GRAIN AND PRODUCE MARKETS

Press, Volume LXXXIV, Issue 25394, 17 January 1948, Page 9

GRAIN AND PRODUCE MARKETS

WEATHER DELAYS HARVESTING • —■ The wet weather during the last three days has delayed harvesting, which was weH under way in most parts of the province. Indications are that the returns from nearly all crops will be much lighter than usual. As yet little wheat has arrived in the stores, but within the next week or two there -will be more information about yields. Ryegrass has been coming forward in fair quantities and the general quality has been good. Results of tests are not yet available, but indications are that the germination percentage will be higher than usual. It is expected that the results of tests will be available within the next two weeks. Early white clover is showing good quality and colour. The demand for oats has been sound on a slightly firmer market than a week ago. Some excellent samples have come to hand and one of Duns shown yesterday was easily worth 7s a bushel. However, there may not be many crops of the same high standard. Returns of barley to hand indicate that the yield will be much better than was expected, particularly from later sown crops. Early sown barley suffered severely during the drought. The rain of the last two days will be of considerable benefit to the later crops, and the grain should fill well. White clover is meeting a good inquiry at rates fully firm on those of last week. In general prices for most cereals and small seeds have been firm during the last week, while for a few lines a hardening tendency has been noticeable. Pea’-yields generally have been light, when compared with those of other seasons. One farmer from Coutts Island, though, has reason to be gratified for from 12 acres he secured 249 sacks, an average of about 50 bushels to the acre. It is doubtful if the high average he has set will be reached, for reports from all parts of the province indicate that pea yields will be particularly low. A few onions of good quality have arrived at the stores, but reports on the crops are not yet available. In a week or two the ppsition will be clearer. The Harbour Board advised yesterday that .a few trucks were stiH going forward with sacks loaded fiat. Quotations are:— Wheat.—Tuscan varieties, 8s a bushel f.0.b., grower’s nearest port. Premiums, 2d a bushel for Hunters, 4d for Pearl and Velvet, and 6d for Marquis. Holding increments: Id a bushel a month for April, May, June, and July- thence Jd a month for August and September, making a total increment for the season of 5d a bushel. (From all these prices id a bushel is deducted as growers’ contribution to the insurance fund against frost, flood, and hail.) Oats.—A grade Gartons, fixed price, 4s 8d (on trucks); Algerians, 5s 6d; Duns, up to 6s (depending on quality); black, up to 5s 9d (all on trucks, sacks extra). Red Clover.—Up to 2s per lb machine dressed. White Clover.—ls 9d per lb machinedressed; 2s p.p.; 2s 3d, m.s. Chaff.—£6 10s a ton on trucks, country stations, sacks extra. Lupins.—ss 6d a bushel, on trucks, sacks extra. Barley.—Main malting varieties, 6s 3d a bushel; research and cape, 6s (on trucks, sacks extra). Cocksfoot.—6d per lb (nominal). Partridge Peas.—los a bushel (No. 1), 9s for f.a.q.; Prussian Blue. 12s 6d. Ryegrass.—Mother perennial, 98/90, Ils to Ils 6d a bushel; certified perm, pasture, 9s 6d; certified mother H.l, 8s 6d; certified Italian, 6s. DUNEDIN (P.A.) DUNEDIN, January 16*. The grain market has opened with bare boards as no stocks of oats or wheat were carried over from last year. Although harvesting has started in the Lakes district, the bulk of the early supplies of oats will be required for use in that district. Generally speaking, oat crop? are looking well and given reasonable weather from now on yields should be up to average. The market is bare of fowl wheat, but it is expected that supplies will be made available by Government releases before the position becomes acute. Many of the pea crops in Central Otago are a complete failure. An exceptionally dry speH in November and December stopped growth and later withered plants before they could flower and mature. There are a few good crops in irrigated districts. Potato crops are looking well , and recent rains should do much good. The local market is being supplied through the auction marts, and supplies are fully equal to ttte demand. With embargoes on the export of practically all lines of seeds to Great Britain, which is New Zealand’s best overseas buyer, the new season is opening under anything but happy conditions, and unless the embargoes are lifted and export permitted prices to growers must suffer a further set-back. A few early lines of farmers’ dressed ryegrass have come to hand and, although the colour is good, the seed is light in weight. It is generally expected this year that germination of ryegrass throughout Canterbury and Otago will be higher than it has been for the last few years. A big amount of chewings fescue crop is in stook, while the cutting of crested dogstail should start at the end of the month.

A few lines of white clover are now being saved and it is reported that the colour is good and that lines are showing very little trace of sucking clover. With the uncertainty of the overseas position, merchants are unwilling to set a value on most lines at this stage. COMPANY NEWS c^Tz 1 , Am year to March 31, 1947, was £6911 2s. reported the directors, to the 63rd annual meeting of the Perpetual Trustees Estate and Agency Co. of New Zealand, Ltd. To this was added £1604 17s lid, carried forward, and over-provision for taxation for the previous year of £384 4s 7d, making a total of £B9OO 4s 6d. Of that amount the interim dividend of 9d a share for the six months ended September 30, 1946, amounting to £937 10s, had been paid. s <H c L? tl ? er Payments brought the total to £1591 4s 3d. The directors recommended that the £7309 0s 3d available for distribution be dealt with as follows:—transfer to taxation reserve, £3100; payment of dividend of 9d a share for six months ended March 31, 1947, £937 10s; staff benefit fund contribution, £500; carry forward to next year, £2771 10s 3d. Financial Services.—An interim dividend at the rate of 5 per cent, per annum is payable on February 6, ex dividend on January 23.—(PtA.) G. J. Coles and Co.—G. J. Coles and Company advises that its interim dividend will be paid on ordinary shares at 5 per cent, for the half-year ended December 31, 1947 (ex dividend on January 17).—(P.A.) N.Z. Insurance.—The New Zealand Insurance Company advises that with reference to the dividend of Is a share already announced, the books will be closed from January 28 to February 10. both dates inclusive (ex dividend January 28). Auckland Gas Co.—Application lists for the Auckand Gas Company’s issue of £508,658 in 4J per cent, perpetual debentures have been closed. The issue was on December 8. Up to December 22 when legal offices and the Stock Exchange closed for the Christmas and New Year vacation, applications had reached £484,520, and this amount was allotted at that date. With the reopening of legal offices and the stock exchange on January 13, the balance of the issue was quickly subscribed and lists were closed by the directors, with applications for a considerable sum unable to be accommodated.—(P.A.)