“The Press” In 1864

Press, Volume CIII, Issue 30454, 30 May 1964, Page 12

“The Press” In 1864

MAY 30

COMMERCIAL The rapid rise in the price of bread stuffs throughout the whole of the Southern hemisphere has at last produced its effect here. The first intimation of a scarcity was received with great caution, many thinking so high a price so early in the season would soon bring a better supply into the market This, however, has not been the case. Since the first alarm there has been ample time for supplies to have been obtained from the most distant market, had there been a surplus sufficient to have influenced the daily increased demand in Australia and New Zealand; consequently, dealers and millers have at last concluded that there is an actual deficiency, or that larger quantities have been already purchased by speculators and are

being withheld from the market for the purpose of rising the price. In either case the effect, as regards price, must be the same to Canterbury, because, it is generally acknowledged that the last harvest only produced about nine months’ consumption; but, should there be an actual scarcity of wheat this side of the world it might then become a serious question of actual supplies till next harvest. It is true that our exports have been smaller than usual this year, still, for every thousand bushels of wheat exported it is more than probable that we shall have to pay an advance of 50 to 60 per cent for it back again, and perhaps a still larger advance for the last two or three months’ supply. One such a severe lesson should be sufficient for any country, and we have no doubt but that the agriculturists of Canterbury would, if in their

power, rectify the error by next harvest, but the unusually dry autumn has so long delayed the preparation of wheat land that there is a general fear that a sufficiency of wheat land cannot be prepared and planted in the proper season to insure a remunerative yield, added to this there is an actual decrease in the quantity of land under cultivation, and must continue to be so till some new country is opened up. Wheat—The millers commenced the advance on Monday last by rising the price of flour to £3O a ton, wholesale, and £3l 10s retail, wheat was eagerly inquired for the whole of the week, and 9s was given freely, 10s being generally demanded. but today 10s was offered by all anxious to purchase, and many sales were affected at that price.

Bread is now selling at Is 2d 41b loaf.