.44 1,310.000 February 28 . 50.39 178.90 680,000 March • 26 . 48.7 177.1 940,000 April 30 . 45.22 170.64 780,000 May 28 . 44 24 169.25 900,000 June 29 . 45.88 177.3 670,000 July 30 . 49.04 180.91 1,170,000 August 7 . 49.13 182.11 660,000 August 11 . 47.91 178.98 720.000 August 12 . 48.32 179.92 690,000 August 14 . 48.79 179.87 680.000 August 18 . 49.30 180.44 710,000 August 19 .. 49.15 179.75 600,000