COMMERCIAL.

Otago Daily Times, Issue 19375, 10 January 1925, Page 8

COMMERCIAL.

Daily Times office, Friday evening. While conditions in the Australian wheat market remain quiet, those in the United Kingdom and the United States are the reverse. Apparently the dealing in those countries is largely simulative, the principal factor stimulating dealing of the kind being the uncertainty as to how the crop in the Argentine will harvest. Another influence in the market is th<* belief that the wheat yield of the world will bo so close to consumptive requirements during next’ year that any reduction upon the estimated outputs will destroy the balance now regarded as existing. ihe countervailing factor is that high prices themselves provide a market corrective, inasmuch as substitutes are used when flour is dear. So for as Australia is concerned, the weather generally is favourable _ to the agriculturist, and harvesting is going on everywhere. There is still talk of the extent of the loss from “whiteheads," but the receipt of orders for additional supplies ot cornsncks from growers may be taxon as convoying that crops are fully up to the estimates, if not above them. The quality of the grain to hand is good. Business in flour and offal is at unchanged 1 prices (says the Australasian), and on the usual trade lines at this time of the year. Good to prime malting barley is in demand by malstera, but no large turnover is occurring, the operation of the South Australian growers’ pool having a conservative effect upon holders. Oats are coming forward a little more freely, but prices are not sufficiently favourable to growers for them to release supplies in volume. New chaff is oomng forward In greater quantity, but the trade position is without alteration. Potatoes have had a steadier market at ajomowhat higher level, because spot supphea are somewhat short. On the other hand, onions are easier because of a lack of interstate inquiry. LOCAL MARKETS. Business in the wheat and oat markets has not yet resumed normal conditions, after the holiday break. Another cargo or so of Australian wheat is to come forward for millers’ use, but on February 28 the Government control of importations will cease, and millers will thereafter have to make their own arrangements for supplies. It is not expected tnat the dominion crop will meet requirements, and consequently wheat will nave to be brought in from outside countries. No doubt Australia will be the market most favoured. There is little business passing in the oat market. Merchants are waiting for further information regarding the new season's crops before operating, and farmers are also marking time. Reports from the Taiori state that the crop prospects in’ the Momma, Allanton, and Henley districts are very disappointing. The wheat in these district* is badly frosted, and the heads in the oat coops have failed to fill in many instances. In other parts of the Taicri, and also further south, the prospects are much bettor. The damage caused to the crops in North Canterbury by the heavy rains which fell during Christmas week is reported to bo not so bad as was at first expected. In some of the wheat crops, however, there is a fair amount of rust; probably the crop which has been most affected is barley. The proportion of flattened oat crops is small, but there will bo a largo quantity of inferior samples. In the meantime merchants, as stated, are holding off the markets, and farmers are also not disposed to make offerings. It is considered that there will be a largo surplus of oats, and Christchurch reports that Algerians ore nominally ouoted at 2s 9d to 3s on trucks, and Garton at about 2s lOd to 3s. The weather seriously effected the crops of ryegrass in the north, but there has been a heavy sowing both in Canterbury and Southland, and there should be no difficulty in securing supplies. It is noticeable that some of the samples of grass seed received by Dunedin brokers are on the damp side, and this fact does not encourage one to think that the crops from which they have been selected will be in much bettor condition. However, it is rather early yet to indicate the trend of the cereal and seed markets with any definiteness. Advico from Canterbury states that the potato crops nro looking well. Merchants there arc offering from £3 15s to £4 a ton main crop deliveries, but growers are not prepared to do business on this bonis. The local quotation for Melbourne onions has been reduced, in view of the favourable reports from Canterbury regarding the onion crops there. Dunedin millers’ prices are os follow: Flour, 2001 b, £ls 10s; 100’s, £l6 10s; 50’s, £l7 2s 6d; 2S’s, £l7 10s. Bran, £6 per ton. Pollard, £7. Oatmeal: 25’s £3O; 200’s, £29. Current local wholesale prices for produce lines are as follow: Chaff: Good quality, £B, ox store. Poor demand. Dairy Butter: Best milled bulk. Is 2d to Is 3d per lb; separator pots. Is Id. Bggs: Stamped, Is 6d; cose, Is sd. Bacon: Rolls, to Is 2d per lb; sides. Is Id. Hams, Is Id per lb; boneless. Is 3d. Melbourne onions, £l2 per ton. FRUIT REPORT. The market has been over-supplied with poor quality peaches and plums. Consignments eased towards the end of the week, and prices firmed a little. Reports from the Central state that there are still very heavy supplies of stone fruits to come forward. The prices for tomatoes continue firm. Supplies of Nelson-grown are expected next week, and those will no doubt cause on easier tono in the market. A line of bananas reached the market by rail and ferry from Auckland, transhipped ex the Tofua. The consignment was landed in indifferent order. Cherries are finished for the season. Vegetables are in full supply, with the exception of cauliflowers. Supplies of potatoes sue increasing daily. The following are the latest wholesale prices:— Apples: Stunners, to 20s; Canadian mesaps, 25s to 30a; Central-grown Beauty of Barth, 6d per lb. Tomatoes: Locally-grown. Is to la 2d per lb; Christchurch-grown, Bid to 10Ad. Lemons: Adelaide', 25s to 28s; Auckland, 24s to 265. Bananas, 32s 6d per case for npe varieties. , Plums, 2s to 4s 6d per case. Aprioots, 4s to 6s per case; crates to 4d P er lb. , ~ Peaches: Small, 2s to 3s 6d per case; crates, to 4d per lb. Oranges: Adelaide, 28s per case. Strawberries: Choice, to Is 6d per pottle; jam sorts, 7d to lOd. Gooseberries, lid to 2id. Rhubarb, Id per lb. Herd to soil. Lettuce: Choice, 2s per dozen; small and inferior, hard to sell. Cucumbers, 7s to 10s per dozen. Grapes, 2a to 2s 6d per lb. Loganberries, 8d to 9d per lb. Raspberries, 10s 6d to 12s 6d per bucket. Black currants, 5d to 6id per lb. Green peas, lid to 3d per lb. Carrots, Is to Is 6d dozen bunches. Now Potatoes: Local, lid to 2d; Oamarn. Id. , , Cabbages; Choice, 2s fid to 4s 6d per sack; loose, to 3s per dozen. DAIRY PRODUCE. Messrs Joseph Nathan and Co. have received the following cablegram from their London office: Butter: New Zealand, 160 s to 164®; Australian, 160 a to 162 a; Argentine. 150 a, Danish 198 s, very weak. Cheese: New'Zealand, 96s to 97a, LONDON MARKETS. Press Association—By Telegraph —Copyright. LONDON, January 8, (Received Jaxu 9, at 7.45 jp.m.; VTieat cargoes nro dull and price® wo 3d to Od lower owing to freer offers from Argentina. Parcels axe in poor request at a. decline of Cd. Australian Januaiy-Fobmary cargoes ora offering at 68a Sd. Liverpool futures; March, 13a 7fd; May, 13a fid. Spot trade is quieter, with occasionally easier pricee. Australian, ex store, is quoted at 64® to 665. Tho flour market is steady. Australian, 49e. The oats market is firm. A grade Garton®, 8to; B grade, 80s 6d. Peas; Maples axe quiet. Tasmanian, 72s to 78s; Now Zealand, 60a to 70s. Blues are inactive. Tasmanian, 380 s to 4205; New Zealand, 340 s to 3605. Beans: New Zealand, 48s to 60s. Sugar: Beetroot—On a Continental basis of S 8 per cent., 14s, f.o.b. —-A. and N.Z. Cable. BUTTER AND CHEESE, FORMER SLUMPS BADLY. Press Association—By Telegraph—Copyright. LONDON, January 8. Butter has slumped heavily owing to largo quantities afloat. It is estimated that tho total supplies from all sources arriving in tho course of the next six weeks will exceed tho normal consumptive requirements by 1000 tons weekly. There is ©very prospect that the supplies during the next four months will continue to be large, and there is auio a prospect that the Siberian output will be larger and that it will commence earusz

than was expected. Now Zealand choicest salted i® quoted at 164 a to 168 j; Australian, 160 s to 1625; unsalted, about 4s higher; Danish, 2045. Cheese is steady. Now Zealand, 96s to 98a. •- The Australian supplies have been cleared.—A. and N.Z. Cable. GHIOAGO ‘WHEAT MARKET. Press Association—By Telegraph—Copyright. CHICAGO, January 8. Wheat; May, lT»i cents per bushel, July, 1521 cent®.—A. and N.Z. Cable. STEELING STILL RISING. Press Association—By Telegraph—Copyright. NEW YORK, January 8, Sterling has reached a new high level of 1.77 i dollars to the XI,—A. and N.Z, Cable. CANTERBURY MARKETS. (Peb United Pbkss Association.) CHRISTCHURCH, January 9. The now season’s wheat prices are causing a good deal of thought at present, and vanone statements of the position which is likely to arise, are to bo heard on all sides. _ The main cause of anxiety is the possibility of Australian flour being dumped into New Zealand. Thursday’s conference of millers Las not produced any definite statement, as no report has been issued, and the position is .open to speculation. The millers are said to be prepared to pay 7s a bushel, a price which would encourage the dominion wbeatgrowera, but if Australian flour is dumped on the market, in ths absence of anti-dumping duty, tho millers will probably have to reduce the prices of their flour to a figure which would make a price of 7» to tho local grower impracticable. Samples of the new season’s wheat are expected next week. The first samples of the new season ■ Algerian oats came to hand this weak and the sale is reported of 3000 bushels at 2s 9d from a country station. It is not anticipated that this figure will be maintained. There will probably bo ample supplies this year, as a quantity of Algerian oats sown for feed was not required for that purpose and allowed to grow. There has also been a good yield, though the recent weather has discoloured many lines. One merchant «»ya he does not expect the price to go beyond 2s Gd, on trucks, from country station®, when the season is in full swing. Garton® are being quoted forward on a basis of 3s to farmers. Onions for early delivery are quoted &® X 5 10s to X 6 per ton, on trucks, from country stations. Ths area is larger this year, and the yield is more promising. Quotations for potatoes remain sd X 3 IB® to X 4, on trucks, {torn country stations, there being little forward business. A sale of now season’® ryegrass has been reported at 3s per bushel on tracks. New season’s linseed is being quoted forward at Xl7 per ton, <m trucks. FOREIGN EXCHANGE BATES. Press Association—By Telegraph—Copyright. LONDON, January 8. (Received Jan. 9, at 7.45 p.ra.) Die exchange rate® are a* follow: . Par. Jan. 8. Jen. 8. Paris, fr to £1 .„ „ 22.225 88.65 88 60 Brussels, fr. to XI ... 22.225 95.70 96.80 Oslo, kr to XI ._ _. 18.159 31.37 31.75 Copenhagen, kr. to £1 —. 18.159 77.00 26.83 Stockholm, kr. to XI ... 18.159 17.70 17.70 Berlin, reichmarkens to £1 Montreal, dot. to XI „ 4.86 4.784 4.78} New York, dol. to £1 ... 4.88 4.76} 4.77} Rome, lira to XI ... ._ 22.224 112.87 113.50 Yokohama, st. to yen _ 21.8 19 7-16 19 5-16 Hongkong, st. to dol. ... * 27J 27| Calcutta, st. to rpe. 10 to gold £1 18 1-18 18 'Determined by price of silver. Short-dated loans are quoted at 2J per cent.; three months’ bill® at SJ per cent.—A- and N.Z. Cable. BANK OP ENGLAND RETURN. Press Association—By Telegraph—Copyright. LONDON, January 8. (Rooedred Jan. 9. at 7.45 p-ra.) Following 1® the Bank of England return far the week ended January 8, compared with the proviso® week:— Jna. 1. Jan, 8. Coin and hoMea _ _ £126,736,000 £126,738,000 Reserve _ _ _ 20,014,000 20,751,000 Proportion of reserve to liability -. ... - 11.48 18.95 Note circulation —* Public deposit* _ _ 8,611,000 12JJ12.000 Other deposits _ _ 165,770,00 117,170,000 Government securities 68,580,000 31,665,000 Other securities ... _ 103,600,000 75,657,000 —A, and N.Z. Oabbv GOVERNMENT SECURITIES. Pros® Association—By Telegraph—Copyright. LONDON, January 8. {Beodved Jan* 0, at 7.45 p-m.) Th* Amoving no th© latest ({notations tor Govern meat ©eoorities, compared with the prices rul-

Fraser and Co., agents for tho Otago Egg Circle, 146 Crawford street, report;—Egg®; Case, Is 4d to 1® Sd; stamped, Is 6A. Butter; Supplies are lighter and prices a shade firmer at Is to Is Id for pats and bulk up to Is 2d per lb. Tallow: Market steady: 19» to 265, according to quality. Honey: Prime bulk, 54d. Beeswax; Poor demand; 1® 3d per lb. Kgs: There have been no sales since tho holidays, and quotations are nominal. Potatoes: Market over-supplied and sales alow at Id per lb for beat Oamarus. Green pea®, XJd to 2d. Gooseberries, l}d to 2d nor lb. Onions: Melboomes, 16s per cwt. Bran, £B. Pollard, £9 per ton. Wo are agents for the Jubilee and Utility incubators—pricee on application;' and sole agents for Paroora meatmeal. We stock “Star Jr” chick food, lucerne meal, poultry meal, oats, and wheat. Bice meal, £8 per ton of 20001 b per ton. Champion egg cratce, 18s 6d. Leg rings, la per dozen, special quotes for quantities. Poultry: There was only a small yarding for this week’s sale and prices were as under;—■ Hens, from 2s to 3s 6d; cockerels, from 6o to 9s; ducklings, from 6a to 11s; ducks, 4s to 6a (all at per pair).

MELBOURNE MARKETS. Press Association—By Telegraph—Copyright, MELBOURNE, January ft. Barley; English, 6a 8d to 7® 5 Cape, to 6d to to W- . , Oats; Milling, Ss 9d to 2s lOd; feed, 2s 6d to 2b 7d. Potatoes, £3 to to £5 10s. Onions, £6 to £6 to. Hides firm and unchanged.

Ing last week:— Last veek. Tbls iresk. Imp. console, 3) pa _ £57 10 0 £57 10 0 War loan, 5 p-c*, WJKMT — 101 10 0 101 13 ( War loan, 3£ p>cl« 1925-28 — 97 3 6 07 3 0 Oon. loan, 3} p-o. ... 77 12 6 77 16 0 (7 wealth p-o., 1931-34 101 3 6 101 5 0 Cwealth 6 p.a, 1933-37 106 10 0 107 0 0 N.Z. S p-a, 1938-61 ... 110 15 0 103 12 6 N.Z. 4 p-o-. 1929 „ 06 2 6 96 2 0 K.Z. 3J pa, 1940 _ 85 5 0 85 5 0 Ndi. 3 p-o-, 1945 77 0 0 77 ( 0 N.8.W. 01 p.a, 1330-40 10S 13 6 106 0 0 N.S.W. 6 p.o., 1938-10 104 7 6 104 7 6 U.S.W. BJ p-o, 1933-3 101 6 0 101 6 0 K.&W. 4 po, 1933 — 93 0 0 93 2 6 N.S.W. 3 p.o, 1940-60 83 16 0 83 13 0 Vicu 6 p*o», 1930-40 103 0 0 103 10 0 Vic. Si p.a, 1931-28 _ 08 0 0 98 10 0 Via Si PA, 1929-40 _ 80 0 0 80 10 0 Vie. S pa. 1939-49 _ _ 73 10 6 73 7 6 QTand 6 p.o., 1930-10 _ 108 0 0 104 10 0 Qland SI pc., 1930 _ 91 0 0 90 13 6 0*1 and 3 pa. 1923-47 _ 71 0 0 71 0 0 8_A. 64 pa. 1920-40 „. 108 10 0 106 0 0 R.A. 3* p.Oa, 1945 or alter 84 0 0 84 0 0 8-4- 3 pc., 1930 63 0 0 63 13 6 W.X. 6 pa, 1930-40 _ — 104 0 0 103 10 0 W.A. 31 pen, 1930-35 _ 83 0 0 87 10 0 W.A. 3 pa, 1915-35 _ 84 0 0 83 5 0 Too. 61 p.a, 1930-40 _ 108 7 6 106 0 0 Toe. Si p.a, 1920-40 ... 93 15 0 93 15 0 Too. 3 pa, 1920-10 ._ —A. and 1TJS. Cable. 77 0 0 77 0 0