COMMERCIAL.

Otago Daily Times, Issue 19234, 26 July 1924, Page 8

COMMERCIAL.

Daily Times Office, Friday evening. According to tho Estimates which were presented lo Parliament on Wednesday night, the amount to establish a credit for the purchase of wheat (£1,125,000 recoverable) is £1,123,000. The increased estimate for 192425 is due to the necessity for importing approximately 4,000,000 bushels. The Waimarino was to load wheat at Wollaroo on Tuesday for Lyttelton, Dunedin, and Oamaru. She is scheduled to arrive hero early next month. It has been considered for a number of years that crop news emanating from the United States cannot be accepted as genuinely representative of tho actual or prospective position (says the Australasian). With speculative dealing on an extensive scale, “bull” and “bear” influences are continually operating during the growing period, and markets outside America have become so used to optimistic or pessimistic reports issued from that source that nowadays they generally are discounted. AVhen tho official forecast of the United States wheat crop was issued early in June, the reduction of 45,000,000 bushels on tho May estimate caused some surprise. That there was on this occasion some justification for tho decrease was generally accepted, but it was felt that tho position was exaggerated. Subsequent rains in the areas needing moisture improved the outlook. This ia disclosed in the official forecast for July, which has just been announced. The Bureau of Agriculture at Washington now places the yield of tho United States at 740,000,000 bushels, compared with 693,000,000 bushels estimated at June 9. This, therefore, represents an increase of 47,000,000 bushels, and is 2,000,000 bushels higher than the estimate for May. Apparently market quotations to hand represent prices that obtained after the bureau’s anuouncoment, and developments will be followed with interest. Increased attention will bo turned towards Canada, where crop prospects have improved recently owing to good rainfalls Slaving been registered in. the dry areas. To some extent tbo market has been anticipated, as it was felt that, owing tt> rains, the official estimate of tho American crop would be increased this month. LOCAL MARKETS Tho demand for fowl wheat continues good, and -suitable lines sell readily at 6s per bushel, sacks extra, ex store. Tho quotations at Lyttelton and Timaru ere 5s 10Id to 5s lid, f.0.b., sacks extra. There is very little being shipped from the South to the North Island, as tho Government is supplying North Island merchants with Australian milling at 6s per bushel, sacks in, ex whari. This price does not permit of business being done in fowl wheat from this end. Some of tho outside ports in the north, however, are scouring odd lots, from Canterbury. The demand ;6r New Zealand wheat for sowing ia fairly brisk, and a good quantity is now being railed to fannersT It is difficult to obtain supplies this reason, as most ■of tho wheat is being gristed into flour, Dunedin millers’ prices are as follow: Flour, 200 lb, £ls 10s nor ion; 190's, £l6 IDs • EO’.s, £l7; 25’a, £l7 ids. Bran, £6 per ton', Pollard, £7. Oatmeal; 25’s, £3O; SCO’s, £29. Tho oa.t market has taken a sudden change, and prices show a sharp advance. This has been taused through tho drought m Canada, where oats havo advanced by about £2 per ton. This firmness was immediately reflected on the local market, and forward sellers commenced to cover, and other buyers were also opeiatir.g. Tho result was that prices increased by 6d per bushel. New Zealand B Gartens were being sold a few days_ ago at 5s to 5a 2d; to-day they can be placed at 3s Bd. Parcels of Canadian have been eold, to arrive, nt an advance ou the price paid bv the first operator. The local market continues firm, with A’s at 5s lOd and B’s 5s Sd, f.0.b., s.i. These prices are equivalent to 5s 4d and 5s 2d, sacks extra, ex truck, respectively. Feed oa-ta have bci n hard to place, owing to many of the local feeders using little, if any _ oats with the chaff. '■ In other years considerable quantities of feed oats havo gone to the North Island, but they are not wanted this year, in view of the heavy arrivals of Canadians. Canadians have Ken arriving freely at Auckland from Vancouver. Up to last week it appeared that too many Canadians had been purchased for trade requirements in Auckland. Tho result was that several weak holders began to quote at the cost price. The position to-day, however, is entirely changed, as holders are very firm in their ideas of value. Tho grass seed market for all lines is very quiet. It ia expected, however, that there will bo an all-round improvement next month. Stocks of ryegrass are on the light side, and it is held in some quarters that there will not bo sufficient for Now Zealand requirements. PRODUCE REPORT. Tbo chaff market remains steady at £S 5a to £8 10s per ton, sacks extra, cx truck, for the best quality. Feeders are holding fair stocks, and supplies coming to band are just about equal to the demand. There is no chaff arriving from the south, as a matter of fact, truck lota are being sent to districts which supplied the local market in other seasons. Dunedin, up to the present has boon mostly supplied with chaff from Canterbury, and a considerable quantity has breu purchased from the northern merchants. Tbo North Island is still obtaining its supplies from Australia, but consequent on the small quantity available in the South Island prices at tho shipping ports remain firm. Blenheim is quoting £B, f.ob., s.i., and Canterbury £9. Tho potato market has weakened, and prospective buyers arc holding off in the meantime. Tho shipping quotations from Australia have affected the shipping prices from Canterbury, and good quality is offering from there at £5 15s, f.ob., .s.i for prompt delivery. Tills price is equivalent to £5 5s on trucks, Canterbury, and £6 5s delivered in Dunedin. Local merchants are now secun. ing supplies from Canterbury, and this has brought about a reduction in price for Otago grown tubers. There are not many potatoes now available in Otago, but holders ere still standing out for high prices. Current local wholesale- prices are as follow:—•

Chaff.—Good quality, £3 ss, ex truck, Potatoes, £7 per ton. Dairy Butter. —Best milled, bulk, Is 5d per lb; separator pate, Is 6d, Egge.—'Stamped, Is lOd; unstamped, la od, ’

Eggs.—Rolls, to Is Id per lb; sides. Is. Hums, Is 2d to Is 3d per lb; boneless, Is 3d. Onions.—Melbournes, prices irregular; up to 20s per cwt. FRUIT REPORT. Fair quantities of Island oranges havo arrived at intervals during tho week, transshipped at Wellington. Tho condition ol tho fruit was not very satisfactory. Tho Waikouaiti, duo to-morrow (Saturday), is bringing a light shipment of passions, pines, and mandarins. These will probably bo marketed on Monday. A few crates of pie melons are in tho same boat. Tho next boat with fruit (from Melbourne) is not expected to arrive for about a fortnight. Cooking apples are in strong demand, and prices have firmed a 1 little. First-class coloured dessert apples are inquired for, but the market is practically bare of those. Fair snoplios of poorman oranges ar© comiug forward, but Die prices in Dunedin cannot be remunerative to the northern growers. Tomatoes aud grapes are practically finished. t,, * i High prices havo been obtained for Blair a Phenomenal cabbages. Sound prices have also "been realised for choice cauliflowers. Spinach, leeks, parsnips, and turnips fhavo a sound inquiry. The following are tho latest wholesale prices : Auples.—Delicious, 12a to 14s; Sturmcrs, choice, 10s; others, 7s to 9s; Scarlets, 8s to 9s; cooking, 7s Gd to 9s for choice. Lemons.—Californians, 355; Australian, 12s to 15s; Italian, 14s to IGs 6d; Auckland, 12s. Bananas.—Ripe, 25s per case. Oranges. —Californian, to 355; Island, 15s repacked; Navelo, 20s to 235; Doorman, ICs to 12s oer case; Seville, to arrive Monday. Graces.—Choico Gros Colmar, to 3a per lb. Mandarins.—To arrive Monday. Passions, 17s 6d. Cabbages—Choice, to 26s per eack; loose, to 12a per dozen; eavoys, to 13s 6d per sack. Cauliflowers.—Choice, to 22s per sack; medium, to 14s; small and inferior, 4s to 6s; loose, to 14s 6d per dozen. Beetroot, Is to la 6d per dozen. Lettuce, Is to 3s per case. Swedes, 3s 6d per cwt. Spinach, 2s per dozen. Leeks, to 7d per bundle of six bunches. Radish, lOd per dozen. Celery, Sd to 9d per bundle. Spring onions, 3d per bundle for six bunches. Parsnips, Is per dozen; sacks, 8s to 9s per cwt. Carrots, 9d to Is per dozen bunches; 6s 6d to Ss Gd per cwt. Rhubarb, 9s per dozen lb bunches. LONDON MARKETS. Tho Otago Farmers' Co-operative Association of New Zealand have received the following cablegram from their London office; Butter, ■ 186 s to 188 s. Cheese, 86s to 90s. Frozen Mutton.—The market has improved eiuce last week, and there is a better demand. . , , , • Frozen Lamb.—Tho tone of the market is still good. Frozen Beef.—Absolutely no market. LONDON SHEEPSKIN SALES. Messrs Hurray, Roberts, and Co. arc in receipt of a cablegram from their London agents, dated July 24, reading as under. Sheepskins: Crossbred medium and crossbred fine, 5 per cent, easier. Others are unchanged. ( ■ o LONDON MARKETS. Pre«g Association —By Telegraph—Copyright. LONDON, July 24. (Received July 25, at 8.5 p.m.) Wheat cargoes are very strong on the American rise, but buyers are reserved. Parcels are Is Gd to 2s higher, but little business was done, and they closed easy. Five hundred tons by tho Hurunui sold at 565, Parcels by the Ballarat realised 555, at Liverpool 55s 3d, and at Hull 55s 6d. The spot trade is less active and prices are tending in buyers’ favour. Australian (ex store) is quoted at 56s 9d. Flour is in slow demand owing to the recent advance. Australian (ex store) is quoted at 395. Oats, peas, and beans are steady. Sugar (granulated) is quoted at 38s 4d, Bradford tops are showing better inquiry with slightly more business. Sixty-fours are bringing sixties, Grid; fifty-sixes, 46,‘d; fifties, 33Jd; forty-sixes, 27d; forties, 2Cd.— A. and N.Z. Cable. CANTERBURY MARKETS. (Peb United Press Association.) CHRISTCHURCH, July 25. Tho market is practically lifeless, except for tho interest attaching to potatoes. Fairly reliable information has come from Auckland that the Koromiko’a heavy consignment of 1000 tons has been opened up in a satisfactory condition. A very small proportion was damaged in transit, but insufficient to take note of. Values of Victorian potatoes, according to cabled advice received today have improved from 65s to 75s a ton, the supplies offering being smaller. Sydney quotations also show an advance. The position in Christchurch is interesting, viewed in tho light of the above. There has not been a July for many years when so few potatoes were shipped from Lyttelton, and when a few tons have been wanted to fill an order there has been quite a scurry round to secure the goods. Ordinarily, under such a weight of importations and the resultant sagging in prices, growers rush in supplies. There has been no suggestion of this so far. Growers, generally, are prepared to sit tight and see what happens. Sales during the week were made at £5 for August f.0.b., s.i., the equivalent of £3 15s on trucks. There is no selling by farmers at this price. _ Oats continue their upward course, due to the pronounced advance in Canada. Oyersellers here are forced to extend their prices to cover. Since the end of the week values have gone up to 5s 9d, f.0.b,, s.i,, or 5s Id for B’e and as 3d for A’s, on trucks. The chaff market is very firm, there being a good local demand and also an inquiry form the south. Values to farmers are £7. All classes of seeds are very dull. Peas are lifeless. Reports from England are that there is little chance of improvement. RABBITSKIN SALES. Pree» Association—By Telegrapn—Copyright LONDON, July 24. (Received July 25, nt 8.40 p.m.) At the rabbitskin sales 1972 bundles were offered and 1361 wore sold. There were keen competition for all ox-cont tho best furriers' sorts, which attracted little attention. New Zealand second bucks and does showed advances of 3d to 6d. Autumns generally declined 2d to 3d. Australian prime first winters were unchanged. Stout pelted advanced Id, and incomings maintained late prices.— A. aud N.Z. Cable. UNION BANK OF AUSTEALIA. Shareholders of tho Union Bank of Australia, at an extraordinary meeting on Monday next, will bo asked to consider a proposal to increase tho capital by the creation of 100,000 ordinary shares of £ls each, of which £5 will be called up. 'The present authorised capital is £9,000,000, which has all been issued in 600,000 shares of £ls each, called up to £5, making tho called-up capital £8,000,000, leaving £6,000,000 as the reserve liability of the proprietors. There is a re£©rve fund of £3,350,000. horse sale, Wright, Stephenson, and Co. report having held a successful sale of horses at their Dunedin Horse Saleyarda on Thursday. Wo offered a catalogue of 80 horses, and sold practically all of them at satisfactory prices. The majority of the horses were of medium quality, aud there were no outstanding geldings forward. Mr Geo. Harvey’s consignment from Omakau came forward in splendid condition, and sold at from £4O to £46. We offered 12 light horses on account of Mrs Reid (Henley), and these sold at exceptionally good prices, tanging from £24 10s to £39 10s. Mr Brenssell’s wagon team were all aged horses, and were not carrying much condition, but they were keenly sought after, and realised good prices. We also sold draught mares and geldings from the following:—!. M. Beattie (Ngapnna), mare £42; J. G. Wyllie (Outram), mare £4l; Chas. Gamble (Outran,, maiw £29; Bing Bros. maro £32; A. Probert (Wcodside), mare £3l; 11. Kendall (Palmerston), filly £39 10s; Gordon Donaldson (Pukchiki), filly £4l; H. Scott (Waima-to), geldings £2B 10s and £27 JCa; and spring-carters from D. Snell (Mosgicl), mare £22 10s; D. Service (Outram), marc £27 10s; Wm. Fallowfield (Tomahawk), mare £22. As usual there was very little demand .or hacks and aged sorts, and these were hai:l to dispose of.

Fraacr and Co., agents for the Otago Egg Cimde, produce merchants, 11G Crawford street, Bunodin, report-—Eggs: Stomped, Is JOd; plain, Is !ld. Butter: Market lima ut Is 5d for bulk, and Is 5d for pats. Pigs; Good bacon-weights, to 7Jsd; over-weights, 3d to sd. Tallow: Market steady, from 10s to 235, according to quality. Honey; Prime bulk, 5Jd per lb. Beeswax: Sales are slow nt Is 6d per lb. Potatoes; Northern, £7 10s to £7 Iss; Taiori, £B. Onions; Melbournes, 20s per cwt. CaiTota, £6 10» per lon. VVc arc agents for the Jubilee and Utility incubators, prices on application, and sale agents for Pareora raoatmcal. Wo stock “Star F" chick food, lucerne meal, poultry meal, oats, bran, pollard Tiicb meal, £7 10s per ton of 20031 b. Champion egg crates, IBs (id. Bog rings, Is per dor.cn, special quotes for quantities. Poultry: The demand is brisk. Hens 3s to Os Gd; cockerels, Gs to lla; ducks, 8a to 10s (all at per pair), Turkey hens, la, gobblers Is 2£d per lb (live weight). Consignors please note, we hold onr poultry auction sale each Wednesday at 1.30 p.m. Poultry farmers who are not members - of any egg circle, please note that wc will be pleased to ship their eggs along with our members’ consignment to London and other #orto.

MELBOURNE MARKETS. Press Association—By Telegraph-Copyright. MELBOURNE. July 35, Oats; Milling. 3a 3d to 8b 6d; feed. 3a. Barley: English, 4s 3d to 4s 6d; Cape, 3s 7d to 8s Bd. Potatoes, £3 to £4 ss. Onions, £l3 10s to £l4. Uidcs are firm at lato rates. APPLE EXPORT TRADE. The Otago Provincial Fruitgrowers’ Council have received the following week-end cablegram from tho High Commissioner's Office, London: Tho Anawa is discharging. Red oorts in good condition, but others over-ripe and some i waste. B-iliariit Seedlings were also in good condition. None of this fruit has been sold yet. Prices for Raranga apples; Yates's Seedling, 20s, 22s Gd per coso; Bokewood, 20s, 22s 6d; Dougherty, 20s. 22a 6d; Stnrmers, 14s, 21s; Statesman (few), 20s, 21s; Statesman, bulk (wet, wasty, over-ripe), 15s, 16s; Crofton, 15s, IGs; Nowtown Pippin, SOs, 255; Tasma, 20s, 22a. The bulk of the apples ex Otald aro being held until tho Raranga shipment is cleared, in order to get tho market easier of English soft fruit. The Aarawa represents tho lest shipment of New Zealand fruit for the season. The general impression has been mostly cleared up, but this seems to indicate otherwise. IF YOU 'WANT SEED POTATOES, i VARIETY, Try BRAY BROS., Fruit and Produce Merchants, 77 Bond. Street, Dunedin.—Advt.