COMMERCIAL.

Otago Daily Times, Issue 18547, 6 May 1922, Page 8

COMMERCIAL.

Daily Times Officer Friday evening. Private cable message® from Liverpool state that it is .estimated in Argentina that the surplus of wheat remaining in that country is only 64,00,000 bushels. This is a reduction upon the previous ■ estimate of 48,000,000 bushels. _ It is thought that the reduced surplus will be sufficient to cover the season's needs, but end-of-season’s reserves will be affected. The wheat market has firmed on Continental buying and reports of United States crop damage. It is expected that there will be an' increased demand for wheat in . the near future by the Continent, especially Germany. . _ The smart rally in the price of wheat in Chicago follows the issue by "Broomhall” of a revised estimate of 67,900,000 quarters as being the probable quantity of wheat to be imported by Europe during this -season. This is apart from ■ a deficiency in Russia of 3,000,000 quarters and 12,000,000 quarters in other countries. North- American - shipments .are set down at 63,000,000 quarters, and it is computed' that Australia will be able to send more than the 5,000,000 quarters estimated, and Argentina oyer 10, 000,00(j. quarters. “Broomhall” insists that the., allimportant, factor in the wheat market of, ihe future will be strong Continental buying on the part of Central Europe. The wheat is needed, but with the exchanges so unoextain buyers in Germany, and Austria especially are hesitating tb purchase.' ' . The Canadian Bank of Commerce points out that during the season of 1921 shipments of wheat from Fort William and Port Arthur aggro; fated 161,261,488 bushels, and that 20,804,451 ushels reinain in store at Fort William Considerable quantities are in the hands of farmers and thresher*.' ■ The continued , demand* for wheat -by Europe, and the reduced quantities of wheat now .available in America, have been responsible for rather sharp advances in the price of wlieat in Australia- On April B 1 the Victorian Wheat Corporation increased its price to millers a halfpenny a bushel to 5s 9d. That .represented the fourth advance since the opening of the week, amounting in all to 3d a bushel. The list increases mean that wheat, has gone lip IjJ a bushel since the quotations for, flour, bran', and 1 pollard were amended. The Victorian Millowners’ Association discussed the position, and decided to increase the price of flour 6e a ton to £l3 6s per 20001 b net, do- ■ livered Melbourne or suburbs. LOCAL MARKETS, Samples of wheat are etill arriving from the South, but all sprouted lines are unsaleable to millers. A fair quantity of -this wlieat has, however, been sold for fowl feed ot prices ranging from 3s lOd ~to 4s on trucks, country f sidings. Millers are refusing to buy any but the best class yf wheat, as there ore plentiful supplies of sound cereal in Canterbury to meet their requirements. These supplies of sound milling are expected to be sufficient to keep millers going the (whole season. The demand for fowl wheat from the North Island is weak. It is reported that there are forward sellers for spread delivery right throughout the season at 4s sd, f.0.b., sacks extra. Milling Wheat (new season’s). —According to Government prices; Tuscans, 5s &Jd f.0.b., Hunter’s 5s 9Jd, Pearl 6s 3Jd. Dunedin millers’ prices are as follojv:—Flour, 2001 b, £lB per ton; 100’s, '£l9; 50’s, £l9 10s; 25’s, £2O. » Bran, £5 per ton. Pollard, £9. Oatmeal, 200’s, £l9; other quantities, £2O. < Pollard has been advanced in price from £8 10a to £9. The breaking of tbe drought in Australia has oaueed those Australian merchants who bought New Zealand oats early irt the season to offer back their purchases. This has had a weakening effect on the local market, as A grade have been offered at 3s 2d f.0.b., s.l. and B’s at 3s. New Zealand merchants are unable to compete with these prices, and the position as made all the more difficult because growers are disinclined to aficept the low prises which would enable merchants to quote against these offeredback oats. The lowest, quotations by Dunedin merchants are about 3s 3d for A grade, f.0.b., s.i., and 3s Id (or B’s. The prices being offered to farmers are 2s 5d on trucics for B grade and 2s 7d for A’e. Millers in some cases are-paying more than the above figures, and their purchases practically complete business passing in oats So far as Dunedin is concerned. PRODUCE REPORT. Consignments, of chaff aro still coming to hand, and as the demand from feecters is poor it is difficult to maintain present prices at £4 15s per ton, sacks extra, ex truck, for the best quality. Poor and medium chaff is at present unsaleable, and any lines of this quality are being put into store in the meantime. > The rush of potato digging is now over, and only small consignments are coming to band. There are, however, sufficient stocks in store to meet, the demand for the next two months. Most, of the potatoes are showing signs of disease, and these are hard to quit. The beat quality potatoes are worth toJay • £4" IB* pox ton, sacks included, ex truck.

The market for other lines of produce remain unchanged. Current wholesale prices are os follow; Chaff: Good quality, £4 15s; medium and light, slow of sale. Potatoes, £4 15s per ton. Eggs': Stamped, 2s 9d; plain, 2s 7d to 2s 8d; 'preserved Is lOd to Is lid. Daijy butter: Pats, Is 3id; milled, Is 4d. Onions: Canterbury, 8s per cwt. Bacon: Rolls, Is Id per lb; eides, Is. Hops, Is Ijd. ' FRUIT REPORT. Apples have met a god, inquiry during the week. A strong demand exists for Cox’s orange and Delicious. The market could do with a greater supply of cooking apples. Reports from Canterbury state that good cookers, such as Lord Wolseleys, are bringing sound prices. The market has been overstocked with Island oranges. Between 1200 and 1400 cases reached the market during the week, and a big reduction in prices baa had to be accepted to quit stocks. A line of Australian-grown grapes reached the market ex Paloona. These met a good demand. ' A small lot of Sydney pines oame to hand, being transhipped at Wellington. A line ot Rarotongan-grown bananas reached the market. during. the week, and although the fruit was not in good condition very high prices were realised for the fruit. . A parcel of Fiji bananas also met a sound inquiry. Another lino, of 60 or 60 cases is duo to arrive to-morrow (Saturday). A small lot of passion fruit and tree tomatoes arrived to-day from Auckland by the Manuka. The fruit sold well. Vegetables have little inquiry. Cauliflowers, however, have a better inquiry, and have increased in price. Current' wholesale prices axe as follow: — Apples.—Cox's Orange, 12s—strong demand ; Jonathans, 7s to 10s; Scarlet permaina, 7a to 8b: Delicious, up to 14s • cookers, best, Gs to 7s; others, 4s to ss. Tomatoes: Christchurch outside, small and rough, 2s 6d per case of 30lb; best, to 4jd; prime, 2id to 3id per lb; local, 7d to 9Jd per lb; Otago Central, 3d to 6d per 3V> Passions, 10s to 14s 6d. Tree tomatoes, 13s. t Fiji Bananas, 36s to 38s. Raratongan bananas, 27s to 32a 6d. Grapes: Choice, to Is 6d; prime, Is Id to Is 3d;. Pears, 2d to 3d per lb for>011010©; others, IJd to' 2d. > Oranges; Island, IQs to 12a os landed per case;'American, 48s to 60s. Potatoes; Local, in) cases, Id) per lb; Oamaru and Taieri, 5s to 6s per cwt. Table .carrots, 6s to 7s per cwt; 8d per dozen bunches. Cabbages, 2s 6d to 3s 6d per sock for beet; others, hard to quit. Cauliflowers, to 8s per sack for best; ,7s 6d per dozen. . Swedes, Ss Cd per sack (sacks included). Cucumbers: Hothouse grown, 7s to 10s 6d per dozen. Celfery, 9d per bundle of six heads. Pie melons, 5s to 6s per cwt. THE WHEAT MARKET. Press Association —By Telegraph—Copyright LONDON, May 4. Wheat cargoes are quiet, but are steady in sympathy with the American advance. There, is sustained inquiry from the Continent, but the demand is slow in Britain.. The Clearpool and Nordic’s cargoes, realised 58s. Two thousand tons, ex Austral Grange, brought 58s; Fallawa, B 9» 6d; Australian parcel, Bullaren, 575; City of 'Norwich, 67s 3d; a Liverpool parcel, ex Tropic,- 575; Australian, on passage, j>7a 6d.—A. and N.Z. Cable. TALLOW MARKET. • v LONDON, May 3. Tallow; 1679 casks offered, and 445 sold at from par to 6d decline. Mutton, 41s 6d to 37s 6d; beef, 42s 6d to 36s 6d.—A. and N.Z. Cable. „ _ * NEW SOUTH WALES' PROSPECTUS. 'LONDON, May 4. (Received May 6, at 9.30 pAn.) The New South Wale* prospectus invites holders of £2,430,000 4 per cent, debentures maturing on October 1, £291,400 5i per cent, debentures and £1,028,800 5i per cent, stock maturing on August 15 ,to convert into an equal amount of 4J per cent. , stock, the firetnamed receiving a ..cash payment pi ÜBs 2d per cent, and the others a cash payment of 131 per cent., the converters to receive a preferential allottment.—A. and N.Z. Cable. AUSTRALIAN MARKETS.' . p _ MELBOURNE, May S Baxley.—English, 4s; Cape, 2s lid. Oats, 3s 4d to 3s 6d, Potatoes, £4 6s to £4 15s. Onions, £4 15s to £5, ' LONDON WOOD SaSiES. s / LONDON, May 3. , ) At the ewool sales there was a strong general competition for -all .qualities at full opening rates. The tendency is in sellers) favour.—A. and N.Z. Cable. (Received May 5, at 9.30 p.m.) At,the wool sale* there was a strong Home and Continental demand at full ’ opening rates with a hardening tendency for merinos and line crossbreds. New Zealand 45’s, 41d, —A. and N.Z. Cable., - , • ' "• . LONDON SHARE MARKET. LONDON/ May 4.. " (Received May 5, at 9.50 p.m.) P. and 0;: Buyers, £320;, sellers, £330. — A. and N.Z. Cable. / LONDON MARKETS. ’ LONDON, May 4. “(Received May- B, at 9.30 p.m;) The Bradford market is vfery strong, but spinners are not keen at the present prices. Sixty-fours, 56d to 57d; 56’s, 32d; 50’s, 22Jd; 46V, lod; 40’s, 13d. . Butter is fairly steady except for nnsalted,, of which the .supplies exceed ’ 'the demand; Ndw Zealand choicest salted, 180 s to 182 s; exceptionally good, 184$ to 186 s-, unealted, 180 s; Australian choicest,. 172 s -to 1745; unsalted,' 170 s. ' The cheese market is weak. Beat New Zealand white, 72s to 745; coloured, 82s to 84s; Australian white, 56s to 70s; coloured, 80s. Wheat cargoes-are flrm at late sites. Cargo' ex Rotenfels, 58s; - for parcels 3d advance is demanded. The, Boveno shipment sold in' parcels at 58s. Other parcels: London and Hull, 68s. Spot trade is active.,. Australian ex quay, 62s 6d; about due. 608 6d. ex ship. Flour is quiet. Australian, ex “store, 44s to-465, : V ■ Barley is quiet. Australian Chevalier, 48a to 525. Oats: The market is firm. New Zealand and Tasmanian landed,, 38s. Beans; ' The market is steady. “ Peas: Prices are firmer, Tasmanian blues, ex store, 470 s to 500 s; New . Zealands, 400 s to 4605. Sugar; Granulated, 48s 9d.—A. and N.Z. Cable. CANTERBURY MARKETS. (Pkb United Press Association.) * CHRISTCHURCH, , May 5. The week has'been a remarkably dull one so fax as- the volume of turnover is' concerned. Business in some lines is" dead,' and not much more than moving in others. The easing, tendency in oats has, if. ay thing, continued, although there ia no quotable change. To 2s 8d for A grade and 2s sid for B grade is about the top figure. Most seed lines are quiet. Merchants’ estimates of oowgrasa values Vary widely. Good lines are worth to farmers Is per lb. -A sale of machine-dressed on a basis of 125 s to 1850 per cwt la reported, but it was last year’s, and would not have the bloom of the new season’s stuff. The barley market ia still dull and confident in the plenteousness of supplies. The usual channel of consumption is showing indifference in the matter of purchases. Some merchants quote 2s 6d to 8s as malting values, but within the past week a few: small sales at over the latter figure'have been made. With the fine weather since Blaster potatoes are coming in rapidly, and the tone ofthe"market is scarcely so confident as it was a week ago. The present values at wayside stations are from £3 5s to £3 7s 6d. The onion crop is of much sounder quality this year, and northern inquiry continues. Values have improved to £5 10s at country stations. Linseed growers axe showing no desire to offer at the current quotations, which have been strengthened slightly, and are now £l2 to £l2 10s per ton. At the average Now Zealand yield of half a ton to the acre, this means the low gross return of £6 per acre. Fraser and Co., autioneers, produce merchants, commission agents, and agents for tjjic Otago Egg Circle, 146' Crawford street, Dunedin, report:—Eggs; Market firm. We quote Egg Circle eggs, 2s 9d; plain, 2s 7d. Butter: Market firmer. Dairy pats, Is Id to la 2d per lb; bulk, to Is 2|d. Pigs: Wo quote bacon pigs, to 7d per lb; powers, to 7d; overweights, to 5d per lb. Tallow: Market stationary, from 16a to '2ls per cwt, according to quality. Honey: Demand ispoor. Prices are nominal—Prime bulk, to 6d; 101 b tins, 6s 6d to 7fl. Beeswax, Is 6d to ’.ls 9d per lb. Potatoes: Market oversupplied, and sales are slow, We quote: Prime tables, £5 to £5 10s. Prime onions, to £8 per toiv We have the Otago agency for the Champion ' egg orates, 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 and prices are better. We quote: Hens, to 4s 6d per pair; cockerejs, to 7s 6d per pair; roosters, to 4s per pair; ducks, to 6s per pair; geese, to 6s per parr. Turkeys; Hens, to 9Jd per lb; gobblers, to lid per lb (live weight).

ALBURY SALES. SYDNEY, May 5. Tho wool sales 'at Albury were the moat successful ever held locally. The bulk was bought on Yorkshire manufacturers’ account. Four thousand bales were offered. _ The price was on a par with that obtained in other centres. Topmaking sorts were dearer. FROZEN MEAT. Messrs Dalgety and Co. (Ltd.) report having received the following- cablegram from London, dated May 4: — New Zealand crossbred lamb; Canterbury, heavy lid, light lljd; North Island, . ; heavy 10id, light lid. The demand runs principally on finest qualities. Prime crossbred mutton: Canterbury, heavy 74d, light B|d; North Island,; heavy 6|d. light 7Jd. The demand is steady. New Zealand prime ox beef: Hinds 4d, fores 3Jd. The demand is poor. BRAY BROS,, Auctioneers, Dunedin. Consignments of poultry, pigs, eggs, honey, and batter are urgently wanted, also fruit and all farm produce. Prompt attention given to correapondenoe, and inquiries invited.—Advt.