THE WHEAT BOOM.

New Zealand Mail, Issue 1213, 31 May 1895, Page 5

THE WHEAT BOOM.

The recent rise in the price of wheat is the chief topic in commercial circles, says Tuesday week's Dunedin Star. Fair samples that a fortnight ago were difficult to place at anything above half-a-crown a bushel are now readily saleable at 3s, and we have authority for the statement that values even yet have an upward tendency. Present indications, indeed, seem to encourage growers in the hope that the days of unprofitable prices aro to be succeeded by better times for farmers and all concerned. In any case the rise now reported is a big thing in itself, and we hear of at least two very profitable speculations, one by a local trader. London, May 24. Owing to the bad reports of the American crops, a sudden boom has occurred in Australian wheat, which rose from Is to Is Gd per quarter in a few hours. During the excitement prevailing on the wheat market, one American speculator bought and sold 200,000,000 bushels of wheat. i Eight thousand bushels of South Aus- i

toalian wheat, April and May shipment, has been sold at 27s 6d. London, May, 26. There is great speculation in the American wheat market, owing to the reports of bad crops. "Red Winter" has touched as high as 81s, but relapsed, owing to the price realised by wheat in the English markets. The market, h6wever, continues very active, as there is a general impression that the European crop is below the average. London, May 26. The English and Continental wheat markets are gradually advancing, while the American is advancing rapidly. . Dunedin, May 27. The activity in the wheat market continues. An Adelaide cablegram announces a further rise equal to 2s lOd free on board.

Wheat is very firm in the local market, and this morning was sold at from 3s lOd to 4s lid- Prime milling is quoted at 3s lOd bo 4s Id, and medium at 3s 6d to 3s 9d, sacks in.