THE WHEAT MARKET.

New Zealand Herald, Volume XLIV, Issue 13453, 1 June 1907, Page 5

THE WHEAT MARKET.

REPORTS MORE FAVOURABLE. SALES RATHER SLOWER. Ev Telegraph.—Press Association.—Copyright. (Received May 31, 9.47 p.m.) London, May 31. The wheat markets arc quiet, with rather slower sales,. owing to -favourable weather reports from America and Europe, and improved crop reports from South Russia.. The, official reports of the German Empire indicate a yield of 11,000,000 quarters:, as compared with a yield of 18,000,000 in 1906. Victorian April shipment has sold |at 35s fid to 35s 9d; South Australian March shipment at 35s 3d j April shipment at 35s 6d ; June .and July, at 365; and a New South Wales February shipment at 34s 6d. Flour is quiet, and prices steady; Glasgow, 275. LOCAL POSITION UNCHANGED ' - i ■' FURTHER ADVANCES EXPECTED. A . MILL MANAGER'S VIEWS. The sensational advances in the price of flour were again freely discussed in commercial circles yesterday, and the opinion was expressed in some quarters that the top price has not yet been reached. Local millers, . however, still adhere to the prices they fixed on Tuesday, the Northern Roller Milling Company quoting £11 10s per ton, less 5 per cent, discount, and Bycroft, Ltd., £11 ss, less per cent, discount. From inquiries mad© yesterday it appears that the local market is entirely dependent upon what takes place in the South, as there is little or no wheat to be had in Auckland and all ouv supplies are drawn from there.

The manager of one of our local mills, when interviewed on the subject, stated that, according to advices lie had received, the price for milling wheat in the South had advanced to 4s lOd per bushel. This would cost' 1 landed here. • Such being the case, millers had had to fix their price for flour : accordingly, and if wheat continued to go up they would have to raise flour accordingly. Asked whether Australia could not be drawn upon for supplies, ho stated that the present price ruling for wheat in Australia was 4s 2d per bushel, and that, with freightage and duty, it would cost 5s lauded here. The prevailing price for wheat. in America, was also 4s 2d a bushel, while in London it was something like 4,s 4id. '* The price of flour In .the future," lie continued, " all depends upon the American crop, which will not- be available until August, If it is phenomenal it will probably have the effect of lowering prices throughout the world,, but if it is only normal then prices must remain somewhat .as they are, as there will be such an enormous drain upon the American supplies. As far as I can see, the price of flour in New Zealand will remain as it is until February next, when the next Australian and New Zealand crops come in, so that you will have to pay high lor your bread this year." . • WILL THE' PRICE LAST ? { 4* . • ■ _• : :■ ••• ' - f- c ;• FARMERS HOLDING BACK. [BY TELEGRAPH. PRESS ASSOCIATION-] Cuius chukch day. The wheat market is much excited today, but :no advance is reported on yesterday's price. There is no advance on flour, which is now quoted at £11 ' per ton. Five shillings per bushel f.o.b. was offered yesterday for a parcel of wheat, but no sale was recorded at that- figure this morning. Five hundred bushels of Tuscan and 500 bushels o!. ! Hunter's sold at 4s 6d, and' 4s was refused for a parcel of pearl. There is an opinion that the highest price lias been reached for flour, one leading miller saying that he sees no reason for any further rise, and anticipates a speedy fall to-morrow. The second sales beyond 4s 6d f.o.b. for milling arid 4s 3d f.o.b. for fowl wheat are reported. The farmers have not yet begun to make offerings, and the only sale reported is of 12,000 bushels in equal quantities of Hunter's, pearl, and Tuscan.

! The oat market is very firm, and there is a rise in Southland. Merchants there are reported to hold very short stocks, and there is very little offering from the country. - Southland lias ( been supplying the North Island, but shipping much less than last year to Australia. Oats-'hesi chaff is firmer, and supplies are difficult to obtain under £4 per ton. THE MILLERS' TRUST. PARLIAMENT MAY INTERVENE. [IIY TELEGRAPH. —OWN" CORRESPONDENT.] CHRiSTCHUitCH t Friday. The Hon. J. A. Millar, 1 Minister" for Customs, interviewed to-day, declined to be drawn on Hhe question Of the rise in wheat and the price of bread, which bakers to-day decided to, raise to 7d. He .suggested, by implication, that the matter was one for consideration in ' regard to the Millers' Trust methods, rather , than tariff reform, although tariff reform would occupy the attention of Parliament .session. Parliament might have something to say, he added, in view of the increased cost of living. .PRICE AT ASHBURTON. [BY telegraph.PßESS association.] Ashburtox, Friday. The bilkers to-day raised the price of bread to 7d for cash and 7£d if booked for the 41b loaf. Yesterday a merchant offered a line of wheat at 4s 6d' per bushel, but to-day withdrew the offer and asked for 4s 9d. FLOUR FROM AUSTRALIA. [BY TELEGRAPH. —PRESS ASSOCIATION.] Dcnedin, Friday. The latest development or the wheat; boom is a report that contracts are on the point of being concluded for all' extensive shipment of Australian flour to New Zealand, the last rise in the local article having made this possible. The price A bread will be increased to 7d per 41 b loaf from to-morrow.