COMMERCIAL

Otago Daily Times, Issue 14465, 6 March 1909, Page 8

COMMERCIAL

Daily Times Office, Friday evening. IWEADSTUFFS. London cablegrams to hand at the end of last week reported the wheat, markets very strong, with a slight diminution in activity owing to the prospect of a shortage in future .shipments, causing forward cargoes lo command a premium. The sales cabled included 39,000 quarters and a. cargo of Auslralinn January-February-March shipment as well as 6000 lons Feb-ruary-March shipment at 395; 13.000 quarters April shipment, at 59s and a cargo at 39.1 3il. Subsequent sales havo been cabled of Auslralinn cargoes at prices ranging from 39s to 40s. Under date London, January 22. "Beerbolnn" reviews the wheat position as follows :— The market has shown more firmness fhis week than, was probably generally expected. That there is urgent need for wheat, both in this country am! on the Continent, is shown by tho premiums upon near shipments which buyers are prepared to pv.y. All available information tends, in our opinion, to show that a very large demand is in prospect for the next six months; but wo confess that il is not cosy to discover whence the wheat is to be obtained with anything approaching case. In our 'Wednesday's supplement a well-known "Observer'' submitted the following as the estimated shipments lo Europe during the six months ended June 30, compared with (he actual shipments from each country, in the corresponding period of the two previous years:--SIiIPMEN'TS TO El'nOl'E.—JAX. 1 TO Jl'.NB 30. ]!)09. 3905. ]!)(17. Qrs. Qrs. Qrs. I From. Estimated. Actual. Actual. U.S. and Canada, .. 0,503,000 0,500,000 7.500,000 Argentina. .. 12,000,000 IS,C!»',OM 10.250,000 Russia and Danube .. 0,000.000 7.250,000 12.0W.000 Australasia .. !>,50!>,030 .TO.0IM) 2.103.000 India .. .. 1,000.000 2.250,030 I.SOfI.OW Sundries .. .. 500,030 500,030 ' 050,000 Total .. ~ 23,500.000 r..:'.30.003 3!,000.000 There will be probably few io find fault with tho estimates for the present year, although there may be many who would regard 12,030,000qrs from Argentina in this period as an cxt-romo figure. Tho estimated shipments for tho .prcsont year il will bo seen arc equal to about l.lOO.OOqrs per week, which wo shall not bo surprised to find will prove, insufficient, in view of tho large prospective demand for England, Germany, mid Italy. With regard to Germany's requirements, which wo in our Inst week's lleviev; suggested might amount b 5.250.000qrs in tho seven months from January 1 to July 31. as compared with 4,C50,000qrs 'actually imported in this period last year, wo printed in Monday's issue a Idler from an esteemed Continental correspondent with mare than ordinary facilities for gaining knowledge ;;i these matters; according lo this authority tho German demand for foreign wheat, is very disappointing, partly perilsps owing {'.> the home crop being a larger one than h.-.d been officially reported, pr.iily because cf the big ry.> crop, and privv pjrhans beciu-s of the relatively high price.'. With' the enormously increasing pcni'iuLn in Gonasny. and with an avercge net imr.f.rl'.'tion of nbiivi O.OOO.OOOqrs per annum unr:::- the past seven years, it is not easy to ktirvc that tire requirements are appreciably 10-? than usti:,', Tliero have been previous ve:i:s when the bulk of the imports was n-««o ailer ,T:miir,rv, fnr insswnce. in 1007. and it is pos-siWe. iV't the same may bo tho esse tin's venr. The, trying periiit for the market may la said io be now o 1 hand; shipments from the A"*entino and Australasia .'which this we-k amount to C-SO.OOSqr's) p.ro certain to be hn-'e for some weeks to com,?, and the aorie> of the trade is to know how the market Vo' withstand there shipments. The sensation „f Hie v,c-l; lias been (lie continued upward trend of the foniinoujyoiillii wheat markets, ibis going to euMhriu the report, that: the bulk of'tho « Vi i ; !. able Australian surplus has thin early 'in .■lO season beou contracted for. In Sydney Iho quotation stands at 4s Sd. a rise of lull)' 2d per. bushel on the week- V' Iwuma quotes wheat al 4s 4d, a rise of Id, whilst the Adelaide quotation stands at ! 4s 3jd, a. rise of 2d.

Followdng are extracts from latest Australian Ides:—

Wheat maintains its slronglh (reports bo Sydney Mail). Although during iho lasl few days shippers have been tn'rniipover a few parcels to millers at h Old ti 4s Id |bo general market is anywhere "from 4s I<l to 4s 2d for sout.heni wheat. Northem wheal has to be discounted id. It is not, possible t 0 find in the open market a sellw of_ parcels at 4s Id. On the other hand if ,s difficult to got millers to buy at more than 4s Id. Millers, indeed, are" not too anxious lo take in more wheat just at tho moment, and so long as it is not shipped way they are content to let it stand for Hie present, and ask for it a little laier on London keeps bolh strong in ,tono and ac-tive-in condition, and there now sn Pms | 0 be no doubt, (hat tho Argentine crop is'dis(mclly below (be estimates. On (he basis of Ihe current London sales, shippers arc able to operate on tho local market al; 4s o,d with a. margin. The offorimrs of wheat during the wool; and to-day havo beou very restricted.

Ihe firmness of London wheat (savs the a,°"'v 2"v • l i""" f, ' v Jo " rnnl ' lws P'Wimtoci the M,.\V farmers as o body to withdraw from ino local market. The few hold-.* who were in a selling mocd ] ast ,veo]vasked equal to 4s 2d a bushel (Sydney), or a halfpenny to a penny morn than Ihe metropo .lan millers and the shippers worn prepared lo pay. Very little wheat is ollonng |o Sydney from any areas ( m V or "..nil. The Oenty farmers seem reived to hold. A few of the Coolanmndra -rowws are prepared In sell a. portion of the msod balance of the harvest at equal to 4s "(I Sydney), l,„t tl,i s j s above the metropolitan ideas of value. The whet yield in lemora. district, is about, 14 lo'ls bushels lo Ihe acre. Already 230.000 bair* have been passed through (lull station, and mere is a great deal more to come. The sale is reported of 45..000 bushels j n a sill . Rio hue of prune wheat, harvested i„ Southern ] nerina. This parcel was bought on .Sydney milling account, and is understood to have cost a fraction over the farm equivalent of 4s Id a. bushel (Sydney) Iransaciions running j nio ,„.,„,. thousand sacks aro reported on the local wheat market at prices ranging from 3s 7d on trucks Ashburton district to 3s 9d on trucks Uamaru, and m one or two itrftances as much a s h 9id on trucks has been paid' but millers while fairly eager buyers it up lo 53 9tl, hcsilato about, adva.neing above that limit. Several thousand sacks of laion ivhat havo also been taken during the week at 3s BJd to 3s 3d delivered mill door, ami the sale of a line of 1000 sacks l_i reported in the Waikouaiti district at 3<j 9,,<J on trucks. Tho immediate effect of this brisk buying lias been a slackening of offerings during the last two days. This is doubtless partly due to the fact that tho stook-threshed grain is now pretty well exhausted, and that no quantity of stackthreshed is yet available. Another factor tending to influence growers to hold thoir wheat, is t.lie report that space has lieen booked in at least two steamers for New Zealand wheat for tho United Kingdom, presumably for orders; and should, these shipment? continue, Ihe obvious effect will bo to appreciate the value of the wheat reniainng in the Dominion. At the same time, the continued stringency of the money market, which is becoming more perceptible in its influence every week, cannot fail to have a checking influence upon any market rise, since it limits (he buying power of operators. Indeed, had if not been for this factor, anil if the money market was in its normal condition, it is fair to assume that very little wheat would lmvo been secured this season at under 4s on trucks. In connection with the prospect of shipping wheat Home, the High Commissioner's cablegram to hand tliis week reported tho Louden wheat market active, with a good demand, the nominal quotation for New Zealand long-herricd wheat on the spot being 38s 6d per quarter of 39611). Tho wheat market doses with a. firm tendency, tho range of quotations being as follows: — On trucks •country stations: Ashburton dis-trict-Hunter's 3s U, Tuscan 3s 7£d, pearl 3s 8d; South Canterbury (Tiuia.ru, Temuka, and Waimatc)—Tuscan and Hunter's 3s Bid, velvet 3s 9d; Oamaru—Tuscan and red wheat 3s 9d, velvet 3s 9id to 3s lOd.

The chick wheat market is easier consequent upon increased supplies unci a slack denuwul. Shippers nrc filling orders on the basis oi 5s Btl to 3s 9il f.o.b. Lytk-1-to or Tiinarti. 'JTio nominal ox-store, value for small local orders is 4* Id,

The Hour market, is unchanged, although there is in some quarters complaint of the quality consequent upon millers being compelled to go right on fo new wheat without the customary admixture of old grain in the grist. The association's tariff is as follows:-Sacks, £10 16s; 100's. £11; 50's, £11 10s; 25's, £11 15s. The shipping price is £10 10s, and the Inrercargill price £11.

Tho marker continues Isiro of pollard. Prio-?s [or offal arc nncliararc<l—viz., bran £3 15= per ton for local orders, and £5 lCs per ton f.o.b. for shipment; pollard. £6 per ten. belli for Icral orders and for shipment. There is a slightly better tone in the oat market, but ii s the bulk of tho business with the North Island is being done from Canterbury, transactions in the local market arc few and far between. There is, however, a email demand for old oate, which in some.' instances have preference OYOJ tho now grain, awl at slightly .higher

pries.;—viz., up lo Is Yjd f.o.b. There is a decided scarcity of A grade Clarions consequent upon orders from Sydney millers, and contracts are bcinjr tilled for ICOO sacks ;i.f ]s 6id f.o.b. for immediate shipment to New South Wales. This has firmed the market slightly, ami current Canterbury quotations are Is 6id f.o.b. for J! grade (larlons, and Is 7<l for A grade. Good Danish are quoted at. Is 5.U1 f.0.b., s.i. Locally, the cn-rent qiioralions for "rood I! grado is 1« 6d to ]s 6]d f.o b., si., for ex-storo orders the current quotation is from Is 4d for Danish to Is 5d for jjcr,;l feed lines. Owiti'; to the weakness cf the cat market tho priee of catmeal has lx;en reduced to £9 10s ;;er ton, with a' prospect of a further reduction. The price of pearly barley lias also droppod, anil stands at. £15 pet' ion for whole-rate lots, and £15 10s for smaller quantities. PRODUCE MARKET. Butter.—There is a. small demand for butter from Australia at market rates, but the market generally is Hat, etirplus bulletall going into the cool stores for winter use. Quotations: Dairy pats, 7d; milled, 8d; separator—lib pats Bd. bulk 8d to 9d; T. and P. pals, llgd (id rebate for cash); T. and P. bulk, Hid. Cheese.—fid to 62d. Uhatf.—Market well supplied, and prices show an casing tendency. Prime oaten ehalf (old), £3 2s 6d to £3 ss; prime new, £2 las lo £2 17s Cd; medium to good, £2 lt!s to £2 15s; light and inferior, £2 10.5 upwards, sacks extra. Potatoes.—Market fairly supplied and prices are ersior. Prime Up-to-dates, £3 2-i 6d; medium to good, £2 10s to £2 15s; inferior, £2 per ton upwards. Eggs.-ls 2d per dozen. Bacon.—Rolls Bd, sides 8d; hams. Bid; prime bacon piirs up to 1001b, <kl lo 4id; Poultry.—Hens, 2s 6d per pair; roosters, 3s lo 3s 6d per pair; duck's. 3s, and ducklings 4s per pair; turkeys—hens sd, gobblers 3d to Pd per lb for 151b and over, lighter weights Cd per lb; geese, 6s per pair. " lloney.-Cbm™, 4d per lb; 1011) tins, 3s to 3s 6d; choice factious, 6d to 7d. Clover hay. -S3 for choice. Straw. Wheaten. 00s: oaten, 42s 6d ncr ton. Peanuts. -Java, 2d; Japanese, 23d lo 3d. Preserved ginger, 7^l, Dales-Hulk," 2id; packets, 3s 6d. Figs, bags and layer.', 3d to 3M. Prunes, 4d. FRUIT AND VEGETABLES. Fruit and vegetables coming to market arc generally in good condition and free from blight or disease. Tho arrivals foi-l-he week included 190 cases tomatoes and plums ex Victoria, from Auckland and Nelson; 700 cases pears and grapes ex -Marama from Melbourne and Hobart; 350 packages bananas, tomatoes, and plums, and 170 packages tomatoes, ex Monowai from Auckland and way ports; and 700 cases bananas, oranges, and pines, ex Tofua and Manapouri, Following arc prices between brokers and retailers:— Oranges.—loo cases of Raratongans arrived on Friday, but as it is early in the

;-.'-;ison and they were in a. green condition, they realised from 8s to 9s; Italians, 9s to 10s.

Lemons.—Califomian halves, 10s per ease; Italians, 10s.

Banana?.—ln short supply, and Northern advices record a scarcity i hrot'g-hoiit Now Zealand owiiifr fo prices havim? risen in Now South Wale.-;—n result of "the stonefruit reason bavins; finished in that Sato. -A shipment of 817 cases will como (o this port, by the Monowai lod.-iv, and these come as a. trimskipin.eiit. from 'the Fiji bout, at Wellington. .Haraloi);;aiir, worn sold during l|, c week at 6s to 7s Oil per case, h»r it is cxpecid Ilia); next week prices will _ go up to lfls or lis. Pineapples.--I'Vom 4s to 6s per case. Apples.—C'«)kiii;r. 3s lo 'is 6d per ease; windfalls 5s fo 7s per cwt; Canterbury desert 6s lo 8s Od; Auckland desert, ?s 6d to 5s Gd per box. Apm-oK—Supply finished. Poach M.-lii full supuly. Small to inc-dinni. IJd fo IJd per lb; r-iioico lar.re, 2]d to 3d: extra choice up fo fnl. Pltims.-13c.fter tbinand. Black Diamond, Ud to 15d; jam sorts, Id to ltd; desert • lid to 2Jd. Grapes.—Fouth Australian, prime condition. -1d to sd; bad condition, 2d to 3Jd; I'lrcl hothouse. 8d to 9d.

Tomulces.--Nelson, 4s' 9d to 6?; Alick-'r-nd, 0.; to 6s; local hothouse, 6d to TJ-rt; Christelitirch liofhouse, Id to outside grown, 2d to ojd.

Cucumbers.—Hothouse, 2s 6d to 4s per dozen; outside grown, small boxes, 2s to 3s: large boxes, 5s lo Cs. Penrs.—Victorian Ron Oliref•>,!?. „p to 12s 6d; medium fo over-rip?, 7s to 10s; jargonelles. 2s 6d loss; Canterbury Bon Chretiens, 6s to 7s 6d per case; Duch"« 3s 6d to 5s 6:1.

Vosetablcs.-Cabbies, Is lo 2s uor sack; cauliflowers, bo=h 4s Cd. medium "2?; rhubarb, 4s to 5s per owl; giwn (() 9s 4cl per cwt; French beans. j!d fo l.'.d; vegetable marrows, 2s 6d fo 3s 6d per e.-~se Onions.—Canterbury, £6; picklcrs, £6 10s. DUNKDIN AND KAIKORAI TR-UI COMPANY. Tlw following report, will be presented lo shareholders in t.ho Duncdin ami Knikorai Tram Company at tlic anmuil meeting ; — "Your directors havo pleasure in submilting the fourteenth annual report and balance sh»t, showing t.ho result of operations of the company for the vc-ar ended 31st January, 19C9. The cars 'ran 30,106 trips, representing 67,9*1 mile.-., caiTvmg 552,433 up fnnscinfff-rs and 340,968 down passengers, tor a total return of £6663 17a Id, being- an .increase of £82 7s 3d cm that of last year. The old mio of dclMrtures, £14,000 at 6 per cent., which were reduced in October, 1207, by £ICCO, wei;c redeemed on tlio Ist (lct.cl.'.'f kis.t, and it fresh issita for £12,000 (being a further reduction of £1000) at 5 per cent, was successfully placed by tho secretary. Ycur directors declared t.ho usual interim dividend at tho rate of 6 per cent. i>er annum for tho half year ended 31st .Tidy, 1908, and recommend a further dividend at tho same rale for tho half year cmied 31sl. January, 1909. They abo recommend that the sum of £500 Ik transferred from profit- and less ttccouut of depreciation account, which will then eland at £1000. During the. year Sir Edward Roberts resigned from tho directorate, and in accordance with previous au-angemonts wo do not propeso fiHing the vacancy. M-essrs 0. Tillmrn and E. A, Smith retire from the board by rotation, and Sir Peter Barr retires as auditor. All are eligible, and offer themselves for reek ct-icn."

CLINTON STOCK SALE. The New Zealand Loan and Mercantile Agency Company (Ltd.). reports as follows: Wo held our usual fortnightly sale at Clinton on Thursday last, when a very largo yarding of sheep was offered to a bi.y attendance. Tho bulk of the entry was made up of ewes and lambs, the quality of tho siock in most cast's being very good. •In sympathy with I he easier tendency prevailing in the north owing lo the dryness of the weather and Hie consequent lessening of feed, prices were somewhat easier as compared with the previous sale. Tho following were our principal sales:—For Mr R. 11. Collins (Popotimoa), a very nice line of two-iooth ewes 17s sd, 74 smaller ewes out of previous lot at lis 8d; Mr James Johnston (Waiwera South), 101 lambs, mixed, 10s Id; Mr Peter Murray (Wairahi). 232 lambs, mixed, 9s 9d; Mr A. Orr (Clinton), ICO lambs, mixed, lis, a line of two-tooth at 15s, and twotooth wethers 9s 7d; Messrs Taylor Bros. (Clinton), 88 ewes 15s sd. 83 lambs 10s lOd; Sir George M'Callum (Waiwera), 100 lambs Gs; Massrs William Sl'Lean, jun. (Waiwera) George M'Callum (Waiwera), and W. D. Woods (Waiwera), cull ewes to 6s 6d. Mr Hugh Mitchell, secretary Money Club, reports that leans to tho amount of £700 were granted during February, and that applications for loans to the amount, of £150 were received at this week's meeting of tnistccE. CLYDESDALE COLTS FOR AUSTRALIA. Wright.- Stephenson, and Co. (Ltd.) report as follows:—We have made further Gales of Clydesdale entire colts for the Australian market as follows, and wo have further transactions impending. On account of Sir John Callander (WestTaieri): Pay colt, two years, sire Pride of Newton (12250, C.S.TJ'.), the champion Clydesdale sire in New Zealand. Dam Vio hv Pride's Fancy, grand-dam Maid, by Herd Laddie (imp.), grand-dam Cicely, by MacArtliur. Bay colt, two years, by Merry Morning (imp-), dam Nancy, by Wallace (imp.), grand-dam Slaggie Souter. by Robert the Bruce: g-g-dam Jean, by Herd Laddie (imp.). These two colis havo nice act-ion and exceptionally good feet and legs; few better bred ones leave the country. On account of Sir W. R. Gawn (Jlosgie!); Bay colt, two years, sire Prince Alexander, grand-sire St. Alexander (imp.), dam Blossom, by Garryowen (imp.), grand-dam Jean, by Emperor. This is a finely-bred colt, with flat bone and good feet. He should be almost certain to prove a good breeder. On account of Mr Thomas Leo (Allanton) : Ray colt, two years, sire Twcedile, grand-siro Shepherd Lad, dam Rose, by Hard. Times,, grand-dam the well-known,

sliowyard mare Queen of Quality (winnei of 21 firef and champion prizes). Pjay colt, two years, siro Young Twecdalo, grandsire Tweedale, g-g-sire Shepherd Lad. dam Bell, by Lion King, g-dam by Blue Ribbon. These are two strongly-built', weilturned colts,- showing style and quality. On- account of Messrs Henuj Brothers (Thornbury): Soittor .lohnny (SSIO Vol. IV, N. 55.8.8.), three years, sire Tarn O'Shanter. grand-sire Sandy Erskiim (imp.), dam ,'fe-ju Armour (13731), b v Extinguisher (17-!), grand-dam ItJag, by Wait-a-Wce (256), g-g-dam Old .lean, by Sir Colin Campbell (115). This colt, is up lo a line size, and should prove a successful sire. On account or Mr William May (Eayswalor): Bay colt, two years, sire Shepherd King, grand-sire Shepherd Lad, dam Blossom, by Garfield, by Coed Hope (184), Stand-dam Madam, by Lord Bcaconslield. This colt is descended from a favourite strain of Clydesdale blood. He has a jiice appearance, and good quality bono and hair.