COMMERCIAL.

Otago Daily Times, Issue 19039, 8 December 1923, Page 8

COMMERCIAL.

Daily Times Office, Friday evening. The promise of substantial yields of wheat in the principal producing States baa given rise to a feeling of confidence among traders (says the Australasian). With favourable weather conditions during the growing period, the grain has filled out well, and higher yields are now predicted. The estimate of the Australasian of 36,3-16,800 bushels compares with 35,697,000 bushels garnered last year. The official estimate of the yield of Western Australia at 19,294,176 bushels is largely in excess of the quantity that traders expected, and it is felt that the estimate is optimistic. Recently the opinion was expressed that the Commonwealth would yield roundly 114,000,000 bushels, but on the basis of estimates furnished, the outlook is for a production of 122,000,000 bushels, 'in.s is made up, and compares with the actual yield of last season, as follows: 1922-23. 1923-24. Bushels. Bushels. Victoria 85,697,220 86,000,000 New South Wales .. 28,594,000 35,000,000 South Australia „ 27,784,767 32,000,000 Western Australia n 14,042,728 19,000,000 107,118,713 122,000,000 Last season Queensland produced 1,877,836 bushels, and Tasmania 450,000 bushels, making the total for the Commonwealth 109,446,549 bushels. It is the opinion of leading wheat authorities hero that South Australia this season may yield 35.000,000 bushels. LOCAL MARKETS. There is very little to record regarding the milling wheat market. Most of the millers are holding good stocks, and are not inclined to operate in the meantime. As a matter of fact the oSorings from the Country at the present time are practically nil. Fowl whea.t is on offer in small quantity only, and the market is, if anything, firmer. Shipping prices have increased from id to Id during the week, and the current quotation to-day for good quality is 5s od to 5s 6d, f.0.b., sacks extra. Dunedin millers’ prices are as follow:Flour, 2001 b, £ls 10s per ton; 100’s, £l6 10s; 50’s, £l7; 25’s, £l7 10s. Brair, £5 10a per ton. Pollard, £7 10s. Oatmeal: 25’s. £2O; 200’s, £l9. - In consequence of the very dry weather which is being experienced throughout the South Island and the premature ripening of the crops in Canterbury, there has been a revival of interest in the oat market''' The fear is expressed that .there may be a shortage in the new season's crop. In Christchurch particularly merchants have been operating freely during the week. The increased business has firmed prices for both prompt and forward delivery by about 2d per bushel. Stocks generally are light, but a fair amount has been, .turned over during ’the- week at increased rates:This business is, however, purely speculative. B Cartons are worth nominally 3s 4Jd to 3s 5d f.0.b., s.i., and A’s Ss 6d. These prices are equivalent to about 2s 9d to 2s lOd, on trucks, country sidings, sacks extra, for B’a and A’s respectively. The seed market is quiet, although the dry weather has slightly altered the complexion of things. A few merchants were inclined to sell ryegrass some days ago, but they have now withdrawn their quotations, and are more inclined to buy than to sell. There is,, however, very little difference in the prices of spot stocks, which are moving out slowly. Ryegrass is quoted at 6s 9d per bushel for 28lb seed. PRODUCE REPORT. There is a sound demand for good quality chaff, which is worth up to £5" 10s per ton. Supplies are not heavy, but enough is coming forward from the country to meet the demand. Medium and poor qualify is very hard to sell. The market for old potatoes is practically finished. Retailers are only buying small lots, and the prices vary considerably. Dairy butter is in full supply. Hams are quoted at Is 3d. There is a good demand for the Christmas trade. A shipment of Melbourne onions is due to arrive on the market on Monday. Old seasons ajre quoted to arrive at 12s and new globes at 16s. Current local wholesale prices are as follow : Chaff. —Good quality, £5 5s to £5 10s; medium and light, £3 10s to £4. Dairy Butter.—Bulk, Is 3d; pats, Is 2d; milled, Is 3d to Is 3Jd. Eggs,—Stamped, Is 4d; cased. Is' Id. Bacon. —Rolls, Is Id per lb; sides, Is. Hams, Is 3d per lb. FRUIT REPORT. Business has been brisk in the fruit marts during the week. • Fairly large supplies of strawberries are arriving from the Waimate district, but supplies from Roxburgh have cased. Some choice lota have come forward from the Taieri, but advices to hand state that strawberries there are about finished. It is not expected, following on the dry weather, that there will be any strawberries for the Christmas trade. Supplies of cherries cased towards the end of the week. Prices rose accordingly, some nice lines from the Central bringing up to Is 4d per pottle. First quality New Zealand t apples are off the market. A few lots of Canadians, transhipped ex the Vancouver steamer, sold at high rates. ' The market is bare of oranges. There are only a few Sydney Valencias on. the market, and these realise from 22s 6d to 27s 6d per case. Fairly heavy supplies of hothouse-grown tomatoes arrived during the week from Christchurch. Prices eased towards the end of the week. Small lots of currants have arrived from Otago Central. Green gooseberries have been in keen demand. The market is quite bare of bananas. A shipment from Fiji, due at Auckland tomorrow (Saturday), is not expected to reach hero until the end of next week, American-grown grapes, oranges, and lemons, - and Rarotongan bananas are expected in Wellington by the mail steamer on December 14. Prices for locally-grown new potatoes continue firm. Large consignments of Norm Island-grown are expected within the next couple of weeks. A large proportion of the peas being sent to the marts is suffering from the effects of the dry weather. Cauliflowers and cabbages meet a poor demand. The following are the latest wholesale price?:— Apples.—Stumers, extra choice, 10s to 12s per case; small, 3s Gd to ss; third grade, difficult to sell, 2s to 3s Gd per cose; Canadians, 22s 6d to 27s Gd per case. Oranges: Adelaide, 27s fid. Lemons: Californian, 50s per case. Bananas: Unobtainable; next shipment due about a week's time. Cucumbers, 8s to 10s per dozen for hothouse; Sydney outside grown, 24s to 36a per case. Tomatoes; Christchurch hothouse, Is 2d to Is Gd; local. Is 6d to Is 9d per lb. Cherries, 8d to 9d for prime; extra choice, Is to Is 4d per lb; email, sd, 6d, 7d per lb. Strawberries; Extra choice, to 2s; choice, to Is 4d; medium, to lOd per pottle. Spinach, 6d to Is per dozen bunches. 'Lettuce; Choice, 2s; prime, Is to Is Gd per dozen; small, Is to 2s per caee. New potatoes; Local 3d to 3*d per lb; Auckland and Hutt grown, 12s to 14a per cwt. Gooseberries: Extra choice, 3Jd: choice, 2Jd .to 3d; small. IJd to per lb. Green peas: Prime, 2Jd to 3Jcl; others, IJd to 2d per lb. Carrots: New s-oason'e, Is to Is 9d per dozen bunches. Rhubarb: Well coloured, to 3s pei" bunches; loose, l|d per lb.

Spring onions, 3d per bundle of eix bunches. Cauliflowers, 4s to 8s per doien. Cabbages, 2a to 3s per dozen; medium, la to 2s per sack (no hearts). MELBOURNE MARKETS. . Press Association—By Telegraph—Copyright MELBOURNE, December 7. Oiits, 3s 8d to 3e 7d. Potatoes, £l2 to £l7. Onions, £1 10s to £3. COMMERCIAL BANK OF AUSTRALIA. At the extraordinary general meeting of the shareholders of the Commercial Bank of Australia, held in Melbourne on December 6, the resolution increasing the capital of the bank was carried. SHIPMENTS OP BOGS. The Otago Egg Circle forwarded 200 crates of eggs to Lyttelton yesterday for shipment to the Home markets. Each crate contained 30 dozen eggs. The Christchurch Egg Circle is sending 1000 crates in the same steamer. LONDON MARKETS. Messrs Dalgety and Co. report having received the following wire from their head office, London, dated December 6; New Zealand prime crossbred lamb: Canterbury, heavy 9Jd, light lid; North Island, heavy Sid, light IOJd. New Zealand lamb; The demand runs principally on light-weights. New Zealand prime crossbred mutton: Canterbury, heavy not quoted, light not qnoted; North Island, heavy 7d, light 7jd. New Zealand mutton; The demand is fair. New Zealand prime ox beef: Hinds 4Jd, fores 3sd. New Zealand beef: The demand rune principally On fore-quarters. *Ncw Zealand lamb: The market is dull, owing to lack of demand.

New Zealand mutton: The market is steady. New Zealand beef: The market is quiet. Australian good average quality crossbred lambs; Heavy not quoted, light lOd; mutton, heavy not quoted, light not quoted. Australian lamb: The demand is moderate. ■■■ ' ■ ■ DAIRY PRODUCE. Messrs D&lgety and Co. report having received the following cablegram from their head office, dated London, December 6: The butter morket is very firm. We quote: New Zealand salted, 2205; New Zealand exceptional brands, 22-la; Danish, 2285; Australian finest salted, 3165; Australian finest unsalted, 218 s. . <5. The cheese market is steady. New Zealand, 108 s to 110 s; Canadian c.i.f., September make, 110 s; later, 104 s. P. AND O. STEAM- NAVIGATION COMPANY. The P. and C. Colonial Stock Trust is in receipt of a cablegram from London that the P. and O. Steam Navigation Company's annual meeting, will bo hold on December 13, when the directors will recommend a divid_end on the deferred stock of 6 per cent, for six months free of income tax, making a total distribution of 12 per cent, for the year. m CANTERBURY MARKETS. (Pkb United Pbbss Absojiation.) CHRISTCHURCH, December 7. Scorching winds continue with little interruption, and there is little doubt that crops over a wide area of lighter land have boon seriously affected. The later sowings are hanging fire under the conditions prevailing, and at present the indications are that yields from spring-sown areas will •be very heavily, reduced. The market response to the conditions prevailing has - been confined so far to oats. They have jumped up quite excitingly. From 3s 3d to 3s 6d f.0.b., s.i., represented tho Tuesday to Friday advance. Practically no oats from last season are held in store, and this stimulated the keenness of operators. Quotations are about 2s lid per bushel, at country stations. Chaff has . naturally firmed in sympathy with oats and is quoted at £4 15s per ton, at country stations. Sales have been made up to £1 per ton, f.0.b., e.i., for delivery next March.

.The sowing of potatoes was carried on until- the end' of November,' stimulus being given by an-early -November statistical report o£ the - shortage in the estimated area of 4000 acres. It is undoubted that much of this shortage has been made up, as seed was cheap and plentiful. The yields from such ■ areas ore problematical, but earlier sown crops, so far, are looking well. They are mostly on land that had a : good reserve of moisture. Sales for new season's for ordinary delivery have been made at £5 per ton . ~ ~

Machine-dressed cocksfoot is quoted at 3Jd per lb, which, is equal to from 5d to Gd to farmers.

Quotations for next season’s ryegrass are being-made on a,, basis of from .4-a to 4a 3d for Italian, and i from 4s to 4a <3d for perennial at country stations. White clover and cowgrass are very dull, particularly the latter, -which is quoted at about 8d per lb to farmers. Chewings fescue and dogstail are both dull and have been bought at 8d per lb,' machinedressed, f.0.b., Dunedin and Bluff. -

WEEKLY REPORT. Fraser and Co., agents for the Otago Egg Girdle, produce merchant®, 148 Crawford street, Dunedin, report: —Eggs; Supplies coming in freely, and are being taken up at preserving rates. Butter; Market easier; pats, Is 2d per lb; bulk, Xe 3d. Pigs: Good demand for bacon weights at 7Jd to ftd; porkers, 7d to 7}d per lb; overweights, 8d to 4d per lb. Tallow: Market steady; worth from 16s' to 235, according to quality. Honey: Prime bulk, 4Jd to 5d per lb. Beeawax; Supplies are plentiful, and sales are slow at Is Gd per lb. Potatoes; The market is easier, consignments being heavy. Best sorts are worth £8 to £9. New potatoes;' Hutt Valley, lid; Oamaru, 3d per lb. Me Ibo u roe onions, £l2. We are agents for the Jubilee and ■ Utility incubators; price on application. We stock Star P chick food, lucerne meal, poultry meal, oats, bran,* pollard. Champion egg crates, 17s 6d; leg rings, Is per dozen; special quotes for quantities. Poultry: We penned a large yarding to a good demand. Hens realised 3s 6d to 7s; cockerels, 6s to 10s 6d ; ducks, 5s to 10s (all at per pair). Turkeys: Hons,, Is per lb; gobblers. Is Id ner lb live weight. Clients please note: We will hold our Christmas poultry ealo on December 19.

T. AND G. MUTUAL LIFE SOCIETY. ANNUAL MEETING. REMARKABLE PROGRESS. MELBOURNE, December 7. Tile annual meeting of the Australasian Temperance and General Mutual Life Assurance Society was held to-day. The Chairman (Mr .1. T. Thompson) reported that the phenomenal growth of the society in recent years had been well maintained. New business for the year amounted to 118,292 policies assuring £8 ; 921,469, a record in the history of the society. This business waa fairly evenly divided between the ordinary and industrial departments. The society had not set itself out to acquire a large volume of business irrespective of cost. The business obtained had been written at a moderate rate of expense, and great care had been taken in the selection of risks.

The total income for the year was £1,889.028. Comparing: this with the income 10 years ago, which was below half a million, it could bo realised what gigantic strides the society had made. In the industrial department at the close of the year the premiums payable exceeded £20.000 weekly. The claims had increased with the growth of the society, but were well within the actuarial estimates. The mortality experience continued to bo in every way satisfactory. The accumulated assurance funds amounted to £6.443.825, an increase for the year of £955,196. The assets held against all liabilities totalled £6,708.043. The directors had continued their policy of investing freely in Government and municipal securities, and nearly 78 per cent, of the assets were now invested in securities of this class. The society’s freehold premises had been added to during the year. The chairman said that the rapid expansion of the society’s operations resulted in ever-increasing de-. fnand for further staff accommodation, and that for this reason it was necessary to look well ahead and secure suitable premises which will provide, in the future the accommodation needed, but that in doing so, it would always be borne in mind that the interest return on the capital invested must be one of the main factors to be considered. Building sites had been acquired at Auckland and Christchurch (New Zealand), and the erection of cn eightstorey building for the society in Brisbane was so far advanced that it was anticipated it would bo ready tor occupation early in the new year. It was the board’s intention. to proceed also wUh the erection, at an early date, of a building, which will be suitable and worthy of the society, at the corner of King Wih ham and Grenfell streets, Adelaide, on a site purchased _ some years, ago at a low figure. Attention wag also drawn to the tact that in making provision for the pay-, ment of liabilities no credit had been taken 1 m the list of assets for either office furniture or agents’ plant; neither had any overdue interest been included. There were no intangible assets of any sort appeur,n£in the balance sheet. rate of interest for the year was £5 7s 6d per cent, on the mean funds, an excellent rate considering the large amount mvested in securities of a gilt-edged nature. /“I® actuarial report disclosed a surplus of £197,548. The society was now on a net premium valuation in both departments with an assumption of '3 per cent. : for all mk tables in the ordinary department and Si per cent, throughout in the industrial department. Comparing the assumed rate of interest, with that actually earned on the society’s funds, it could be seen that the society was well protected with ample reserves.. The chairman claimed that there’ was no stronger life assurance society m Australia and that policy-holders could look forward to the future with every confidence both as regards payment of their claims and bonus additions. Further increased bonuses had been allotted in the ordinary department and also in the industrial department on. policies over 20 years m force. The nursing Service had been further extended, and the' society’s nurses were now paying over 10,000 visits a year in the Capital cities of the commonwealth. This service hail been of immense benefit to policy holders, and had also been the direct moans of reducing the society’s rate of mortality. With the same idea in view of preventing sickness where possible and of improving the mortality rate, th e board had < -”cA/\d .to offer to all policy-holders of £SOO or over in the ordinary department tho privilege of a free periodical medical examination. This offer had already been announced to thp policy-holders through the press during the recent health campaigns, and the society had _ numerous letters of congratulation on its progressive spirit and far-sightedness in granting this further benefit to its policy-holders. The board was of the opinion that the expense incurred would be. more than recompensed oy the saving or postponement of claims, and it was hoped later on to be able to consider a further extension: of the scheme In donclusion, the Chairman said that in' the report _ there : were many features for congratulation and that he was proud to hove been able to place before the policyholders such an excellent result of the year’s operations, the figures in every direction having exceeded anything previously recorded. Appreciation was also expressed cf the services rendered by the staff and agents throughout Australia and New Zealand. The motion for the adoption of the annual report and balance sheet' and actuarial report was carried unanimously.— 8.12-23.