THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2882, 16 June 1909, Page 20

THE BREADSTUFFS AND PRODUCE MARKETS.

FrisJ?,y. The London market in wheat has been particularly qudet throughout the week. The earliest advice was to the effect that , "cargoes are firmly held. A cargo cold , at 43s 9d, while 44s 6d is asked for Januaryj February shipments, 43s 6d for Ajpril shdg> ! roents, and 44s 3d for steamers' parcels now due." On June 8 it was further advised that " May wheat cargoes are quiet," and i advice closes for the week under date June 9 wiith the sale of four cargoes at 445, 44b 4£d, 44s 6d, and 43s 10id. Part of the explanation of the dullness may lie in the fact that business has not resumed its sway after , the break of the holidays'. I The view taken by " Beerbohm," under • date London, April' 30, is still optimistic and in favour of growers and holders: — "There has been a further decline in prices this week, but there are not wanting signs of a returning firmness. Now I that the American markets seem to be free from excessive speculation and from feara , on an alleged "May" corner, it is resuming a normal aspect, and is asserting the real strength of the position as we, at any rate, view it. The recent 'breakdown in American prices seems to have caused some traders to beliove that there must be some radical change in the position, and that, i instead of small shipments during the rei mainder of the season, we were threatened j with abundance, because of the large quantity of American wheat which would be let loose, co to speak, upon Europe. Some I fantastically low estimates of European requirements during the next thres months , have also been put forward by the 'beaans,' ; who have likewise been assistel by extravagant estimates of Russia's capacity to export. In our view of the matter, however, there is no nuatenal change in the position since we summed it up, statistically, in our revew of April 8, when we stated that the j average weekly shipments to Europe in the 1 four months, from April 1 to July 31, would probably not reach 850.C00 quarters, whereas the weekly requirements could j hardly be put at less than 1,150,000 quarj ters, because of the known wants of Eng- | land, Germany, and Italy, and 1 because of , the absence of reserve stocks to fall back upon in most importing countries. It is a fact that the shipments of the past four weeks (including the present week) will not average more than 800,000 quarters, and in our opinion this amount is more likely I to represent the average for the next three j months than any higher total. Last year j it will be remembered that the shipments ! to Europe averaged only 750,000 quarters ■per week in the last three months of the season, during: which period, however, the quantity afloat decreased from 6,000 000 quarters to 2,750,000 quarters. At that time, however, there were large stocks, both in first and second hands. On Slav 1 last year the port stocks w-pie 3.000.C00 quarters; to-day there are only about 1,750.000 quarters. Last year on May 1 there were over 2,000,000 quarters in farmiems' hands: to-day the quantity held is about 500,000 qu&rtea-s ; but most important of all is the fact that second-hand stocks aire in such a reduced condition. With regard to the possibility of big Russian supplies, it o-p- , pears to us probable that the high, prices which have prevailed during the last few months have already attracted the great bulls of Russia's surplus wheat; and this same argument applies also to Canada and America, where the main supplies are now ' m sight,' and not, as is often the case, invisible. Summing up the whole position, we are inclined to say that a. 40s level for wheat is justified this season if ever it was, and unless the coming- harvest — upon which, of course, the future course of prices largely depends — proves to be c roally abundant one, it may be a coneddiefraible^time before we return to the 30s level which has prevailed practically for the past 15 years." Last week it was stated that in apparent sympathy with the inactivity at Home the Australian market had taken a somewhat dull tone, and that prices had slightly eased. A continuation of the depressing movement has to be reported this week. At Sydney wheat is adv'sod to h& ruling at 5s 4^d, which, while more than last week's rates, is qualified by " nominal." Melbourne has gone back to the extent of id, while Adelaide market, by which the others are to an extent influenced, has fallen a-way by no less than 2d With any sign of a reatfirmation of firmness in the Home market it may be expected that a recovery will immediately result. With the exception of New South Wales all the wheat growing States still Shave on hand some portion of their surplus crops, the total amounting to no less than 6,000,000 bushels. There is, for the present, therefore, room for continued exporting- busrness co be indulged in. Sydney, it has been stated, has over-shipped, and this report has probably been the foundation of a rumour through, this Dominion that " two Australians " were coming here to buy up large quantities. Dealing then with the local position, figures have been made available duringthe past few days that show that of the two million bushels surplus which this Dominion has been estimated to -have, no fewer than 521,000 bushels have been actually shipped t< London, and of Ihe balance an equal quantity has been reported to have been contracted for. The difficulty in the way of dealing with the tclal surplus and sending it after that portion which has already left the Dominion has lain in the shortage of freights offering. It has all along beon said that in proportion as freights offered business would bo done and prices maintained; that in-sufik-ierit vessels coming forward has had the rcsuli of leaving- prices at a level w hich, in comparison with other countries, is on the low side. The month of Alav saw more boats in commission bhzjo. h^> b^« n The case for many years past, and of cue 521,000 Dush-eis all save 12,000 were sent away in that month from Timaru and Lyttelton. At the present but little new chipping business is being- done, and the millers as a general rule are refraining from operating owing- to the stocks they are already in possession of. It is to be noted, however, that one large miller in the north has had sufficient faith in r,he future if wheat to buy somewhat largely— two lines purchased by him totalling- 14,000 sacks. It is said that the figure given was 4s 2d on trucks at country stations. This sale was made some days ago, and seems to be above the present market ratee, as, although no great quantity of wheat is offering, lines may be had at from 4s to 4s Id. With, the exception of this largo

sale no great activity ihas been apparent. Shipping prices remain at the nominal figure of 44 4£d. In milling circles dining the week the vexed question of Association matters has continued to attract much attention in the columns of newspapers. From some quarters—the -wish evidently being father to the thought — persistent rumours have been in circulation that the Association -was still on the verge of catastrophe, and was in peril of dissolution. These rumours have been met with denial, although the satisj factory statement that everything had been signed and settled has not been made. The position, ther-efore, still remains vague, anil anyone outside the inner circle oan do n< other than conjecture as to the real trend of affairs. The price of v3s lid to 4s f.0.b., s.i., or 3s 9d to 3s lOd ex store, still lfolds for chicle wheat. The tariff for bTan remains at £4 5s pep ton for )ocal orders, and £4 f.o.b. for ship- | ment; pollard £5 10s for both local orders | and shipment. Outside business is being done in small quantities of bran at £5 15a. The oat market during the week has nob been marked by much activity. The general tendency, has, in * fact, been towards - an easier tone. The figures for May eihip- " ment are somewhat on a par with those of wheat— half a-million bushels. Shipping business is in the position of faking av~ "breathe* " — merchants desiring to see things made a little square, and to ootain some' indications as to the tendency .of the market before further committing fchemsedves. The advices from London have nofc been suoh as to encourage indiscriminate - shipping, as prices have- become slightly easier, and it is plain that the present marks the stage when the market may go either way. A few weeks, will show how the European harvests will turn out, and on that showing will depend a continuance of New Zealand business. It is signncant that Home merchants are making no .definite offers for July shipment: only tentative inquiries are afloat, evidently with the view of keeping in touch. The Australian demand has altogether ceased — in fact, Australian huyers are offering parcels they bought some weeks ago back to New Zealand at figures below that which the New Zealand farmer is seeking.' Prices have eased slightly, and f.0.b., si., figures are (on a dull market) at — A Gartons,- Is lOd ; B Gartons, Is 9d to Is 9£d ; A' sparrowbills, Is 8d to Is BAd ; and B sparrowbilla can be bought at from Is 7d to Is 7£d. As showing the weakening of the market, a line of 500 sacks of Cartons was put through at Is 9d. Kates delivered at Dunedin on trucks are about Is 7d for A Gartons, graduating to Is. 5d to Is s£d for B sparrowbills (feed oats). There is no change in oatmeal, which is quoted at £9 10s per ton. Pearl barley has been reduced to £14 10s . per ton. • Eggs have further declined, but for the season of the year prices have about reached bottom, and a rise may be looked for" shortly. In ether lines fair business) is done at current rates. Quotations: Butter.— Dairy pats, 9d ; milled, 9d to , 9id; separator pats, lOd; bulk, lOd; Taieri and Peninsula pate, 112 d (id rebate for cash); Taieri and Peninsula bulk, Hid. Cheese. — Home shipment, s£d per lb; local lots, 6d to 6id per lb. Chaff.— Extra prime oaten, £2 10s to £2 I2s 6d ; medium to good, to £2 7© 6d ; light and inferior, £2 per -ton (sacks extra). Straw. — Oaten, £1 15s; wheaten, £1' 5« to £1 7s 6d (pressed, ex truck). Clover hay, £2 10s to £3 per ton. * Onions. — Canterbury, £5 to £5 10s per ton. Potatoes. — Prime Up-to-Dates, up to £3 15s; medium to good, £3 to £3 ss;. inferior, £2 per ton (sacks in). Eggs. — Fair supply ; fresh, Is 8d ; pret served, Is sd'per dozen. Bacon.— Bolls, Bid; flitches, 7d; hams, B£d ; bacon pigs, 4£d ; t>orkers, 4d to 4£d. Poultry.— Hens, 2s 9d to 3s 9d per pair; roosters, 3s 6d to 4s; ducks, 3s to 3s 6d, "\ best 4s 6d; turkeys— hens sd, gobblers 8« and 9d per lb, according to weight. FRUH AND VEGETABLES. The arrivals for the week were on the small side, and comprised 700 cases of Rarotongan fruit, 150 cases of Auckland apples, 50 cases of lemons, and 30 cases of oranges from Melbourne, and 20 cases of apples from Hobart, in addition to small consignments from Canterbury and local districts. Quotations ere : — ~~ Oranges. — Only moderate shipments came from Rarobonga — mostly repacks from Auckland. Prices ranged from 7s 6d to 9a per 9in cases. Lemons. — Market bare ; Mildura only offering, 12e to 14s. Further supplies a-ire ' expected next week. Bananas. — Stocks very low; none fronH Rarotonga; ripe repacks, 2id to 2£d. Pines, from 10s to 15s. Grapes. — Local hothouse — small fruit 7i<J to 8d per lb, choice up to Is; Barbarossa, 9£d to Is 2d; choice Grcs Colmars (from Oamaru), 2s to 2s 2d. fruit is> nearly finished. Apples. — Demand improving, stocks low; choice cookers readily sell at 2Jd per lb;' medium, lgd to 2d ; dessert Canterbury, 6s to 7s 6d per case; no Tastnanians offering. Pears. — Market quite bare. Winter Cole and winter Nelis should realise up to 3^d ; other sorts, 2d to 2^d ; cooking, l£d to 2£d per lb. Passion fruit, 4s to 5s per halv gin. Tomatoes. — A few small lots are coming forward. Canterbury outside, l^d to 3d per lb;^ hothouse, 3£d to 4£d per lb. Vegetables. — Cabbages, 9d to Is 6d sack. Cauliflowers — choice, 2s 5d to 4a lOd, thei latter for choice European-grown ; medium and inferior, Is 3d to 2a 6d. Vegetable marrows, 3s to 3s 6d per sack (all sacks extra). Pie melons,

Dooitie fay results. TTitli a MilkingMachine, as with all other machines, the most satisfactory manner in which to , decide the euperior merit of a particulan mate is by results obtained under ordinary working conditions. It i» in such tests that the " Lawrence-Kennedy^Gillies "* Milking; Machine excels. Hundreds of farmers _' throughout - New Zealand have written! praising i-ts excellent qualities. It fe simple - to operate, easily kept dean, the .quantify " of milk and butter-fat test are "^lf maintained, and cowa milked! by aij " L.K.G." are more contented than w&ent milked by hand,- the action on the teats being identical with a calf sucking 1 . Testw monials and fullest particulars on applied* tion to J. B. MacEWAN ft CO., So!* Agents, Danedja*

?& 9d to 5s 6d cwt. Pumpkins, 4s per feck." Artichokes, ; 9d to Is 6d *per bag-. Honey. — Good demand. Choice, 4£d per 1b; 101b tins, 3s to 3s 6dj choice sections, 6s to 7s per dozen; medium, 3s to 4s oa jper dozen. Peanuts.— Java, 2d; Japanese, 2|d to 'Sd. Preserved ginger, 7£d per Ib. "Wainute. — Good demand. Prime quality, s£d to 6d. Barcelona nuts, s£d to 6£d. IMPORT MARKET. Now that the matter" of the renewal of licenses has been to a large extent fixed up, buying in the epirit market, which, pending- the. meeting of the Licensing Committee, had 'been on the cautious side, has been resumed, and tbe past week has witnessed good business. The Lakemba arrived- in port with a cargo of Liverpool salt, but the supplies she brings are insufficient for the demand. Salt of this brand will be in short compass through the winter months, as the next boat due is the Clara, a sailing vessel, which only left- Liverpool towards the end of last month, consequently it will yetT>e some four or five months before supplies are Australian salt— the alternative—is "not such a popular line as the Home' product. , A< new '• process of sulplnlrdnig or bleaching "Bultanas "has been devised, and .some of the prod<uct has" been on the local market. By the new method a fine gold colour is imparted to the fruit, but unfortunately the process leaves a decided taste of the Bulphur on the fruit, and so far as the line has been tried it is difficult to say whether it will meet with popularity, j Prices have already been named for bulk limes of the new season's Smyria crop of sultanas, but as the openiwg of the market at Smyrna and elsewhere is still a long way off "prioes are merely speculative. Advice to hand is to the effect that if weather conditions remain favourable the crop will be j as large as last year's — a tremendous crop. | Merchants, finding no advantage to be obtained by fulfilling orders for beroeane, ex Star of Scotland, the price ex wharf, beinig the tame as that ex store, are not buying largely. Orders a.re being taken \vp ex store, but those who can are waiting the .arrival of the Walkure in July, which boat it is announced will hare an ex ship price. , A small shipment of Akaroa cheese has teen landed, and prices ruling are — Medium, 6Jd; loaves, 6£d to 6|d. Akaroa walnuts are also on the market, a.nd are going into consumption at from s£d to 6d. Bowil, in- 4oz bottles, is a,gain available, and is quoted at from 29s to 30s per dozen. A line of Reckitt's Dome boot polish Tias arrived. Quotations are : One dozen, 4s 9d; three dozen and over, 4s 6d. The local hardware firms are aaransin.^ reductions in the price of rcofintg iron and wire nails. j The Star of Scotland, .i a.rrivnxr on Monday, brin.gs further supplies of Wyandoite, tho new cleanser, for which there is such a heavy demand. The Nairnsbire bronsrht a shipment of Wa.lker'6 24's and 48V mofel oup-flask whisky — a line which has not been on the market for some time.