COMMERCIAL.

Otago Daily Times, Issue 18673, 30 September 1922, Page 6

COMMERCIAL.

Daily Times Office, Friday evening. The shipping of the 1921-22 Australian crop is rapidly drawing to an end. Europe is not finding any difficulty in securing ail the wheat needed at present, and for some time past the highest prices obtainable for Australian cargoes and; parcels has been from 50s to 50s 61 per quarter of 4801 b c.i.f. (approximately 5s ‘to 5a 2d per bushel Sydney' basis, and in some cases, where the freight was high, at from 4s 9d to 4s 10c! per bushel Sydney). According to_ Dalgcty, Ltd., latest cables advise that Pacific Coast (American) wheat is quoted in London at 46s per quarter for September or October shipment. Hard winter wheat, September or October shipment is ; quoted at 43s per quarter, 'while Argentine and Manitoba wheat, geptembor shipment, is offering round about 45s per quarter, c.i.f., London. Some European, factors have indicated that for the new Australian crop, January shipment, 47s per quarter, c.i.f., might b© obtained. Tho conditions in America for threshing winter wheat and harvesting spring wheat are considered satisfactory. Last , year’s estimates of the American crop were on th© low side, particularly so with regard to North America. The Institute in Rome, in its report of July 22, estimated the Canadian and United States yield as 1,159,200,000 bushels, an increase of approximately 6 per cent, on the 1921 total. Since this was compiled crop reports have indicated an improvement in both countries. Argentina has had beneficial rains, and its official forecast of the last crop is reported to have been underestimated. Latest reports regarding European crops are not very favourable, except in the case of Roumania, which expects a good return. Bulgaria, Belgium, Greece, Spain. Hungary, and Poland! anticipate a decrease of something like 10 per cent, on last year’s wheat yield. In view of the' poverty in Europe, the question as to the price which the Continent can pay, and the quantity it will be able to import will, it is considered, play an important part in determining the value of th© ensuing Australian crop. It ia reported that in Russia the wheat fields on tho Volga are doing well, and, moreover v that extraordinary efforts have been made to sow the largest possible area. ' It is even stated that the production of wheat in Russia will be from 5 to 10 million tons in excess of the 1921 yield. The Australian farmer is naturally very much interested. LOCAL MARKETS. There is nothing fresh to report as regards the milling wheat market. So far as fowl wheat is concerned the previous firming of the market is hardly maintained, as it is now -difficult to sell to the North Island at 4s 2d, f.0.b., -sacks extra. There are several inquiries at under these prices, but local merchants are unable to sell at such figures. Growers are not inclined to part with their holdings at current values, am) are hoping that the wheat may get into better condition , by being hold and (be ultimately passed for milling quality. Some of tho samples from tho south have inf proved considerably in , quality through being kept in stack, and have been passed as milling. It is estimated that there are 80,000 sacks of wheat in the Clydevale and Greenfield districts. A difficulty is being experienced in getting the wheat away, as a result of tho poor steamer facilities on the river. Most of it is of undergrade quality. Dunedin millers’ prices are as follow:Flour, OOOlb, £lB per ton; 100’s, £l9; 50’s, £l9' 10s; 25’s, £2O. Bran. £5 10a pen ton Pollard, £9. Oatmeal:. 25’s, £lB. Milling Wheat (Affgnst prices)—According to Government prices: Tuscan, 5s 9sd f.0.b,; Hunter's, 6s o|d; Pearl, Gs 6Jd. The oat market continues flrin, but there is, nevertheless, a considerable difference in the prices at which sales have beta made. For instance, B Gartens have been sold from the Blnff at 2s BJd, f.0.b., s.i., whereas Dunedin merchants have been getting up to 2s lOd for B's and 3s for A’e. There are, however, very few grad© oats now held in Dunedin. Moat of the North Island merchants arc confining their attention to undergrade oats, and some of them arc paying Id per bushel above tho, rates ruling at other ports. The higher price may, however, be only forthcoming from merchants who have forward contracts to fill. The present price being paid to farmers is 2s Qd for A grade, on trucks, sacks extra, and 2s for B's. Undergrade is selling at Is 9d to 2s per bushel, sacks extra, ex store. PRODUCE REPORT. , As farmers are now busy with their spring work there has been very little chaff-cutting done during the past month. The market is now, bare of supplies, and £4 10s to £4 15s can be obtained for tho best quality sacks extra, cx truck, Dunedin. The stores axe still holding heavy supplies of dis-

coloured and light chaff. This is almost unsaleable at £2 10s to £3 10s per ton, sacks extra, ex store. The potato market has firmed during the week, and £7 and up to £7 10s, sacks, m chided, cx truck, has been obtained for the best quality. Few consignments are coming forward, and it is expected that the market will remain firm. Little interest is being shown in the grass seed market, as most of tho merchants have purchased their spring requirements, and retailers are busy sending out orders Lowgrass shows a, decline in price, and best quality has changed hands during tho wee \ at 100 s per cwt. The prices of eggs, remain unchanged. Milled dairy butter has firmed 111 price. Current wholesale prices, are as follow:; Chaff: Good quality, to £1 15s; medium and light, slow of sale; discoloured, ±2 IDs to £3 Potatoes, £7 io £7 10s per ton. Eggs: Stamped, Is 3d; plain. Is Id to .is 2d. Dairy butler: Bulk, l-s 6d; pals, Is Gd; milled, Is Onions: Melbourne, to 20s; Californians. 22s Bacon; Rolls, lUd per lb; sides, 10Jd. Hama, 10|d; boneless, la Id. FRUIT REPORT. Heavy supplies of South Australian and Victorian Navels have reached the market, and prices have receded a little. Practically all lots, however, have been cleared. Fair supplies of .Sturmcra have arrived, from Otago Central, but the local buying is not keen. Coloured apples arc m good demßananas and tomatoes ore expected early next week from Rarotonga. These should meet a good market, as local stocks are lo\>'. Aspai'agus and cucumbers are inquired for., There is a keen demand for cauliflowers. Prices for rhubarb bovo receded. A small lot of Auckland-grown new tomatoes arrived during tho week, and realised from 7d to 9ct per lb. It is expected that larger quantities will bo available next week. Current wholesale prices are as follow: Apples; Sturm-crs; extra choice, 12s; good, 9s to 10s; spiall, 7s 6d to 8s 6d; Lord Wolaeley, 10s to 11s, per case. American lemons, 50s to 60s; Adelaide, to 17s; Auckland, cured, X4s to 15s. Australian bananas, to 32a per cae© as landed. Pines, 19s to 22s per case. Passion fruit, 80s per half case. Oranges: American, 40a; Adelaide, 23s to 255; Navels, 16s to 22s 6d; Sydney, 18s to 21s; Sevilles, 9s to 10s; Poorman, 9s to 10s per case; mandarins, 22s to 24s 6d per case. • Table carrots, Ss to Cs -per cwt; Is per dozen bunches. Leeks, 6d per bundle of six bunches. Beetroot, to 1-3 Gd per dozen bunches. Parsnips, 5s per cwt; Is per dozen bunches. * Cauliflowers; Special, 8s to 9s per sack; first grade, 9s to 10s; medium, 6s to Bs. Cabbages, 4s 6d to 7a Gd per sack; 3s to 4s per dozen. • Rhubarb, 2s 6d to 3s 6d per dozen buncbca, each of lib; loose, 2Jd to 3d per lb. Spinach, 2s per dozen. Lettuce: Small, 2s to 2s 6d per dozen; medium, 3s to 3s 6;l; large, 4s to 4s Gd per dozen. Spring onions, 4d to 6d per bundle. Radish, 6d to 9d' per dozen. Cucumbers, to Ifb a dozen. New potatoes: Auckland grown, 7d to 9d per lb. LONDON MARKETS. Press Aiinociotion—Bv Telegraph— Copyright LONDON, September 28. Butter is quiet, but prices are fully maintained. Little Australian and Now Zealand is offering. Cheese is very firm. New Zealand, coloured, 92s to 91s; white, 965. At the rabbitakin sales 1689 bales were offered, and 1430 sold. All furriers’ sorts averaged 25, per cent above the July prices. Tho advance was most marked in the lower grade. Thor© was little change for. furriers’ (?) sorts, but the tendency was mostly easier. New Zealand skins were about 10 per cent, down. They were mostly withdrawn, as they did not reach tho limits imposed. Harcskins were in strong demand at 5 per cent, advance. At the Liverpool wool sales there was keen competition for all sorts, and prices were fully firm at parity with Hull sales. The best wools were in sellers’ favour. Bradford showed good inquiry, but business was restricted owing to tho high prices. Sixtyfours realised 5Sd, 56’s 31d, . 50’s : 214 d, 46's 14|d.—A. and N..Z Cable.

VICTORIAN MARKETS. MELBOURNE, September 29. Th© hides market is very keen, and values are very firm at last week’s rates, except for heavies and specially-cared-for parcels, which advanced Jd. - . , ■ Barley: Little inquiry. English, 3s Gd. Oats: Dull. Feed,v 3s 7d. •' Potatoes, £6 10s to £8 os. Onions, £lO 10s to £l2 10s. CANTERBURY MARKETS. (Per United Press Association.) CHRISTCHURCH, September 29. The potato market is scarcely so buoyant as last week, due to tho quantities going north. The Koromiko, sailing on Monday, is understood to be taking an average consignment. In the early part of the week uu to £6 12s Gd at country stations was paid for white, and £6 10s for Dakotas in several cases for small lots, and £6 for reds. To day’s quotation is approximately 5s leas. Although formers are not offering much, more liberally, there are still enough'potatoes available to provide fairly full shipments. Offers generally are confined to moderate lots, which would appear to indicate that the reserves in growers’ hands aro small. There has been some activity during th© past day or two in milling wheat, considerable quantities of which previously failed'to reach the high'standard set by the Govern-’ ment for export. Quantities of fowl wheat worth about 4s Id to 4s 33, f.0.b., have been purchased. There seems to be little interest in the pool proposed for the disposal of under-grade wheat. Very little has developed in (ho export business. The local rise has about wiped out the margin previously available for export. Cocksfoot is a shad© brighter, hut there is very little life in other branches of seeds. - ■ BUTTER AND CHEESE. Messrs Dalgcty and Co. report having received the following cable from London, September 28: Butter. —Market quiet. Now Zealand salted, 218 s per cwt; Australian G.A.Q., 200 s per cwt; Danish, 222 s per cwt; finest Australian nnsalted, 2flSs per cwt; finest Australian unsalted, 208 s per cwt. Cheese.—Market steady. New Zealand, colour. 92s per cwt; Now Zealand white. 96s per cwt. FROZEN MEAT. Messrs Dalgety and Co., Ltd., report having received the following wire from their London office, dated September 28; New Zealand prime crossbred lamb: Canterbury—heavy 103 d, light 12jid; North Island —heavy 10|d, light 12jd. The demand has been checked by the higher prices asked. Crossbred mutton: Canterbury—heavy 7Jd, light 7fd; North Island—heavy 6|d, light 7.)d. The demand has been checked by the higher prides asked. Prime ox beef; Hiuds, 4Jd; ifores, 3Jd. Demand fair. RABBITSKIN MARKET. Messrs Dalgety and Co. report having received the following cable from London, dated September 23:—“1690 bales of rabbitskins offered; 1430 bales Bold. New Zealand furriers, 10 per cent, lower (mostly withdrawn); hatters’ beat, 10 per cent, dearer: medium, 20 per cent.; low grade, 30 per cent.” A NEW COMPANY. The Mercantile Gazette announces the registration of the following new company: The Farmers’ Dairy- Federation (Ltd.). Registered September 12, 1922. Office, Invercargill. Capital, £50,000, into 50,000 shares of £1 each. Subscribers; Waianiwa, J. S. Grieve 10; Dipton, W. J. Marjin, 15; Otautau, J. Fisher 10; Otatara, D. Gordon 10; Browns, A. H. Rose 10; Gap Hoad, J. G. Flett 10,; Beaumont, D. J. Heenan 10 Objects; Co-operative Dairy Factory. BROWN, EWING, AND CO. A SUCCESSFUL YEAR. Tho-annual meeting of Brown, Ewing, and Co. (Ltd.) was held yesterday afternoon. The directors’ report showed that the net profits for the year amounted to £lßl3 9s Gd which, with tho balance of £2489 Rs Id carried forward, brdught the total credit to £7302 17s 7d. Of this an interim dividend of 3 per cent, on preference shares and 4 per cent, on ordinary shares absorbed £1750, leaving £5552 17s 7d to bo dealt with. It was decided to pay a dividend of 3 per cent, for the half-year ended August 15 on preference shares (making 6 per cent.), and a dividend cf 5 per cent, for tho halfyear on ordinary shares (making 9 per cent), to place £lOOl to the reserve account, and to carrv £2652 17s 7d forward to next year. Mr William Jeffrey was re-elected a director on the motion of Mr It. N. Glcndining, and Mr D. Crawford was re-appointed auditor, on Mr R. O. B. Parker’s motion.

REMOVAL OF RESTRICTIONS. DELHI, September 28. The restrictions on the export of wheat and flour and other food grains and pulses have been removed. —Reuter. BANK OF ENGLAND RETURNS. Press Association—By Telegraph—Copyright LONDON, September 23. 'The Bank oi England returns for the week ended September 28 afford the following comparison with those of the previous week: — Sept. 21. Sept. 23. Coin and bullion £125,51)5,000 £125,51)7,000 Reserve •• 24,385,000 23,414,000 of reserve to liabilities, p.c 15.60 15.40 Note circulation 121,401,000 122,467,000 Government deposits ... 15,786,000 16,820,000 Other deposits 103,535,000 103,831,000 Government securities ... 44,548,000 44,063,000 Other securities 73,51)4,000 71,386,000 Short loans, 1$ per cent.; three months’ bills, 2 6-10 per. cent.-—A. and N.Z. Cable. ; FOREIGN EXCHANGE RATES. Press Association—By Telegraph—Copyright LONDON, September 28. The foreign exchange rates are as follows London on Far. Sept. 25. Sept. 23. Paris, fr. to £1 25.225 57.25 57.05 Christiania, kr. to £1 ... Copenhagen, kr. to £1 13.16!) 21.f7 21.25 Stockholm, kr. to £1 ... 18.150 16,61 16.67 Berlin, marks to £1 ... 20.43 6175.00 7400.00 Rome, lire to £1 22.22$ 104$ 104 Montreal, dol. to £1 ... 4.86 2-3 4.42 J 4.30$ New York, dol. to £1 - 4.86 2-3 4.423 4.30$ Hongkong, dol. to £1 ... • 31d 31d Yokohama, st. to yen ... 21.60 26Jd 26$cl Calcutta, st. to rpe. 10 to gold £ 15$d 15Jd •Determined by price of silver. —A. and N.Z. Cable. * GOVERNMENT SECURITIES. The following are the latest quotations for Government securities, with a comparison with those ruling last week: —

DUNEDIN .HIDE SALE. Messrs Waters, Ritchie, and Co. report as follows: —We held our usual fortnightly sale of'hides at our stores, Crawford street, on Friday morning. The attendance of buyers was hardly so large as usual, but, notwithstanding this, competition was very keen,

shippers, who have been out of the market for some time, again operating freely. Tho principal demand was for good cow hides, which are still in short supply. Tho total quantity of hides offered in Dunedin this week by the various agents was 3619, of which we submitted 3063. As compared with tho previous sale, prices were firm for all good-conditioned lines, _ but badly-conditioned and unattractive descriptions had less attention and were slightly easier. Tho following were some,of our best prices:—Ox. Eight 861 b, 13Jd; three 771 b, ll£d; one 80lb, 11 jd; two 801 b, Hid; seven 771 b, lid; 81 731 b, 10sd; one 811 b, 10|d; four 78lb, lOJd; five 751 b, KHd; three 70lb, 10$d: 170 631 b, 10»d; 22 641 b, 10Jd; 10 731 b, 10$d; nine 621 b, 10$d; 186 641 b, XOd; 18 721 b, lOd; two 711 b, lOd; 173 641 b, 9Jd; six 651 b, 9|d; 15 761 b, 9sd; four 781 b, 9|d; 76 621 b, 9d. Cows: Two 791 b, Bsd; 93 691 b, 7sd; 10 571 b, 7gd; 65 441 b, 7|d; 25 50lb, 7|d; 26 441 b, 7|d; 95 5611>, 7sd; four 361 b, 7sd; eight 391 b, 7sd; 23 511 b, 7Jd; 12 591 b, 7sd; 12 561 b, 7sd; 36 451 b, 7d; six 371 b, 7d; one 145 551 b, 7d per lb. Fraser and Co., auctioneers, produce merchants, commission agents, and agents for the Otago Egg Circle, 146 Crawford street, Dunedin, report:—Eggs: We quote Egg Circle, Is 3d; plain, Is Id. Butter: Market firmer. Pats, Is 5d to Is 6d; bulk. Is 6d. Pigs; Number offering is increasing, but prices are still easy. We quote bacon pigs to 6Jd per lb; porkers, CJd; overweights, 3d to 4d per lb. Tallow; Market stationary, from 16a to 21s per cwt, according to quality. Honey: Demand is poor. Prices are nominal—prime bulk, from 6sd to 7d; 10lb tins, 7s. Beeswax, Is 6d per lb. Potatoes: Market firmer. Wo quote prime tables, £6 10s. Califoynion onions, 22s per case; Melbourne onions, £lB per ton. We have fhe Otago agency for the Champion egg crates, price 17s 6d each; Orion colony brooder, £l2 103; Cronin’s flrelesa hot brooder, £2 19s 6d. Vie stock "Star P” poultry mash, "Star P” chick food,-lucerne meal. Fowl wheat, Jubilee incubators. Palmer’s food —prices on application. Poultry; Number offering on Wednesday showed a decline on previous week, and prices are slightly firmer. We quote: Hens, to 6s 6d per pair; cockerels, to 10s 6d per parr; roosters, to 8s per pair; ducks, to 9s 4d per pair; geese, to 7s per pair. Turkeys, to 10$d per lb, liveweight. “ CONSIGN YOUR EGGS AND BUTTER’’ To BRAY BROS., ' Fruit and Dairy Produce Auctioneers, STAFFORD STREET, DUNEDIN. Prompt attention given to correspondence.

Last week. This week. £ P. d. £ d. 2| per cent. Imp. Con. 67 0 0 57 0 0 3J per cent. Imp. War Loan, 1025-28 04 0 0 04 6 0 & per cent. Imp- War loan, 1920-47 00 15 0 00 15 0 BJ pei- oent. C’wealth Loan, 1920-22, Peb.-Aug 101 10 0 101 12 6 6$ per cent. CVealth Loan, 1025-45, .Tune-Dec. ... ,.. 103 17 6 103 12 6 N.S.W. 4’s, 1033, Jan.-July ... 88 5 0 88 5 0 N.S.W. Si's. 1035-50, Jan.-July 75 15 0 75 13 6 N.S.W. 3’s, 1935, Apl.-Oct. ... 73 12 -6 73 10 0 N.S.W. BJ’s 103 17 6 101 16 0 N.S.W. 6’s, 1030-40, Mav-Nov. 107 0 0 106 7 6 N.S.W. 4J’s, 1934-35, Jan.-July 97 2 6 07 2 6 Vio. Si’s, 1020-40 102 5 0 103 0 0 Vic. 4’s, 1021-6, Jnn.-Julv ... 05 0 0 05 10 0 Vic. 3i’s, 1020-40, Apl.-Oct. 75 0 0 75 2 6 Vio. 3’s, 1020-49, Jan.-July 70 10 0 71 0 0 Q’land 4’s, 1024, .Tan.-Julv ... 95 2 6 96 5 0 O’land 3Vs, 1021-30, .Tnn.-Inlv 04 0 0 04 0 0 Q’land 3’s, 1022-47, Jan.-July 66 15 Q 65 12 6 Q’land 6’s 103 15 0 104 0 0 N.Z. B’s, 1035-45, Jan.-July 110 0 0 100 17 6 N.Z. 4*s, ir>50, May-Nov. 04 5 0 04 10 0 N.Z. Si’s, 1040, Jan.-July ... 81 10 0 81 7 6 N.Z. 3’s, 1045, Apl.-Oct. ... 72 10 0 72 10 0 S.A. 3’s,‘1030, Jan.-July_ ... 62 0 0 62 0 0 S.A. 3i’s, 1045 or alter 80 10 0 80 10 0 S.A. 6’s, 1030-40 • 107 15 0 107 10 0 Tils. Si’s, 1020-40, Jan.-July 80 10 0 80 15 0 Tas. 3’s, 1020-40, Jan.-July 73 0 0 73 0 0 W.A. 3J’s, 1020-35, Mav-July 83 0 0 83 0 0 W.A. 3’s, 1015-35, May-Nov. 78 0 0 78 0 0 W.A. 6’s, 1935-15, June.-Deo 101 0 0 103 12 6