COMMERCIAL.

Otago Daily Times, Issue 14002, 7 September 1907, Page 8

COMMERCIAL.

i Daily. Timos Office, Friday evening, ■ : BREADSTUFFS. "Hie London whoat markot has taken a /3\yitt upward bound during tho past week, with tho result that tho long-oxpocted 40s level is actually within sight—if, indeed, Dullness afclliat figuro bo not recorded boforo this report gets into type. A week tho top of tbo .market for tho 6oason. wjs reached with the sale of an Australian cargo at 37s fxl, this boing follov/ed at tho 'beginning of tho present week further ■Bales at 37s and 37s 3d, and three days later by tho sales of two Australian cargoes at 48s and 6cl respectively; while to-night cornea the stirring jiews that four Australian canoes have been sold at 355, 3&i 3d, f o ' nnt ' respectively— or a riso of 2s per quarter on the week and of 5s quartor .from the lowest point in tho market 'six weeks ago. But the most significant news is the reference to speculation in Australian now crop for forward delivery. The sale is reported of 14,000 quarters of January and I'ebruar.y shipment at 57s 6d, followed by another Bimilo.r parcel of 14,000 quarters January-February shipment at 38s 6d. Such' sales speak volumes for the future of wheat revoking tho fact that in Mark lane, where buyers. aro in oloee touch with the movements,of wheat all over tho world, tho position is so strong as to justify speculation m shipments ■ firo. and six months lionce, at a prieo far and away above the normal opening of tho Australian new crop —if, indeed, it docs not constitute an absolute rocotd. Such speculation indicates tho boliof of London buyers in the theory enunciated in these columns some months ago that tho whoat situation would develop sufficient strength to hold up the market Ull.tflQ fafto, oi tho Australian 'harvest, and, further, that thero is not liltolv to bo any permanent retrogression in the price of wheat for at least 12 months to come. It also meano that wheat-growers, both here and in: Australia, stand to make a magnificent profit upon their next year's yield. It may bo useful to onco more examine the remarkable factors which have made for this record rise in values-a rise only paralleled mne years ftsro, in the 1898 season, commonly distinguished as " Liter's " year —oven, at tho risk of repeating what, was wild in theso .columns last Thursday morning. '

For (ho wh'oafc season just ended f.ho importing countries iook 66 million bushels, but, according to tho most reliable estimates, the prohablo requirements for tho scapon how commencing will be at least 77 million 'bushels. And, as against tliia incroastxl requirement of somo 11 million bushels, tho following Mcertained facte must ho placed. Tho Manitoba crop is the latest for tho past quarter of a contury, whiio frost has Jnado considerable ravages in North-west Canada; this, couplet! with unfavourable no™, from tho United States, renders it certain- that tho export from Amoriea will bo at least 20 millions bushels Jces than last year—if, ■■ indeed. thero b© any exportable surplus at oil. Further, rains in Germany and in other parts of the Continent confirm tJiG impression thftt tho export from Eastern -Europe will not eoino within 60 to 70. per cent, of last year, for very little, if any, wheat will bo availably from tho Balkans.' Tho autumn crop in Russia linn already boch reported a partial failuro, and now decreased estimates hovo been published concerning tho sprinsr orop. It is almost .certain, too, that India will not bo ablo to supply more than an average quantity; and, evon allowing that Australia and tho Argentine contribute tho same as last year, indications point to an actual shortage in tho wheat orop of the -world, as compared with last voar, of 55 million quarters. And, allowing for tho increased coiisumption, wo aro faced with tiie probability that tho resorve stocks of tho wheat-p'rodnbinff coimtrios .will haw to bo drawn upon to tho bxteJit of sortie 60 million bushels. In tho face"of suoli a p'rsition it is manifestly impossiblo to' say bow h-lqJr wheat will co, or, on tho other hand, (o what exctnt the consumption will be nfTectctl by tho abnormally high priccs. Frit' the prosowt il. is sufficient to ta*- that c. 40a market in London is assured; for tho future we can only aeain point to what has been in the past and allow ovoryonof to mako his own deductions:— Season 1897-8 (LiiTEn's Yeas) , <• English Dunedin average ex store Melbourne price / t>rice prico 1893, per quarter, per bushel, per bushel. January „■ .14/3 .» 4fo .. 4|G February 35/1 •.. 4/7 .. 4/7 Msroh .. ~ ,15/7 .. 4/8 .. 4/4 April ... .. 3G/ .. 4/9} .. 4/4 May .. .. 40/ .. 51 .. 5/ Juno .. 43/8 6/ .. il

In June tho bottom dropped out ot Leitor's corner, and the market suddenly collapsed. Tory liish prices ruled for wheat in the season .1877-8, when tho Rucso-Titrkish war wns being wnged. In April, 1577, wheat reached 62s per quarter in London, and the following Ju'y tho top of tho market was rcaclwd with GSs Oil por quartor. In the following May the price had receded to 50s to 6129 per quarter.

The foloivinft statement by " Beorbohm." compiled on July 26. at a timo when tho London market was at its quietest, will be found exfromnly interesting by all who cam for details of Iho position—indeed, it will bo found worth while to preserve tho table for future reference:— It is not. of course, possible to judge ths ■world s crops vet wihh nny degree of crrtainty, but when wo rend tho most reliablo reports from the various countries, it is impossible to roei?t tho conclusion that & periods deficiency in tho world's wheat product ion, compared with last year, and, indeed. comparod with tho average, is inevitable. This will bo mado cicto by tho following statement in which wo lmvo indicated the present crop promise in the various countries according to what vre regard m tho .. best authorities oomparcn with t)ir> actual roWns_in the nrcvious throe years. Wo need only explain that tho

crops of Argentina anit Australasia are, (or tho purposes of this comparison, assumed to be equal to Inst year's:— .■

Tnr. Wheat Crop of the World. (11l quarters of 4801b, 1 000 omitted.) 1907. 1906. 1905. 1904. Qrs. Qrs. Qrs. Qrs. Austria .. 6,000 7,200 6,750 f1,700 Hungary* .. 17,090 25,900 21,500 18,300 Belgium .. 1,750 1,750 1,500 1,750 Bulgaria .. 2,500 5,150 3,750 5,250 Denmark .. 503- ' 500 500 510 Franco .. 40,000 41,000 42,000 37,403 Germany .. 14,030 18,000 17,000 17,503 Grwco .. .750 750 750 750 Holland .. 750' 750 750 750 Italy .. .. 18.000 20,003 20,000 21,030 Portugal 500 500 500 350 Koumania 7,500 13,000 12,750 6,750 Russiat GS.O3!) 63,000 79,000 82,000 Servia .. 1.500 1,850 1,400 1,600 Spain .. U,OOO 19.003 11,000 12,0 M Sweden .. 750' '800 620 700 Switzerland 600 500 600 450 Turkey ' (Europe) 3,500 5,00 D 5,000. 4,500 United

Kingdom 6,500 7,580 7,550 4,750

Total for Europe 202,000 232,830 232,855 223,010

1907. IMG. 1005. 1901. Algeria .. 3,500 1,350 2,700 ; 1,550 Tunis .. .. 1,250 1,250 750 1,203 Argentine R-Bpublio 20,000 19,50!) 17,500 19,500 Australasia 10,003 10,0 M 0,500' 7,000 Asia Minor.. 4,000 5,003 5,000 . 4,60 D Canada .. 11,030 15,400 18,509 8,500 Cape Colony 500 500 500 550 Chili .. .. 1,503 1,750 1,550 2,009 Egypt .. .. 1,000 1,000 1,500 1,509 India .. .. 39,003 40,000 35,000 . 44,700 Persia .. .. 4,000 3,500 3,500' 3,000 Syria. .. .. 3,000 a,OOO 2,500 2,500 U.S.A. ~ 70,000 91,000 85,000 G0,009 Uruguay .. 1,000 1,000 575. . 750 Mexico 1,000 1,000 750 1,100 Japan ~ .. 10,000 12,000 10,000 11, GOO

Total out of , Europe 186,750 210,250 180,825 178,850

Grand total 383,750 443,080 422,G45 401,8£0 * Including Slavonia and Croatia, t Including Poland and Siberia. Read in connection with above table, the foljowing comparative table of actual requirements last season with " Beerbolim's" estimate of the probable requirements of different importing countries in tho coming season iB interesting:— . 1907-08. 1900-07. Quarters. Quarters. ■ ■ Probable. Actual. United Kingdom .. 27,000,000 .. 25,750,030 Franco 2,500,000 .. 2,500,000 gPfnany 13,000,000 .. 8,500,000 Belgium and Holland .. .. ~ 8,500,000 ..■ 8,250,000 Jto-y 6,000,000 .. 5,750,000 Spain and Portugal 2,000,000 .. 850 000 Austria-Hungary .. • 3,000,000 Switzerland .. .. 3,000,000 ... 2,750 000 Greece .. ... 850,000 .. 750,000 bcandmavia and sundries .. 1,750,000 .., 1,750,000

Total Europe .. G7,G00,0W. .. 66.650,000 loUu outside Europe „ 10,003,000 9,750,000 Grand total .. 77,630,000 GG,goo,ooo Tim woek's CommomveaJth' quotations are not of much value, seeing that they do not represent the actual position to-day— lor instance to-njffhi's news from Sydney states that fcho market 13 very firm in sympathy with Londo*, 4e Ijd to 4s 2d atS o™re<i0 ™ re<i h«yers, while soilors ask v i- r . ro B ew'dontly a renewal of the dissatisfaction proviously expressed by growers at tho Rices' ruling' in' Adelaide, scoing that- tho Government has arranged to obtain daily quotations from Mark lane as a cheek upon private quotations—if, indeed, tho Government doc 3 not go so far as to handlo tho grain in ordor'to protect the farmer Under dato 28th nit., the Sydney Mail reports:—

The time of writing finds the wheat firmer than ever, and the market prospect ahead of the producer appears to 1» all he could reasonably desire. The latest London cables 21*'isnl? -"t strallan cargoes at 37s 3d I*s c,l, f" t'' !o markot closing strong at d higher. In the Sydnoy market largo holders were only talking business'at 4s, and MmS 1 V S fleely offere<l on Monday only a few scattered country lots "ggrcgamg about 4000 bngs in all, were re' ■ported to have been 'secured at. that price. Country holders gcnorally, however, have been scll,„g sparingly for a wook past. Today a good deal of business was transacted at 3s lljd, and some at. 4 S . In Melbourne some sales were reported at 3s lljd, tho market closing firm, with inquiries at 4s alongside ship. In Adelaide, except in the case of a few farmers' lots, which were niclrrd on M 39 1 9 * d ', llol<3crs wcro selling cautiously on Monday at 3s lid. The ,-ccent news from Mark Lane, added nW° OS3U . l ® n «? t! ' nt Parliament will.not interfere with tho flour duly, has inspired buyons the local market/with • grcato confidcncc, and a. considerable quantity of w-heat has changed hands within tho'last I™ <VJw° d«T«. , Indeed it may safely to said that at Ashburton, Oamaru, Waiami Tmaru every- li nn ■ offering at under 4s 6d on truoks has either Iwcn picked up or withdrawn, whilo to-day actual -business is reported at .4s 6d. It is llOff evident that the visible supply 0 f wheat ou sidc millers' holdings is getting in.o small compass, and with six months to TO before the new crop is in sight the position promises to bo interesting. It j 3 known that a number of millers have been persistently keeping off the market in tho jam hone of wheat seeing lower prices, tilo small demand for flour enabling them to temporarily close down. But already thero are signs 0 f a revival in tho flour demand, and' a brisk sale is anticipated next week, lhis will force millers into tho market, with the inevitable result that prices must- harden. For tho present, therefore, 4s 6cl on trucks mnv bo said to be the. current quotation, biit how long that price will hold depends greatly upon the course of events in London. To-day ho offerings havo been small, and with tho exception of a few lines held for iHghor prices the whole of tho wheat offerln mi CX s ' oro Dunedin has been cleared.' 1 here is absolutely no chickwhaat to bo had, •'» fto local market, although -buyers are offering 4s 6d ex store. Importations from Australia, ln.nded in Wellington at 4s 6d duly paid have cased the shippm" demand, hut it is becoming more difficult every week to supply local orders. This of course. must moan' the gradual diminution of the already limited milling 6«p-

There has been a. briskor demand for Hour Within the last fow' days tban for some weeks past, and so soon as tho tariff question is finally disposed of business may i .i ex P et,tc " i 0 become vory brisk, for bakers! havo been working down their stocks. For the prcsont, however, the 1' loui-millcrs' Association's la.rilT is unchanged, as follows:-Sacks, £10 10s: 100' i £11; 50's. £11 ss; 25's, £11 10s. The Invcrcargill price is £10 15s, whilo tho sluppmg price remains unchanged at £10 f.0.1).

The hugh 'ruling price of wheat, coupled with the firm outlook for the immediate future has intensified the arixictv of millers whose business is at present confinod to internal requirements, foreign operations being out of tho question on tho basis of current values.

The demand for offal continues brisk, and sleeks arc light. The market is tairo of bran, which is quoted ah £4 10s per ton [or local orders and £4 ss, f.0.b,, for fhiimiont. Pollti.rd is quoted at £5 10s lipth for local orders and for shipment. The.ro is no ehansm in oats, and, considering t.ho continued quiotudo of the deniand and in the face of the importations landing and on tho water for North Island ports, the market wonderfully maintains its strength. A Email business is being done on the basis of 3s Id, f.0.b., s.i.. for decent lilies of B grade, and up to 3s lid and oven 5s 2d for little lots fov shinment. The eureiit quotation for local orders is 3s, ex 6toro.

, Oatmeal is unaltorod at £16 per ton, and pearl barley at £14 1o £14 10s.'

PRODUCE MARKET. The glut in the potato market continues, and prices have again cased. • Prime Up-to-Dates are slort' of sale at from U2 to £3, inferior being difficult to quit at 30s per ton. There is no change in the butter market, find quotations remain as under:—Firstgrade fac-tory—Prints, Is OJd booked, Is Oi<l cash; bulk, le cash. Dairy. 8d to 9d; milled, 9d to lOd; separator, 9jd to lOd. North Island pats, 10-jd to lid.' BulkFirst grade, lOd to lOid; second grade 92<l to lOd. Cheese.—Market unaltered. Factory mediums, 6jd to 6Jd per lb; Akaroa loaf, 6Jd per ib; medium fid. Eggs are in full supply, and the price is finij. at lOd to IOJd per doz. Poultry.—Supplies fair, priecs firm. Hons, 2.1 9(1 to 3s 3d: roosters, 4s to ss; ducks, 4cs to 65: turkeys—hens 5d per lb, gobblers 7d to Bd. Pigs.—lkconers and porkers are scarce at sid: bncon, 8d; ham, B^d; flitches, Ed. Chaff.—A shade easier. Extra prime oaten sheaf, up to £510s per ton,

FRUIT AND VEGETABLES. Tho arrivals for tho week include 1603 rases from Sydney, 640 from Ifobart, and five orates of vegetables from Melbourne. Tho Rarotongan shipment of 2EOO cases was only half delivered, and the fruit for tho most part landed in bad ,ord<;r. Thero have been moderate supplies <$f. rhubarb,

and light consignments of Canterbury fruit. Current quotations are as follow: — Oranges.—Rarotongan, 9in case, choice, 8s 6d to 10s 3d; in bad condition, is to ss; 6in case, ss; choice, 7s fid; Sydney, 7s to 10.1; mandarins Ej to lis; Sevilles, market glutted, Is 6d to 2s; Pcorman's, 7s to Ss. Bananas,—Ripo repacks, 2id to 2Jd; Rarotongan's, 4s to 6s, according to condition; choice, Bs. Lemons.—Sydney. 4s to 5s 6 r l; Mldura, in bad order, 5s 6d' to 6s 6d ;t in good order, 8s 6d. Apples.—Market absolutely bare. Prime 'Canterbury cookers, 8s -to 9s; Canterbury deeserst, 7s 6d to 10s 6d. Efobarfc: Choice dessert, 9s 6d to lis 6d; medium and inferior, 6s 6d to 8s; cookers, 7s 6d to 9s. Passions.—3s 6d to 4s Gd per half gin; 6s to 7s por packor. Pines.—Bright yellow, 9s 6d to 10s 6d. Pears.—llobart cookers, 8s to 6s -9d. Rhubarb—6d per lb. Tomatoes.—Local hot-house, Is 3d per lb; Auckland, Is to Is Id. 6d to 7s 6d per case. Clover honoy.—Now season, in 101b tins (southern), 3s 6d por tin; bulk, 3Jd to 4d. Nuts.—Peanuts, Japanese, largo 3d, small 2{d; Brazil, 9d. Walnuts, s{d to 6d. Vegetables.—Cauliflowers—Victorian, 4« to 8s 3d per dozen; local, 3s 6d to 5s 6d; choicc, 63 6d per eack. Cabbages, 3s 3d to 53 6d per sack; Victorian, 3s to 4s 6d per doz. Marrows, 5s to 7s; pumpkins, 4s per sack. Onions.—Melboumo, Brown Spanish, £5 lflaj Canterbury, £4 10s to £5, according to condition. Wo aro requested to state that tho above quotations for produce, fruit, and vegetables are current wholesale prioea between jgenta and distributers.

CIIRISTCHURCH MARKETS. (Pbb United Pbess Association.) $ CHRISTCHURCH, September' 0. The more confident feeling that 110'w p xc ' vails that tho duty on flour will be retained has causcd more inquiry to be mado for wheat, though no business is yet reported. Buyers aro offering 4s 3d, ck store, and corresponding!? -less at country stations. The only cats changing hands are for local consumption. Chuff is easier in oon&cqucnce of improved feed .prospects. Potatoes are dull of sale, imd the demand: lor early varieties ia now falling off, CLEARING%ALE. The' New Zealand Loan and Mercantile Agency Company (Ltd.) report having heldl a very satisfactory clearing sale at Mir Alexander Hamilton's farm, near Clinton, on Wednesday, 4lii inst. There was keen competition for tlie Bheop at excellent figures. The top price for the hordes, of which tfoore were 16 sold, was £50 for a draught maire. The implements aud sundries realised full valuei. STOCK SALE. The New Zealand' Loan and' McrciMriilo Agency Company (Lid.) report having _ held a most successful stock sale at tho Clinton Ylards on Thursday, sth inst. Tho _ chief feature of tho sale was a magnificent lino of 1036 hoggets, entered by Messrs M'lndoiJ Bros., of Wairuna. Por flheso the company obtained 20s lOd for 300, and 20s 5d for the remaining 73G. The splendid condition of there sheep reflects great credit on tho vendors for {.ho cavo bestowed on their stock. LAND SALES. Messrs Wright, Stephenson, and Co. (Ltd.) report having recently effocted sa'.es of tho following properties in Otago and Southland: On account of Mr iMartin Macalc,' of Lumsden, his freehold properly, situated near Lumsden, and comprising 2553 acres of sweet grazing land, to Mr James Earl, of AthoL On account of Mr Richard Monsghan, Waikaia, his leasehold property, of alx>ut 7400 acres, part of Run 251b, situated near Waikaia township, together with 2000 sheop, to Mr A. W. M'Leau, of InvercargUl. On (•ccount of Mr David Heenan, of Maungatua, his property known as " Hollybrook," containing about 235 acres of firstclass cgricidtural land, on the Taieri Plain, to Mr John Dowdall, Maungatua. On account of Messrs Draper and Stiell, of Milton, portiou of their freehold property in tho Hillend district, containing about 750 acres of agricultural land, to Mr W. B. Hutchison, of Windsor. On account of Mr Daniel IMurphy, Grove Bush, his freehold farm, containing 312 sctcs, sections 10. 15, 16, 17, and part 9a, block XII, Inveroargi;l Hundred, to Messrs A. and T. Pcttigrcw, of Tussock Creek. On account of Mr T. Osborne, of Pallia, his freehold property, of about. 130 acres, part of section 13, block V, Longwood district, to Mr H. G. Onthbertson, of Edendale. On account of Mr James Collott, of Mokotua. his freehold property, of 83 acre 3, situated' near Mokotua Railway Station, to Mr William Sim, of Wallacetown. On account of Mr Daniel Evans, jun., of Dipton, sections 21, 25, 26, Hokonui Survey District, containing <G acres, to Mr J. L. M'Gillivray Watson, of Invercnrgill. On account of Mrs Graham, Maungatua, her freehold farm near Outam, to a client. \

HIDE SALES. The National Mortgage and Agency Coml pany of KW Zealand! (Ltd.) report as follows:—Wc he'd our regular sale of hides on Friday, September- 6, when we submitted a medium catalogue of average quality hides. There was a hill attendance of buyers, and, although bidding was fairly brisk, t<bo prices realised show no improvement upon those of last sale. Yearling and calfskins of good quality are in good demands an| i command satisfactory prices. Quotations; Extra heavy stout ox, Gja to 7d; heavy, 5Jd to 63; medium, 4gd to 5Jd; light, 4}cl to 4Jd; otaggyi and inierior, 3d to 3Jd; priroo heavy cow, 4jd to s}d; medium, i\i to 4Jd; light, 4d to 4sd; yearling, 4d to CJd; calfskins, 4«d to GJd per lb; horsehides, 8s to 10s 6d each; slips, Is Gd to Is'Btl per dozen. Messrs A. Mortizson and Co. hold their usual fort-nightly hido sale on IViday, and they report as follow.—There was a full attendance of buyers, and competition was very keen, all lots being easily- sold. Wo had a lair catalogue of country hides, calfskins, and horse hides, and wo.quote: Ox: Extra stout lioavy, 7d to 7Jd; hoavy do 5Jd to CJd; medium, 4d to 4Sd; light, 4d to 4§d. Cow: Extra stout, 4jfd to sd; heavy, 4Jd to 4s; medium and light, -ljd to 4gd; stag aud bull, 3d to iljd; yearling, up to 6Jd; out and slippy hides, anything from. 2!d up to SJd per lb; calfskins, from 2s Gd to ss; horsehides from 7s Gd to lis each. Messrs Waters, Ritchie, and Co, report having hold their usual fortnightly sale of at their store?, Crawford street, on Friday. There was the usual attendance of buyers, ami conrpotition was keen, with the result that wc cleared tlw wholo of our largo catalogue at prices which compare favourably with those of the previous sale. The following are somo of our best prices:— Ono ox, 7d; 1 do, CJd; 2 do, GJd; 3 do, GJd; 16 do, CJd; 8 do, &id; 10 do, GJd; 8 do, Gd per lb. Our catalogue wes made up of 45S hides and 252 yoarlings and calfskins, and we quote: Extra heavy stout ox, 6M to 7ld; heavy do. old to GJd; medium, 4Jd to 5Jd; light, 4Jd to 4Jd; heavy cow, 4W }o sd; medium and light, 4}d to 4Jd; inferior and damaged ox aud cow from 3d to 4d; yearling, 3Jd to 4Jd; calfskins, 6}d to GJd for best and from 3d to 5Jd per lb for nredium naul inferior.

-Clic Otago Pamors' Co-operative Association of New Zealand (Ltd.) report as follows: We hold oiir usual fortnightly sale nt our stores, Crawford and Yogel streets, on Thursday, when we submitted % forge catalogue of 623 hides and calfskins, comprised of country butchers end farmers' lots. Competition for good, wcll-conditioiiod hides was brisk, ami the whole of our catalogue changed hands , P llc ®s on a l >ar with those ruling at lato wos. We quale: Extra heavy gfou! ox. to uja; heavy, 5Jd to Gd; medium, to BJtt • heavy cow, to sd; medium light, to 4fd' inferior, to 4d; calfskins, to horso hides' to 5s each. ''