FOWL WHEAT PRICES

New Zealand Herald, Volume LXXV, Issue 22972, 25 February 1938, Page 7

FOWL WHEAT PRICES

KATES FOR SEASON MINISTER'S ARRANGEMENTS NORTH ISLAND TO IMPORT [by TEIjECRAPH—OWN correspondent] WELLINGTON, Thursday A statement upon fowl wheat prices was issued by the Minister of Industries and Commerce, the Hon. D. G. Sullivan, to-day. Tho Minister said it would be of interest to those engaged in the poultry industry of Now Zealand to know that by arrangement with tho South Island brokers' advisory committee the following prices had been agreed upon for the present season:— Buying Selling From growers wholesale! ex storo f.o.b. f.o.b. (5 sack lots) Feb. .. 5/5 5/7 5/10 March .. 5/5 5/7 5/10 Aprit .. 5/7 5/0 «/- May .. 5/8 5/10 0/1 June .. 5/0 5/11 0/2 July .. 5/10 «/• 0/3 August . . 5/1 OVi O/O'/a 0/3Va Sept. . . 5/11 0/1 0/4 " The f.o.b. wholesale price applies to 50 sack lots, or more," said Mr. Sullivan, "and is for delivery to f.o.b. either overline or through storo, or at the equivalent price if the wheat is stopped short of f.0.b., that is if delivered ex rail, Christchurcb, tho unexpended f.o.b! to be deducted. The monthly increments are designed to compensato merchants for holding wheat in store. " It will bo noticed that the Wheat Committee has arranged for the buying price of fowl wheat to bo 4d a bushel less than milling wheat, which was fixed on March-Tuscan basis at 5s 9d a bushel. At the moment it is difficult to estimate how much fowl wheat there will bo available from tho present crop, but if there should be a shortage of this class of wheat I shall make arrangements with the Wheat Committee for the release of milling wheat for poultry purposes at the prices fixed for milling wheat, plus brokerage. The above arrangements apply to the South Island only. "On account of the shortago of New Zealand wheat it is necessary to import all North Island requirements from overseas and arrangements have been made to supply the North Island with Australian milling wheat which is being sold to merchants at 6s 4d a bushel on the wharf, main ports, sacks included. An agreement has been reached with the North Island merchants, whereby poultry keepers can secure 10 sack lots, or more, at 4* 7d a bushel on the wharf, main ports, sacks included."

RECORD FRUIT SEASON HAWKE'S BAY PROSPECT DIRECT OVERSEAS LOADING [tlY TELECBAPH —OWN COKKKSrONDENTI HASTINGS, Thursday A record fruit season for Hawke's Bay is anticipated by Mr. C. G. Wilkinson. manager at Hastings for the New Zealand Fruitgrowers' Federation. He said he believed the present indications pointed to the export exceeding the previous best total by 60,000 cases. It is anticipated that -370,000 cases will be exported from Hawke's Bay. The first direct shipment for London from Napier will be by the Rangitiki next month. The unfavourable weather has fortunately not caused any diminution in the crop of pip fruit. A number of direct loadings for export will take place at Napier during March. The Bangitiki will take 5400 cases of pears for England, nnd as manv apples as can be accumulated hy that time. This will be the first direct -shipment from Napier this season, DEMAND FOR WOOL INFLUENCE OF PRICE FINDING FRESH OUTLETS Commenting that a reasonable price for wool should ultimately bring fresh demand aud enlarged outlets, the London woolbroking firm of H. Dawson, Sons and Company, Limited, states that a time is xapidly approaching when raw material will once again prove to be a sound investment. Published figures for the first half of the season reveal several important factors; in Australia, 1,750,000 bales remain to be catalogued; in* South Africa the quantity sold to the end of December is approximately oner-third less than last season; in- Uruguay aud the Argentine only a very small proportion of the clip has yet been marketed. In addition, total world wool production for the current season is estimated to be slightly in excess of previous years. , ' . The necessity for countries economically pressed, such as Germany, Italy anil Japan, to utilise the raw material found within their oivn boundaries, is stimulating the use of artificial fibres. This, coupled with the failure of the United States to take any interest in overseas markets, is lessening competition. On the other hand, stocks of "wool in Yorkshire are light, but consumption is down moro than 10 per cent compared with 1936. This is clearly reflected both in the machinery activity and the published figures of an additional 26,000 unemployed and shorttime workers. In markets where there is free competition between the different textile materials, the abnormally low price of cotton presents a serious l problem, particularly in face of a Tinge freak American crop, as yet unmarketed. The fu.ture of wool depends largely on outside developments of a general nature.

OFFERINGS AT SYDNEY WIDER COMPETITION DEVELOPS (Roceived Fobruary 24, 0.50 p.m.) SYDNEY, Feb. 24 At the wool sales to-day there was wider competition, with excellent support from Yorkshire and tho Continent. Greasy Merino mado 22id per lb. Offerings totalled 10,673 bnles, of which 9570 were sold, also 064 privately. WANGANTJI SALE TO-DAY CATALOGUE OF 22,130 BALES The second Wanganui wool sale of tho season will be "held to-day. The offoriug will comprise 22,130 bales, which is substantially •short of tho Wool Committee's allocation of 28,000 bales. Tho sale will commence at < a.m. NEW YORK BANKS Substantial increases in surplus profits, with a general reduction 111 loans and deposits, and a decline in tota assets, arc a feature of the annual reports of New York banks, says a report in the Financial Times. As a contrast to the smaller loans and discounts, the majority of the barks show bigger holdings of United States Government securities and many of them reveal an increase in cash items. . Earnings have been relatively well maintained.