COMMERCIAL.

Otago Daily Times, Issue 18513, 25 March 1922, Page 8

COMMERCIAL.

Daily Times Office, Friday night. The United States Bureau of Agriculture expects that the winter wheat crop will produce larger quantities than expected. The crop has improved, but there has been much abandonment of the area sown. It is expected that Canadian supplies will be rather below predictions. The crop movement in Argentina is large. European importers’ crops are good, and large supplies of foreign wheat are due to arrive in Europe ehori'y. The conclusion to be drawn from further reports of an attempt to corner wheat is that the London speculators holding wheat have adopted the device of attributing what they proposed to carry out to the doings of an alleged combine between Canada, Australia, and the United States (says the Australasian). The fact that Australia has not in any shape or form entered into a selling agreement with any of the countries concerned, and that the various States are not acting in concert, clearly demonstrates that London speculators are making use of reports of the kind to create active buying of wheat on the part of British millers, and in turn to create similar demands for flour by the bakers., Apparently they have been partly successful in alarming the milling and baking trades in England to purchase wheat and flour freely- It is true that pricea of wheat and consequently those of wheat products have appreciated, but the increase cannot be put down to the efforts of the speculators. The market has responded to the natural law of supply and demand, with Chicago acting as the barometer, and in turn followed by Liverpool. The reports are of exceeding interest, as they throw light on whet is behind the so-called “combine.” The people who are seeking to advance wheat prices appear to have played their part well, inasmuch as the British trade demand has been stimulated; but now the position has been disclosed it is doubtful if they will pursue their tactics. The trade desires no more food controllers, and any artificial advance in the price of bread is dangerous in that it may load to a return to Government control ; at any rate, it is bound to end in a reaction, followed by keen competition among millers and bakers to.get rid of their stocks of flour. Prices of wheat and flour may advance substantially between now and July, when the new crops should be garnered. What is puzzling shippers here is that pricea of other cereals nave not moved In sympathy with those of wheat. That is so unusual, that the question has been raised whether wheat is unjustifiably high, or whether prices of barley and other grain are too low. LOCAL MARKETS. There is no improvement in the weather conditions, and the continued! showery weather prevents threshing being gone on with, in the south especially. In some cases, howsver, farmers who put their wheat into stack have been enabled in the few hours of suitable weather experienced to do some threshing, and .millers have accepted these parcels, as they ore short of supplies. The quality of this wheat is not of the best. As regards threshing from the stook, this is impossible under the showery conditions. At time of writing the weather shows some improvement, and if strong drying winds are experienced, a quantity of the stook wheat may be saved in a condition more or less suitable for milling. In Canterbury also the weather has been broken. Owing to the export of Tuscan wheat, under the control of the Government, millers are unable to secure this variety in the quantity they desire for mixing purposes. There is, on the other hand, plenty of red chaff and Velvet. It is understood that something like a million bushels of Tuscan are to bo exported by the Government to Japan, but the price at which it was sold is not known. "While on this question, there is a doubt, now that the weather is so unpropitious for harvesting, whether the dominion can spare this quantity. The greater part of the wheat in the' districts south of Dunedin is still in the stook, and in some localities it is now commencing to sprout. If the wet weather continues much longer there will be very little milling wheat garnered south of Dunedin, and even in the Taieri, where a start had been made on threshing, a considerable amount is standing in the stook. If the crops cannot be harvested in something approaching a milling condition* it means almost a calamity for many growers. The fixed prices for milling wheat ere no doubt satisfactory from the growers’ point of view, but if the millers reject wheat because it ie not suitable for gristing the growers are faced with a heavy loss. This wheat has then perforce to bo sold for fowl wheat. The Government regulations provide that fowl wheat cannot be sold at a higher price than 3d below the milling prices, but, of course, growers can accept as low a price as they like. To-day the market for fowl wheat is easier, and 4s lOd per bushel, sacks extra, ex- truck, Dunedin, ie the highest price obtainable. Even this price may be hard to maintain when fuller suppllee come on the market. It can easily be seen therefore that the difference between the prices of fowl wheat and those paid for nulling represent a heavy loss to those growers whose crops have been seriously affected by the wet weather. Milling "Wheat.—According to Government price (1933 seaeon): Tuscan 6s Gd, Hunters 6s 9d, Pearl, Ga 3d, f.o.b. Dunedin nAllers’ prices are ns follow; Flour, 3001 b, £lB per ton; 100’s, ■ £l9; 50’s, £l9 10s; 25’s, £2O. Bran, £5 per ton, Pollard, £8 10b. Oatmeal: 200’s, £l9; other quantities, £2O. Pearl barley has been reduced to £l6 10a per ton. The weather has also prevented the threshing of oats. There are, however, few inquiries for shipment, end as a consequence the market shows no firmer tendency. Millers are picking up any lines of prime quality at slightly above the shipping parity, and this is preventing shipments flora Dunedin, No shipments have been made to England or to Australia. Oats, however, have been sold to Australia for forward delivery, but as the oat market has since eased there it is nnlikely that the oats will be sent across —they will probably be resold in New Zealand. There can hardly be any demand this seaeon for oats for fowl feed, seeing the quantity of damaged wheat that will be available. The current quotation for A Gartons ie B» 2d, f.0.b., s.i., and 3s for B’s. These prices ere equivalent to 2s Gd. sacks extra, on tracks, country sidings, close to Dunedin. PRODUCE REPORT, Consignments of chaff are arriving more freely. The market, however, is bare of supplies of the beet quality, the price of. which u now quoted at £6 per ton, sacks extra, ex truck. Medium and poor quality is almost unsaleable. Heavier supplies of potatoes are coming forward. The demand, however, is purely local, and the market for best is quiet at £6 10? oex ton, sacks included, delivered in Dunedin’. Digging is becoming more general in the country, .and as there is no shipping demand the market is likely to become still easier. Canterbury growers ore under-quot-ing the local market. Eggs show a sharp) advance in price. Dairy butter baa increased in priool Onions show an increased cost. Current wholesale prices are aa follow; —, Chaff.: Good quality, to £5 medium and light, slow of sals. Potatoes, £6 10s per ton. Eggs.: Stamped, 25.; plain Is lOd. Dairy butter.: Pats, Is of-d; milled, Is 1 id. Onions.: New season’s Canterbury, 10a Gd 'o9s,

Bacon: Rolls, Is per lb; sides, lid. Hama, Is 2d. FRUIT MARKET. Choice dessert fruit still meets a good demand. Ripe pears meet a particularly good inquiry. Cooking apples meet ■with a fair demand. Large quantities of tomatoes have arrived from Christchurch and Otago Central, and fairly low pricea have ruled. The wet weather is delaying the ripening of the tomatoes, end this may result in a firmer market. Fair supplies of grapes are available, and prices have receded this week. Bananas and the first of the season’s Tahiti oranges are expected to reach the local markets at the end of next week. A few pie melons, grown in Otago Central, havo reached the market this week, and realised 10a per owt. Supplies from An kland and Nelson one expected within the next day or two. There is very little demand for vegetables, expect peas and beans. These are, however, now becoming scarce. Current wholesale pricea are as follow; — Apples: Cox’s oranges and Jonathans, to 12s for extra choice; Scarlet permains, 9s to 10s; Delicious, up to 14s; cookers, best, 6s to 7s. Tomatoes; Christchurch outside, lid to 2d per lb: local, fid to Gd per lb; Otago Central, 2d to 3J per lb. Grapes; Choice, to Is 7%d; prime, Is Sdj, good, lOd to Is. Pears, 2d to 2Jd.per lb; rjpe, very soaroe. Plums: Cooking, 2s to 8s; orates, 3d to 6d per lb. Peaches: Crates, 8d to 6d. Potatoes: Local, Id; Oamaru and Talerl, 8s 6d per owt. Table carrots, 6s to 7s per cwt; 8d per 1 dozen bunches. Vegetable marrows, 2s Gd to 8s 6d per case. Cabbages, 8s to 4s per sack for best. Cauliflowers, 2s to 4s per dozen; 6s per sack. Rhubarb, Id per lb. Whits turnips, Gd per, dozen bunches. Green peas, 2d to BidL Cucumbers, 4s per case; hothouse grown, 2s to 4s per dozen. French beans, 4d to 4Jd. Runner beans, 2Jd to 3Jd per lb.

LONDON MARKETS. LONDON, March 33. Soelvei March 34, at 10.15 p.m.) wool sales there was an average selection and strong general competition. Merinos. mad* full late rates, and crossbreds were very strong at 5 to 10 per cent, above the opening rates. The Bradford market Is very firm, but business is very smell. Quotations are unchanged. Wheat cargoes are steadily held in view of better American advices, but the sellers’ demand ie poor. Shipment ex Bellfield is quoted at 675; Geisha, 59s Gd. South Russian spot is very slow. Australian, due, is quoted at 60s, ex ship. Flour is dull. Australian, ex store, 47s to 48s. Oats and beans are steady and unchanged. Peas are firm. Tasmanian Blue*, 460 sto 6205. Sugar: Granulated, 49s.—A. and N.Z. Gable. BANK OF AUSTRALASIA. LONDON, March 23. The Bank of Australasia’s divisible profit for the year is £734,263.—A. and N.Z. Gable. AUSTRALIAN MARKETS. Frees Association—By Telegraph—Copyright. SYDNEY, March 23. Oats: Algerian feed, 3a 8d to 4s; white, 4s Id to 4a 2d. Maize: White, 5s 3d; yellow, 5s Gd. Potatoes: Tasmanian, £6 to £B. Onions: Victorian, £8 10s to £9. ADELAIDE, March 23. Oats; Feed, 2s lOd! to 3s. MELBOURNE March 24. Barley: English, 4s 4d; Cape, Ba. Oats, 3s 3d to 3s fid. Potatoes, £4 to £4 10s. Onions, £5 15s to £6 ss. HIDES MARKET. MELBOURNE, March 24. The hides market is irregular. Heavy hides with substance are unchanged. Ordinary hides and heavy kipo are fully |d to £d lower. ! SHIPMENT OF APPLES. The Otago Fruitgrowers’ Association has made arrangements to ship 5000 cases of apples by the Cornwall. CANTERBURY RAM FAIR. (Pm Dnited Pbess Association.) CHRISTCHURCH, March 4a. The Canterbury ram fair was concluded today, when studs were offered. The sale was disappointing, the bulk of the lota being passed. Longwools were almost entirely neglected, Dorms and Corriedales being the only breeds “meeting with free competition. The top prices, which were only for a few special entries, were:—Romneys, 7gns; English Leioestera, 23gns; Border Leioesters, 21gns; Southdowns, 14gns; Shropshire®, 15gns; Corriedales, IClgns. WOOL SALES. Messrs Dalgety and Co. (Ltd.) report having received the following cablegrard from London, dated March 22: —“Wool sales opening June 13. List closed March 15. Quantity to bo offered: Australian, 42,225; New Zealand, 35,724; Cape, 7000; Punta, 7000; Bawra may offer 80,000. Nine hundred and forty casks tallow offered; 610 casks tallow sold; tallow, prime descriptions, a shade easier; tallow, low and inferior descriptions, a shade firmer; nominal quotation, fine mutton, 42s Gd per cwt; fine beef, 42s per cwt." NEW ZEALAND BUTTER. BIG ADVANCE IN PRICE. LONDON, March 23. (Received March 24, at 6.5 p.m.) The butter market has shown extraordinary strength this week. With supplies temporarily short, importers have been abll to raise the price daily, till choicest New Zealand is quoted at 175 s to 180 s, and Australian 160 e to 165 a. There is not much actual business done at these prices, but there is considerable speculative business. It is expected that retailers will raise the price of New Zealand to 23d next week. There is