COMMERCIAL

Otago Daily Times, Issue 13859, 23 March 1907, Page 8

COMMERCIAL

Daily Times Office, Friday evening. BREADSTUFFS. Recent London advices report that tho renewal of the Continental demand owing lo tears of crop damage has caused a lirmer tone in the European wheat niarkela, and that the American market is hardening on less favourable crop reports. Still, buyers are said to bo slow, a statement amply borno out in tho absenco of any cabled salts of cargoes. Last week we. referred to tho fact that. Russian wheatholders were reported to be asking prices above export level, in anticipation of further Government purchases for Ilomc requirements. As the unusual factor of Russian Government purchases, if renewed, is likely to liavo a disturbing influence upon tile world's markets, tho following analysis of tho situation, as given by " Beejbolim" under date London, February 3, is of considerable interest:—

Wheat—The market, after a pauso early in the week, lias developed fresh strength, on exciting reports from Russia, in which country some extraordinary developments are taking place. It is not necessary to believe all the rumours which ouc hears, and the reports ono sees in American cabled report, hut it is a fact, that unusual events are taking place in Russia. For the last month or two, for instance, large pufcluises of American macaroni, or "durum." wheat liavo been, made in London and Hamburg for shipment to the north of Russia. These purchases of a special quality do not necessarily denote absolute scarcity of wheat in Russia: they may bo inducctl by lowness of price—from 2Gs Gd c.i.f. London for No. 2, up to 28s Gd c.i.f. for No, 1, aro tho prices rbported—and by the failure of the hard wheat crop in Russia; but the event is a remarkable one, and must necessarily affect tho sentiment of the market. A more important fact is, perhaps, that owing to the scarcity and high price of rye, tho Russian Government has been buying wheat in the South of Russia, to be sent to tho famine-stricken provinces. The Government probably finds that the famine is more serious in the affected provinces than had been expected, and it is quite easy to understand that tho conditions in those distressed provinces may bo more acute in the second half of tho N seasoii than in the first halt; half a crop will provide aSundanco for four months, but famine must follow. It is certainly an abnormal feature in Russia that wheat and ryo sent to tho southern seaboard for export, should have to be drawn upon in the second half of tho season to feed the starving millions in the interior. It is, as we know, not unusual in a country like Russia to suffer from extreme scarcity in some parts and superabundance in others. This season, however, tho scarcity is obviously much moro serious than usual. Tho famine, indeed, is said to be almost as serious as that of 1891, when Russia prohibited exports. To hint at prohibition seems,: prima facie, to bo indulging in unnecessarily alarmist views with a slock of nearly 2,009,000 quarters in Kussian ports; but, as far as the wheat trade is concerned, there might bo scarcity almost as serious in its effects upon prices as might the actual prohibition of c-MWts by ofiiciul decrce. An examination of tho official .-stiniAtes of the Russian wheat and rye crops for the past fivo years shows, in this connection, sonio remarkable results. Here is a record ot the crops and exports, with the port sleeks on February 1 during Ihesc five years, in quarters, 000 omitled:— Russian Wuf.at Caop and Exports. ' Exports Exports l'ort

This showa that in tho past four years tlio crops avcragc<! 78,500.000 quarters, and the exports 15,900,000 quarters per annum; the deduction is Hint the home requirements averaged uD.GOO.OOO quarters, and the further inference is that if this season's crop bo only (11 million' quarters, Russia having exported 7,100,000 quarters in the past six months, has shipped about- 11,500,000 quarters moro than her apparent surplus. Wo pointed this out ill our review last December for the purpose of showing how difficult it might probably be for Russia to maintain any important rai'.i of exports. It may now, perhaps, be rcgardctl as possible that Russia lias really "over exported" herself, and that the position is much more serious than we have hitherto considered it advisable to suggest, having from past experience found how difficult it was to reconcile and justify the official Russian crop statistics. Iu the matter of rvc the position, of course, is far worse than that of wheal, as the following records for the pest five years will show, in quarters, 000 omitted: — Russian Rye Chop and Exports.

Hero we have an average production in tlio four years ended last year of !01 million quarters, and an average export of 4.(ir,0,0e0 quarters, indicating thus an average home requirement ot about 100 million quarters, whilst the last crop amounted to only 77,009,000 quarters, according to tho official returns. Tf these official crop returns possess any reliability at

ill, the position with regard to rye in Russia must bo parlous indeed. , Wo have thus referred fully to the position of wheat, and rye in Russia, because there is little doubt that herein lies the factor which will govern prices (Hiring the remainder of the season, and which may bring about unexpected happenings in regard to prices. There is practically no change in the Commonwealth situation, and indeed 110 alteration of moment may be anticipated so long as tho_ London market remain; in its present quiescent condition. Sydnqy quotes milling wheat at 5s Id to 5s 2(1; Melbourne, 3s 2d; awl Adelaide, 2s llid to 3s. There is very little fresh to report in the local wheat market, and nothing of importance is likely to transpiro until after the holidays. The North Otago and South Canterbury millers continue to outbid local buyers, ostensibly with the idea of preventing any quantity of suitable grain from leavine Ihe district. Local millers, therefore, are not large operators, contenting themselves with picking up any prime lines offering at anything near their limits. Quotations remain at the old level; Ashburlon offering _geod mixed milling lines at _3s to 5s 2d on trucks country sidings, whilst round about' iStudholme from 3s 2Jd to 3s 3d.is asked. Sales of Urge lines are reported in the Oamaru tlistrid". ul. up fo 3s 4d on trucks; but, unless for exccptiomibly prime samples for mixing, local buyer* decline to operate at anything over 3s 3d on trucks. Fowl wheat continues exceedingly scii.rce, and shippers arc operating at 5s 3|d lo 3s 4(1 f.0.h., s.i., northern iwrts. The same prices are being paid ex store fo (ill local-orders.

No change is recorded in the price of The New Zealand Flourmillers' Association's- tariff remains as follows:— Sacks, £8 15s per ton; 100's. £9 ss; fiO's, £9 10s; 25's, £9 15s. Tho shipping price remains at £8 10s per ton f.o.b. Ollal is without change. Pollard ia quoted at £5 for both local and shipping orders, a.nd bra.n remains at £4 for local orders, and £3 15s f.o.b. for shipment. The oals market ma'y bo reported fully Id per bushel easier, oil the week; this is partly attributable lo a cessation in tho demand from the north, and partly to icpnris of importations from Australia and Canada. Auckland usually imports a quantity of Algerians for seed at this time of the year, but it is reporlcd that liiteo or four Auckland lirms have also arranged for a shipment of feed oats—quantity not mentioned,—which, it is said, can bo landed in the north at tho southern f.o.b. price. It is also rumoured that p. trial shipment of some 3000 sacks of Canadian oats has been arranged for, but. that these will cost rather more than the New Zealand equivalent. Tho f.o.b. price has declined to 2s Ed for B grade, and i* - - is said that some Bluff merchants, unwilling to hold stocks at present, high rates, have shaded this quotation to make sales. The general impression seems to bo that oats liavo touched top for the present, r.nd that a dragging market is probable for tho noxt couple of months, with tho prospect of an ultimate recovery. The fact, has to lx) taken into consideration, however, that Southland farmers decline to lower their ■limits, and are 6t.il! sticking out for 2s 4d on trucks for B grade. In anticipation of a further rise in . the oat market, tho oatmeal millers at, the beginning of Hie week advanced tho price of oatmeal by £1 per ton. atxl tho prico now stands at £15. In the present, condition of ihe oat market, however, it is problematical whether this increase can bo maintained. PRODUCE MARKET. In the face of full supplies of potatoes, mostly of unripe and inferior quality, the market lias again declined, and the current quotation for prime table Derwonts is from £'1 to £4 ss. Inferior samples aro difficult- to move at relatively lower rates. There ia no change in the local bntlcr market. 'Farmers' pats aro quoted at 9id; milled, 9d to lOd; and separator, at lOd lo lid. First-grade factory is quoted as follows:—Prints, booked, and 114 d cash; bulk, ll^d. Cheese.—Factory mediums, 6Jd per lb; Akaroa loaf. per lb; medium, 6d. Eggs aro firmer, ov.'iny to the Easter demand, and the quotation is now Is 4d to Is 5d per dozen. Poultry.—Full sp.pply, and limited demand. Ilcns are quoted at Is 6d to 2s per pair; roosters, 3s lo 3s 6d per pair, choice 4s 6d; ducklings, 2s to 2s 9d per pair; geese, ss; turkeys—hens 5d per lb, gobblers 8d per lb. Pigs.—Baconers, 4id; porkers, 4£d. Baecn, 3d to hams, B£d. C'hafF.—ln ' full supply: decreased demand. Prime oaten sheaf, from £4 12s 6d to £4 17s 6d; extra heavy and bright, to £5; medium lo i;ood. £4 5s to £4 10s; inferior and light, £3 10s to £4 per ton (sacks extra). FRUIT AND VEGETABLES. The .arrivals for the week include 180 cases pears from Melbourne, the Rarotonyan shipment- of 200 eases oranges ai:d 150 cases bananas, and Canterbury consignments of apples, pears, and tomatoes. Current quotations are as follow: — Oranges.—'Frisco, none offering; Rarotongan—9in, 4s 6d to 7s, according to condition; bin, choioa sample, 4s 3d per case; others from 5s to 10s. Bananas.—Suva, out of the market. Rarotongan arrived in very bad condition, and sold at 2s to 7s per case. Lemons.—Messina and Californian—Half cases, 6s to 7s; eases, 12s. Apples.—Canterbury and local cookers, la 6d to 3s fid; dessert, 5s to Bs, in better supply. Pears.—ln short supply. ' Melbourne:, 9s to lis; Tasmanian, 5s to 6s for half boxes; Canterbury, 4s 6d to 8s 6d. Plums.—Few Coo's lalo red, 3s to 4s 6d per box. WOOL SALES. LONDON, March 21. The wool sales included tho fleece portions of Ihe following clips:—Xaorao, 13d; Ellerlie, 15d. ■O' SILVER. LONDON, March S2. Tho price of silver is 30 lii-lCd per ounce. GRAIN AND PRODUCE. (Per Unitp.d Pbess Associahok.) OIIHLSTCHUHCH, March 22. Tho paucity of the wheat offerings continues, and' to some extent this lias had it 3 effect upon the market, which is firmer for all descriptions of wheat. Tuscan and pearl are now worth from 3s Id to 3s 2d, but Hunter's have not improved to the same extent. Thoro is an ensier feeling in regard to cats, and any quantity offering would at onco depress values, but in the meantime late quotations star.d. As tar as seeds -are concVnied, the autumn sowing will be practically finished at Iho end of the month. Holders, having this in view, have eased their prices, especially for ryegrass. Italian, on the other hand, being in short supply, maintains its price. o - HIDE SALES. The National Mortgage and Agency Company ot New Zealand (Limited) report as follows:—Wo held our usual fortnightly lnilo sale at our stores in Cumberland street on Thursday, when we displayed a fair-sized catalogue to the customary attendance oi buyers. Bidding was animated, and prices all round were 011 a par with ruling rates. Our catalogue totalled 17G, and tho following are the priccs obtained:—Prime stout heavy ox, 7d to 7.V1; good heavy, CJd to 6J(1; medium, ojd to Ggd; light, 6d to slippy 11 ltd inferior, 3jd to 51(1; lioavy cow, to CJd; medium, 6Jd lo CJd; light, BJil to ptag ami bull, 3\d to -lAd; best calfskins, Gd to 7d; medium, 3d to 03; inferior, 3Jd to •lid; yearling, 5d to Gd per lb. Messrs Donald lleid and Co. report as follows:—We liold our usual fortnightly sale of hides on Thursday, when we submitted a large catalogue to the usual attendance of buyers. Competition was brisk, and we cleared our entire catalogue a't satisfactory prices. Priccs for heavy hides were quite on a -par with thoso ruling last week, and for light and interior sorts prices were a shade better. Wo quote: Extra stout heavy ox, 7d to 7Jd; heavy, GJd to 7d; medium, s?d to G^d; light, aid to Gld; extra stout heavy cow. 3d to lid; medium, 5Jd to 6Jd; light, ojd to Gill; bull, 4d to sd; yearling, 5Jd to GUI; pelts and caliskins, Is Gd to 5s each. The Olago Farmers' Co-operative Association of New Zealand (Limited) report:—^\Ve held our usual fortnightly sale of hides at our stores, Crawford a-nd Vogel streets, en Thursday, when we offered a catalogue of 1117 hides. There was a- full attendance of buyers, and competition was keen, prices ruliiig on about a par with late rates. Wo quote: Extra prime heavy ox, 7d to 7J.d: medium, 5Jd to (gd: light weight, 5Jd to OJd; slippy and inferior, -l;d- to 5. l .d; cow hides, lioavy. G:1 fo GJd; medium, ;V[d to CM; 'light, ojd to AVI; interior. 3M to 3d; bull and stag, ■t;.d food; best calfskins. Gd to 7Jd; medium, 5:1 to ftl; inferior, 2d to sd. CITY AND SUBURBAN PROPERTY SALES. Messrs E. L. Maeassey and Co., estate agents, repuri having made the. following recent- sales of city and suburban properties:— For Mr Lamb: Ilis freehold section, containing about, i-acre, in Lughon street, il-aori Hill, 1o MHlobson. For Mr Methven, section 4. block XXII, LarkwoTthy street, township of St. Kilda, tcgcther with modern five-roomed heusc Ihcreen, to Mr F. H. Hodge. For Mr

Sandilands: Section 4, block XXVII, Richardson street, St. Kilda, together with r.cwlycrected and up-to-date dwelling of fivo rooms, etc.. thereon, io Mr Howitson. For M. A. M'Lennan, sections 1 and 5, Hay's subdivision, Glen Estate, Mornington, to Mrs Lamb. For Mr Allaway, his five-roomed bouso and' section, situated in Black's road, Jf.E. Valley, io Mr P. 11. Terr}*. For Mrs Howarth, a block of four houses in Atliol place, city, eiectcd ou aHarbour Board leasehold section, tc? Mr Hamilton. For Jlr H. T. Andrews, his property in St. David street, consisting of lino modern house of si;: rooms, and freehold section, io Mis Thompson, For Mrs Kerr, part of section 14, block IV, situated: in Upper Walker street, io Mr C. Af'Geigh. For Mrs Turner: Allotment 24, block i, township of Duddingstone, Buccloiigh street. X.E. Valley, splendid seven-roomed' readoMc, and nearly i*acro laiul, to Mr T. \V. Robinscn. There .is a keen demand for city freehold property. MARKET REPORT. Messrs T. Buxton and Co., Temuka, report: " There is a quietness in ibe grain markets' for the last week.- There is a considerable falling- off ill quantity of wheat offering, farmers showing no eagerness to dipntrat- of their wheat, nt present rates. Some have placed their reserve at 3s (id, country station*, which lifji're is not obtainable, consequently wy little business is. boing done. It would appsA' that the bulb of first threslSng of wheat. lias. been markelecf, as there are not nearly as many parcels of the market this week as last. Onts are held (irmly. The few on offer aro fjikfsii at. full values for home consumption. Hie. south are now odoring forward at slightly lower prices, but reports from south state the 1 weather has lwen wet, causing some discolouring of grain now in stook. Sheaf chaff is iu strong demand, but. scarcely any available. Hurley: None available. Peas and beans are not offering so far. Potatoes: Early kinds arc coming in, but returns arc poor, strd holders lire not inclined U> accept prenmfr prices. Derwents are likely to be vary scarce, us nearly everyone planted early kinds and to avoid the blight, Derwents ] having suffered much more than other kinds in previous years when blight was so much in j evidence. This year the Dements would have been much the bolter, crop. The following may be taken, as present quotations paid 1 to farmers:—Wheat: Tuscan and velvet, lis Id to lis I'.d Hunters, 3s to lis Id, with very small oiWing. Oats: Cartons and duns, 2s. od to 2s Gd; Danish, 2s 4d to 2s fid. Barley, nominal. Sheaf chaff, 70s to 72s Gd. Potatoes, £4 IDs to £5. PROPERTY SALES. Messrs Henderson and Co., Invercargill, report having sold (he following properties:— On account of Messrs Anderson Bros. (liya-t Bush), their compact farm of 200 acres, to Mv R. Carmthers, of Otago. On account, of Mrs Cr. M Thomson, her line property known as "Pahiwi," containing 800 acres, to Messrs Cowie and Andrews. Both the above wero disposed of at prices highly satisfactory on both sides, Messrs Alex. Harris and Co.. auctioneers, yesterday held a sale of {reeholdl property at their rooms, when there was a good attendance of buyers. The property submitted comprised several .sections, being the second subdivision of Mr Sidey's land, part of block 111, Extension of Cnversham. The following sivlcs were lecorded:—Section 7G, Mr IT Vie, £50; scotion 72, Mrs Boat-wood, £50; section 75, Mr C. M'Vie, £50: section 73, Mr M'Kenzio, £50: section 77, Mr M'Vio. £30. The same firm also report having sold, on behalf of the trustees in the estate of the late Mr AV. Menzies. allotment S, block IV, fronting- Thomas street. South Dunedin. with 5-roonicd dwelling thereon, for £235. Mr T. H. Lawrence's property in M'Brido street. South Dunedin. being unexpired term of lease of sections 5G n-ndi 57, block VII, together with e. six-roomed dwelling, etc., has been sold to Mrs Blockie. A leasehold property fronting M'Glaehan street, CavtTshani, and four-roomed dwelling, etc., hits been quitted to Mr Ferguson. Soctions 19 and 20. G resham's Subdivision, Anderson's Bay, containing nbnuf. half an acre, have been disposed of to Mv M'Leau. A freehold property of four rooms (in brick) and seoticn in lla',l street, .South Dur.edin, lia.s been purchased by Mr Gcorgeson at a satisfactory figure. 1 Tho Perpetual Trustees Estate and A»en:y Company yesterday offered tor sale by auction the right to a H years' yense of half section G. block XXIII. Dunedin, fronting Georgo street, tho upset Tental being £82 ]0s per nullum; valuation for buildings and improvements £1200. The lease was disposed of to tile present tenant at the upset price, Mossrs James Samson and Co., acting under instructions from the Public Trustee in the estato of 11. O. Brn.r.dt (deceased), offered for sa!o. at their rooms, yesterday allotments 21, 23, ami 24, Bay View road and Arney street, South Dunedin, with dwelling and stables (hereon. The properly was disposed of to Mrs S. E. Davie for £225.

Mr Hugh Mitchell, secretary of the Dnnedin and Suburban Mutual Money Club, reports that at this week's meeting of trustees leans to the amount of £346 were granted to members.

b

vnb