COMMERCIAL & FINANCIAL

Evening Post, Volume XCVI, Issue 22, 25 July 1918, Page 4

COMMERCIAL & FINANCIAL

Evening Post, Thursday.

Returns of threshings to 22nd June, t.he latest official returns, show that nearly 6,000,000 bushels of wheat should have been threshed out. The comparison with returns last year is as follows; — June 19, Jun& 22, 1917. 1918. Wheat (bushels) .... -4,672,728 5.998,059 Oats (bushels) 5,059,252 4;i55,135 Yield per Acre: Oats 32.12 32.78 Wheat ._ 23.09 , 24.63 Wheat Threshed: C&n't'bury (bushels) 3,742,957 4,735,591 Although the yield is greater this year in quantity and per acre, and 270,000 acres ■were sown, yet tho production, as the above figures show, has not been sufficient to meet the Dominion's own requirements and to provide for seed and so render th© country independent of Australia. The Government, in fact, has bought wheat in the Commonwealth at 5s 7Jd per bushel, as announced, to sufficiently meet tho country's need. On this occasion the buyer was not a. Government officer, but Eta experienced merchant acting on its behalf.

The next crop is the occasion of much discussion in tl)e South,. and the question is of national impprtance. j!dr. John Talbot, a Tecognised authority on. the subject, estimates that; there w*il be fully 70,000 acres less sown in whims'.in. New Zealand this year than last, or, say, 1,700,000 bushels. This state of affairs is ascribed to the reluctance of farmers to grow wheat at the Government price, viz., 6s 4d per bushel; in view of the disappointment experienced with the 11917-18 harvest. v There is a feelinjg in the flour trade of another advance m price, probably of 10s per ton, which will be reflected in an advance in the price of bread, up to Is per four-pound loaf delivered. The outlook for the consumer is by no means alluring, while the producer is far from satisfied, and in many cases is not putting in wheat at all where ha sowed plentifully last year. The matter is one that requires extremely delicate handling on the part of the Government. It seems that the policy of_ the country growing sufficient wheat for its own needs xs now on its trial.

HEMP—Several cablegrams offering hemp to American manufacturers have been despatched from this end, but have failed in each instance to bring any response. Very few millers are now turning out anything, on account of the bad weather, so that there is but little fibre coming in to the merchants, Auckland mills are shut tlown until accumulated stocks can bo reduced.

DAIRY PRODUCE—Mr. J. N. Williams, secretary Grocers' Association of Victoria, in giving evidence before the Assistant Price Commissioner (Mr. G. F. Martin) stated that the following profits had been made by. wholesale butter distributing firms of Melbourne:—Gippsland and Nortlwn Co-operativo Co.. capital ' £66,969, profit for 1917 £12,786, or. 19 per cent.; ■ Victorian Butter Factories, Ltd., capital £11,837, profit £10,823, or 91.4 per cent.; Western District Co-opera-tive Co., capital £21,045, profit £7163, or 52.4 per cent. But 30 retail grocera in Melbourne made a loss of £4822 14a Id, or an average of £160 15s 2d, within a.given period. The aggregate of business was £39,575 and tho turnover £180,480; the loss on capital was .12.2 per cent., and thp loss on turnover 2.67 per cent. The wa-ctes of a large number of them, Mr. Williams'javerred, wore below what an assistant would receive. In connection with the disposal of Australia's surplus butter and cheese, a suggestion was made at .the conference of the Federal Buttor Committee in Sydney, about three months "»go, that the Imfpcrial Government should be offered the output for the duration of the war, and say for two years after. This, however, was rejected by the majority present on technical grounds, it being claimed that as the appointment of the committee was restricted to a torm*of 12 montliq, it. hnd no power to offer tho Imperial authorities more than the surplus output for the year. The matter, however, has been' taken up by another i State, states the Argus, the term proposed being for the period of the war and one season after. This has boon submitted to producers in tho State concerned, and has met with their approval. It is contended -that farmers in the other principal prnducip? States will sunport the proposal. Should the movement mature, and tho Imperial Government, acquie?co in the scheme, undoubtedly it would bn of great advantage to the Australian dairying industry, as stability would bo guaranteed for the period named, and probably production would be increased materially."

MARGARINE.—Tho Grooor (London) notes with eatisfaetkm tho horae production of margarine;. "With raw rrmterinA freely obtainable within the_ Empire, this industry is liksiv to roach important dimensions. Procfuco _from our West African possessions, which, prior to the war Ur.<rely_ founj its way to German, factories, is now being utilised for homo consumption, an^ to are taking practically all seed nuts, and kernels for which tannage is available. Of the resultant oil, the largest proportion "is allocated to margarine manufacturers, and the weekly output of margarne shows an_ increaso of over 4000 tons compared with pre-war figure 6. Every effort is being' made f<> increase plant, and the. Government. is sparing no efforfc_ to provide building, machinery, etc., in order that an adenuate flow of supplies may bo assured. With well-equipped factories and the necessary supplies of raw material readily available from our own colonies near at ha.nd, and the fact that the public arc now accustomed to _the_ use of this article, thero is_ every indication that the mar-garins-industry will flourish in the days of peace."

BABBITSKINS.—HoIders of rabbitekins in Now 'Zealand will bo interested to .learn that the Commonwealth Government will requisition .rabbitsking a.k fijcod prices on. a liberal scale. But tho Defence Department is only requisitioning- tho quantity and class of skins -necessary for the manufacture of military hate urgently needod fortroops in training in Australia and on service abroad. About 450.0001b of skins is required. No action is being taken by the Government to obtain skins for civilian trade. The prices arc as fol-. liovv:—First winter skins sleeves, Is 8d per pound; buttered or slippered, Is 6d; second wintjsr and first incoming- sleeved, Is 4d. Delivered dTy in Melbourne.

TEA.—rColombo -reports a Btrorlg demand for Franco and South Africa, with the /result that the market has hardened and' prices advanced Id to l£d per pound on loaf teas and £d to Jd on broken teas. The advance is considered by those in fho tj-ado to be but tempprarj-. Furthor adVJces express tho hope tha-t all purchases made for Australia, a month ago will bo shipped by Au?usfc. The sale this week will bo. ] .100,000 pound? only. The Jiwa, ton. to bo admitted to* Australia in tho lifting of tho emba/rgp. will be hajf th<? quantity imported during Ist July, 1915, to 30th June, 1916, by the various houses concerned. The importations of Java, tea, during the period named were about 6£ million pounds.

JUTE.—Hoare, Miller, and Co., in a ■recent circular from Oaloutta, state that "the heseian market opened on rather a. steadier bams, and a fair business was dono during the last week in April at increasing rates. It^ is^eported that the Government of India, proposes to enter into an arrangement with the mills whereby they may bo able to purchase hossiaai for NorJh. America, on behalf of fcho United States Government, but nothing 1, however, has been settled. The prices indicated, though muoh lower than the market' rates for ready hsssian «t current date, would undoubtedly bo profitable to the mills."