COMMERCIAL.

Otago Daily Times, Issue 13385, 11 September 1905, Page 4

COMMERCIAL.

Daily Times Office, Saturday evening. BREADSTUFFS.

_ Seeing that, the maintenance of the rise m i!ie price of oats to somo extent depends upon the demand from New Soutli Wales, the following from the Sydney Morning Herald will be read with interest:— Tho maizo market has lor sonic time been in a state of excitement, owing to persistent reports of shortage in local crops, and in those of Queensland and Victoria. The maize market is 0110 of the most sensitive, and n rise or decline of lid per bushel i 3 not at all unusual The current month opened with maize quoted at "s per bushel, but for the past week'4s per bushel has been the quota.' tion. Large importations /from Queensland have been made, amounting to date to about 31,000 bags. Arrivals by. rail, chiefly from New England, Tumut, and llawkatbiiry districts, have amounted to about 15,00!) bags, or JO,OOO hags in cxccss of the arrivals during tho corresponding period of •1901. But it is to the rivers where the ciiief attention has been directed. Since the beginning of the year about 250.000 bags of maize have been received from the rivers, which is about 26,000 bags more than that which arrived during the same period of the preceding year. Thess figures are rather startling, when it is renumbered that the crop this year was estimated to he smaller than the yield in 1901. Tliese considerations liavo naturally excited great interest amongst those in the trade, and'tho fact that maizo is now 4s per bushel has stimulated the speculative spirit. Thcro is a movement on foot to' form a ■syndicate for the purchase of a shipment of Argentine maize. It is understood that some agonU have expressed their willingness to participate in the- venture, but others are very chary about joiniilg tho syndicate, having painful recollections of tho result of previous speculations in the same direction. Tho quotation given is 3s 3d or Ss 4d per bushel c.i.f. and c., for September shipment, duo ■hers about December. There is a ditty of lOd per bushel, which, together with wharfago and cartage, means about 4s 3d per bushel in store. Tho firm' offering this maizo is now making offers nnder the same conditions in Melbourne. > v Tho importation of Argentina maize during 1902 was a speculative success, and merchants devoted their attention pJso during 1903 to further business, but not with ,tho previous good fortune, as the break-up of'the drought produced a slump in ail feed lines. During October, 1202, maize realised Gs td per bushel m Sydney, while 1003 witnessed a steady decline in. values. During 1003 Argentine maizo to the extent of 1,030.032 bushels was imported;into New South Wales.

• Ihe substitution of wheat for rice by* the Japanese" as a staplo foodstuff ,is attracting considerable attention. In this connection Dornbtisch" remarks:—

_ A.dircct service of steamers will shortly be inaugurated between Argentina and Japan. Ihe Empire of the Rising Sun intends to increase the import of wheat from Argentina and other countries, as the consumption of wheaten bread is becoming more general amongst the subjects of tho Hikado. The Government is also desirous of to a large extent replacing rice by wheat bread for consumption bv the troops. ,

. ( TASMANIAN POTATOES. ' Private advices received in Sydney from Tasmania (reports the Herald) state that the estimated Bupply of potatoes, excluding those required for seed and local consumption, is only about GOOD tons.- As all the States of the Commonwealth arc drawing heavily on Tasmania, tliese figures are not encouraging to those'who expected lower prices to prevail. The demand from New Zealand is also a very important factor. This estimate is much lower than previous calculations. Messrs Field and Co., Tasmania, in t circular dated ISth give the following figures, showing that there were 22,000 tons available for export at date:— ' • . • Tons. Tons, brovemment estimate of crop '.. . 'no 000 Exports to August 12, 1903 .. 55,000 ' . Required for seed .. .. 13,000' Local table use .. >. .*' ~ '20,006 —— 88,000 Available for export .. .. ~ 22 000 Requirements to middle of October— 1 i\.S.\v., Queensland . D,700 ' , ' Victoria and elsewhere .. .. 3,300 13,000 Available'ot mid-October .. .. ... 9,000 It will-be seen that there is a great ,difference between tlieee figures and those jiiat received. The position is' that if \be later estimate is correct)values must advance still further. On the 1 other hand,. Messrs Field and Ob.'s estiujale points to lower values, unless other factors make their appearance. Consignments are; generally drawn from Tasmania up to .November, when local crops of Early Bote and -BrownelU:aro ready for iarkflj. -Frnm other sources.in; Tasmania is !* feat there trill be a'sUrrhis ol pc4»t®s wrest after the

export season conclydos,~ but if, as now ■ re-port-eel, only 0000. tons'are available for" export ihisijill'not.fojie, out, ; L ' 1 "

, , IMrORT MARKET. The date', of the second auction sale of tea ■has not yet., been definitely- fixed, but it will probably be.-held on: Monday, 25th inst. . 1 Tho first direct steamci 1 with consignments of now dried fruitsiis4he ; Duisbnrg, whichwill'lcavo Patras on 'tho: 15fch 'inst;, 1 and: her shipments will bo available for distribution about tho first week -of "November; 1 and tho second direct steamer,' thorFleriaburg,- will be a .month -later:/ Under;'tho/arrangements made for tho' present sehsoii it is not expected, that pricos. >vill ; Ijo" lower for. second than for the.■ .first;: steamer/'. At present tho Pa'tras"'market'is/firm, cablo advices quoting ordinary Provincial at 163 6(1 per cut, c.i.f. and y o.> Tlia crop is described as being a gcod one. . . Mr jr. V. Manrakis, through lus-locjl. agents, Messrs T. Patterson and Co.. Crawford street, reports as follows 011 tho currant market:— - . '

General Administration (if Currants:—Advices from Athens .under date!2lth July with reference to -the control of the enrrantu industry by the combine a'ro to the effcct that ratification of the agreemtnt by the-Govern-ment could he considered an accomplished fact,'^ Tho act to regUlato. 'the control of the industry was'expeoted-'to! become law during the week in which* our "correspondent advised us. Under . the • now scheme it is proposed to classify the 'currants. under. two denominations as follows:—Class I—that portion of tho crop fit only for use in the manufacture of wines and spirits. Of this grado none will lie exported,. as, tho .combino- will buy it at a minimum price equal to 17a per cwt, c.i.f.e., to be sold locally for manufacturing purposes at a price equal to 17s Gd per cwt., c.i.f.e. Cls s ss 2: Under this grade will be included all tlie merchantable qualities, Royal, Majestic, and ■ Imperial, or more commonly known as good average sound and dry provincials, fine provincials, ami choice Patras respectively. l'ho minimum price fixed by the company for lioyal quality being equal to 19s to 19s' Gd 'per cwt., c.i.f.e., Sydney, and in proportion'. for the bettor qualities. That is to ■ say, the -combine is, under act of Parliament, bound to buy all currants offered to them by the, planters at A minimum price equal to 19s Gd. In its operations .Urn scheme will put a. stop to speculative offers,'and there wiirbo.no variation- in prices which will remain steady all the year round. The business, will be transacted 011 a commission basis so that there will be no room for intermediate profits or large commissions for agents. It. will be re-, strictcd to fewer oxp'ortcra at Patras, and almost wholly confined to those with capital well established, and'with lorge connections. It is expected that many of the laTgo Australian importing firms that have done their business onj ?■ speculative baais will find it anything but r. paying one, as the firms in Patras will - now decline to entertain this speculative class of trade. This speculative business was generally donn in tho inferior qualities, but theso • qualities will riot he available, such fruit being now classed under tno grade for use in manufacture, so that the planters are thus 'protected by the company which buys tho product at ■ fho abovo minimum, consequently exporters will have io pay higher prices.,

A lafco cablo advises ,1 riso of 3d per dozen in cannotl peachos. . .New season's herrings aro likely to be nigh in price. London advices arc as follows:—"The fishing this year up to date is tho worst we have experienced for many years past. The scarcity.- and tho high prices ruling for tho green article, must relloet upon tho prices for preserved fish, and it will be an absolute certainty that this year we shall sco rates going firmer, and there is no doubt there will bo a big si.ortago in the pack." Tho sardiuo market is firm. Various cable .messages have been received from London reporting an advance of 2d per dozen, one cable specifying quarters., Supplies aro short, and tho market is' expected to go higher. This season's fishing is practically a failure, and packers of Trefavennc have had „Toat difficulty in obtaining fish of suitable quality. Rock salt i 3 very senrec. ,ind is firmly held for 60s. The only supplies on the watdyt are somo 25 tms on tlio Loch Gaeno and as the demand is just commencing, there is likely to be.a scarcity of this commodity.

. Nugget polish is still scarce. Tho market is baro of Putz cream; tho Indradevir, duo at the end of the month, brings Eupplies. Zebra polish will not. now be sold under 3s, this having been fixed by tho agents as the bedrock price. Cream of tartar lias advanced £2 5s pet ton. . -

According to advices to hand this week, tho sago and tapioca, market is still rising. Current, quotations remain at. 16s for sago and pearl tapioca, and 17s for flake; but according to latest Singapore reports, flake tapioca, cmikl rot. ho landed at this rate, and .1 further advance is anticipated.' / ilio scarcity of tlio local market will to some extent; bo relieved by ihe arrival next week of a parrel of Japan rice ex Empire. This is lieinpf quoted nt £16 10s to £17. Tlki Burgomcisfar ITackmann, • now discharging in Auckland, ii due, hero with supplies «f kerosene, in about a fortnittfil\< time. The Fori Oeorgo has left New York with further supplies for the colony. Quotations are unchanged. . • In consequenco of more liberal supplies, the cement, mnrket has eased by 6,1 per cask. Ourrent, quotations aro'as follows: TTnder 20-cask .lots. 15a per cask; 20 to 29 casks, 14s Gd; 100-cask lots and. over, Hs.

Silver dropped practically Id per dunce immediately pence was declared between Russia and Japan. The Russian Government has been a largo purchaser of silver for flip purpose of paying the Chinese therewith for food supplies for their army in Manchuria. The cessation'of hostility's will probably cause a ■ falliwr-off in ' .'this special demand, henco the fall. Operators are discounting tho probable fuluro petition of the market. Copper'has also Wn prejudicially affected to some extent, while there has been also somlp'f.aso in the lead market. Tt is unlikolv that the tin market will bo influenced by this special consideration,

The mail summary publisned with this issue contains reports of - the movements in tho import market for tho past three weeks, together with lalest happenings and complete prices, current ■>'

COMMERCIAL CABLEGRAMS.

LONDON, September 8. (Received Sept. 9, at 12.12 p.m.) Kauri gum salc-i: 3011 cnse3 offered, cf which 1000 sold at steady rates. Fine threequarter ecraped, 1355. The present stock consists of 1125 cases. New Zealand long-berried wheat is quoted at '28s to 28s Gd.

OAMARU PRODUCE MARKET.

<Eaoa Our Owjj Correspondent.) OAMARU, September 10. The wheat market, though exhibiting no alteration in the matter of vnlAes, is fairly aotive, a number of sales having been made at late quotations, liiostly in small loto. Tuscan is worth up to 3s Old, .less commission, but'at this price there is very lit-Uo offering, and stocks of this description are evidently getting low. One lot of 1100 sacks made up of Tuscan, velvet, and red chuff was sold at- 3s at a country station, less commission, and it is understood that its destination is north. ~ j Oats are in good request, but there are none on offer, and the market is pretty bare. Cartons find a sale-at-up. to'ls 3d, and a good sample of Danish brought Is Hd, less, commission, while, an. offer of Is -7(1 net for a heavy line has not repulted in business. Duns are almost unprocurable, and are worth up to 2s, according to sample. Potatoes vary in value very much, according to tho necessities of- the buyers. Sale 3 have beej made at from fll 15s, f.0.b., to, £13. The current value to grower? at sidin»s is ill-to fll 10s. In the..meantime the North Island offers a slightly better, market than Dunedin. — • '

SOUTHLAND PRODUOE AND STOCK " . MARKET. -

CFeou Our Owst Correspondent.) INVEECARCrILL, September 9. There is still considerable business doing in oats, and inquiries are coming in every day for fairly large quantities. The cliief inquiries are coming from the Sydney market, but the other Australian' markets are'also buying freely. The North Island, buyers have raised their limits,' and fairly -large quantities have been sold to go there during the lost-week, principally to Auckland. There has also been a good business , doing with Africa, and, at present there are several inquiries in from that market, which local merchants hope willresult in business. There has been a. decided I ■( tidvance in the price to fanners, altd on'Sfiturrday Is 7d on trucks at country stations was the average price ruling, I 'though.in-some casea f9r stations with short, railages, another 'halfpenny was pnid. Farmers are ; nflt.at,all keen to sell, and those who are holding on storage have been'firm in tile idea tl&t 'prices will still adviinco, and they aro likely to hold on for some time yet before quitting. ' Spring threshing lias now commenoed, but: those who have oatj'yet to sell are not very, keen to quit even'at the advanced values, , it is. understood that merchants have made sale's of B grade at Is lid f.0.b., s.i., and L /lor C atid f.a.ij;. one halfpenny less. Extra prime quality; such, as A grade f Gortons- and sparrowbills, have been in strong demand, and( sales, of- these, have. been made to Australia,', at 2s iuid 2s 1d.f.0.h., s.i. Stocks at the Bluff are'getting very-light,' and it is quite safe that there are not more than 300,000 .sacks .in store. Out of this quantity; fully. oni-third' has been 'sold.

for, delivery this month or the monty of October. - The-bulk of the' unsold .' oats' are hold on farmers' account, which makes it yety difficult for merchants to quote for any largo parcel,'' as in Uie; exictcd - state of tho market farmers will not put any prico on their storage lots. It is very difficult to say how the market is likely to go.- : Reports.'nil go to show tliat Australia is likely to-have a bumper crop, arid this is bound to affect the New Zealand market as soon as Australian supplios are available. > In sympathy with the oat. market, chaff has improved a littlo in vniuo, and prices can now be quotiid at £2 10s to. 12 12s Gd on trucks at country stations. . There is very little demand 1 for export, but the local market is liarely supplied, and can consume all present offerings. ■

There has been a strong demand for linseed, and prices have advanced fully 10s per tori. Sales liaro been made at £13 10s f.0.b., s.i. As there is no linseed left to como in from the country, the general opinion is that higher prices will be reached before long. There is 110 change to report in 'UlO wheat market, as very little milling is left to come in; while fowl wheat is exceedingly : scarce, and only sufficient offering to fill'local requirements. For tlie latter there is a strong demaud from the North Island, which can readily take all that is offering in the local market at 8s to 3s Id (ex store. Invercargill). Potatoes maintain their high prico, and on Saturday £10 per ton 011 trucks-was readily obtainable for either Derwcnts or Up-to-date. Local merchants have soul to the Wellington market at £12 ]0s f.0.b., s.i. Locally, potatoes aro rolling at £1 per sack,, which is having a marked effect 011 the quantity consumed. All classes of sheep retain their high values, and there is 110 change to report. The iocal sales have had but very poor entries, and i«r what were offering there were plenty of buyers. There has baen fl. little more stir in" the cattle market, and young sorts aro in good demand. Forward-conditioned steers and heifers are also meoting with ready sale; Thcro are buyers down from tho Clutlrn for thesa Eorts.

PROPERTY SALES.

Messrs N. and E. S. Paterson, land and estate agents, etc., report having sold the following properties: —Section Bi, block XVIII, Arthur street, cHy, with residence oi 12 rooms (on account of Captain Snndstrom 1 -; part section 45, block XI, York place, with residence of 10' rooms (011 behalf-of Mrs Grant); parts -of sections 5G and Gl, blocfe XXXVI, Eden street, city, with of nine rooms (on account of Mrs Barr); section G, block VII, Oxford, street, South Dunedin, with two modern dwellings thereon, to Mr John Bunting; allotments numbered 2, 2a, 3, 4, G, 7, 14, IG, 17, 18, and 19, in Mattliews's subdivision, Mornington, sold to various purchasers (there are still some clioico allotments Mailable); allotment B) part oi sections 38 and 3D, M'Millan street, Bishopscourt (on behalf of Mr E. M'Millaif);. allotment 22, Township of Camiingtou, District road, Maori ftill, to Mr L. Frnvr; sections 1. 2, S, 4, 5, and 0, block LIV, Township of St. ICilda (ori account of Mr R. Brown).

DUNEDIN HORSE SALEYARDS.

Messrs Wright, Stephenson, and . Co. report as follows:—There was.only a- moderate entry of horses for Saturday's sale, all of them being of medium' quality. There was a good muster of iTio public, and. considering the quality of the stock forward, affair amount of business was done. Thcro was considerable inquiry for useful draught mares and geldings for farm work, and also for heavy fire and six-year-old geldings for the town contractors. Of theso classes, and also of first-class harness horses, there is a groat scarcity, and if suitable Block were forthcoming we can assure our friends they would not bo disappointed with the prices ruling ill our market. We can recommend consignments of frc3h horses of all descriptions. We quote; Superior young draught geldings at. from £50 to £55; extra good (prize hor?es), SO to £65; superior young draught mares, £G0 to £75; medium draught marcs and geldings, £30 to £-15; aged do, £17 to £30; upstanding carriage horsee, £-25 to £35; well-matched carriage pairs, £60 to £100; strong spring-van horses, £30 to £35; milk-cart and butchers' order-cart horses, £20 to £2S; light hacks, £10 to £18; extra good hacks, £20 to £30; weedv and aged hacks and harness horses, £a to £8.

OTAGO FARMERS' HOUSE jJAZAAIt.

Tho Otago Farmers' Co-operativo Association of Now Zealand (Smiled) report:—Wo held our usual weekly sale o( horses at our bazaar, adjoining wool and grain stores, Craw-' fonl and Vogel streets, when wo had an entry ot 43 draught, van, plough, spring-cart, express, and buggy horses, and vendors from Milton, Taie'ri, Waitati, Green Island, and a few local good forts. Tho attendance was fairly good. Tliero were not many farmers present, but thoso who wore in attendance competed well for all young and sound mares and geldings suitablo for farm work. The town carriers were to the front in full force, and, with the combination of farmers and town carriers, llieir assistance was invaluable, and the result wns a good sale. Although we bad 110 high-class horses 011 offer to make record prices, values obtained were very satisfactory, and a fair proportion of tho entry ohanged liands; tho wholo of the country consignments wcro easily disposed of at good We also had a consignment from Ivaiapoi of draught and light sorts, but these met only limited competition, and a few were passed in unsold, owners' reserves being higher in some cases than buyers' values. Springcarters ware in fair demand, and a few ohanged hands at good prices; as also did .several handy buggy horses. Express geldings were in demand, but only three or four of this class were included in our entry, and these being aged mid not quite tho sort required by buyers present, little business WR3 done, AVe offered a pair of unbroken geldings, three years oft*, sired by General Tracy, well-grown coits, but low in condition. As prices offered did not reach owner's limits, no business was done in this class. Wo had a few buyers for strong cob 3 suitablo for saddle and harness, and can place hal fa dozen quiet good sorts at fair values. Wo' quote: Heavy cart mares and geldings, £50 to £60; lighter sorts, £42 to £48; pedigree fillies and mares, according io size, breeding, and quality, 80gs to 200gs; contractors' plough team mares and geldings, £35 to £40; van geldings, young, active, and Found, £'tB to £13; spring-carters, nctivo and sound, £20 to £28; buggy geldingi, £23 to £30; carriage pairs, showing a fair amount of breeding, combined with strength and action and good dashing goers, £30 to £100.

Tlio sixteenth annua! general meeting of flia Milburn Lima and Cement Company (Limited) was held at- the company's office on tlio Bth insi. The usual dividend of 7J per cent, was declared. The retiring directors and auditors were re-eleotod.