COMMERCIAL.

Otago Daily Times, Issue 15707, 8 March 1913, Page 8

COMMERCIAL.

Daily Times Office, Friday evening. Tho Home wheat market continues quiet, and in tho face ql the statistical position given below there docs not appear to ho much chance of it improving in tho meantime. ■ Tho dominion wheat market, however, cannot bo interested to any great ox ; tent in the fluctuations which may front' time to time bo recorded on Mark Lane, in that Home values would have to show an abnormal advanco to permit of a cargo of wheat being shipped there at a margin of profit, taking into consideration the high freights ruling. As regards tho future of freights a reliable English authority reports that, a foaturo of tho wheat situation that should be watched is the strength of the freight markets. In shipping circles it is believed that high freights are good for another year; for not only is there a vast amount of natural produce to bo moved in all parts of the world, but the great constructional undertakings that are su'ch a feature in tho present world-wido expansion indicate oontinued heavy shipments of iron and steel goods. While this continues no great abatement can bo looked for, As matters stand at present it is quite safe to assort that the dominion wheat market will bo an entirely local one, and though no anxiety need bo felt iis to our ability to supply our own milling requirements for tho season, on present appearances remunerative prices seem to be well assured la the farmer, As it is, quotations teo

aro on as high a basis as that obtaining in most of the Australian markets, and, taking thorn all round, on a liigher basis. Tho Sydney wheat market is quoted (nominally) at 5s 6d to 3s 7d; last week, 3s 7d to 3s B^d; Melbourne, 3s 7|d (3s 8|d); Adelaide, 3s 6(1 to 3s 7d (3s 6jd to 3s 7d). It is lather strango to note that while flour is quoted at both Melbourne and Sydney at £8 15s— the price to-day of our Flourmillers' Association—in Adelaido it is only costing £8 to £8 5s per ton. The wheat and flour afloat for the United Kingdom and Europe is 6,535,000qr5, as against 5,970,000qrs on February 23. Tho Atlantic shipments aro very ilieavy, amounting to 427,000qr5. Estimates of the wheat requirements of importing counjries and of shipmont6 from exporting countries for the statistical season ending July 31 next have been made by " Beorbohm " of January 24. There is still much uncertainty felt with regard- to the quantity of wheat produced in importing countries fit for milling, and in framing the estimates of tho world's requirements allowance has been made for a reduction of 10 per cent, in ithe wheat grown in France and of 15 per cent, in that grown in tho United Kingdom, Germany, Holland, and Belgium, on account of inferior quality. In France a fair quantity of wheat in tho early districts had been harvested before the wet vweather set in. The revised statements of tho estimated requirements of importing countries is appended:—

Estimated Requirements. v Quarters. United Kingdom 28,000,000 France ' 4,000,000 Germany ... 10,000,000 Holland and Belgium 9,500,000 Italy ... 9,000,000 Other European Countries ... 7,500,000 Non-European Countries 10,000,000 Total 78,000,000 It is estimated by "Beorbohm" that shipments from exporting to importing countries will be somewhat in excess of the estimated requirements for the season, shipments being given as follow :— Estimated Shipments. Quarters. Russia 16,000,000 United States 18,000,000 Canada ' 15,000,000 Argentina 14,000,000 The Balkans 7,000,000 India 6,000,000 Australia ... 6,000,000 Sundry other countries 1,000,000 Total 83,000,000 The quality of North American and Argentine wheat is stated to bo much better than last year. The local wheat market at tho early part of the week was very firm, but towards tho end was weaker, although values for velvet are still a bit above those ruling last Friday. During the past fortnight Dimedin millers have secured a few thousand sacks from around tho Oamaru district, but having replenished their stocks are now disposed to hold off tho market for a little. During tho weok sales from the North Otago district have been made at 3s 7d for Tuscan or white .winters, and 3s 8d for velvet, both prices less commission. Several (hundred sacks of Taicri wieat—mostly 'standing in the stook —have changed hands at 3s 8d on trucks. The quality of the southern wheat is a great advance on that reached last year, when there was very littlo of the cereal fit for milling. If the weather keeps fino for harvesting it is anticipated that there will bo a large lot of wheat available for milling purposes from,the south, so that the shortage in area under crop this year in the dominion, as compared with tho previous season, may be compensated to a large extent by the greater volume of good grain which should —weather conditions being favourable—come forward from the south. The grain in the Central Otago district is also rerorted to be of a good milling sample. Good whole fowl wheat ist quoted at 3s 3d to 3s 4d per bushel, sacks extra.

Tho tariff of the Flourmillers' Association for flour and other lines is as follows Flour-Sacks, £8 15s; 1001b, £9; 501b bags, £9 ss; ?51b bags, £9 10s. Bran, £4 15s per ton. Pollard, £6.

The local oat market is firmer, a stronger fccndoncy being experienced from tho beginning of the week. North Island buyers appear to be more anxious to do business, both forward and prompt, but local merchants arc not keen to respond to tlie inquiry on the present basis of prices. As is only natural, the bulk of what business is passing with the North Island is. being executed from Canterbury, where they have the oats to operate with, the southern districts not having yet got much of a start with their harvesting, and there consequently not being many oats here in the' meantime. Local merchants have, therefore, got to fulfil a lot of tho orders they may receive from tho North Island by buying through Canterbury merchants. Merchants here are asking 2s 4d, f.0.b., s.i., for A Gartons, and 2s 3£d to 2s 4d for B Gartons, but Canterbury sellers are reported to bo prepared to do business at values a shade less than tlie foregoing. Heavy-weight ryegrass seed is worth up to 3s 9d per bushel for machine dressed. Light eeed is not in great demand, and values range down to as low as 2s 9d for machine-dressed. Tho Australian inquiry is not at present of any appreciable extent. PRODUCE REPORT. There is not a great quantity of prime chaff coming to hand, and all good samples meet with a ready demand. Inferior, (is usiial, is hard to dispose of, and there is a good lot'of this sort in stores. A large quantity of Oamaru-growri potatoes havo been arriving during the past few days, and prices have eased. Other districts aro also sending forward good supplies. Consignments of eggs are plentiful, and tho inquiry is not too keen, It is anticipated, however, that with the advent of the holidays the demand will increase. Tho market is bare of supplies of onions, and prices aro firm. Current prices are as follow:—

Chaff.—Prime heavy oaten sheaf, £3 15s; medium to good, £2 5s to £2 17s 6d; inferior, £1 lQs and upwards. Straw.—Oaten, to £2; wheaten, £1 15s Potatoes.—rrimo Oamaru, freshly dug, £6 to £6 10s per ton, according to quality; medium, £4 10s to £5 ss, bags in. Hay, £2 10s to £2 15s. Onions.—Prime Molbournes, up to £10; Canterbury, £9. ' Eggs—Fresh, Is 2d to Is 3d; stamped, Is 4d. Butter—Dairy, 7jd per lb; milled, 9£d per lb; separator, in lib pats, 9d. Pigs.—Baconers, 5Jd per lb; porkers, to 6d. _ t _ , Bacon.—Rolls (in quantities),, lOd; sides, 9|d; hams under 201b, 10gd per lb. FRUIT REPORT. Fair supplies of apples, pears, and peaches have readied the market during tho week, most of the consignments being forwarded from tho Alexandra, Nelson, and Napier districts. A good quantity ot tomatoe6 iiau also arrived, Canterbury being the chief contributor.

A good demand exists for tomatoes, and all prime and medium samples have moved off readily at an advanco on the prices ruling last week. Local hothouse varieties are plentiful, and these are being sold at auction at 4jkl to 5d per lb. Some very fine samples of Cox's orange pippin apples have conic to hand from Nelson. These were well graded and packed, and would compare more than favourably with the Tasmanian-grown fruit. About 1000 cases of Rarotongan bananas were landed on Monday. The greater part of the shipment arrived in very gopd order, and was disposed of' under the hammer at 8s to 9s 6d per case.

About 150 eases of grapes wero landed from Adelaide, but met with poor competition. Buyers have been receiving some very nice samples of New South Walos grapes, packed in the ordinary way, and prefer these to the Adelaide grown, as they object to the sawdust in which the latter fruit is packed, necessitating, as it does, a lot of cleaning. Prices for Adelaide grown arc therefore much lower than usual.

Pears are in plentiful supply, large quantities lining come forward from Canterbury, Auckland, and Hastings. The following are the current prices:— Lemons.—ltalian, 12s 6d. Oranges—Rarotongan, 10s. Plums.—ln good deman<k Alexandra, jams lid to 2|d, dessert to 4Jd; locally grown, lid to 2d; damsons, to 2d. Greengages, 2Jd to 3|d per lb; wanted, Apricots.—Practically finished. Poaches.—Nelson and Auckland, 4s to 5s per box; Alexandra, 3£d to 4Jd, in crates;: cases, 2d to 4d. , Apples.—Canterbury cookers, 5s to 6s; dcesert, 7s to fe 6d; locally grown, ljd to 2d; Auckland and Nolson Cox's orange pippin, 7s 6d to 8s 6d. Quinces, 5s to 6s. NecTarincs.—Very few offering; wanted. Tomatoes.—Christchurch hothouse, choice, to 3jd: outside, 2d to Neleon, 2a 6d to 3s; sauce, l^d. Vegetable marrows, 2s to 4s per dozon. Cucumbcre— Canterbury, outside, 3s to 4s per box; hothouse, 3s to 4s 6d. 'Pears. —Alexandra grown Bon Chretien, l^d; Canterbury and Auckland, 4s 6d to 5s 6d per bushel, Graner.—Choice local hothouse, 8d to IOJd. , ■ Peas.—ld to 13d per lb; superior quality, up to 2id; in only moderate supply.

, Honey.—New season's, in 101b tins, 3s 6d to 5s 9d per tin Vegetables.—More plentiful and demand not so keen. Cabbages up to & 6d per dozen; Is to 3s per sack. Lettuce, 4d to Is per case. Cauliflowers, in 6hort supply, 3s to 6s 6d per dozen; inferior, Is to 2s. Rhubarb, 5s to 6s per cwt. Table carrots, 6d to lOd per dozen bunches. Turnips, 4d to 6d per dozen. Beet, Is to Is 6d. Parsnips, 6d to 8d per dozen bunches. Celery, 6d to lOd per bundle of six stalks. New Potatoes.—Local, £6 to £7; Oamaru and others, £5 12s 6d to £6 10s per ton. MELBOURNE MARKETS. Prts* Association—By Telegraph—Copyright. MELBOURNE, March 7. Wheat, 3s 7Jd. Flour, £8 15s. Oats, 2s 6d to 2s 7d. Barley: English, 3s 9d to 4s 4d; Cape, 3s to 3e 4d. Maize, 3s 9d. Bran and pollard, £15. Potatoes, £4 to £5 10s. Onions, £7 ss. HIDE SALES. Prow Association—By Telegraph—Copyright MELBOURNE, . March 7. Ac the hide sales thero were moderate supplies. The market is firmer, and has recovered from last week's fall. CHRISTCHURCH MARKETS'. (Per United Press Association.) CHRISTCHURCH. March 7. The offerings of grain during the week have been on the small side, farmers evidently not being keen to sell at present prices. Wheat is 6rm with no change in values. There is a little more inquiry for oats, and up to 2s is being again offered for prime A grade Gartons. - Barley shows no change, the demand being for prime malting only. A littlo business is being done in oatsheaf chaff, as it is being offered a littlo more freely. For immediate delivery £2 15s is being paid, and for forward delivery £2' 10s to £2 12s. 6d is offered. The cocksfoot market is somewhat easier though prices are without change. Early varieties of potatoes are now worth up to £4 10s and £415s for delivery. • This month onions are easier, and £4 10s is now being paid for them. HORSE. SALE. ' Messrs Todd Bros, and Co. report having hold their annual autumn horse fair at Heriot on Wednesday, when they submitted 57 draughts' and 39 hacks and harness horses, and succeeded in selling 42 ac the following prices:—On account of Mr John Sheehy: The purebred Clydesdale stallion The Captain to Mr W. B. Herbertat 120 guineas. On account of other vendors: £41 10s, £36 103, £35, £35, £33 10s, £27, £22, £21 10s, £21 10s, £21, £18 10s, £14, £12, £11 10s, £10, £9, £8. Considering that the harvest was in full swing, tho attendance of buyers was wonderfully good, and taken all round, the sale was considered very satisfactory.. Ac a meeting of the directors of Kompthornc, Prosser and Co."'s New Zealand Drug Company (Lid.), held yesterday, it was resolved to increase the capital of the company by the. issue of 35,000 new shares of £2 each, of which it is intended to call up 20s, the calls being spread over 12 months. The premium upon this issue will be 2s 6d per share, iwyable on application.