EXCITEMENT AT DUNEDIN.

New Zealand Herald, Volume XLIV, Issue 13452, 31 May 1907, Page 5

EXCITEMENT AT DUNEDIN.

ADVANCE OF £1 PER TON. MILLS CLOSING DOWN. [Br TELEGRAPH.PRESS ASSOCIATION*.] Dcnedin, Thursday. .This, morning, in the absence of further news from London, the local wheat market was somewhat calmer in tone, but prices were as firm as ever. An offer of 4s 6d f.o.b. (sacks in) from an Auckland buyer was refused by a Dunedin holder for a considerable line of wheat, and inquiries by wire in all the markets in North Otago and Canterbury elicited the fact that very few holders were willing to put a price on their grain, preferring to await market developments. For the few lots on offer, 4s 6d, on trucks, was the price asked, and .sales are reported at:;this figure.

This afternoon, however, excitement recommenced upon receipt of instructions from Christchurch, the headquarters of the New Zealand Flourmillers' Association, to make a further advance of £1 per . ton in the price of flour, this representing a total advance of £2 10s per" ton within a little over a fortnight. On Tuesday, the 14th inst., flour was advanced from £8 15s to £9 5s per ton. On the following Thursday (the 16th inst.) another 10s -rise was established, making the price £9 15s. Yesterday yet another 10s per ton was clapped PA the price, raising it to £10 ss, and with to-day's £1 rise the added price stands at £11 ss. The equivalent advance in wheat for the same period is Is per bushel (from 3s 6d on trucks to 4s 6d).

i Local miller's were taken by surprise by j to-day's advance in flour, but they point [out that it amounts to a measure of selfdefence. Already millers who do not hold wheat are declining orders. The , local branch of the association lias received official notification from at least two flour-1 milling firms of their intention, to close! down for the present, and it is fully expected thai several other mills will follow suit during the next few days. . Of course, this latest rise in flour must carry with it another rise in bread, and in all probability bakers will fix the price at 7d the 41b loaf. : r:

The Millers' Association has also advanced the price of pollard, which now stands at £5 10s per ton, both for local and shipping orders. The advance of 10s is possibly in sympathy with the rise in wheat. " _ • .

There has also been a move in oats. Every line offering on this market was picked up yesterday by a speculator at a slight advance on current quotations, and to-day scarcely any oats are to be purchased. To-day's quotation on trucks at Gore is firm at 2s 8d per bushel, an advance of fully 2d per bushel on last week's rates.