COMMERCIAL.

Otago Daily Times, Issue 18541, 29 April 1922, Page 8

COMMERCIAL.

Daily Times Office, Friday evening. The Government’s decision, as announced by the Hon. W. Nosworthy, Minister of Agriculture, not to continue to guarantee a fixed price for wheat was discussed at the meeting of the North Canterbury Executive of the Farmers’ Union on Wednesday. In reply to the executive’s resolution regarding guaranteed prices for next seasons’ wheat, the Hon. W. Nosworthy wrote: — ” “ I have to inform you that the various representations of Farmers’ Unions have received the consideration of the Government; but, in view of the fact that the duty on wheat and flour imported into this country from Australia has been increased on a parity with the, duty imposed on similar articles imported into that country from the dominion, it has been decided not to guarantee any prices for the ensuing wheat crop. With reference to your inquiry as to the conditions under which wheat classed under grade could be exported, I am going into this matter, and hope to be in a position to write you further within the course of a few days.” The Chairman read a letter he had received from Mr Maopherson, chairman of the Otago Provincial Executive, stating that that executive -bad considered the question, and there was a small majority against a guaranteed price; this was due, he thought, to the absence of wheat-growing members on the executive. Reference to complaints against the grading of this season’s wheat were also" made at the meeting of the North Canterbury Executive of the Farmers’ Union. Mr G. W. Leadley said that the Government had taken for export 50,000 sacks of first-grade wheat. For the present millers had sufficient stocks to go on with, and were not going to spend thousands of pounds filling up their stores with wheat that they knew they could get later on at the same prices. > That was the reason for the present slackness in purchasing by the millers. —Mr W. A. Banks (the chairman) said that some farmers were grumbling about the grading. »H© had asked two to send samples and to state the reason given by the grader why they were rejected; the samples had not been sent in. If farmers did not approach them and toll them about these matters, the executive could not help them.—Mr J. R. Cutten stated that one farmer had his wheat accepted by one grader and rejected by another, and when ho sent down what he considered his best it was also rejected.—Mr Mulholland said that it wag stated all round town that the Government had given the graders very stringent instructions and wheat had to bo very good to pass. The trouble had been due to the fact’ that merchants _ had not been able to find out with certainty what the graders *would pass or not. Whether that was due to uneven grading , on the graders’ part, or whether the merchants had

failed fo ascertain the position, he could not say. It would certainly help farmers a great deal if some system of grading at country stations could be evolved; it would certainly cost a bit, but it would pay the farmers to bear that cost. What had put farmers in a difficuly was that they had submitted samples to a broker who had submitted them to a Government grader, and ho had said that they would pass; but when the wheat was sent to Lyttelton a big percentage had been rejected. He was assured there were many instances of this character.-‘-The Chairman mentioned the case of a North Canterbury farmer whoso wheat was passed for export at Lyttelton, but was rejected at Auckland. The farmer was in Auckland at present, and he had not heard what the sequel had been.—-Mr Mulholland said that once wheat was passed by a Government grader as fit for export it became the Government’s wheat.—Tho executive decided to urge the Minister of Agriculture to announce as soon aa possible the conditions upon which under-grade wheat would be allowed to be exported. LOCAL MARKETS. - Offerings of wheat are very plentiful from all districts. Millers are paying particular attention to tho quality ’ before purchasing, and it is most disappointing that a largo proportion is not good milling. Growers have tho option to sell this wheat as fowl wheat or hold it with the hope that it may bring better prices later in the season. Tho fowl wheat market is qniet, and the best prices to growers are 8e XOd to 4s, sacks extra, on trucks. Not many growers are keen to soli at these figures, aa they , show such a margin of difference compar'd with the prices ruling for milling wheat. Milling Wheat. —According to Government price (1922 season): Tuscan, 5a 6d; Hunters, 5a 9d; - Pearl, 6s 3d, f.o.b. Dunedin, millers’ prices are aa follow; Flour, 2001 b, '£lß per ton; 100’a, £l9; 50's, £l9 10s; 25’s, £2O. Bran, £5 per ton. Pollard, £8 Ids. Oatmeal: 200’s, £l9; oth-.r quantities, £2O. Auckland reports that every boat from the south as well as bringing largo quantities of milling, also brings fowl wheat, and the market is well supplied;. Quotations in the south are, if anything, a shade easier, and sales have been made at 4s 7d, eacss extra, for spread delivery, May to Septembsr, Threshing has been general during the month, and although some of the samples of oats are badly weathered tho majority show that the oats are in good condition. These oats are not A grade, but will pass lor ■ B’s. The demand for B’s is quiet at present, and sales cannot be effected over 3s Id, f.0.b., s.i. A grade, on the other hand, are in fair demand at up to 3s 4d, f.0.b., s.i., for prompt shipment. The ruling price's being paid to growers ore 2s 4d to 2s 8d per bushel, sacks extra, on trucks. Reports from Auckland state that tie weather has been changeable, but nevertheless the country is looking well, and. there is almost _ a snper-abundance of green feed. Business is now about back to normal since the holidays, and merchants report an improvement in trade. Ample supplies of produce are arriving at fairly regular intervals from the South Island 1 , and all markets are well supplied. PRODUCE REPORT. Consignments of chaff have eased off, but as the demand is quiet the market does not show much signs of improvement. Prices, ex truck, Dunedin, are about £4 15s per ton, sacks extra, for best; medium and poor is slow of sale at £3 10s to £4, sacks extra, ex store. Reports from Auckland state that since the weather cleared up in the Hawke’s Bay district larger quantities of chaff are arriving from that quarter'and this is selling at from' £6 15s to £7 on rail; Auckland. Rangitikei is still being offered at from £5 10s to £5 12s’ 6d for prompt delivery, and also spread for May-June at the latter figure. Blenheim remains at £5 ss, f.0.b., s.i., Picton, for prompt or spread to the end of September. Pair quantities of local of very indifferent quality are also available, and this is bringing from £5 10s to £6 10s 9d on rail Auckland, according to quality. Pair-sized consignments of potatoes are B till arriving, but aa there is practically no demand the majority of the lines are being put into store, where supplies are now accumulating. Only lines of the choicest qnality are being accepted by buyers, and these are selling at £4 15s per ton, sacks included, ex truck. There is no prospect of growers finding a market outside of the dominion. Owing to the ravages of the blight there is a likelihood that the market will improve later on. Auckland reports that the Opihi, Kutow, and Wingatui brought some 11,000 sacks to that market, but the quality of some of the lines left very much to be desired. A fair quantity was shipped on consignment and theqo realised from £6 to £6 15s ex wharf, according to quality. Quotations from the south are in the, vicinity of £5, f.0.b., si., southern ports, but not a very large quantity is being sold as local merchants are curtailing their f.o.b. purchases, • preferring to pick up consignment lines on the wharf. The of local potatoes arriving to this market is now very small, and these are not affecting the price of the southern article. Tho prices for onions are inclined to ease. Current wholesale prices are aa follow; . Chaff: Good quality, £4 15s; medium and light, slow of sale. Potatoes, £4 16s per ton. Eggs: Stamped, 2s 9d; plain, 2s -7d to 2s 8d; preserved, 2s. , Dairy butter: Pats, Is 3Jd; milled, Is 4d. Onions: Canterbury, 8s per cwt. ■■ Bacon: Rolls, Is Id per lb; sides, Is. Hams, Is IJd. FRUIT REPORT, Some fairly large consignments of Winter Cole pears have reached the market from Otago Central. All good quality is readily placed. 1 Delicious apples meet a ready sale. Fairly heavy lines of Jonathans are coming' forward, but these are not meeting such a keen 'inquiry. Moderate supplies only of Cox’s Orange Pippin are available, and the market could do with more of this variety. Good clean cookers are still in request. Medium quality has little inquiry. Grapes are still coming forward ,but the season is now getting late, and tho quality is consequently affected. Considerable quantities of pi© melons have come forward from Auckland and Nelson. Parcels have also arrived from Australia. The demand is poor. Island oranges have arrived during the week, and more are on the way. Bananas are scarce, but a small lot is due to-morrow (Saturday). This will probably be sold on Monday. Cabbages and cauliflowers have a slightly better inquiiy. Other vegetables njeet a quiet demand. Current wholesale prices are os follow: Apples: Cox’s Orange, to 12s—strong demand; Jonathans, 8s to 9s; Scarlet Permutes, 7s to 8s; Delicious, up to 14s; cookers, best, 6s to 7s; others, 4s to ss. Tomatoes: Christchurch outside, small and rough, 2s 6d per case of 30lb; best, to 4Jd; prime, 2Jd to 4d per lb; local, 7d per lb; Otago Central, 2d to 3Jd per lb. Grapes: Choice, to la 6d; prime, Is Id to Is 3d; good, lOd to Is. Pears, 2d to 3d per lb for choice; others, IJd to 2d. ■ Oranges: Island, 20a to 22s 6d per case; American, 48s to 50s. Peaches: Cases, 2d to 3d. Potatoes: Local, in cases, Id per lb; Oamaru and Taieri, 5s to 6s per cwt. Table carrots, 6s to 7s per cv/t; 8d per dozen bunches. l » Cabbages, 2s 6d to 3s 6d per sack for beat. Cauliflowers, to 6s per sack for best; 4s to 6s per dozen. Swedes, 3s 6d per sack (sacks included). Green peas, to 4s. ' Cucumbers; Hothouse grown, 4s to 7s 6d per dozen. Celery, 6d </ per bundle of six heads. Pie melons, 5a to 6s per cwt, LONDON MARKETS, Press Association—By Telegraph— Copyright LONDON, ' April 27. -utter is ’ steady. There is a good demand for New 'Zealand. Choicest, 182 sto 186 d; Australian, 172 s to 1745; secondary, 170 s down to 160 s. There is a strong demand for secondary for retail sale at Is 8d per lb. Cheese is slow. New Zealand white, 76s to 80s; coloured, 88s to 90s; Australian, 4a to 6s less. Further sales of the Narkunda’s apples were as follow: —West Australian Cleopatraa, 20s; Jonathans, 18s to 19s; Dunns, 19s; Cox’s, 22a to 25a; South Australian and Victorian Cleopatraa, 19s to 20s; Jonathans, 18s to 19s; Reteettes, 17s. Considerable quantities are going to the Continent especially to .Scandinavia.—A. and N.Z. Cable. LONDON, April 27. Wheat cargoes are dull owing to political rumours and free offers from America of the new winter crop. Cargoes ex Taransay and Lun Heath, 57s 3d. Parcels are quiet at 6d to Is lower. Spot trade is steady and quiet. Australian due is quoted at 60s 6d. Flour is quiet. Australian, 44s to 455. Barley is slow, maltsters awaiting the Budget. Oats: The market is steady. Peas and beans are unchanged. Sugar: Granulated, 48s 6d. The Bradford wool market is firm, and quotations are unchanged, but there is a hardening tendency for 46’s upwards. P. and O.: Buyers £320, sellers £340 (ex div.). —A, and N.Z. Cable. ANTWERP WOOL SALES. LONDON, April 27. At the Antwerp wool sales 22,719 bales were offered and 21,902 sold. Thero was a good attendance and keen competition. Combing wools were firm at full London dosing rates. Clothing was 10 per cent, higher. England was the chief buyer.—A. and N.Z. Cable. - ■

LONDON METAL MARKET. LONDON, April 27. . (Received April 28, at 10.15 p.m.) Copper: Spot, £59 la 3d; forward, £59 13s 9d. Lead; Spot, £2l 7s 6d; forward, £23 7b 6d. Spelter; Spot, £26 17a 6d; forward, £26 12s 6d. Tin: Spot, £lsl 7s 6d; forward, £152 18a 9d. Silver, 2s lOJd per oz. HIDES MARKET. MELBOURNE, April 28. f (Received April 28, at 10.15 p.m.) Hides are firmer. All good-conditioned sorts with substance advanced a farthing to a halfpenny. Other sorts are firm and unchanged. ' FROZEN MEAT. Messrs Dalgety and Co., Ltd., report having received the following oable from London, dated April 27: “New Zealand prime crossbred lamb; Canterbury, heavy, lid; light, HJd; North Island 1 , heavy, XOJd; light, lid. The demand is better. • “New Zealand prime crossbred mutton: Canterbury, heavy, 7jd; light, B§d; North Island, heavy, 6|d; light, 7|d. The demand continues firm. ® Prime ox beef, hinds, 4d; fores, 2Jd. The demand is poor.” 1 BANK OP ENGLAND RETURNS. Press Association—By Telegraph—Copyright. LONDON, April 27. The Bank of England returns for the week ended April 27 afford the following comparisons with those of the previous week April 20. April 27. Coin and bullion ... £127,050,000 £127,052,000 Reserve 25,603,000 26,016,000 Proportion of reserve to to liabilities, p.o. ... 19.00 19.30 Note circulation ... 121,658,000 121,307,000 Government deposits 16,835,000 14,869,000 Other deposits ... 117,761,000 119,698,000 Government securities 43,454,000 47,534,000 Other securities 78,102,000 78,451,000 Short loans, 2| per cent.; three months’ bills,' 2J per cent. FOREIGN EXCHANGE RATES. Press Association— By Telegraph—Copyright,' LONDON, April 27. The foreign exchange rates are as follows compared with those last cabled:— Loudon on - Par. Apl. 24. Apl. 27. Paris, fr. to'£l 25.225 47.50 47.95 Christiania, tr. to £1 ... 18.159 23.32 23.35 Copenhagen, kr. to £1 ... 18.150 20.75 20.97 Stockho’ :n , kr. to £1 ... 18.159 17.00 17,07 Berlin, marks to £1 ... , 20.43 1181.00 1260.00 Montreal, dol. to £1 ... 4-86 2-3 4.50 4.49 New York, dol. to £1 ... 4.88 2-3 4.42|> 4.42* Hongkong, dol. to £1 ... * 30d 29Jd Yokohama, sfc. to yen. ... 24.58 255 J 255.4 Calcutta, st. to rps. 10 to gold £1 16Jd 16Jd * Determined by price of silver.

CANTERBURY MARKETS. (Pm United Press Assooiation.l CHRISTCHURCH, April 28. Stocks of rejected wheat are mounting up at Lyttelton, and farmers are in a quandary as to what to do with it. Some of it might come right with storing, and ultimately bring milling prices, but other samples are scarcely likely to improve. Fair quantities are going north at fowl feed prices. Oats are weaker. A grade Cartons are worth about 2s 8d at wayside stations, and it takes a good B grade sample to be worth 2s 6d. Very little is offering, but it suffices for all orders coming to hand. Algerians’ cover will range according to the quality and the prices. For the few that have been sold quotations may be set down at 2s 2d and 2b 6d, the latter for exceptionally good. Peas, which were weakening, have finned again, due to Home inquiry, and some tidy purchases have been made during the week for export. Throughout the season the looal price has been ahead of what Home values warranted, but the recent advance has brought the figures into line. Partridge .has been selling as high as 9s, f.o.b.—equal to 8a to farmers. The average value is less than that. Prussian Blues have also strengthened. It is understood the Tasmanian harvest has been disappointing this season, hence the Homo activity. White clover covers a range of from Is Id to la 4d, according to the quality. Particu-, larly heavy will bring a 'hhade more. Cowgrass also covers a wide range. Business in • farmers’ dressed has taken place between merchants at Is Id, but figures are quoted at from that price down to lOd. Potatoes are still going north in oversupply. The Whangape on Wednesday took 5900 sacks from Lyttelton, in addition to some from Timaru. The Opihi went this morning with 3400 sacks, and the Kaikorai is due to leave to-morrow with a consignment of- probably the same size as the Opihi’s. These are all for Auckland. Prom £3 Ss to £3 'loa is the quotation, but the market is weak. Substantial offerings of chaff have been made, 'but business is negligible. • WEEKLY REPORT. Fraeer and Co., auctioneers, produce merchants, commission agents, and agents for the Otago Egg Circle, 146 Crawford street, Dunedin, report:—Eggs: Market firm. . We quote Egg Circle eggs, 2s 9d; plain, 2s 7d to 2s Bd. Butter: Market firmer. Dairypats, Is Id to Is 2d per lb; bulk, to Is 2d. Pigs: We quote bacon pigs to 7d per lb, porkers to 7d; overweights to 5d per lb. Tallow: Market stationary from 16s to 21s per cwt, according to quality. Honey; Demand is poor; prices are nominal; prime bulk, to 6d; 'lolb tins, 6s 6d to J&. Beeswax, Is 6d to Is 9d per lb. Potatoes; Market is over-supplied, and sales are slow. We quota prime tables, £5 to £5 lbs. Prime onions, to £8 per ton. We have the Otago agency for the Champion egg crates, price 17s 6d each. Orion Colony brooder, £ls. We also stock “Star P” poultry mash, “Star P" chick food and lucerne meal. Fowl wheat: Price on application. Poultry; Supplies have dropped off, but the demand is poor. We quote hens to 3s 6d per pair; cockerels, to 7s per pair; roosters, to 3s 6d per pair; ducks, to 6s per pair; geese, to 6s ner pair. TUrkeys; Hens- to 9Jd per lb, gobblers to lid per lb live weight. SALE OP JERSEY CATTLE. ’ Wright, Sephenson, and Co., Ltd., report having conducted a very successful sale of Jersey cattle on Mi- E. H. S. Smith’s farm, near Allanton last Wednesday. The weather conditions were ideal, andi buyers were present from Southland, Canterbury, Central Otago, Balclutha, and surrounding districts. The herd consisted of 14 registered Jersey cows and heifers, and some high prices were obtained, as will be seen from the followling;—One cow 60gns,_ on© at 55gns, one at 508T33, one heifer 47£gns, one cow at 42Jgns, one cow at 25gns, one at 20gns, two heifers at 19gns, one registered yearling heifer brought 15gns, a registered heifer calf 36gns, a registered Jersey bull, bred by Mr Watson, 32Jgns. The herd also comprised eight grade cows, and these averaged 12gns. The implements also sold at full market value. 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.

GOVERNMENT SECURITIES. The following are. the latest quotations for Goternment securities, with a comparison with those ruling last week: — xistweek. This-week. 2i per cpnt. Imp. Oon. ... £59 16 0 £59 15 0 3J per cent. Imp. War Loan, 1926-28 94 10, 0 94 12 6 6 per cent. Imp. War Loan, 1929-47 100 17 6 99 12 6 5| per cent. O’wealth Loan, 1920-22, Feb.-Aug. 101 0 101 6 0 6J’ per cent. O’wealth Loan, 1925-48, June-Dee 102 3 6 103 12 6 6 per cent. C’wealth Loan 1925-43, Jane-Dec 102 2 6 102 2 e N.8.W., 4’s, 1938, . Jan.-July N.S.W., 3J’s, 1935-50, Jan.88 12 6 90 10 0 Julv 76 15 0 7.9 5 0 N.S.W., 3's, 1935, Apl.-Oct. 76 0 0 77 17 6 N.S.W., 53's ._ 101 10 0 101 15 O N.S.W., 6i's 106 15 0 107 10 O Tic. 4’s, 1921-6, Jan.-July 95 10 0 95 12 6 Vic. 3i’s, 1920-40, Jan.-Julv 77 10 0 77 10 0 Vic. 3’s, 1929-49, Jan.-July Q’lnnd 4’s, 1924,' Jan.-July 71 6 0 71 6 0 94 10 0 96 0 0 Q’land 3Vs, 1921-24, Jan.-July 93 10 0 94 10 0 Q’land 3J’s, 1921-24, July ... N.Z. 4’s, 1929, May-Nov. ... N.Z. 3i’s, 1940, Jan.-July ... 65 15 0 66 0 0 93 15 0 05 0 0 81 5 0 81 15 0 N.Z. 3’s, 1946, Apl.-Oct. ... 80 0 0 73 17 6 S.A. 3’s, 1930, Jan.-July BO 0 0 60 15 0 P.A. Si’s, 1945 or after Tag., SJ’s, 1920-40, Jan.-July Tas. 3’s, 1920-40, Jan.-July 81 2 6 83 0 0 80 10 0 80 2 6 72 0 0 72 0 0 W.A. 3i’s, 1920-35,* Mav-Jiily 81 0 0 82 0 0 W.A. 3’s, 1915-35, MarHov. 76 0 0 78 0 0 W.A. 5’s, 1935-45, June-Dee. 102 0 0 102 0 0