COMMERCIAL.

Otago Daily Times, Issue 13206, 13 February 1905, Page 4

COMMERCIAL.

Daily Times Oltice, Saturday oyening;. Tho amount of revenue collected at the Ibiui'din Onsloiu lb,use linlm- mm imkhJi cleared for consumption was £459 9s 9d. BRKADSTOFFS. Latest London cables report the wheat market* (inner owing to bad weather reports from India and the attempted revolution in the Argentine. Australian spot wheat is nominally quoted at 34s 9d. This nows is timely, just as the. new season's grain is coming on the New Zealand market, and should have the effect, of finning prices. The importance of the 29 per cent, drawback on the duties on wheat, imported'into the United States for mixing purposes is emphasised by the Melbourne Argus as follows:— The change in the position of wheat supplies in North America, due to the falling oil in the United States crop, has introduced a new aspect of the tariff question in that country. The gTeat-er portion of the United States export trade in wheat and flour has been lost, and in order to keep their export connections together ft number of the principal millers have been glad to avail themselves of the facilities available for-grinding Canadian wheal in bond and exporting the flour and by-products. The.question whether such a proceeding should he allowed was for many years a familiar one in Victoria, but, in accordance with the Protectionist principles upon' which the old Victorian tariff was ' framed, the millers were always refused permission to grist in bond, j But- the American millers are not content with the rights they already enjoy, and desire fur-! tlier concessions. For one thing, they dislike the rule which prevents tlieni from grinding imported and domestic wheat together; mid for another thing they desire to be allowed to sell the by-products within the United Stales on payment of duty. But a more-radical treatment of the question favoured by the millers would be the repeal of the. duty on wheat, which baa enabled the market lo he kept- at an inflated level during the present season. Thus, on December 30, in New York, United States wheat- was quoted at 5s IJd per bushel, but No. 1 Manitoban—the best quality of Canadian wheat—was only quoted at 4s 6d. and No. 3 North Manitoba ;it 4s Id. But if the Freetrade views of American millers when wheat is concerned were lo prevail, the attitude of other classes of the community would be subject to alteration. The position was summed up by Mr .Tolln C. Williams at the meeting of the' American Association for the Advancement of Science at Philadelphia on December 30. as follows:—

"The great body of millers would welcome the absolute repeal of the duty on foreign wheat, and there would doubtless by a- vigorous demand for this repeal from other elements in the population of the United .States if it were generally understood that, for some months past, the price of wheat in the United States has been from 15 to 20 cents per bushel higher than in Canada, and that the effect- of this has been to increase the cost of flour in the United Stales by from 85 cents to Idol per barrel, thus increasing the cost of living to every consumer of wheat- flour in the United States. A thorough aporeciation of this fact by consumers would probably lead to a vigorous demand for the repeal of t-he American ' corn laws,' but there is little reason to believe that such a demand would.be successful. Whenever the work of tariff revision may be taken up in Congress, the pressure for a duty on wheat will be stronger than ever before. For the first time,in the history of the protective tariff in the United States the wheat duty has been of substantial benefit to the farmer, and his vole is of so ranch importance in the selection of the members of the National Legislature that it nuiv be taken for granted that he will see to it hereafter that no industry in the United States is given a greater measure of protection than he is given on his wheat. It is probably safe to say that, so long as the policy of Protection governs the framing of tariff laws in Congress, so long will the duty on wheat remain. Relief as substantial as would be afforded l by the absolute repeal of the duty would result from a reciprocity treaty admitting Canadian wheat free of duty in return for the admission of certain products of the United States into Canada. The negotiation of such a treaty misht have been possible a few years ago, when it was not generally foreseen that, the time was coming when the millers and the consumers of the United States would want, to draw upon the Canadian wheat fields, but it is now too late to hope for such a treaty, as it would meet with the determined opposition of every senator from a wheat-pro-ducing State." The foregoing remarks indicate the great importance of recent developments in the United States, both as regards the,tariff question in the country it-self, and as regards the altitude of the great Republic towards Canada.

PRODUCE MARKET.

The remarkable increase in the. butter output of the Australian Commonwealth is well illustrated in the following figures. The total shipments to England sincc July 1 compare with those for the corresponding period of the three previous seasons as follow:—

The total shipments to the corresponding date in the 1900-1 season amounted to H,831 tons. IMPORT MARKET. Cable, advices report a fuming in' the sultana market, and also in the price of canary seed. Tho impression prevails that another advance in sugar will bo established shortly. The Colonial Sugar- Company is limiting orders with a view of preventing tion. The recent ptomaine poisoning cases have seriously affected the sales of all tinned meats, especially sheep tongues. A new patent groatine of local manufacture has just been placed uDon the market. It is put up in slh bags" and is sold at 10s per dozen. The soluble tea discovery has (save tho .Sydney Morning Herald) advanced another stage, a company with a large capital being floated in London. It is claimed for this process that there can be narked into an ordinary 1001b tea chest the equivalent in soluble tea powder of 24001b of leaf tea, and Hie equivalent of llli or 21b of loaf tea can be carried in the pocket without inconvenience. Military authorities have expressed thoir opinion that this will render it of the highest service. The soluble tea has been approved by the Transport and ■Supply Department of tho Indian army. During the last 50 years innumerable attempt? have been made, and large sums of money have ' been spent in unsuccCfsfm' efforts to produce such an article. The difficulty has always been owing to the fact- that the deMcaie aroma and flavour of tea are. contained in an essential oil. which, being volatile in steam, could not possiblv he retained in any ordinary process of evaporation. By the new. process the flavour and aroma are to a great extent preserved. At present essence of tea is prohibited by Customs regulations from being imported into England, and. therefore, ennnot lie placed on the English market. The Soluble Tea Syndicate! (Limited), of Ceylon, was successfully started in Sep1902. As might have been expected in starting an entirely new business with entirely n»w machinery, difficulti"* were encountered. As soon as thes~ difficulties had been overcome, it was Ihourht. advisable to bring the nrticle before the military authorities in India and the, pub'ie ; n the Australian colonies, and Mr John Roeer. as representative of. tlw ovndicatc was sent to those oounf,ri<-« for that mirtop". Mr B/wr» r took with him to Australia about 7001b of the soluble tea powder, put up in small bnftleo of Inz and ?oz It was HiohfV Put this wov'd lie sumVient for him to 'ry the r»nrl,-et tfUh in all the.five eoln»;«. but he disposed of Hie whole of the 7001b to an owit in F-e-----.mantle, the fir?t town at vhich h» cabled in Australia, and srranyd 'or further sim. pli"s to be sen* <o Ade'jide, JMNwt»» and Sydney. Owim* to the unavoidable absence of tbe pa*»ntec S f ro n, tha fnctnrv portion* o' f.b«>« fnvfbor orders were not CTti'ficforilv fuelled. Th« ro-t of n'oduet;on Wso ti' nboid 3s fid per lb. and the 70MU fr&nhU i„ n V cmi\pr +-V~ti in \,„. trn'in 1"- Mr Pnger v-ns se'd hv him to mronk there at- "s ~<r "< r.n.\ i~ OeWhi •Wine « oro<H 4 nlw.t (, 6d ,„>,. 'lb Tt, •' e'tim-tod that with Hi" iniP'OV"' machinery H,r. »*<, v. urndnetion shmd.-l n M n?(.™ii 5, 5 fi r l per lb. TV mnjl spmnisrv nitl'lislior] willi t\,\. Urn* nnnfaiin, ~ nr . m< ] 0 f m | nrf +I , r „ weeW ha"«"i-i n »= ;„ fk„ import, market foeef-V w ifi, m ,rijrt movements and complete prieeo onrrent. o- - — COMMERCIAL CABLEGRAMS.. Press Association—By Telegraph—Copyright. LONDON, February 10. (Received Feb. 10, at 10.17 p.m.) The Bank of KnglanU returns show the slock of gold coin and bullion to he £31,003,000 and tho reserve, £27,015,000. The percentage of reserve to liabilities is 53.70. Mie notes in circulation total £27,312,000'; public deposits, .£9,459,000; other deposits, £ia,.»5,000; Government securities, £ 15,004,000; other securities, £24,428,0011. Quotations for colonial Government stocks are subjoined, compared with those rulin" a week previous: °

Consols, £89. The English wheal markets are firmer, owing to bad weather reports' from India and the attempted revolution in Argentine. Continental markets are quiet The American are fluctuating above the European level. Australian wheal, .spot, nominal, 34s 3d. Flour, firm. London, 25s 3d to 2Gs<, Glasgow, 26s 3d to 2Cs M. Peas, firm. Victorian, nominal, 2Gs Gd. The American visible supply of wheat and Hour is 57,697,000 bushels. Copper: Spot, £67 12s Gd; three months, £61 18s 9d. Tin: Spot, £131 7s Gd; three months, £130 2s Gfl. Fig-iron, 48s ■id. Lead, £12 10s 7d. Sugar, dull. First marks, 17s; German, 15s 3d. Bradford wool is restricted. Common sixties, 23} d; supers, 21 Jd; forty-sixes, 15d to icyi. lnere is rather loss demand for colonial butter. Choicest New Zealand, 102s; Australian, 100s to 102s; secondaries, 90s to 935; Danish (firm), 110s. The Turakina's shipment is in excellent condition. Cheese, firm, and prices unaltered.

OAMARU PRODUCE AND STOCK MARKET.

(From Our Own Correspondent.) OAM A lit), February 12. At the present time attention ia mainly directed to the incoming harvest. Wheat is offering in very small bulk, farmers being too busy to give attention to anything Imt harvest work, but the market is distinctly easier, mid values have declined by about one penny. Prinm old milling is ilow worth up to 3s -Id at sidings, and unless something happens to change the present temleucy the new wheat will open at rather under the price which it was previously anticipated it would fetch. Harvest is now general in all the northern parts of the district. A little threshing has been done at Otiake and Kiunw, but the yield has turned out lighter than was anticipated a few weeks ago, though the average is still good. Prom Duntroon to the sea along the Papakaio Plain work has been going forward in earnest for some days, and all farmers are busy; while to the south of Oaiuaru as fafr as the Kakaimi River harvest will be generirt next week. Prom the Tables behind Oamaru.V at Ngapara, Tokarnhi, and Windsor I learn that tbere are proving to bo many blackheads amongst the wheat, and some anticipations of a fortnight ago will likely be liberally discounted in reality. The (rouble is most pronounced among early velvet. Along the sea coast north and south of'Onmaru wheat blight is likely to reduce the yield# and here and there smut has made its appearfmce since the recent rains, though not to any serious extent. At present it is difficult to ascertain whether these circumstances will affcct the yield of the county very much, but certain it is a tnimber of promising crops will not turn out so well as was thought. The oat harvest may be said to be pretty general now, and a good many lields have been cut to the south of Oamaru. The market is firm, but there is very little doing. . Kidney potatoes have further declined to about £5 per ton at sidings. Derwents have been sold for forward delivery at £4. Eggs, lOd. The stock market is [airly active. The supply of breeding ewes and store wethers and lambs is not- equal to the demand. There is an abundance of feed, and a strong inquiry for both these classes of sheep. Breeding ewes command from 18s to 235, according to age and quality, the latter price having hcen paid this week for four and six-tooths. Store wethers in toward condition sell readily at J.Gs to 18s Cd, and store lambs at 12s 6d to 15s, according to quality. wethers fit for freezing bring 20s to 21s. Fat lambs have receded a little owing to first drafts having been made, aiid are now quoted at 15s to.lCs Gd, and up to 17s 3d for freezers. Cattle are easier all round. Beef his eased to 20s per 1001b for ox beef and '16s to. 17s for cow beef. Three-year-old stores, £5 10s; two-year-olds, £3 10s to £4; and yo'tinger animals proportionately lower. Dairy cows, £5 to £6 for best milkers. SOUTHLAND PRODUCE AND STOCK MARKET. (Fnoir Oop. Own CorrksponuextJ . 11. ; During the week there has been, very little business passing in the oat market. "A few small additional sales, probably totalling m ail 1000 sacks, were made to. go to Auckland in the Hawea, which left the Bluff oh Thursday last. Theso sales were.chiefly f.a.q.; and the price obtained was Is 9d f.0.b., s.L less the usual brokerage. A few small lines have been ■ sold to Wellington and Napier at Is lOd for B i grade and Is 9d for f.a.q., but only in very small quantities. . Severa'l inquiries have been 1 ' coining in from Wcsterd Australia;' knd about 2000 sacks have been scld .to go there; priii- I

cipally B grade, at Is 10Jd f.0.b., s.i. There is. at present an inquiry in for 50(10 ton?, which is expected to bo wanted for Japan, for MarchApril shipment. Local merchants are endeavouring to get enough together to allow them to, quote, for 1000 to 1500 tons, and it is expected that the price asked will not be less than Is lOd f.0.b., s.i.. for equal quantities of B grade and f.a.q. During the week a good many oats have been offering from the country, but very little business is reported. Merchants are'not so keen to buy, owing to the f.0.b., s.i., price having gone back. The prices to farmers have dropped in proportion, and the best obtainable on Saturday for B grade was Is 4d to Is 4}d, and for f a.q. Is 35d to 3s id oil trucks at wayside stations. Farmers have strong ideas as to the future of the market, and are nearly all indicating Is 6d on trucks, no matter what quality they have to sell. There is p. very strong demand for oats fit for milling, but very few are to bepicked up in Southland. I understand that a very /nice line of Sutherland*—about 1000 sackswere sold last week at Is GJd, sacks sd, on trucks at- Gore. , The demand for chaff continues to be very brisk, and farmers will not sell tinder £3 to £Z 2s Gd on trucks at wayside stations. The local market is poorly supplied, nnd any prime quality is quickly sold at from £310s to £312 a Gd, delivered into stores. Several Southland farmers are consigning direct to Dunedin, and it is reported that they aro netting considerably over £3 per ton. Owing to the splendid weather we have, been having, the bulk of the ryegrass crop is now in atook, or will be within the next few.daya. Several samples have been offering, and the prices ruling seem to be about on a par with the present ratcß fn Canterbury. Twenty-one pound seed is selling at from Is 9d to Is ]0d; 221b to 231b seed, from Is lOd to 2s; and 241b to 251b seed, as high as 2s 3d, on trucks at country sidings. Merchants don't expect these prices to last, but the general opinion is that after the rush for seed the market will ease considerably. Most of the samples that have so far been offering on the market are pretty bad with sorrel and fog, no donbt because of the large amount of wet weather Southland has had during the last few months. The sheep market is still very brisk, and prices for all classes are well maintained. There is still a strong demand from Canterbury. and several buyers from that district are still in Southland. A large number of lambs are changing hands, probably to go north, at from 12s 6d to 13s Cd, and all firstclass young sheen are strongly competed for. The cattle market is still very slack, and very little business is passing. Several farmers who have plenty of feed to spare are picking up any decent lines of good bullocks, forward in condition, that are to be ha<l at prices ruling from £5 15s to £G 10s. They aro only taking these as feed is 'going to waste for want of something to eat it off. Sheep are too dear for them to speculate in. OTAGO FARMERS' HORSE BAZAAR. Tho Olago Farmers' Co-operative Association of Now Zealand (Limited) report: Wo hold tni(r usual weekly horse salo at our bazaar, adjoining woo! aud grain stores, Crawford and Vogel streets, on Saturday last, tho 11th inst., when we had an entry of 42 horses, made up of heavy draughts, van, plough, and spring-cart horses, jilso light harness and hackney geldings There was a splendid attendance of buyers, the bulk of the town carriers and livery stable keepers being, present, as well as a fair gathering of farmers. A few young cart inarcs aud geldings from tho country were ino'juded in tho entry, which met with good competition, realising fair prices. About eight or nine aged geldings were a'-so offered, but bidding for this class was not so unimated, nevertheless a fair mtinber changcd hands at goo:! values. Van geldings were in fair demand. Of these wo had four or five, which elicited fair competition, and changed hands at good prices. Plough maros and geldings were not so much in demand, fanners present not showing a gTeat desire to speculate, Spring-carters were wanted by a, few of the 'dairy farmers, hut those entered' wero not quite suitable for the rcquirem-enis of Ihc buyer:; present, and the result was that only one or two changed owners. About half a dozen light harness hordes changed hands, aud had there been half a, dozen more I'licv would have gone a.lso at fair prices. Bu_;gy geldings were in. fair demand, and a number of this class found new owners. Hackneys, up to 14st, were also in. demand, and sold at up to £18 and £22. Two or t-hreo carriage geldings wore offered, but reserves being too high they were not said. We will offer on Saturday next, the 18th inst., on account of Messrs John M'Leod, Donald M'Lcnmin, and White and Co., 15 draught mares and geldings and light harness horses. We quote: Heavy cart mares and geldings, St to £59: lighter sorts. £40 to £48; good useful plough mares and geldings, suitable for four-horeo trams, £38 to £43; activc van horses, £12 to £50; spring-carters, £25 t/i £30' buggy cobs, £-:u to £28; pairs, £10 to £50; wnggonctle paii'd, A'sl) to £60; carriage pairs, £80 to £100. , DUNEDIN HORSE SALEYARDS. Messrs Wright, Stephenson, and Co. report:—There was a good entry of horses for this week's sale, and included in the number wero a few very useful draughts, but all the light harness sort were aged and inferior, consequently only a limited amount of business was done. However, much more could have been done .if horses of tho right stamp" had been forward. There is a ready sole at quotations for good draught marcs and geldings, young, sound, and staunch, suitable for city or farm work, also for upstanding light harness animals, young and staunch. Town carriers, contractors, and farmers are all on the look-out for good working horses, and where stock of this description is forthcoming it meets with good competition. Our sales this week include the following:—Bay coll, 3 years,, at £18; hay eolt, 3 years, at £12; bay gelding, 5 years, at £42; hay colt, 3 years, at £39; bay colt, 3 years, at £3G 10s; bay gelding, at £3G; bay gelding, 5 years, at £35; chestnut gelding, G years, at £34; chestnut gelding, aged, at £32; 'light buggy marc, at £2G; ami several other light harness sorts, aged and stale, at from £13 5s to £15. Next Saturday, the 18th inst., we shall sell, on account of Messrs E. Stevenßon (Palmerston North) and T. Bookless (Melbourne) two shipments of 40 and 30 horses respectively. We quote: Superior young draught geldings at from £00 to £55; extra good prize horses, £5G to G5; medium draught mares and geldings, £35 to £43; aged draught mares and geldings, £24 to £34; upstanding carriage horses, £30 to £10; well-matched carriage pairs, £fiO to £100; strong spring-van horses, £35 to £40; milkcart aud butchers' order-cart horses, £21 to £30; light hacks, £12 to £20; extra good hacks, £21 to £30; wcedv and a&ed hacks ami harness horses, £5 to £10.

1901-2. 1902-3. 1903-4. 19M-S. Tons. Tons. Tons. Tons. Jelbourne .. 5,SS2i 1,041?. 8.2851 10.960J Sydney... .. 1,745 73 4,8G0J 5,894 Srisbane .. — — . m 1,638} Ldelaide :'' .. ' '851 ,-- 1S9J . 345 Total' , v 7,033 1,11<J 13,7791 18,838

_ Feb. 3. : i\e\v South Wales 4's .... 10G New Soutii Wales 3J's .. .. 97.', New South Wales 3's .... 8fi" Victoria 4's iqU Victoria 3J's 97" Victoria 3's .'.' 85» South Australia 3J's 9S?Soutii Australia 3's 85.? Queensland 4's .. ,,_ ., ., m Queensland 3J's .., ., 97 Queensland 3's S51, Now Zealand 4's JOS" i>ew Zealand 3Vs 9SJ New Zealand 3's 88i Tasmania 3J's 991 Tasmania 3's 8G* West Australia 3Vs i)8 West Australia 3's 8G Three months' bills, 2 9-1G. Feb. 10. 107 9SJ as 105* 98 87 9Si 83 106.1 198 87 108 !» 89 100 87 93 SCI