COMMERCIAL

Otago Daily Times, Issue 13651, 21 July 1906, Page 8

COMMERCIAL

Daily Times Office, Friday evening. The aiiiou.it of revenue collected at the Dunedin Ciistun House to-day on (roods cleared for consumption was £6)5 0s lOd.

THE BOOM « BUTTEK.

The butter market is exceedingly high, and tho present position is probably unique 111 llio Insloi-y of the dairy industry in New Zealand. Added l 0 the scarcity of the product in the colony i s the firm condition of the butter market at Home, reported iii some degree to be due to tho Chicago meat scare, which, by reducing the coiistuhption of tinned meat, has largely increased the demand for butter and cheese. Doubtless the disfavour wilh which all American food-stull.-i are just: now viewed iii England is helping lo popularise colonial p'r'odurfs, and [his factor also is helping New Zealand butter.

The uniqueness of the situation is seen in the fact that the market for new season's butter has already opened, and considerable business, of a more or less speculative nature, has been transacted during the week. lii a. normal season the agents for Lbhdori buyers do not. think of oper'atim? More (he end of August or llio beginning of September, bill Ibis year buying lias commenced before July is liarelv' halfway thrdugh, or from a. month to six week's earlier ihan the average. The prices that are being nhYrvd. constitute a record only previously paralleled during the period of Ihe Ausli-alian drought. When, at the beginning <if last senson. contracts for factory outputs, September to March delivery, were concluded at lOd f.0.b., men who had served their apprenticeship at the' trade whispered softly that " fools rush in where (vi«o men fear to (read," and characterised the business as dangerously speculative. As it happened, those contracts turned out highly remunerative to the buyer and seller alike, and this may account lo an extent, for the high opening rales now being paid for Ihe coining Season. London buyers have commissioned llieir agents to secure all the first-grade factory butter. September-March delivery, procurable at up to ifjjd f.0.b.. and several North Island factories have sold at this price, which, considering it is three months before the first deliveries will be made, and eight months ere tho last balance of the contract will be shipped, represents a degree of confidence iii the market oh Ihe 'part of the London btittcrman which is highly reassuring. The bulk of tlie factories,' however, are disinclined cveii to accept this tempting price; soiiio ask 10Jd, whilst otliefs hint at lid. aiid there can even be. found (hose who talk of c'dilsigiiiiig-cerrainly a big risk for a fhctorj to take upon 60 Speculative a market.

Spot butter has, of course, shared in the boom, and talcs of North Island factory have been made during tlie* week at Is for new make and Is Id for stored, f.o.b. New Plymouth. Although the local .factory bis so far refrained from making any further advance in price, it looks as though their hands will Im forced in this respect. They can scarcely (.'oiilinuo lo supply retailers at. is per lb in the face of the prices nili'ie in Ihe uorlh. The outlook is for dear bnller for soinc lime to come, willioui apparently any likelihood of relief for l.'ne consumer. . The ehi-esn situation is equally slrnng. Northern buyers have cleared Ibis market at up lo 6|d for faclorv mediums, and 6;jd is now (he price for wholesale lots. BFtKAUS'IrPKf?. According to .recent reports the LoiidAn wheat niatket remains (|uiei. but sleady, Ihe alKence of animation lining apparont from tho lack of cabled sales. Tlio Loudon Times estimates the KnglUh wheat harvest: at 96 per cent, of the average. What, this means may bo gathered from the following comparative statement of the English crops for the past decade: — Yield par Acre. . Crop. Acreage. Bushels. Bushel*. M<T) .. 1,835,(124 '33.00 «fi1.550.(K0 IOOt .. 1,400,013 26.97 ?.7.92i1.00!) 1903 .. 1,620,000 30.15 •15.518.000 1002 .. 1,770.95(1 30.03 5M.-27G.000 ]00t .. 1,743.102 31.lli) 51.M0.1XW 1800 .. ].895.£1« 28.81 84.3-22.00U 189!) .. 2,032.000 32.76 07,260.000 IKIR .. 2.155.000 31.75 '74.885,00!) ISS7 .. 1,930.000 20.07 5(5.235.000 1396 ~ 1,732,000 3,1.6! 53.217,000 1 'Estimatr-cl This is the time of year when the wheat prophets begin lo indulge in forecasts of the world's wheat harvest lor the approaching season. AVriliiiff under dale London, .lune 8, " liwrboliiii" lilts tho following:--Nothing could have been n»ra favourable fur tho crops than the weather experienced during the pn«t 3D days; there is, in fact, a gi-neial improvement ii) the appearance of all the crops, but wheal is still rather backward, especially in the Eastern and Northern Counties. In France also there has been a considerable improvement in. the weather, F,nd the, 'wheat orop generally is described as satisfactory, if not good, in promise. The chief coriiplaiiits cMiio from tho south and west, where the crops appear to lie very irregular. In tho North of Germany all is going well willi tho ctop3, which are very favourably spoken of, but in the south extraordinary weather wag experienced last week, and it is feared that Hip vctv heavy rains had done sorco d?.in»ire. In Austria, according to yesterday's telegrams, very cold weather, with hc&vy lains. is being experienced, which, if it continue, would be very p'rcjndirnl to the wops. In Hungary tho first official estimate of the wheat crop, made on June 1, is 21.000.000 quarters, against 19X50,000 quarters finally estimated iast year, and 17,000.000 quarters in 1001; October term wheat at Budapest is now quoted at Ms Gil per 4831b. or Sd higher than last week. aJLaiiist 2Ss 9d at this time iast year. Prcm Spain tho crop reporis, on the whole, continue favourable. In Italy Ihere have been beneficial rains, a'ul it is now expected that the wlieafi crop, although baek--1 ward, may prove to be an average one. In Hoilmanli much iwixie'.y was cau?etl by tin.continued wet warfher up to the end of May, which had no doubt caused i- certain amour/, of damage; .Time, however, has so far beon moro favourable, and a. big vvhcai crop is still expootcd. as is evidenced by the •offers of new crop for Ai!gu=t-Scr;tamber sW.n- ---' ment at 28s (id to Cfls (c.i.f.). Prom Russia verv fa,vonrn.ble reports copiiniie to be received with regard to the ornjis in tho south-western irovernmcDts. and in the drought-stricken districts there has also becu snme improvemoiit. On tho whole il seems moboVe that the very fnvmtrabln out'ook in the is mere than counterbalanced hv the evidently uusati--factory outlook in the lion district', the central governments, a,nd th? Central Vclga disfriets. From this summary if the European crop •ilnntinn it will Iw seen tr.e.t the erors are what the Anwrioans call " snol.ly." and cannot bo efll'ed hv any mcn-iT; brilHant in promise. After the extraordinary winter and spring which has been evr£rirnecd this is rot siirnrisin?; in fact, the of th'» eoa-on vendors it more than ushklv TirolwWo iK->; 1 therri will be. irregularities nnd menfs in the EiiroDean crons this year. If we ai-e to add lo this a sV'Ti Arrwriositi crop— nTie't. American vrhet't does not trouble n« mtch iu=t now—tho re"Mi'ert: of (he maVj./-t vbiob bns 'sfo'v lice" inelicfd (0 the "K*'r" Side, wou'fl Tanidlv chance, (be TiOre so -s » O'vs now tolcrsblv e«rt"in (o witn»"e modernf* «hiiimenfg and a rapidly declining quantity oftrin*. There.is'little or no change i" the Commonwealth situation. .Sydney quotes milling at 3s 5Jd to 3s 6d, Me'.bourno Js 4id, and Adelaide 3s 3d to ?s 4d; but tho tono of the market would appear to bo a little oasier. In tho absence of business there is little to be said concerning tho local wheat market, except that holders maintain their firmness and seem to bo convinced that millers 'will eventually have to pay the,prices asked. The olfoi'ings arc onl.v-iiioileratc. and quotations range from 3s 4d (oft trucks, northern stations) for red chaff aiid velvet up t6 3s Od for Tuscan;, the taller variety beini? faifly bard to obtain. Bv i/oing as far as Ashburton these, quotations may he shaded by about Id per Bushel, but, then the. heavier railage makes the delivered price just about equal. Chick wheat is not offering in any quantity, and for good whole fowl feed up to 3s 2d ex store is readily paid. Northern quotations remain at 3s 3d f.o.b.s.i. The demariil for flora- is decidedly dull. Tho New Zealand Flourmiller6' Association's tariff stands as follows: —Sacks, £9 Iter ton; 100's, £9 10s; SO's, £9 ISs; 25' a, £10. The shipping price is £8 10a per ton f.o.b. There is no change in tho offal market. Tho tariff for bran stands at £3 15s per ton for ioeal orders and £3 10s per ton f.o.b. for shipment; pollard at £5 per ton for local orders and shipment. Bran is in demand for shipment, and business could bo done at 60s if millers' wore inclined to accept the price. Stocks of pollard are accumulating. Tho oats market remains stagnant and weak at. quotations, consequent upon an entire. absence of any outside demand. Good B grade arc in fair supply at 2s 3d ex store, and southern B's are quoted at from 2s to 2s Id on trucks, according to quality. Oatmeal is quoted at £13 per ton. Pearl barley is unchanged at £14 10s per ton. Our Temtika correspondent reports: — "Tho grain markets during the week have been very quiet, but firm. The few farmers holding stoeks (which would not amount to many thousand bags) make inquiries «is to price, but do not show any inclination to reduce reserves. Millers have beetl buying in small quantities, and a few fairly large lines have been taken, ami foolers for fairly largo linos arc still out. A mill line of 5000 sacks is reported to have been sold in Tiinaru at 3s 4jd, aiid other smaller lines at about tho same figure; but there is really a v«Ty liltio prime milling on offer. There is quite a lot Of the earlythrashed grain this yoat in store under tho iianio of milling that went in in bad condition, aiid will certainly como out in worse. Holders of prime milling, knowing fhfe, are not anxious to lot go prime lines. Oats: There are none offering from farmers. Apparently all havo been marketed; but a few thousand racks are held by merchants, who ask prices ranging about 2d higher than tile south. Feeling satisfied that the quality must toll, tliorc being such a vast difference in quality between Canterbury and Southland-grown. 2s 5d to 2s 6d is asked for A Bartons. 2s 5d for ft Rarfoiis. Tile latter arc quite equal or better than Southland A grade for this year. There is little business passing. Sheaf chaff is in fair demand at about late fates'. "Potatoes have better demand, but none offering. Seed kinds are being asked lor as the planting season is approaching. "The. following are lite prices ruling: — Wheat: Tuscan. 5s 3d to 3s 4d; velvet, 5s 2d to 3s 3d; Hunter's,' 3s 2d to 3s 3d, at country stations. Oafs: Canadians, 2s 2d to. 2s 3d: Uartons, Zs to & 2d; duns, &; I<l to 2s 2d; Danish, 2s, at country stations. Beans, 3s to Ss c£ Peas: ra'ttridqe, 3s oil to 3s 6d: Prussian. 5s 6d to 3s 8d CWgrflss. bfd to 7£d. Sheaf chaff, 50s to 60S. rotatoes: Derwents. £8 to £8 10s; Karly Ucse, kidnev, and Up-to-Date, £9 to £9 10s." product; market. The potato market is firmer, partly owing to a demand from the North Is!<ind", which lias depicted stocks of imported tubers, and partly owing to the comparatively small proportion of really good fable p'otatoe? coming to hand. Fancy prifos are offeree! for really good seed lines, bur great diffiMilty is exiwrienccd in fillips; orders under tins head. Choice table Convents are selling at lip to £il JCs per ton. and Up-to-IJRlfs from £11 to £11 10s. Victorians are quoted at tip to £10 15S. In the local market butter continues scal-ce and dear. First-grade factory butter Hi quoted, at Is for bulk, prints Is Oid (booked), and Is Ojil (cash). Farmers' separator in.pats is quoted at lid tb Is. and farmers' dairy pats at 9Jd to lOd; dairy bulk IOJd to lid, choice milled lid ml*. Tarnnaki separator iljd to Is. The local cbceso. riiarket keeps verv firm, and 63d is the lowest price for factory mediums; a little Akaroa is offering at otd. WOLFE'S SCHNAPPS B«miual«s the orgns of urination, ' • • • ■ •

The price for fresh eggs has declined, and Iho current t[i-.o! ni ion is Is 4(1. A few limed and chilled Are offering at Is 2d per dozen. Current quotations for poultry are as follow:--Hens. Is 6d lo 2s 6(1; "roosters - old 2s lo 2s 6d, young 4s fo 4s Gd; ducks, 2s 6d to 3s; ducklings. 2s 6d to 3s 6d; geoso, 4s to ss; turkeys (scarce)-hens sil to 6d per lb, gobblers'7(l to Bd. Pigs are in pood demand. Kaeoners are firm at 4d; overweights, 3d to 3Jil; porkers, 33d lo 4d. Hams are quoted at 7tl lo 7id. and bacon at 6d lo 7d. Chuff is in good supply. The top price for prime new oaten siieuf is £4 per ton; medium and inferior. £13 IDs to £3 15s. FRUIT AND VEGETABLES. The arrivals for the week include GOO cases from Sydney (oranges, inaiidarins. pities, and passions). 300 cases apples and pears from Hobart (which arrived in indifferent condition), and light supplies of Canterbury fruii. Prices for choice fruit were well maintained. Current quotations arc as follow: — Oranges.—Rnrolonfran, repacks (9in), lis, (Gin) 8s; Sydney?, 5s Gd to Gs 6d; mandarins, 4s 6d to 5s 6d; Sevillcs, 5s Gd; I'tiorman's, 8s lo 10«. Lemons.—Choice Messina, repacks (double cases), 20s; Svdnov, 5s 3d to 6s. Bananas.--liepacks, 2Jd per 11). Pinos.—A few Queensland at 8s 6d lo 9s 6d per case. Passion fruit. 7s 6d to 8s 6d per packer; a few choice in half-gins at 7s Gd. Apples.—Canterbury Lord Wclscloy's nnd others of equal quality, Qz; ehoico dessert, up lo 10s M: medium, 6s to 8s 6d; Tasmanians, 4s to 14s per case, according to condition. Pears.—A few late from Christchurch, 2.Jd per lb; a few Tasmania!!*, 5s to Ss 6d nor na If-case, i Clover Honey.—Scarce and good inquiry. Neiv season's—Northern 4Jd, southern 3id to Id (in build. Peanuts.—Small Fijian 2£d to 21d, Japa,. hese (largo) 3d to 3Jd. Vegetables.—Cauliflowers, 2s 6d to 5s per sack, according lo quality; cabbages, Is to Is Gd; Savoys. 2s lo 2s 6d. Walnuts.—New season's, 7d to 7Jd. Onions-Canterbury, £8 to £8 10s; Auckland. £8 10s; Melbourncs, to arrive, at £9 15s 6d. We are requested to state that Ihe above quotations for produce, fruit, and vegetables are current wholesale prices between ageuls and distributors. THE CIIIUSTCHURCH MARKET. (Per United Psms AsßocmtoH.) CHIiISTCHURCH, July 20. There is no business doing in the local grata market. There are some inquiries for both wheat and 03ls, but imae. offering, as holders are still awaiting further developments in the market before attempting to sell. Orders for ryegrass seed for spring .sowing in Canterbury are coming in freely, and a fortnight's tino weather would see stocks of old posture seed in merchants' hands considerably reduced. Merchants aro now busy dressing locally-grown cowgrass, late deliveries of which point to the fact that there was a far greater quantity sholled than was expected. The yield in pom* cases has been very ratisfaclory. It is noticeable that there h?.H been a more than average quantity of alsike seed saved this year, the grade being superior to that of the imported article. White clover of first-class qualify is in demand, supplies of superior quality being in short supply.

PROPERTY SALES. Messrs .Tamos Samson and Co. held a sale by auction at tlicir rooms on Friday, v.hon {hey offered thn properties of the late Mr fees S?»-t>.m. For a parcel of :ar.d lr lOp, being allotnicn't 1 on the plan of. subdivision of wilt cf section 11G, Valley, he'd on leass from the Otago I'resbyieriari Church Board for 01 years from November. 1897, at a yearly rental of £12 103 (part of tho ground being sublet to Mrs Moloney for ~12 103), with two two-storeyed brick dwellings and outhouses thereon, bidding started at £ J -00. arid soon advanced id £625, at which figure Mr William Kins became the purchaser. All that parcel of land containing lr, being seclion 78, block XXXIV, Castle street, Dunedin, held on lease from Mr Janus Allen for term of 21 years from September 1, 1901, at a yearly rental of £25. on which are erected a dwelling of nino rooms and outbuildings, \va« sold to Mr M'Kenzio for £280. Tho late Mr Soaton's residence at Portobello, 6?., and S-rooraed dwelling, failed to reach the Teserve. They also sold privately ilc White's property it Green .Island, being allotment, Gt. block I, iSliand and George street", lr 16p, with a 6-roomed dwelling and outhouses thereon, to Mr A. Marshall for £320. Mr ,T. Orlowslri's freehold nro-pe.ity, sections 39, block 111, Crown stree"t, Glenroy, North-East Valley, with a modern 4-roomed verandah dwelling, bathroom, arid workshop thereon (section 80ft x 112 ft), was purchased by Mr James Sim for S3O. Sections 1, 2, and 3, block 11, Ascotvzle, North-East Valley, with a frontage to the main road and District road of 99ft, with a dwelling of five rooms and outbuildings thereon, was sold to Mr Hickev (or £500.

Messrs Alps. Harris and Co., auctioneers, report the following sales in real estate by private treaty:—Dunedin I Allotments 13 and part of It, block IV, Stafford avenue, with two four-roomed cottages thereon. £225. Musselburgh: Section 6, Wool: IV, fronting High street, together with 7-ioomed dwelling thereon, £650; allotment 15, block 11, Bay View road with 5-rbomod dwelling, and containing 2(.24ii. £SSO; part of sections 20 and 30, block XXI, with G-roomcd house, £590. Anderson's Bay: Sections 4, 5. 8, and 9, block 111, with buildings thereon, £375; nart section 21, Castle-hill, on account of Mr Peterson; section 29, block I, Extension of Bavfield. £40; section 1.1. block I. Extension of Bayfield, £100; section 3, block 111, contain-ing-In lOn, and 7-roomed dwelling, £525; sec-' tion 22, block 11. isayfield Extension. £115: flection 31, Cnsflehill, £125; sections 23 and 24, block 11. Extension or Bayfield, £215. St. Kilda: Section 3, block XXXIV, fronting Be Carle street. 50ft x 100 ft. £50; allotment 2, block XLIII, Cargill street, and 4-roomed house, etc., £190. South Dunedin: Allotment 21, block IX, fronting Bay View road, together with house of six rooms, £550: M'Bridc street, corporation leasehold and buildings thereon, £100. Mornington: Section 17. Earrfield, with frontage to James street, £15. North-East Vnllev: Sections 1, 2, 3, 4, 5, 18. 19, 20, 21, and' 22, block IX, Ascotvale, on account of Mr Andrews. Caversham: Section 9, Mount Pleasant, with dwelling (hereon, on account of Mrs M'Aulev, £130; T)art section 32, block I. St. Clair, with dwelling, £510.

SUN FIRE OFFICE.

Tlio leporfc of the directors, together with the accounts and balance sheet of the Sun Insurance' Office for the yew ending 31st December, 1905, ato io hand. The premium incoiiK, less reinsurances, amounted to £1,319,329, being an increase of over £13,000 compared with the preceding year. The incomefrom investments- amounted to £97,243. Tlio losses paid amounted to over £600,000, or 45.5) per ccut. on the premiums received. The expenses ot management amounted to £465,000, being at the rato of 35,21 per cent. The share capital is 240,000 sham of £10 each, of which 10s per share has been called up. The invested funds amount to £2,G68,G33. After providing for the payment of dividend to shareholders, a balance ot £403,072 stands at the credit of profit and loss account. Although the exact figures of the losses owing to the earthquake at San Francisco cannot he definitely obtained for some Httlo time, hut from information to hand it is ascertained that the losses of this office will not exceed £350,000, and this amount will bo paid out of the profit and loss account, leaving the funds of the company intact. The Sun Office is the oldest lire insurance company hi the world, being established sinco 1710. Messrs Merrer and. Mitchell. Water street, are the agents for Ofago and Southland.

MEETING OF CREDITORS.

A meeting of creditors in tlio estate of Richard C. Torrance, of Waimate, contractor, was held at the office of the Deputy Official Assignee, Timaru, on Tuesday.

Bankrupt, in his statement, said that he started business 20 years ago in Dun'edin as a contractor, and had always dono well until a year ago, when he went to Waimate to undertake a largo contract. The cause o! his failure was. to a large extent, a contract which he had taken for the erection of an arcade in Waimate. lie had also been laid up vri'Jh rheumatism for a considerable time. In May last he had consulted liis solicitors, who saw the architect, aiid having ascertained that a profit of £500 could bo made out of the contract, they endeavoured to have it taken over by another contractor, but the negotiations fell through, He had endeavoured to carry on the work himself, • but had lost his memory and all heart in the work, and an a bailiff had been in the house for debt, and another for rent, he hud been forced to seek the protection of tlio court. Had he been paid the retention monev on the Waimate contract f£s4o 5s Id) his estate would pay £1 10s in-the hound.

Bankrupt's filed statement showed: Unsecured creditor?. ECG-2 15s lOd. assets, £327 10s; deficient, £335 5s lOd. Most of tho creditors are Dnnedin hardware firms.

Tho following resolutions weri> passed:— "That in view of the position of matters and tho complications in regard Io the Waimato contract, which shows a sum in hand of £500. Messrs Smithson and Raymond be appointed solicitors for the creditors in advising the assignee as to the best course to adopt in regard to this, and differentiating claims in regard to liens, etc."

" That the bankrupt be allowed his furnt lure and fools of trade to the extent of £50,' and that the assignee, if any question as to value arises, ask tho assistance of a representative of Briscoe and Co. A list of tools claimed by the bankrupt to be supplied to the assignee,*

"That the stock and plant of the bankrupt in Uunedin be submitted for sale by public tender, and that the assignea may employ, if necessary, assistance for listing and valuing. "That the creditor? regret the misfortune that has overtaken the bankrupt, and recommend him for his immediate discharge." «3» The Local Agents (Messrs Reeves and Co., Tcgel street! for the National. Explosives Company, London, have a shipment of ftcligiiite, Uelouators, and Fuse to hand, and can give special quotations fo mine-owners, contractors, and the trade...