WHEAT IN AUSTRALIA.

New Zealand Herald, Volume LXIII, Issue 19396, 3 August 1926, Page 7

WHEAT IN AUSTRALIA.

STATISTICAL POSITION. EFFECT ON NEW ZEALAND. [FROM OUR OWN" CORRESPONDENT.] SYDNEY, July 29. With supplies of wheat, according to cable messages reaching Australia, short ir. New Zealand it might be appropriate here to review the statistical position of wheat in this country. This is more so when on the best of evidence it is staled that New South Wales millers have almost, used up stocks in that State and are buying on the Melbourne and other interState markets. Owing to the prolonged period of dry weather, especially in New South Wales and Victoria, yields last season were on a considerably smaller scale than the previous season, principally due to the light harvests in those two States. The total was 113,443,304 bushels, compared with 164,576,731 bushels in 1924-25. Yields for the various States in the two seasons are shown in the following table:— 1924-25. 1925-26. Bushels. Bushels. New South Wales .. 59.785,000 33,815,000 Victoria .. .. 47,364,495 29,255,534 Queensland . . . . 2,779,495 1,159,237 South Australia .. 30,528,625 28,354,728 Western Australia .. 23,887,397 20,408,805 Tasmania .. .. 231,388 390,000 Total .. 164,570,734 113,443,304 Assuming that food and seed requirements of the Commonwealth for the year are 45,000,000, bushels, the quantity of wheat available for export would be 68,443,304 bushels. Since the beginning of December, according to private compilations, has already exported 62,055,327 bushels, so that the apparent surplus in the Commonwealth is about 6,387,977 bushels. No allowance, however, is made for the carry-over from the previous season. While generally it is considered that practically nothing was carried over it may be accepted that in the aggregate quite a substantial quantity was o'n hand at the close. Though that may not have been available in the form of grain available for the market, bakers probably held a sufficient quantity of flour at the beginning of the 1925-26 season to meet their requirements for a few weeks, particularly as they make a point of having a. fair quantity of flour gristed from old season's wheat to blend with the new season's product. In addition, millers would be holding largo supplies of old season's grain, and probably there would be a moderate quantity in farmers' hands. Therefore the surplus wheat which appears to be available at present—6,3B7,977 bushels—is in reality much larger.. But even if it were three times as large the surplus would be small fol* this time of the year, and consequently it is expected that there will be little available for export from Australia, and particularly from Sydney, by September, or three months before the new season's wheat comes on the market. BUTTER AND CHEESE PRICES. RATES ON LONDON MARKET. [by telegraph.—press association.] WELLINGTON, Monday. The New Zealand Dairy Produce Board has received the following cablegram from the London office, dated July 30: — Butter.—New Zealand, 1725; Australian, 166s to 168s; Canadian, 166s to 168s; Danish, 180s; Irish, 166s to 168s; Argentine, 152s to 160s; Siberian, 138s to 1445; Latvian, 150s to 158s; Estonian, 160s to 1625; Dutch, 158s to 1665. All spot prices. The market is quietly steady. Retail is unchanged. Cheese.—New Zealand white, 87s to 88s; New Zealand coloured. 83s to 84s. The market is quietly steady and retail is unchanged. GOLD FROM AUSTRALIA. EXPORT TO AMERICA. That the directors of the Commonwealth Bank consider it still good policy, tinder present conditions, to reduce the gold holding by export, is evidenced, says the Sydney Morning Herald, by the arrival in Sydney from Melbourne last week of 1,000,000 sovereigns, presumably portion of the supply in Melbourne of the Commonwealtli and other banks. The gold is for shipment to the "United States Federal Reserve Banks. This makes the fourth shipment of 1,000,000 sovereigns in the past few months, the previous one being three weeks ago. THE MEAT MARKET. PRICES AT SMITHFIELD. The New Zealand Meat Producers' Board has received the following cablegram from its London Office, dated July 30, advising Smithfield delivered prices at that date as follows: New Zealand Wethers and Maidens.— Canterbury quality, selected brands, 561b and under. 6|d per lb; 571b to 641b, 6d; 651b to 721b, Other brands, 561b and under, s7lb to 641b, s|d: 651b to 221b, sd. New Zealand Ewes.—64lb and under, 4§d. New Zealand Lambs.—Canterbury quality, 361b and under, Bgd; 371b to 421b. B|d; 431b to 501b, 8d; seconds, Bd. Selected brands, 361b and under, B^d; 371b to 421b, Bd. Other brands, first quality, 421b and under, 7|d; seconds, Bd. New Zealand Beef.—Ox fores, 3^d; hinds, sijd; cow fores, 3id; hinds, 4£d. Argentine Chilled Beef.—Ox fores, 31 d; hinds, 7^d. Frozen Pork.—Bolb to 1201b, lid; 1201b to 1801b, 10jd. Frozen veal, sd. Lambs.—The market is weaker owing to a lesser consumption, especially in industrial _ centres.' No' sign of settlement coal strike. Mutton.—The market is quiet. Beef.—The demand is better. The market is stronger owing to lighter supplies of Argentine chilled beef. RETAIL PRICES IN LONDON. The Meat Producers' Board has been advised that the retail prices of New Zealand lamb and mutton- in London on July 30 were as follow: New Zealand Lamb.—Legs, 14d per lb; shoulders, 14d; loins, 12d to l4d; necks, 8d; breasts, 6d. New Zealand Mutton (Wether).—Legs, lOd to 12d per lb; shoulders, 8d to lOd; loins, 8d; necks, 7d to 9d; breasts, 4d. _ REFRIGERATING COMPANY. EFFECT OF STRIKE IN BRITAIN. The directors of the New Zealand Refrigerating Company, Limited, have notified shareholders that the general strike and the continuance of the coal strike in the United Kingdom have created a very unsatisfactory position in the markets for meat and other products and the future position is very obscure. Under these circumstances the directors regret that the payment of an interim dividend is not warrantod.