THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2928, 27 April 1910, Page 9

THE BREADSTUFFS AND PRODUCE MARKETS.

Friday. Throughout the week the cablegrams have contained no news in connection with the Home wheat position. As regards this particular market the familiar dictum that "no news is good news" does not necessarily hold good. Indeed, the absence of news from Home simply means that no cargoes of Australian wheat have been sold, and this fact, taken in conjunction with the drop in Australian prices on th» week, indicates a weakening position at Home. The drop of fully a penny in the Australian price at the whole of the three

! centres is a very significant item. The Australian centres are in very close touch with the Horn* position—more so than is New Zealand, and as Australia is entirely dependent on London prices, a drop in the Commonwealth is almost a conclusive indication of a weakening in the Home market. London is now in that tentative period when, knowing, at least approximately, the exporting capacity of the wheat countries of the southern hemisphere, she is desirous of acquiring some estimate of ! the probable output of the European crop | which is now coming forward, before committing herself too largely to a market which is on the firm side. With improved European prospects and larger immediate supplies the pressure to buy for the present l would be considerably reduced. Information of eom© potentiality as re- ; gards the future of the market is con 1 tained in the following report of " Beer- ! bchm,," as published on -March 11: — The immense Russian wheat shipments have overshadowed everything else this season, | and the very la.rge exports from that counI try have more than made up for any short- ■ age in other countries. The next crop of j importance to bo harvested is the Indian, | and the second official report cabled over j this week points to the outturn being in ' the neighbourhood of 40,000,000qr5, against 35,600,000qrs last Near In addition to fair , stocks of old wheat being left over in ; Kurrachee, against nothing last year, the | native food crops this year, have given ! good results, the Bengal rice crop alone I being 7,000,000 tons larger than in the pre- ! vious year. It therefore follows that | India will have a larger surplus for export j than 1900, b'lt, the extent of the actual ! shipments will depend on whether the j natives consider the price obtainable suffi--1 ciently attractive; if not, they will store ! considerable quantities in pits, as they have I done in other years. With reference to the j last Argentine crop, the latest information ! available confirms' r he recent pessimistic ! reports about the outturn, and the surplus I for export is not expected, to exceed ! B,ooo,oooqrs. The other item of importance I this week is the publication by the Wash- ! ihgton - Agricultural Bureau of the estimated reserves of wheat in farmers' hands j in the United States on March 1. This : year's reserve:; are • estimated to be I 173,344,000 bushels, against 143,692,000 bushels, last. v.eo.r, and a 10 years' average of 152,300,000 bushels. It was generally • thought that the reserves this year would be nearer 200,000,000 bushels, and it follows that either the official ■ estimate of the last crop was too large, or the reserves are under-estimated. In any case millers and j dealers in the United States appear to ! hold good stocks of wheat and flour, as the I demand for actual wheat has fallen off I considerably during the past few weeks. I Unless it ''s found presently that the winter i wheat crop has suffered serious damage, it ! is jusc passible that America may find I that there is more wheat left in the States i than is advisable to carry forward to a j new season. With regard to the crop out- ! look in Europe, prospects in Russia, on i a smaller acreage than last yea.r, would i appear to be only fair at the best, France and th:. United Kingdom uncertain, also on I a smaller acreage., whilst Italy, Germany. ! Austria-Hungary, and Roumania, with a I moderate increase in the area sown last autumn appear to be quite satisfied with present conditions " As already indicated, the prices of the three Australian centres show a reduction on the week of approximately Id. Sydney is quoted at 3s lid to 3s Melbourne at 4s, and Adelaide at 3s lid to 4s per bushel. With the price of wheat receding so much in Australia a reflex action may be instituted in New Zea'and. Some little ! time ago the New Zealand millers reduced the price of flour here in order to preserve | the market, from the Australian millers. ! At that time the price of Australian i wheat was from 2d to 3d per bushel higher I than it is at present, and it is therefore I possible chat if the present easing is i maintained or increased that the margin ! of safetv to local, industry may be trenched upon arid the price further reduced to save the local trade. So far the local position is a domestic one, and at the moment seems distinctly j high in comparison with both Australian j and Home prices. A feature,. which it j was predicted would gradually prove to be the case, became slightly emphasised during the week. This was the increased i demand for velvet wheat. Millers have • been going north for this as the south does not supply any considerable quantity, I and, owing to this increased demand, a |. slight firming took place in the price ; paid. Farmers in the neighbourhood of | Oamaru secured 3s lOd for prime velvet, | and further north 3s 9id to 3s lOd was j ruling for best quality. A further factor i in maintaining this price is, however, the I limited offerings. In many cases farmers I have not troubled to fcb-wh, and consideri able stacks are ever *e visible. So i far, therefore, the. m W only experii enced pressure to buy ...: i not pressure to ! sell, save in the case of farmers in the ■ south. Hunters and Tuscans are in fair ! supply, with no keen demand. Prices for ; these' lines remain at late rates. i The price list of the New Zealand Flour- ! miller*'' -Vso.'ii.if'-ion is'as follows: —Flour: I Sacks £lO r -H ner ton; 1001 b bags, £lO 15s i oer ton: 501 b bags, £ll per ton: 251 b ; bags. £ll 5s per ton. Oatmeal. £ll 10s ! pei ; ton: pearl barley, £l3 10s ! In the ca.se of oats a somewhat puzzling ' position has obtained since the opening_ of ! the market. There has been no opening ! outside the Dominion', and no prospect of i any. and vet in face of this and a known i surplus—although the bulk, it is true, is | not accessible, -—the market has opened I level with, and ever, above, the prices ! ruling during the whole of the boom of I exportation last year. It has been previously indicated that owing to Canter- ' bury limitine her sowings of early oats j the North Island came very early on to this Kwrlcct. Owing to that same cause Canterbury will this vear require all her <*eed nn.ts from Otago, thus further increasing the demand. At tbe same time farmers have not been ready offerers and I the market has distinctly dragged. Some merchants, in accordance with their usual custom of anticipating cheap oats at the beginning of tbe season, accepted forward business with Auckland on cheap rates. When, therefore, the market opened fairly. strongly these operators. with their, monthly commitments facing them, were, forced into the field, and their activity, limited though it has been in comparison with current business and legitimately naying business, has had the effect of hardening the market and maintaining it «.t what might be thought a level beyond that justified for the time of vear. Tho foregoing would seem to supply at least, a reasonable explanation of the course of

events, whicfi: ' have throughout, however, proved puzzling to merchants. The demand through the week has been fairly welt maintained, and up to Is 9d was paid in the country for A grade Gartons, this showing an. improvement of from £d to Id on last week. The market' in other lines fully maintains the firmness of lasr week, without so great an advance. At f.0.b., s.i., rates 2s to 2s Id was being paid for best lines. A further factor in the imme diate past has lain in the difficulty of procuring trucks for the handling of tho grain. Lines bought three weeks ago have in many cases not been touched for loading purposes owing to this difficulty. Most firmness is displayed in eggs and butter. For the latter the demand for country lines is distinctly good, but in the former the high price has naturally had the effect of restricting' consumption, though the price has remained at Is lOd and Is lid for "egga" and "fresh eggs" re speetively. Ohaff and potatoes remain stationary at last week's rates. Current prices are as follow : Chaff.—Prime oaten sheaf, £3 15s to £3 17s 6d: black oaten, £4; medium to good, £3 5s to £3 10s; inferior, £2 5s and upwards per ton. Potatoes.—Prime Up-to Dates, £4 to £4 2s 6d; medium to good, £3 5s to £3 12s 6d : small and inferior. £2 10s per ton. Onions.—Fair demand; prime Melbournes, £5 ton. Straw, 30s per ton. ' Clover hay, £2 10s to £2 12s 6d per ton. Eggs.—Fr'eish, Is lOd; guaranteed fresh, Is lid per dozen. Butter. —In gocd demand. Dairy, 9d; milled, lOd; separator in £lb and lib pats, lid per lb. Pigs.—ln more plentiful supply. Baconers, 3£d per lb; porkers, 3£d per lb. Bacon. —Rolls, 7£d; boneless hams, 8d; sides, 6|d; hams under 201 b, 7£d per lb; pork Germans in 141 b tins (four tins to case), 4gd per lb. FRUIT REPORT. The* cold and bitter weather of last week had its effect on the fruit m,a.rket in inducing . some dulness. This was further contributed to by the market being deleteriously affected by the: extremely heavy supplies of apples and pears which came forward from Canterbury. The price of these two lines sank, and consumption of other fruits decreas'ed. In Islland fruit there is a scarcity, bananas being extremely short. The next supply is due to arrive in a fortnight's time. A shipment of Adelaide grapes came to hand during tlie week and was disposed of at prices satisfactory to shippers. The prices ruling are as follow: Oranges. —Rarotongan, 7s 6d to 9s. Bananas. —Market baTely supplied. Lemons. Barely supplied. Messina halves 13s to 15s; whole case., 26s to 28s. Apples.—Market fully stooked. Cookers, 2s to 4s 6d per case; dessert, 4s to 7s. Peaches. —Good demand. Dessert. _ 3d to 4£d'; specials, B£d; veiry few offering. Pie melons. —4s 6d per cwt. Quinces.—ld to lid per lb. Pears. —Overstocked- Local choice from 3s 6d to ss; Canterbury and others, 2s to 4s; cookers, 3s to ss. Grapes.—Local and Oamaru, from 7d to Is Id; market bare; Adelaide from 8s to 14s per case. Tomatoes. —Christohuiroh hothouse, 2id to 2Jd; outside, Is to 2s per box of 241 b; choice quality, 4s to 6s; choice local hothouse, 7£d to Is. Vegetables.—ln short supply. Cabbages, from Is to 4s per sack; choice, 3s 9d to 4s 6d per dozen. Cauliflowers, Is 6d to 5s 6d per sack; choice from 4s to 5s 6d ; per doz. Lettuce, from Is to Is 4d per case. Beetroot, 6d per doz. Horseradish, sd. Cucumbers, up to 4s per dozen; outsides, 2s 3d per small box. Green peas, 2&d to 3d per lb; vegetable marrows, 4e 6d to 6s per sack; pumpkins, locally grown, 7s per cwt. Potatoes.—Southern and Oamaru, £4 5s to £4 10s for choice samples; mecßum quality, £3 15s to £4. Honey.—Choice, 4d to per lb; 101 b tins, 3s 6d to 4s; choice sections, 6s to 7s per dozen; medium. 3s to 4s 6d per dozen. Peanuts.—Java, 2d; Japanese, 2gd to 3d. Preserved ginger, lb. Walnuts.—Good demand. A small lot from Canterbury realised from 6d to 6£d per lb. Barcelona nuts, s£d to 6£d. IMPORT MARKET. In the Commercial Summary published in this issue will be found a full list of detailed articles and prices. The Georgia, overdue with kerosene, arrived at Dunedin on Saturday afternoon. She had been expected since Wednesday. Orders' will be fulfilled as soon as delivery of the cargo is afforded. Cabled advice from Smyrna is to the effect that the price of sultanas has advanced 2s per cwt. It is also reported from Patros that currants have firmed sympathetically. In regard to sultanas it is now definite that New Zealand will have none of the Mildura supply this year, as the English trade commands the whole available surplus. This will be the third year that none of this popular fruit has come here. Lexia raisins of Mildura growth will, however, be available in three weeks' time. The local manufacturing firm —M'Leod Bros. —has advised merchants that the price of wax and composite candles has been reduced by jd per lb. This movement, coming at the commencement of the winter season, when a greater demand is experienced, indicates an effort to improve the firm's position in the market in competition with Home products. There has been a decided advance of price in brooms—2s 6d per dozen. This is attributable to the failure of the millet crop in America, where the product this year was but 15,000 tons,'as aganist 40,000 or 50,000 required. The New South Wales crop, which was usually relied upon to supply New Zealand, has all been booked for America to supply the deficiency there, and as a consequence some local firms have temporarily ceased manufacturing. Advi.ce from Ceylon indicates a firm market for tea. It has not been possible to fully supply orders, and quantities have been held up for satisfaction in May, when the new picking is commenced. ~ The local demand for dried and evaporated fruits is increasing with the slackening of the fresh fruit season. Sultanas and raisins are in short compass in producing countries, and local lines will probably be firmly held in the future. American advice indicates that seeded raisins from there will likely be a little firmer for September shipment. Sago and tapioca- are fully maintaining their firmness. It is probable that the

increased attention being devoted in the tropics to rubber production has influenced these lines. There has been a good demand for salt. A shipment of Standard brand is due to arrive in the Tokomaru. 4 The same boat also brings a shipment of Coleman's starch, which is in short supply locally. A line of Crosse and Biackwell's malt vinegar (quarts) has been landed, and is selling at 9s 6d per dozen. A new line for New Zealand is forward in Southwell's make of special jujubes, which are provided in all flavours. These are packed in 71b boxe-3 at lOd per lb. The Christchurch Meat Company will shortly place on the market a new product in the shape of ox tongues packed in 21b gloss jars. The indications are that salmon will reach a rather high level next year. The runs of fish in British Columbia aire specially heavy in every fourth year, and the carry-over from this provides a store for the following three lean years. Last year there was to have been a "big'' run, but it unfortunately fell short, and it is therefore anticipated that the next season's supply, even supposing that it be a normal one for tho year, will fall short of meeting requirements. Already the packers have intimated their expectation of good prices. HARDWARE MARKET A slightly easier tone prevails for cement. Linseed oil has firmed decidedly in continuation of recent movements, and now stands at 4s 3d to 4s 4d for raw and boiled respectively. The "Benicia" scraper is a new line on the local market. This is a scraper on improved lines for the removal in bulk of dirt, etc., from excavations and such like work. Tests evidence ar. efficiency beyond older makes. It is provided in two sizes—3ft 6in and 4ft, the prices being from £7 10s to £B.