COMMERCIAL.

Otago Daily Times, Issue 19204, 21 June 1924, Page 8

COMMERCIAL.

Daily Times Office, Friday evening. At the beginning of the last cereal season, the future of the wheat markets was a widely speculative question (says the Australasian). While in the early stages of the period it was not felt that prices would decline to any extent, there was a lack of confidence in regard to the more distant future. Leading authorities in England and America predicted that prices later would fall, aA statistics showed that a heavy surplus _ of wheat was available in exporting countries. But, despite this fact the markets have held up well, for while at times quotations declined, for the most part they exceeded expectations. That has been due to the relatively consistent demands from the Continent, and to the unwillingness of United States holders to accept prices below cost of production there. Thus the year has almost gone, and this month harvesting ot the early European and United States crops will be in progress. American growers who withheld their wheat from the market are now realising tlveir mistake. . By doing so they diverted demands to other exporters, and thus enabled them to obtain better prices, while they have been left with heavy supplies on hand. The first official estimate of the winter wheat crop placed the yield at 549,000,000 bushels, and, according to private cable messages, no revision was made in that forecast by tho Washington Bureau of Agriculture at tho beginning of the current month. The spring wheat harvest is estimated at 189,000,000 bushels, giving a total of 738,000,00!) bushels. In the previous year the yield of wheat in the United States was winter wheat 572,340,000 bushels, spring crop 213,400,000 bushels, or a total of 785,740.000 bushels, as compared with 856,211,000 bushels in 1922. J apan has been a valuable market for Australian wheat for tho last few and frequently because of its epcra-tioiio prices here have been held at a satisfactory level. Since the beginning of this year more than 2,485,000 bushels of wheat have been ahipxied in that direction from "Victoria, while for the same period about 633,000 bushels went to China. Competion for tne Japanese trade is growing, and Canada has been exporting large quantities thither. During February alone, of the 11,760,961 bushels exported, 2,105,030 bushels went to Japan and 987,009 bushels to China. Japan also took 89,501 barrels of Canadian flour, China 3000 barrels, and Hongkong 110,126 barreiS during the month, China this year was a larger buyer of Australian wheat than usual. This was due to the partial faihno of the Korean crop. Latest advices from that country are that the yield of wheat for 1923 was . 8,399,360 bushels, or a decrease 01 1,887,635 bushels when compared with 1922. The Korean yield of barley was 30,154,595 bushels, or 3,941,070 bushels les3 than m 1922, while that of rye at 1,733,225 bushels compared with 1,787,150 bushels for 1922. While it is generally understood that the Russian crop outlook this season is riot veiy satisfactory, official reports are issued in a relatively optimistic strain. Recently the Central Statistical Committee in Moscow stated that only the fields in Cis-Cauoasia ami South-Eastern * Russia were freed from snow by March 31, and the condition of plants in these regions was favourable. Tho 1922, while that of rye at 1,733,225 bushels compared with 1,785,150 bushels for 1922. LOCAL MARKETS. The milling wheat market remains quiet. Millers are well stocked with United, States and Australian-grown wheat. The fowl wheat market is firm. Although local prices are too high to permit of shipments to tho North Island, there is good demand from local buyers. Good whole fowl wheat is worth 5s Gd, ex truck, Dunedin. Thero is, however, very little coming to hand, most farmers having evidently got rid of their stocks earlier in the season. North Island merchants are still securing supplies from Australia, most of the main ports receiving parcels at a landed cost of Gs per bushel. These transactions aro made through the Government which fixes the prices. Dunedin millers’ prices are as follow: Flour, 200 lb, £ls 10s por ton; ICO’s, £l6 103; 50’s, £l7; 25’s, £l7 l(!a. Bran, £G per ton. Pollard, £7. Oatmeal: 25’s, £3O; 200’s, £29. Tho shipping manket for oats is easier this week, owing to forward sellers having been off the market during the past few days, and also because there has been fair stnpmcnt-s of Canadian oats to the North Island ports. These oats arc of first-class quality, and are available to northern merchants on a basis of, roughly, sa, ox wharf, Auckland and Wellington! Odd lots are still making their appearance on .the local market from Otago and Southland, but tho demand is not strong except for really good heavy lines, suitable for seed. Millers aro still open to take lots suitable for milling, but they have fairly heavy lines of Canadians coming forward. These overseas oats are due to arrive here next month at a moat considerably under what is at present being paid for New Zealand grown. New Zealand grown B Cartons have been bought, during tho week at round about 5a 7d, f.0.b., s.i., through store and A’s at Go Del. Those prices are equivalent to 4s lOd and 5s respectively, country sidings. The seed market generally is quiet, as is usually the case -at this time of the year. The ryegrass market is steady with odd parcels changing hands to North Island merchants. Crested dog-stall is being sold in small lots to tho Homo and further business can be secured for good quality need on a basis that will allow merchants to operate, at up to 8J per II). on trucks, Gore. PRODUCE REPORT. The chaff market continues firm, Most of the supplies are still being drawn from the Taieri and Canterbury districts, and sufficient is corning forward to meet the demand. Latest reports from Canterbury state that supplies are Inw getting on tho short side, and that the market is hardening. A little business has been done in chewings's fescue for export to America, but on tho v/bole the market for this seed is not strong. Tho potato market remains firm. Good white tables ane worth £7, cx storS. Tho crop in North Otago this year was small, i but the yields have been good from the Stirling and Taieri districts, where the areas planted were larger than those of last year. Bacon, rolls, has been reduced Id per lb. Current local wholesale prices are as follow • —■ Chaff. —Good quality, £9, ex store; medium, £7 10s to £B. Potatoes, £7 per ton. Dairy Butter. —Best milled, bulk, Is 5d per lb; separator pals, Is 4?;d. Eggs.—Stamped, 2s 3d; unstamped, 2s to 2s Id. Bacon. —Rolls, Is per lb; sides, Is. Hams, Is 2d to la 3d per lb; boneless, Is 3d. Onions. —Melbourne?-, 17a 6d. FRUIT REPORT. A small shipment of bananas arrived this week, but owing to the heavy supplies of Rarotongan on tho market, prices were on tho low side—mot equal to the prices obtainable in tho Auckland market at the present time. Tho prices of oranges have firmed during the week. Fresh supplies aro on boairi the Moerald, duo on Sunday. These will be TOOjdteted on Monday,

Fail’ supplies of mandarins, pines, and passions arrived at the beginning of the Week, and met with a ready sale. Supplies of dessert apples are on the short side. The principal sorts coming on (He market ane Delicious and Cleopatra. Cooking apples are in good demand. Sound prices have been received for both cauliflowers and cabbages during the week. First-grade cauliflowers were sold at 24a Gd per sack, containing 18 medium-sized heads. Sacks containing cno dozen heads of cabbages bring up to 16s. Carrots, pansnips, and ew-edcs aro in good demand. Tbs following are the latest wholesale prices:—. Pears. —Choice, 4d to 4£d per lb; cooking, 3d to 3id'. Apples.--Dolcioua, 12s for choice; others, Os to Us; Clcopatras, extra choice, 10s; prime, fis to 9s; others, Gs to 7s; cooking, 7s to Ss Gd for choice; Seanlefs, 7s. Pines—Best, 19s to 225; green, IGs to 17s. Passions, 18s Gd to 20s. Mandarins, IGs to 21s. Tomatoes. —Local hothouse, Is 3d, Lemons.—Californian. 40a per case; Australian, JBs to 20s; Italian, 16s 6d to 17s Gd. Bananas. —Ripe, 25s to 30s per case. Oranges. —Californian, to 355; Victorian, 12s; Navels, 18s; Tahiti repacks, 17s to 18s. Grapes.—Local prime, Is Gd to 2a per lb. Cabbages. Choice, to 16s per sack; loose, to 9s pee dozen; medium quality, 6s to 6s per sack. . Cauliflowers. —Choice, to 24s Gd per sack - medium, to 17s; small and inferior, 4s to Gs. Beetroot Is to 1« Gd per dozen. Lettuce, 2s to 4s Gd per case. Swedes.—Sacks, 4s to 4s 2d per cwt; cases, to 3s. Celery, 4d to Gd per bundle; choice, 9d to Is. Spring onions, 3d per bundle o * six bunches. Parsnips, Is per dozen; sacks, 10s pea cwt. Carrots, 9d to Is per dozen bunches; 8s to 9s per cwt. PRICE OF OATMEAL. The price of oatmeal was advanced £2 per ton on Thursday. CANTERBURY MARKETS. (Pee United Peess Association.) CHRISTCHURCH, June 20. Business has been quiet throughout the week. The chaff market is still firm at late rates, and there are apparently large quantities going into consumption, as the demand is ready. Oats. —Forward oats have weakened considerably, and there is no doubt that this is duo to heavy importations of Canadian oats, also to the fact that thero aro tair quantities coming from farmers in the south, and a lot of oats arc going into store. B’s can bo bought for delivery in July and September at 5s 2|d. July has boon sold at 5s 4d, which shows a considerable drop. The partridge peas market appears weaker than ever, and recent cabled advices from London state that the position is not likely to improve. Ryegrass.—A few sales have taken place to the North Island at recent quotations. Potatoes. —Farmers aro hard to deal with, state the merchants, and although thero were several parcels offering during the week offers of £5 would not Hunnt holders to sell. Potatoes for forward delivery have firmed, and advices received from Auckland indicate that the surplus stocks up thero aro being worked off and the wharves aro getting clear again. There has been one or two inquiries from Auckland, and some parcels of whites were sold to-day for prompt delivery at a little over £6, f.0.b., s.i. MELBOURNE MARKETS, Press Association —By Telegraph—Copyright. MELBOURNE, Juno 20. Oats: Milling, 3s 3d to 3s 6d; feed, 3a. Barley: English, 4s 3d to 4s 6J; Cape, 3a Gd to 3s 7d. Potatoes, £4 to £4 15s. Onions, £ll to £l2. At the hides sales competition was keener. All weights were firm at last week's reduced rates. SOUTHLAND MARKET REPORT. (Fkom Oue Own Correspondent.) INVERCARGILL, June 20. Oats.—Stocks aro light, and there is not much more held in Southland than will be required locally for seed and feed purposes. Forward sellers who speculated in the market find themselves unable to fulfil their engagements, and consequently there are a number of inquiries from this source. A Cartons are quoted at 5s lOd, f.0.b.,5.i., and ii’s at 5s Sd. Ryegrass.—The market has been quiet for the last two or three weeks, but thero are now inquiries coming to hand foi spring sowing, and as stocks arc light the market keeps firm. There is not much now held by growers, and any clean, heavy lines offering from the country command about Ga Gd per bushel. Lighter lines down to 5e 6d. Chaff.—There is still a fair quantity offering, and for any prime lines up to £7 has been paid, o.t.c.s. Wheat. —Most of the wheat is now in merchants’ or millers’ hands. The quality of last season’s is practically all milling, and consequently there is very little fowl wheat about. STOCK. During the past week the stock market has been very quiet. As is usual at the time of the year, entries of all classes of store stock are much smaller. At country sales hold during the past week very little has been offering, and prices are inclined to be easier. Our fat stock market is fairly linn, extra prime beef being slightly firmer, but prime wethers and ewes have a tendency to ease. The following prices may be quoted: Fat Cattle. —Extra prime ox beef at 25s Gd per 1001 b; extra prime heifer beef from 22s Gd; extra prime cow beef from 17s to 18s; extra prime bullocks up to £l4; average prime prime bullocks up to £l4; average prime bullocks, from £lO to £11; light and unfinished bullocks down to £7; extra prime heifers up to £9; average prime heifers from. £G to £6 15s; light and unfinished heifers down to £1 Ids; extra prime cows up to £6; average prime cows from £3 10s to £4 15s; light and unfinished cows down to £2 ss. Fat Sheep.—Extra prime wethers up to 495; average prime wethers from 36s to 37s Gd; light and unfinished wethers down to 335; extra prime ewes up to 40s; average prime ewes making from 30s to 31s; 'iglit and unfinished ewes down to 235. Store Cattle. —Forward three and four-year-old bullocks, fit for turnips, from £5 to £5 15s; two and two and a-half year old steers from £2 15s to £3 15s; yearling and 18-month-olcl steers, from 27s to 355. The market for dairy cows is very quiet, herds averaging from £2 10s to £3 ss; inferior and cull cows down to 30s. Store Sheep.—Extra good s.m. ewes up to 335; two and four-tooth ewes, from 35s to 38o; extra good ewes up to £2; f. and f.m. ewes, from 15s to 22s Gd, according to size and condition; good-condition m.s. lambs from 2Gs to 27a; extra good ewe lambs up to 30s; good wether lambs, frm 21s to 25s Gd; forward four and six-tooth wethers from 30s to 345; good two-tooth wethers from 28s 6d to 31s Gd; inferior and cull wethers down to 255. THE A.M.P. SOCIETY. Tho conclusion of the Australian Mutual Provident Society of the seventy-fifth year of its existence has led to the publication of a booklet in which statistics are contained showing tire progress that has been made by tho society. This progress has not been least marked during the past 15 years. The number of policies, for instance, issued in the first GO years of tho soceity’s operations was 250,274, assuring £79,805,874, while the annuities amounted to £51,838 per annum, and the annual premium payments totalled £2,721,367. In the next 10 years tho policies issued were 101,430 in number, providing for insurance to the extent of £41,686,075, and the premiums paid were £1,422,880. Tho annuities during this period were £-52,418 per annum. The policies issued in the succeeding 15 years—up to the end of 1923—were as many as 347,947 assuring £118,547,312; tho annuities amounted to £78,369 per annum, and the annual oromium-s totalled £41)09,363. During the 75 yeans of tho society’s history the Ordinary Dcnartinent has collected £86,228,473 in premiums and £45,445,587 in interest, and has paid £69,250,210 to members or their representatives. The operations of the Industrial Department, though on a inuch^ smaller acalo, have also been sufficiently striking. Fraser and Co., agents for the Otago Egg Circle, produce merchants, 146 Crawford street, Dunedin, report:—Eggs: Stamped 2s 3d; case eggs, 2s Id. Butter; Market firm at’is 5d for bulk; Is 5d for pats. Pigs: Good bacon-weights, 6jd to 7d; over-weights, 3d to Gel. Tallow; Market steady, from 16s to 235, according to quality. Honey: Prime bulk, sid per lb. Beeswax; Sales are slow at Is 6d per lb. Potatoes: Market steady; Oamarus and Outrams, £7. Onions: Melbourne. 1 !, 17s 6d per cwt. Carrots, £6 15a 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 erro- crates, 18s Gd. Leg rings, Is per dozen, speciia! quotes for quantities. Poultry: The demand is brisk. Hens, 2s Gd to ss; cockerels, 3s to 13s; ducks, 4s Gd to Ps (all at 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. IF YOU WANT SEED POTATOES, a.u VARIETY, Try BRAY BROS., Fruit and Produce Merchants, 11 Bond Street, Dunedin.—Advt.

SYDNEY WOOL SALES. SYDNEY, June 19. The wool eales closed with the market firm for all qualities except inferior. Competition was keen, all sections operating. Scoureds were irregular, and at times showed a fall of from 5s to 10 per cent. Greasy mcrincs sold up to 36Jd. LONDON WOOL SALES. LONDON, June 19. At the wool sales commencing on July 1, 122,000 bales will bo offered, of wliicn 42,000 will bo of New Zealand wool.—A. and N.Z. Cable.