COMMERCIAL.

Otago Daily Times, Issue 14698, 4 December 1909, Page 6

COMMERCIAL.

Daily Times Office, Friday Evening. URTOADSTUFFS. A quiet, week has been experienced in the world's markets a.s regards sales of wheat. tinder dale October 22, Beerbolim writes from London ,'is followsTho market has developed much -weakness this week, partly owing to tho persistently large shipments from Russia, winch easily form a record, and partly owing to the publication of a_frci.li so-called official estimate of the Russian crop, which indicates a crop of possibly ES.OOO.OOOcpo, instead of 73,275.000 f|rs, as estimated by the recognised authorities jllie Central Statistical Bureau) early iu September. This fresh estimate may have been tho oufcomo of some financial lnauinuvres in Russia and may therefore easily bo exaggerated; but, influenced bv the. enormous shipments which are taking place from Russia, tho market is the more susceptible to these estimates. There is no doubt that the Russian crop is a very large one; the avora/jo for the five vcai"S ended 1306 was 72,000.C000r5, the latest previously rccordrd being 1 82,000.000nr5,° \n 1904. Ihe. Central Statistical Bureau already, hit Sopl ember, made the cro.p somewhat above the average, but the suggestion of tho Minister of Agriculture 7s that it is 20 per rent, above tho average. Hie last, six years' Russian crops and exports mav be given here, for tho sake of comparison: —

Kcssian Wheat Chop and ExroßTs. ] Crop. Kxports. Qrs. Qrs. 19W 82.000.000 ... 22,500,000 1905 79.000,000 ... 13.500,000 1906 63,300,000 ... 11,850,000 1017 63,675,C00 ... 7,750,000 1903 71,000,000 ... 11,750,000 If it lie supposed that the nrcsent year's crop lx>_ as much as 85.000,000qr5,' and bearing in mind that Russia's reserve sleeks cannot be rji> to normal, such a crop would loavo a surplus for exixirt of 2R,ooo,oooqrs, ivliic.li compares with 22.500,000qr5, Ihe largest previous total actua-lly exported in 1904-5. We, however, do not, accept this estimate of the Russian Minister of Agriculture ns by any means final, and the market, although no doubt disturbed by it. will prefer to wait further developments. The market for some time

must. Ik> [(ovorned by tho actual shipments, which, ns far as Russia is concerned. will probably remain un fo the middle of November; whilst, with regard to Atwo ihink that f lie probabilities are ib.-if: the comin;; season's exports will bo smaller than those of fho past season. Willi reference to 11m now Australian crop, Iho Melliounio A wril-rs:-"Pros-pects for the now Australian crqp aro gosd, Ihoujjh tho optimistic expectations of ft few weeks ncro <lo j ; o+ now appear likely to h-o verified, owinri to tho cfToe!.i of tho hot weather early last week. The largest previous harvest, in tho Commonwealth, according to tlio olTieial returns, was about 74- million bushels for the 1903 4 season. At present, it. is 'hoped, with a. yield of about 20.000.000 bushels in South Australia and with allowance for the extension of cultivation in Western Australia, that, the (Viimiuwkill.li crop to bo Harvested within tlio next few weeks will reach a total of about 78.000,000 bushels; which, after providing for Australian reouirements, would leave a, surplus of about--50.000,000 bushels available for export during 1910. Any estimate at this sf,n;;e is, of course, to he regarded as subject to modification. The exports for tho 1903-9 season amount, to close upon 36 million bushels, whilo the largest, quantity actually exported from Australia in any one sen'Jon was million bushels in l'!u*s With an exeenloinllv Junto nuantity to he next year, it is io be hoped that a stimulus will !>e <riven to tho flour trade. So far as can lie judged at present from tho attitude of Ihe farmers, shipping operations do not appear likely to I o pushed forward with iho great rapidity which characterised tho of the present y«ir, and the shipping season in 1910 will probably ho wore extended."—Tho Australasian estimates the Victorian wheat yield this seoson at 25,000.000 bushels, an average of 12 bushels per acre. The exportable surplus would ho between 16,000,000 and 17.000,000 bushels.—Tho Leader puts iho cicip at. 26.167,000 bushels. Tlio Town and Country Journal of November 24 reports:—"This week opened in Sydney with a deckled weaker tone ill tlio values of new wheat on spot (including tho ft.raiu submitted at the city railway auction). Only two or three metropolitan millers were oiwiitinj; on direct country purchase ov otherwise. Several of (he Sydney millers have withdrawn from the market for the time beinp;, as they aro dubious about heinj; ablo to secure supplies of coal after a day or two. The furnaces at the up-to-dato metropolitan flour mills are built to eonsumo coal as fuel, and not wcod. Tho country Hour mills use wood. On Iho other linml. the possibility of the Sydney flour mills bcins obliged to close down from want of coal threatens a shortaire of old Sydney flour, with tho result that the Sydney suburban and many country bakere, aro huyinr: Treely. The outlook of the New South Wales wheat harvest is excellent for quality, as well as quantity, ind Ihe general public, will 1)0 very pleased with the loaf resulting early next year from Hour made partly from the old wheat and Daftly from Ihe new, and also from the all-new flour later ou, when this summer's wheat will p;ist flour sufficiently mellow to dispense with blending with the old. The Australian old wheat imported to Sydney is turning out a iirst-class flour here, and splendid bread. There if, however, no fault whatever to find with tlio best of tlio remnant cMnst N'ew South Wales harvest, and it is only on the score of relative cheapness that fonic of tho Sydney millers aro grinding South Australian grain. A miller cannot afford lo despise tho diflWnc* between 4s Bjd ami 5s per bushel in tho cost of fho raw material."

lhc Sydney Mail of the sojiio date says that. " 11 firm wheat market \m prevailed during the week, and ;us a consequence the price for now wheat .lms risen from Is lCd 10 lid. New grain js coining in mors fr«Y?lv from the earlier districts, and, untoward cvwiU in connection with the ro.il excepted, will now arrive in fair quantities 'Jho strike will, it i* expeeted, have an efl'cct Inhere loiv? on the carrying capacity of the linos. Jixleeil 1 . if dnlivory early in December can be irua ran toed miller* will bo prepared to spring Ui Is. As to fc'.lw. they nro not yet. inclhicd to offer their wheat freely: thoy are holding back for higher price*. In Adelaide- iho 'market is firm, in Melbourne it is irregular, but in neither of tlie>o State.? is there sueh a dearth of old wheat there is hero. Th'-> I'l'ioo for old and new wheat in Adelaide is the saiiip: in Melixiurne old wheat brings from 5d to 6d above new. The quotations in Sydney to-day for old wheat is th " as last- week—on the basis of 5s a bushel. Briefly. the ;xist.ion in regard to a: vain is that millers want it to ronlonisJi thoir slocks of tiour, and shippers also want it lo supply contracts entered into in London. Our cables have several times during the past three weeks recorded sales for shipments ill Australia from December toMareli. Flour is (jiiiot. but a lot of- ir has changed hands <!e.rir«: the past few days. Bake,* and ship, tiers are laying in stocks for fear there may later on lie a difficulty in procurng Uiejii, but the demand has not boon so great as to cause, any advance in (nidations. The convention nriee of £11 pe -ton for riband some cf il:o lending rountry i still obtair.e. while for irs-er known country brands the quotation is still ?.s 6d less."

Tin l of the 27th u'i. nys:~. "Tlio Melhonnw market has fliown an easier tendency for prompt dclixvy. Millers ai<* Imying as sparimrly a-- no.-siWe in ww of the lower pncr> quoted for new wlieat for delivery a fow weeks nhcxid, and tho rather inactive condition of the flour

trade at present. There lias boon some demand, however, for shipment to the other! Stale-. Sales have been made at -1h 5(1 to 4s fxl, and Hie market closes quiet in tone. New wheat for forward delivery is quoted by shippers at 3s lid for January and 3s lla<l for December delivery, on ihe basis <>[ London quotations, and ourrha.H'tj have been made in the country on the basis of these price?, though the farmers do not appear disposed to sell forwaiil with tlio same freedom as Just year. In Iho town market, parcels for forward delivery aro quoted at Flour: Local business remain s quiet, the association basis for ordinary trade parrels being reduced to £10 10i delivered. A little business has been done for export." Locally the market has witnessed fair activity, both northern and southern millers operating to somo extent. As regards the north, Ixjtfi Tiniaru and Lyttelton have indulged in, shipping business with the North Island, the former on tho basis of Is 2J.fi. 4s 3(1, and 4s 4-d f.0.b., while I.yt.tclton, for a line of prime milling velvet, went as high as 4s 5d f.o.b. locally engagements have been entered into on the basis of 4s J<l ex store, this wheat coming from the heart, of the Canterbury district, as the scarcity scans to extend to the lower portions of that territory. Whilo business has l>een on a fair scale, prices have undergone no alteration. The association's tariff for flour is: — Sacks, £10 15s; 100's, £11; 50's, £11 10s; 25's, £11 15s. The shipping price is £10 10s. f.o.b.

Pollard. £4 per ton, both f.o.b. a.nd locally; bran, £3 5s locally, and £3 par ton, f.o.b.

Oatmeal stands at £10 10s per ton, and pearl barley at £14 lCs.

So far as oats are concerned, the week lias seen but fair ordinary business, combined with some little shipping inquiry. This latter, of course, is still governed by tho difficulty of scouring direct freight, l'rioos remain at practically the same levelnamely, A gra<k) Cartons, Is Hid to 2s; B grade, Is lid; A grade sparrowbills, Is lkl; and 15 grade, Is ICd—all f.0.b., s.i. PRODUCE MARKET. Hotter axd Cheese. As timo goes on. it becomes increasingly manifest that tho production of both butter and cliccso ia really something tremendous— an increase of well over 25 per cent, all round. The total shipments from tho colony in October .showed tho increases of butter to be 19,452 boxc6, and cheese 9224 crates, and the November shipments wore: Butter, 93,360 boxes; ehce.se, 29,641 crates; showing increases on last November of 19,212 boxes of butter, and 11,281 crates of clice.se. Tho lonic, duo to sail to-day, was expected to tako 70,000 boxes of butter and 24,000 crates of cheese, but it was more than likely that some. of this would have to bo held over for tho next boat. Space for other boats shortly to sail is already limited. Such buying transactions in cheese as took placc during November wero at std' f.0.b,, and one at sjd on trucks; .but the majority of factories consigned their imports directly to Homo sellers. Thero wore no sales of butter, which is also being directly consigned. Regarding the future of cheese, tlie following qu-olation from the Grocer, London, 25th September, is of interest,:—"Tho increased supply from New Zealand is having far-reaching consequences in tho chcftjO trade, especially as there is every possibility of the continual expansion of tho industry. This movement affords matter for considerable reflection to operators oil both sidea of the Atlantic, and with tho conditions wider which the business is now carried on still holding, whereby the Canadian producer is getting all the profit, the question of paying much higher prices than aro warranted by the circumstances is being seriously discussed. At. present prices are beinjr paid which should only be obtainable in the winter. Current values may be regarded ns really famine priccs, an<l, if normal conditions obtained, perhaps not more than 48s to 50s per cwt, would be paid. These priccs would pay tho Canadian fanner well, and men hero risking their money would liavo a tatter chance to make a profit; ind-cad of a Icf^ an is now frequently the ease. ' The future course of prices is being keenly canva««d and there appears to be a general dcsire"to see prices down to a loiver level, othenviso the continuance of extreme rates only means carrying on business for a doubtful proht or a. more probable loss. In land thero is reason to -believe that the make will be of very full average extent in m nM ! " ,Ot 1i t0 ,P rOVCnt inflation ill quoUtions but rather to have a steadying and modifying influence. In Now ZoV- ' ,roclu< :' tion » generally ainiCii)atocl [or the somo csnniates placing the output at 25 per cent moro than in the wagon just closed. Tteeoipls in Lunada sincc Ist May are 35 000 n^VonST 8 of lait ycar ' S mil last y ear, and butter about 3s higher irnr how! Oexeiiai, Li.ves. 0 iaft remains steady at late prices, with . good, demand .for best quality OM oIS; S £ strontlv ' hair Position ment in prie" ' '" CS Sh ° H ' 110 mo ™" Prices rule as follow:— f 2 £ to . pi medium, £2 7s 6d te r»r,S2i^ Md<li!ci,lourodmodmnL drito or Derwenb" £. 10s per ton (sack in). 7d to 7M ' ioes aT V ® air y pata6d; milled 111 oV 1: pats, 6d to 71 pats' ll?d '(?d re C la ( iori °ntl Peninsula Peninsula bulk if-Jj cas ' l ); Taieri and Clover hay £2 10s per ton. Onions. - Melbourne, £11 P6r [ou . hams ' 1 oultly.— -Hons, 4s fo 4s 6cl per mirss: <luric<i i ' 6d; („rk-y,llZr%, 5> W 0 : , Is nens id, gobblers 8d p<!r ]|, FRUIT JIABKET Ste*ii:s i n!, i ;r&"W r i; snajs" •" T c " n « i * banauas. A shipment of the former' from tTw, PX '^ d t0 handed here in about 10 days time, while tho Fijian shipment of tiananas-which will be of !i?v , < i" l i ,t>nS! ? ns T is 1,110 at Jatcst on JIo »- d.t} week. Irado generally is good. the prices ruling aro as follow I'ranges.—Sythiey: Choice 13s to 21s 9d Lemons.—\ ery scarce. Milduras, 15s t 0 Scsa*""^

Bananas.—Fiji, r j| )C) 2ld p Cr [[j J mes — None offering. Apples.—Amoi'ioiin, 15s to 16s Cherries.—Victorian, 10 S to 21s 9d nor crate, according to condition; Roxburgh ill (.'laics, up to k anil l s 31,) caws, M to ]oi,kl; Canterbury, 8(1 to Od. Strawberries.—Choice Roxburgh M- lr . gueritas from 6(1 to 9Jd; extra choice Laxtons, is <xl; Alexandra, up to Is 2d; a specially choice lot of Elinors, Is 5Jd. __ Crapes.—Local hothouso from 2s 6cl to os i>or lb.

ogetablcs.—Cabbages, from Is to 2s !>er doze., for choice, others Is 60 to 3s per sack; caulillowers-ejtra. choice,4sto6sper sack; others, 2s to 4s; rhubarb—choice local, 6s to 8s per cut; Canterbury, 6s per C'.vt.; lettuce, from 8d to Is 4d per <Wn; cucumbers 9s to Ids per case, local as 6(1 par dozen: asparagus, from 4s 6(1 to JS per dozen; tomatoes—Auckland, from 8d to ls 3d per lb, Cliristchnrch Is 2d to Is 4d per lb; green peas, from ljd to 2-iil per lo; gooseberries, lid to 2{d per lb. New Potatoes.—Peninsula grown, ljd to 2d por ill;, southern and Oamaru,' Hd to 13d. Passion Fruit.—Scarce. _ Llonov.—Choice, 4jd to 4Jd per lb; 10lb tws, 5s 6d to *1s; choice sections, 6s to 7s per dozen; medium, 3s to 4s 6d per dozen. Peanuts.—Java, 2d; Japanese, 2£d to 3d. Preserved ginger, per lb. ahmtf.—Gcchl demand. Prime qualify s.i<l to 6ld. Barcelona nuts, SUI to 6HI. Brazil imU, "to BJd" per lb.