COMMERCIAL

Otago Daily Times, Issue 13835, 23 February 1907, Page 8

COMMERCIAL

Daily Times Office, Friday evening, ] The amount of rerenuo collected' at ths\ Dunedin Custom House to-day on goods cleared for consumption vas £2262 18s lid. BREADSTUFFS. Latest London advices indicate a slightly easier market in wheat. At the end of last week it was stated that the Russian Government was purchasing nt Ilomo and abroad for tlie fainino districts, and South Australian January shipments were quoted at 30s 9d to 31s; New South Waks, 30s fid to 30s 9d; Australian spot, nominally, 325. As against tho above-mentioned prices a later cable, under date February 20, states that an Australian cargo sold at 30s 6d, an easemont which may be attributable either to life Russian demand having beon supplied-or to a lessened demand owing to the arrival or expected arrival of additional supplies. The American visible supply of wheat is 78,710,000 bushels. Tlie qutTiiiity of wheat and flour afloat for tho United Kingdom on Wednesday last was 3.090,000 quarters, and for tho Continent 1,700,000 quarters, the Atlantic shipments being 180,000 quarters, and the Pacilio 40,000 quarters. The Commonwealth market shows a hardening tendency in Sydney, and a somewhat easier condition in Melbourne and Adelaide. On the 20th inst, milling wheat in Sydney fras quoted at,3 s l-|d to 3s 2d, as against 3s last week, while in Melbourne a drop is recorded from 3s Id lo 3s and 3s OM; Adelaide also .showing a slightly easier market, the quotations being for milling wheat 2s lid to 2s llid, as against 2s lid to 3s last week.

The Commonwealth situation is indicated by the following excerpts from Australian files:— Tho Town and Country Journal, writing on the 12th insf., savs:---" Considerable business is being done in Sydney' at 3s l|d per bushel for f.a.q. wheat. This is above shipping parity. Soinc exporters say 3s is their limit for a. profit. Fresh eharter-

.rfgs, cannot be freely entered upon unless

the Sydney market- falls or Mark Lane advanoes materially. Owing to tho high price of milling wheat, olio or two of the leading Sydney millers iiro not- inclined to book orders for flour forward."

Tho Mclbourno Leader of tho 16th inst. says:—"ln round figures, tho wheat crops within the Commonwealth this year amount to 60,000,000 bushels, about onelmlf of which is required for homo consumption, tho protective duty on which comes into operation in favour of sellers 'as soon as tho surplus is disposed of by exportation. Locally values are very

firm, with little offering on tho spot; fair sales ox Glore have been made on the basis of 3s for f.a.q. grade, and for prime samples 3s OJd to _3s Id is asked, the latter for parcels. Shippers are only buying sparingly 'direct, with the country at' the equivalent of above figures. Holders seem quite indifferent about selling, which renders the position difficult for exporters. Producers of wheat aro evidently in a fiiiancial position which makes them indifforent sellers, and this fact restricts business with buyers in foreign parts. Although llio London market shows improvement, the parity of valites in that centre is below the level of prices here. To add to tho perplexities 'of shippers to the United Kingdom, freights havo advanced lately, and to operate under these conditions

means tho taking of risks which past experiences do not- warrant. Present appearances point to a .long-drawn-out shipping season, and also .to the probability that exports will be moro in tho form of steamer parcels than has been the

case for many years." ; The local wheat market is very firm, and prices advanced during tliq week to 3s Zjd; 'on trucks at Oamani and country stations. Sales arc also recorded on trucks at tlio Taieri at 3s 3d for f.a.q. milling grain. Millers' stocks are low, but there has not been much buying, as the millers do not feel justified in operating beyond immediate requirements. Tlio position, in tlio local market is very similar to that in the Commonwealth—tlio farmers, after_ a Succession of good years, are in a position to hold, and tlicy arc doing eo in anticipation of higher prices. Somo of tho Otaqo millers are buying in the north, and a lino of 7CO sacks changed hands at Tonnika the other day at 3s Id on trucks, and it is stated that business lias also been dono at 3s l£d on trucks at Studholnie Junction. The prices now tilling arc not expected to hold long, in view of tho easement of prices in Victoria and South Australia, ami the easier tone of the Marl; Lane market. On tho other hand, farmers, agents, and sellers view tlio position from an optimistic standpoint, and contend that, with Russia buying instead of exporting wheat, and with the rapidly increasing wheat consumption, prices this season will reach a higher level than they have done for sonic yoare past. The Commonwealth wheat crops this year, as will be seen by our excerpts from Australian files, will total 60,000,000 bushels, lia-lf of which will be required for homo consumption. Tlio surplus of 30.0c0.000 bushels, with what has been held over from the previous year, will Iw available for export, but with a handicap of increased freights it will have some difficulty in reaching Mark lane under the favourable freight conditions prevailing in former year-;, ;uid markets nearer home may possibly bo looked for. Willi the discriminating duty in force against it in New Zealand, •Commonwealth wheat, is effectually shut out of this market; but when gristed into flour tho -handicap is not so heavy, and in a manufactured condition it h possible, should the market be favourable, it in3v becomo a factor in regulating local prices. From this view it will bo often that tho New Zealand millers arc just now in a unique position. They have a steadilyrising local wheat market before thorn, aud .they cannot advance tho prico of flour to , HSZ SUBS.y«?aWo. extent without ip-ming

competition from the Commonwealth article. With Australian farmers holding their

wheat, tight there is no immediate prospect of any reduction in Commonwealth flour, which at laslest adviccs stands at from £7 5s to £7 10s; and should the present position continue the price of that commodity may go higher: and in that event the New Zealand miller will he. able io pay

llio local prices now ruling for wheal. .Shippers advise that there is fair inquiry for good milling quality at northern stations beyond Oamartt, at'3s lid, and thai, business has been done at this price.

Fowi wheat is scarce, and is qnoled at 3s 3£d lo 3s 4d, f.0.b., s.i. The market ij barn of supplies, and "spot" lots are diflicult. io pick up. No clinngo is recorded in the price of flour. The New Zealand Flour Millers'

Association's iarilf remains as follows: — .Sacks, £8 15s per ton; ICO's, £9 ss; 50's, £9 10s; 25's, £9 15s. The shipping price remains at £8 10s per ton f.o.b. Offal still commands good prices. Pollard is quolcd at £3 for Ixjtb local and shipping orders, and bran remains at £4 for local orders and £3 15s f.o.b. for shipment.

The cat market is hare of supplies for shipment, and shippers experience considerable difficulty jn obtaining even small parcels. A small parccl of A Garions was sold during the week for sldpment at 2s Bd, f.o.b, s.i, The nominal quotations for shipment arc: A grade, 2s 8d: I'. grade, 2s 7£d; and f.a.q., 2s &id. Millers' quolalioiif, ex store, are: A ?;iade, 2s 6^l; B grade, 2s fed. and f.a.q., 2s sd. Oatmeal, £13 per ton. Pearl barley, £14 10s. J'ROTTUCI', MARKET. Polatoes.—Coming in more freely, and prices slight ly easier. Prime lo good-con-ditioned sorts command £6 15s to ffl 7s 6d; medium, £5 to £6 ss; small, £5 to £5 10s per lon.

Butter.—Very lil tin coining forward. Hairy, 9d lo milled, £d lo 10(1; separator, 9<l to lid per lb. Cheese.—The High Commissioner reports the Homo market linn, with an upward tendency, and the average price (New Zealand nianuFao(ure) 66s per Owl. Local quotations are: Factory mediums, 6J<l per lb; Akaroa loaf, 6{d per lb. Eg,gs.—The market is wetik. Quotations: New-laid, Is 4d; case, Is 2d lo Is 3d.

Poultry.—The over-supply of poultry coninucs. Hons arc quoted at Is to Is 6d ler pair; roosters, 3s to 3s 6d per pair;

ducklings, 2a lo 2s 9d per pair: gces'e (no demand), 3s per pair; turkeys—liens 5d per ]b, gobblers 7d to 8d per lb. Pigs.—Baconers (in demand), 4id per lb; baeon (choice mild cured), 7?d per lb. Chaff.—Heavy consignment have come to band during tlie week.' Quotations Prime oaten eheaf, £4 15s to £5; medium and inferior, £4 to £4 103. Straw.—The market, is barn of pressed straw. Quotations: Oaten, 556; wheaten, 40s to 45s per ton. FRUIT AND VEGETABLES. The fruit arrivals during the week included 216 cases from Sydney, 1000 cases from the north, 300 eases from 'Frisco, 1200 cnscs from Melbourne and Hoba'rt, 300 eases from Rarotonga, and also fruit from Tevjot and Canterbury. Current quotations are as follow: — Oranges— Rarotongan, 4s per 6in cash; Californian, 16s per double case. Bananas.—Rarotongan, as landed, 4s to 6s per case. Lemons! Messina, half-cases, 7s 61; Californian, 10s per case. , Apples.—Auckland, Is 6d to 2s per box, cases up to 7s 6d; local and Canterbury

cookers, from 2s 6d to 4s 6d per case; dessert, 3s to 6s per case; jelly apples, Is to 2s per case. Pears. — Market glutted. Quotations: Local, Is 6d to 2s 6d per quarter-case, and 3s to 4s 6d larger cases; best Melbourne Bonerotians, 5s to 7s 6d per case. Plums.—Best, jam, Id to 2d per lb; dessert, 2d to 3d. Peaches—lii heavy supply, and selling: at Ud to 4d; per lb, according to quality. The apricot and raspberry market is about finished.

Cucumbers.—The market is still glutted. Auckland crown, Is to 2a per box; local, 3s to 4s per dozen. Tomatoes,—Auckland grow)!, 2s to 3s per •box; Nelson, 3s to 4s per case; Christchurch hothouse, 3d to per lb; local, 4d to sd; Christchurch outside grown, 2d to 2id.

"Grapes.—Market well supplied. Auckland grown, 6d to 9d; local, 8d to Is.. Clover. Honey.—New season, in bulk, 4d to.4Jd; in lib packets, 5s per dozen; lib jars, 6s per dozen. Nuts.—Japanese (large), 3d 1 . Cocoamits, market bare. Brazil nuts, lOd; walnuts, 7d to 7gd per lb. Vegetables.—Cauliflowers (scarce), 3s to 3s 6d per sack; cablsiges, 2s 6d to 3s ner sack; green pens (choice), Id to 2d per lb; French beans, 2), d to 3d; marrows, 8s per case._ _ 1 Onions.—Choice Mclbourn, £6 to £6 10s

per ton. 9 We are requested to state that, the above quotations for produce, fruit, and vegetables are current wholesale prices hetween agents and distributors.

CHMSTCHURCH CHAIN MARKET. CHRISTCHtiBCH. February 22. Wheat lias not been offering quite so fioely in the local market during the week, but at the sauic.tinie ft considerable quantity lias changed hands at late rates. Among the sales were a specially prime lino of 2400 bushels of pearl at 3s Old; 1200 bushels o! Tuscan, 1200 of hunters, 800 of Tuscan, 900 of pearl, 650 of hunters, 4000 of Tuscan, 3500 ot pearl, and 1150 of hunters, all at ,1s; 1100 bushels of Tuscan and hunters at 2s'lid; mid 700 bushels of wliolo fowl wheat at 2s lid at country stations. Tho business done in oats is stili), limited, as few growers are willing to sell except at extrcmo prices. One thousand bushels each of Cartons and duns, very prime samples, changed hands at 2s Gd; 700 bushels ot very good tartar at 2s Gtl; 3000 bushels of "Wnverleys' and Gartons at 2s sd; 800 bushels of thin duns It 2s 31d at country stations. It is expected tlir.t Southland oats will bo offered on tho market next week, and that the opening price will be about 2s 2d and 2s 3d at stations. The Auckland market is being filled with Australian grain, and three vessels are booked to load oats and other produce at Melbourne, so that local shippers are doubtful of being able to do business with the northern market for.somo time to come. A few small lots of fair malting bailey continue to sell at 4s to 4s 3d, In conscqnenco of tho scarcity of ryegrass through the dry season, importers are turning .their attention to British-grown seed. One firm i 3 importing a largo quantity grown in Ayrshire of excellent grade and weighing 30lb to the bushel. This shipment is now on the water, anil is cxpccted to arrive r.bant the end of March. A line of locally-grown seed of extra weight and quality has been purchased from the grower during tho week at ss.

WINDING UP OF A BANK. The following reference to tho winding up of tho business of the Merchant Banking Company (Ltd.), London, taken from tho Daily Chronicle of December 15. is of somo interest, and explains itself The liquidators ol the Merchant Banking Company (Ltd.) write to us as follows, and wo regret the expression 'stopped payment,' which ■was simply a. repetition of what the market had been saying to lis. What was meant was 'stopped business.' 'May we, while thanking you for the courteous notice you insert in to-day's issue, ask you to correct the slip which you, inadvertently havo made? When referring to tho return of nearly 40 per cent, of the bank's capital within five months of its going into voluntary liquidation, nieantimo retaining ..cash to provide for every liability, you add, the general opinion is tho bank ought not to have been permitted to 'stop payment.' As a matter of fact it never <lid stop payment, neither did it require nor obtain any outsido assistance. Its doors remained open, every claim so far has teen paid on demand, and its doors remain open to pay every unmatured claim when duo, we having ample funds to do so in hand.' "

HIDE SALES.

Messrs Wright, Stephenson, and 00. report as follows:—We held our usual fortnightly hide salo on Thursday, when wo offered a catalogue of 408 hides, yearlings and calfskins to a representative gathering et Mio trade. Competition was brisk, we cleared our entire catalogue at very satisfactory prices. Values ruled, perhaps, slightly below tlw extreme figures of a. month ago, but, an tho whole, vendors should be satisfied with returns. We quote: Extra stout heavy ox at from 7d to 7M; heavy, CJd to CJd; medium, ojd to CJd; light, 5Jd to OJd. Extra, stout heavy row u.Jd to Cd; medium, 5/, dto Old; light, f>i'd to GW; stag and bull, 3d to 4d; yearlings, uld to 5Jd per lb; calfskins, Gd to ss; liorpe hides. 5s to 10s each.

jfessrs Stroiiaeh, Morris, and Co. report as fellows:—We held our fortnightly sale of hides on Friday, when thore was a smaller attendance of buyers present than usual. Competition was good, and prices all round wcro satisfactory. Compared with last sale, hiiivy hides were quite on a par, and medium and light weights in some cases a shade higiior,' We had nothing special forward, our top pe'na for ox being 71d, paid for ono woig'iiing Hib. In cow hides the highest prico rlipsitied v.-aa CJd, which was obtained for many lata of light weyhts. In money valuo vre soM ox to £3 is M and cows to* £1 7s Id, Pur catwogTM totalled 250, am.%

tlio following are actual prices paid:—Primevl stout heavy ox hides, 7d lo 7jd: good heavy, !■ c;d to Old; medium weight, BJd to CJcl; light weight, tkl In Gjjd: s'u£»y and inferior .1(1 to -iAc 1; prime heavy cow hide.s, nunc for- j ward; medium weight, o ~cl to : light I weight, lo fiUl; interior, Id to Sid; ' yearlings, : 4Jtl to GJcl; calfskin*, 3il to GSd. V

WOOf; SALES. (Pie United Press Association.) WETjLiIXfiTOX, February 22. The last of llio reason's wool sales ill I'ellinglon was iield 10-day. was no nperior wooi catalogued. The bulk of the ;00l wan from liack-counlry growers, and ■as log-stained and dirly, ".cme of the smbswool was very seedy, and for this

there was practically no demand. There were 3147 bales catalogued. Prices ruled as follow:—lnierior to medium halfbred.

Irti.d to Hid; crossbred, medium, fair condition, ]OJd to lOjd; ditto coarse, lOil to lOld; ditto inferior. Old io 10d: lambs, light and clean, IOJd to "lid; medium, Old to lOd; inierior, 8:1 to !)Jd; 'seedy, 5d to Old; pieces and bellies, Gd' to Sid; locks, and wasty pieces, 4ld to sld.