COMMERCIAL.

Oamaru Mail, Volume XXXV, Issue 9795, 21 March 1908, Page 4

COMMERCIAL.

HOME MARKETS. [Br Electric Telegraph— Copyright.] (Per Press Association.) Received March 21, at 0.23 a.m. London, March 2U. Bank of England returns: Gold, coin, £29.205,000; reserve, £31,279,000; proportion of reserve to liabilities, 51.26: in circulation, £27.785,000: public deposits, £19,569,000; other deposits. £41,0/5,C00; Government-securities, £15,760,000; other securities, £34,340,000. Three months bills, 2J. Consols unchanged. New South Wales fours 1092, three-halts 99A, threes 88; Victorian fours 10o£: South Australian thrce-halfs 100, threes 87; New Zealand fours 108?, 'three-halls 100. threes 88; the rest unchanged. The wheat markets are dull. Buyers are holding aloof on account of the enormous Argentine shipments, but prices were fairly steady. Cargoes are lirmly held. For" Australian December shipment 36s to 36s 6d is asked, and 57s for .March shipment. Flour is dull at about 6d decline, t.lasgow is very depressed. Australian is ireely offered at 28s, with no buyers. Nothing is doing iu freights. Copper—Spot, £SB lCs; three months, £SB 17s 6d. The War Office is inviting tenders for the 2nd September for 555.400 120/. tins of preserved meat and 266,700 240z tins, lor delivery in January. . Wool—The competition is weak and irregular. - Prices are unchanged. There are heavy withdrawals of second-hand and speculators' lots. Butter is quiet. Danish is unchanged. There is a moderate inquiry for Australian, the bulk of which is below best quality, owing to the heat when it was made.'. Choicest salted 110s, unsalted 114s, secondary 106s to 108s, choicest New Zealand 114's. New Zealand cheese is dull, the quality being unsatisfactory, at 59s to 60s. Canadian, 64s to 655. Tin—Spot, £l3B 15s; three months, £136 10s. Iron, 52s 7d. ' Sugar—German, lis ; first marks. 12s 7.1. At Bradford wool is weak, villi no business. Common sixties 24(1, super 25d.

IH'XT'.WN MAUKKTS. The Daily Times reports : The local wheat market is in an t'x-tix-nielv peculiar position. Millers cannot all'ord," at 11a- outside, to pay more th:in 4s Tml to 4ri 4d on trucks fur their wheat if tiu-v are In avoid an actual loss on I heir grist; indeed, a careful ealc-ulat i.m reveals the fact that -Is 6d (delivered at iho mill door) should, with Hour al Us present price, he the limit for their mixture. Vet, despite the drop in London, holders are so linn in their ideas of value that millers, iorc.-d to uonie on the market this week, have had to pay up to 4s M on truck,-, in the Waimate and Oamaru districts. The sale of several thousand sacks of velvet is re|>ortccl' from Uaniarn- ul that fi"iire, and similar transactions have keen made in Waimate. Now, however that millers for ll.e most part have filled their immediate requirements, and in the alienee of anv recovery in London, if would .wem lnat Ihe prne of wheat must oniric haik; indeed, there is nothing to support the present range of values except the supposition that l-oiidou will ultimately recover, an eventuality conctrniii" which there is no certainty. JStit as in New South Wales, so in New Zealand, wheat-rowers appear determined to run the risk of the market in the hope of obtaining a top price for their siraiil; ami. while it is impossible to help admirim; tiieir jduck. it may he permitted to doubt their judgment. 'l'here is very little demand for low! feed on account' of the high pike prevailing. Local!v, orders are liein.it supplied at 4s 6<l ex'store, while shippers are selling on the level of 4s 7<l to 4s 8d f.0.h.. s.i.. northern ports. Mellioiirne advices state that nah-s of Hour have been made for shipment to New Zealand, hut that j;eneially the juices olfere<l for export are too low for millers to accept in the face ot the cost of wheat. Tiro directors of the Flonrmilleis' Association, at their monihlv meeting, held ill Christclntrch this week", made no alteration in the tarilf. In face of the price' of wheat, the pike of Hour thouhi he raised, while in face of the importations of Australian Hour, the New Zealand price should he lowered. Confronted by these alternatives there only remained a policy of masterly inactivity, which accordingly, .was adopted. Consequentlv the tariff is unaltered, as follows:--Sacks. £ll -ss: 100"s. £ll 10s; 50's. £l2: 25's. £l2 ss. The shipping price is £ll per ton. and the Invcrcarcjll price £ll 10k. ■ TIM ARC- MARKET. . The Timaru. Herald reports: . Wheat.—The market in wheat has not lieen characterised''by inucii activity during the week, farmers jn.it. having offered mill li. and buyers in no case will operate largely.-the reason being that the weakening op the Loudon market has unsettled business to a .certain extent and .merchants do not as a rule-.speculate- a g/eat deal when the market'shows a tendency t-o fall. Many farmers are, however.- holding hack their stocks in the. belief that the market will rise before long. A few small . lots have changed hands during the past few days at 4s 3d and 4s 3}' l on trucks at country stations, and seconds have been selling at 5s 9d. - Oats.—There has been a small demand from the North .Island' for oats, and sales have been elfectcd at 2s 2d for Cartons and Duns, and 2s Id for Danish, on trucks at countrv stations. Potatoes. —Prime table Derwents and Up-to-Dates show a falling-olf of I (Is per ton this week, and are quoted ai £4 10s on trucks, bags in.