COMMERCIAL.

Otago Daily Times, Issue 19198, 14 June 1924, Page 8

COMMERCIAL.

Daily Times Office, Friday evening. Ai the beginning* of the last wheat season the outlook in regard to pi'ccs in the world’s markets was unfavourable to Australian growers. ’lbis was dr© to th© weak statistical position, which rt ! sc’oscd that, after providing for the wheat requirements of importing countries for the year there was an estimated surplus of approximately 250,000,000 bushels that would be carried over to the current season. Of imj orters’ ncc<>s f wheat, which .'.ore 'placed at 701,000,(WO bushels, abnilt 523.200,00) bushels wore shipped tc the end of Alarch, but it would appear that the United S tries had not participated in international trade to the extent predicted This has been the oulcom© of the low prices for wheat which have prevailed in the country, and, rather than sell, at unprofitable prices, many growers have withheld supplies. Their policy has had a greater influence on th© world's markets than is generally recognised, and Australia has reaped considerable advantage from it. This has been one of tho determining factors in the maintenance of prices at about the current level, for it is contended bv leading authorities here that had the United States pressed for business prices of wheat would necessarily have reacted. Other, exporters arc content to let American holders look on, and demands from Europe are being readily met without any indications cf concession in prices. The conviction that New Zealand is not re-

ceiving lair treatment from the Commonwealth in regard to trade in potatoes 13 growing (says the Australasian). Visitors from the dominion have made the journey with the object of bringing before traders the necessity for reciprocal arrangements in this connection. They justly claim that as Australia ships largo quantities of potatoes to New Zealand the dominion should be permitted' to take advantage of the Victorian markets during the lean period of supply. They assert that in the South Island large quantities of clean district potatoes are available for shipment during the height of the season, and that the embargo placed by the Commonwealth authorities upon the importing of New Zealand potatoes because of alleged diseases is unwarranted. The dominion has proved to be a very valuable market for Victorian potatoes. An extensive trade has been done with buyers there since March, and at present approximately 800 tons of potatoes and 400 tons of onions are being carried there every three weeks. Contracts on the same scale cover a period to September. Dissatisfaction is expressed at the poor shipping facilities proviaed f° r service direct from Melbourne to New Zealand. It is claimed by Now Zealand traders that if additional tonnage were provided a considerable increase in trade would result, especially it reciprocity in the matter oh potatoes were granted. The position i 8 peculiar. New Zeeland growers have been protesting against the importation of Australian produce, while the Commonwealth prevents New Zealand potatoes Irom coming here. The various interests concerned in both countries also view the matter from different standpoints. The fact remains that both New Zealand and Australia are endeavouring to expand their markets abroad, and trade cannot be carried on between the two places under a one-sided arrangement. The Federal Ministry should bear this in mind. dominion merchants say that it is largely because of the position of the Commonwealth Ministry that New Zealand is increasing its trade with America and Canada. MARKETS. Kittle business is passing in the milling wheat market. The occasional odd lots of fowl wheat reaching the market can be readily sold at 5s 6d, sacks extra, ex truck. This price is above the Government fixed quotation for milling' wheat. A fair inquiry exists for seed wheat, and from the present demand it appears likely that a good quantity will bo sown in Otago this season. Auckland reports that both milling and fowl wheat are coming over from Australia in substantial quantities all the time. Dunedin millers’ prices are as follow. — Flour, 2001 b, £ls 10s per ton; 100’a, £l6 10s; 50V £l7; 25’s, £l7 10s. Bran, £6 per ton. Pollard, £7. Oatmeal; 25'a, £2B; 200's, £27. The oat market is quiet. There is no demand from the North Island, and only occasional orders are being received here to fill forward contracts. As a matter of fact, few lots of oats are on offer here, supplies being on the light side. Canadian oats are due in Dunedin about the baginning of next month, and these will bo sufficient to meet the local demand. The samples of rceleaned Canadians, which have been sent to Dunedin merchants are equal in quality to New Zealand super A Cartons. The current quotation for Dunedin for New Zealand A Gartons is 5s 9d per bushel, f.0.b., s.i. B’s are worth 5s 7d. These prices are equivalent to about 5s 3d for A’s and 5s Id for B fi, sacks extra, country sidings. Quotations at these values have been sent out during the week, but no business has resulted. Advice from Auckland stales that the only buyers there are over-sellers, as the demand for consumption is well filled with importations from Canada. Merchants are now importing No. 2 C.W. (Canadian Western!, which are a better oat than No. 1 extna feed. These can be offered at 4s Hid, trucks, Auckland, ex Niagara, due on the 23rd inst. PRODUCE REPORT. The chaff market is steady at £8 5s per ton, sacks extra, ex truck, for best quality. Feeders arc being kept supplied with arrivals from Canterbury, there being little locallygrown chaff available. The market is firm consequent on the latest deliveries from Australia being of poor quality. North Island merchants are now coming on to the Canterbury market to fill their requirements. The Kaitokc, from Australia, has just landed about 800 tons of chaff at Auckland. The Melbourne market is a bit firmer, but still much below New Zealand quotation - The Kaitoke cargo is considered inferior to the other Australian shipments this year. The potato market is quieter, the weakening being caused through the drop in price* of potatoes from Australia. ■ Canterbury growers are now looking to Dunedin for an outlet for their potatoes. Best quality is slow- of sale at £6 15s per ton, sacks included, ex truck. Consignments are not heavy, but retailers are holding fairly plentiful supplies Importations of Australian potatoes into Auckland so far this year amount to 2,000,000 tons. During the last month about 5000 tons arrived from the south, so that the northern market is Well glutted, as after taking into consideration the increased consumption duo to the lower prices, it does not consume more than 3000 tons per month at the outside. There are certainly enough there until well into July. Consignments of whites are realising £6 ss, ex wharf, and reds £5 10s, tile latter being the harder, to sell. The demand for seed potatoes is increasing, but competition for business is very keen. Apparently the proportion of seed in the southern crops is much ahead oi past years. Onions are firm in price. Current local wholesale prices are as follow : Chaff.—Good quality, £8 5s per ton. Potatoes, £6 15s per ton. Dairy Butter.—Best milled, bulk, Is 5d per lb; separator pats, Is 4Jd. Eggs.—Stamped, 2s 9d; unstamped, 2s 7d. Bacon. —Rolls, Is Id per lb; sides, Is. Hams, Is 2d to Is 3d per lb; boneless, Is 3d. Onions. —Melbourne, 17s 6d, FRUIT REPORT. flood cooking apples meet a strong demand, and the market could do with considerably larger quantities. Dessert apples have a fair demand only. Island oranges have risen in price, following on the lighter supplies coming forward. A parcel of Island bananas arrived by the Wingatui to-day (Friday). Prices for good quality ranged from about 16s to 22s 6d per case. Both cooking and dessert pears are scarce. High prices are, assured for any lots coming forward. A line of cookers from Canterbury realised up to 3Jd per lb. Locally-grown grapes are about done. The Victorian-grown, ex Moeraki, are not opening up too well. Hothouse tomatoes are about finished for the season. Supplies of cauliflowers are short. A good demand exists for cabbages, choice bringing up to 9s per dozen. Carrots and parsnips hove a fair inquiry. Swedes have a good demand. The following are the latest wholesale prices; Pears.—Dessert, choice, 1 pi per lb; cooking, 3d to 3Jd. Apples.—Delicious, 12s for choice; others, 9s to ils; Clcopatras, extra choice, 10s; prime, fis to 9s; others, 6s to 7s; cooking, 5s 6d to 7s 6d ; Scarlets, 7a. Tomatoes. —Local hothouse, la 3d to Is old. Lemons. —Californian, 40s per case; Australian, 18s to 20s; Italian, 16s 6d to 17s 6d. Bananas.—Ripe, 30s to 32s 6d per case Oranges.—Californian, 30s to 355; Victorian, 12s; Navels, 18s; Tahiti repacks. 14s; Italian, 15s. Grapes.—Local prime, Is 6d to 2s per lb. Cabbages.—Choice, to 10s per sack; loose, to 9s per dozen; medium quality, 5s to Gs per sack. Cauliflowers.—Choice, 18s per sack; medium, 12s; small and inferior, 4s to 6s. Beetroot, Is to Is 6d per dozen. Lettuce, 2s to 4s Gd per case. Swedes. —Sacks, Is to 4s 3d por cwt; cases, to 3s. Celery, 4d to lid per bundle; choice, 9d to Is. Spring onions, 3d per bundle of six bunches. Parsnips, 1s per dozen; sacks, 10s per cwt. Carrots, 9d to Is per dozen bunches; 8s to Os por cwt. LONDON MARKETS. Press Association —By Telegraph—Copyright. LONDON, June 12. Bradford tops are quiet with little business, and quotations are unchanged. Butter is firm, and is selling steadily. New Zenlond choicest salted is quoted at 1745; Australian, 162 s to 16(s. Unaalteds are scare at 10s premium; Danish is bringing 189 s. The wet weather is checking English and Continental production, but Siberian is commencing to arrive in fair quantities, and is quoted at 140 a to 150 s. Cheese is firm. New Zealand coloured is quoted at 90s; white, 925; Australian coloured, 86s to 88s. The Otago Farmers’ Co-operative Association of New Zealand are in receipt of tne following cablegram from their London office; Butter: Since last week’s report price 3 have improved to 176 s to 178 s. Cheese advanced to 925. Frozen mutton (New Zealand): The market is still quiet. Lambs (New Zealand); There is better demand at firmer prices. Beef: Prices are unchanged since lost report . Messrs Dalgety and Co. (Ltd.) report having received the following wire from their head office. London, dated June 11: New Zealand prime crossbred lamb; Canterbury, heavy 9Jd. light lid; North Island, heavy 9Jd. light 1 OijdNow Zealand lamb: The demand is fair. New Zealand prime crossbred mutton: Canterbury, heavy GJd, light 7d; North Island, heavy GJd, light GJd. New Zealand mutton : The demand is poor. New Zealand lamb: Tho market is steady.

New Zealand mutton: The market is very dull. (Received June IS, at 7.‘10 p.m.) Wheat cargoes are ifirm. Sellers are asking Cd to 9d more on better United Kingdom inquiry. Parcels ere firm at an advance of 3d to 6d. There is a, fair trade in spot. Australian (to arrive) is quoted at 50s 3d. Flour is firm. Australian (ex store) is quoted at 50s 3d. Oats are quiet; A Cartons, 32s to 33e; B Cartons, 29s to 30s. Blue peas are dull, Tasmanian, 360 sto 380 s; New Zealand, 310 sto 3SOs; Maples are weak, the market being over-supplied; Tasmanians, 80s to 85s; New Zealand, 65s to 70s. Beans are quiet. New Zealand, 49s to 51s. Sugar (granulated), 38a lid.—A. and .\.Z. Cable. THE NEW SOUTH WALES LOAN. Press Association—By Telegraph—Copyright, , LONDON, Juno 12. The underwriters of the Now South Wales loan arc saddled with 85 per oe it Dealings commend this morning at 11 per cent, discount. —Router. MELBOURNE MARKETS Press Association—By Telegraph—Copyright. MELBOURNE, June 13. Oats.—Milling, 3s 3d to 3s M: feed, 3s. Barley.—English, ii 3d to 4a 6d; Cape, S 3 6d to 3 s 7d , Potatoes. £3 10s to £4. Onions ill to £l2. LONDON METAL MARKET. Association —By Telegraph— Copyright LONDON, June 12. (Received June 13, at 9.50 p.m.) Copper: Soot, £6l 0s 3d; forward, £62 3s 9d. Lead; Spot, £32 10s; forward, £29 10s. Spelter: Spot, £3l 18s 9d; forward, £3l 16s 3d. Tin, £217 2s 6d (both positions). Silver, 31 11-lCd per. oz.—A. and N.Z. Cable. CANTERBURY MARKETS. (Pen Unitkd Pbks3 Association.) CHRISTCHURCH, June 13. There is little doing in the grain and produce market. It is particularly dull lor this time of the year. Potatoes are still the main subject of consideration. ’ Growers look askance at £4 10s, on trucks, and even at £4 16s. Business is not plentiful. Any business done locally is on a basis of £6 per ton, f.0.b., s.i., with. July to September, quotations from £6 os to £6 10s. There is not a great deal of pitting going on, as current quotations off the forks are rather too attractive. There la little of a definite character as to the yield. Shipments northward have been very light. The Atua will leave next Monday for, Auckland. Chaff is firming up and from £7 to £7 10s, on trucks, lias been paid f.0.b., s.i., sales having been made during the week at £8 17a 6d. Oats are still in the dress circle. Up till recently the paper oats were batter than the actual, but the position is the other way about now. June B’s are worth 5s 6d to 53 7d, f.0.b., s.i., and farmers holding any can get ss, on trucks. Peas have completely sagged, and 6s 6d, on trucks, is the limit of quotations. Tlie Home market has been very deceptive, and local merchants are paying the piper. There is no change in seeds. DAIRY PRODUCE. Messrs A S Paterson and Co are in receipt of the following cablegram from their principals, Messrs J. and J. Lonsdale and Co., London, dated June 12: The butter and cheese markets are firm-at 174 s and 90s to 92a respectively Messrs Dalgety and Co. (Ltd.) report having received the following cablegram from their London office, dated June 12: The butter market is firm. We quote: New Zealand salted, 171 s per cwt; New Zealand exceptional brands, 176 a per cwt; Danish, 183 s per cwt; Australian finest salted, 166 s per cwt; Australian finest unsolved, 170 s per cwt. Cheese.—The market is firm. We quote: • —Now Zealand white. 90s per cwt; New Zealand colour, 89s per cwt; Canadian price c.i.f., 30 per cent. LEWIS’S' (LTD.) DEBENTURES. Mr Harman Reeves informs us that the issue of £45,000 7 per cent, first mortgage debentures recently offered for public subscription by Messrs Lewis’s (Ltd.), of Invercargill, has been fully subscribed and allotted, and that Messrs R. A. Anderson, R. H. Brodrick, and William Macalister (who are the trustees for the debenture holders) have joined the board of directors of Lewis’s (Ltd.). Eraser and Co., agents for the Otago Egg Circle, produce merchants, 146 Crawford street, Dunedin, report:—Eggs: Stamped, 2s 9d; caeed, 2s 7d. Butter: Market firm at la 5d for bulk; Is 5d for pats. Figs: Good bacon weights, 6id to 7d; over-weights, 3d to sd. Tallow: Market steady, from 16s to 235, according to quality. Honey: Prime bulk, per lb. Beeswax: Sales are slow nt Is 6d per lb. Potatoes: Market steady; Oamarus and Outrame, £7. Onion®: Melbournes. 16s. Ca>rots, £6 lE® to £7 per ton. We are agents for the Jubilee and Utility incubators —prices 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: The demand is brisk. Hens, 2s 6d to 4s 9d; cockerels, 2s to 10s; ducks, 4s 6d to 8s; geese, Is 6d to 6s per pair. Turkeys hens lid, gobblers Is 2d per lb (live weight). Consignors please note: We hold our auction sale every Wednesday at 1.30 p.m.