COMMERCIAL

Otago Daily Times, Issue 13960, 20 July 1907, Page 8

COMMERCIAL

Daily Times Office, Friday evening. BREADSTUFFS.

Latest advices from London report the "wheat market as steady and quiet, immediate supplies From Europe being ample and cargoes oonsoqucntly neglected. There are indications, however, within the last few dajß of a. revival of demand for cargoes. On tho 10th inst. the sale of an Australian 1 cargo was cabled at 35s 3d, and to-night comes news of the solo of two movo Australian cargoes at 34s 8d and 355. Now, assuming these to bo off-coast cargoes, this shows a dccline of fully Is per quarter from tho Highest point touched on July 6.Tho period of comparative quietude which has agam sol in may at any timo now bo broken by fairly accurate estimates of the European and American harvests. And upon tho nature of these reports the more immodiato attitude of tho markets depends. .I'or, although ultimately prices are bound 'to advanco, tho more immediate future is diffloult to forecast. This is luminously ex-plained-in tho following report by "Beerbohm " under date London, .Tuno 7 : — Tho market during tho past week has been somewhat irregular. The American markets have been inclined to weakness, notwithstanding obvious crop damage, and the shipments to Eutope have again been liberal, although not in excess of the evidently large requirements of importing countries just now. ■More favourable reports regarding the Russian spring wheat crop have also been received, and have counterbalanced Hie very unfavourable reports of tho autumn-sown wheat; and it is a fact that Russia has lately shown herself a more willing seller. Thus it happens that, in spite of officiallyconfirmed serious damage to the crops in Germany, Austria-Hungary, Roumanis, and Bulgaria, and loss favourable reports from Italy, buyers have held aloof, evidently regarding the advance in prices as sufficient for tho time, and being now disposed to await further orop developments. This abstention of buyers, added to tho desire tq realise profits, has led to a decline of Gd to Is per quarter in cargocs near at hand, and also in parcels for London.. The general outlook, however, remains without material change, indicating, as it docs, a serious deficit in the European crop, compared with last year; it is quiio probab'.e, indeed, we think, (hat the European crop this year may not reach 200 million quarters, whilst for the past five year 9 it has averaged 230 million quarters. In America, too, the mast, conservative authorities look for a reduction in the crop, compared with last year, cat 15 million quarters. These questions, of course, concern the future; for the present wo have to deal with' fairly ample supplies, and it is not surprising that a check should have been put upon the upward movement of prices. In America, too, there is no doubt that , t-ho fact that the present. American-Canadian visible supply is nWt four, million quarters abovo the average for the past 10 years, acts as an obstacle to any exaggerated rise in prices. It will bo seen that while the European " visible" is just' about equal to the average, the American total stands out very much larger; it is, in fact, the largest since that poribd of large supplies, and low prices which is embraced in the years 1593, 1894, 1895. It must not be forgotten, however, in making these comparisons that tho home consumption in tho United States and Canada is grobably 10 million quarters greater than it. was, say, in 1894, so that an Auierioan " visible" of 10 million quarters in 1694 was a much more powerful element of depression thau a similar quantity would •be nowadays. To some extent this argument also applies to thoiEuropean visible supply. It is interesting to note that, tho American visible supply is cablod to-night as 63,667,000 bushels, with 7,883,000 quarters, which, compared with tho 9,125,000 quarters on June 1, shows a diminution of 1.242,000 quarters in the last six weeks—in itself a significant sign. 'In sympathy with London, the Commonwealth quotations this week are a shade easier. Sydney holders ask 4s to 4s Id, while buyers olfer 3s lOd to 3s lid; in Melbourne wlujat is reported dull at 3s IOJd tj 3s Id; while in Adelaide it is quoted at tho same prices. Tho following reports by the Sydney Mail, dated 9th inet., would seem to indicate that onefnetor which helps to depress lite market, is iho difficulty in procuring su'tablo freights for shipment to London:—

The wheat markets, both here and l abroad, continue to harden. Comparatively / littlo business was, however, dono locally last week, owing to a general disposition on the part of millers to pay the high prices demanded. Yesterday many of them exhibited more concern about adding to their stacks, but found it impossible to secure any lines -under 4s Id per uushel, Darling Harbour. Two parcels covering 8000 bags were sold on this basis, and negotiations for further parcels were afoot. In the country districts a number of minor lots have been picked up at equal tq 4s, but the aggregate quantity would, perhaps, not represent 2000 or 3000 bags. Somo laige holders rofuse in the meantime to entertain business under 4s 2d and 4s 3d. In Melbourne the market ha?, advanced to 4s Old and 4s Id, some thousands of bags being taken at these fates yesterday. Adolaide wheat markets have raised prices to farmers from- 3s B<t to 3s lOd, but the latter still show littJo inclination to sell. The shipping value ill Adolaide is now 4s f.o.b.

Export operations have fallen off considerably, There are no ships on the list for Sydnoy landing, but Hie steamer Persic is loading 1500 tons this week at Darling Island for Liverpool. Victoria has five, sailors chartered, and South Australia, where the bulk of the' wheat surplus remaining lies, has 14 for different ports. Halt of the ships engaged ore. however, of small tonnage, and booked to load fof South Africa.

The auiiouncoment of the Government's decision not to. interfere will the tariff on wheat arid flour has been the signal [or a renowal of activity in tho New Zealand market, although so far local millets havo not commenced to operate. A fair amount of business, running into some thousand* of sacks, and at price* ranging from 4s 6|d to 4s 7d, on trucks, is reported from Asliburton. South Canterbury, and Nort.li Otago. mid it >s fihrowdly suspoctod that some, at aiij rate, of the buying is on North Island account. It is also known that sonic of (ho local millers cannot, much longer hold their hands. Tim? holders fully maintain tho firmness of the market and evince not I ho slightest disposition to reduce their limits. This, of course, means that millers who haye to go into the market stand lo lose money on I,licit grist, while millers with old-bought wheat could do better by turning ovei their holdings than' by manufacturing flour at tho present rate. The situation is a peculiar one, and no ready solution suggests itself. Tho Millers' Association naturally is not desirous to raise ' tho price of flour right on top of tho

Budget announcement in its favour, and. besides, it views ivith a 'certain amount of apprehension tlic weekly frliipme.ufs of Australian Hour now pouring into the North Island.

The scarcity of chick wheat oonlinues. and for local orders from 4s 5d to 4s Od; ex store, is being paid for medium milling quality to iuko tho plaos of good whole fowl feed. For shipping orders 4s 5d f.o.b. is the current quotation. There >s no change in (ho price of flour and the tariff of Hie associated millers stands:—Sacks, £10 ss: 100's, £10 15s; 50'«, fill; 25's, £11 ss. The shipping price is £10 f.0.b., and the Invcrcargill price £10 10s.

Tho demand for offal continues brisk, and stocks aro light. Bran is quoted at, £4 10s' per ton for local orders, and £4 56 f.o.b. for shipment. Pollard is quoted at £5 10s per ton both for local orders and shipment. >,

Tho oat market is quint, but 'firm, with better' inquiries from tho North Island. Holders aro asking 3s l|d lo 3s 2d f.o.b.s.i. for small lines, but business has been done at 3s Id f.o.b.s.i. for B grade. Locally, gcod feed oats arc firm at 3s ex store. There is a good demand for seed oats, which comjnand full rates. Oatmeal is quoted at £16 pci ton and pearl barley at £14 to £14 10s. PRODUCE MARKET. Tho potato market keeps firm. Prime samples of Up-to-datcs are saleable at £4 10/ to £4 15s. 'J L'asmanians aro offoring at £4. Butter.—Dairy, 8d to 9d; milled, 9d to 10il; separator, 9|d to ICd. First-grade factory—prinls, 11|<1 booked, Hid cash; bulk 11 Jd. North Jsland pats, 10j|d to lid. Cheese.—Market firm. Factory mediums, 6Jd per'lb; Akaroit loaf, 6jd per lb; medium, 6d. Eggs are scarce, and Iho price remains at Is 8d per dozen; preserved arc >n demand at Is 3d lo Is 4d.

Poultry.—Supplies fair, prices firm. Hens, 2s 9d to 3s 3d.; roosters, 3s to ss; ducks, '4s to 6s; turkeys—lien's 5d per lb, gobblers

Pigs.—Bacon and porkers arc quoted at 5d to s^l; bacon, 8d; ham, s£d. Chaff.—Extra prime oaten sl-.caf, un to £5 12s 6d per ton. FRUIT AND VEGETABLES.

Tho arrivals for the week included 199 eases from Sydney, 410 from Melbourne and Hobart (apples, lemons, and oranges), and about 100 cases of repacked Tahiti oranges from tho north, with fair supplies of Canterbury apples. Some 1600 eases from Sydney are due to-morrow (Saturday), and the Suva sliipmont of 1918 cases 011 Mondaly week. Tho bulk of the Monowai's shipment from Sydney arrived in bad order, being saturated with sea water owing to tho rough weather encountered between Sydnoy and Wellington. Prices for choice fruit aro well maintained. Current quotations aro as follow:—

Oranges.—Raratongan, 9in (repacks), 10s to lis; Auckland ropaeks (in bed order), 3s to 8s; Miklura, 7s; Sydney, 5s 3d to 6s; mandarins, 4s 6d to 6s; Sovillcs, 3s to 3s 6d; Poornian's, 5s to 5s 6d. Bananas.—Ripe ropacks. 2d to 2Jd per lb. Lemons.—Sydney, 4s 6d; Mildura, 7s to Bs. ■ . ■

Apples.—Frimo cookers, to 2-Jd; Lord Wolseleys, 8s to 8s 6d; small and medium, 4s to ss; desserts, Canterbury, 7s to 8s; Hobart S.P.M., prime, lis; good, 8s to 9s; medium, 6s Gd to 7s fid. Passions.—ln short supply, 6s lid per half gin; 8s M to 9s 6d per packen.

Pines, 5s to 9s per case. Pears.—ln short supply. Canterbury Winter Nclis, 10s to 12s; cookers, 4s to 6s.

Tomatoes.—Locail hothouse, up to 9d; Auckland, 6d' to 7d. Clover Honey.—Now season, in 101b tins (southern), 3s 6d per 101b tin; bulk, 3£d to 4d.

Nuts.—Peanuts, Japanese, largo 3d, small 2|d; Brazil, 9id to lOd. Walnuts, 5Jd to 6d. Chestnuts, 3d to 4d. Cocoanuts, 10s per sack. Vegetables.—Very scarce. Cauliflowers, 10s to 12s per "dozen; cabbages, 5s 6d per sack; marrows, 6s to 7s 6d per saok:' pumpkins, 9s. per sack; pio melons, 2s 6d to 3s 6d per ewt. Onions.—Firming. Melbourne, Brown Spanish, £6 to £6 10a; Canterbury, £5 lO.i per ton We are requested to state that the abovo quotations lor produce, fruit, and vegetables are current wholesale priccs between agents and distributors.

LONDON!' MARKETS. Press Association— By Telegraph—Copyright. LONDON, July 18. ■\Vheat: Two Australian cargoes sold at 31s 9d to 35s respectively. Tho American visible supply is 63,067,000 bushels. CHRISTCHURCH MARKETS. (Pir United. Press Association.) CHRISTCHURCH, 1 July 19. There is as yet no improvement in the wheat market, though it was thought that in the event of no alteration being proposed in tho duty on wheat and flour, millers would be moro encouraged to operate. Two small sales are reported—one of a mixed line of ]000 bushels 4s -id, and the other of BCO bushels of Hunters at 4s 3d at country stations. Tliero is no ohs.nge in oats or oat sheaf chaff. The increase in tlia duty on potatoes has not ■ had tho effect that might have been anticipated owing to a larger quantity bang offered and Toßina-nian quotations being lowered. Prices have come down instead of going up. Buyers are now offering only JE3 5s at country stations. A farmer, who has just returned from a visit to Tasmania, eay9 that on tho Davenport and other wharves there -are thousands of bags of potatoes awaiting shipment. Tho crop has been an exceptionally heavy one, and, owing to there not being a very active demand in Mclbourno or Sydney, tho New Zealand market has been an important outlet. PROPERTY SALES. Messrs E. L. Macassey and Co. sold by auction yesterday, at theii rooms, Rattray street, a freehold property at Burnside, consisting of half-acre of land at corner of Main road and Prosser street, with a shop and' dwelling thereon, to'Mr D, M'Lean, for f3OO. An up-to-date residence of' 10 lornns, situated in London street, with 29.1 poles, did not reach the reserve, and was passed ill at JE1245, and is now open for sale privately. Messrs James Samson and Co. report haviiicr sold this week, on account cf Mr- ' James Stevens, a scotion in Woodhaugh, with a six-roomed house thereon, to Mr A. Morton for £350; a 5-roomed house v.ith section at South Dunedin, to Mr Coleman at £445.' Mr W. G. Martin's property in Leith' walk, with dwelling of eight, rooms, to a client at a satisfactory figure. Mr Guldsmith's property, Mam road, North-East Valley, with cottage to Mr 1!, Dotting, for £475.

Messrs Wright, Stephenson, awl Co. report having recently sold the following station properties:—Account trustees of the late W. 'S, Trotter, their Greenville Station, situated in the Kingston district, containing about '110 acres freehold, together with pastoral run No. 323, containing about 30,000 acres 'loasehold country, also about 7000 merino 'and crossbred sheep, lyith cattle, horsesy and 'plant, to Messrs Alexander and Archibald M'Caughau, ctf Garston. Account Messrs li. Campbell and Sons (Limited), their Plains Station, • near Mcssburn. consisting of about fc3oo acres freehold land, also slock and plant on the place, consisting of about 4730 long-woo lied sheep, horses, cattle, plant, etc. 'Tho purchasers are Messrs Elliott Bros., of Bluckstone Hill and Barowood Station, in Central Otngo. Account Mr John Mnearthur, his To Akatarawa Station, near Kurow, consisting of about 1216 acres freehold ujid '(11,0(10 acres leasehold, with about 1G.600 merino sheep, besides cattle, liorses, plant, etc., the buyer being Mr James Patorson ■lite manager of Waimea Station, Southland.' Account Jlr ,T. H. Preston, his Black Forest station, consisting of about 250 acres freehold, and 20,700 acres leasehold, ulso about BGOO merino sheep,'the buyer beiii°- Mr H, K Smith, of Mori'cn Hills Station, 0

SALE OP CLYDESDALE COLT. Messrs Wright, Stephenson, and Co. report as follows:—We have sold privately, at a "igli price, on account of Messrs Mitchell tV-? 3 ; le Clydesdale colt' Baion Mi telle", rising three year?, lo Mr John Robinson, Lovel's Flat.. Baron Mitchell's •jlte is the well-known Clydesdale stallion Baron Graceful, and his great-sire is tho great liaron a Pride, the champion breeding horse of Sootland. The colt's ton'is Maggie by Hard Times; his great-tow Star, bv xoung i3ankei. This coll will .introduce u new. strain of b:cod 'i,ito the 'l'ukomitiriro district-.

SHIPMENT OF POLLED ANGUS . CATTLE,..

Another shipment of Aberdeen Polled Wus cattle from the herd . o(Messrs Miirrav, Roberts, and Co., oi .OJacJhrook, vent north yesterday by the s.s. AVaibare. The shipment includes two >vel!-bred heifers (mil two bulls, spcciall) selected by Mr Angus for the herd "t Mr Chambers, of Hokopeka, Hawke's Bay, Aortli Island. Ida 13 to be shown at the Palmerston North show. Ivoiy is one oi the •Rose ot Advie family, and is, sired by the imported Erica bull Fashion's Prince, out of Frisky, by Ralph of Careston (imp.). Ivory is not so well growu as her companion, being several months younger, but she is a very nice heifer. The total consignment was lb bead, and amongst these were several very nice herd bulls,' Two 6tud bulls-Hamlet

and Hector—are going to Mr \V. G. Steßd, Hastings. Hamlet is also a well-bred Erica, by - the Christchurch cljauipion Engineer. 'Hec.tor is of (lie old Rose of Advio family, being out of tile tine raw Daisy. Both the-so bulls are big, and most suitable for crossing purposes.

Msspts Hugh Mitchell ami Co. report that at, this week's meeting of tho trustees of the Duncdin Money Club loans to the amount of £120 were granted to members, and new applications for membership received. The annual meeting will he held on Wednesday, 31st inst., at 8 p.m.