COMMERCIAL.

Otago Daily Times, Issue 15553, 7 September 1912, Page 8

COMMERCIAL.

Daily Times Office, Friday evening. All the eablo advices received during the week from Ixmdon point to a weak and inactive market there for wheat. Prices at Mark Lano have declined 3d a _ quarter, while tho Chicago futures market is quoted at 912 cents to 922 cents nt September 4, as against 93J to 91J oents at August LB. Tho December futures ma-rket in Chicago bus also cased considerably.

Tho Sydney wheat market' remains unchanged on the week at 4s 4Jd to 4s sd. Adcloido shows o decline of |d. as compared with last Friday, while Melbourne prices have dropped back from 4s 4d iukl 4s to 4g.3J(1. The total quantity of wheat and flour afloat for tho United Kingdom and tho Continent is 4,100,000 quarters, which figures show a decrease of 65,000 quarters as ooni|Kired with llie previous week. Tho shipments to Europe tiro' compared with the shipments for the previous week:— Awe. 2". Sept. 2. Qrs. Qrs. Argentine 32,000 135,000 Uupija 535,000 340,000 Bnniiliian provinces sm.ooo iso.ouo Imliiif 12:1,000 126,000 Australasia 115,000 57,000 Xit-Ui America"— Atlantic ports .113,000 3,10,000 l'aciflo ports ... — — . Other 02,000 88,000 Total 1,125,000 1,275,000 t Including Torsi*. * Wheat only. Rcerbohm reports as follows under date July 26:—Tho weather in tho United Kingdom and Franco has been mrcottlcd, and probably more favourable for agriculture as a whole than if tho very, hot weather of last ,\vcek kid continued, is'not ripening tho corn at tho same rate as was recently tho case. Crop reports generally continue icncouraging, In Russia tho weather has turned finer, after a further spell of rain, and most advices speak favourably of tho crop outlook as a whole, although there aro somo districts whero tho yield will bo quito small. The lutest reports from tho United States indicate a distinctly larger yield than was expected a few weeks ago, spring wheat especially promising an exceptionally" good outturn 'this year. Somo of the private estimates aw probably too optimistic, but tlicro is every prospect, with ordinary olimalic conditions in the next fen- wcek6, of the American crop being 39 to 40 million bushels larger than last year. Receipts tit Western points, which up to recently had compared very unfavourably with last year's exceptionally large figures, aro increasing rapidly, and this will, no doubt, soon make itself fell in tho "visible" supply, which again showed a large tlecrcnso last week. Information regarding tho Roumanian crop, received this week, confirms previous reports that tho yield will bo smaller than in 1911 and 1910, when the outturn was distinctly abovo tho average. Thero is littlo or no change in tho crop outlook in other European countries. In Argentina weather conditions, on the whole, have been favourable, and a full acreage is reported to have boon sown. As mentioned last week, some timo must cln|Yio liefore tho crops am bo considered safe, but a rough estimate,-based on crop conditions at the present time, points to tho wheat crop ill tho principal countries being somewhat larger than in any previous year. There is every probability of the falling oIF in production of wheat in importing countries being more than m«do up by the increased yield in Russia, and present indiealioniS arc for a larger yield in non-European exporting countries than in 1911.

Says UlO Sydney Mail of August. 28:— Tlio local wheat market is steadily advancing. _ Stocks are daily lessening" and tlio fear is expressed llial there may not bo uullicicnt groin remaining in the Slate to last until tlio commencement of the new season. It U pointc<l out that stocks at railway stations amount to only 409,422 bags, as compared with 1,208,380 tags at the corresponding date last year, but in considering theso figures it must be remembered that millers' requirements for the remainder of tho current year differ very materially from Ihose of September to December, 1911. Tlk> fact is that stocks of flour, bolli in millers' and bakers' hands, arc to heavy that it is questionable whether a total discontinuance of operations un:il December would have any olfeel upon trade. That is one aspect of the situation. On the ofi-er band, some merchants declare tJiat slooks of Hour are not nearlv so heavy «•> millem and others would endeavour to make out. and that we will seo wheat selling in Sydney at 4s 9d before the harvest is uvnilable. Hut over and alwvo loe.nl conditions the position of the London market looms large on the horizon.

If anything, Hie wheat market is a littlo quieter the last day or two. Millers appear disposed to buy only when samples submitted are in good condition and when the prices suit. A few sales have taken place during the week nt 3s 7Jd in tho Waimate and Morven idistricts, and at Ashburton at 3s 6d to at sidings. Values may be given ns 3s 7jd for goodconditioned lots of velvet, Tuscan, red chaff, and Itordicr in the Waimate and surrounding districts, but farmers' ideas of values are in most instances from }d to Id per bushel liighcr. Any southern-grown wheat that is offering in fair order is worth 3s 9d, ex truck. Dunedin, but it is only an oorosionnl line that is fit for milling. Good whole fowl wheat is in heller demand, but the bulk of this class of cereal is very "pinched." Brst whole fowl wheat is worth 3s 4d io 3s sd; medium. 3s io 3s 2d; broken ami discoloured, 2s 6d to 2s lOd, ex store, sacks cxlra.

The tariff of the Flourmillers' Association for flour and other lines is as follows:— Flour: Sacks. £8 15s; 1001b bigs. £9; 50!b bags. £9 ss: 251b bags. £9 10s". Bran. £4 15s per ton. Pollard. £6. Oatmeal. £13 10s. Pearl barley. £18 17s.

There have been n few inquiries for oais. but merchants arc finding it very difficult indeed to get any business put' through, as the prices offered and those demanded are not sufficiently close. A few odd inquiries have been received from Australia, but practically no business has transpired. The London market keeps firm, but tho

absence of any Inrgo amount of freight makes business well nigh impossible. A few lines here and there, however, have been exported to England. The coastal demand is very slack, buyers showing n disinclination to raise their present limits. Offerings from the country arc light, but with the approach of spring weather threshing should become more general, with H consequent increase in the oats coining forward. Shipping prices may be quoted as follows:—A Cartons. 2s 4d to 2s 4Jd (f.0.b., sacks in); 1$ Uartons, 2s 3d to 2s 3jd; A sparrowbills, 2s oil to 2s ojd; B's, 2s 2d. Prices asked by the farmers are somewhat irregular, fJto large quantity of inferior quality on the market making it difficult to say exactly what the higher grades arc really worth. The market, taken all round, may' be said to bo in transitory _ slate ut present, as although there are inquiries from London coining in it i 3 not possible, as stated above, to liceure freight—cither for oats or wheat—and in addition to this fact all the available space for. Homo boats has been alrcadv taken tip well into October, so that there is not much prospect of any fresh business from this quarter in the meantime.

The Australasian of August -31 says:— "Oats: Tho local market remains inactive, although news from, New Zealand lias steadied Iho position somewhat. Private telegrams from Iho Dominion state that tho market has advanced Id a bushel, in consequence of the strong demand from Loudon, owing, no doubt, to the damage done to the English crops. In the absence of anv transactions further than distributing business, local quotations aro almost.nominal. Parcels of New Zealand oats are quoted as follows:—A Gartons, at 3s 2d to 3s 2 S (I, duty paid, ex wharf; B grndo,'at as l»d to 3s 2d; and sparrowbills, at 3s 0-d to 3s Ud, according to quality. Distributing lots arc fetching up to Id more, according to quantity. Algerian feed arc nominally worth 3s 2d lo 3s 3d.", PRODUCE REPORT. Cablo advice from Sydney states that tho potato market there is slightly easier, but values locallv are well maintained. The Maita'i, which fiiiilcd last Tuesday, took only a small consignment for Sydney from here, but tho Maunganui, due to sail next Tuesday, will take about 3200 sacks to the 'New South Wales capital. The stocks now m store in Duncdiu arc mostly all held to cover sales alrcadv made for Sydney, and there have not been many consignments arriving from the country during the week. It would appear therefore that, the crops are now getting into very small compass, though it is reported thai a few farmers arc still holding fairly large lines. Owing to the extreme rates at present ruling for onions the demand is not so good. Supplies of eggs are daily increasing, and prices have now dropped below Is a dozen. Current prices aro as follow:— Chaff.—Prime heavy oaten sheaf, to £3 to £3 Ss; medium to good, £2 5s to £2 15s; inferior, £1 10s and upwards. Straw-Oaten, to £1 15s; wheaten, £1 10s, £1 12s 6d. .

liny, £3 per ton. Potatoes,—Prime freshly dug, £8 10s; medium to good, to £7 10s. Onions.—Prime Canterbury, £20 per ton.

Eggs.-Fresh, lOjil; stumped, lid. Jluttor.—Dairy. 9d to 9}<l per lb: milled, lOd per II); separator, in lib puis,- 11(1. Pigs.—Bnconcrs. 6d per lb; porkers, - s}d, . Bucon.—Rolls (in quantities), 9Jd; boneless hams. Is; sides, 91<1; hams under 201b IOJd per lb. FRUIT REPORT.

' Tho market generally is rather poorly supplied with fiuit Some consignments of apples from Canterbury arrived during the week, mostly to order. A .small shipment also came to hand from llobart, and prices for theso rulo high. There arc practically no shipments coming forward at present on consignment.

About 700 crises of Sydney citrus fruits were landed on Monday, but the bulk of tho shipment enmu to hand in bad condi-' tion, mandarins being chiefly affected.

Thoro arc only a few llarolongan oranges on the market, and practically no bananas. Advices huvc been received, however, that a shipment of 1017 cases of bananas is duo here next Thursday.

A small lot of pears came to hand from Hobart on Tuesday, but theso did not meet with ii very keen demand, the fruit being too green and hard for immediato sale.

Vegetables are now becoming moro plentiful, heavy supplies of cauliflowers and other vegetables having come on tho market during the week. , Rhubarb is also arriving in quantity, local growers being tho chief suppliers. The following are the current prices:— Lemons. Mildura nnd South Australian, kl3s 6d to 14s 6d per ease; Sydney, 10s to 12s. Oranges.—Rarotongan, market bare, 13s to 14s; Sydney bushels, Bs,to 10s; gins,, up to 12s od. Apples are in very short supply. Canterbury Sturmers, 8s to 10s; Cookers, 8s to 10s; Tasmaniau, lis to 12s. Pears.—A few boxes of Tasmaniau Charmontel realised 6s 2d; Winter Nelis, 7s 6d per box. Bauanas.—Market bare.

Mandarins—Gins, 10s to 14s; bad conditioned, Is 6d to 6s; bushels, 8s 6d to 12s. Poornwn oranges, 7s 6d to 8s 6d. ' Passion fruit, 6s 6d to 7s 6d per box. Pines, 8s to 13s.

Seville oranges (overstocked), Ss to 7s. Cabbages, 6d to 3s per dozen, Is to 4s per sack; inferior quality unsaleable. Lettuce, Is 6d to 2s 6d )M?r caso of two dozen. Cauliflowers, 2s to 5s per sack; loose, Is 6d to 3s 9d per dozen. Artichokes, 2s to 3s per bag. Rhubarb, 2s 6d to 4s per dozen pounds. 'Pablo carrots, 2s to 3s per cental bag. Parsnips, Is 6d to 2s per bag. Turnips, 4a per dozen bunches. Swedes, 2s 3d to 3s M per sack. Celery. 9d to Is 3d per bushel (six sticks); small, 3d to 4d. Leeks, 2s per dozen bundles.