COMMERCIAL.

Otago Daily Times, Issue 18896, 23 June 1923, Page 6

COMMERCIAL.

Daily Times Office, Friday evening. Although several attempts have been recently made in the United States to “prop” tho wheat market, they have been unsuccessful. Adverse crop reports have failed to convince London that there has been any unusual damage, and during the lust two or three weeks prices have declined steadily. Latest news from England is still unfavourable, and it may be accepted that the American crops promise a heavy yield. Official estimates of the Indian crop have been reduced, but the yield is forecasted at 56,000,060 bushels greater than that of last year. Beneficial rains have fallen in Canada. The official estimate of the remaining surplus wheat in Argentine is 48,000,000 bushels. LOCAL MARKETS. The position is unaltered as regards milling wheat. ' Millers are keen buyers of any prime lines offered, and are also accepting lines which are not up to prime. There is not very much wheat on offer, as most of the southern milling wheat has been marketed. Millers, however, are holding fairly heavy stocks, as they had been purchasing in tho north and also jn the south for some time. Fowl wheat is in short supply, and is readily sold at 4s 3d per bushel, sacks extra, ex truck, Dunedin. There are several shipping inquiries, but advices from tho north state that feeders are now using maize in preference to wheat. Auckland reports under date, June 15, that there are fairly heavy stocks of fowl wheat on hand, as more maize is being used for fowl food at this time of the year. There is some inquiry for July, August, September delivery. Tho following are quotations for produce to be paid to farmers at country stations, sacks extra, unless otherwise stated: Wheat; Tuscans, 5s lid; Hunters, 5s 3id; Pearl, 5s Bid. Dunedin millers’ prices are as follow: Flour, 200 lb, £ls 10s per ton; 100’s, £l6 10a; 50’s, £l7; 25’s, £l7 10s. Bran, £5 10s per ton. Pollard, £7 10s. Oatmeal: 25’s, £2O; 200’s, £l9. There is very little demand for oats, and the market is weaker. Grade oats are not wanted, except ’ where forward business has to bo met or where millers require lines. Northern buyers are confining their attention to undergrade lots, and there are fairly plentiful offerings of this quality, at about 3s f.0.b., s.i. A Grade is quoted at 3s 5d f.0.b., s.i., and B’s at 3s 3d. In view of tho absence of demand merchants are not keen buyers from growers, whose oats, on the present f.o.b. quotation, are worth 2s 9d for A’s and 2s 7d for B’s, sacks extra, on trucks. Auckland reports that there is no animation. whatever in the oat market, as there are ample stocks on hand. The inquiry for machine-dressed and clipped Algerians is still very dull. PRODUCE REPORT. Both the shipping and local chaff markets are quiet, and prices for prime have eased to £5 5s per ton, sacks extra, ex truck. There is still an absence of shipping inquiries, and reports from the north state that owing to the heavy arrivals of Australian lines southern chaff will not be wanted for three or four months. Medium and poor quality is slow of sale at £3 10s to £4, sacks extra, ex store. Auckland reports that the chaff market is at the moment oversupplied as every southern steamer is bringing up large supplies, and the Kaituna has just arrived at Auckland from Picton with a heavy consignment. Local merchants aro unable to dispose of all their purchases, and largo quantities axe being taken into store although .as low as £7 5s f.0.b., s.i. has been accepted for good, bright southern, ex Kekerangu, and £7 15s for Blenheim ex Kaituna. Southern prices have eased, and to-day’s quotations are nominally £7 10s for good, bright oat sheaf southern, and £7 15s to £8 for Blenheim. There is no doubt whatever but that the pending importation of Australian chaff into Auckland has affected the chaff market throughout the whole dominion, and it will be sometime before local merchants will again be in the market for southern chaff. Arrivals of potatoes on the local markets are not heavy and any good quality is readily saleable at up to £ll 10s per ton, sacks included, ex truck. The shipping market, however, is not buoyant, and it is reported that Auckland merchants have purchased 300 tons of Tasmanian tubers at" £3 10s per ton, f.0.b., s.i. Freight, duty and other charges will bring the coil of these tubers to about £ll per ton. G Good seed potatoes are in demand at h•' "h prices. Auckland reports as follows; —Prices in the South Island have firmed very considerably, and prices to-day vary from f 9 5s to ft 10s for f.a.q’s and £lO to £lO 5s for whites for prompt or July delivery. Fair quantities have arrived to this market during the last four weeks, and with the arrival of the Kekerangu, there should be sufficient hero now to last for the next 10 days. Sales, ex this steamer, have been made at £9 for f.a.q’s, £9 2s 6d and £9 5s Dakotas, and £lO for whites. Now that prices are getting so high in tho south, local merchants (as in tho case of cllsff) have turned their attention to outside markets, and already some 300 tons of Tasmanians have been bought at £3 10s f.0.b., s.i. These will arrive by the Kaitangata on a freight which may be less than £1 15s and other charges including primage, duty, insur ancc, exchange and other charges and wharfage, will make the landed cost approximately £ll 10s ex wharf, or equivalent to about £lO, southern New Zealand ports. It will be interesting to know what effect these importations will have on the potato position gener ally Eggs show a further decrease in price. Current local wholesale prices are as follow: — Chaff.—Good quality, £5 10s; medium and light, £3 10s to £4. Potatoes, £ll to £ll 10s. Dairy Butter. —Bulk, Is 4£d; pats, Is 4i<l i milled, Is sd. Melbourne onions, £lO per ton. Eggs.—Stamped, Is 9d; unstamped, Is 7d Bacon. —Rolls, Ik per lb; sides, lid. Hams, is 2d; boneless, Is 3d. FRUIT REPORT. Business has been fairly brisk in tho fruit marts during tho week. A considerable quantity of cooking apples has passed through the marts during the week, the low prices creating a demand. In desserts Cleopatra a are asked for. Other sound dessert varieties also meet a sound inquiry, but poor conditioned fruit has little demand. There are no first-class pears coming forward. No overseas fruit came forward this week. Tho Moeraki, which is due to leave Melbourne on Tuesday, will bring lemons and oranges for this market. It is expected that only a few bananas will be brought from Auckland by the Wingatui, and as a result this fruit will probably be short here for some time. The market has firmed for oranges, and it is not likely that any lines will arrive next week. Cauliflowers meet a good demand. Sound cabbages realise 5s to 7* per sack. The market is fairly well supplied with swedes. Carrots and par-snips have a good inquiry. The following are tho latest wholesale prices: Apples.—Dessert Jonathans, 5s to 7s per case; 1 Delicious and Cleopatras, 8s to 10s per case for choice; cookers, 4s to 5s for best; medium, 3s; inferior, 2s to 2s 6d, Pines, 22s 6d. Tomatoes. —Local hothouse, to 1s 6d. Grapes.—Victorian, 25s to 30s per box. Lemons. —American, 50s to 555; Victorian, 255. Lettuce, 2s per dozen; inferior, Is per box. Beetroot, Is to Is 4d per dozen. Parsnips, Is 6d per dozen bunches; 9s per cwt. Carrots, Is per dozen bunches; 7s per cwt. Marrows, 6s to 7s' per case. Pie Melons. —New Zealand grown, 14s to 16s per cwt.; Victorian, 18s to 19s per cwt. Passions, to 22s 6d. Mandarins, to 23s 6d. Oranges.—lsland, 22s 6d to 255; American, 365. Cauliflowers, 11s to 15s per sack for choice; prime, 10a to 12s; loose, 2s to 7s per dozen. Cabbages, 5s to 7s per sack; medium, 3a to 4s. LONDON STOCK EXCHANGE. Press Association—By Telegraph—Copyright LONDON, June 21. (Received Juno 22, at 5.5 p.m.) P. and O. shares are quoted at £3lO and £320, buyer and seller respectively,—A. and N.Z. Cable,

Povcity Bay.—Wethers, 611 b and under, 6d; prime woolly lambs, 42ib and under, prime ox beef, 31a per XOOlb. Hawke’s Bay.—Wethers, Glib and under, Gld; prime woolly lambs, 421 b and under, yjd; prime ox beef, 20s per 1001 b, Wanganui.—Wethers, 641 b and under, s|d; prime woolly lambs, 12!b and under, 9d; 431 b and over, 8d; second quality lambs. 8d Wellington.—Wethers. Glib and under, 5Jd; prime woolly lambs, 421 b and under, 9d; 431 b and over, 8d; second quality lambs, Bd. Canterbury.—AVethors, 641 b and under. 7d; prime woolly lambs, 421 b and under, lOid, second quality lambs, lOd. Southland. —Wethers, 641 b and under, 6d; prime woolly lambs, 421 b and under, OJd; second quality lambs, 9d. CANTERBURY MARKETS. (Peb United Press Association.) CHRISTCHURCH, June 22. The very heavy rains which have been experienced in the country during the past few days will have tho effect of stopping all delivery. As far as the potato market is concerned, the supply is already slackening

off to some extent, but several steamers are expected to convey shipments north during tho week-end. The Auckland market continues firm, and inquiries have been received from the south, good sales having been effected at as high as £9 on trucks (mid Canterbury) for F.A.Q. This is an increase of about 20s per ton on previous sales, the ordinary price being £9, f.0.b., sacks in. The firmer tone of the southern market argues well for mid-Canterbury potato growers, and moans a great deal more than people seem to realise. In past years Otago potato growers have been strong competitors with Canterbury, but with the evident failure of the southern crop it looks ns if the whole

of New Zealand’s potato supplies will be drawn from mid-Canterbury, and will consequently somewhat strain the local market. The consensus of opinion is that the New Zealand potato market must bo augmented by supplies from outside centres if the sup- j ply is to be maintained. _ 1 Onions.—Tho season is practically oyer so I far as export is concerned. There still _ re- ■ main a few supplies for local corrumption. 1 Tliere is little fresh to report with regard | to the seed market. There is a fair demand j for cowgrass, and as high as Is has been, j paid to farmers. , : AVhite clover- is a little weaker, if anv- ; thing, and some merchants are inclined _to j dispense with high-priced stocks in view of the fact that Europe may be quoting j cheaper seed in the future. j Sales have been made of 161 b to _ 17lb • cocksfoot at BJd per lb for prompt delivery. I There is a better tone in this market gene- ] rally.- although the nr ices offered to farmers j remain unchanged. Tho market, however, is ; expected to brighten in July. _ , : There is a good demand for good millinv j wheat, which is readilv accepted by all j bu'-ers. Fowl wheat is in fair demand. ; Oats are dull, and there is very little life in the market. The same remarks apply to chaff. CLYDESDALE HORSE SOCIETY. (Fbom Our Own Correspondent.) WANGANUI, June 22. According to the annual report of the Now Zealand Clydesdale Horse Society there hai been an unsatisfied demand for good horses of all classes, though the money market forbade fancy prices. The exports for the year totalled 25, whilst tho imports from -Britain comprised seven stallions and four mares and fillies. At the annual meeting Mr J. A. Johnstone (Dunedin) was elected president. It was decided to present to the secretary 100 guineas as a token of appreciation, of his services. BUTTER AND CHEESE PRICES. Press Association —Bv Telegraph—Copyright London, June 21. (Received June 22, at 5.5 p.m.) Butter is very dull and there is little demand for colonial owing to heavy supplies of Danish, which, are offering at about 1545. There are also increasing arrivals from i France, Holland, and Ireland, tho total im- j ports for May, being 541,000 cwt. New Zea- j land choicest salted is quoted, at 152 s to j 1545; unsalted, 154 s to 1565; Australian, 144 s to 1465. There is very little choicest offering. Secondary Australian is quoted at 130 s to 1365. Cheese, spot, is scarce. New Zealand white is quoted at 90s to 92s and coloured at 90s, but 114,000 crates of fresh are due to arrive at tho week-end, for which importers are asking 81s to 86s_. Australian has been practically cleared at 82s to 84s.—A. and N.~. Cable. ENGLISH WOOL MARKET. Press Association—By Telegraph—Copyright LONDON, June 21. (Received June 22, at 5.5 p.m.) The Bradford wool market is stagnant and quotations are unchanged.—A. and N.Z. Cable. MEAT PRICES. (Per United Press Association.) WELLINGTON, Juno 22. The Now Zealand Meat Producers’ Board advises that the following prices wore being offered on June 21: Auckland. —Wethers, 641 b and under, &id; prime woolly lambs, 421 b and under, BidTHE NEW ZEALAND LOAN. Considerable gratification will be felt (says our London correspondent, writing on May llj with the result of the New Zealand 4 per cent. loan. In spite of the fact that some adverse comments appeared regarding the dearness of the stock, the applications came in very rapidly, ond after 24 hours £6,500,000 had been subscribed. Time was allowed for tho country subscribers to get their applications in, for Sir James Allen favours the principle of allowing as many people as possible other than city financiers to have a financial interest in the dominion. What the percentage of country subscribers it has not yet been disclosed, but it is anticipated that the smaller applicants will receive allotment in full, and the larger applicants will get about 60 per cent. The Bank of England, with its usual promptitude, was posting tho allotments on the same evening as the lists closed. “It speaks well for, the popularity of New Zealand)"’ the Morning Post remarks, “as a borrower, and also for tho auspices under which the loan was issued, that an amount of £4,000,000 should have been so quickly absorbed at a moment when almost all the external influences operating have been of an unfavourable character, and when, moreover, the terms showed a very appreciable advance upon those which New Zealand obtained its last loan.”

SHOW OP STUD AYRSHIRBS. (Fu United Frpss Ashociation.) PALMERSTON N„ Juno 22. The experiment of holding a show of stud Ayrshire in connection with the National Dairy Show was more than justified, and it is likely to bo followed by other breed societies. Mr A. M. Weir, cf Southland, who officiated as judge, expressed the opinion that the entries would bo hard to beat anywhere. The over-two-year-old females made a wonder, fully dine display, which resulted in a splendid animal—Milkmaid Sprinogviow—owned by Mr A. H. Hanson, of Terchunga, and with OOO.b test of butter-fat, securing first place, with Messrs Webb Bros.’ (Koputaroa) Greenfields Mary, 534.21 bof fat, second, and Mr B. M’Dermitt’s (Takapau) Gladys of Myrtle Grove third. The winning cow was declared tho champion. The under two-year-old class was won. by Mr A. Montgomerie’s Glencafrn Margaret. Tho bulls also made a fine display, pride of place being eventually given to Mr F. Mills’s (Waipapa) King Bruce. WEEKLY REPORT. Fraser and Co., agents for tho Otago Egg Circle, produce merchants. 146 Crawford street, Dunedin, report;—Eggs: Supply is increasing and sales are slow First grade eggs (stamped), Is 9d per dozen; pullet eggs, Is 3d to Is 4d; case eggs, Is 7d; preserved eggs, slow of sale, at from la 4d to Is 6d per dozen. Butter: Steady; pats, Is 5d per lb; -bulk, la 5d to Is ■ 6d. Pigs: Larger quantities are coming to hand and prices have cased. Bacon weights are worth from 6cl to GJd; porkers, 6d to 7d; over-weights, 3d to 4d. Tallow: Market steady, wort 1 ) from 16s to 23s according to quality". Honey: prime bulk, 5d to sad per. lb; 10lb tins, os 6d per tin. Beeswax, Is 5d to Is 9d per lb. Potatoes; Demand is absorbing all supplies coming forward; best sorts are worth £ll 10s to £l2 10s; medium sorts, from £lO 10s to £ll. W© atock “Star P” chick food, lucorene meal, poultry meal, oats, egg crates, bran, pollard. Leg rings, Is per ! dozen, special quotes for quantities. Poultry: We penned a fair yarding, when the following prices wore realised: —Hens, 4s to 6s; cockerels, from 4s 6d to 7s; ducks, from 6s to 7s (all at per pair). Turkeys: Gobblers, per m (live weight). GOVERNMENT SECURITIES. Press Association —By Telegraph—Copyright LONDON, June 31. (Received June 22, at 5.5 p.m.) The following are the latest quotations for Government securities, compared with, tho prices

BANK OP ENGLAND RETURNS. LONDON, June 21. (Received June 22, ut 5.5 p.m.) The Bank of England returns affords the following comparison with tho return lor the previous week:— June 13. June 21. Coin and bullion £125,707,000 £125,700,000 Reserves 23,181,000 23,518,000 Notes in circulation ... 124,100,000 123,741,000 Oovernment deposits ... 11,000,000 16,082.000 Other deposits 103,704,000 105,255,000 Government securities 46,330,000 45,359,000 Discounts and advances 63,089,000 71,177,000 Proportion of reserve to Per cent. Per cent. liabilities 19.35 19.25 Short loans - 1 $ 15 Three months’ bills ... 2 2$ FOREIGN EXCHANGE BATES. LONDON, Juno 21. (Received June 22, at 8.5 p.m.) The exchange rates are as follow: London on Par. June 18. June 21. Paris, fr. to £1 25.255 74.50 74.35 Christiania, kr. to £1 ... 18.169 29.97 27.85 Copenhagen, kr. to £1 ... 18.159 25.87 25.75 Stockholm, krt to £1 ... 18.159 17.38 17.43 Berlin, marks to £1 ... 20.25 675,000 630,000 Rome, lire to £1 22.22$ 101$ 101$ Montreal, dol, to £1 ... 4.86 4.72| 4.72$ New York, dol. to £1 4.88 4.61$ 4.61$ Hongkong, dol. to £1 ... * 27$ 27$ Yokohama, St- to yen 21.50 25$d 2-'sd Calcutta, st. to rpe 10 to gold £1 16 l-8d 16 l-8d •Determined by price of silver. —A. and N.Z. Cable. LONDON MARKETS. Press Association —By Telegraph—Copyright LONDON, June 21(Received June 22, at 9.10 p.m.) “Wheat cargoes are dull at 3d to 6d lower. Parcels are in good speculative demand at a decline of 6d. Tho spot trade is moderate, Australian nominally being worth about 535, ex a tore. Flour is quiet. Australian is quoted at 36s 6d to 375, ex store. Oats is firm. A grade Gartons are worth from 31a 6d to 335, ex store. Peas aro steady. Tasmanian map’es are quoted at 105 s to 110 s; Now Zealand, 35s to 975 , New Zealand beans are selling at 80s to 525. Granulated sugar is quoted at 62s IJd. —A. and N.Z. Cable. Messrs Dalgcty and Co. report having received the following cablegram from their head office, London, dated Juno 31, 1923: Now Zealand prime crossbred lamb: Canterbury, heavy lid, light llj;d; North Island, heavy lOgd, light 10$d. For lamb the demand continues. Prime crossbred mutton: Canterbury, heavy 63d, light Bsd; North Island, heavy 6|d, light Bd. Tho demand for mutton has been checked by tho increased prices asked. Prime ox beef; Hinds, 4id; fores, 2|d.,The demand is limited. The lamb market is very firm and tho mutton market is firm. For beef prices are nominal. Australian good average quality crossbred lamb, heavy Bsd, light 9Jd; good average quality crossbred mutton, heavy ssd, light

SJd. Any change in the prices of lamb is in favour of sellots. The demand for mutton is fair. Mosers Dalgefy and Co. report having received the following cable fxxnn their head office, dated London, Juno 20, 1923: “Tallow market opened quiet, closed firm. Ono thousand four hundred and forty caste tallow offered, 11,170 casks tallow sold. Unchanged to Is per cwt. dearer. ITino 425; good, 41s; good mixed, 40s 6d to 41s; gut, 3Gs to 80s 6d. “Wool.—Du Cruz Doxat and Co., London, aro selling July 3, July 12, July IS." Dalgety and Co. report having received the following cable from their head office, London, dated June 21: Butter market depressed. New Zealand salted, 150 s per cwt; Australian g.a.q., 140 s per cwt; Danish, 150 s per cwt; Australian finest salted and unsalted, 146 a per cwt. Considerable amount of New Zealand butter arriving is being put into cold storage. Cheese market very quiet. White, 92s per cwt; colour, 68s per cwt; Canadian c.i.i., 84s per cwt. . .. .. . ' ■■ CLEARING SALE AT WAIKOUAITI. Messrs Stronaeh, Morris, and Co. report having held a very successful clearing sale on account of Mr ,S. H. AUoock, Waikouaiti, on Thursday, June 21. There was a large attendance of neighbours, and also farmers from the different districts. Mr Allcock’s cows were well known in the district, and consequently competition was keen. The horses, which wore a good lot, also sold well. Implements, etc., realised prices. Tiro following aro some of the prices obtained; —Nineteen dairy cows (September and October culvers), from £l2 to £7; heifers, fo £7; yearlings, from £4 7s 6d to £4; ninc-yoar-old maro, £3O; ono filly foal by shanter, £23; ono two-year-old filly, £l9 10s; aged horses, £5 10s to £7; discs, to £2O; springdray, £18; dray and frame, £ls; hut, on wheels, £22. ERA'S BROS. (LTD.), Auctioneers, Dunedin, Are reliable FRUIT AND DAIRY PRODUCE SALESMEN. If you have any pro duco to market consign to BRAY’S, DUNEDIN. Prompt attention given to all correspondence.—Advt.

ruling last week: — Last week. This week. £ S. d. £ s. d. Imp. Com, 2* p.o .. 59 0 0 58 5 0 War Loan 6 p.c., 1920-47 . .. 101 7 6 101 2 6 War L/onn, 3J p.c., 1020-28 Conv. Loan, 3i p.c 90 2 6 91 5 0 .. 80 17 6 80 0 0 C’weulth 6 p.c., 1931-41 .. 106 12 6 106 7 6 C’wealth 51 p.c., 1922-27 . .. 101 5 0 • 101 0 0 N.Z. 6 p.c., 1936-51 ... . .. 112 0 0 112 0 0 N.Z. 4 p.c., 1929 .. 05 7 6 95 7 6 N.Z. 3i p.c., 1940 .. 8G 10 0 86 10 0 N.Z. 3 p.c., 1945 .. 77 17 6 77 10 0 N.S.W. 6J p.c., 1930-40... . .. 103 17 6 108 17 6 N.S.W. C p.c., 1930-40 .. 105 5 0 105 0 0 ST.S.W. 5| p.c., 1923-32 . .. 101 0 O 101 0 0 N.S.W. 4 p.c., 1933 ... . .. 91 5 0 91 7 6 N.S.W. 34 p.c., 1939-50 82 0 0 82 0 0 N.S.W. 3 p.c., 1935 ... . .. 80 10 0 80 10 0 Vie. 54 p.c., 1930-40 ... . .. 103 10 0 103 10 0 Vic. 34 p.c., 1921-26 ... . .. 07 12 6 97 0 0 Vie. 34 p.c., 1929-40 ... . .. 81 0 0 81 6 0 Vic. 34 p.c., 1929-49 ... . .. 74 10 0 75 0 0 Q’iimd R p.c., 1930-40 ... . .. 105 12 6 105 7 6 Q'lantl 4 p.c., 1924 '... . .. 97 12 b* 97 7 6 Q’land 34 p.c., 1924 ... . .. 97 0 0 97 2 6 Q’land 3£ p.c., 1030 ... . .. 80 0 0 89 0 0 Q’la-nd 3 p.o., 1922-47 ... . .. 72 10 0 72 15 0 S.A. 04 p5c., 1920-40 ... . .. 100 0 0 109 0 0 S.A. 41 p.c.; 1945 or after . .. 86 17 6 85 6 S.A. 3 p.o., 1930 65 10 0 65 0 0 W.A. 6 p.o., 1930-40 ... . ... 104 5 0 104 -O 0 W. A. 34 p.c., 1920-35 ... . .. 87 10 0 87 10 0 W.A. 3 p.c., 1915-35 ... . .. 81 0 0 81 15 0 Tas. 04 p.o., 1030-40 ... . .. 109 0 0 108 7 6 Tas. 34 p.o., 1920-40 ... . .. 85 12 6 85 5 0 Tas. 3 p.o., 1920-40 ... . .. 79 0 0 79 15 0