COMMERCIAL.

Otago Daily Times, Issue 16295, 30 January 1915, Page 8

COMMERCIAL.

Daily Times Office, Friday evening,

Latest London cables state that the European wheat market is firm and hardening. Messrs Bathgate and Co. have issued the following interesting report, under date London, December 8:— " We are now issuing our mid-season estimates of the world's wheat crops; and, although a little early in view of the fact that the South American crops are not yet absolutely secured, we think that the figures will be of especial interest this year, and for that reason we are publishing them at the earliest possible moment. In the United States the final official estimate did not come quite up to the enormous figure of the preliminary estimate made in August; but as the difference amounts only to a debatable fraction of less than 2 per cent., it will have little influence on the course of prices, and as the wheat has been thrashing out well since harvest, we would not be surprised to learn that at the end of the season America will find that it had even a little more wheat than it anticipated. For Canada wo retain the figure that we gave in our estimates of September l<!1.000,000 bushels). " The last Indian wheat crop was not too rrood; but, as we stated at "harvest time, high prices would stimulate export from that country, and this has proved to be the c;:se, although naturally the volume has not been so great as in the previous season. There is one source of comfort in the fact that India hag sown the largest wheat acreage on record, and if all continues to go well with the growing crop, we may expect an abundant harvest in March and April, probably permitting India to export more tlun double her usual quantity. "For Russia (taking the usual provinces embraced by our estimates) we feel justified in increasing the estimate that we gave in September; for all reports, both official and otherwise, since the crop was harvested, have spoken of it in higher terms than could have been expected, both in regard to quantity and quality. We have raised tho total by only 5,000,000 quarters, though we might havo been justified in increasing it to a greater extent. It will bo found that Russia could well spare a large amount of wheat for export, in addition to other grain; and it is yet to be seen whether tho route via Finland and Sweden or whether another alternative route will bo the better for transporting it to this country, even if the Dardanelles be not reopened earlier than some people imagine. We understand that prices in Russia generally are a great deal below those ruling for American gram, and even though a little extra expense be entailed in shipping by the unusual routes, we havo always to bear in mind the possibility of a large quantity being set afloat during the current season' , We have left tho United Kingdom as it stood m September at 7,500,000 quarters although the final official estimates venre towards 8,000,000 quarters—a really mamicent crop for tho British Isles! "Wo now turn to the Southern Hemisphere, and have first to note with regret the poor result* obtained in Australasia, which, including New Zealand, will not give more than 6,000,000 quarters, against our original and very conservative estimate of 12,000,000 quarters. All must admit a feeling of the deepest disappointment in tho loss suffered by the British dominions in the Antipodes; quite irrespective of the fact that heavy shipments from that quarter would havo been most welcome at this time.

"We havo referred in the Inst week or two to the official and other estimates for Argentina. We have not adopted the full official estimate of 25.000.000 quarters for that country; but taking the probable crop of Uruguay at 1,100,000 quarters, and that of Chile at the average quantity of 2.000 000 quarters, we arrive at the grand total for South America of 27,000.000 quarters. We have already uttered our warning against accepting the official Argentine estimates with too much readiness, as we have so often found them too optimistic. Still provided nothing now happens to mar the prospect, we are iustificd in anticipating a very large yield per acre in . South America; so if exports bo made freojy, as we expect, botween now and the end of July, the extra quantity obtainable from that source may be almost sufficient to counter-balance the shortage in Australasia. " Looking at the matter as a whole, wn find that the world's crop is not verv much less than that of hst year, the deficiency being Jess than 1.75 of the total for 191? (nisuminrr the approximate correctness of River Plate estimates'. Loss has been, and is being, occasioned by th" devastations of war; hut we think there is n. likelihood of its effect being exaggerated: and if we crvuld imagine the impossible possibility of the war erasing to-morrow, we mi' Mit find a rpecdier return to normal conditions and nrvmal prices than most people suppose. Wn nre spenkine- now of th" current season. Next sonson is the or» in which the pinch may be Mf.. nnd all exporting countries will he jnstifWl in increasing the area sown in wheat. It is said that We».

tern Canada will increase lior acreage as much as 4b per cent. ; whilo from the winter wheat States of U.S.A. wo have cbtirnatos of enhanced acreage varying from 12 per cent. U> 20 per eent., and no doubt there will also be an extension of tbe spring ■wheat area next year. It will onlv bo at the end of (lie war that we will be'able to tell what loss of breadbtiiffs it has occasioned; but, we do think that Germany might to he .so impoverished that, unless wheat be exceptionally cheap, her proletariat will have to revert entirely to a diet of ryo broad in place of whoalen bread." There is not much doing in tho local wheat market. A few small purchases have, been made by millers at 6s, country sidings, Oamaru district, but farmers there are now asking up to 6s 3d. Tho Kaiapoi arrived carlv yesterday morning with tho Australian" wheat consigned to the New Zealand Government, and the discharge of the quantity allotted to Duncdin district was immediately begun. The full shipment, of 100,000 bushels will lxj distributed in the South island as follows: Duncdin, 20.250; Oamaru, 17,000; Tiniaru, 26,750; Lytteltom 26,000. The 10.000 bushels allotted to Bluff has already been delivered there. Tho local millers are to bo supplied as follows:—Messrs Hudson and Co. 660 sacks, Crown Milling Company 1830, Messrs Harraway and Co. 746, Messrs Steven and Co. 1660, Messrs Hall and Co. 660, Messrs VVilkie and Co. 325, Mr D. L. Christie (Lawrence) 325, Messrs M'Gill and Co. (Milton) 525, Mr Shcddan (Waiwera) 160. Each sack contains three bushels. Tho wheat is to be sold to millers at 5s 9d, ex ship's side, and the maximum .price to bo charged for the flour is £14 10s net f.o.b. Duncdin, with the usual trade terms. The wheat is of good quality, and the sacks have arrived in firstclass condition—a big improvement on the last consignment in this respect. * Another consignment of wheat is due per the Hornelcn, from West Canada, m less than three -weeks, and this will bo followed by a big shipment, arriving about the end ot .February, from East Canada, the Hesperus bringing some 300,000 bushels via Panama. It is anticipated that when the Hesperus shipment has been distributed enough wheat will have come into tho dominion to make up what is considered to have been tho shortage. By that time the harvest will have begun. Oatmeal is now £17 10s for 25's. Pearl barley. £21 10s; pollard, £7 10s; bran, £7 ss. The oat market still shows an upward tendency, and prices have advanced a full penny during tho week. Tho advance is almost entirely duo to the strong Australian demand. As stocks of oats are now in short compass, and as all present requirements aro_ being supplied from theso stocks, the position is very restricted. Only odd lots of tho new sample are arriving from Canterbury, but the harvest there mu6t soon bo in full swing. Merchants are puzzled as to what course to pursue, as the general opinion is that there is too much risk in stocking up at present values. At the same time, it must bo conceded that tho position is a very strong one, and there is not much likelihood to bo any slackening off so long as the Australian demand continues. North Island have been adopting a standoff policy for some time, and consequently they may be forced on tho market in the immediate future, and have to pay full values. A Gartons are worth to-day 3s 8d f.0.b., s.i., and B's 3s 6|d to 3s 7d. PRODUCE REPORT. Consignments of chaff are more than equal to tho demand, and a quantity is going into store on merchants' Prices are a little easier.

Heavy supplies of potatoes are now coming forward, and values have eased. Consignments of eggs are not equal to the demand, and prices have advanced. Dairy butter is in keen demand. Onions arc slow of sale. Prime Melbournes are quoted at £15 10s a ton, and Prime Canterbury's at up to £10. Current wholesale prices are as follow: — Chaff.—Prime oaten sheaf, £5 15s to £6; medium to good, £4- 10s to £5 10s (sacks extra). P'oba toes. —Prime Oamarua, J3B to £9 (bags in); best Aucklands, £7 to £8. Hay, £3 5s to £3 10s. Straw.—Oaten, to £2; wheaten, £1 15s. Eggs.—Fresh, Is 4d; stamped, Is sd. Butter.—Dairy, lOd per lb; milled, lOd per lb; separator, in lib packets, 9gd to lOd. Pigs.—Baconers, 5d to sid per lb; porkers, sid per lb. Bacon.—Rolls (in quantities), lOd and upwards; sides, 9£d to 9£d;' hams, lOd to 10|d per lb. FRUIT REPORT. The fruit trade lias been very briek during the week. Ample consignments are coming forward from Roxburgn and .Alexandra.; ulso shipments of plums, apples, tomatoes, and pears from Auckland and .Nelson. Canterbury tomatoes firmed during the later end oi the week, and to-day's quotations range from 4id to 6d per lb. Local hothouse are coming in freely, and these ore selhng at from id to 8d per lb. The market is absolutely bare of bananas and pineapples, and stocks of oranges and lemons are also getting into small compass. Reports from Waimate state that supplies of raspberries are just about finished. The season for black and rod currants, loganberries, gooseberries, and strawberries is also now about ended. There will bo no island fruit forward until the middle of next week. The cargo will mostly comprise bananas, but there i 6 no advice yet as to the quantity. There is no fruit coming in from Australia, with tho exception of a few lots of grapes. The following are ourrent wholesale prices: — from Auckland, 3s 6d to 8s 6d; Canterbury cookers, 7s to 8s; Alexandra, dessert 2*d to 4id; cooking, 2d to 2 4 k1. Lemons. —Italian, 22s 6d; Californian 18s to 20s. Oranges.—Californians are selling at 15s per case. Peaches,. 2d to 4id; extra choice, in crates, 5d to lOjd. Apricots.—Jam, 2Jd to 3>jd; desert, 4d to 6d. Bananas.—£hort supply; none offering. Loganberries, 6d to 6£d; wanted. Pears —Jargonelles, 2d to 2id per lb; Bon Chretiens, North Island, 4s to 5s per box. Tomatoes.—Local hothouse, to 8d; Canterbury, 4Jd to 6d; Nelson, 5s to 6s 6d per case. Cucumbers.—Local hothouse, 4s to 6s per dozen. Raspberries.—Local, 6|d; Waimate, 6d; about finished. Plums.—Otago Central, 2d to 4d per lb; Auckland and Nelson, 2s 3d to 4s per box. Grapes.—-Local hothouse, Is Id per lb. New Potatoes.—Peninsula, lid to Oamaru and others, 9s 4d to 10s 6d per cwt. Vegetables.—Very plentiful. Cabbage, 6d to Is per dozen; sacks, Is to 2s 6d. Lettuce, 6d to Is per dozen. Cauliflowers, Is to 4s per dozen. Table carrots (early), 6d to 9d per dozen bunches. Turnips, 6d to 9d per dozen . bunches. Radishes, 4d to 6d per dozen bunches. Spring onions, to 3d per bunch. Rhubarb, per lb. Green peas. Id to per lb. Mushrooms, 6d to 9d per lb; wanted.

CHRISTOHURCH MARKETS. (Pkb United Press Associatioh.) CHRISTCHURCH, January 27. Several lines cf new wheat have changed hands during the week. Tho crops thrashed havo turned out beyond expectations, and tho samples submitted so far ure excellent The prices reported to have been paid range from 6s to 6s 6d at country stations. When the price of imported wheat was fixed at 5s 9d by the Government no price was fixed for flgur, and this matter is still under consideration. Meanwhilo millers are charging £15 per ton.

There is keen inquiry for new oats, and sales of a few lines have taken place since last report. Prices range from 3s to 3s 2d, the latter being for A grade Gartons. For now ootsheaf chaff up to £4 5s is offered, but without finding sellers. A small quantity of old oatsheaf chaff is still offering, and selling up to £4 15s. There being good demand fr-om tho North Island, a number of iines of the new season's barley have been sold at prices ranging from 5s to 5s 6d, according to quality, at country stations.

A small quantity of grass seed is offering, but the prices asked are generally beyond buyers' limits.

HIDE SALE REPORT. Messrs Waters, Ritchie, and Co. report as follows: —We held our usual fortnightly sale of hides at our stores, Crawford street, ■yesterday afternoon. There was the usual attendance of buyers present, and competition was very keen, extreme prices jbeing obtained for all descriptions. Prices, as compared with the previous sale, ruled fully £d per lb higher. All lines of good-con-ditioned ox sold from to 9£d, special lots to 10id, and cows from to 9|d per lb. Caifskinr. also showed a similar increase in prices. Our catalogue consisted of 705 hides and 725 yearling and calfskin?—a total of 143 C. We quote:—Ox: Extra, lOd to 10id; stout, heavy, 9?d to 9£d: heavy, 9id to 9?d; medium, 9Ad to 9|d: light, 9|d to 9Sd. Cow: Extra stout, to 9Sd; hoayv and medium, 9Jd to 9^d; l'ght. 9|d to 9Jd; damaged and bad-conditioned ox and cow, from 6d to s{d ; bull and stag. 6d to 7Jd; calfskins, lid to Hid for be.*t; medium, 10|d to 10? d: damage*! and inferior, s£d to«8d par lb.

MELBOURNE MARKETS. Press Association —By Telegraph.—Copyright. MKIJJOURNK, January 29. Wheat, 7s 8d to 7s 9d. Flour, £16. Barley: English, Ss 9d to 6s 0£<!; Oapn, 4a 5d 'to 4s 7d. Oats, 4e od to 4s 9d. Maize, 5s 2d. Bran, £9 15s. Pollard, £10 15s. Potatoes, £3 5s to £4. Onions, £6 to £8.