COMMERCIAL.

Otago Daily Times, Issue 18447, 7 January 1922, Page 6

COMMERCIAL.

Daily Times Office, Friday evening. ■ According to the latest reports, the wheat harvest in parts cf the Argentine’ is disappointing, and some estimates Of production have been reduced. The surplus cf wheat there in still liberal. It is estimated that present surpluses of exporting countries total 480.000. bushels, while importers’ likely purchases are forecasted at 416,000,000 bushels. Of the latter quantity, .Europe’s requirements are placed at 360,000,000 bushels, and other importing countries? at 56.000. bushels. Bain has fallen in the drought areas of Europe and America. ■The decline in the price of wheat continued during early November (says Plum’s iCommercial Circular, dated December 1) until the December option at Chicago woe quoted at slightly below 1.00 dollars per bushel. A sharp recovery has since taken place owing to a revival of the demand for export, caused news of higher prises at Buenos Aires (due to undesirable rains) and by reports of excessively hot weather in Australia. These influences, together with an over-sold condition of the market, caused an advance to Ell dollars per bushel for the December delivery in an active market. Attention has already'centred, on the i 822 crop of winter wheat; stands are said to be vigorous, but moisture is badly needed in most sections, and heavy rains or snow are anxiously awaited to prevent freezing. The acreage is thought to be somewhat below that of last year. THE LOCAL MARKET. Owing to the holidays there has been next to nothing doing in the local grain market during the past week, the only item of interest being some inquiries for oats from the north at what is reported to be a low price. The present position is that grain merchants, millers, and consumers are awaiting the arrival of the new season’s crop, and until this cornea on tho market business will be slack. Milling "Wheat.—According to Government prices: Tuscan, 7a 10id f.0.b.; Hunters, 8s Xjd; pearl, 8s 4id. Millers’ prices are as follow:—Flour, £Ol 10a per ton; 100’s, £22 10a; 50’e, £23; 25’s, £23 10s. Bran, £7 per ton. Pollard, £lO. Pearl barley, £lB. Oatmeal—2oo’s, £2O; other quantities, £2l. PRODUCE REPORT. The produce market, in common with other departments of the market, has been qhiet since, the holidays, and in the main prices show little alteration from the closing rates of last year. ' Chaff is quiet, and there are fair supplies on the market, which will shortly bo augmented by the new season’s consignments. The potato trade at the present time is practically limited to small supplies, which are selling by, the pound, Peninsulas being quoted to-day at about IJd a* pound. New potatoes from Oamaru are expected syi the market very shortly, and os soon as these arrive prices will ease materially. Fair supplies of eggs are coming to hand, and prices ore unchanged. It is anticipated, that within the next few weeks both hams and bacon will be reduced in price. Dairy butter has been reduced to Is for pats and Is 2d for milled. Miargarine, in sympathy, has come down to 8(1 a peund. Current wholesale prices are as follow: Chqff: Prime, £5; medium and light, £3 10a to £4 ss. Potatoes; Prime quality, about £4 10s. Eggs: Stamped, Is 4d; plain. Is 2d. Dairy butter; Pats, Is; milled, Is 2d. Margarine, 8d per lb. Melbourne onions, 12s per cwt. Bacon: Rolls, la 2fcd per lb; sides, Is IJd. Ham*, Is 3d to Is 4d. FRUIT MARKET. Business in tho fruit market has been -exceedingly brisk during the past week. Tho hot weather has brought stone fruits, such as peaches, apricots, and v plums, forward rather quickly, and some of it is now coming on the market in an overripe condition. As a consequence low prices are ruling for this ete«w qf stuff, but choice fruit is iealia*

ing fair mines. Moderate quantities of green, bananas came to hand during the week from Fiji, via Auckland, but the quality was not remarkable, and low prices ruled. The new season's apples have not arrived here in any quantity as yet, and buyers still hove to -rely on American importations. There is gopd inquiry for oranges and lemons. (Jrapes are more plentiful, and prices are somewhat lower. Raspberries are now coming forward in fairly good supply/ and are meeting wim a keen demand; but no doubt the season will be short owing to the hot weather. Strawberries are still coming forward. from Wei mate, but a great quantity are poor in quality. A few cherries ere still coming ■ forward from Canterbury; and are realising lair prices. The market for tomatoes eascdl somewhat early in the week, but during the last day or two supplies have fallen off, and prices have again firmed a little. No doubt these from the heated houses are* about finished. ' ! The .vegetable market is dull. Local potatoes are in keen demand. Current wholesale prices are as follow: — Apples: American, 26s to 30s. Lemons: Californian, 50s to 59s fid. Oranges: Californian, 45s to 50s; Sydney, 30s to 325. Bananas: Ripe, 30a to 38a. H Tomatoes: Christchurch hothouse, la to Is fid; seconds,'fed to lid per lb; local, Is 5d to Is Bd. Cherries: Beet black, to Is 8d; others, 10)d to la 4d per lb. Strawberries: Waimate, Is to la -fid per pottle. Raspberries, lOd per lb. Crapes: Local, 2s to 2s fid. Plums: Dessert, 4s fid to 5s 6d per halfcase; cooking, 3a to 6s Apricots: Crates to fid per.lb; half-cases, 4a to 6a. 1 Peaches: .Crates, 4d to sd; half-cases, 3s fid to fis. Now 'potatoes; Local, IJd to 2d. Table carrots: New, Is fid to Ss per dozen bunches. \ Cabbages: Best, to 4s per sack,; medium size, from Is fid per sack; inferior, to Is per sack. , Cauliflowers: Choice, to 8s per dozen; prime; fis per dozen; medium, Ss to 4s per. dozen, and to 8s per sack. Rhubarb, 2s fid per dozen brunches; loose, from Id a lb. Creen gooseberries, l)dl to 2d per lb. Lettuce: Choice, to Is per dozen; small, fid per dozen. Spring onions, IJd to 3d per bundle. Radish, fid per dozen bunoKca. White turnips, fid to la per dozen bunches. Green peas: Best; Id to 2d a lb. Cucumbers, to 9s per half-dozen. BANK OP ENGLAND RETURNS. Press Association—By Telegraph—Copyright. LONDON, January 5. (Received January 6, at 8.5 p.m.) The Bank of England returns for (he week ended January 6 afford the following comparisons with those of the previons week:— Deo. 29. Jan. 5. Coin and bullion ... ... £126,615,000 £136,615,000 Reserve 20,364,000 21,196,000 Proportion of reserve to liabilities, per cent. ... Note circulation 126,520,000 125,694,000 Government deposits ... 16,057,000 17,118,000 Other deposits - 106,533,000 174,904,000 Government securities ... 36,962,000 68,752,000 Other securities ... ... 83,865,000 120,020,000 Short loans. 3) per cent.; three months’ bills, 3) per cent. —A. and' N.Z. Cable. •' PORBIGN EXCHANGE BATES. Press Association —By Telegraph—Copyright. LONDON, January 5. (Received’ January 6, at 5.5 p.m.) The foreign exchange rates are as follows compared with those last cabled: — Par. Jon. 3. Jon. 5. Paris, Ir. to £1 ' Christiania, kx. to £ Stockholm, kr. to & Copenhagen, kr. to £ Berlin, mk. to £ 20.43 797.00 ' 840.00 Montreal, doL to £ _. 4.80 2-3 4.42 4.39 New York, dol. to £ ... 4.86 2-3 4AOJ 4.17) Hongkong, star, to dob ... • 31d 33)d Yokohama, st. to yen ... 24.58 27Jd 27)d Calcutta, st. to rpe. 10 to gold’£ 16Jd 18d • Determined by price of silver. —A. and JSX. Cable. . GOVERNMENT SECURITIES. . Press Association—By Telegraph—Copyright. / LONDON, January 5. (Received January 6, at 6.5 p.m.) j The following are the latest quototions for Government securities, with a comparison with those

THE BETTER MARKET. '

LONDON, January 6. (Received Jan. 6, at 5.5 p.m.)', The butter market has improved daily throughout the week, -with good consumption and demand. Australian arrivals •were all cleared. New Zealand cargoes continue to discharge slpwly, and «J 1 are soiling as soon as they ore available. To-day's quotations: Free New Zealand butter, choicest salted, 125 s to 130a;'Australian, UAT'to 116 a; unealted, 120 s to 1225., The Board of Trade has agreed to the Australian and New Zealand Governments' request not to proceed with tho sal© of th© bulk of its stock before* January 14. News fiom Australia with reference to the contemplated action of Australia and Now Zealand concerning the acquisition of butter has stimulated speculation. . To-day tho Board of Trade sold 500 tone or good grade Australian and New Zealand butter ai 98s to 108 s, equalling recent weeks’ average sales.—A. and N.Z, Cable.

LONDON MARKETS. Press Association—By Telegraph—Copyright, LONDON, January 5. Ini the absence of buyers, business 'in wheal cargoes is practically at a standstill. The quotations vary with the' fluctuations in America and Winnipeg, but without bids it is difficult to determine value®. Australian, January-Pobruaiy, is nominally quoted at about 50s; parcels, at th© some price. Pair business was don© in spot. Australian, ex quay, 53a Gd. Flour is quiet. Australian, ex store, 43a to 43s Gd. Oats, firm. Beans and peas: Quiet and unchanged. Sugar: Granulated, 46s 6d. Wheat freights are easier. Fixture® have been made for South Australian and Victorian at 47s 6d. Cheese: Slow in demand. New Zealand, 84s to SCs Id.—A. and N.Z. .Cable.

LONDON METAL MARKET. LONDON, January 6. (Received Jan; 6, at 9.35 p.m.) Copper: Spot, £66 1® 3d; forward, £6B IBfl 9cl. ' Lead;' Spot, £si 7s 6d; forward, £34 7s 6d, Spelter: Spot, £37; forward, £27 7s 6d. Tin: Spot, £167 13a 9d; forward, £169 13s 9d. ( Silver, 2a IOJd per os.—A. and N.Z. Cable. ANTWERP WOOL SALES. ANTWERP, January 6. ' (Received Jan. 6, at 8.35 p.m.) ' At the wool sales 15,000 bales were" offered and 13,000 cold. Buyers were numerous and competition was animated, prices showing a 10 per cent, increase compared with the last London sale. Prance and Belgium were tho principal buyers.—A. and N.Z, Cable. LOAN FOR DUTCH EAST INDIES. NEW YORK, January 5, An American syndicate is. floating ft 40,000,000d0l Dutch East Indies loan for 25 years, with 6 per cent, gold bonds, the price to yield 63 per cent.—A. and N.Z. Cable. ■ LONDON, January 5. » The South Australian loan has been fully subscribed. —A. and N.Z. Cable. VICTORIAN MARKETS. Press Association—By Telegraph—Copyright. MELBOURNE, January 6. Barley: English, 4a 4d to 4s 6d. Oats, 2s 9d to 3s. Potatoes, £5 to £6. Onions, £4 5s to £1 10s. WANGANUI WOOL SALE. (Pun United Press Association.) WANGANUI, January 6. Tho first wool sale of this season was held to-day, 13,471 bales being offered, of which 90 per cent, was sold. Competition was keen throughout, fine wools for America registering the greatest .advance, being 2d to 2Jd on the Wanganui October sale, and id to Jd on tho Wellington December sale. Medium wools also advanced about 2d on the October sale and Jd on the Wellington December sale. Inferior and bush stained •wool made a slight advance. Lincoln wool (thirty-sixes) was in demand, and advanced from Jd to Jd. Only choice lines of lambs’ were in demand; other lots of lambs’ wore quite neglected. Following is , the range ’ cf price#;—

Fine crossbred, super (46’s td- 48’s), Bid to 9Jd; average, 7id to 8d; inferior, 5d to Medium crossbred: Super (44’s to 46’5),, 7Jd to Sid.

Medium crossbred: Average (44’s to 46’s), ‘Sid to 7Jd; inferior (44's to 46’e), 4Jd to Sid. Coarse crossbred: Super (36’s to 40’e), 4d to sd; average (36’s to 40’a), SJd to 4Jd; inferior (3G’s to 40’s), 3d to 4id. Lincoln (36’s), 4d to sd. Hoggets: Fine (46’s to 48’a), 6|d to 9id; medium (44*3 to 46’s), Sd to 7id; coarse (40’s to 44’e), 4Jd to 6d; low (36’s to 40’s), 3id to 4Jd. Lambs: Fine, 7|d to Sid; medium, 4d to 7id; seedy and inferior. Id to 2d. Bellies and pieces: Crossbred, good to super, 3d to 4Jd; low to medium, 2id to 3Jd. Crutohings: Crossbred, medium to good, 2|d to 3Jd. Locks/- Jd to lid. —• CANTERBURY MARKETS. (Pro UmntD Press a EsooiiTiov.i CHRISTCHURCH, January 6. The new season’s produce is now commencing to come forward, but on a very irresponsive market. The financial position is hampering all speculating, and the offers being made by merchants are ' naturally within conservative limits. Recently published figures in regard to oat stocks might have been expected to buoy up tbs market in that cereal, but they have not even had a slight infinance. A fair number of _ smell sales have been made, but at low prices, for shipment to the North Island. It is understood that where thrashing has taken plico the yield hss been disappointing, oats having suffered during the paht few weeks from the, dry weather along the coast. Any quotations that have been made so fax are on a basis of front 2s Id to 2sßd for A grade Gar tone at country stations. A few parcels of new season Algerians and Duns have been offered' to merchants, but offers have not exceeded la 6d*per bushel at wayside stations. There has naturally been no business at this figure. Good report® continue to come to hand regarding the wheat yield prospects. Along the coast, where the rainfall, has been rather .low, there is a good deni of wheat heading badly, .but inland, where the rainfall has been much more liberal to the extent of 2in to Sin in the year, the prospects could scarcely he batter. The orily unsatisfactory feature is the appearance of the “take-all”; but in tbe aggregate, though it will spoil some returns in North Otago and South Canterbury, the destructiveness at present does not threaten to be very great. Generally, wheat prospects are good. ” Several lines of the new season’s perennial ryegrass have been offered to merchants, but the samples were of poor quality, and merchants’ limits were about 2s Sd. Good quality may bo quoted nominally at about 2s 6d to farmers. The potato market is much brighter, and “a fair number of forward sales for AprilMay delivery have taken place at up to £3 16s a ton. Tbe dry weather ia having the effect of hardening the demand. ■■ BRAY BROS., Auctioneers, Dunedin. Consignments of poultry, pigs, eggs, honey, and butter are urgently wanted, also fruit and all farm produce. Prompt attention given to correspondence, and - inquiries invited.—Advt.

ruling last week:— , last week. Tills weak. 2i per cent. bra. _ £50 5 0 £60 0 0 6-per cent. Imp. War Loan ... 3J per dint. Imp. 'Wax Loan 90 17 6 90 17 6 93 7 6 91 15 0 5| per cent. O’wealtli Loan ... 101 17 6 100 0 0 5J per cent. O'wealth Loan ... 98 0 0" 98 10 0 N.S.W. 4’a, 1938,i Jan. July ... 81 13 e 81 IS 0 N.S.W. 31’g, 1935-50, Jan.-July 64 0 0 64 10 0 N.S.W. 3’s, 1935, April-Oct.... 70 10 0 70 13 6 NJ3.W. 5J’s - ... N.S.W. 6J’s - ... - _ 97* 0 0 98 13 6 M4 0 0 111 17 6 Via. 4’s, 1921-3, Jan.-July ... 91 13 6 91 13 fi Vio. Si’s, 1929-40, Jan.-July... 64 0 0 64 5 0 Vifc. 3’s, 1929-49, Jan.-July ... 57 0 0 67 6 0 Q'lanii 4’s, 1924, Jan.-July ... 91 12 6 91 13 6 Q’land Si’s, 1921-24, Jan.-July 90 5 0 80 0 0 Q’land 3’s, 1922-47, Jan.-July 65 6 0 66 0 0 N.Z. 4’s, 1929, May-Noy. ... 88 15 0 88 17 6v N.Z. 3i’s, 1940, Jan.-July _. 72 0 0 73 8 0 N.Z. 3’s, 1945, April-Oct. „ 64 10 0 66 0 0 S.'A. 3’s, 1930, Jan,-Jrily 53 0 0 63 0 0 S.A. Si’s, 1945 or after Tas. SJ’s, 1920-40,' Jan.-July ... TO 0 0 70 0 0 .71 5 0 71 15 0 Tas. 3’s, 1920-40, Jan.-July... 64 15 0 65 6 0 W.A. 3i’s, 1920-35, May-July 73 15 0 74 10 0 W,A. 3’s, 1915-35, May-Noy.... 69 0 0 TO 0 0