INVERCARGILL MARKETS

Otago Daily Times, Issue 23689, 22 December 1938, Page 15

INVERCARGILL MARKETS

GRAIN AND SEEDS A DULL WEEK (Special to Daily Times) INVERCARGILL, Dec. 21. With the approach of the holiday season, very little interest is being taken in the Invercargill produce markets. Merchants are busy receiving wool into their stores, so that they have little space left for the storage of any produce offering. The markets will probably continue very quiet until after the New Year holidays. Oats.—This market is quiet and there is a lack of interest both by shipping buyers and by millers. Because of the dull slate of the market, growers who have produce still in hand have not been offering freely, but prices nominally range from 2 S 4d to 2s 6d per bushel, according to grade and bushel weight. Wheat.—As all growers' lines have been disposed of. there is no further interest in the market except for the supply of the local poultry market, for which requirements are being drawn from Canterbury. Growers are awaiting the announcement of the wheat prices for the incoming season. Chaff.—The demand is very slack, arid only small quantities are required by buyers at this season of the year. The offerings are ample to meet the demand, and the prices to growers do not exceed £4 per ton. 0.t.c.5., for good bright quality. Ryegrass—Stocks held by merchants are now greatly reduced and will probably be barely sufficient to meet farmers' retail requirements until the new •crop comes to hand. The new season's crop should be available about February, provided the weather is suitable. At present, the weather is not conducive to the production of good quality seed, and the quality and the condition of the seed harvested will depend on the amount of sunshine in Southland from now on. New season s certified seed should meet with a good demand if harvested in good condition but prices for uncertified Southland seed will depend largely on the quantity of this seed which is offered. Any old supply is almost sure to cause lower prices. ~ . Other Seeds—The harvesting of Chewings fescue should be in operation in January, and the new season s crop will come on to a bare market. Prices ruling will depend on the possibility of export during the coming season. The browntop market is still dull and there has been a considerable carry-over of last season's seed, which must affect prices for the incoming crop. An overseas demand is needed to clear up the existing stocks and to give an outlet for the incoming crop. The value to growers for machine-dressed at present is about Is for certified, and lid for uncertified. Potatoes.—The market for old potatoes is finished, and business is confined to the sale of small lots of new potatoes to meet the local demand. There will be no shipping of the new season's crop until about April. WOOL CLIP LIQUIDATION AUSTRALIAN METHOD PRAISED (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 20. The Yorkshire Post congratulates Australia on her method of liquidating the wool clip and feeding the markets to capacity of absorption, resulting in wool to-day being as well placed as any primary product for immediately benefiting from the improvement in the wool trade. While prices are by no means completely satisfactory from the producers' viewpoint, wool Is kept moving. Russia and Germany have been able to make larger purchases. ANTWERP FUTURES (United Press Association) (By Electric Telegraph— Copvright) LONDON, Dec. 20. Antwerp futures are quiet. January, 22Jd; April, 223 d; June, 232 d. DOLLAR AND STERLING (United Press Association) (By Electric Telegraph Copylghti LONDON. Dec. 20. Sterling exchange, London on New York. 4.67 i December 20 4.67JJ December 19 .. .. .. 4.67 J December 15 4.67 g December 14 .... .. 4.66 December 13 4.66} December 12 4.67 J December 9 4.668 December 8 4.663 December 7 4.63? December 1 .... .. 4.68 November 30 4.66§ November 21 4.70 November 10 4.74,? November 1 4.75 5-16 October 1 4.82} September 28 .. .. 4.63 September 27 .. .. 4.73 September 1 .... 4.35 13-16 August 2 4.90? July 1 4.955 June 1 4.94 J May 2 .. .... .. 4.98 11-16 April 1 4.94 g March 1 5.02 London on New York, during 1937 averaged 4.95 dollars to £1 sterling: on August 2, 1938, 4.901; on September 1, 4.85 13-16: but declined to as low as 4.63 to the £on September 28. During October the rate varied between 4.78 J (October 4) and 4.75 g (October 21). LONDON'S SHIPPING OVER 1,000,000 TONS REGISTER During the week ended November 25, 909 vessels, representing 1,006,431 net register tons, used the Port of London. Of these, 502 vessels (820,304 net register tons) were to and from Empire and foreign ports and 407 vessels (186,127 net register tons) were engaged in coastwise traffic. The arrivals included nine meat cargoes, viz., three from Australia, one from New Zealand, four from South America, and one from Iceland, comprising 340,000 carcasses of lamb and mutton, 148,000 quarters of beef, quantities of pork, rabbits, and sundries. Seventeen timber-laden vessels docked in the Surrey Commercial and India and Milwall docks with 20.000 tons of softwood. NEW ZEALAND OIL CONCESSIONS

INCREASE IN CAPITAL New Zealand Oil Concessions, Ltd., have now completed the preliminary geophysical survey of the area held by them at Kotuku on the West Coast under licence from the Government. The directors consider that the geophysical data now available justify increasing the capital of the company to £200.000 for further geophysical exploration and for the drilling of the dome already located. It is reported that the share list will be opened early in the New Year