COMMERCIAL.

Otago Daily Times, Issue 12799, 21 October 1903, Page 4

COMMERCIAL.

Daily Times Office, Tuesday evening. The amount of rcvenuo cullei'led at tho Dimcdin Custom House to-day on trciotls cleared for consumption was £1105 8s 11(1. Tho Coloni.il Oil Company has advanced the price of kerosene ex warehouse to llijd. The directors of Donaghy's Rope and Twine Company have declared an interim dividend of per cent, fcr the si>: months ended September 30, 1903. Dividend warrants will be posted on the ?.lst inst. BREADSTOFFS. • Private advices dated Melbourne-, Octobor 13, stats that considerable forward biisiuesj in now wheat for December-January delivery 'has been done on the basis cf 3s 3d per bushel, and that a considerable drop in the value of imported wheat is fully anticipated in the course of the next three or four weeks. The Melbourne oat market, is said to bo very sick, buyers expecting to lie able to buy good milling' sorts ivhcn the new crop is available on llio basis of Is 5d to Is 6d per bushel. Thb Australasian reports on the Melbourne wheat market as follows:— The market for imported wheat on spot shows more firmness, owing portly to an improvement in the demand from millers, and partly to the 'further arrangements made for the reshipment of imported wheat from Sydney and Melbourne. 11l addition to about GMO tons Argentine wheat to ba slliDped from Sydney by the Falklandbunk and" the St, Louis, arrangements have been made for the shipment of about 4JOO white wheat from Melbourne— namely, 1100 tons by the Anim, and 0200 tons by the Scottish Isles. The total thus engaged for reshipment from the two ports is 10,300 ions, a considerable ■reduction in the supply available for consumption during the balance of the season. Business lias been done at 4s lOd for Walla, and : Is lid for Argentine. California No. 1 milling has been sold at 4s 7d. The markot for now Victorian wheal, for forward delivery lias weakened, reflecting the easier state of the Home market. During the past few weeks a considerable forward business has been done, but at oloso buyers' ideas arc about 3s SJu for December and: 3s 2d- for January delivery. While the exportable surplus next year will probably be large, an ample supply of tornsge will be available for chartering, as. in addition to vessels coming out with cargocs from Europe, ships will also be obtainable from South Afrjoa in ballast, while surplus vessels on the Pacific Coast are also accepting moderate freights for timber to Australian ports on the prospect of obtaining wheat charters hence. It i 9 understood that about 50 vessels have already been engaged for loading from the three States up to the end l of February, and the carrying capacity may be' ortimatcd at about 100,000 to 180,000 tons. Considering the quantity of wheat likely to be available, shipping engagements are moderate.

Sydney advices concerning the wheat position ore as follow: — In addition to the G330 tons of Argentine wheat to ho rcshippod from Sydney, parcels are to bo reshippsd from Melbourne, and it is probable that during (lie currcnt niontli Australian stock? of inicortel will be winced by abbilt 8000 lons of whoit ai:d flour. When one adds <0 this total the weight lo3t at sea, and the cargoes diverted to other centres, there i 3 ample evidence that importers' calculations wero baned on far too big'fa consumption in thesa Stales. By reducing stocks of imported grain, tho pool hones to strengthen the immediate position. Local prices for imported grain, when uew wheat is available, can only full .to export equivalents, phis duty and refund of wharfage. If the pool, by selling for reexport at low fipiu-Q3, can obtain higher prices locally,' its position will bo improved for 'he next sii weeks or bo. It to a mistake to think that, immediately South Australian wheat is amiable for export to this and other States, -tile balanco of imported wheat will have to be ieshipped. A satisfactory loaf cannot be made out'oE all new flour, there is no carry-over in. Australia of old local wheat or flour, and' the ,taigs9i .UgejtUjtq will be excellent for miiing

las a strengthened Country reports continue satisfactory. Some growers state that there aro only two things to be feared—rust and continued heavy frosta. So far, there are ho widespread indications of aii attack of tho former. Good warm weather this month would mean a quick ripening of the early crops, which arc reported to promise unequalled results. Tho local grain market continues ill ail exceedingly stagnant condition. Northern wheat is offering in considerable, quantities, and holders are betraying anxiety to sell. Millers, however, content themselves until small purchases for immediate requirements, and saiw of sraail lines of velvet .and pearl arc reported 011 the basis of 4s Id delivered Dunedin. Red wheat maybe quoted l 3s lOJld to & lid dolirered Dunedin, but. everything points to lower value?..

The oat market is entirely in buyers' favour, and Danish are offering at Is Id ex store Dunedin. The Christchureh Pre a reports There has been a good deal of inquiry for space for outs in direct steamers, but the freight has now been raised to 20s per ton. The available space in the lonio has been booked, and there will also bo a quantity shipped by the Niwara and "VVakanui, chiefly on growers' account. Tho Homo market, however, is reported to be a little easier, a. private cable having been received which states that Danish oats shipped this month are worth only 15s per 3201b. Very few oats aro changing hands at present. A line of nearly 2000 sacks of Danish was offered at Is 4d near Rakaia,, and only a portion was sold."

SALE AT OTAUTAF.

Tlie New Zealand Loan and llercantiio Agency Company (Limited) report having had R gooit entry of light and draught horses on Friday last, when, with only one or two exceptions. tho whole changed hands at satisfactory price:—in fact, taking everything into consideration, i't H'«s llio Euecessui] oa!c held since its initiation. Although the horses 011 offer were not conspicuous for their quality, tlicy were mo3l!y of the staunch, useful sort, and consequently there was little difficulty in placing them either at auction or after, &3 tho attendance of buyers was above the average. Mr ]{. Cttpples, sen., carried oIF tho honours of the day with an unbroken two-year-old filly by Dictator, and a spanking light harness horse, which fetched ill and £32 respectfully. Quotations: Draughts—Two-year-old, unbroken, i'lo to .£)■); thrcc-ycar-oW, £10; sound and active, four to seven years; f49, £18, £45, .S-i-5, £-(0, £39 IDs; aged and staunch aged, £06 10s, £35, and £25; hacks and harness horses, according to qualitv, £32, £20 10s, £18, £10, and £12. J. Newburgh Lnwson. stock and sharebroker, No. 5 Slock Rtclisnge Buildings, Water^ street. Codes: Western Union, Bedford ll'Neil, and Private. Cable address. Lav/son, Dunedin. Money to lend on freehold security.—Advt.