COMMERCIAL.

Otago Daily Times, Issue 19258, 23 August 1924, Page 8

COMMERCIAL.

Dally Times Office, Friday evening. According to information collected by tho International li.-.rtituto of Agriculture and published in itn Crop report for June, in most parts of Europe temperature and fine weather alternating with rain storms prevailed during tho latter half of May, and proved favourable to ceroal growth, thus partially repairing the damage caused by the inclement season in the northern and central regions. At tho beginning of June crop conditions wore almost everywhere better than those of a month earlier, although the situation in Northern Europe generally, and in parts of Russia was leas satisfactory than at tho same period in 1923. Prospects in. Dunubian and Balkan countries were, however, more promising. Persistent drought and hot winds in Southern Italy, in parts of Spain, and in North Africa have been injurious and have caused premature ripening of crops. In North Ac.-..-op conditions at the beginning of Ju. - ..ere generally below those of June, 1923, while growth is backward, especially in Canada. The area sown with spring wheat in the United States is less than last year’s, though tho decrease is not quite so marked as had been expected. Some decline has also taken place in tho areas under rye and barley. For Canada, the figures of areas sown with cereals will not be available before July 10. Further telegrams received at the institute give the following information: ' In the United States winter wheat shows an improvement, and spring wheat has benefited from the rains. Likewise for oats prospects are now more favourable. In Hungary tho warm and rainy weather of the first half of June proved propitious for tho ceroal crops. With regard to Russia, tho most recent reports available state that the drought in tho south, in tho south-east and in the Lower Volga Region, together with the excessive rains in several of tho northern regions, reeulted during the latter half of May in lowering the cereal crop condition, which, in fact, at tho beginning of June, was reported as being below, the average and less favourable than at June X of last year. LOCAL MARKETS. An odd parcel or two of wheat is arriving from farmers, and this is realising up to 6s 6d per bushel, sacks extra, ex truck, for fowl food. Miller's stocks have been getting low, but the Waimarino, which arrived on Thursday, brought a cargo of Australian wheat. The quantity available for Dunedin was on tho low side, and millers will only secure about half their requirements. The supply, however, will be sufficient to keep them going in the meantime, and a further supply is expected shortly. The Government will not nelcase any of the stocks out of this steamer for fowl wheat, but it is evident from the reports from Parliament that supplies will bo provided later on. North Island merchants also report a shortage of fowl wheat, and this has caused them to come to the Canterbury market for supplies. Good whole fowl wheat is now selling in Canterbury at 6s 2d, f.0.b., sacks extra. This business is not expected to last very long as North Island merchants are only buying from hand to mouth until further lines arrive from Australia. A shipment of Australian wheat is due at Wellington on August 25. Dunedin millers’ prices are as follow; Flour, 2001 b, £ls IDs per ton; 100’s, £l6 10s; 50’s, £l7 2s 6d; 25’s, £l7 10s, Bran, £G per ton. Pollard, £7. Oatmeal: 2os, £3O; 20O’s, £29. The prices of New Zealand grown oats remain firm, and the demand for seed continues sound. Additional strength is given to the market following on the fact that some oversellers still have to buy in order to complete theii contracts. Most of tho oats, however, are wanted for eeed purposes, and it is difficult to obtain sufficient to meet the demand. The demand for seed lines shows that a fair quantity of oats will he sown this season. Canterbury and South Canterbury are still inquiring for eeed cats, but southern merchants are not offering to the north, as they are finding it difficult to fill tho orders they already have in hand. Canadian grown oats have been arriving fairly heavily from tho North Island, but tho supply is now greater than the demand. Merchants, consequently are holding the surplus in store, and arc in tho happy position of Imowing that they could not replace their stocks from Canada at present figures, as the market there has advanced. The Nordbo had a line of Canadians, for Dunedin. The quality of these is very good. Tho oats weighed about 461 b to the bushel—• they are ordinary feed grade—and were sold at 5s 3d per bushel, ex wharf. This price includes the duty of lOd per bushel. A further shipment of Canadian oata is duo in Dunedin next week by the' Las Vegas. This vessel has over 700 tons for this port. A fair quantity of these are wanted for milling and the balance will bo absorbed on tho local market. Recent reports from Australia go to show that the market is advancing for oats, owing to the drought conditions prevailing in Tasmania and Victoria. The advance in tho Australian market is 3d pen bushel. Eggs have been reduced Id per dozen during tbo week. Rolls and sides of bacon have been, advanced 2d per lb. PRODUCE REPORT. Tho chaff market remains firm at £8 10s per ton, sacks extra, ex truck, for the beat quality. Only small supplies are coming from the south, and local feeders are having to draw on Canterbury. Tasmanian chaff is still arriving in Wellington, and selling at £9 per ton, ex wharf. Owing to the drought in Tasmania prices have advanced, and this will probably mean that Wellington will have to draw on Blenheim, where tho quotation is £B, f.0.b., s.i., prompt delivery. It is reported that the Tasmanian chaff arriving in Wellington has been of quite satisfactory quality. The chaff is packed in hessian bags. North Island merchants have been drawing supplies of potatoes from Gantenbury, and this has firmed prices there. In view of the northern demand Canterbury has not been able to send many potatoes to the Dunedin market. There are not many potatoes available locally. Good quality is to-day worth £6 15s per ton, sacks included, ex truck. Reports state that there are still a fair quantity of potatoes hold in Canterbury, It should not bo long now, however, before new potatoes will be available from Auckland. Under the circumstances it is not anticipated that there will be any marked advance in prices. Current local wholesale prices are as follow; Chaff. —Good quality, £8 10s, ex truck. Potatoes, £6 15s. Dairy Butter.—Best milled, bulk, Is 6d per lb; separator pats, Is Gd. Eggs.—Stamped, Is 3d; unstamped, la 3d. Bacon.—Rolls, to Is 2d per lb; sides, Is Id. Hams, le 2d per lb; boneless, la 3d. Onions. —Melbournes, price irregular; up to 22s per cwt, FRUIT REPORT. Dessert apples, consisting mostly Stunners, aro still reaching tho market. The demand is about equal to the supply. A few cases of nico coloured apples of the Democrats variety came forward during the week, and brought high prices. Delicious realise good rates. Delicious and Democrats are not too plentiful on the market. New South Wales grown mandarins, Arrived during tho week and met a good market.

The Whangapo is expected here from Sydney towards the end of next week. She will bring some New South Wales grown fruit. Prices for fruit aro now ruling very high, in Sydney, and this will affect the exports from that port. Advice from Adelaide states that there hao been an advance in the price of Navels.

Lemons arc in fair demand. The embargo on the importation of American grown is now in force. The next, shipment of Australian citrus fruits, ex tho Mocraki, will have to bring better prices to leave tho shippers any margin of profit. Pears from Canterbury cool stones reached the market during the week. A line, of Auckland grown poorman oranges and kumcras is duo to arrive early next week, ex Wanaka. She will also bring Auckland-cured lemons.

Supplies of cauliflowers have increased considerably. Sound prices, however, are still being realised for choice quality. .Cabbages are in short supply. The following are the latest wholesale prices:

Apples.—Stunners, 8s to 10e 6d; cookers, 8s Gd to 10s; Lord Wolsetey, to 11s. Pears. —Half-cases, 5a 3d to 5s 9d; Winter Nelis and Coles, to 9s. Oranges.—lsland, 16s to 18a; Adelaide, 15s to 17s; Navels, to 18s 6d. Lerac/ra. —-Auckland cured, to 16s 6d;

Adelaide, 235. Mandarins, 21a to 245. Passions, 14a to 16s. Cabbages.—Choice, to 12s per sack; loose, to 7s per dozen; eavoys, to 12s per sack. Cauliflowem. —Choice, to 18s per sack; medium, to 11s; small and inferior, 4s to 6s; loose, prime, Us to 14s per dozen; medium size, to 8s; small, 4s. Beetroot, la to Is Gd per dozen. Lettuce: Choice, to 5s per dozen; small, 2s to 5a per case. Swedes, 3a 6d per cwt; cases, 2e 6d. Spinach, 2s per dozen. Leeks, 4d to 5d per bundle. Radish, 9d per dozen bunches. Celery, 6d to 9d per bundle of six sticks.^ Spring onions, 3d per bundle of six hunches.

Parsnips, Is per dozen bunches; sacks, 8s to 9s pen cart. Oarrots, 9d to Is per dozen bunches; Ss 6d to 7s p?r cwt. Rhubarb, Bs per dozen lib bunches, Brussels uppouts, lOd to Is per lb.

LONDON METAL MARKET,'. Press Association—By Telegraph—Copyright. LONDON, August 21. (Received August 22, at 8.35 p.m.) Copper: Spot, £CO Cs 3d; forward, £64 to 3d. Lead; Spot, £33 la 3d; forward, £32 sa. Spelter; Spot, £33 1b 3d; forwani, £32 Kb 3d. Tin; Spot, £259 17s Gd; forward, £360 17b 6d. Silver, Slid per oz.—A. and N.Z. Cable. MELBOURNE MARKETS. Pro** Association—Bv Telegraph—Copyright MELBOURNE, August 21. Hides are firm, and values are unchanged Oats: Milling, 3b 5d to 3s 7d; feed, 3a 2d to 3s 3d. Barley: English, 4s 3d to la 6d. Potatoes, £2 15s to «!> Ss. Onions, £l2 to £l3 jf)s. LONDON MARKETS. Press Association—By Telegraph—Copyright. LONDON, August 21. The Bradford tops market shows an extremely confident tone. All quotations have advanced and more business is doing in crossbreds. Prices: Sixty-fours quality, Gld; .fifty-sixes, 49d; forty-sixes, 28d. Butter is firm and in good demand. Now Zealand choicest salted, 206 a to 208 a. A few lota of unaalted are available at 216 e to 21Ho. Australian salted. 200 s to 2025; Siberian, 163 s to 17Gs; Danish, 212 s to 218 a. Cheese is firm. New Zealand white, 94a to 965; coloured, 92; Australian coloured, 88s to 90s. Wheat cargoes are steady and quotations are unchanged. Parcels are steady and the demand is small. The apot trade is dull, and prices are irregular. Australian, ex ship, 5Ss 6d. Flour is quiet. Australian, ex store, 42s 6d. » Oats, peas, and beans are quietly steady. Sugar, granulated, 39s IOJd. —A. and N.Z. Cable. Messrs Dalgety and Co. (Ltd.), report haying received the following wire from their head office, London, dated August 211 New Zealand prime crossbred lamb: Canterbury, heavy 10Jd, light HJd ■ North leland. heavy 10|d, light llgd. New Zealand lamb: The demand is active. Now Zealand prime crossbred mutton; Canterbury, heavy TJd, light Bjd; North Island, heavy 7|d, light BJd. New Zealand mutton: The demand is good. New Zealand lamb: The market very firm and tending upwards. New Zealand button: The market ia very firm. The Otago Farmers’ Co-operative Association are in receipt of the following cablegram fror their London office: Butter, 2069 to 210 s. Cheese: While, 965; coloured. 92s to 945. Frozen mutton: No change since last week’s report. Rabhitskir-s: Incoming winters and stout pelts—There is a good American demand. Othen grades arc quiet. Supplies are abort. GOLD AND SHARES. A London cablegram sates that gold is quoted at £4 12s Id an ounce. P. and O. shares are quoted at £3OO (buyers) and £3lO (sellers). Fraser and Co,, agents for the Otago Egg Circle, 14G Crawford street, Dunedin, re port:—Eggs: Stamped, Is 3d; plain, Is Id to la 2d. Butter: Market firm at Is 5d for bulk and Is 5d for pats. Pigs: There is a good demand foe prime baconens and porkers at 7Jd; overweights. 3d to 5d per lb. Tallow; Market steady, from 19s to 235, according to quality. Honey: Prime bulk, 5Jd per lb. Beeswax: Sales are slow at Is &d per lb. Potatoes; Northern, £7 10s; Taieri, £7 15s. Onions; Melbourne's, 20s per cwl. Carrots, £6 10s per ton. We are agents for the Jubilee and Utility incubators: prices on application. And sole agents for Pareora meat meal. We stock “Star P’’ chick food, lucerne meal, poultry meal, oats, bran, pollard. Rico meal, £7 10s per ton of 20001 b. Champion egg crates, 18s 6d. Leg rings, Is per dozen, special quotes for quantities. Poultry: On Saturday we held a special sale of pullets and hens on account of Mr D. Stuart, Mosgicl, and the following prices were realised: IJ-year-old hens, 100 at 10b, 12 at lla, 18 at 10s Gd, 24 at 9s 6d, 3 at 8s; pullets—6 at 16s 3d, 6 at IGs, 6 at 14s 6d, 12 at 15s; the balance of 150 from 12s to 14s (all at per pair). At our usual weekly Bala hens and ducks were down in price, but for good young cockerels prices were exceedingly high. We sold as under; Hens from 3s to 6s; ducks from 5s to 8s 2d; cockerels from 6a 8d to 12s 4d (all at per pair)., Turkey hens, la, and gobblers Is 2d per lb live weight. Consignors please note that pigs and poultry must arrive not later than Wednesday of each week. OPOSSUM SKIN SALE. The Dunedin Stock Agents and Woolbrokers’ Association (Messrs Stronach, Morris, and Co., National Mortgage and Agency Co., Donald Reid and Co., Wright, Stephenson, and Co., Todd Bros, N.Z. Loan and Mercantile Agency Co.) held a sale yesterday afternoon, when approximately 10,750 skins were offered to a fair attendance of buyers. Prices were better to the extent of Is a skin for super skins, while ordinary grades showed a slight improvement on last sale rates. Following is the range of price: Super blues, 14s Od to 15s Id; first blues, 12a 4d to 13s 6d; blues, 10s 6d to 10s 9d; super greys, 12s to 13s 7d; first greys, 10s to Ho fid; greys, 6s 3d to 9s 7d; super black, 12a fid to 13s sd; first black, 9s 10d to Us; black, 8s 6d to 9s sd; first reds, 5s fid to 7s; reds, 4s 9d to 5s 3d. Messrs Waters, Ritchie, and Co. report as follows: —Wo held our second sale of the season at our stores, Crawford street, yesterday afternoon. There was a good attendance of buyers present, and competition was very spirited, with the result that we cleared our catalogue at very satisfactory prices. As compared with the first sale of the seaeon, prices obtained were very much on par, with the exception of super lines which were decidedly firmer. The proportion of blues and greys offered was very small, the bulk of the offerings being the black variety. Our catalogue consisted of 5899 skins, and by auction and privately we cleared the lot, the following being some of our best prices; Blues and greys: 39, 15s Id; 30, 14s; 53 13s; 16, 12s sd; 33, 11s lOd; 12, 10s 7d; 2612, ’O3 6d; 97, 10s 2d; 12, 10s. Blacks; 30s, 14a; 14, 13s fid; 39, 12a 9d; 26, 12s 8d; 68, 12a od; 10, 12s Id; 28, 11s lOd; 18, lla 2d; 25, lls Id; 815, 10s 6d; 66 10s Id; 18, 9s lOd; 47. 9s 9d; 195, 9s 8d; 11, 9s Gd; 12, 9a sd; 78, 9a 2d; and 15, 9s each. FOREIGN EXCHANGE RATES. Press Association —By Telegraph—Copyright. LONDON, August 21. The exchange rates are ns follows: Par. Aug. 18. Aug. 21. Paris, fr. to £1 25.225 82.35 82.85 Brussels, fr. to £1 25.225 88.50 90.12 Christiania, kr. to £1 ... 18.150 32.43 32.43 Copenhagen, kr. to £1 ... 13.150 27.28 27.8:i Stockholm, kr. to £1 ... 18.150 17.05 16.04 New York, dol. to £1 ... 4.83 4.53*- 4.50 J Montreal, dol. to £1 ... 4.86 4.56 J 4.51 Rome, lire to £1 22.22 J 101 1015 Yokohama, st. to yen ... 21.5 21J- 21 15-16 Hongkong, st. to yen ... • 2SJ 28,'; Calcutta, et. to rpc. 10 to gold £1 17 1-16 173 ♦ Determined by prion of silver. The exchange rate on Berlin (par 20.15 marks to the £1) is 182 billions.—A. and N.Z. Cable. BANK OP ENGLAND HETGRNB. Press Association —By Telegraph—Copyright. LONDON, August 21. The Bank of England return aßords the following comparison, with the return for the previous Anp. U. Aug. 21. Coin and bullion £126,489,000 £126,494.000 Reserve* 22,031,000 22,947.009 Notes in circulation ... 126,034,000 125,119,000 Government deposits ... 13,406,000 15,635,000 Other deposits 108,71)5,(XX) 109,974,000 Government securities 42,857,000 42,468,000 Discounts and advances 75,410,000 78,317,000 Proportion of reserve to Per cent. Per cent. liabilities 18.03 18.26 Short loans 2J 2J Three months’ bills 32 3J GOVERNMENT EECtTRITTES. Press Association—By Telegraph—Copyright. LONDON, August 21. The following are the latest ouotations (or Government securities, compared with the prices ruling last week :

COMPANIES REGISTERED; The registration of the following companies is reported in tliq Mercantile Gazette: Oolden Orcvic© Synclicaie (Lid.); teVacl as a private company, August 9, 1924. Office, Gore, Capital, £llOO, into 1100 pharos of £1 each. Subscribers! Gore —G, 0. Hamilton, Wi M‘Ara, T, W , Holland, W. Trethaway, It. J. Teller, A, L, Polaniore, L. J Wright. Objects, goldmining. Morton Mains Afforestation 00. (Ltd.). Registered August 9, 1921. Office, Invercargill. Capital, £50,000. into 2000 shares erf £2.1 each. Subscriber!®! Invercargill—lt. Officer, J. Collins, J. L. Watson, G, Haloway, J, Murray, J. H. Boyd, B, Gibb. Objects, afforestation. OANTBTIBUItA MARKETS, (Pe» United Frew Abbocuatios.) CintIBTCHURCH, Ampoat 22. Potato values have come back with a run. Up to £7 ss, f.0.b., s.i., was paid for tubers by the Navua ot the beginning of the week, and to £7 by tho Win guild, which is n ov? to sail to-morrow, instead of today. Notwithstanding this exceptional advance, potatoes can be bought today on the Wingatui at £G ,7s 6d per ton. ' Tho explanation of the sagging ia that once tho Auckland shortage was filled up by this week’s shipments from Lyttelton, prices hod to recede to tho Victorian parity. Up to £5 10a was being offered by farmers at tho beginning of the week, and £1 Ida about represents the values to-day. Farmers, generally, have accepted the signs of the past week, and deliveries ore very free. The Wingatui, however, has had to be delayed a day to acal deliveries to be effected. This vessel's consignment will constitute a record for the year, exceeding 12,000 sacks. The local market for September has varied—it cannot be said to have steadied. Prices average about £5 15s a ton, f.0.b., aj. A sbimnent of Canadian oats arnved today. The demand for local oats is somewhat weaker, and f.0.b., s.i. values are about 6s, and on trucks 5s 6d. Chaff ia unaltered, tho demand being somewhat quiet. Tho seed market is also lifeless. IF YOU WANT SEED POTATOES, —t ( VARIETY, Try BRAY BROS., Fruit and Produce Merchants, 77 Bond Street. Dunedin,—Advt.

Last week. This week. £ s. d. £ 6. d. Imperial Consols, 2\ p.c. 57 5 0 57 15 0 War I/oan. 5 p.c., 1920-47 101 5 0 101 10 0 War Loan, to p.c., 1925-23 95 15 0 96 0 0 Gonv, Loan, 3J p.c. ... , 78 0 0 78 15 0 Com. ftj p.o., 1931-41 101 2 6 101 5 0 Cora. C p.c., 1992-27 ... 7 ' o 104 15 0 N6 p.c., 1938-51 _. 109 0 0 no 0 0 N Z. 4 p.c., 1939 95 12 6 9(1 0 0 K.Z. 3h p.c., 1940 ... 83 7 6 83 15 0 N.Z. 3 p.c., 1945 78 10 0 7R 5 0 , N.S.W. fij p.c., 1930-40 106 12 f> 10fi 10 0 N.S.W. 6 p.c., 1930-40 104 15 0 105 5 0 N.S.W. SJ p.c., 1922-33 101 10 0 101 10 0 N.S W. 4 p.c., 1923 ... 91 10 0 92 0 0 K.R.W, 3 p.c., 1930-50 92 15 0 82 12 r: N.S.W. 3 p.c., 1935 ... 76 5 0 VC 0 0 Vic. p.c., 3030-40 ... 103 0 0 103 0 0 Yic. 3J p.c., 1921-20 ... ns 0 98 5 0 Tie. 3 p.c., 1929-40 ... 79 5 0 79 10 0 Tic. 3J p.o., 1929-49 ... 73 0 0 73 0 0 O’lancl 6 p.c., 1930-40 103 7 6 303 15 0 Q’IujkI 3J p c., ... no 15 0 no 15 0 Q’land 4 p.o., • 1924 ... 99 15 0 99 15 0 Q'land 3i p.c., 1930 ... 91 0 0 91 0 0 Q’land 3 p.c., 1922-47 70 12 fi 70 12 r, R.A. 61 p.o., 1920-40 ... 10(1 10 0 106 10 0 R.A 31 p.o., 1945 or alter 83 7 6 83 7 6 R.A. 3 p.c., 1930 ... 61 15 0 61 15 0 \V.A. C p.c., 1930-40 ... 104 5 0 104 5 0 1 W.A. 31 p.c., 1930-35 86 7 6 86 n 0 W.A. 3 p.c., 1915-35 ... 81 0 0 81 0 0 Tas. 6J p.o,. 1930-40 106 0 0 106 15 0 Tas. 3i p.o., 1920-40 ... 83 5 0 83 5 0 Tas. 3 p.c., 1920-40 ... 76 0 0 78 0 0