Commercial.

Daily Telegraph (Napier), Issue 2980, 13 January 1881, Page 2

Commercial.

Messrs P. Cunningham and Co., under date Christchurch, Ist January, 1881, report on the grain market as follows : —During the last month we have had abundant rains, which have wonderfully improved our crop prospects. Although a little late for some of the late sown crops on light lands, still, on the whole, there is every indication of a good average yield of all cereals. The harvest will bo a little earlier than last, and should fine weather rule during the present month, reaping will be pretty general as regards oats and barley. We can form no accurate idea as to the acreage of the various cereals till the Government statistics are published, but ■we believe wheat will show equal to, if not in excess, of last season, and oats and barley a decrease, especially tho former. The new year finds us with heavy stock of oats and barley of the old crop, which will materially affect opening values of the new. Thh in a great measure is owing to the scarcity of tonnage for the Home market; the prohibition duties of Victoria (which was one of our principal outlets), and the fact that all those farmers who were able to bold have done so in hopes of better ruling as the year advanced, in this, however, they have been disappointed. Wheat is only in moderatesupply, but as millers have ample stocks to meet trade requirements till the new grain is ready, that now remaining will suffice for outside demands. With respect to opening prices for the new grain, all will depend on Home prices and freight. At the moment thero is every prospect of a scarcity of tonpage, and high rates ruling for freight. Transactions of the month have been principally confined to operations between local millers and merchants in wheat, and a few oat shipments to the CajDe.