COMMERCE AND FINANCE

Otago Daily Times, Issue 22610, 29 June 1935, Page 10

COMMERCE AND FINANCE

DUNEDIN MARKETS WHEAT, OATS, ETC. Little business is being recorded in the milling wheat market. For the month of July the advanced prices to be paid by the Wheat Purchase Board in the Otago district will be 4s 3d f.o.b. for Tuscan, in 5d for Hunters and 4s 7d for Velvet. Some millers are still prepared to buy wheat, and there will be lines yet to eome on the market from farmers who are holding stock* to secure the higher advanced prices. Seed wheat still has an inquiry, and the demand is expected to increase with the approach of spring, a* a large number of farmers have the intention to sow wheat this season. The bonus of lid per bushel paid by the* Wheat Purchase Board to finalise ita last season's operations and the stabilisation scheme now in operations are encouraging farmers to grow wheat, the returns being on a better basis than from other farmers' produce. The fowl wheat market is unchanged. The reduction by the Wheat Purchase Board of 3d per bushel for supplies for the North Island is causing merchants there to hold off operating in the meantime, and they are clearing off their existing stocks to meet the situation. So far as the Dunedin market is concerned, the. wholesale price rules at 4s 8d per bushel, sacks extra, ex truck, with supplies being drawn from Canterbury, as there are not at the present time sufficient stocks available here to meet requirements. This price is only for the best quality fowl wheat. Inferior and out of condition lines are difficult to place. Small lots ex the itore are worth 5s per bushel, sacks extra. ' Millers' prices for flour, etc., are as follows: Flour—2oolb, £l2 17s; 100's, £l3 2s; Ws, £l3 7s; 25's, £l3 12s. Bran. —£5 5s pec ton. Pollard.—£6 5s per ton. Oatmeal—2oolb, £l9; 25's, £2l. The oat market continues firm owing to scarcity of offerings. In most of the oatgrowing districts there are now few oats for sale, and the stores both in Otago and Southland are holding smaller supplies than has been the case for a number of years. The bulk of the oats in the stores will be required for seed, and it is expected that there will be a geenral clearance of stocks before the season is over. An occasional inquiry is being received from the North Island for oats. Few lines are going to the North Island from this port, most of the shipping business being transacted from Canterbury or the Bluff. The shipping quotation to-day is 3s 8d f.0.b., s.i., for A's, and 3s 4d for Bs. Lines on offer from the country are realising up to 3s Id per bushel, sacks extra, on trucks, for heavy Gartons. Ordinary A's are worth 2s 10d to 3s, and B's 2e 6d. The broken weather has delayed the cutting of chaff in the country, but most of the merchants have been holding stocks in store-in anticipation of not being able to draw for supplies as they require them from Canterbury. These stocks are now moving off slowly at £5 10s per ton, sacks The value for truck loads, ex the truck, is £5 per ton. Supplies for the local market are now being drawn from Canterbury; i A lull has been experienced in the ;potato market. Shipping values have declined and for June delivery white potatoes have been on offer from Canterbury at £6 per ton, f.0.b., s.i. This price ihowa a decline of 10s per ton on the 'rate ruling about a fortnight ago. The forward position has also weakened, and ■the quotation for July-August-September delivery is £7 2s 6d, f.0.b., s.i. The local market remains fairly stationary, and merchants are still working on supplies of tubers grown in the Otago district. ■■ii Most of these are of indifferent quality—!fi badly graded and showing signs of dis--'ease. These lines are difficult to place, the demand being chiefly confined to well- '& 'graded potatoes. This quality is selling &% at £5 15s per ton, sacks included, for the Chief variety and £6 5s for King T',. Edwards. hi-'.- Little business is being recorded in any '" lines of seeds. Merchants are looking for buyers, but they are difficult to find. f*With the advent of the spring demand, t~ .however, an improvement is expected, yt Sales of ryegrass for shipment to England been recorded. These are for delivery. The export of this variety of seed will help to strengthen 5* 'the market later on. There is still an '-•'absence of inquiry from overseas for both brown top and Chewings fescue. Dogstail also is not inquired for. Values for v. eockefoot are unaltered, with stocks on the flight side. !•'; Wholesale prices are as follows: % Chaff. —Good bright oaten sheaf, to tS •10s per ton, ex store. !. Potatoes.—Arran Chiefs, £5 15s per i ton; King Edwards, up to £6 ss. :: Dairy Butter.—Milled bulk, 8d per Jb; •eparator, Bd. Bacon, Is OJd per lb. ,;.; Ham.—Ordinary, Is Id; boneless, la 3d per lb. Canterbury onions, 16s to 18s per cwt. ';'-.'; Eggs.—Stamped, Is sd; case, Is 4d. • ' Eggs again eased in price during the -1. week. ;> FRUIT REPORT. '•& The first shipment of South African vC'oranges for the season will arrive by the v Waitaki on Tuesday next. It is understood that some 3000 cases will be placed on the local market, the quantity being a little more than that which arrived /.-■'in the first of the season's shipment last -year. ' i Fair stocks of Californian oranges are in the marts, but sales are slow, re'■.tailers working from hand to mouth in view of the arrival of the South Aue.tralian oranges.

LOCAL AND OVERSEAS MARKETS

Poorman oranges are offering freely from the north. Supplies of Delicious apples are plentiful, but only the best quality are inquired for. Other varieties, such as Jonathans, Cleopatras, and Sturmers, have a better demand. Cookers are in good supply. New Zealand-grown lemons are plentiful with low prices ruling. Californiangrown are in "hort supply. Californian grapefruit are in good supply. Small lots of hothouse-grown tomatoes are still arriving from Kakanui and Canterbury. Bananas are plentiful in the marts. Pears are in short supply and high prices are ruling. Supplies from Central Otago have practically ceased, and tho local and Canterbury cool stores are now being drawn on. Cauliflowers are in .better supply. Cabbages are in short supply. Choice quality lettuce are realising good values. Pumpkins are in short supply, but marrows are in over-supply. Carrots, parsnips, and swedes are plentiful, with no change in prices. Wholesale prices are as follows: — Pears. —Dessert, 6s to 8s 6d per bushel case; cookers, wanted. Oranges.—Californian navels, 32s 8d to 35s per case; Poorman, 8s to 10s. Apples.—Delicious, 4s to 6s; Jonathans, 4s 6d to 6s; cookers, 3s 6d to ss; small dessert and cookers, 2s 6d to 3s. Lemons.—New Zealand-grown, 8s to 12s per case; Californian, to 40s. Grapefruit, 35s per case. Hothouse tomatoes, 8d to lid. Bananas.—Ripe, to 20s per case. Cauliflowers.—Choice, 4a to 5s 6d per sack; others, 2s to 3s. Carrota, 2s to 2s 6d per sugar bag. - Cabbages, 4s to 5s per sack. Parsnips, 2s 6d to 3s per su'gar bag. Beet, Is per dozen bunches. Pumpkins, 8s to 9s per cwt. Marrows, 4s to 5s per cwt. Rhubarb, to 3d per lb. Potatoes, 5s to 7s per cwt. Lettuce, 2s to 3s per dozen; small, Is to Is 6d. Artichokes," to 7s per cwt. Leeks, 3d per bundle. Celery, to 6d per bundle of four heads. BALCLUTHA STOCK SALE (From Odb Own Correspondent.) BALCLUTHA, June 28. At the forViightly sale to-day at the Corporation Yards the attendance of farmers and others was good, and a satisfactory sale resulted. There was a good yarding of fat sheep, and a fair yarding of stores. Prices for fats, considering the quality, were well maintained, although the usual export buyers were not operating. Dealers secured the bulk of the offering. Fat lambs sold at 15s to 16s 3d; butchers' ewes 12s 9d to 14s 3d; freezing ewes, 9s 6d to 13s; old ewes, 6s 6d; fat wethers, 14s 6d to 245. Store Sheep.—Lambs sold at 15s to 15s 6d for best; ewes, 10s to 13s 9d; old ewes, 5s to 7s; wethers, to 225. Cattle. —A very small offering. Fat cows made £3 7s 6d, store cows 255; calves. 14s. Pigs.—" The demand for young pigs, of which there was a good supply, was surprisingly good. Suckers made 8s to 15s; slips, to 17s. MELBOURNE MARKETS (Unlt«J Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, June 28. Wheat, 3s lid to 3s lfd. Flour, £lO 17s 6d. Bran, £4 15s. Pollard, £5. Oats, 2s 4d.to 2s 4|d. Barley: English, 2s 7d to 3s. Maize, 4s 8d to 4« lid. Potatoes, £lO 5s to £lO 10s. Onions, £8 10s to £8 15s. WHEAT, FLOUR, ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 27. Wheat: Cargoes steadier. Parcels firm. Futures —London: June, 23s 3d; September, 22s sd. Liverpool: July, 5s 2gd; October-December, 5s 3|d; March, 5e 3Jd. The spot trade is quiet, with an easier tendency. Australian (ex ship), 27s 9d. Flour: Slow. Australian (ex store), 20s 9d to 21s Id. Oats: Slow, tending in buyers favour. Peas and beans are quiet. PRESTIGE, LIMITED NEW ZEALAND BUSINESS. Fears that a further reduction in import duties would have a serious effect upon Australia's secondary industries were voiced by the chairman (Mr G. Peacock) at the annual meeting of shareholders of Prestige, Ltd., held recently in Melbourne. The tariff, he said, had been drastically reduced during the past twelve months. Secondary industries had become a very important factor in the life of Australia, over 600,000 of its inhabitants now being employed in industrial undertakings. It was clear, therefore, that if import duties were subject to any further drastic reductions, which would permit the dumping of goods by overseas countries, the effect on industry would be very serious. Taxation was still a severe handicap to business. More than £36,000 had been paid to the Government by the company during the last financial year in the shape of taxes. The New Zealand business was progressing satisfactorily, although building operations had interfered with the ordin ary flow of business during the past year. The company's products had been very favourably received, and a considerable expansion in sales was hoped for in the future. Already the New Zealand business was showing a profit, and a valuable eoodwill had been established. Mr G. G. Foletta. a director, said that although the company had not done very large business in lingerie, the prospects were good. MORRIS, HEDSTROM, LTD. At the annual meeting of Morris, Hedstrom, Ltd., held at Suva, the chairman (Sir Maynard Hedstrom) said that the improvement in the net profit for the year was largely due to the fact that losses on produce and at branches sustained in the 1933-34 period had proved not to be recurrent. The financial position continued sound. The amount of cash on hand and in the bank, added to the value of Government stocks held by the company, was considerably in excess of the total liabilities of the company to outside creditors. The accounts were kept in Fiji currency and the same Bteps were taken at the end of the year as were taken at the end of the previous year to adjust debit and credit cash balances in other currencies to terms of the Fiji £. The Fiji £ was lower in value than the English £, but higher in value than the currency of Australia, New Zealand, Samoa, and Tonga. During the first nine months of the financial year, Sir Maynard said, prices continued at a very low level, but the market improved during the last three months of the period. The value of fixed assets showed a slight, reduction. The outlook was better than it was 12 months ago—a good crop of sugar was assured, and the copra market looked more stable. A considerable amount of money was being spent in Fiji in the development of the gold mining industry.