COMMERCIAL.

Otago Daily Times, Issue 17942, 22 May 1920, Page 8

COMMERCIAL.

Daily Times Office, Friday Evening. The question has been raised how Australia would stand for wheat in the event of the failure of tho 1920-ltr2l wheaif crop of the commonwealth (says the Australasian). It haa been suggested in some quarters that the export of whfeat to Groat Britain should be discontinued, as a failure of the crops would necessitate importation at about the end of the year. The ocst_would be extremely heavy on the present landed cost of foreign wheat, and it appears to be advancing. The matter is ono of surmise only, and there is yet time for beneficial rains in the wheat areas. However, oo far as Victoria ia concerned, it can bo taken for granted' that the State wheat controllers aro carefully watching Victoria's intorests, and the term® of the oontract with New South Wales include a clause by which despatch may oeaee if the Victorian Wheat Commission sees fit to do so. Should a stage bo re-ached that will make it essential to import wheat into Australia, then it is a matter which Tests with individual States. If those States which neglectcd to make conservation for the future when drought conditions were prominent preferred to snap abroad, then they must restock at their own expense. Thero are, at .present, hopeful signs of general rainfalls, which, if they occur, may dispel any fears as to the near future.

Crop conditions in Franc© at towards the end of February were ideal lor tho growth of cereals and agricultural work, and the position appeared to be better than indicated in tho report of tho Minister of Agriculture at tho beginning of that month. The London Grain, Seed, and Oil Reporter states that foars were entertained of damage from late frosts, however, owing to tho forward state of growth of winter cereals. Provided that March rains were not too persistent, it was' anticipated that the cereal areas would be greatly extended. In Italy the dry weather was unfavourable, and rains were needed for tho growing cropa and meadow®. As regards Germany, the Government has decided to ensure farmjera,<a reasonable return for the more important products in order to encourage production for the coming season. The crop news from Russia is scanty, tmd when the much-talkeckif surpluses will be available for European needs is a matter of extreme doubt, owing to internal troubles. A feature of the international wheat position may be said to be the large • shipments of grain from Argentina to Europe. These amount, from January 1 to February 19, to 31,100,000 bushels, with the result that sellers in the Argentine are steadily advancing prices and the purchasing power of sterling is decreasing. Cable messages received advise that trustworthy reports from Argentina are to the cffcct that early restrictions will be placed on the export of wheat from that source. In North America spring wheat seeding has been delayed, and 1 it is predicted that there will bo a decrease of 15 per cent, in the acreage. LOCAL MARKETS. Practically no parcels of wheat are now on offer, and from inquiries it would appear that the bulk of the wheat has been thrashed. The crop has been « very short one, but if tho weather is favourable there should be greater returns next year, and already thero are numerous inquiries for seed wheat. Tho local Government fixed prices for May are S3 follow:—Velvet or pearl, 7s lid; Hunters, 7s 8d; Tuscan, 7s sd—all f.0.b., sacks extra (the prices inoludo ljd per buphel brokerage). Millers' prices are as follow:—Flour, £16 10a to £17 per ton; 100's, £18 to £18 10s; 50's, &.S 10s to £19; 25's, £19 10a to £20. Bran, £3 per ton. Pollard, £10. Pearl bailey, £35. Oatmeal. £31 to £33 "per ton. The. shipping demand for oats for early delivery has Blackened of!, but it has continued for forward deliveries, June to December. Business has been done locally at 5s lOd, spread delivery, and merchants are now asking 6s lid. Growers' offerings aro light, and 5b to 5s 3d per brash el, sacks extra, on trucks, is being paid. These prices do not leave very much of a margin to shippers, who are therefore not keen buyers. PRODUCE REPORT. The local Remand for chaff has been moderate, and consignments aTe equal to requirements. Good quality is to-day worth £8 7s 6d per too, sacks extra, ex truck. Several shipping inquiries are being received, but owing to kck of space no business is reported'. There ig no shipping demand for potatoes. Consignments are proving tco heavy for the present local rat© of consumption, with the result that prices show a further decline. Potatoes aro now sold sacks extra, and today's value for good quality is £6 10s per ton, sacks oxtrn. Medium quality is hardl to quit at £1 per ton Ices. • Current wholesale prices are ne follow: Fowl wheat, 8s 3d per bushel, sacks extra (very »carco). Cltaff: Prime oaten sheaf, £8 7r- (kl; medium £6 to £7. Potatoes, £6 IO3; medium, £5 to £6. Onions, Us per cwt. • Bgrrs: Stamped, 3s 3d; ordinary, 3s ; preserved, 3s 6d to 2s 3d. Butter: Milled, bulk, best, Is Sid to 1b 6d: ecrpaxator pats, to Is sjd.

Margarine, to la 3Jd per lb. Pigs: Porkers, IOJd to lid per lb; baooners, 10Jd per lb—supplies equal to tho demand. Bacon, Is 6d to la 7d per lb. FRUIT REPORT. ' Fairly heavy consignments of apples and pears have come to hand from Nelson and Canterbury. Tho majority o£ tho fruit is from cool stores, and it is not opening out too well. Souk) of tlio fruit., in fact, will not clear the oxponiscs incurred by tho shippers. A fair quantity of lalnaid oranges is now on the market, and lower prices liavo hod to bo accepted to cloar. Advice received from Auckland states that the Monowiu ia bringing a shipment of 700 oases of bananas for tho local market. The frnit will eoiiro to a good market, no it will bo ready for consumption about show wook. OnteicEs-grown tomatoes aro almost done. Bw tomatoes coming forward aie showing signs of froat. Prices for local hotfoousegrown have firmed as a consequence. Tho J\Lokoia has brought pio-iuelons and vegetable marrov.fi, also a email lino of passion fruit, Thcso should meet with a ready sale. Supplies of vegetables are irregular, and 'Juices aro in tho samo condition. Cabbages and cauliflower are in chief supply. A sound demand exists for awode turnips for the table. Current wholesale priocs aro as follow: — Dessert apples: Jonathan (Nelson), 5a 6d to 6s 6d per case; Otago Central, Gs to 8b; Cox's Orange Pippin, 7s to 9b for best; cookers, l£d to ljd per lb. Hothouse tomatoes: Local, Is 6d to Is lOd por lb; Christchurch, outside-grown, best fid to GJd; others, 2Jdl to 3d. ' Lemons: Cases, 503 to. 555. Oranges: Islands, 18s to 20s; repacked, 15s, as landed. Pears: Choice, 2d to 2id por lb; good, 6s to 7s por bushel case. -Grapes: Of*mam Gras Oolmais, & 3d to 2s 6d per lb; Black Hamburg®, la 7d to Is 9d for bost; others, lOd to Is Bd. Carrots: Bags, 2s 6d to 3s 6d; 9s peir cwt. Oabbago: Prim®, to 4a pei dozen; Backs, 2b to 3s ed. . ' Cauliflower: Medium, 2a to 8s per dozen; ohoice, & to 8s per dozen. Passions: Auckland, primie, 8s to 9a por box. Lettuce, Is to 2s per cose. Potatoes: Taieri and Oamaru, 8s 6d per cwt. Peas, 6Jd per lb. Table swedes, 5a to 6s per sack—strong demand. Vegetable marrows. 6s to 7a 6d peor case. I Kumeras, l|d to 2d per lb. I DECLIMO IN COPPER. ! Press Association—By TelogTaph—Copyright, j LONDON, May 20. ' (Received May 21, at 5.5 p.m.) The decline in the price of copper is duo to persistent selling and tho reduced output in the Midlands owing to the strike on the canals.—A, and N.Z. Cable. i

AUSTRALIA'S SURPLUS WHEAT. ADELAIDEI, May 21. (Received May 21, at 7.35 p.m.) Th<3 Wheat Board estimates that South Australia's exportablo surplus wtheat is 6,000,000 I bushels. }

COMMONWEALTH IMPORTS. J MELBOURNE, May 21. I (Received May 21, at 7.35 pjn.) ' The commonweal i.h imports for the nine months totalled! £62,287,000, and the exports! £111,960,000. j AUSTRALIAN MARKETS. I Prea* Association—Bv Tclesrrnnh—Copyright, : MELBOURNE, May 20. ! Barley: English, 7s 4d, 7s 9d; Cape, 6s 4d, 6s 6d. Oats: Algerian, 6s, 6s 3d. Potatoes, ; £13, £13 10s. Onions, £13 10s, £14. j CANTERBURY MARKETS. j (Pill UHITEI) L'RIiSS ASSOCIATION.) j CHRISTCHURCH, May 21. ! Tho movement in oats was only temporary, ! and prices are now stable at rates quoted 1 lost week. The shortage of railway trucks and storage, together with insufficient ship- ' ping facilities, are militating against a lively • market being instituted. Potatoes are in good supply. The yields are prolific, and the samples good, but tho local demand is not keen. Northern buyers are now drawing on their oontract supplies, and thoro is not. much from outeide. Buyers aro offering £3 10s to £3 15s, but growers are not disposed to accept these i prices, and much pitting is being dbne. It | has been reported that there is a prospect , of the embargo on the export to Australia i boing lifted in the near future and growers j anticipate better pricoe when this happens. I Barley remains unaltered. A few odd lines ) remain in the oountry, but, generally speak- I ing, the crops have been marketed 1 . j Chaff is in the Bamo position as oats, and ' sales are slow. I

SOUTHLAND MARKETS. (From Our nws Conhespoitdentt.) INVERCARGILL, May 21. The stock markets have been fairly brisk during the week. The store cattle market, which experienced a slump recently, has recovered, and considerable inquiry has been made for good, well-bred steers, ranging from 19 months to 2J years. This* class of, stock has been hard to obtain, and the priecs for such lines can be quoted at from £5 7s 6d to £7 10s. Thero has been little business in fat cattle during the weok, but the market remains the same as recently. The works have practically closed upon fat freezing sheep, and only butchers and a few northerly buyers are operating. Several good lines of wethers have been trucked' north during the week prices for sales ranging from 35s to 425. There has been a good inquiry for good young ewes, and two-tooths were sold at from 28s 6d to 30s, while four, six, and eight-tooth ewes ranged from 25s to 23s 6d. The horse market shows a big activity, the demand being mostly for four to eight-year-old working farm draughts, and prices ior those of fair average quality being £35 to Oats.—The market continues firm, but the prices offering m the North Island are not large enough to enable buyers to mtiko a profit on the prices farmers are asking. A grade Gartons are worth 5s Id, and B Gartons ss, but merchants are not anxious to buy at those figures, as their only chance of making 'o profit is by holding, and to buy at such prices is somewhat risky. Chafl.—The chaff market is firm, and prime quality will readily bring £7. Potatoes.—The market is quiet, and at the present time it is not possible to make sales for shipment on the prices asked by growers. Sales have been made at under £6, 0.t., c.s., s.i., and merchants' ideas seem to be from £5 5s to £5 10s, 0.t., c.s., s.i. Hemp.—The shipping market is quiet owing to lack of space, and also owing to the fall in prices :n London. For good fair there continues to bo a good local demand.

Ryegrass.—Tho ryegrase market is quiet, but firm. No sales, however, in the meantime aro taking place. LONDON MIOTAL MARKET. Press Association—By Telegraph—Copyright, LONDON, May, 20. (Reoeived May 22, at 1.15 a.m.) Copper: Sp^t: fJO Ee; forward, £04 16s. Electrolytic: Spot, £107; forward, £109. Load: Spot, £37 15s; forward, £39. Spelter: Spot, £13 15s; forward!, £46 IBs. Tin: Spot, £278; forward, £282 15s. Silver, Is 10J,d per ounce.—A. and N.Z. Cable. LONDON TALLOW MARKET. Messrs Dalgety and Co. report having received the following cable from London, dated 19th inst.: —"1895 casks of tallow offered, 153(1 sold. Beef and mutton, prime, unchanged; mixed, good colour, 85a 6d per ewt; inferior doscriptions, average price 2s higher." HIGH-PRICED HEREFORD. HEIFER. Tho Mokoia, which arrived from the north last night, had on board a valuablo Hereford heifer, Happy Hilda VI. Happy Hilda, which waa the higheat-prioed heifer sold at the Tecent dispersal sale of Mx E. Short's ParoTBngi stud, was purchased on account of Mr L 0. Hazlctt, of Salisbury Estate. The heifer is from the English cow Happy Hilda, which was imported into New Zealand in 1912. Its aire is Champion 48. SALE OF PROPERTY. Messrs James Samson and Co., instructed by Mr E. M. Houghton, held an auction salo yesterday of a five-roomed dwelling situated in Leith street. The property was disposed of, after spirited bidding, at a satisfactory figure. Fraser and Co., auctioneers, produce mciv chants, commission agents, and agents for the Otago Egg Cirole, 146 Crawford street, Dunodin, report:—Eggs: Market weak; fresh, 3s; Egg Circle eggs, 3s 3d to 8s 6d. Butter: Pound pats, separator, Is 6d; milled bulk, Is 5Jd. Pigs: Good bacon weights, lOd to lOJd; porkers, lOd; overweights, 4d to 6d por lb, according to size and quality. Tallow, 45s to 55s per cwt, according to quality. Honey: Good bulk wanted, 7Jd to Sd; 10lb tins, 7e 6d to 8s; sections, 8d to 9d. Beeswax, 2s 4d to 2s 6d per lb. Canterbury onions, 103 to lis per cwt. Potatoes: Market easier et £8 for best quality; medium from £6 to £7 per ton. Thomson's calf meal, 1001b bag, 325; 501b bag, 17s; 251b bag, 9s. Triumph incubators: 125-egg, £14; 250-egg, £18_; 375-ogg, £22 10s; 600-egg, £28. Poultry: Owing' to Wednesday being a holiday we did not hold our weekly sale. Wc quote aa follows: Hens, 48 to 5s 6d; extra good sorts, up to 7s; roosters, to 4s; cockerels, 4s to ss; extra good up to 9s; ducksj 5s to 6s; extra good sorts up to 7s (all at per pair); turkeys—hens, Is 2d peir lb; gobblers, Is 4d per lb live weight.