COMMERCIAL.

Otago Daily Times, Issue 18453, 14 January 1922, Page 8

COMMERCIAL.

Daily Times Offieg, Friday evening. Preliminary returns of the produqe of this ■ year’s crops in England and Wales, issuojl by tho Ministry of Agriculture, show au estimated total .wheat production of 8,723,000 quarters, which is rather, more than 2,000,000 quarters greater than in 1920, and larger than in , any year since 1898, with the exception of 1918, when the area of this crop was greatly increased as a result of the food production campaign. The yield per acre over the whole country is estimated aa 35.3 bushels, or nearly five bushels above the average of the previous 10 years, and the highest recorded since official returns of production were first collected in 1885. The total production of barley is 5,309,000 quarters, or 1,000,000 quarters less than in 1920 -and 350,000 quartera less than the aver-, age of the 10 years 1911-20. The yield per acre is estimated! at 29.6 bushels, which is about ,1J bushels per acre below the tenyear average. Oats were also a>J,ight crop, the yield per acre being estimated at 37.3 bushels,' which is over one bushel per acm below average, and half a bushel less than last year. The total production, which amounted to 10.022,000 quarters, is about 700,000 quarters less than in 1920. In some districts there were many very poor fieius of oats, and also of barley, but there were, however, a large number of crops which did well arid thrashed out better than was expected. Hay suffered considerably from tho verydry spring, and the total crop is one of the lightest recorded. It was, howeevr, well secured, and is of good quality. Tho total quantity produced was. about 5,340,000 tons, which is about 35 per cent, less than last year, and about 2,000,000 tons less than tho average of the 10 years, 1911-20. A preliminary estimate of the world’s wheat crop® for 1921, compiled by tho London Grain, Seed., and Oil Reporter, shows that the increase in the yield of wheat in Europe is ■ forecast at 115,192,000 bushels. This fa practically in accord with earlier predictions of other authorities. Tho expansion during the year is conspicuous in France, Canada, and Italy, while a large decrease fa shown in India. Tho following are the estimated yields of the principal producing countries for tho .last three seasons: (In Quarters of 4801 b. 000’b Omitted.) ’ 1919. ini'). 1921. Austria 2,020 800 750 Hungary 4.000 3,624 5,53!) Bulgaria 4,250 5,160 5,314 P-arice ... 22,240 28,800 40,406 Germany 10,-100 10,360 12,068 ’ ... 21,200 17,670 23,516 Boumania .*■ ... 6,340 5,230 1 5,500 Jugo-Slavia . ... .. 6,380 6,000 5,503 grmia „ _ ... 16,740 17,330 17,900 w K . 8,670 7,112 8,500 Rest of Europe _ ... 6,820 7,200' v 7,817 Total Europe 109,060 108,286 132,810 Argentina , ...'' Australasia MBO 18,600 18,500 Canada - - - Tmiia .- - 36.000 47,100 32,000 Tps A ... Other’ - T ota l 334,590 340,426 350,883 These estimate® do riot include Russia, as returns were riot available# In 1916 Russia

h-orvesteii 86;460,000 quarters of 4801 b, in 1015 }18,590,U00 quarters, in 1914 109,316,000 quarters, and in 1913 119,5|9,000 quarters. LOCAL MARKET'S. Some of tho local millers are beginning to look forward to tho arrival of the new season’s wheat crops—in fact, they will be hard put to it to keep going till the new wheat ia available. Reports of the new crops are most gratifying, and it ia expected that there will be a bumper return. The wheat in several of the districts is expected to be of milling quality, instead of fowl wheat quality only, as in previous seasons. Millers’ prices are as follow;—Flour, £2l IQs per ton; 100’s, £22 10a; 50’s, £23; 25’s, £23 10s. Bran, £7 per ton. Pollard, £lO. Pearl barley, £lB. Oatmeal —200’s, £2O; other quantities, £2l. The Victorian Wheat iCommission’a price to millers for old wheat is 5s 3d on trucks at the Geelong depot. Shippers offer up to 4s lid for January delivery new crop. Williarostown basis. The Victorian Mdllownets’ Association price for flour manufactured from old wheat ia £l3 per 20001 b net delivered Melbourne or suburbs, and for that made from hew wheat £l2 10a net delivered. Tho association price for bran is £5 10s per 20001 b, net delivered Melbourne or suburbs, and that for pollard £6. The barley market is dull and featureless’. Good English malting is quoted at 4s 3d to 4s 4Jd, medium English from 3s 9d upwards, and good malting Capo 3s. In oats, trade is small, and the position is practically unchanged. Fair to good Algerians are quoted at 2s 9d to 2s lOd, and samples suitable for clipping and dressing about 3s; Feed sorts are quoted at 2s 7d to 2s Bd. v . _ . Thero is a little forward business doing in oats for spread delivery in Aprii-September, B Gar-tons being placed'at 2s lOd f.0.b.,e.i., equal to about 2s per bushel to the farmer. A small inquiry continues! for old oats for prompt delivery, at prices ranging from 2s 10Jd to 2s lid per bushel, f.0.b., s.i., for B’s and 3s for A’s. Thrashing has commenced in the Canterbury district, and early Algerians have been on offer. . There are no transactors in these oats down here, and thero are no outlets to the overseas markets. It is reported that there is a reduction of about' 100,000 acres laid down in oats, as compared with tho previous but it is generally held that even with the reduced) area there will be ample supplies to meet tho dominion requirements for the next 12 months. Unless an export business can bo introduced there seems every prospect that the oat market will continue on a low range of values. . The London market is very weak, and 3s 3d f.o.b. s.i.. New Zealand, is about the equal of the London prices to-day. It is not thought that there will be a great ‘carry-over of old oats. There tfco practically ho stocks In Dunedin stores, and. Otago farmers are not holding much. About 5000 to 7000 sacks of oats are, however, in Southland stores. The seed market ia dead in tho meantime. . Fair supplies are held in the North Island-, and operators there are disinclined to purchase to any great extent, in view of the stringent financial situation. PRODUCE REPORT, Feeders are well supplied with chaff. Prime quality is worth about £4 15s per ton. There is not much chaff coming forward, hut this fact notwithstanding sales are not too readily made. Eggs are in plentiful supply, and sales aro not too readily made. Dairy butter shows a sharp drop in price. Onions are in short supply. Bacon prices are eaeeir. Current wholesale prices are as follow: —- Chaff: Prime, £4 15s; medium and; light, £3 10s to £4 ss. . Eggs: Stamped and plain, la 2d. ; Daii/ butter: Pats, 9d; -milled, lOd Melbourne .onions, 12a per cwt. Bacon: Rolls, Is Id per lb; sides, Is OJd. Hams, Is 2d. FRUIT REPORT. Business has been brisk in the fnjit marts during the week. Very heavy supplies of stone fruits have beefi arriving from Otago Central, but these have been all cleared undear a keen demand. Supplies of raspberries have been fairly plentiful, but prices still range round about 10d per lb. ‘ New season’s applies are now reaching the market /from Otago Central; Some very nice samples of Beauty of Bath have met a ready sale. Inferior quality, however, is hard to quit. Tomatoes—mainly Canterbury grown—meet a sound inquiry, and prices are well maintained. Locally-grown tomatoes ate not too plentiful, and prices for these-rule high. Excellent samples of orate peaches have come forward from Otago Central and Outram. These were sold under keen competition. Apricots from Otago Central are also quickly disposed Of. • Plums ere in rather short supply, but no fancy prices are ruling. There is apparently a e-hort crop of nectarines this year. No really choice samples have yet reached the market. . Locally-grown - .hot-house grapes aw now feommencing to come in. ' Strawberries ore in abort supply, and prices rule .high. ~ Fair stocks of American oranges and lemons aro on the market. Tho demand for oranges ia riot very keen at the moment, their place being taken by stone fruit. Bananas are off the wholesale market at present. Black and red currants meet a keen demand, i The vegetable market is quiet, but peas have a sound inquiry. Choice cauliflowers also meet a good demand. Now potatoes are selling' at 2d per lb. Oamaru-grown are worth about lls per cwt. Current -wholesale prices are as follow: Apples: American, 26s to 30s. Lemons: Californian, 50s to 52s 6d. Oranges: Californian, 45s to 50s; Sydney, 80s to 325. Bananas: Ripe, 80s 38s. Tomatoes: .Christchurch hothouse, Is 5d to Is 6id; seconds, Is to Is 8d per lb; local, la 7d to Is lid. Strawberries: ’Woamate, Is 4d to Is 8d per pottle; Ettesburgh’s, to 2a Id per pottle. Raspberries, ltd to lid per lb. Grapes: Local, Is 8d to - 2s, Plums: Dessert, 4s 6d to 6s 6d per hallcase ; cooking, 3s to sa; crates, 8d to 4d tor choice. Apricots: Oratea to 6d per lb; half-cases, 4s to 6a, Peaches: Crate®, 4Jd to 6d; half-cases, 3a Cd to 6d. , New potatoes: Local, lid to 2d. Table carrot®: New, la 6d to 2a per dtozen bunches.' . Cabbages: Best, to 4s per sack; medium size, from Is 6d per eack; inferior, t* Is per sack. - Cauliflower*; Choice, to 8s per dozen; prune, 6s per dozen; medium, 2s to 4s per dozen, and to Gs per sack. Rhubarb, 2s per dozen bunches; loose, from Id to 3d per lb. - y .Green gooseberries, lid to 3d per lb. Lettuce: Choice, to ’3s 6d per .dozen; email, Is per dozen. ' Radish, 6d per dozen bunches. • "White turnips, Cd to Is per dozen bunches. Green peas, Id to 3d per lb. Cucumbers, 12s to 18s per dozen ( ’ BANK OP KNOLAND- EETHHNS. Press Association—By Telegraph—Copyright, l LONDON, January 12. (Deceived January 13, at 8.15 p.m.) Tho Bonk of England returns for the Week’ ended -'January 12 afford the following comparisons with those of the previous week-: — - Jan. 5. Jan. 12. Coin and bullion _ ... £126,615,000 £126,618,000 nJerve 21,196,000 - 23,276,000 Proportion of reserve to liabilities, per cent 17.00 15.90 Note circulation 125,694,00-9 123,627,000 Government deposits ... 17,118,000 16,601,000 Other deposits 174.904,000 129,887,000 Government securities ... 68,752,000 65,004,000 Other securities 120,020,000 85,162,000 .Short loans, 31 per cent.; three months’ bills, SJ per cent. —A. and N.Z. Cable. OOVEKNMENT SECXJFITIES. Press Association—By Telegraph—Copyright. LONDON, January 12. (Boteivcd January 13, at 8.15 p.m.) The following are the latest quotations lor Government securities, with a comparison with those ruling last week : . Last week. This week. 24 per cent. Imp. Don. ... £SO 0 0 £sl 0 0 B -per dent. Imp. War Loan... 90 17 6 91 5 0 84 per cent. Imp. War Loop 91 15 0 02 10 0 51 per cent. C'woalth Loan ... 100 0 O 100 0 0 64 per cent. O’woolth Loan... 98,10 0 98 10 0 N.3.W. 4’s, 1038, Jan.-July ... 8115 0 82 5 0 N.S.W. 34’ti, 1935-60, .Jan.-July 64 10 0 06 0 0 N.S.W. 3’s, 1933, April-Oct. ... 70 12 6 71 7 6 NS W. DPs 96 12 6 96 15 0 N.S.W. 04’s HI 17 8 102 5 0 Vio.” 4’s, 19*21-6, Jan.-July ... 91 12 6 91 15 0 Vic. 34’5.. 1929-40, Jan.-July... 64 5 0 85 12 6 Vic. 3’a, 1029-49, Jan.-July ... 57 6 0 67 10 0 Q’land 4’s, 1924, Jan.-July ... 91 12 0 91 17 0 Q’laml 34’s, 1921-24, Jan.-July 90 0 0 90 0 0 Q’land 3’s, 1922-47, Jan.-July 66 0 0 57 0 0 N.Z. 4’s, 1929, May-Nov. ... 88 17 6 89 0 0 N.Z. 34’s, 1940, Jan.-July ... 72 5 0 73 0 0 N.Z. 3’b, 1945, April-Oct. 65 0 0 65 15 0 S.A. 3’s, 1930, Jan.-July ... 63 0 0 52 15 0 S.A. Ill’s. 1945 or after ... 70 0 0 70 17 B Tas. Si’s, 1920-40, Jan.-July ... 71 15 0 71 10 0 Ta*. 3’s, 1920-40, Jan.-July... 65 5 0 65 0 0 W.A. 3J’a, 1920-35, Mstv-July 74 10 0 74 10 0 W.A. 3’s, 1915-35, May-Nov. ... 70 0 0 70 15 0 —A. and N.Z. Cable, FOREIGN EXCHANGE HATES. Press Association—By Telegraph—Copyright, LONDON, January 12. (Ro-eived January 13, at 8.15 p.m.) The foreign exchange rates aro as follows compared with those last cabled:— , Par. Jan. 0. Jan. 12. Paris, fr. to £1 ... - 25.225 61.15 51.00 . Christiania, kr. to £ ... 18.159 27.10 27.05 Stockholm, kr. to £ ... 18.159 16.97 16.95 Copenhagen, kr. to £ ... 18,159 21.25 21,30 Berlin, mk. to £ 20.43 710.00 765.00 Montreal, del. to £ ... 4.86 2-3 4.22 4.46 New York, dol, to £ ... 4.912-3 4.22 4.23 Hongkong, Stcr. to do). ... * 32J4 33d Yokohama, st. to yen ... 24.58 37d 27d Calcutta, *t, to ipc. 10 to gold £ ,15|d 16Jd * Determined fry print of eil-rer, —A. wA VO. OabU,

PRICE OP BAgON. , ! The Otago Baoommrers’ Association reports that the puce of prime bacon will be Is per lb as from Monday next. LONDON MARKET PRICES. LONDON, January 18. (Received Jan. 18. at 8.15 p.m.) Wheat is steady. The Lingfield’e cargo has been sold .at 47s 'Sd. There is a quiet trade in spot. Australian, ex quay, is quoted at Sts, Flour is slow. Australian, ex store,/is quoted at 43s and 43s 6d. Oats are steady. Peas and beans are firm and unchanged. Wheat weights are steadier, and there is an increased inquiry for prompt steamers. Victorian and South Australian arc quoted at about 51s, and West Australia at 50s. Sugar, granulated, is quoted, at 46b.—A. and N.Z. Cable, ENGLISH WOOL SALES. Press Association—By Telegraph—Copyright. LONDON, January 13. ' (Received Jan. 13, at 8.16 p.m.) At tiio free wool sale there Was a very good cfemand from all quarters at full late rates for all qualities. New Zealand "Walter Peak,” 4ld and 38d. At Bradford the tone was very firm. Tops advanced in sympathy with London' business done. Sixty-four's, April, 50d.—A. and N.Z. Cablo. LONDON TALLOW MARKET. Messrs Dalgety and Co., Ltd., report having received the following cablegram from their head office, dated London, January 11: "2200 cask of tallow 'offered; 850 casks ©old. Good colour mixed and (or) beef unchanged, other descriptions Is lower, scarcely any demand for bept descriptions.” THE TEA MARKET. KEEN DEMAND AT COLOMBO SALES. tress Association—By Telegraph—Copyright. COLOMBO, January 12. ■ At the first tea sales of the year 2,750,0001 b was offered. There was a good selection, and the quality was good. There was a keen demand for oyery grade. Broken orange Pekoe ranged from li rupee 25 cents to 1 rupee 30 cents; broken’ Pekoe from 1 rupee 5 cents to 1 rupee 10 cents; 80 cents to 90 cents; dust, 60 cqnts to 66 cents. —A. and N.Z. Cable. SOUTH AUSTRALIAN' WHEAT HAR. VEST. ADELAIDE, January 13. The Government Statistician estimates tin* wheat harvest at 27,576,000 bushels—an average of 11.74 bushels per acre. In his Budget Statement made in October the State Treasurer estimated a yield of 14 bushels per acre. MELBOURNE. MARKETS. Press Association—By Telegraph—Copyright, iIELBOURNE, January 13. The hides market is firm. Values advanced by fully Id, principally for mediumweights. Barley, 4s 4d to 4s 6d. . Oats, 3a to 3s Id. Potatoes, £5 10b to £6. , Onions, £5. CANTERBURY MARKETS (Pun United Press Association.) CHRISTCHURCH, January 13. The new season’s produce is now offering in oate (mostly Algerian), barley, and ryegrass. Generally the samples of cereals are not good and bear evidence of / premature ripening. Minor business has been done in oats. A grade Gartonp may be quoted at 2s Id to 2s 3d to fanners. Tbfe now Algerian crop is coming in under the disability of a. substantial carry-over of thia variety, and quotations are nominally about Is 9d per bushel. Though reports of yields are .somewhat contradictory generally, they are favourable, whilst many districts report the wheat prospects as '’exceptional. A 'number of localities are producing quite ordinary reports. TKo and Ellesmere districts have suffered from the dry weather, and ,in a number of instances the groin has filled very poorly. In the northern part of the province the disease has taken some toll “Take all” has spread to same extent, though in the aggregateJts effect on the yields will not be serious. The rain in the early port of the week has done a great deal of good generally, but in some districts the crops were too far advanced for it to be of much benefit. Barley has mode its appearance on the market, which is naturally an inexpensive one in view of the big carry-over. Nominal quotations are about 3s 6d to farmers Ryegrass is coming forward, but the sample is hint. Prom Is 9d (for inferior) to 2s (for good)'may bo quoted as the maximum prices. Potatoes are still at the healthiest end of the market. Sales have tanen place at £6 for the February-March shipment, and up to £4 for the April-May shipment. Thesb prices ore at country stations, and after the past two seasons’ <«xperienoe growers are trading fairly freely at the figures. . .x' 1 * 1 “ WEEKLY REPORT. Fraser and Co., auctioneers, produce merchants, commission agents, and agents -for the Otago Egg Circle, 146 Crawtord street, Dunedin, report:—Eggs: Market unsteody. We quote Egg Circle eggs, Is 3d; plain, la Id. Butter: Market weak and unsettled; dairy pats to 9di per lb. Pigs; Remand for good baconors is poor. We quote good bacon weights, 64 to 7d; porkers to 7d; overweights, 4d per lb. Tallow: Market stationary; from 16s to 21« per Cwt, "according to quality. Honey: Demand is poor. 'Prices are nominal,; prime bulk to 6d; 101 b tins, 6s to 6a 6d. Beeswax, Is Gd to Is 3d per lb. New potatoes; Owing to the holidays and the arrival of large quantities from the north, the potato market has eased very much. Wo quote Peninsulas to IJd per lb; Oamarus, Id to lid per lb. Green peas: Demand has fallen off. We quote Id to lid per lb. Prime onions, 14s per cwt. Wo have the Otago agency for the Champion egg crates, price X7a 6d each. Orion Colony broodflr. 15s. “Star P” poultry mash, 16a 6d per ' 1001 b bag. “Star P” chick, 27s 6d pear 1001 b bag. Lucerne meal, 13s per 1001 b. Meggitt’s calf meal, 17a per 1001 b. Poultry; Quantity coming forward ia increasing, but the prices promise to be lower for this coming season. Hens, to 4s per pair; cockerels, to 6s 6d per pair; roosters, to 4s per pair; ducks, to 8a per pair; geese, to 4a per head. 1