COMMERCIAL.

Otago Daily Times, Issue 19529, 11 July 1925, Page 10

COMMERCIAL.

Daily Timeg Office, Friday evening. According to figures compiled by leading shippers in the commonwealth, approximately 100.000. bushels of wheat, in the form of grain and flour, has boon expoxted from Australia this season. On the basis of the official statements of actual and estimated yields of wheat in all States, the aggregate production for the commonwealth this year was about 158,777.771 bushels, which, allowing for 45,000,000 bushels for home consumption purposes, would provide an exportable surplus of 113,777,771 bushels. Authorities hero say that a largo proportion of the bags that have come to hand in the various States this season have failed to go three bushels to the bag, hence they are inclined to discount the commonwealth aggregate of 155.000. bushels. The fact, however, that 100.000. bushels has been exported already, and that commitments entered into with overseas buyers concern possibly some 3,000,000 bushels, discloses that relatively little of the surplus is left to bo absorbed. The opinion expressed by a "commercial export” in Wellington on Wednesday (says the Australasian of July 4) that if the duty on wheat and flour imported into Now Zealand were removed, the 'wheatgrowing industry in Now Zealand would disappear, cannot be regarded seriously. New Zealand imports of Australian wheat in recently years have been fairly extensive owing largely to adverse weather having affected the yield, and in part to the necessity for the use of the harder Australian grain for blending purposes. Farmers in New Zealand are opposed to the importation of both wheat and flour, but the millers arc concerned with flour imports. For a number of years, until this year, imports of wheat and flour into New Zealand have been possible only under permit, but adequate duties arc imposed on both commodities. Growers considered that they had a grievance in respect to prices, but recently an agreement was entered into between them and the millers, in which it wa 8 provided that the farmers should receive payment of from Gs 5d to Gs 9d for wheat garnered from the, next harvest. These prices elsewhere would be regarded as most satisfactory, yet some of the New Zealand growers are not altogether pleased with the arrangement, as they feel that they should be paid more. Under these conditions, however, the growers should be able to meet the consuming requirements of the country, unless the crops should suffer damage from adverse weather. New Zealand wheat unblended does not produce the best flbur but the quality of the loaf provided to the consumer in the nonunion to. some extent has been a matter of indifference as far as the farmers and politicians have been concerned. Were the duties removed, the prices of wheat in New Zealand would case, and if in these circumstances wheatgrowing did not pay the land could be put to other use. The question is whether the value of the land on which wheat is grown is too high compared with the monetary return from toe product, LOCAL MARKETS. There is no'thing fresh to report in the milling wheat market. Millers continue to work on their stocks, and are securing Australian lines of wheat where required to mix with the Now Zealand cereal. It is reported that the Government ha 8 secured wheat from Australia to meet New Zealand requirements on a much better basis than was at first considered likely. This fact has caused a slight weakening in the prices of New Zealand grown wheat, and as a consequence Canterbury grown is now being offered for fowl wheat at easier values. There is no doubt that a much larger quantity of wheat is being sown this year than last, and the demand for seed is exceptionally good. Farmers in the Otago district are putting in largo areas, and there may he a difficulty in supplying all the demands for seed wheat. Farmers are assured of minimum prices of 6s sd, 6s 7d, and 6s 9d, and they know that they will have no trouble in receiving these prices lor all their milling wheat Moreover, where the ground is broken up farmers prefer to sow wheat instead of oats, the business in the last-named cereal having been so irregular during the past season. The Australian wheat market has shown a slight weakening following on a decline in the world’s prices. Good whole fowl wheat can be bought from Australia to-day at 5s 3a, { o b. s i., prompt delivery. In Dunedin fowl wheat is selling, ox truck, at 7s per bushel, sacks extra. Millers’ prices for flour, under the now arrangement remains unchanged, as follow: 2001 b, £lB 10s; left’s, £l9 10s; 50’s, £2O 2s 6d; 05'a £-20 10s. Bran, £8 10s per ton. Pollard, £9 10s. Oatmeal; 25’s. £27; 200's, £26. Oatmeal has been reduced £1 a ton. The oat market continues in a stagnant condition. The flutter experienced when forward sellers were covering for their July commitments was short-lived, but the position is now developing into another tug-ofwar between forward sellers and actual holders of oats. Holders arc not showing any anxiety to sell their stocks, and on the other hand forward sellers arc convinced that the market must weaken, seeing that the threshing returns show that a fairly large quantity of oats is available. There has been a noticeable absence of demand this season from the North Island, and the only sales made have been to millers and to forward sellers who have had to cover. Tho present

nominal value of oats for prompt delivery is 4a Bd, f.o.b. s.i., for A’s and 4s ‘2d . tor B’s.

The forward market prices' are bcloiv these figures, and there are sellers of A’s for October-Dccomber delivery at 4s 31d, f.0.b., e.i., South Island ports. PRODUCE REPORT. There is very little doing in the chaff market. Small consignments only are coming to hand, but there arc sufficient stocks in store to meet the demand for some time. Good quality chaff is to-day worth £5 to £5 5s per ton, eacks extra, ex truck. Medium and poor quality is slow of sale. Now that the weather has taken up consignments of potatoes are again arriving. Thesb are coming to a. short market, and better prices are being obtained. Good tables are to-day worth £5 5s per ton, sacks included, ex truck. No further developments have arisen with regard to shipments of potatoes to Australia, New Zealand growers are inclined to hold off to see if the position will improve, but the stocks of potatoes in the dominion arc considered to be fairly heavy. Canterbury onions show a sharp increase in price. Current local wholesale prices for produce lines are as follow: Chaff, £5 to £5 5s per ton, ex store. Potatoes, to £5 ss. Dairy Butter.—Best milled, bulk, Is 2d to Is 4d per lb, according to quality; separator pats, Is 3d; North Island whey butter Is Gd. Eggs.—Stamped, 2s Gd ; case, 2s 4d. Bacon. —Rolls, to Is 2d per lb. Hams, Is 2d per lb; boneless. Is 3d. Canterbury onions, IGs per cwt, FRUIT REPORT. The Sydney fruit, ex Karetu, arrived on Tuesday. The vessel was three weeks on the journey. Some of the caacg were in splendid order, but the majority of the fruit was ID very poor condition. Tho Katoa arrived -on Thursday with transhipments of llarotongan oranges ami bananas. The fruit opened out in indifferent order, hut repacks sent on later by and rail arrived in good order, and sold well at the auctions this (Friday) morning. A better demand has been experienced for sound dessert and cooking apples. Delicious meet a good inquiry. The fine lines of pears coming forward have been in poor condition. The Tahiti brought some Rarotongan tomatoes. A fine went through to Invercargill, but none came to the local market. There is an excellent demand for vegetables. Some heavy lines of cauliflowers have reached the marts, but prices nevertheless have been really good. Savoys are also in excellent demand. Brussel eprouts have a keen inquiry and high prices rule. Some nice new season’s rhubarb, grown at Papanui, has come forward. It brought up to 14a 9d per dozen bunches. Other vegetables have a fair inquiry. Current wholesale prices are as follow; Apples.—Jonathans, 7a to 8s Gd; Stunners, if choice, lls; Delicious, 8s to 10s; choice, 12a Gd; cooking, 4s; extra choice, Gs. Bananas.—Repacks, ripe, 22s to 255. Oranges.—Tahiti, repacks. 27s Gd; Australian navels, 27s Gd per case; mandarins, 22s Gd. Passions. —Australian, 21s Gd to 21s 9d per case. Pines, to 22g Gd per case. Lemons. —Sydney, 14s to 17s. Pears. —Best, 3d; others. Id to 2d. Poorman oranges, 10s to 12s. Fie Melons. —Australian-grown, 2d per lb. Vegetable Marrows. —Sacks, 7a to 10s. Celery, Gd to 8d per bunch of five sticks. Potatoes, Gs per cwt. Cabbages.—Choice, to 9s per dozen; others, 2s to 4s per dozen; sacks of 18, to Bs. Savoys, 12s Gd to 14s Gd per sack; Gs per dozen. 1 Brussels sprouts, Gd to 9d per lb. Cauliflowers—Best, loose, to 15s per dozen; prime, 10s to 12s; others, 3s to ss; sacks, 10s to 15s. Beetroot, Is per dozen bunches. Carrdts, Gs per cwt; cases, \)s to la Gd. Lettuce.—Choice, 3s Gd per case; poor quality, Is. Swedes, 3s to 3s Gd per cwt. Parsnips, 6s per cwt. Spinach, 2s per case. Artichokes, IJd to IJd per lb. Winter rhubarb, 7s to 8s per dozen bunches; new season’s (forced), to Its 9d per dozen bundles. SUCCESSFUL HORSE SALE. Messrs Wright, Stephenson, and Co. (Ltd.) report having held a successful horse sale at their Dunedin Horse Saleyards on Thursday, 9th insl, when they submitted a catalogue of 60 horses, the majority being of medium quality. There were several buyers present in search of good young draughts, but there were very few of these offering, and any good sorts of this description met with keen competition. However, practically every horse in the yard changed hand ß at prices considerably better than those ruling at our Winter Horse Fair, aud taken all over, this sale was one of the best we have held for some time, considering the quality of the horses offering. The following will give some idea of the prices received:— On account Chns. Hall (Portobello), six-year-old mare, £4B 10s; on account Jas. Birtlcs (Waikouaiti). six-year-old marc, £43; on account J. Beattie (Ngapuna), throe-year-old filly, £4O 10a: on account D. Ford (Allantonl, six-year-old gelding. £4G 10s; on account John Shaw (Tiraaru), six geldings, from £35 to £3B; on account Campbell and Son (Tabakopa), eight geldings, from £27 to £35; and on account several vendors, aged geldings, £2O to £BO. Hacks are a drug on tho market and were sold at very small prices. ■«> DAIRY PRODUCE. Messrs Dalgety and Co. (Ltd.) report having received the following cablegram from their head office, dated London, July 9: The butter market continues dull. We quote; New Zealand salted, 187 s per cwt; New Zealand exceptional brands, 190 s per cwt; Danish, 194 s per cwt; Australian finest salted, 182 s per cwt; Australian finest unsalted, 18Ss per cwt. Cheese market is quiet. New Zealand white, 107 s; New Zealand colour, 10Cs; Canadian c.i.f., IOGs. THE CANTERBURY MARKETS. fPEB United Pbkss Association.) CHRISTCHURCH. July 10. Lacking tin stimulus of business with Australia, rates for potatoes have eased a trifle, Auckland interests refusing to become alarmed by the interference with digging operations brought about by tho bad weather. Their opinion, as expressed last week, was that July is not a major digging month, and that there should be plenty of potatoes in sacks for present requirements. Sales of potatoes for July delivery Were made last week at £7 a ton, f.0.b,, s.i., one transaction at least touching £G Ss. This week the quotation is £5 15s, f.0.b., s.i, Lyttelton and Timaru, and there are more sellers on the market than there arc buyers. Some quotes arc being circulated at £6, f.o.b. s.i., Lyttelton. For August-Scptember the market is fairly firm, sellers quote £6 5s and buyers offer £6, An odd parcel or so might be secured at £6 2s 2d. There is the usual inquiry from Australia, but it has not passed beyond an inquiry. Offers are too low under present conditions to lead to the expectation of business, but undoubtedly the Australian inquiry is exorcising a big effect on the speculative market. Were it definitely ascertained that there would be no business with Australia, it is safe to prophesy that a good section of the trade would begin to oversell. Tho present situation make 8 for caution, yet even if Australia came on the market for supplies, it is doubtful if exports would be heavy. Many merchants would prefer not to take the risk of exporting stocks, but rather to exploit the coastal shijiping business, for Australian business even if it were on a small scale, would harden the market for coastal shipment. On the oats market, rival interests are girding for a big battle. Over-sellers maintain that the market is weak, but holders that it is firm. Both sides admit that there is hardly any business. Just at pre- . sent interest centres upon Southland, where almost all tho stocks comprise Gartons. Reports have been made from the Bluff that stocks arc very small. Reports that were questioned in last week’s account of operations on the market it has now been ascertained that oats in store in Southland comprise the largo quantity of 83,320 sacks, and there yet remain oate in stack for the spring threshing. Shipments from the Bluff have been light, the quantity sent away between January 1 and June 30, being 16,221 sacks, The latest figures issued by the Government Statistician show that 96-1,639 bushels of oats have been threshed, but he adds a proviso that figures generally cover only those returns received to the date given, there still being a few April returns and a larger number of May returns outstanding. The quantity in bushels he gives as having been threshed in Southland roughly is equal to 200,000 sacks. Of this quantity 16,221 sacks have been shipped. One estimate is that milling requirements in Southland absorb GO,OOO bushels in a year, and the seed requirements are 30,000 bushels. On this estimate, there is a surplus of 93,779 sacks, independent of tho quantity that will come forward after tho spring threshing. Holders in Canterbury claim not to be concerned by the position in Southland. They admit that offers have been received for the sale of large quantities of oats from Southland, but they do not admit that market rates have slid below 4s Gd to 4g Gld a bushel, f.0.b., s.i., (or A’s and ts 2d for B’s, and they claim that some quantity of the oats in store in Southland ia held on account of a milling concern’s trade with Auckland in grade oats being effected by sales of Algerians, which are worth 3s 3d a bushel, f.0.b., si., Lyttelton, or lid a bushel under the rate for B Gartons. Whether the situation is such that a slide in prices of Gartons is warranted is, however, one that is fiercely disputed by the various interests. The average wheat yield in Canterbury of 334 bushels per acre and in the dominion of 33* bushels i s in advance of the official and some other estimates Most interest centres around the oat market

and any idea that may have prevailed that that crop would be a short one, has been dispelled by the latest official returns.. The changed viewpoint the figures have brought about in the south, is evidenced by the fact that offers arc now free from that quarter at ■ts 6d through the store for A Gartone, and 4s 2d for B’s, with buyers hard to find. Most of the southern crop is A grade, and with the much cheaper rates quoted for Canterbury inferior oats, there is only the milling outlet for the grade stuff. Potato activity' has subsided to some extent. Quotations at the moment for July shipment are £5 15s to £6. The Katoa is due to leave Lyttelton on Tuesday, but as the stores are cleared out of stocks and as potatoes cannot bo dug for some time and pits will not be opened for a while, the prospects of a sufficient shipment to meet requirements is uncertain. Quotations locally on trucks, are to £4 10s per ton, with little offering. There has been a sharp rise in the price or onions, and purchases have been made at from £9 10s to £lO, on trucks, sacks extra. There arc few local onions available, the season being about over. CHICAGO WHEAT MARKET. Press Association —By Telegraph—Copyright. NEW YORK. July 9. Chicago Wheat—July, 148? cents per bushel; September, 144 J; December, 146 J. A. and N.Z. Cable. FRENCH BANK RATE REDUCED. Piohs Association—By Telegraph—Copyright. PARIS, July 9. (Received July 10, at 8 p.m.) The Bank of France has reduced the discount rale from 7 to G per cent. —Reuter. LONDON MARKETS. LONDON, July 9. (Received July 10, at 10 p.m.) Wheat cargoes are steady, and occasionally higher, but owing to expectations of a bearish bureau report, and also the tonnage booked for Russia on Continental account, buyers arc holding off. Sales, 54s to 54s 3d. Parcels are in small request at 6d lower, despite the American advance. Liverpool futures;i July, lls 4d; October, 10s 7d ; December (buyers), 10s 3id. The spot trade is quiet. Australian (ex ship), 56s 6d. Flour is slow. Australian (ox store), 40s 6d to 41s. Oats are dull. Peas a*re steady and quiet. Tasmanian maples, 77s 6d to 83s Gd; New Zealand maples, 67s 6d to 72s 6d; Tasmanian Blue, 19s 6d to 20s (ex store). Sugar (granulated), 31s IJd. —A. and N.Z. Cable. Messrs Dalgety and Co. (Ltd.) report haying received the following wire from their head office. London, dated July 9; New Zealand prime crossbred lamb; Canterbury, heavy 9Jd, light 12d; North Island, heavy 94d, light lljjd. New Zealand lamb: The demand runs principally on light-weights. New Zealand prime crossbred mutton; Canterbury, heavy GJd, light 7|d; .worth Island, heavy GJd, light 7Jd. New Zealand muttpn: The demand runs principally on light-weights. New Zealand prime ox beef hinds aid to 5Jd, fores 3d to 3Jd. New Zealand beef: The demand is fair. New Zealand lamb: The market is quiet. New Zealand mutton; The market is weak and transactions small. Now Zealand beef: Market prices are nominal. There is a good demand for heavy mutton owing to scarcity, but medium is more or less neglected. The Otago Farmers’ Co-operative Association of Now Zealand (Ltd.) has received the following cablegram from London: Butter; Trade is completely stagnant, out (with exception of Danish butter), no material decline in values. Pull recovery anticipated shortly. Prices: Now Zealand, 186 sto 190 s; Australian, 182 s to 186 a. Cheese; The market is quiet, hut there is steady demand for New Zealand cheese. Prices: Now Zealand, 106 s to 107 s. Lambs: The market is unchanged, but the tone ig better. Mutton: The market is improving. Beef. Neglected. LONDON WOOL SALES. Press Association —By Telegraph—Copyright. LONDON, July 9. (Received July 10, at 5.5 p.m.) At tho wool sales there wa« a good average selection. Competition continues keen for the best merinos and all greasy crossbreds. New Zealand crossbred “Kawhara” made up to 19d and averaged IGJd. Tho Bradford tops market is quiet, but there is a hopeful undertone for merinos, while crossbreds are weak. Sixty-fours quality, 6Xd; sixties, 44d; fifty-sixes. 34d; fifties, 2G.VI; fnrtv-sises, 2ld forties, 201 d A. and N.Z. Cable. Messrs Murray, Roberts, and Co. (Ltd. are in receipt of a cablegram from their London agents, dated July 9, reading as under;--Compared with closing rates of last London sales; Medium and coarse crossbred, market par to 5 per cent, decline. Continental buyers are the principal buyers. PRICE OF FLOUR IN SYDNEY. Press Association—By Telegraph—Copyright. SYDNEY, July 10. (Received July 10, at 11 p.m.) Tho wholesale price of flour has been reduced by 10s a ton. DAIRY PRODUCE. Press Association —By Telegraph—Copyright. LONDON, Juy 9. (Received July 10, at 10 p.m.) The butter market is slow. Buyers are stocked up, and are temporarily holding off. New Zealand, ISGs to 188 s; Australian, 182 s, occasionally 18Gs. In cheese trade is small. New Zealand, 106 sto 108 s.—A. and N.Z, Cable. LONDON METAL MARKET. Pres* Association —By Telegraph—Copyright. LONDON, July 9. (Received July 10, at 11 p.m.) Copper.—Spot, £6l 13s Od; forward, £G2 V3s 9d. ‘Lead. —Spot and forward, £33 Rs 9d. Speller.—Spot, £34 13s 9d; forward, £34 Gs Bd. Tin,—Spot, £258 7s 6d; forward, £260 2s 6d. Silver. — Standard, 32d; fine, 34 9-16 d per ounce.—A. and N.Z. Cable.

MELBOURNE MARKETS. Press Association —By Telegraph—Copyright. MELBOURNE, July' 10. The hides sales wore irregular. Stouts, lights, and kips are unchanged. Heavy sheetings, medium and sloppy condition, wore slightly easier. Wheat, 6s 2.)d to 6s 3d. Oats. —Milling, 2s 8d; feed, 2s 4d. Barley.—English, 5s 6d to 6s; Cape, 4s to 4s 3d. Potatoes, £lO to £ll. Onions, £9. FOBEION EXCHANGE BATES. Press Association—By Telegraph—Copyright. LONDON, July 9. The exchange rates- are as follow: — Par. July 6. July 9. Fans, It. to £1 ... ... 25.324 101.95 ‘103.55 Brussels, It. to £1 25.224 103.05 105.15 Oslo, kr. to £1 18.15 26.70 27.62 Copenhagen, kr. to £1 ... 18.15 23.24 23.73 Stockholm, kr. to £1 ... 18.15 18.14 18.13 Berlin, reichrnkn. to £1... 19.50 20.42 20.42 Now York, dol. to £1 ... 4.811 J 4.81114.86 1-10 Montreal, rlol to £1 ... 4.86 J 4.8£ 4.86 Borne, Lire to £1 25.22 128 132 Amsterdam, gull, to £1 12.107 12.121 12.131 Batavia,* guilders (o £1 12.107 12.05 12.07 Yokohama, at. to yen. ... 24.68 20 3-18 201 Calcutta, st. to rupee 10 to £1 24.00 184 18* Hongkong, st. to dol. ... * 28' 2Sj * Varies with price of silver. Messrs Fraser and Co,, agents for tho Otago Egg Circle, report as under: —Eggs; Market unsteady; stamped, 2s -6d; case eggfl, 2s 4d to 2s sd. Tallow: Market firm; from 14s to 255. Honey: Prime bulk, sjd per lb; 10lb tins 5s Gd; sections, 9d to lOd. Beeswax, Ig 3d per lb Pigs; Keen demand; good bacon-weights, 7?d; porkers, 7Jd. Wo are agents for Jubilee incubators—prices on application. We are sole agents for Pa,reora meat meal. We stock: Star P chich food, lucerne meal, poultry njoal, oats, wheat, bran and pollard. Champion egg crates, I.Bs Gd. Leg rings. Is per dozen; special quotes for quantities. Poultry: Wo held our usual sale on Wednesday at 1.30. Wo had a small yarding; .bidding for all classes was keen. We sold a.s under: Hens light breeds, from 5s 8d to Gs 4d; heavy breeds, from 6s 6d to 7s 6d; cockerels, light breeds, 8s; heavy breeds, 8s 6d to 12s; ducks, 8s to 11a; turkeys, hens la, gobblers Is lid per lb, Jive weight., ■ ESTABLISHED 1861. A Market for Poultry. Consign your Poultry to us. We. are buyers of all kinds. The weigh to must be—viz.: Fowls, live weight 341 b each and over; cockerels, live weight 341 b each and over; ducklings, live weight fib each and over; turkeys all weights. No commission, railage paid, crates supplied. Write tor quotations.—W. STEWART (LTD.), Fish and Poultry Merchants. Head office, 236 Princes street, Dunedin. ‘Phones: Branch 1676; Head Office 1274. —Advt. BRAY BROS (LID.). AUCTIONEERS. DUNEDIN, Are reliable Fruit, Farm, and Dairy Produce Salesmen. Write them for market reports Prompt attention given. —Advt.