COMMERCIAL.

Otago Daily Times, Issue 18625, 5 August 1922, Page 6

COMMERCIAL.

Dafll Ernes Office, Friday evening. A diseroßeaeai took place at W©dneeday*s meeting of tho North Canterbury Provincial Executive of the New Zealand Farmers Union concerning the price’of milling wheat, with, particular reference to the payment of the monthly increment. A letter wae received from the Wheat Controller, Mr W\ G. M‘Donald, in reply to ■ a question whether it visa a breach of the regulations for a grower to sell wheat m July at, say, March price. Mr M'Donald’s reply was as follows: —“The increment of Jd per month provided in the regulations was intended for the benefit of the grower, eo as to, as nearly as possible, place all growers on an equal footing in, regard to price, whether the grower delivered his wheat to the Government early or late in the season. If the grower chooses to forgo this Jd per month increment, then to use a colloqualism, it is Ms own funeral, and it is bard to see how the Wheat Control Office can prevent it. Growers can rely on the Government taking over at October '3l any balance of good milling wheat that may be left on their hands at full/ Government price. In tho meantime we are purchasing, at full price, as fast as we can make arrangement for shipping the exportable surplus, and I anticipate that before October no good milling wheat will be left on growers’ hands. 1 should point out that if a'.grower forgoes the increment of Jd per month provided in the regulations, he does not benefit tho Government in any shape or form, aa the contract provides that the miller pays whatever price is paid the grower, plus 9d per bushel.”

The Chairman, Mr W. W. Mlulholland, said he waa rather dieappointed at the reply. He had understood that the Jd per month increment was part of tho regulations, and he wae disappointed to find that it was left practically to the tender mercies of the buyers. However, in regard to Mr M'Donald’a remarks regarding the taking over of the balance of good milling wheat after October, he thought that unless the financial pressure brought to bear on them were not/ too great ho would advise growers who were not getting their ful price now to wait until after October to sell. . Mr.W. A. Banks said that He was not at all satisfied with Mr M‘Donald’s reply, which meant that tho millers could withhold buying until they could buy at the La own He would move that the executive should oak Mr D. Jones, M.P., to wait unon the Minister, and ask him if there were no provision to compel tho millers to pay the full price throughout the oeason.. He understood that the bargain waa, that the millers should pay the Jd increment. Further, there were very few growers who could afford to hold on until tho end of October. Mr T. Buxton said he was certain that there was to be a Jd increment month by month, and any relaxing of the regulation would allow the merchants to “get outside it.” That waa exactly what fines hod been inflicted for»in the South. If there had been any alteration in the provisions, it vfould be a very wrong thing, but he was very doubtful whether there had been any such alteration, and whether it wae legal for any one to purchase without paying the increment. He thought that Mr M'Donald meant that if any suph purchasing was done, it waa being done surreptitiously. ’ Mr H. M. Bnrgin said he thought that the way in which buyers and millers were getting behind the regulation was' by the back-dating of sales. Of course, that was a very hard thing to prove. After some further discussion, Mr Banks’s motion was put and carried. LOCAL MARKETS. Now that the millers have gone bock to their old prices for flour,' they are more inclined to operate in the wheat market, but uiey are confining their attention to primes! quality only. Growers in the north are accepting the Government prices fixed for April, which, of course, are .lower .than those fixed for the present month, and-'sales have to be put through in this district at tho lower figure. Odd samples that have been weathered are also arriving, but none of those are being accepted by milters. The announcement has been made by the Government that it is prepared to allow 1.000,000 bushels of undergrade wheat to be exported lifter September 30. In the meantime merchants cannot see how this can affect the market, as there is no outside demand for this variety. The position appears to be that this class of wheat will oome under the same category as oats, for which there is very little export demand. Even if market could be found the price at which good milling is selling in London to-day would not allow of any advance on the rates prevailing in New Zealand for undergrade.. Latest London shies show that Australian wheat has been sold at 63s fid per quarter of 4801 b, and this is equivalent to about 4s 9d, f.0.b., New Zealand. This is for better quality wheat than undergrade, and it is even doubtful if New Zealand milling wheat would bring this figure. In view of this position, the prices for the undergrade wheat would be only in the vicinity of present New Zealand values for good whole fowl wheat—namely, 4s, f.0.b., sacks extra. Sales have been made recently from Canterbury at this price, but the demand from the North Island is very quiet, with merchants there looking for lower prices. The export of 1,000,000 bushels of undergrade wheat would nevertheless clear the New Zealand market of the enrplus, even if the price were not too satisfactory, and make way for the new season’s crop. Dunedin millers*, prices are ss follow: Flour, 2001 b, £lB per ton; 100’s, £l9; 50’s, £l9 10s; 25’s, £2O. Bran, £5 par ton. Pollard, £9. Oatmeal: 200’s, £18; other quantities, £l9. , There has been a little better demand for oats during the week, and sales have been made to the North Island at 2s 9d, f.0.b., si., for B grade Gartens and 3s HJd for A grade. These prices allow of about 2s per bushel, sacks extra, on trucks, country sidings, being paid to growers for B’s and 2s 2d to 2s 3d for A’s. Pew lines of oats are on offer at these values, but quite sufficient, nevertheless, to meet the demand. PRODUCE EXPORT. The chaff market continues quiet, but dux-, ing the last few days the consignments have been on the light side. On the ‘ other hand there are few buyers, as Jeedlers are holding sufficient stocks in the meantime. Best quality is selling at £4 10a per ton, sacks extra, ex truck, while medium and poor quality is slow of sale at £2 10s to £3 10s per ton, sacks extra, ei truck. The chipping demand for potatoes is on the quiet side. Quotations in Canterbury have dropped about 10s per ton. This drop, however, is not reflected in the local market, ’ae stocks here are low. From £6 to £6 10s can be obtained in Dunedin today for beet quality. Lines gharanteed free of blight are difficult to obtain Local prices will not permit of shipping'from'this port, -as the Canterbury quotation is £5 17s 6d, Lo.b., s.L The prices of eggs remain unchanged from test week.

A line of Victorian-grown onions came forward by the Paloona. Quotations range up to 21s per owt. Boneless hams have reached the market. These are quoted at Is Id per lb. Current wholesale prices are as follow: — Chaff: Good quality, to £4 IQs; medium and light, slow of sale. Potatoes, £8 to £6 10s per ton. Eggs: Stamped, la 7d; plain, Is 6d; preserved, Is 4d. s Dairy butter; Bulk, Is 6d; pats, Is 6d; milled. Is 7d. Onions: Melbourne, to 21s. Bacon; Rolls, lljd per lb; sidesi lid. • Hams, Is OJd p boneless, Is Id. FRtJIT REPORT. Business has been very busy during the week. The Waikonaiti, from Sydney, via the Blub, brought about 600 cases of oranges, navels, mandarins, and lemons. The fruit arrived in good order, and met with a ready sale. Tho Paloona brought about 550 cases of frnit, practically all lemons and navels. The greater part of the fruit arrived in good order and met with a sound sale. The Kini came direct to Dnnedin from ‘Wellington. Included in her cargo were transhipments ex Tahiti from Rarotonga, consisting of Island oranges and bananas. The majority of the oranges had to be repacked, but the bananas were mostly in good condition. There - is a sound inquiry for choice eating ond cooking apples. The market could do with more Stunners. A few cases of Australian grapes arrived in tho Paloona. These realised full rate®. Choice cauliflowers still realise very high prices. Some particularly largo heads of cauliflowers from tho Peninsula brought up to 2s each. Cabbages are also in keen demand. Parsnips and carrot® have a fair inquiry. Current wholesale prices are as follow-: Apples: Jonathans, best, 11s to 12s ed; others, 7s to 8s; Stunners, 8s 6d to 11s: Scarlet Permaino, 7s to 8s; choice, 9s to 10s; Delicious, 12s to 15s; cookers, best. 2id to 2Jd; others. sa«to 7s. Passions; Pines, 20s to 22s Gd per case. American lemons, 60s to 60s; Adelaide, IBs Gd to 21s; Auckland cured, 18s to 225. Bananas: Green, 21s to 24s per case; ripe, to 355. Oranges; Island, IBs to 20s; repacked, 23a 6d to 24s 6d; American, 20s to 255; Adelaide Navels, 20s to 245; Poorman, lls 6d to 12s 6d per case; mandarins, choice, 265; others, 22s to 23s per case. • Table carrote, 5s to 6s per cwt; Is p«r dozen bunches. Leeks, 6d bundle of six bunches. Beetroot, Is per dozen bunches. Parsnips, 7« per cwt; Is per dozen bunches. , Cabbages, 9s to. Us per sack for best; medium, 4s to 6s per sack; inferior, Is, lOutliflowns, to 17* per rack for best}

good, 9s to 10s; choice, to 15s per dozen; primes 9a to 12a; small, 6s to Gs per, dozen. Swedes, 8s per owt. Celery, Is per bundle of six heads for best. Rhubarb, 10a to IQs 6d per dozen bunches, each el Üb. 1 WOOL SALES. CHRISTCHURCH SERIES. (Pub United Press Association.) CHRISTCHURCH, August 4. At a supplementary wool sale to-day approximately 1160 bales were offered. Tho offering consisted principally of fellmongearing lots, any fleece wools being end of tho season or stragglers 1 clips. The bulk were halfbred orutchings and piece®, with occaeional lota of merino, Oorriedalo, and crossbred fleece. Tho wool offered! comprised very small bale lota, but it met with very free compeition from local mills and a small circle of outside buyers. Pieces, crutchin gs, bellies, and locks all met with an active sale, and only occasional lots wore passed. Considering the class of the catalogue the prices showed a substantial improvement on the rates ruling at the last sale. Passings were very few. The best prices were: Merino 16d, halfbred 16d, Corriedale 14id, three-quarter bred B|d, lamb BJd, fine Romney 7Jd, crossbred 6Jd, pieces 7Jd, era tc hinge IOJd (Corriedale) 9J<t (merino) 9Jd, halfbred 6d (crossbred), bellies 9d CANTERBURY MARKETS, CPkb llnris Frkss a.sooiaticw.l CHRISTCHURCH, August 4. There was very little business done during tho week. Potatoes. —The market has become easier, and farmers are quitting their, stocks from £4 to £4 ss. Seeds. —All seeds, are maintaining their prices, and a steady trade is being done on this basis. ■ 1 Wheat.—Since permission has been given to export undergrade wheat, there has been an improvement in the business done, but this is only sentimental; and no appreciable rise in price has been noted. Oats and ohaff are generally reported to be as dead as can be. Linseed.—A fair amount is being exported to Australia at £l4 10s per ton. This is practically the only line being exported there. ■ VICTORIAN MARKETS. Preaa Association —By Telegraph—Copyright MELBOURNE, August 4. i Barley: English, 3s lOd to 4s; Cape, 2s lid to 3s. Oats, 8s 2d to 3a 4d. Potatoes. £6 to £7 10a., Onions, £l6 to £l6 IOA-, METAL MARKETS. Press Association —By Telegraph—Copyright. LONDON, August 8. (Received August 4, at 10.80 p.m.) Copper.—Spot, £66 7a 6d; three months, £65 7a 6d. Lead.—Spot, £25 7s'6d; three months, £34 10s. Spelter.—Spot, £3l 10a; three months, £3l 12s 6d. Tin. —Spot, £159 ss; three months, £169 ss. Silver, 35Jd. —A. and N.Z. Cable. BUTTER AND CHEESE The National Dairy Association reports under date August I. Under date July 29, Mr Ellison cables as follows: —Butter: Market inactive. Scottish and northern markets lost to us through forcing priced too high. Today’s price: Danish 200 s, New Zealand the same, but no business doing. Cheese: Better inquiry at reduction: White 86? to 88s, coloured 84s. We realise that the greatest difficulty facing the dairy companies at the present time is whether to make butter or cheese. It is impossible to forecast the position with anything like certainty. Without very much grounds for the opinion, the writer is inclined to hold that cheese is going to average out better for next season than. butter. Practically every country that is increasing its export of dairy produce to Britain is a butter-producing coufitty. Imports into threat Britain for five months ending May 31:— Butter.—l92l, 1,674,898 cwt; 1922, 2,076,195 owt. • v Cheese.—l92l, 304,5650 wt; 1922, 1,089,797 owt.

Messrs Dalgety _ and Co. report having received the following cable from their head office, . dated London, August 3;— Buttery The market is dull and prices have declined. New Zealand salted, 196 a per owt; Australian- GJLQ., 186 a per cwt.; Danish, 202 a per cwt; Australian finest salted, 194 s per cwt.; Australian finest unsalted, 196 s per cwt. Cheese: The market is ' quiet. New Zealand colour, 86s per owt; New Zealand white, 90s per cwt. NEW COMPANY REGISTERED. The New Zealand Mercantile Gazette records the registration of the following new — \ Allan Young, Ltd. Registered as a private company, July 18, \ 1922. Office: Octagon, Dunedin. Capital: £3OOO into 3000 shares of £1 each. Subscribers: Dunedin—Lillian Young 1, and Allan B. C. Young 2999. Objects; To acquire and take over the stock of the business lately carried on at their Dunedin branch of Webley, Sons, and Gofton, Ltd., and to carry on., business as wholesale and retail dealers in rand importers of musical instrumento, etc. LONDON WOOL SALES, Tho National Mortgage and Agency Company of New Zealand is in receipt of a cable message from its London office under date, the 3rd inst.: —The auctions have closed at their best point. Compared with the close of last sale we quote:—Average merinos, Id per lb dearer; best halibreds, unchanged. : Messrs Murray, Roberts, and Co. have received the following wool market cablegram from their London agents,- dated August 3; “Sales have The market shows a hardening tendency. Compared with opening rates, merino advanced 7J per pent.; crossbred (greasy fine to very fine), advanced 6 per cent.; crossbred (greasy fine wool suitable for Scotch trade), market shows no material change; crossbred (greasy medium), advanced 6 per cent.; crossbred (skin wool), declined 5 to 10 per cent.; merino lambs, advanced 6 per cent.; crossbred greasy lambs, market shows no material change; crossbred slipe, pax to 6 per cent, advance.” Messes Dalgety and 00. report having received the following cable message from their head office, dated London, August 3:— “Wool sales continued firm and active with brisk competition. As compared with lost sale’s closing rates, merino combing, greasy, merino wools of other descriptions, greasy, pax to 5 per cent, higher; merino wools, scoured, 5 pci cent, higher, except short faulty, par; crossbred wools, fine quality greasy, par to 5 per cent, higher; crossbred wools, medium and coarse quality, par to 5 per cent, higher; crossbred wools, fine quality, scoured, pax to 5 per cent, higher; crossbred wools, medium and coarse quality, scoured, market irregular; crossbred wools, medium and coarse quality, scoured, pax to 5 per cent, lower; slipe, par; lambs wool, good, change, if anyxis in seller’s favour; lambs wools, short mid faulty, unchanged. Quantity offered: 44,000 Australian, 36,500 New Zealand, 2300 Capo, 17,000 Punta, 8600 Falkland Island, etc. Eighty-six per cent, sold. Punta Arenas, 75 per cent. sold. Bawra offered 28,500 Australian, 10.500 New Zealand, 7000 Cape; 98 per cent. sold. Home trade bought 70,000, _ Continent 61,000, America 1000. Next scries, September 4to September 15.” Tho New Zealand Loan and Mercantile Agency Company have received the following cablegram from their London house, under date August 3:—The wool sales closed firmly • to-day. As compared with last sale’s closing rates, prices iVore higher about par to 5 per cent, for super scoured merino, merino lambs, medium scoured merino and greasy crossbred. About tho same for scoured crossbred. Greasy crossbred lambs and crossbred slipe, lower from par to 5 per cent, for scoured inferior merino, higher about 5 per cent, for greasy merino, Tho sales will reopen September 4. Messrs Murray, Roberts, and 00. have received telegraphic advice of tuo prices for Now Zealand wools at the close erf July series, on August 3, at follows:—s6’e yielding 60' per cent., 18d; 50’s, yielding 65 per oent., I2jd; 44/46’s; preparing yielding 74 per cent., BJd; 44/46’s carding yielding 72 per cent., 7Jd; 36/40’s yielding 75 per cent, 7d. BRAY BROS., Auctioneers, Dunedin. Consignments of poultry, pigs, eggs, honey, and butter axe urgently wanted, also fruit and all farm produce. Prompt attention given to correspondence, and inquiries invited.—Advt.