COMMERCIAL.

Otago Daily Times, Issue 13984, 17 August 1907, Page 8

COMMERCIAL.

Daily Times Offioe, Friday evening. BREADSTUFF'S.

Latest' London advices available at timo of writing 'report tho wheat market lifoloss and tho tono weak, cargoes being neglected. Judging by tho absonco of any cabled sales during the.woek, the state of things presumably continues, acoe-ntuatcd, doubtless, by the depressing influence which such a financial slump as is being experienced in Wall street and upon the London Stock Exchange usually brings about, for a financial panio invariably further depresses ah Already depressed market. Tho immediate outlook,, therefore, promises no stir in the wheat market so far as Mark lane is conoormed. Apart, howovcr, from this temporary depression, the otatistical position is as strong as ovor, and the ultimate upward trend of the market would appear to be assured, in support of whioii view we '-v.il 1 quote the' report made by "Beerbohm" under date London, July s:— It is not easy" to imagine weather less favourable for the crops in France, Gornrany, and; England than that which has been experienced (during the past tlvo weeks, and especially during the past two weeks. It would be difficult to believe that some serious damage had not been done, and it is new quite evident that in these three important vilest-consuming countries the harvest wi'.t be a very late one, which is, or may become, quite a serious matter, especially in France. It is not surprising, therefore, that something approaching excitement haa come over tiio trado this week, and a muoh greater desire to buy wheat in view of tiie contingencies now before the market. It may bo said that, with fine hot weather) Buch aa we should now be oxperianang, the markets would have relapsed into quietness, content with the advance of, say, about 5s per quarter recently established in view of the probable ahort crops in both Europe and America. This latter probability is evidently, indeed, stronger now than it was a month ago, for wo translate Mr Snow's estimate of the American crop, published this Week, to indicate a crop of only 600 million bnshels, a total which we had already suggested last wcok; and there has been clearly a 'deterioration, in the French, German, and English orops in the past week. But it shouM bo noted that immediate supplies are ample, and July is n«l usually a desirable month in which to initiate a "bullish" movement. However this may be, it is quite clear that unless tho 'ver.tner becomes more seasonable and'favourable very soon all consideration in regard to stocks, quantities afloat, or' visible supplies will be ignored, because of the immediate necessity for large supplies tof foreign wheat to compensate for a late and perhaps deficient harvest in this country, in France, and in Germany; the last-named country may, indeed, at any moment becouio an active buyer again. In faco of tho depression in Mark lane, the _ Commonwealth markets exhibit surprising steadiness, an ovidenec of inherent strength. Tho Adelaide quotation, indeed, shows a rise of a penny per bushol on tho week, but the fluctuations in South Australian prices are difficult to understand. This week's quotations range from 3o 9Jd to 36 10(1 in Sydney, to 3s lOd in Melbourne, and 3s Bd in Adelaide.

Undor tho heading " Wheat Market Steady," tho Sydney Mail of 7th inst. reports: —

Thora vvas no movent of consequence in tho wheat market (luring the week, the demand continuing very mn&ll. Business wis curtailed by reason oi the difference existing between holders and sellers. Millers, too, have had their hands tied ou account of tho dearth, of orders'for flour. Quotations have not eaeed materially, and the position is far from boing weak. Stocks here, and in meat of the other States, are light. 'Outside the purcbaso of a- number of Small country lots on the basis of 3s lOd to 3s IOJd per bushel, Darling Harbour, and a fairly large sale today at tiie 1 latter figure, business has been in a condition of inactivity. Large holders continued' to ask 3s lOd to 3s lid. Cables advised a temporary weakness in the English markets to the extent of Gd per quarter, or 3d per bushel. This should bo pulled up very soon, as shipments to England aro smaller than they wore iast year, and the harvests of most European countries, excluding . Russia, also those of America and Canada, aro below those of tho previous season. For July-August shipments 30s Sd per 480lb c.i.f. is being asked on London, and 37s for September-October shipments. The cargo of tlie Thomasina sold at. Sis M por 4501b c.i.f, and 10,000 quarters of Smtllt Australian wheat for September shipment sold at 365.

Tho eablo messages (reports the Town and Oountry Journal of same date) show that Australian and genera! wheat values in London are down Is Gd per quarter on the fortnight, or equal to a fall of 2Jd a bushel. Taking London at 36a per quarter for New South Wales wheat up to f.a.q. standard, that is 4s 6d » bushel in London, which would mean that the shippers from Sydney, if they were bont on netting a profit of Id a bushe! on cargoes, oould not silord to pay more than 3a 8d a bushel (Darling Harbour). It costs about 9d a bushol to tend tho grain to London, including freight, exchange, insurance, sampling, ctc.

There is a decidedly firmer tone in the local whoat wajiet, aad sawal trans-

actions, involving tho sales of two or three j decent lines of milling wheat, aro reported, At Ashburton, where prices had perhaps given way to a greater extent than in any other centre, tho market is reported firmer, 4s Ad having been refused for a good-sized lino of mixed milling, 4s 5d being tho seller's limit. Tlio tone of tho Timani market has nl?o improved, tho sale of a line of 1000 sacks being reported at 4s Grl on trucks. On the other hand, a line of mixed milling', mo?tlv rod wheat, failed to find a buyer at. 4s 4Jd on trucks. The sales that havo taken placc are regarded by wheat holders as only tho beginning, as millers aro forced to operate more largely. Tho market is in so sensitive.a condition that anything like general Wiying will inevitably he the signal for the finning of prices. Tho market is practically tare of chick wheat, ami ordors for fowl feed are being filled with milling quality. Business has 'been done during tho week on the lxvsis of 4s 5d f.o.b.s.i. northern ports, whilst for small local orders 4s 6d cx store is the quotation. Tho directors of the Now Zealand Flourmillers' Association, at their monthly meeting hold in Ohristehureh this week, doeidrd to raise tho price of flour by 5s per ton, this, however, only applying to the Dunedin and tho Invereargill markets, the shipping price remaining unchanged. The alteration must therefore bo regarded more in the light of an adjustment rather than a, rise in price. For some time past it, has teen a grievance with tho southern millers that the margin lietween tho local market and the shipping price was only 5s per ton, whereas from timo immemorial Iho margin was 10s per (on. 'flic southern representatives have long contended for a redress of this grievance, and at length their claim has boen allowed by. the other directors, hencc the adjustment. The revised tariff cotiboquentlv stands Sacks, £10 10s; 100's,' £11; 50\£11 ss; 25's, £11 10s. Tho Inw.rcargill prico has been raised to £10 15a. | while the shipping price roma.ins unohanged at £10 f.o.b. ' '

The story going tho rounds anent millors raising the price of flour £2 per ton to as to admit quantities of Australian flour and thus beat back the wheat market receives scanty credit in well-informed quarters. It is pointed out that millers hold by far tho greater part of tho available stoeks of wheat, the holdings of outside speculators being comparatively while the grain in fanners hands is a negligible quantity. And while some of the smaller millers who arc almost, if not entirely, out of wheat would welcome a recession in the market, tho larger millors are adverse to any change likely to depreciate the value :of their holdings, and certainly would not aid in bringing suoh a condition about. Tho fly in tho millers' ointment is the comparatively low price of floux, and this cannot be altered until the Commonwealth market takes a dccidod .upward turn. The demand for offal continues brisk, and stocks aro light. Bran i 3 quoted at £4 lfo per ton for local orders and £4 5a f.o.b. for shipment. Pollard is quoted at £5 10s per ton both for local orders and for shinment.

Considering the quietude of the demand and in the face of the importations l landing and on the water for North Island ports, the oat market is wonderfully maintaining its strength. A small business is being done on the basis of 3s Id, f.0.b., s.i., for deeent lines of B grade, and up to 3s IJd and even 3s 2d for little lots for shipment. The current quotation for local orders is 33, ox store. The Danish oats from Tasmania now landing in Wellington and Auckland arc costing from 2s llid to 3s, and tho Canadians on the water will cost from 3s Id to 3s 2d, c.i.f., duty paid. Oatmeal is unaltered at £16 per ton, and pearl barley at £14- to'£l4 10s. PRODUCE MARKET, There is a glut in the potato market owing to heavy deliveries of home-grown tubers and considerable; shipments from Tasmania. Consequently prices have eased and tho. tendency of tno, market is downward. Prime Up-to-Dates are slow of sale nt from £3 to £3 JOs, inferior being difficult to quit at £2 to £2 10s per ton. Tosmanians are offering at from 4s 6d to 5s per bag. There is no change in the butter market, and quotations remain as under:—First grado factory—Prints, Is OJd bookod, Is cash; bulk, Is cash. Dairy, 8d to 9d; milled, 9d to 10d; separator, 9Jd to lOd. North Island pats, 10iSd to lid. ' BulkFirst grade, lOd to lOjid; sccond grade, 9Jd to lOd. '

Cheese.—Market unaltered. Factory mediums, 6Jd to 6Jd per lb; Akaroa loaf, 6id per lb;'medium, 6d.

Eggs aro in good demand at Is 2d per dozen.

Poultry.—Supplies fair, prices firm, Hens, 2s 9d to 3s; roosters, {3 to ss; duolis, 4s to 63; turkoys-Jiens 5(1 per lb, gobblers 7d to Bd. ( Pigs.—Baconoi's and porkers avo scarce at 5Jd: bacon, 8d; ham, B£d; flitches, Bd. Cbaff.—Extra prima oaten sheaf, up to £5 12s 6ti per .ton, FRUIT AND VEGETABLES.

The arrivals for tho week include ICOO cases from Sydney, 100 cases fruit, 350 cases onions, 500 sacks potatoes, nine crates vegetables from Melbourno, 300 cases apples and pears from Hobart, and 150 cases repacked oranges and bananas from Auckland. Tho consignments of Canterbury fruit were on the light side. T.IIO Sydney shipment of 1200 oases is due on Sunday, and the Suva shipment of 1800 eases on Monday week. Current- quotations aro as follow:— Oranges.—Repacks from Auckland, in bad order, from, 3s 6<t to ss; in> good condition, 83 to 0s 6d per 9in. Local repacks, 8s 6d to 9s j Sydney, 3s 6d to 4s; mandarins, 4s; ■Scvilles, 5s 4d to 5s 7d for dump eases, 4s lo 4s 6d for packers; Poornuin's, 7s lOd. Bananas.—Ripe repacks, 2Jd. Lemons.—Sydney, 5s 6d to 7s; Mildura, 8s 6d to 9s 6d,

Apples.—Prime cookera, in short supply, 2id to ?.;<! \ t Lord Wolseleys, 8s to; others, 6s 6d to 7s 6d; Canterbury desserts, 7s 6d to 8s 6d. Ilobart: Choice S.P.M., up to 9s; medium and small, 4s to 6s 6d; stono pippins, 6s to 7s 6d; French Crabs. Bs' 6d. Passions.—4s per half gin; 3s N 3d to 6s per packen. l'ines.—Bright yellow, 7s '6d to 8s 6d; others, 5a to 6s.

Rhubarb.—First of llw season, Sd per lb. •Tomatoes.—Local hothouse, lOd to Is 3d per lb. Pears.—Canterbury cookors, 2d to 2id per lb; Hobart, half-cases, 4s 3d; cookers, 7s 6ct to 8s 6d. Clorer Honoy—New sofnon, in 101b tins (southern), 3s 6d per tin; bulk, 3jd to 4d. Nuta.—Peanuts, Japanese, large 3d, small 2id; Brazil, 9Jd to lOd. Walnuts, s{d to 6d. Chestnuts, 3d to 4d. Cocoanuts, 10s per 6ack. Vegetables.—-Cauliflowers—Victorian, 5s to 9s 9d per dozen; local, 7s 6d por sack. Cabbages, 2s 6d to ss; marrows (new from Sydney), 5s to 7s 6d' per down; pumpkins, 4s to ss. Onions.—Melbourne, Brown Spanish, £5 10s; Canterbury, £5. ' We are requested to state that thft il»Ye quotations for protluce, fruit and rcgetables are current wliolesalo prioes h»twe«» sgents and. distributors.

LONDON MARKETS. Press Association—By Telegraph— Copyright. LONDON. August 16. Consols, 181' 15s. The bank rate of interest is ti per cent. Silver, 2s 7 IS-lCd per ounce. . > Copper: Three months, £75. Tin: Soot. £161 os; thTeo months, £163 15s. Load, £19 10s. Tho depression on Wall street and lower quotations in America are depressing copper and tin. CHRISTCHURCH MARKETS. (Pkr Unitsd Press Association.) CHRISTCHURCH, August IC. During the week business 111 the grain trade has been quiot. Some wheat is being offered, but there is evidently no prospect of doing business at the late high rates. A' large Hue of Tnscan was submitted during the week, and though tho seller, who first asked •is 5d at a 2!; d station, would havo taken 4s 3d, lie was, it is understood, unable to find a buyer. The Flourmillers' Association nas raised the price of flour 5s per ton in Dunedin. but no change has been made. locally, and in view of an increasing quantity of Australian flour coming in it is not considered advisable to make an advance. The usual weekly shipment of flour front Melbourne is about-230 sacks, but the week before last 950 sacks were shipped by tho Warriraoo. and the North Island is receiving supplies from Sydney. There is 110 business doing in oats except in small lots for local consumption. ' Oat sheaf chaff is not so ready of sale, and £4 10s at handy stations is the outside pricc. Potatoes are easier, table sorts and seed being worth only £3, and Up-to-date seed 5s more, at oountry stations. Onions are also lower. An advance o( Jd jwr lb litis iakon plow in bacon and horns owing to the high price of bacon pigs. PROPERTY SALES, The National Mortgage and Agency Company (Ltd.) have to report the following:— On account of Mrs H. Swaney, Sutherlands, 10l 91, Rosewilt settlement, 277 acres, 1.i.p., to Itr T. V, Cwmey, Gcbbio's ?l»t; on- account of

Mr D. Senton. Tenuika, 195J acres, Wiiitolri, to Mr T. W. Stokes, Wnitohi; on account of ifc A. Tavendalo, "Wailiaoruaen, 330 acrcs, Waihaorunga, lo Mr J. E. Piggott, Ra-iuclifr; on account of Mr Janieß Wilson, Sutherlandn, lei 49, Ropevrill -settlement, 396J acres, 1.i.p., to Mr J. E, Piggott, Raincliff; on account of Mr Robert Scott. Gernldine, 237 acres, Orari, to Mr J. W. Macdonftld, Ger&ldine; on account of Mr H, G. Ellis, Ofrsio, 320 acres, Otaio, to Messrs Bell Bros., Eskbsnk.