COMMERCIAL.

Otago Daily Times, Issue 14281, 1 August 1908, Page 8

COMMERCIAL.

Daily Times Office, Friday evening. BREADSTUFFS. Tho activity displayed last week in the London wheat market lias been succeeded by another period of calm. Cable advices to hand at tho beginning of this week reported the market quiet at late rates, and indicated that the small supplies available arc likely to cause continued firmness, cargoes being strongly held. Thero is every prouability, therefore, of the present level of prices being maintained throughout August and well into Septomlier; after that, it is not safe at present to attempt io prophesy. i( Writing under date London, June 19, "Berbohm" thus renews the wheat, position as it then presented itself: — While it is true that the eve of a harvest, fairly good all round, is not a likely or convenient period for advancing prices, it is also true that there are many poinfe about the present, season, and especially in regard to its closing months., which quite distinguish it from ordinary seasons. In tho lirsl place, there is 110 doubt that tho world's reserve stocks are now down to an abnormally low point, so that there will be no supplementary stocks of old wheat to add to whatever surplus may come from the newcrops; these old reserve stocks aro often of far greater importance than the trade ia wont to give them credit for. This voir, however, they must lie close to an irreducible minimum in America, Canada. Russia, and Itoumania, whilst India, as must also bo obvious, cannot count for much for the next 12 months as a source of supply. The American crop is by no means yet assured, but there is every probability of it exceeding lust, year's total. There is. however, not the same likelihood that the export surplus in tli3 coming season will equal those of the pas'., season which have been rendered so largo by the existence of large stocks at the data of tho last harvest. It is net quite clear, therefore, why American and Canadian holders, to w-hoin European importing countries, will have to look for the greater poi-

lion o! ihoir supplies during Hie nest half year, need bo so despondent about the future ol tlio murket. There is not mucli nigral ion to chronicle in the Commonwealth raarkels, this week's quolatioiis bring practically on n par wit.li those ruling last weak. Indeed buyers in Australia appear to be marking time awaiting developments.' In Sydney wheat is quoted at 4s 3d; in Melbourne at, 4s 3d; anil in Adelaide, dull at 4s Id. The following, taken from the SydneyMail of July 22, shwls light upon the situation : — Whether the upward movement in wheat is going to continue for any time is just what everybody is wanting to know. That mi improvement has set'iu is an established [net, on the week's cables; and our markets havo been, rising in sympathy with those of Europe. It one might judge by their refusal to accept the advances of 2d to 3d per bushel on last week's rates, fanners here would seem to entertain optimistic views as to the future. Very few of -them have been anxious to sell, preferring to hold back and await the course of events. It was their belief months ago that July would see astrong market in London, and, now that the upward move has commenced, they naturally wished to see what the effect of it will be, The increased demand for wheat in London is evident by the way cargoes- have been selling, and tho position in favour of higher prices lias been improving from day to day. On Sunday night the "following massages, which indicated that cargoes were still being bought up, were received: — Thirteen thousand quarters of wheat, New South Wales, January-February shipments, have been sold at 3Gs Sd per quarter of 480 ib, with Is Cd cancelling clause. The cargo (2-1,078 bags of wheat) of the barque Serena, which left South Australia on March 14 for the Channel, has been sold at 3Cs 3d per quarter of 480:b. The wheat cargo of the ship Yolo (1407 tons register), now at South Australia, to load for the United Kingdom, has been sold At 37s Od per quarter of 4801b. The cargo of the ship Loch Limine (12C3 tons register), also waiting- to lead at South Australia for the United Kingdom, has been sold at 37s Gd per quarter of 1801b. The effect has been that tho South Australian f.o.b. price, which was 3s 9d, is now 4a U per bushel—the equivalent to 4s 5.', d Sydnev. Thero wore no buyers' of New South Wales wheat at this price, miller?, indeed, not being prepared ta pay more than 4s 3d. Inquiries were, fays <igo, pretty frequent on the Ado'aido market at a price, f.0.b.. which would mean a cost of 4s Sid landed in Sydney. Mites have bew showing a preference for Adelaide wttei:^— even to the extent of an extra. Id per Vvehel. They did net go on Uio Smith Ausfraliin market, until (Iweatree of the New SonV. Wale 3 farmers not being willing sellers) they were forced to get supplies somewhere. Local growers have, therefore, not only lost trade by their conservative policy, bnt they created an opening, through which millers, by their outside operations, have established ■a market here for the South Australian product. So much wheat, has been imported from South Australia this reason that tho " estimated shortage" in New South Wales hag been turned into Tvtict is r.ow regarded as an " estimated surplus." The question, therefore, tho, fa.rm.OTS have to detcrmiub is—when to cell. Many of theat were taught a severe lesson a few months ago, and in October-November by holding (co'long, Tho local wheat market hug again relapsed into a condition of apathy, millers • for the most part having- filled their requirements for another month or so, and being indisposed to buy further forward. Considerable sales on account of both South and North Island millers were reported at the end of last week, and a(, v tho beginning of the present week, the prices paid ranging- from 4s to 4s l£d on trucks at. northern stations, one or two small line,? of prime velvet finding purchasers at up to 'Is 2d. A fair amount of business was also dons on North Island account at 4s 3d (f.0.b., .sacks in). The market closes with further offerings at these rates, but without buyers. The chick wheat market is unchanged, local orders for good whole fowl wheat being on tho basis of 4s ex store. There is limited demand for shipment at from 4s 2d to 4s 3d (f.0.b., sacks in). There is no change in hour, the demand is brisk and better than for somo months. The association tariff stands as follows:— Sacks, £10 15s; 100's, £11; 50's. £11 10s; 25's, £11 15s. The shipping price is £10 10s, and the Invoreargill price £11. The prioo of offal is unaltered. Bran is l quoted at £6 5s for local orders, and £6 f.o.b. for shipment. Pollard is unhanged at £7, both for local orders and for shipment. The demand has quite fallen off. Tho oat. market is in a state of disorgani-' aation,' consequent upon tho action of ■ Auckland and Canterbury merchants forcing their holdings for re&de. Considerable . purchases of 15 grade sr.arrowbills havo been made at down to 2a 2d (f.0.b., sacks in), and a number of lines axe still offer- | ing at that price. As these oats mist. ha,ve 1 cost the owners from 2s od to 2s 7d (f.0.b., ! sacks in), theso transactions represent a considerable loss. This, of corn-so, has depreciated tho value of tho stocks held by local merchants, who now show more willingness to follow tho market. Thus local quotations range from 2s 3d (f.0.b., sacks in) for 15 grade spawowbiJls (which aro in full supply) up to 2s (f.0.b., sacks in) for A grade Gartons, the latter quality being mest in demand by Australian buyers. Generally speaking, tlie optimism which has characterised holders of oats in regard to tho future of tho market has deserted them, and, the feeling that, it, is wise to unload at. current rates is spreading, On the other hand, thoro are still those who opine that an Australiaa and North Island demand will ere long sot in, and that the market, will in consequence recover. For local orders the current quotation is from 2s Id to 2s 2d (ex store) for good feed lines. Tho price of oatmeal has been reduced by 10s per ton, and tho current quotation now stands; £12 for local orders and £12 10s (f.0.b.) for shipment. Tim price of pearl barley is unchanged at £17 per ton for wholesalo and £18 for smaller mian-' titles. PRODUCE MARKET. Potatoes.—The potato market, shows an easing tendency, notwithstanding the fairly active demand from Auckland for American fleet week requirements. Tho season is advancing, and, with stocks fairly large, the demand from Auckland comes at an opportmio time, to prevent any very marked difference in prices, but a noreoptible drop in quotations is noticeable! Prime Up-to-Datee command £4 10s, and medium to good aro worth £3 15s to £4. Prim© Derwonts have eased down to from £4 7s 6d to Si 123 6d; medium to good, £3 10s < to £4. There is fair inquiry for seed varieties. Butter.—Tho butter, market remains firm, but there is no difference in quotations from those givon last week. Auckland, in anticipation of an abnormal demand during: licet week, commencing on the 9th iust., is laying in a goal slock, hut it has been figured out tliat with an influx of 20,000 persons—a liberal allowance—into the city during tho coining period, not nioro Than four tous extra will bo required for Auckland's requirements. Locally the demand, owing to increased prices, shows a little casement, but prices remain firm, a s follows-.-Dairy, lib pats, lid; local, bulk, Is 3d; Taranaki, bulk'. Is Id to Is 2d; milled butter, lid; first grade factory-bulk, Is 3d; prints, Is 33d; booked, Is 3|d cash. Oheese, 6d to 6'd. Eggs.—Eggs are still soiree. Fresh, Is od; chilled and preserved, Is Id to Is 2d. Poultry.—Hens, 3s to 3s 6d per pair; roosters, 3s 6d to 5s 6d per pair; geese, 4s to Ss; ducks, 4s to 4s 6d per pair; turkeys—hens, 5d per lb; gobblers, 8d per lb; inferior, unsaleable. Pigs.—Eaeoners, porkers, S|d. ChalF.—The markot, is a little easier, but thero is still a good demand for good lots. Prices aro a shade lower. Prime oaten sheaf, £4 5s to £4 7s 6d; medium to good, £4; lisht and inferior, £3 to £3 12s od. FRUIT AND VEGETABLES. Tho arrivals for tho week includo 560 cases of bananas from Suva direct and 300 cases from northern ports. Tho Sydney consignment comprised 330 case's of oranges, mandarins, lemons, and passion fruit, and 45 rasa? of lemons came to the. market from Adelaide. Hobart sent o eases of apples and 20 oases of lemons, and 20 cases of pines tamo from Melbourne. The weekly shipment, ex Aioeraki, arrived yesterday instead of to-day, and comprised 037 cases of oranges, mandarins, passions, pines, and lemons, also some repack Tahiti oranges from Auckland, and 62 cases of poorman oranges. Following aro quotarations :— Oranges.—Rarotongan repacks, 6in cases, sold at 8s; Sydney, 6s to 7s 6d; mandarins, 8* to 10s; Scvillcs, none offering. Bananas.-The monthly shipment from Pili sold at Us. Pineo—Choice roughs, 8s to 10s. Lemons.-Adelaide,' 12s 6d to 13s IMildura, 12s to 12s fcd; Sydney. 9s to lCs. Passion Fruit,—Half gins, 4s" 6d to 5s 6d. Apples.—Market moderately supplied. Choice local cookers. 7s to 8s; medium 4s to 6s; inferior, 2s to ss; choice desserts, 6s 9d to 9s; medium, 4a 6d to 5s 6d; inferior, 2s 6d to Js 6d; Hobart .scarlet, Perrnain, Is 6d; Slurmers, 9s to 10s 6d. A lew cases of Roxburgh apples reaijeed 24-cl" to 4d sjer lb. • " j

Tomaitoes.—Choice local hothouse, M per lb. Poars.—Fow offering. Dosswts, 7s to 7s 6d per ca&a ; cookers," ZJd per 11). Coeoamuls, 6.? per sack. Honey.—Sections, 4s lo 7s per dozen; now season's bulk, 4d to %1: 10lb tins, 3s Oil; in good demand. Beeswax, h 3d' to Is 4u. Nuts.-Brazil, 8d; walmtts, 4d to 5J,d; Barcelona, sjd to 6d; Japanese peanuts 2LJ to 3d; Fijian peanuts, 2d to 2J-d. Vegetables.—Cauliflowers, 6s 6d to 8s per sack; medium, 4s 6d io 6s; cabbages, choice heads, 2s fo 3s per saclyj inferior, Is to Is 9d. Turnips, rhoice tabic 4 , 2s 6d to os per sack. Carrots, 3s 6(1 to <!s od por sack (sacks extra, in all cases). brown Spanish, £11 103 1o £12 ]Qs; Canterbury, best quality, £9 to £10: small and inferior, £7 10s; market barely supplied. CUSTOMS RETURNS. Figures obtained from the Custom House show that the amount of custom duty levied during the past month was £31,213 8s 7d. The figures for July of last year wore £48,279 4s. Beer duty for the past, mouth amounted to £2351 17&o 7d, as against £2376 *; for July 1907. The amount and value of gold exported siiowa a marked decrease as compared with the corresponding; month of laet year, the figures being-— Jvriy, 1908, 409G0z, valued at £16.014; July, 1907, 54710z valued at £22,400. e> CHRISTCHURCH MARKETS. (Pro Untced Pbbss Association.) CfIRISTCHUBOH July 31. The amount of flour coming in from Australia does not show any diminishing quantity. Advice- from Auckland is to the effect that two of the Craig boats are bringing over for that- port 3300 tons, of which 2600 tons are irom Melbourne, and 700 tons from Adelaide, v.-hilo the Mohcno on her last trip from Melbourne carried 117 tons. Tho Auckland cargoes may be in fulfilment of contracts. No busi-nees is reported in wheat, and at present prices the south can do all tho outside business in oats. It is reported that a Dunedin miller has liad a parcel of A grade landed from the Bluff at 2s 2id (sacks extra). Chaff keeps steady in price, but with only a moderate demand. Tho potato market has declined again, o.n account of 9000 sacks having been landed at Auckland this week from the Bluff, Oamaru, a.nd Timoru, and 100 sacks arc iwiiiir forward from LyttoJton. Buyers are now offering only £3 10s to £3 15s. Tho spring demand for weds is settingin, and tho fine weather of tho past week has improved tho inquiry. SYDNEY CATTLE MARKET. Press Association—By Telegraph—Copyright. SYDNEY, July 31. Cat-tie liavo advanced during the week 20s to 30s a head. WOLFE'S SCHNAPPS gives, good-fellow ship to lh© well.

PROPERTY SALE. Messrs Siswraight Bros, aiUl Co. offered yesterday for flalo by auction -allotments )1 and 12, block XXXVIII, St. 'Hilda, with dwelling and stable thereon, Though tho property was only a small one, the firm's rooms were crowded, and, after spirited competition, Mr George Choo Quee became the purchaser at £230. HORSE FAIR. Tlic National Mortgage ami Agency Company (Ltd.) report as io:.Ws:— We held our monthly horse sale at Gore on Wednesday, in tbe presence of a large audience'. The sale throughout was a uugnificent success. Our entry totalled 52 horses, of which we sold 44, practically the whole number being sold under the hummer; in. fact, out of the whole yarding offorcd we only turned out one draught horfo -unsold. Bnyerß were present from all parts of the district, and were there intent upon purchasing. We could have easily placed another 20 or 30 young mures and geldings had they been forward, as several of our clients had fo go away without purchasing. Several useful hacks and harness mares and geldings were offered, and mostly sold »t satisfactory prices. Tho quality of the horses sent forward was, upon the whole, superior, several very nice marcs and geldings that were offcrad meeting with spirited competition. We also sold several unbroken celts and fillies at good prices. The following are the prices obtained for tho principal lots sold;— On account Mr Robert Keith, 2 very nice mares, Syrs and 7yrs, £38 and £10; on account of Mr W. M'Cutcheon, a ivcry nice mare, 4yrs, £43 10s, colt, 3yrs, £31; on account Mr M. Shea, 1 mare, lyrs, £34; on account Mr J. Taylor, 1 mare, 4yrs, £3C; on account of Mr T. Clelaud, 1 colt, 3yrs, £35 10s; on account, other vendors—l colt, dyrs, £23; I do. £26; 1 do, £23 10s; 1 colt, Svrs £2-1; 1 filly, Syrs (small), £19 10s; 1 filly, 3yrs, £2S; 1 filly, 3yr» £25; 1 colt, Syrs, £25; 1 gelding. syrs, £27 10s; 1 do, «27; and a largo number of aged mares and geldings at. from £10 to £34; yearling colts and fillies, £3 5s to £15 ss; foals, £9. Several very nice spring-van mares and geldings changed hands- at from £18 lo £24. Hacks and harness mares and geldings brought from £2 to £13.