COMMERCIAL.

Otago Daily Times, Issue 14245, 20 June 1908, Page 8

COMMERCIAL.

Doily Times Office, Friday evening. BRBAD3TUFFS. London cables to hand at the bpßinning of -the week reported that the liol weather had weakened all the, wheat markets, and that buyers were very scarce. Durincf the week the sale of an Australian cargo to« cabled at 35s an indication that no further (Incline liad taken place. Private cables to hand a day or two since report a. hardening "! Murk Lane lo the extent of from 6d lo 9tl per quarter. This fluctuation only goes to shoiv that the contending influence's lo which we have, frequently referred of late arc actively at, work. Oti the ono hand the fine weather and continuation of roo<l crop report? inak» for the weakening of prices; and when io this is added the fact, that in ihe United States and in Canada, the hurvcsl is expected lo lie from three to four weeks earlier than last year, and dial both acreages and yields promiso to show a substantial increase, the. weakening tendency is likely to keconjo pore manifest. It is

these circumstances which prompted speculators in futures to sell American No. 2 hard winter wheal for August-September shipment at a considerable discount, compared with s|>ot prices. Thus last month the sale is reported of parcels of the above, at 33s per 4801b (c.i.f., Liverpool), and 33s 4id (London). At. that date 38s was paid for a Smith Australian cargo, so that the opinion of the speculators as to the future course of prices is very evident. On tho oilier hand the fact is strongly urged that when the now crop becomes available in the United States next month and in August it will come upon the barest boards known for a good many years, and this will also be the case in Russia and in Roumania. The indications, therefore, are for a fluctuating' market, with a continually developing tendency in a downward direction, j The weakening situation in London :s fully reflected in tho Commonwealth quotations. In Sydney wheat has declined l£d per bushel, .the current quotation being 4s 4£d; in Melbourne the deelino is fully 2d, wheat being quoted at 4s 3d; while in Adelaide there is a fall of at least Id wheat being weaker at 4s ljd, In tho local wheat market there is an entire absence of business, the. stagnation being accentuated by the drop in the price of Hour. Millers are content to work out present slocks, holding the opinion that the longer they -hold off the market tho lower will he the prices. Consequently quotations are only nominal, ranging from 4s 4d to 4s 6d on trucks at northern stations, whilst, possibly a few lots might be, obtained at as low as 4s 3d. There does not appear to be any indication of a, recovery in tho price of wheat this season, and a falling and dragging market may he expected for some time to come. There is no change to report in chick wheat. Good, whole, fowl feed is nominally worth from 4s 5d to 4s 6(1 (ox store). Owing to the weakening aspect of tho wheat market, and with a view of cheeking the further importations of Australian Hour, the directors of the New Zealand Flourpillers' Association, at their meeting in Christchurch thi.s week, decided to reduce their tariff by 10s per ton. The revised price list now stands:—Sacks, £11 ss; 100's, £11 10s; 50's, £12; 25V, £12 ss. Tlio shipping price is now £11, and the Invercargill price £11 10s. Thero is 110 business passing in oats, and there is a difference of opinion as to the future of the market. Holders of stocks naturally regard the lull as only a temporary one, and declare that Australia, must tako considerable quantities to fulfil requirements between now and the end of the year. They point to the fact that the demand for chat? from Sydney still continues, and lliat the high price now ruling for chaff in consequence will go to reduce the yield of oats. Thi/y ako argue that the present absence of demand from the North Island is only what might bo anticipated in consequence of tho largo contracts for forward delivery enteral into, and which arc only now being executed. On the other side the fact is urged that offers to tho North Island of B grade at, 2s sitl, and even 2s sd, have failed to bring out buyers, and that, in the absence of a purely conjectural Australian demand, prices arc likely to come back. Thus quotations for B grade vary according to the standpoint of the merchant from 2s 5d up to 2s 6 tf.o.b., sacks in). The ex store quotation for good feed oats ranges from 2s 4d to 2s 4id. The current quotation for pearl barley stands at £17 per ton for wholesale orders and £18 for smaller quantities. The price of oatmeal is unchanged at £13 f.0.b., and £12 10s for local orders. Our Tetuuka correspondent reports: — There has beeii practically no business done in llie grain and produce markets during the week, and there hss been a tendency to weaken in the wheat market. A private cable states there has been an advance of 6d in tho London market, which may have, a steadying influence. Stocks are certainly very light, but' the quantity of flour landing from Australia causey millers to act. with caution; they are therefore only buying from hand to mouth. Oats remain about iha same as last week, and there are practically none offering locally. There is a- fair demand 'for seed lines. Shipping orders aro being filled from the south. . ' There is practically no barley offering, or apparently to offer. > Sheaf chaff is in cood demand at £3 15s to £4. The potato market has eased. This was to he expected, as tho digging season lias been in full swing. Xow, however, all the crops are up, and a very large proportion of them disposed of. The crop in this district has Jiot been a big one, and the area is small. Stocks hold are certainly small for the time of year. Yesterday's Melbourne quotations being £4 5s to £5 and Sydney's £4 to £4 10s, it would not, appear that many will he sent from there at these prices. However, there are of lower quotations to private firms. Holders of good table potatoes aro not, inclined to reduce their reserves meantime, being convinced prices will improve in the near future. In the • absenco of business actually done, it is difficult ito givo prices obtainable, but approximately wheat may lie quoted at 4s 3d to 4s 6d: oats, 2s 3:1 to 2s 4d; potatoes, £3 10s to £4. PRODUCE MARKET. Potatoes.—Only a limited business is being done in potatoes. Tho demand is not. brisk, aud holders are hanging off waiting developments. Prices arc slightly easier both for Dcnvents and Up-to-Datcs. Best Derwents command £4 5s to £4 7s 6d; mediums, £3 10s to £3 15s; Up-to-Datcs, £3 iMs to £3 12s 6d; medium, £3 to £3 7s 6d. Butter.—Dairy, lib pals, is quoted at 9d to lOd. Local hulk commands Is Id, and Taranaki bulk ll|d. Milled butler commands the same price as dairy lib pats. First grade factory remains as follows:— Bulk, Is Id: prime, Is 1-Jd booked, and Is cash. Cheese.—Akaroa, 6d to 6Jd. Eggs.—Fresh, Is 6d to Is 7d; preserved and chilled, Is Id to Is U. Poultry.—Hens, 2s to 3s; roosters, 3s 6d to 5s 6d; ducks, 4s to 4s 6d: turkeysliens sd, gobblers 8d to 9d; inferior iuisalcaWc. Bacon pigs, 5Jd; porkers, s;d; bacon, 8d per lb. Chaff.—Market firm. Trimo eaten sheaf, £4 Es to £4 7s 6d; medium, £3 12s cd to £3 15s; light and inferior, £3 upwards (sacks extra). The demand for.export has eased slighi.lv FRUIT AND VEGETABLES. The arrivals for the week include 140 cases from Sydney, comprising oranges, passions, and pines, 25 cases of Messina lemons, 25 cases South Australian lemons, and 20 cases pines. Apples and pears are firmer owing to reduced supplies. Current quotations are as follows: — Oranges.—Tahiti re-packs, 8s 6d to 10s; Sydney oranges, 4s, very dull sale. Bananas.—Market, bare of good quality; re-packs, 24d per lb. Lemons.—Messina doubles, 20s to 235; Mildnra, 10s to lis; Adelaide, 8s to 10s. Pines.—Queensland, 7s to 10s per case; green, 5s 6d per case. Passion fruit, 8s to 10s per half, gin case. Apples.—Choice cookers, ljd to 2d; medium, Id to ljd; inferior, Is 6(1 to 33 per case; choice dessert, 7s 6d to 9s; other kinds, 3s to 6s. Pears.—Market bare; dessert 3d to 4d per lb; medium, lid to 2id; cookers, Ud to 2d; inferior, 2s 6d per case. Tomatoes.—Local hothouse, 7d; Christchurch, 5d to 6£d. Crapes.—Market bare of good quality. Pic Melons.— Prices much easier; 3s to 4s por cwt. Market over-supplied. Honey.—Sections, 4s to 7s per dozen; new esason's bulk. 4d to 4-;d>i in good demand. Beeswax. Is 3d to Is 4d. Nuts.-Bra'/il, 8d; walnuts, 4d to s|d; Barcelonas, sjkl to 6d; Japanese peanuts, 2£d to 3d. Vegetables.—Cauliflowers, choice, 83 to 9s per sack; medium, 6s to 7s; cabbages. Is 9d to 3s per sack. Marrows. 6s to 7s 6d por sack (sacks extra*. Turnips: Swedes from Is 6d to 2s fxl per sack. Onion?.—Melbourne brown Spanish, £8 to £8 10s; Canterbury, £8 to £8 10s for choice; inferior, from £4 upward:-. CHKISTCffI! RCII MARKETS. (Peh Uxitep Press Association.) CHRISTCHURCH. June 19. There are no froth developments to note ill the wheat market. A fair amount of wheat is offering at 4s Id, at country stations, .and seme sales have been made a't (his figure, hut millers are not very anxious to operate, and only those who are in immediate want of supplies are purchasing. There is a fair amount of oaisheaf chaff offering at quotations, but the demand for shipment is not so active in consequence of the late rains in Australia. Potatoes are dull o( sale, though prices haw. riot yet changed. There is a large pupply of cpgs on the market, and the wholesale price has dropped to Is del per dozen. Messrs Hugh Mitchell and Co, report that at this week's meeting of the Dnnedin and suburban Mutual Club Trustees loans to the amount of £225 -were grantciti

WELLINGTON STOCK EXCHANGE. (Frtou Oun Owk ConßF.si > oi;Dr..vT.) WELLINGTON, June 10. Business on the Slock Exchange is very dull. The only sales to-day were Wellington Woollen Company ."hares at S& la, . o N.Z. LOAN AND MERCANTILE AGENCY COMPANY (LTD.). Weekly Report, Dunedik, 19tu June, 1908. Buriiside Sale.—There were good entries of ail classes of stock on Wednesday Just, and we report on the market as follows:— Fat Cattle.—222 yarded, consisting principally of good quality steers and heifers. Prices for this description weTe firm at late rates; unfinished sorts and cow beef ruled slightly easier. Quotations: Best bullocks, £1U to £11; good do, £8 to £9 10s; lighter do, £0 to £7 10s; best heifers (spayed), to £8 10s; good heiicrs and cows averaged about £5 10s. Fat Sheep.—A large yarding of 2710, a. good portion of which was very good quality. Owing to the over-supply, prices ruled considerably lower right through, the sale, ewes suffering the biggest decline. Best' wethers were easier by about Is to Is Cd on last week's rates; lighter wethers and ewes were quite 2s back. A good number of sheep were passed out unsold. The range of prices was as follows:—Best wetheTS, 20s to 21s Od; extra prime and heavy, to 235; good, 17s to 495; lighter sorts, Hs lid to lGs; stores, from lis 3d; best ewes, 14s to 15s 9d; lighter do, 9s to 12s Gd; aged and inferior, from os. Lambs.—All average yarding of 1043. A| good portion of the entry consisted of wellgrown lambs in good condition. Prices for all classes were easier than last week owingi to the fact that the freezing limits havo been reduced. Quotations: Best kinbs, to 10s 6d; good do, lis to 15s; others, fromi 9s upwards, Pigs.—los penned, >all classes meeting wiiii good competition. Quotations: Suckers, 9s to 12s Cd; slips, Hs to 17s; stores, 18s to. 255; porkers, 283 lo 435; light baconers, 45s to 535; heavy do, G3s lo GGs. Eabbitskina.--At Monday's sole there were some large catalogues submitted to the usual attendance of the trade, and all classes of skins met with good competition at late rates. Quotations: Prime winter does, up to 185 d; do bucks, to lGd; incoming winter does, lod lo 16d; do bucks,. 14d to 15d; autumns, 11 Jd to 13£ d; summers, 7d to Bjd; springs, OJd to 1\&; black, to 19d; horsehair, to 18d. Sheepskins.—Good catalogues were submitted to the usual buyers on Tuesday, and prices ruled on a par with late rates. Tie range of prices was as follows:—BeBt halfbreds, 5Jd to 0d per lb; medium to good, i\i to 5Jd; best crossbreds, dgd to sid; medium to good. 4d to 4s; coarse do, 3Jd to 4d; best lamb skins, 5d to 5Jd; medium to good, 4d to 4Jd; merino. 4Jd to 6d. Hides—The usual fortnightly sale will bo held on' Thursday next at our stores, Lower Rattray street. Wheat.—There are no buyers of milling, The lone of the market in consequence lacks animation, and no indication of any improvement in the near future. Quotations, nominal, say, for prime milling, 4s Gd to 4s 7d; medium to good and whole fowls' wheat iu limited quantities, 4s 5d to 4s Gd; inferior and broken, 3s Cd to 4s 3d, ex store, sacks extra, net. Oats.—Buyers have been soniewhnt less anxious to operate this week. At the same time an impression prevails that the tendency of the market is shaping towards an improvement further on. Quotations for prime milling, 2s 'IJd to 2s sd; good to best feed, 2s 'HA to 2s 4d; inferior to medium, 2s id to 2s 3d, ex store, sacks extra, net. Barley.—Very little offering; market quiet, Quotations for prime malting, 5s to 5s 3d; good to best. 4s Gd to 4s 9d; milling, 3s 8d! to 4s; feed, 3s to 3s 3d, ex store, sacks extra,, lie l .. Ryegrass Seed.—There «irei)o sales of any consequence to bo recorded, ' and until the spring demand sets in the market will bo quiet. Quotations for machine-dressed, heavy and bright. 5s 3d to 5s Gd; good to best, 4s Gd to ss; light, 4s to 4s 3(1, ex «iors, sacks extra, net. Potatoes are in fair demand when of prime quality, free from small sorts, and in sacks fit for shipment; while medium quality have little or no attention. The quantity to' baud, however, is rather in excess of requirements.' Consequently late rates are not being main- | taincd. Quotations for prime Derwenfs, £1 os to £-1 7s Gd; medium to good, £3 12s Gd to £3 17s Gd; prime Up-to-Euies, £3 10s to. £3 15s; medium, £3 to £3 ss; inferior and small. £2 5s to £2 15s per ton, ex store, sacks weighed in. Chaff.— The demand for prime heavy bright and well-cut continues fair for shipment, also for local consumption, though price is somewhat more in favour of buyers. Light and imliticreiitly-cut is difficult to place.

Quotations for prime. £4 2s Gd to £4 ss; good to best, fa 17s Gd to £4; medium, £3 7s Gd lo £3 15s; inferior and light, £2 10s to £3 per ton, ex truck, sacks extra, net. Pressed straw is in fair supply. Oaten fetches 32s Gd to 355; wheaten, 30s to 32s Gd per ton, ex truck, net.