COMMERCIAL

Otago Daily Times, Issue 12991, 4 June 1904, Page 8

COMMERCIAL

THE FLOURMILLERS , . ASSOCIATION,

Considerable uncertainly still surrounds the future, of the Flourmillers' Association. Nothing definite has resulted as the , outcome of the directors' meeting at Tiniaru, when the offers made by the .proprietors of the Plueiiix mill were fully considered. At present the "cutting" of prices is confined to Dunedin; in the other'centres, so far aa can be. ascertained,, tho old tariff is still maintained.' What helps, to complicate the situation is the resentment felt by soma of the Dunedin millers, at, Canterbury firms coining down and quoting flour at under cost, and this while negotiations for a settlement were supposed to be in progress. Tlii3 has engendered a good deal of feeling, as it calls in question .the sincerity of those who, while holding out the olive branch in one hand, arc waging war with the other. »So far as the situation can he- gauged, the prospects of a settlement .are. exceedingly remote, and the battle may ho fought out to the bitter end. In Iho event of the present ruinous competition continuing, it. is rumoured that more- than ofre mjll will close down until prices come again to a payable level. Xoris it to he expee'ed that the present low prices can be confined to Dunedin, for it is. manifest that if Canterbury finns invade thJ3 market*, they may expect the war to bo" carried .into all the other centres. The events of the, next few days promise to be' full' of interest, for unless by a combination of pressure and diplomacy a settlement of some kind is brought about the flour fight is likely to !>ecome general from one end of the colony to tho other . ''. . BBEADSTUFFS. The Sydney Mail" comments interestingly on the world'swbeat position as.follows:— 'fho world's consumption: of ■ wlioat lias .in the past 25 years grown much more quickly than the world's population! The growth in the world's consumption of-wheat in the lost 1 25 years, as measured by the growth in its averago annual production per quinquennial, has been as follows:— ' World's Wheat Chop. Average Annual Production; «er Quinquennial. Quarters. 1698-1002 354,000,000 1803-1697 ~ .., .. ~ 303,000,000 1888-1892 .. ..... .. 285,000,000 • ISB3-1887 270,000,00 c IS7B-18S2 , .. .... ~ 230,000,000 1873-1877 .. 231,000,000 • Growth 23 years ~ ..' 123.000,000 . 53 per cent, The contrast of the world's crop in 1903 and iu 1873 is an follows:—■ AVokld's Wheat Crop 1003 and 1873. ■ Quarters. 1903 .. 363,000,000 1673 ..■ 225,000,000 . Growth 30 years .. ~' ,01 per cent. And how me wa to bring about a growth in the. world's output of wheat in'the next 25 years of 53 per cent., or in the next 30 years of fil per cent? Indeed, how are we to increase the world's production ■in proportion to the- growth in the population, seeing that the old countries and. the United States have nearly reached tho limit of tlieir production? Is it not evident that an advance in the price of wheat must occur in tho not distant* futuio in order to bring into cultivation land that will not repay cultivation at tho current level of price, and to stimulate railway construction in the new countries? : ■

Cablo advices givo evidonco of continued irregularity in the London market, tho-latest reported salo ot an Australian wheat cargo being at 29s 4£d. The Sydney cable reporting \yhont steady at 3s 5d to 3s 7d k evidently si mistake, seeing that lioth in Melbourne and in Adelaide the quotation stands at 3s.

In tho local wheat market, owing. to tho winter show ami the holiday, the week has been a quiet one, and the business passing has boon small. Sufficient lime has not e-lapced to judge of the effect upon prices of the unexpected break-up of the i'lourmillers'. Association. Tho immediate tendency . will doubtless bo to'beat back the market, for, as tha millers' margin of profit ",ii flour hast entirely disappeared, they ivill (ry to cheapen wheat. On the other hand, should wheat reosdo from Id to 2d per bushel, the shippers will bo in the market providing London prices keep stca<ly. The opinion grows that the surplus of prime milling wheat is not largo, and unless millers aro forced into cheapening theii mixture, on account of the "cutting" tactics now being pursued it is difficult to see how wheat can como hack, to any appreciable extent. Current quotations range from 2s Bid for red.cliatf and velvet' to 2s 9d for Tuscan, on trucks North Otago, Wit .not a great deal of whe-atf is obtainable' at these, rate, the bulk of tho holdchi asking 2s 10(1 on trucks for prime milling lines. Tho sensation of the wock has teen the break-up of the Fjourmillers' Association, resulting in a perfect state of tnaosj in tho Raw market. It is impossible at tho moment to forecast the. future, whether peace will he patched up or whether tho present war to the knife will bo continued, Canterbury brands are now quoted on tho Dunedin market at £7 5a for '£ncks and. i>7 10s for 50' p. usual terms,-less'Zi per cent, discount, plus carlnge frpm railway station. Dunedin mills arc unwilling to sell at less than £7 15s for sucks and £8 10s for 50). Sydney flour ban been quoted in lJnnedin at £6 15s f.0.b., 'equivalent to £8 15s delivered." into tho bakehouse,-'-but tho late reduction in.local rates puts this right out of- court. ~ •

There is no alteration in tho price of offal, although lit is impossible to say whether prices will not bo cut'in this direction also. Nominal quotations are £4- 5s to £i lOs for pollard and £2 to £2 10s for bran. ' '

There is a fair ilcanand for chick wheat at 2s 2d to 2s 3d for good whole fowl feed. Thero is n possibility, shoiikl the millers direct (heir attention to modium milling samples, that this class of wheat may enhance in value. •

The oats market is lifeless, the demand l)eing purely local. Milling oats aro selling in .(mall lines at h 4(1 to ls.sd ox store, mill good feed oats at Is 3d to Is 4d.Lower qualities arc entirely nep'lcetfd. : ' Quotations for oatmoa! remain nominally at £9 10s per ton, but it is quite possible that the arrangement existent amongst the oatmeal millers.may not survive the strain of thn flour fiasco, and tJiaf. "cutting" may also enter this market. 'Pearl barley is quoted at £13. PRODUCE MAKKET. Potatoes are a drug on the market, supplies being amplo and buyers disinclined to, operate , , except at considerable concoanons. Sales of gdod quality Dorwcnts have been made- as low as 32s 6(1 per ton, ami from 37s 6tl to £2 per ton is tlio best price obtainable for really nrimo samples. There is nothing new to report in the dairy produce market, and current quotations remain as follows:—Butter: Dairy, 6£di to 7(1; milled. 7Jd to 8d; fanners' separator, B£d to 9d; factorv, 9Jd to 10d; first-grade factory, 10d for bulk and 10|d for pats. Cheese: Akaroa, 4j}d to sd; factory mediums, 5d to sid, ■ Kggs are firm at Is 93 yer dozen. Preserved eggs have* dropped to Is per dozen. Poultry 13 in lieavy supply at th<? following rates:—Best roosters, 3s to 3s 6d; rejects, 2s to 2s 6d; hen 3, 2s 3d to 2s 6d; ducks, 3a to 3s 6d; geese, is Gd to ss; turkeys—gobblers 7d; hens sd.r ' ■ ■ Pigs are easier, and baconers (up to 1601b) aro quoted at Ijd pw 11); overweights, 3d to 4il. ' ' ■'•.■■ The current quotation for hams is BJu to 9d, and for bacon (primo roll;) Bd. The market is well supplied -with prime heavy oaten sheaf chaff, which is selling at up to £2 12s 6d per ton. ■. • FRUIT AND VEGETABLES. Owing to the cold weather, and a broken week trado has been quiet, and prices hardly up to expectations. The market has. been well supplied with fruit of all kinds. The Warrimon brought 450 cases—mostly oranges —from Sydney, and flie Moa,na brought 366 cases of Hobart apples and pears and Mildura lemons. The arrivals by the Monowai included 167 cases of oraiigcs and: 120 cases of bananas'from Vau Vau, ex JVlanapouri, which, arriving too lato to be offered , on Thursday, had to be kept over the. holiday. The Moura's shipment from Suva, due here on Monday, comprises some 500 cases of bananas and pines. Current quotations aro as follow:—' Oranges: Islands, 6in, as landed, 7s 6d; repacks, 9s. Mandarins, 7s. to 9s ?ti, Bananas: Mfilbournea (in poor condition) sold at 5s to 7s per case, or under f.o.b. cost; Islands, ripo Tepacks, 2Jd..pcr lb.

Lemons: Messina;, double cases, 17s; Mildurae, 5s to 6s; Sydneys, 4s 6d to 5s Od.

Pines: Tho arrivals of Queensland pines being very heavy tho prices realised—from 4s 6d to 6= per case—were not payable. Passions, 5s to 7s per half-gin. Apples: Owing to large supplies forward prices eased a little. Itost cookers, ljil to Ifd; a few really choice, realising up to 2d per 11); soft cookers ami others, l<l per lb; good dessert varieties, 6s to ?s per ease; Hohart scarlet Pcarmains up to 10s 6:1 >)er case.

Grapes: I3est Christeliurch hothouse, Is 6(1 to 2s; others,-9d to h per ib. Pears: Ohristclmrch desserts, 6s to 8s 6d. A choice line of Josephine and Winter Nelis from Alexandra realised 10s to 14s per rase. •Since the arrival of the Moana with a consignment of Ilobart pears prices have easeiC and best llobnrt Winter Nelis sold from 4s 6d to 5s 6d per quarter-case. Cooking pears, 5s to 7s; Napoleons, 5s to 6s, and in quarter-cases, 2s 6d to 2s 9d. Quinces are finished for the season. Tomatoes: Christehurch hothouse, 7d to 8(1; local hothouse, up to Bd. Outside grown are finished for the season.

Now walnuts, sid to sgtl for choice; others, 4Jd to sd. Chestnuts, 4d to sd. Peanuts, 2Jd lo 3|d per lb. Honey is coming forward very freely, and best clover honey is spiling at 3d. A'egetables arc quoted as follow: —Canli-flowors-forgo heads Is Gd to 6s per sack, small Is M to 3s; cabbages, 2s 6d to 2s 9d per sack; vegetable marrows, up to 5s per

sock, Melbourne onions are. quoted at £4 to £1 10s. A few Canterbury* are offering at £4 per ton. Pickling onions arc. quoted at JM to £5 10r,

We art , requested lo stale that- the above quotations for produce, fruit, and vegetables are current wholesale prices bohveon agents and distributors.

COMMERCIAL CABLEC DAMS. LONDON, June 2. Tin: Stool:, 10,830 Ions; spot, 2G99 tons; afloat, -I2IL tons; deliveries, 235 tons. head, I'll 8s Sid. Copper. Spot and three months, £5G 103. Supplies, 23,388 tons; deliveries, 2-1.631 toii3; stocks, 10,023 tons;' advised afloat, 2525 tons. Tcllow: Stock, 11,511 casks; imports, 7837 casks; deliveries, '1171 casks. The American visible supply of wheat and flour is 31,511,009 bushels.