THE BREADSHEES AND PRODUCE MARKETS.

Otago Witness, Issue 3495, 1 March 1921, Page 13

THE BREADSHEES AND PRODUCE MARKETS.

Fiida-r evening. Messrs John Dunn, Sen, and Co. report as follows under date January 6:—“The price of wheat has been well maintained during December, after the drastic decline of the summer. Maize has been weak, due to the large crop and to a lack of the insistent export demand which has served to support the wheat market on any sign of weakness. The first Government report in regard to the new winter wheat crop has been published. It shows a decline in the acreage of 2.8 per cent, compared with that of last year. The 'condition is put at 87.9, which compares with 85.2 in December, 1919, and with a 10-year average of 89.5, but it is too soon yet to form any conclusions as to the 1921 crop.” The frequent lowering of the price of wheat by the Royal Commission in England tells clearly the trend of the wheat market in exporting countries. This is supported by news received from Chicago, stating that wheat futures are quoted at 6s 64d per bushel (says the Australasian). Rrivate advices are also to hand stating that sharp declines have been recorded in the American markets, while in Argentina the price has fallen over the week the equivalent of 2s per bushel. Taking 6s 6Jd per bushel Chicago as a basis, it would cost about 6d-iaj convey the wheat to the seaboard. Freight from the United States to Great Britain, at, say, £2 per ton, costs Is Id per bushel, insurance and other charges, say, 3d, and exchange would cost roundly Is 7d per bushel. This brings tho landed cost of the wheat at British ports to 9s lljd’ per bushel. It must not be overlooked that the Chicago quotation is for' forward delivery, but in view of the present price at which the British authorities are supplying British millers, 87s 6d per quarter, c.i.f., possibly still lower prices may be seen at no distant date. At 87s 6d per quarter tlie selling rate is 10s 9d per bushel, which, after allowing freight on a basis of 67s 6d per ton, or Is lOd per bushel, and other charges, say, 3d, leaves an f.o.b. price of 8s 8d per bushel Australian ports. On the basis of the Chicago quotation, the return would be 7s lid per bushel, f.0.b., or Is Id in excess of the price charged for consumption in the commonwealth. LOCAL MARKETS. Thrashing of wheat has now commenced on the Taieri. The surplus of the few lines which are available are of excellent quality and there is no difficulty in arranging with millers to take the lines at the Government prices. Millers are still short of supplies, but as thrashing should be general next month sufficient wheat should come to hand to meet all requirements. Millers’ pricer, are as follow:—Flour, £l7 1 per ton, 100’s, £lB 10s; 50’s, £l9; 25’s, £2O. Bran, £3 15s per ten. Pollard, £lO 15s. Pearl barley, nominally £2B to £3O. Oatmeal, £25 per ton. Milling wheat (according to Government prices):—Tuscan, 7s 3d, f.0.b.; Hunters, 7s 6d: Pearl, 7s 9d (subject to adjustment. The trouble on the waterfront has killed the shipping trade in oats. In the meantime, however, merchants have been filling orders in the country for March delivery to the North Island. Up to 2s 4d per bushel, sacks extra, on trucks, has been paid, but indications point to an even* easier market when thrashing becomes general. Millers are not operating in new season’s oats at the present time, as they are holding ! sufficient supplies of the old season's. They I have enough to see them over the next month ! or two. The market for ryegrass seed is quiet, con- ! sequent on the inability of merchants to ! get their present stocks of machine-dressed \ seed shipped to the North Island. Several I lots have been offered to growers, but til© i great proportion is only of medium quality, for which there is little, if any, demand. PRODUCE REPORT. Consignments of chaff have been on the 1 light side during the week, and as feeders are getting short of stocks there is a good inquiry for sound quality at up to £6 5s per ton, sacks extra. Medium and poor, however, is difficult to quit at £4 to £5, sacks extra, ex store. New season’s chaff will be available from Canterbury next month. The present quo4ation for the month of March is £4 15s to £5, delivered in Dunedin. The market has been over-supplied with potatoes, with the result that consignments are difficult to quit at £5 to £5 10a per ton, sacks included. The egg market has weakened. There is an easier tone in the bacon market. Current wholesale prices are as follow: Chaff: Sound oaten sheaf, £6; medium £4 to £5 (slow of sale). Eggs: Stamepd, 2s; plain, Is lod per dozen. Dairy Butter: Pats, Is 9d; milled, Is lOd. Margarine, la ljd per lb. Pigs: Prices easier. Bacon: Rolls, up to Is 7d per lb; eidee. Is Gd. Hams, Is 7d. FRUIT REPORT. Supplies of fruit have slackened off considerably. The large majority of the consignments consist of outside-grown tomatoes from Canterbury. The market has firmed a little, however, the shipping hold-up preventing consignments coming from Nelson. Apples are more plentiful, bait prices for really choice desserts are well maintained. Large quantities of pineapples are reaching j tho market from Sydney. A line arrived ex the Tarawera, and a further supply wo® transhipped at Wellington. A small line of Valencia oranges arrived by the Tarawera last Monday, but a© these were affected with fruit fly. they had to be condemned by the Government fruit inspector. This was unfortunate, as the market is practically bare of oranges. The destruction of the fruit also meaus a heavy loss to the consignor. About 300 or 400 cases of bananas arrived by train and ferry steamer from Auckland, and met a good demand.

Some of the Otago Central-grown pears which were sent to the local market in crates were found to be affected with the codlin moth, and they had to be destroyed. The loea is all the more severe as the crates had also to be destroyed. The vegetable market is quiet, the demand being confined principally to marrows. * Current wholesale prices are as follow: —- Dessert apples, 9s to 11s per case for best; cooking, 6s to 7e Gd. Lemons: Californian, 453. Oranges : Market bare. Tomatoes; Christchurch, 3d to sd; local, 7JI to 9d. Drapes, Is 8d to 2s per lb. Pines, lGs to 17 a 6d. Nectarines : Crates, 4£d to 7Jd per lb; •ases, 4d to 5d per lb. Peers, 2d to 3d per lb. Baepberries, la per lb.

Plums: Dessert, 3d to sd; cooking, 2d to 8d per lb. Apricots: Crates, to 8d; cases, 4d to 6d per lb. About finished. Peaches: Crates, dessert, Gd to 8d; coses, 2£d to 4£d. New potatoes: Local-grown, Id per lb; Outram and Waimate, 7s to 8s per cwt. Green peas, 2£d t<i 3d. Cucumbers: Local hothouse, 6s to 7a per dozen; small, 4s to ss; out side-grown, 5 s to 7s f>d per half-caso. Table carrots: New season’s, Is 6d per dozen bunches; 8s per cwt. Radishes, 6d per dozen bundles. Beet, Is 6d per dozen hunches. Turnips, Gd per dozen bunches. Parsnips, Is to Is 3d per dozen bunches. Cabbages: Best, to 3s per dozen; medium, 2s per sack ; prime, 3s to 5s per sack. Cauliflowers: Medium, 4s to 8s per dozen; sacks, 6s to 7s; medium, 3s to 4s.

Rhubarb, ljd to 2d. Lettuce, la to 2a per dozen. Spring onions, 3d per bundle. MERCHANDISE MARKET. Kerosene has bean reduced Is per case. The current quotation is now 235, ex store, and Gd per case less, delivery ex wharf. Unsweetened milk, Capstan brand, has been reduced to 40s per case. Clover cream, bulk, has been reduced jd per lb. Supplies of rock salt are available at 12s 6d per cwt. The agents of Sapolio have increased the price to 12s 6d per dozen. The market is overstocked with cream of tartar, and in order to realise on their stocks many firms in the north are offering to sell at less than replacement value®. White wrapping paper is now quoted at a much reduced rate.

The current quotation for sago is 28s 6d per cwt, less quantity 3£d. Tapioca, 32s and 3Jd. Queensland pines are short on the market. Hawaiian®, however, are plentiful. HIGH COMMISSIONER'S CanLE. WELLINGTON, February 23. Following is the High Commissioner’s cable, dated London, February 19: Meat.—Chilled beef continues in large supply at previously quoted prices—viz.: Fores Bd, hinds 10Jd to Is per lb. The result is Home-killed beef is lower at Is 4£d per lb, and there is little demand for New Zealand beef. Home-killed mutton, Is 9d; lamb, 2s OJd per lb. Six hundred carcases of New Zealand lamb from America, mainly owned by Swift and Armour, were placed on the Smithfield market this week. Canterbury brand, first and second quality, is in good demand, 'all at maximum price (Is Id lb). In consequence the demand has fallen off considerably for New Zealand cut lamb, sold on Government account. Butter.—The average prices are: English, £2l per cwt (3s 9d per lb), only small supplies available; Irish, £l4 to £ls 10s Gd per cwt (2s 6d to 2s 9Jd per lb). There is stated to be large supplies in Ireland owing to the withholding of export certificates. For Government butter there is no change (£l4 18s 8d per cwt wholesale, 3s per lb retail). Cheese.—The wholesale price of Government cheese has ben reduced to Is 4Jd per lb, but the retail price is maintained at Is 8d per lb. English is scarce at £8 8s 4d to £9 2s per cwt (Is 6d to Is 7|d per lb). Canadian is slow of sale at £7 14s to £7 16s per cwt (approximately Is 4£d per lb) ; white and coloured, £7 16s to £7 18s per cwt (approximately Is 4fd per lb). For New Zealand the demand is restricted at reduced prices. White, £7 6s to £7 12s per cwt (Is 3;.<i to Is 4}d per lb); coloured, £7 16s to £7 18s per cwt (approximately Is 4|d per lb). Hemp.—The Manila market is inactive on account of the absence of demand. Nominal quotations are: “J” grade, November-Janu-ary to February-April shipments, £44 per ton, and possibly sellers at £43 per ton. New Zealand is neglected. Nominal values are: High points afloat, about £ls; fair, £43 per ton. Wool. —At Bradford the position is weaker now that business on account of the United States is practically finished. Tops are worth, nominally: 64’s, 4s 3d per lb; 56’s, 2s lid; 40’s (prepared). Is 4£d per lb. At Hull Government sales on Wednesday 101 bales of New Zealand and 18,731 bales of Australian were offered. There was a good attendance of the homo trade, but Continental support was poor. Superior merinos maintained their prices, and medium and inferior declined 10 per cent. Crossbreds were neglected, and were largely withdrawn. THE OAMAEU MARKETS. (From Otjr Own Correspondent.* OAMARU, February 2G. Though a little broken at the beginning o.f the week, the weather, on the whole, has been favourable for harvest operations, and a great quantity of wheat has been thrashed. The result has been seen in something in the nature of activity in the grain market, Yields, with few exceptions, continue to exceed anticipations, returns of from 40 bushels per acre upwards being quite common experiences, while even 60 bushels has been reached in a few instances. These returns have been got from small areas, for some growers on a liberal scale have finished their thrashing;, amongst the transactions of the week being one line of 4000 sacks, with others of over 1000 each. Altogether fully 15,000 sacks have been handled by brokers. The grain, while on the small side, as a rule, is of excellent quality in all other respects, being bright, hard, and thin in the skin. A few samples of wheat in rather soft condition have come on the market, but these have been from the Canterbury side of the river. There has been no business passing in oats, barley, or chaff, and, indeed, the only transactions reported outside of the wheat have been some sales of cocksfoot at from 6d to 8d net, delivered at store. SOUTHLAND MARKET REPORT. (From Our Own Correspondent.) INVERCARGILL, February 26. There is little to report since last advised. The week of bad weather has delayed harvesting operations, and with, the exception of one or two lines of ryegrass no offerings have been made during the week by farmers. There is an appearance of conditions improving, and the cutting of oats should be general all over the province, and these operations should be nearly over in less than a fortnight. There have been inquiries during the week for A grade Gartons for immediate delivery, and 11 grade for spread delivery at 3s Id, f.o.b.s.i. Southland merchants are quite unwilling to offer it at these prices, and it is extremely doubtful if any price would tempt them to accept forward business. Ryegrass.—Little of this has been moving, as farmers are unwilling to accept anything less than Is per bushel; this price naturally is impossible, as it is only in very rare instances that any ryegrass from the mill can be worth even 3s 6d per bushel. The few lines which have been accepted by merchants are on the basis of 3s for 241 b seed, with a loss of between 15 per cent, and 20 per cent.; lighter lines with a loss of 22J per cent, have changed hands at 2s 9d. Chaff.—Very little old chaff is offering, and for this holders are asking £6 on trucks; this being considerably in excess of northern values, they are finding it difficult to make sales. Hemp.—There is nothing to report, and only one or two of the mills are now operating in the whole of the province. It is extremely difficult in the absence of any business whatever, either local or for shipping, to state even normal prices. DAIRY PRODUCE. Messrs J. Nathan and Co.. Wellington, report as follows under date February 21: Butter. —Our London house cables that' consumption continues to be good, having increased about 50 per cent. It is to be hoped that this will continue, so that the Imperial Government stocks will be all disposed of before our free butter reaches the market, and thus avoid the experience of the cheese and meat producers in having to compete with stocks held by the Imperial Government. The reports from America would indicate that the markets are not very responsive there. In fact, it would appear as if these markets generally are in the “melting-pot.” Local.—There is still nothing to report regarding prices after March 31, though we presume that the Government will not permit exports until enough butter is accumulated to last us through the winter. Cheese.—Our London houses cable that, owing to very heavy arrivals, the market is quiet. Several Bteamers from New Zealand arrived about the same time, and in consequence buyers are neglecting Imperial Government stocks. Presumably they will have to again reduce their price, and that,

of course, will probably effect the price* for our free cheese. Since writing the above, our London house cables: “ Clieeee market steady. Coloured, 156 s to 158 e; white, 148 s to 150 s; landed terms.” HARVEST HORSE SALE. Wright, Stephenson, and Co. (Ltd.) report:—Wo held a special harvest horse sale on Thursday, when we submitted a catalogue of 63 horses. The quality was fairly good, there being a few heavy, powerful geldings of outstanding merit. We sold in all 89 horses, those unsold being practically aged, and inferior animals and a few hacks. The sale opened very draggedly, but after the first eight or nine horses had been disposed of there was a steady demand for all good sorts. Buyers from North Otago helped the sale greatly, as did others from Central Otago and Balclutha districts. The sales included the following:—For Wm. Robinson, jun. (Stony Creek), seven-year-old gelding, £4B 10s; eight-year-old geldings, £4O and £3B; five-year-old gelding, £3l. Howie Bros. (Moneymore), six-year-old mare, £4O; J. Dow, jun. (Outram), eight-year-old mare, £3O 10s ; N.Z. and Australian Land Co. (Moeraki), seven-year-old gelding, £3O. FEILDING EWE FAIR. FEILDING, February 23. Contrary to expectations the Feilding annual ewe fair to-day proved very satisfactory. About 1300 sheep were entered, and buyers were present from a wide area. Wellbred Romney two-tooths fetched! 25s to 32s 6d; ordinary two-tooths, 17s to 20s; sixtooths (extra good), to 325; well-bred Romney four-year ewes, up to 275; four and fiveyear ewes, 20s to 23e. SALE OF STUD STOCK. (From Our Own correspondent.) INVERCARGILL, February 23. At Mr W. D. Hunt’s sale of surplus stock buyers were present or were represented from all over the country; but the majority naturally belonged to Southland. Bidding was keen, especially for females, and the males of the Netherland strain, crossed with the Posch strain, realised all the high prices. Romney stud rams brought high prices. Altogether 44 cattle were offered, comprising 32 bulls and 12 females. liTe sheep totalled 245, consisting of 15 one-shear stud rams, and the remainder of 230 one-shear fleck rams. No lots were passed in Mr D. T. Shand and Mr William Kirkland, Taieri, were among the principal buyers, and two Australian operators were present. The top price for the sale was paid by Mr R. Eades (Edendale), who gave 230 guineas for a three-year-old heifer, bred by the vendor, and sired by Rosevale King Sylvia, Mr Shand paid 110 guineas for a bull calf, Paul Pontiac of Bainfield. In the same section Mr R. Melville (Masterton) gave 100 guineas for Bainfield Netherland. Prioes for stud rams ranged from 5 guineas to 96 guineas, the top price being given by Mr Donald! Macdonald (Edendale) for a Penrose sired animal. PROPERTY SALE. Messrs Stronach, Morris, and Co. (Ltd.) in conjunction with Messrs Murray, Roberts, and Co. (Limited), instructed by the executors of the late J. Finlay son, offered at auction at the saleroom of the former on Saturday morning the Lochindorb Estate, situated at Purekireki, divided into five lots. Bidding was not up to expectations, and the five lots were passed in.