THE WHEAT MARKET.

New Zealand Herald, Volume XLIV, Issue 13451, 30 May 1907, Page 5

THE WHEAT MARKET.

ANOTHER STRONG ADVANCE.

PROBABLE INCREASE TO ss.

FLOUR RAISED 10s A TON.

A MILL CLOSED DOWN.

[87 TELEGRAPH.—rRESS ASSOCIATION.] Dcxedin, Wednesday. The wheat market has been in a high state of excitement to-day, and millers are eager buyers at the present high rates, says the Otago Daily Times. The sale of a large line of milling wheat (mixed sorts) is reported at 4s 6d f.o.b. Lyttelton, this representing the top price paid up to the present. Other sales include lines of wheat at 4s 3d Rakaia, 4s 5d Mosgiel, 46 7d ex store Dunedin. The sale of a line of 600 sacks of fowl feed is also reported, ; at 4s ex store Lyttelton. All this affords | indication of the strength of the market, and shows that still higher prices are anticipated. Already the prospect of a 53 wheat market is being actively canvassed, whilst doubt is expressed as to whether even then the top will have been reached. The New Zealand Flourm filers' Association to-day decided upon a further advance of 10s per ton in the price of flour. The revised tariff,accordingly stands: In sacks, £10 ss; in 1001b bags, £10 10s;, in 501b bags, £10 15s ; and in 251b bags, £11. The shipping price is jow- £10 f.0.b., and the Invereargill price £10 10s. The price of bran has also been advanced 5s per ton, and the quotations now stand £4 10s per ton for local orders and £4 53 f.o.b. for shipment. ....

The rapid advance in the price of wheat; has caught many of the millers napping. They aver that with wheat costing them 3a 6d at the mill door (which represents today's quotation) they cannot afford to grist even at the rapid advance in flour, the margin to cover the cost of manufacture being only something like 6s per ton consequently already on© mill has closed down and it is quite on the cards that three or four others may shortly follow, leaving the trade in the hands of those fortunate millers who hold stocks of wheat, and consequently are able to execute orders. ' Timasu, Wednesday. The bakers of South Canterbury have now decided to increase the price of bread as from Juno 1 to 6jd the 41b loaf for cash, or 7d booked. ".