COMMERCIAL.

Otago Daily Times, Issue 19045, 15 December 1923, Page 8

COMMERCIAL.

Daily Times Office, Friday evening. The following tabular statement by the London Groin, Seed, and Oil Reporter, gives the estimated world’s supplies ibr the season ending July'3l, 1924, also the requirements of importing countries (European and nonEuropean);— Estimated World’s Surplus (quarters). America .. .. 24,000,000 Canada .. —' .. .. ~ 46,000,001 .Austral ir .. ~ .. .. 10,000,000 Argentina 25,000,000 India, Russia, Danube, and Manchuria -. .. *. -• 10,000,009 Total ' 115,000,000 Estimated World’s Requirements (quarters). United Kingdom 27,000,000 France .■ -. •• •• -•-- 4,000,000 Belgium .. •• 5,000,000 Holland 2,500,000 Germany .. .. Italy 8,000,000 Austria, BFnugary .. .. .. .. 2,000,000 Spain, Portugal 1,500,000 Greece, Switzerland, and other European countries 5,000,000 Total European 61,000,000 Total non-Eoropean .. .. 12,000,000 Grand total 73,000,000 The general international position of wheat has undergone no noteworthy alteration (remarked the Liverpool Corn Trade News of October 23). “Crop prospects in Australia and Argentina continue good to very good; India has had welcome 'rain in droughty parts of the Punjab, but wants more. Also, the droughty Balkan region has had heavy rain, followed by fine weather, and this must have greatly facilitated ploughing and sowing. The recent rains extended through the Ukraine, but Russia has sent further complaints of severe drought in the southeast and east. In spite of this, however, increased and more normal sowings are forecasted, and we take this to mean that more wheat will bo sown, and less land devoted to such crops as millet and sunflowers. Statistics of the international wheat position still indicate a slow market and easy prices, but there is general unwillingness to ‘beat’ the market, for there is almost general belief that current prices of wheat are below cost of production, and no one can - that under such conditions growers will continue to produce full quantities. The older countries cannot continue in the business without substantial protection, or bounties, whilst new countries (Canada and Australia) want to increase their acreage by millions, and Russia is evidently determined to recapture her former export trade, which meane that she, too, will grow more." LOCAL MARKETS. The long spell of dry weather is causing great anxiety to farmers. The rain at the beginning of the week was very helpful, but the fall was not nearly sufficient in the country districts. In and around Dunedin the rain fell intermittently for about 12 hour*, but in the country, particularly Central Otago and North Otago, there were only earns three or four hours’ rain. The crops are now feeling the effects of the dry weather, and unless heavy rains fall shortly they are going to fare badly. The oat and turnip crops are already seriously affected, but the wheat crops are standing the spell better. The reports received from Canterbury regarding the crops are not too encouraging. The north-west winds which have been experienced there for the past week or two have brought on the .oat crops before tno heads have been .filled. ■ The result is that the seeds contain little milk, being practically all husk. The ryegrass crops have also been affected, and the seeds will have very little kernel. It was reported from Christchurch early in the week that an agreement had been arrived at between the wheat growers and the mailers regarding the prices for the coming season’s wheat. The price is said to be 6s 2d per bushel, f.0.b., for Tuscan, Se 4d for Hunters, and Ss Gd for Velvet, with an extra Jd per bushel from Miay onwards. So for there is no official confirmation of this agreement, but ther now appears to oa a distinct tendency amongst farmers to seek a free market. There is evidently going to be a shortage of wheat next season, and farmers consider there may be an advance in prices. There is ample evidence,' however, that the world’s wheat supply is greater than the requirements, so it is difficult to understand how ■ New Zealand tanners can expect higher prices with a free market. If, however, the farmers agree to the above prices it is expected that the Government will ratify the agreement. If high prices are asked the Government will probably remove the embargo on imports, as it will not permit of a higher price being charged for the loaf. The reported fixation of prices has caused millers to keep off the market in the meantime. Only those millers who are short of supplies are on the market for odd lots of second quality. Sales of fowl wheat have been made at 5s 6d, f.0.b., sacks extra, ■ but it is difficult to obtain this price to-day, and merchants are only buying small lots. If the prices named above are those ultimately fixed between millers and growers, it will mean that . lower values will rule for fowl wheat ae soon as the new crop comes on the market. Sfuppliae from tho country arc on the light side, and to-day's price to growers is 5s Id per bushel, sacks extra, ex truck. Dunedin millers’ prices are as follow; Flour, 2001 b, £ls 10s _per ton; 100’s, £l6 IDs; 50’s, £l7; 25’s, £l7 XOs. Bran, £5 10s per ton. Pollard, £7 10s. Oatmeal; 3a’s £2O; 200’s, £l9. The oat market was a little exerted last week ae a result of the drought conditions. Sales wore made up to 3s Gd f.0.b., e.i., for B Gartens, but the rain early in the week steadied the market, somewhat, and merchants aro not now prepared to buy at this figure. To-day’s quotations are 3s 7d f.0.b., a.i., for A Gartens and 3s 5d for B’s. It is not expected that there will be much doing in the oat business until after the holidays, as North Island merchants will not buy for delivery during that period. The price to growers for A Gartens is 3s Id, sacks extra, ex truck, and 2s lid for B’s. Stocks held are on the light side owing to tho stores being wanted for wool, which is coming in freely. PRODUCE REPORT. The chaff market is firm. Good quality is readily saleable at £5 10s per ton, sacks extra, ex truck. Tho market is purely local, there being no shipping inquiries for orompt delivery. Medium and poor are being asked for more freely, at £3 10a to £1 10s per ton, sacks extra, ex store. Dairy butter is in full supply. Eggs are a little easier in price, Hama are quoted at la 3d to Is 4d per lbA line of Victorian onions arrived by the Moeraki and went nrto immediate consumption at prices ranging up to IBs per owt. Current local wholesale prices are as follow: Chaff,—Good quality, £5 5s to £5 Memedium and light, £3 10a to £4. Dairy Butter.—Bulk, Is 3d; pate, la 2d: milled, Is 3d to Is 3id. Eggs.—Stamped, Is Sd; cased. Is Id,

Bacon.—Rolls, 1s Id per lb; sides, Is. Hams, Is 3d to Is 4d per lb. FRUIT REPORT. Business has been brisk in tho fruit marts during the week. Cherries and strawberries firmed in price, the dry weather causing a reduction in the quantity coming forward. Another small line of apricots, grown by Mr Miller, of Clyde, brought BJd per lb. Fiji bananas arrived by the Karori and Rarotonga bananas by the Holmdale. These mot a ready market, at high prices. A line of American oranges brought extreme prices. Californian. grapes and lemons will come to hand next week. Now potatoes are in keen demand. Locate realise per lb and North Island grown Sd. P'eaa are in good supply. Prices eased slightly towards the end of the week. Cabbages, cauliflowers, turnips, and carrote are not in very keen demand. The following are the latest wholesale prices;— Apples: Stunners, choice, unobtainable; small, 8s 6d to ss; third grade, difficult to sell, 2a to 3a 6d per case; Canadians, 22s 6d to 27s Gd per case. Oranges; Californian, 45« to 47s €d. Lemons: Californian, 50s per case. Bananas: Green Fiji, 38s 6d; Rarotongan, 30s to 325; keen demand. Cucumbers, 8s to 10s per dozen for hothouse. Tomatoes: Christchurch hothouse, Is 2d to Is 6d; local, Is 6d to Is 9d per lb. Cherries, 8d to 9d; prime, lOd to Is 2d; extra choice, Is Gd to Is 9d; small, sd, 6d, 7d per lb. Grapes, 40s per barrel. Strawberries: Extra choice, to le lOd; choice, to Is 4d; medium, to lOd per pottle. Lettuce: Choice, 2s; prime, Is to Is 6d pet dozen; small, Is to 2s per case. New potatoes: Local, 3d to 3Jd ppr lb; Auckland and Hutt grown, 2d; market firm. Gooseberries: Extra choice, 3Jd; choice, 2Jd to 2Jd; small, Id to IJd per lb. Green peas: Prime, 2d to 4d; others, IJd, Carrots: New season’s, Is to Is 3d per dozen bunches. Rhubarb; Well coloured, to 3s per dozen bunches; loose, lid to 3d per lb. Spring onions, 3d per bundle of bunches. Cauliflowers, 4s to 8s per dozen. Cabbages, 2s to 3s per dozen; medium, Is per sack (no hearts). MELBOURNE MARKETS. Preen Association—By Telegraph—Copyright MELBOURNE, December 14. Oats, 3s 5d to 3s 6d. Barley: English, 3s 9d to 3s 10id. Po'tatoes, £0 to £l2 Us. , Onions, £7 to £8 se. LONDON MARKETS. Messrs Dalgetj and Co. report having received the following cablegram from their head office, London, dated December 13; New Zealand prime crossbred lamb: Canterbury heavy 9fd, light lid; North Island, heavy B£d, light IOJd. The demand runs principally on lightweights. New Zealand prime crossbred mutton; North Island, heavy 7d, light 7gd. Tho demand is moderate. New Zealand prime ox beef: Hinds, 4j*i, fores 3Jd. The demand runs principally on fore-quarters. New Zealand lamb; The market is dull, but stocks are light. New Zealand mutton; The market is firm. New Zealand beef: The market is steady. Australaian good average quality Crossbred lamb: Heavy not quoted, light Id. Australian lamb; The demand is fair. Messrs Dalgety and Co. report having received the following cablegram from their head office, dated London, December 13: The butter market is weak. The total imports of butter into the United Kingdom for November were 388,0C0cwt; for corresponding period last year, 327,000 cwt. New Zealand butter, salted, 21Gs; New Zealand exceptional brands, 218 s; Danish, 2265; finest Australian salted, 210 s; finest Australian unsalted, 2145. ' The cheese market is very quiet. New Zealand, 106 s; Canadian c.i.f., 103 s; imports 256,000 as compared with 186,000. NATIONAL INSURANCE COMPANY. An extraordinary general meeting of th® National Insurance Company of New Zealand was held yesterday afternoon at the company’s office. The chairman of directors (Mr John Moloney) occupied the chair, tho other directors present being; Messrs W. C. Burt, F. W. Mitchell, and G. R. Ritchie. The Chairman explained that the meeting was called to confirm the resolution which was passed at the extraordinary general meetfng of the company, held on November 16, 1923. The said resolution being that the following article be substituted for article 32 —namely:—"92. The directors may be.paid ont of the funds of the company by way of

remuneration for their services a sum or sums not exceeding in all the amount ot £I2OO in any one year, or such other amount as the company in general meeting may determine, and such remuneration shall be divided among the directors in such proportions and manner as they themselves may determine.” The Chairman then proposed that the said resolution be confirmed. This was seconded by Mr George Richardson and carried unanimously. LONDON WOOL SALES. IPbb United Frem Association.) WELLINGTON, December 14. The Department of Agriculture advises from London that the wool sales were reopened on Monday before a full attendance 1923, the said resolution being that the There was keen competition for all descriptions, and sales were reported as brisk, crossbreds bringing S per cent, above the last week’s reported rates. WEEKLY REPORT, Praaer and Co., agents for the Otago Egg Circle, produce merchants, 146 Crawford street, Dunedin, report:—Eggs: Supplies coming in freely and are being taken up at preserving rates. Butter: Market easier; pats, la Id to Is 2d per lb; bulk, Is 3d. Pigs: Good demand for bacon-weights at 7Jd to 8d; porkers, id to 7Jd per lb; overweights, 3d to 4d per lb. Tallow: Market steady; worth from 16s to 235, according to quality. Honey; Prime bulk, 4Jd to 5d per lb. Beeswax: Supplies are plentiful and sales are slow at Is 6d per lb. Potatoes: The market i« easier, consignments being heavy. Best sorts are worth £8 to £9. New potatoes; Hutt Valley, 2d; Oamaru, 3d per lb. Melbourne 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, 17e Gd. Leg rings, Is per dozen; special quotes for quantities. Poultry: Wo penned a large yarding to a good .demand. Hens realised 3s 6d to 7s; cockerels, 6s to 10s 6d; due Its, 5s to 10s 6d (all at per pair). Turkeys: Hens, Is per lb; gobblers, Is Id per lb (live weight). Clients please note our premises will be closed from Monday, 24th, till Thursday, January 3. BRAY BROS. (LTD.), Auctioneers, Dunedin, Are reliable FRUIT AND DAIRY PRODUCE SALESMEN. If you have any produce to market consign to BRAT’S, DUNEDIN. Prompt attention given to all correspondence.—Ad vt