COMMERCIAL.

Otago Daily Times, Issue 19009, 3 November 1923, Page 8

COMMERCIAL.

Daily Times Office, Friday evening. London .mail advices of September 11 stated that the English wheat crop was being delivered rather slowly, and there were_ complaints of unsatisfactory yields. The Liverptol Corn Trade Hews said; “In some parts of Franc© threshing results have greatly disappointed growers, and the. crop is slow to move; German crops have been moderately affected by bad harvest weather, and the Russian crops appear to bave suffered severely the grain being light and of bad quality, but this general statement does not disprove the definite news from various sources that some good crops have been secured in the southern regions. It seems likely that some modification of European crop estimates may be necessary, but against these decreases there may be increases in Canada and the southern hemisphere. Very optimistic statements of the Canadian crop are again being made. As wo are writing this review we get the estimate of 470,000,000 bushels for the dominion crop as made by the Bureau of Statistics. Such outturns mean 40,000,000 to 45,000,000 quarters available for export, a magnificent contribution to the international supply. The Argentine crop is still about three months distant from harvest, but it is in good condition, and the indicated yield and surplus cannot be put at low figures. ’Last year’s crop gave 17,000,000 quarters for export and this year there will be additional produce from a million acres, all of which will be surplus.” LOCAL MARKETS. Small lobs of milling wheat are still arriving from the country. Good quality is saleable to millers at the full fixed rates, but it is difficult to place lines which show, signs of sprouting or are shrivelled or* slightly soft. Millers, however, are not very keen buyers even of prime quality, as they are carrying large stocks. The greater portion of the wheat coming to hand has to b© sold as fowl wheat, the demand for which is quiet. North Island merchants are not showing much interest in the market, as they apparently consider prices too high in the face of the outside values. The question whether wheat can ba imported into the dominion is a matter which will have to be decided later on by the Minister of Agriculture. At the present time the importation of wheat is prohibited until after the end of March, when the position will have to be reviewed. The embargo however, may not be enforced until the end of March as regards fowl wheat., as there is a rumour that the North Island merchants may bring pressure to bear on the Govern ment to obtain permission to import a few thousand sacks. The price for fowl wheat to-day is 5s 2d f.0.b., sacks extra, but there are few inquiries at this figure. The foregoing quotation is equivalent to 4s lOd, sacks extra, ex truck, to growers. Dunedin millers’ prices are as follow: —• Flour, 2001 b, £ls 10s per ton; 100’s, £l6 10s; 50’s, £l7; 25’s, £l7 ■ 10s. Bran, £5 10s per ton. Pollard, £7 10s. Oatmeal; 25’s, £2O; 200’a, £l9. ' The Australian inquiry for cats has again weakened. The orders' which were received from Australia were for prompt shipment, so this probably means that the buyers wanted oats before the arrival of the new season’s cereal. It is expected that new season’s oats will be available in Australia early in December. The drought has now broken in certain areas in Queensland and New South Wales, and this will no doubt obviate th© need for importing further supplies of oats. B Gartons have already weakened in price, and cannot be placed now above 3s 3d f.0.b., s.i.; f.a.q’a are offering at 3s Id without finding buyers. These prices show a reduction of about Id per bushel. A Gartons are selling in small lots at 3s 4d f.0.b., s.i. Stocks of oats are light, but on the other hand the consumptive demand is poor. It is considered that there are sufficient oats to fill New Zealand requirements till the next crop is available. Tho foregoing prices are equivalent to 2s 3d, sacks extra, ex truck, for B’s and 2s 10d for A’s. TJndcr-gradc quality is quoted at up to 2s 6d per bushel, PRODUCE REPORT. There is a good demand for best quality chaff at £5 5s per ton, sacks extra, ex truck. Consignments of this quality are on the light side, but feeders are holding fairly heavy stocks, and are not showing much interest in the market. The demand from the North Island is quiet, as Auckland is able to buy cheaper from Blenheim and Canterbury. The potato market continues to show a downward tendency. Tlte season for old potatoes is practically finished, but retailers are buying small lots to keep their customers supplied till tbe new season’s tubers are available in quantity. North Island merchants only require small lines of old tubejs, ns they are able to buy new potatoes' at fairly reasonable rates. This means that Canterbury is sending most of the stocks remaining in hand to the Dunedin ’ market. Good quality has been secured at about £7 U»s, sacks included, delivered in Dunedin, and these are selling hero at from £8 10s to £9 per ton, ex store, sacks in. A consignment of onions arrived by the Moeraki. Prices range up to £l9 10s a ton. Dairy butter, bulk and pats, shows a slight reduction in price. ... , . l Hams are now quoted forward at Is stl per lb. Milled dairy butter is now quoted at Is 4id —a reduction of id per lb. Current local wholesale prices are as follow ; Chaff.—Good qualitv, to £5 Es; medium and light. £3 10s to £4 ],O» Potatoes, £9. Onions, £l2 10s per ton. Dairy Butter. —Bulk, la id; pat?, Is 3d; milled, Is 4Jd. Eggs.—Stamped, 1* 4d ; cased. Is 2d. Bacon.- -fSol>, Is 2d per lb; sides, Is Id. Hems, Is 54 per lb. FRUIT REPORT. Some small Ucm; of highly coloured Democrat apples ha.ve arrived on the market. These realised v,-' to 14s per case. The market could Jo wivh more of this variety of apple. Sound lives of Stufmers are bringing from I 10s to 11s. I.uifcgrade quality desserts and I cookers are hard to quit. Good cookers are almost unobtainable.

American apples are going to cost about 8d per lb wholesale this season. The first shipment is due in Dunedin about the end of this month or the beginning of the next. The Moeraki brought a shipment of aboul 250 cases of oranges for the wholesale marts. The Sydney quotations for oranges are ver; high. American lemons meet a sound demand. Bananas are in short supply. A few hothouse tomatoes arrived from the north to-day and brought 4s per lb. Locallygrown hothouse are a little dearer. The supply of cucumbers is not equal to the demand. Most of the rhubarb oomihg forward is lacking in colour. A well-coloured line grown at Sawyers’ Bay brought up to 3s 6cl per dozen bunches of lib each. Small supplies of gooseberries came forward during the week. To-day’s price was s|d. Peninsula-grown peas were sold to-day at 8d to 9|d. Supplies of Canterbury-grown are fairly plentiful for this time of year. These were sold at from. 5d to 7d per lb. Asparagus is bringing 12s pel dozen bunches. This is an increase of about 4s per dozen as compared with the previous week. Cauliflower prices are easier, the qualityhaving fallen off. Supplies have also cased off. Radishes, carrots, onions, and turnips, and new potatoes, are more plentiful. Sound lettuce has a ready sale; small sizes are neglected. The following are the latest wholesale prices: Apples.—Choice dessert,' Delicious, to 19s 6d; Democrats, to 14s; Stunners, best, 16s to 12s 6d; small, 3s 6d to ss; cookers, 4s to 6s 6d for best; second and third grade, difficult to sell, 2s to 3s 6d per ease. Oranges; Adelaide, 24s to 27s 6d. Lemons.—Adelaide, 22s 6d to 255. Bananas.—Ripe, 30s to 35s per case. Cucumbers, 12s to 15s per dozen. Asparagus, to 12s per dozen. Silver beet, 6s to 7s per case. Beetroot, Is 6d per dozen bunches. Parsnips.—ln short supply. Spinach, 2s to 2s 3d per dozen bunches. Lettuce.—Choice, 4s; prime, 2s 6d to S.s per dozen; small, Is to 2s per case. Leeks, 8d per bunch; 6s 6d per case o| 10 bundles. New Potatoes, —Local, BJd to 9Jd per lb; Auckland and Hutt grown, 3Jd per lb. Swedes.—Cases of about 50lb, locally grown, to 10s 9d per case. Carrots.—Old, small bags, 3s to 3s 6d per bag; new season’s, 2s per dozen. Rhubarb, Id to 2d per lb; well coloured, to 3s 6d per dozen bunches. Spring onions, 8d per bundle of six bunches. Cauliflowers, 16s to 17a 6d per sack for choice; prime, 10s to 12s 6d; inferior, 3s to 6s per sack-; loose, 10s to 17s per dozen for prime. Cabbages, 4s 6d to 5s 6d per dozen; medium, 3s to 5s per sack (no hearts). WAITAKI FARMERS’ FREEZING COM PANY. The directors of the Waitaki Farmers’ Freezing Company 1 (Ltd.), reporting on the operations for the period ended on October 5, state that it was extremely unfortunate for the companv that it met with laboin troubles at the commencement of the season, but, in spite of this it was pleasing to note that the number of sheep and lambs kiLed during the first year of operations at the Pukeuri Freezing Works totalled P 92 740 or 20,222 in excess of the number killed at the works during the - previous season by the New Zealand Refrigerating Company. The working account for the year showed a surplus of £5138, out of which provision had been made for depreciation, taxes, and portion of preliminary expenses as follows: — Depreciation in buildings and plant £3,^ Reserve for taxes 1,018 Amount written off preliminary expenses Balance to carry forward °I J The directors express appreciation of the support of shareholders and farmers during the year and look forward confidently to increased support during the coming season. LONDON WOOL MARKET. Messrs Murray, Roberts, and Co. have received the following sheepskin market cablegram from their London agents, dated November 1: Sheepskins.—Merino, par; crossbred, fine, advanced 5 per cent; crossbred, medium, advanced 10 per cent.; crossbred, coarse, advanced 71 per cent. The National Mortgage and Agency Company is in receipt of the following cablegram from their London office, dated London, November 1; Greasy merino, 24d to 30dsecured merino, 52d;' New Zealand greasy quarterbred super 56’s, 23d to 28d; greasy fine halfbred, 50 to 56’s, 19d to 22d; greasy crossbred, 48 to 50’s, 14d to IGd; greasy crossbred, 46 to 48’s, 12Jd to ltd; greasy crossbred, 44 to 46’s, lid to 124 d; gpeasy crossbred, 40 to 44’s, 10Jd to 11 jd; greasy crossbred, 36 to 40’s, 91d to lOld; greasy pieces, crossbred, B|d to lOd; greasy bellies, crossbred, 81d to 9Jd; greasy locks, crossbred, old to 6|d. NATIONAL INSURANCE COMPANY. The annual report of the National Insurance Company shows that the net income for the year ended September 30 amounts to £228,285 19s lid. The underwriting surplus is £36,536 13s 3d, interest and rent, after deduction of income tax, amount to £29,211 13s 3d, while the balance brought forward is £30,397 18s 4d. The sura of £20,000 has been transferred from investment fluctuation account to profit and loss account, making £116,146 4s lOd available for distribution. An interim dividend was paid in May, 1923, which absorbed £12,500. The* directors have added to the reserve fund £50,000. They now recommend the payment of a further dividend of 2s and a jubilee bonus of 3d per share, which will absorb £22,300, a total distribution for tho year of 3a 6d per share, making in all £35,000, and to carry forward £30,146 4s lOd. Tho directors propose to capitalise the sum of £IOO,OOO from the reserve fund, in accordance with a promise made to the shareholders at the last annual meeting of the company. WEEKLY REPORT. Fraser and Co., agents for the Otago Egg Circle, produce merchants, 146 Crawford street, Dunedin, report;—Eggs; Supplies coming in freely and arc being taken tip at preserving rates. Butter: Market easier; pats, 1s 3d to Is 4d per'lb; bulk, Is 4d to Is sd. Pigs; Good demand for bacon-weights at 71d to 8d per lb; porkers, 7d to 7id per lb; over-weights, 3d to 4d per lb. Tallow: Market seady, worth'from 16s to 23a, according quality. Honey: Prime bulk, 4Jd to 5 per lb. Beeswax: Supplies are more plentiful and sales'are slow at Is 6d per lb. Potatoes: The market is easier, consignments being heavy, best sorts are' worth £lO to £11; medium sorts*from £8 10s to £9. Melbourne onions, £l2. We are agents for the Jubilee and Utility incubators —prices on application. We stock “Star P” chick food, lucerne meal, poultry meal, outs, egg crates, bran, pollard. Leg rings, Is per dozen; special quotes for quantities. Poultry: We penned a large yarding to a good demand. Hens realised 4s 8d to 7s; pullets, Os 6d to 7s lOd: cockerels, 6s to' 10s 6d : ducks, to 8s 2d (all at per pair). Turkeys: Hens, Is per lb; gobblers, to Is Id per lb (live weight). CANTERBURY PRODUCE MARKET. (Pick United Truss Association.) CHRISTCHURCH, November 2. The business done in produce recently has been negligible in quantity, and owing to the proximity of Carnival Week, nothing of importance will be transacted until the following week. Potatoes. —A few small orders have come to hand for potatoes from the north of Wellington, inquiring for Dakotas mostly. One or two small - parcels of potatoes have also been sent lo Auckland. Wheat.—During the past few days inquiries have boon made for Hunters by millers and biscuit-makers, but it is impossible to get any good samples in Christchurch. Peas.—Cabled advices received this week from London indicate that the probable .prices for next year will lie on a basis of 65s per quarter of sG4lb, but this' does not hold much inducement to growers, as better prices can be obtained locally for delivery in M'arcb and April of tho 1924 crop. , F.a.q’s for immediate delivery have been sold at' 3s lOd f.0.b., s.i., for shipment to Liverpool. Partridge peas have been let out on contract to be grown at 3s. Ryegrass.—A little movement has been apparent lately for shipment to the North Island, and a number of small parcels have been sent north by merchants on a parity of 7s 3d for 27-281 b of Canterbury seed o”t good germination. Chaff .--A fair number of sales has been made lately to Auckland at £G 15s f.0.b,, s.i., the sales in many cases being made ’’from Camples. BRAY BROS. (LTD.), Auctioneers, Dunedin, Are reliable FRUIT AND DAIRY PRODUCE SALESMEN. If you have any pro duce to market consign to BRAT’S, DUNEDIN. Prompt attention given to all oorre gpondence. —Advt.

MELBOURNE MARKETS. Pi ess Association —By Telegraph—Copyright MELBOURNE, November 2. Oats, 3s 8d to 3s lOd. Barley: English, 3a 9d to 4s. Potatoes, £l7 10s to £lB 10s. Onions, £5 10s to £5 15s. PROPERTY SALE. The Otago Employers’ Association was the purchaser of the brick building recently occupied by the New Zealand Shipping Company, which was sold by public auction on Thursday by Messrs Park. Reynolds (Ltd.), for £4500.