COMMERCIAL

Greymouth Evening Star, 18 January 1930, Page 8

COMMERCIAL

GRAIN AND PRODUCE (Per Press Association.) CHRISTCHURCH, January 17. Although a little wheat is now in stock, the rain of this week has delayed harvesting operations, and it will be two or three weeks before the grain is on the market in any appreciable quantity. Contrary to what some people thought would be the case, the heavy rain of Wednesday last did not greatly damage the crops. In view of the fact that millers have bought forward to a substantial extent, there is a question as to whether there will be a demand for the new wheat when it comes on the market in the early part of the season. To-day’s nominal quotations for wheat are 5/9 for Tuscan 6/- for Hunter’s and 6/3 for Pearl on trucks country stations. There are plenty of sellers of forward wheat but few buyers at the moment. Fowl wheat is moving off steadily at 6/1J to 6/2, f.0.b.5.i., the demand coming from the South Island as well as the North Island. So far as oats are concerned, merchants are waiting for some to reach the market. There are very few oats in store. A lot of oats are now in stock. Reports from Marlborough are to the effect that the rain was much heavier there than in Canterbury and that it did a lot of harm to the oat and barley crops which are now in stook in the Marlborough province.

The barley and linseed crops in Canterbury are looking fairly well but it will be some time yet before either will be on the market. Oats which are intended for chaff, promise.to give a better financial return than oats, especially as it will be difficult to get good bright chaff from the Marlborough district this season. Old chaff is to-day quoted at £5/10/to £5/12/6 a ton on trucks, while new is w’orth £4 to £4/5/- on the same basis.

There is very little doing in small seeds. Some sales of Italian ryegrass were made this week at 4/6 per bushel for new season’s seed. Western Wolth seed is the same value. Red clover normally is worth 4d to 5d lb. White clover is worth round about lOd. Cocksfoot is quoted at 13jd a lb. for machine dressed, farmers undressed lines being worth Bd. to 9d. for heavy weight, 1314 lb. Akaroa seed. Plains cocksfoot is quoted at Id to 1-1 less. The North Island has plenty of potatoes to supply the demand there until the end of February and it will be March before shipments to the North Island are made from Lyttelton. The quotations for April, May, June delivery are £4/17/6 -whites, and 2/6 more for Dakotas. The July-August-September quotation is £5/12/6 to £5/15/-.

WORLD'S TEA MARKET

DUNEDIN, January 15.

Dalgety and Co., Ltd., report that at this week’s tea auction in Colombo, 2,900,0001 b. was catalogued. The qualityshowed an improvement, and prices for all the grades advanced from one penny to twopence per lb. Next week’s offering will total 3,100,000 lb. A mail recently to hand gives further particulars of the projected restrictions of output in the principal black tea producing countries of the world. Prior to the war, Russia was a I very large consumer of tea, but since the revolution her inability to finance has made her almost a negligible factor in the tea world. Partly counterbalancing Russia’s withdrawal from the world’s tea markets, the beverage has grown in favour with many other nations, particularly the English-speak-ing races. Nevertheless, producers have been faced with an overloaded market. As a remedy for over-production, producers are now considering a scheme of finer plucking, thus producing a better quality but a smaller quantity of tea. The proposed restriction is only planned to put the industry 'on I a payable basis, as with continued over-production growers, particularly the low country estate proprietors, would be faced with ruin. The suggestion apparently came from Northern and Southern India, and the Ceylon planters have notified their willingness to give favourable consideration to the scheme provided 75 per cent, of the states of lower altitude in all tea-producing countries definitely guarantee restrictions. Since then, Indian and British interests in Java have notified their readiness to join, in the scheme. Producers of high-grown teas, of which the world’s output is limited, are riot particularly interested, as they are still able to dispose of the;r turnout profitably.

BUTTER AND CHEESE Copy of cablegram received by Dalgety and Co. Limited, Greymouth, from their London Office, dated January 17: Butter: More doing. Danish 166/- to 168/-; New Zealand finest 152/- to 154/-. Australian finest unsalted 154/ to 156/-; salted 148/- to 152/-; G.A.Q. 144/- to 146/-. Cheese: Market steady at present prices. New Zealand White 85/- to 86/-, coloured 83/- to 84/-; Canadian white’ and coloured 95/- to 98/-.