COMMERCIAL.

Otago Daily Times, Issue 19033, 1 December 1923, Page 8

COMMERCIAL.

■ Daily Times Office, Friday night. Taking into consideration all the, factors in the international wheat position (says the Australasian of November 24) it , is a source of satisfaction to producers that prices overseas have been maintained' at a reasonably high level. Still, it is not comforting to them to know that the heavy surplus stocks . held in Canada and the United States are ? not going into consumption to the extent desired, though it is cheerful to importers. l _ The stable condition of the oversea markets is ' the result of State financial assistance, which relieved United Stales growers from the necessity of forcing sales of their wheat. Hence, recently, there has not been abundance of wheat for prompt shipment' to * Europe. North America is the potential , large shipper for late summer and autumn. It must not be assumed that buyers have been idle, for a great deal of wheat is always being shipped to the v United Kingdom and Europe, but the quantity exported so far is of no great importance when com- * pared with the large surplus available in the hands of exporting countries. Continental buyers l have been interesting thcnnseilvea ■ in new crop Argentine wheat, and fair business has resulted. Italy already has pur- > chased a good quantity of Australian wheat. and Japan has been a steady inquirer in this 1 .market. What quantity Germany will be able to purchase this season is problematical. The economic positioir of that country is deplorable, and reports say' that many of . the people may have to forgo the ordinary necessaries of life, as in" many instances . prices of goods are beyond their reach. Gert, many has reaped good crops of wheat and ■ 'T® this year, and the increased yields will enable it to import smaller quantities of cereals than was the case last year. During the last few days extensive inr quines for Australian flour for future shipment have been, received, from abroad. Few , Victorian millers, it is understood, ere pr'er P&red to entertain the low * offers that hQve been made. Later. inquiries wore a slightly , increased prices, but until their position in i respect to new-crop wheat is more clear traders here are acting cautiously. Western Australia is better, situated to deal in new season flour, not only because of the promise t *1 la fße wheat yield, but also because that State has the advantage of a lower rate of oversea freight. 1 Thc J °P;* ion expressed by the Chicago Na- * tional Wheat Council’s Production Committee that low prices for wheat in the United States are the result of over-production conforms with earlier views on the subject. Som© months ago it was contended there that since Canada had become such a large grower of wheat, and world’s surpluses had » become greatly in excess of, importers’ needs, the only course open to growers was to reduce substantially the area to be planted to wheat i United States. This the committee considers advisable, and suggests reducing the area from 62>000,000 acres ■ to ■ 50,000,000 acres. It is not unlikely that Russia will be an important factor in the wheat market next harvest, while incidentally European s importing countries are steadily increasing - cultivation of cereals/ Expansion in this - respect will mean that smaller quantities 1 °f gram will be purchased by them irom outside sources, and so the demand will become narrower as the seasons progress. - In that case, possibly Canada also may have to take stops to reduce, its output within the s next few years. It is altogether a question - of cost of production, and transport: and t should Russia advance in wheat cultivation, i- It may be able to sell at lower prices, bei- cause of the cheaper cost of labour. The r future of wheat is obscure, and even at prey sent, prices are maintained at a reasonable V level largely because of the adoption of s artificial measures. The aggregate surplus of all exporting countries is in excess of requirements, and unless some of the crops next season are damaged or fail, it suggests that market conditions may be unsatiefac- ■ tory. “ Practically no new feature has. been apparent in the London wheat market during the week. Fluctuations in prices have been £ narrow, and at the close there has been nothing to suggest that a reaction may occur in quotations in the immediate future. Australian and Argentine new-crop wheat has been receiving moderate attention from English and European buyers, and sales i- been, made at satisfactory’ prices, when the world s statistical position of wheat is * f®- ke n into consideration. Little wheat has “ been available in' the open market in Vic■r tons. Prices have been steady, but both u buyers and sellers have been indifferent. Oversea importers have renewed inquiries for Australian flour, with the result that fairly extensive commitments heVe been entered into by the western States for supplies y for shipment during tin first quarter of the n year. •* LOCAL MARKETS. l " There is now very little wheat offering in . the local' market, as growers have cleaned up any lines which they have been holding 0 or which have been recently threshed. Odd consignments of small dimensions are coming lo hand, and there is no difficulty in disposing of these to millers at the ruling rates for milling wheat. Some of the stuff a coming to hand is only .fowl wheat, for is which there is a good demand at up to 5s r, per bushel, sacks extra, ex truck. There i, is now a better inquiry from the North i*. Island, but the volume of business passing is i- not large. Sales have been made on the ;- basis of 5s 3d and occasionally 5a 4d, f.0.b., i- Dunedin, sacks extra. It was expected that >- there would have boon a better demand . for r- wheat at this time, but reports from the i, North Island show that merchants there >. still hold pretty heavy stocks, which will 3, see them through until the end of the year. Parcels are now being sold to ports outside of Auckland where the holdings are not so heavy. Growers from all districts who visited the ~ show during the week advise that rain is “ now wanted, as the drying winds expenenced lately have started to turn the colour ,r of the crops. The driest district seems to 16 be North Otago, but if good rains ore experienced there within the next few weeks d a wonderful difference will be made in the crops. North Otago and Canterbury have experienced several nor’-westers, which have had the effect of drying up the pastures. Dunedin millers’ prices are as follow: Flour, 2001 b, £ls 10s per ton; 100’s, £l6 10s; ■r 50’s, £l7; 25’s, £l7 10s. Bran, £5 10s per s- ton. Pollard, £7 10s. Oatmeal: 25’s, £2O; s- 200’s, £l9. .a No further business in oats has resulted £, with Australia, and the latest reports to band show that tho Tasmanian market has k fallen to tho extent of ljd per bushel owing ft to competition from New Zealand. Thle <1 means that Sydney merchants can ‘buy to better advantage in Tasmania, with the re- -- suit that only small parcels ara going fori- ward from New Zealand. The stocks held in' the dominion are vary light, but' they

seem to. be sufficient to meet the demand from the North Island, which is very small. Occasional lots are going forward at 3s Sd, f.0.b.,8.i., for A "grade Gartens, and 3s 3d for B grade. - Under-grades are. more saleable, these realising from 2s lid to 3s Id, f.0.b.,'5.i., according to sample. The above prices are equivalent to' 2s lOd, sacks extra, ex truck, for A grade Garton, 2s 8d for B grade,-and 2s 4d upwards for under-gredea. PRODUCE MARKET. The . demand for good bright chaff is steady,' and this quality ie selling at from £5 5s to £S 10s per ton, sacks extra, ex truck. Feeders are not holding very heavy Stocks, but only the quality mentioned above is in demand, medium and poor being olmost unsaleable at £3 10s to £4 10s per ton, sacks extra, ex truck. Occasional lots of choice quality are still going forward to the North Island, shipping prices being on a parity with the rates ruling locally. It is thought, however, that this business will stop shortly, as new chaff will be available in the North Island in January. Stocks of old potatoes ere now pretty well worked off, and the business passing in these is on tlie email side owing to fairly heavy supplies of new potatoes being avail- ■ able. Some consumers still want old potatoes, and they are being supplied with arrivals from Canterbury. The wholesale prices for now potatoes has declined to lid to 2d per lb. The North Island is now off the market for old potatoes, and ite eupplies are being drawn from the Auckland district, where the quotation is £9 10s per ton on trucks. The market for seeds is again quiet. Last week there were some inquiries for grass seed in consequent of a possible cSance of exporting to England, but this opportunity has been prevented by a drop in the value of Irish seed. Merchants, therefore, will have to look to the North Island for an outlet, which may come for the autumn demand. Other seeds are hot inquired for, with the exception of cocksfoot, which is firm round about 9d per lb. Supplies of dairy butter are fairly plentiful at present. Supplies of eggs are keeping up remarkably well. There is no change in prices. There is a fair demand for hams and bacons, and the market is fairly well supplied. There is every likelihood -that the market will remain firm until after the holidays. Current local wholesale prices are as follow : Chaff.—Good quality, £5 5s to £5 10s; medium and light, £3 10s to £4 10s. Dairy Butter.—Bulk, le 3d; pats, Is 2d;' milled, 1s 3d to Is 3jd. Eggs.—Stamped, Is 4d; cased, Is 2d. Bacon.—Rolls, la Id to is 2d per lb; .sides lid to Is. Hams, Is 3d to Is 5d per lb. FRUIT REPORT. Business in the fruit market has been very brisk during the week. Heavy supplies of cherries have come to /-hand, but the majority have not been sweet in flavour, and low prices have ruled as a result. ' Strawberries from Central Otago are showing the effects of the very hot weather, and those coming to hand just now are practically of the jam variety. Some very nice samples from Waimate and extra choice consignments from the Taieri have arrived during the .week. Choice dessert apples are very scares, the market being filled with poor quality Sturmers, which are hard to quit. Supplies of tometbes have increased, and i prices have receded in consequence, but all the lots coming to hand are cleared daily. The market is principally supplied with Island oranges just now, but these -are not keeping well. South Australian fruit is meeting with a - good inquiry. Bananas are scarce, and no fresh supplies are due for about a fortnight. Brices are expected to rule fairly high as tfc next shipment will have to do over the Christmas and New Year holidays. Lemons are in short supply. Spring onions and lettuce are* in over supply, and only the choicest samples of the latter are inquired for. Carrots meet with a good inquiry, but on the other hand turnips are hard to quit. Cabbage and cauliflowers are in good demand. Supplies of asparagus are almost exhausted. Cucumbers, both hothouse and Australian outside-grown, meet with a good demand. Green peas, fairly large supplies of which are coming to hand, have an excellent inquiry. Local supplies of new potatoes have the beat inquiry. Fairly large potatoes of Auckland-grown came forward by the Ngakuta, but owing to,a reduction in the prices for the local article lower rates had to be accepted. Supplies of rhubarb ere nearly finished. vegetable marrows from Sydney are now on the market. A quantity of Island-grown pineapples arrived .by the Ngakuta, but there has not mllc “ inquiry , for them. The following are the latest wholesale prices: • Apples.—Stunners, extra choice, 10s to ]2s c ?f e ; 9m ,t U - 3s 6d to ss; third grade, difficult to sell, 2s to 3a 6d per case. Oranges: Adelaide, 25a. Lemons: Californian, SOa per case. Bananas: Ripe, 3Ss per case. Cubumbera Ws to i2s 6d per dozen for hothouse; Sydney outside grown, 27s to 28s per case. pe'rTb' 1 * 068 " hothouse, to 2s 6d : Cherrios Mto 9d for prime; extra choice, 1 H 3d - per “nail, 3d to 4d per lb. Strawberries: Extra choice, to le 8d: ■ ch ° lce . la 4d; medium, to lOd per pottle. Grapes, 38a to 40a per barrel. Passions, 24s to 2Ss. i Eiij pines, 14s to IGs per case. , Spinach, Mto Is per dozen bunchee. Lettuce: Choice, 2s; prime, la to la 6d per-dozen; small, i a to 2s per case! -a,, potatoes: Local, 3d to 3Jd per lb; Auckland and Hutt grown, IJd to 2d per lb Marrows, 17s to 18s per Lse? , Gooseberries, 3Jd to 3Jd per lb. , Green peas, 3d to Sd per lb ’ n ’ a ’ 18 tOl6 9d > do?en Üb £ncher ell 38 M per : bunXf ° BioaS ’ M bundl * of ,«x 1 Cauliflowers, 6s to 12s net-dozen. Cabbages, ,2s 6d to 3s 6d per dozenmedium, la to 2s per sack (no hearts). ’ i , ~ ** ■ ' “ > PROPERTY SALE. | Messrs Alex. Harris and Co. sold by auction yesterday a freehold property, being 1 fitment 7, D.P. 243, Warrington, contain- . lug an area or 1 rood 32 poles, with a fur- ■ roomed cottage situated thereon. The prosum! WaS B ° d to a cbent f° r a satisfactory > E “ * s LONDON MARKETS. - Messrs Dalgety and Co, report having rei ceived the following cablegram from their > head office, London, dated November 29: New Zealand prime crossbred lambs: Canterbury, heavy gjd, light lid; North Island, . heavy SJd, light 10Jd. ) _New Zealand lamb; The demand runs prin--, i cipally on light-weights, i New Zealand prime crossbred mutton: Can. . terbury, heavy not quoted, light not quoted; . North Island, heavy 7d, light 7Jd. k New Zealand mutton: The demand is i steady. s New Zealand prime ox beef: Hinds 44d, i fores 3Jfl. i New Zealand beef: The demand runs prini oipally on fore-quarters. New Zealand lamb; The market ; , dull, l New Zealand mutton: The market is . ateady. i Australian good average quality crossbred t lambs; Heavy not quoted, light 7d; mutton, . heavy not quoted, light not quoted. The de- ! mand is fair. 5 The Otago Farmers’ Co-operative Association of New Zealand are in receipt of advice from their London office, under date j November 29, cs follows: I Butter, 210 s to 2165. - Cheese, 105 s. 1 "Wool.—Crossbred market is very strong. - At forthcoming sales prices are expected to i advance. 5 Frozen Beef.—There is a better demand., f Hinds, 2s lOd to 3a; fores, 2a 3d to 2a sd. r Prices show an upward tendency. 9 * MELBOURNE MARKET REPORTS. Areas Association —By Telegraph—Copyright s MELBOURNE, November 80. Oats, Ss 5d to 3s Bd. t Barley, 3s 9d to 4s. r Potatoes, £l2 IQs to £l3. a Onion*, £2 10s to £3. a At the hide sales large catalogues were 1 offered. A better demand ruled for ©touts _ and heavies with substance, also for the j lighter classes, and values were firm; but a medium hides had a dragging tendency, and were difficult to quit, e -* 1 “ a BERLEI (N.Z.), LTD. * We are informed that a now company—r Berlei (N.Z.), Ltd.—has been registered in 0 Auckland, the directors being Sir Harold Beauchamp, Alex. Burt, J. A. Gentles, and a Ffed Burley. The company was formed for e the purpose of manufacturing the Berlei 6 corset, a well-known production in Australia. e It is said the New Zealand Government is assisting in establishing the industry. r THE TALLOW MARKET. ; Messrs Dalgety and Co. report having received the following cable from their bend 1 office, dated London, November 20: o At the tallow sales 1400 casks were offered, b and 1200 casks were sold. Since our last g wire prices for medium and inferior deB scriptions are unchanged, other descriptions 0 are Is per cwt. higher on. the average. New Zealand tallow sold to-day at public ■. auction realised: Gear mutton, 4Se per cwt; 1 Gear mixed, 44s 3d per owt; Thistle mixed, f 43* 9d per cwt.