THE AND PRODUCE MARKETS.

Otago Witness, Issue 3619, 24 July 1923, Page 15

THE AND PRODUCE MARKETS.

Friday evening. The Woken weather has prevented the threshing of the liens of wheat that are still available in the country. A few odd lines are coming to hand, and it is noticeable from these that the heavy rains experienced earlier in the season have affected the Btacks considerably, with the result that a good proportion of too wheat is damagedAny wheat that is of good quality is readily placed with millers, who are fairly keen buyers. Tho quantity held by millers, however, is fairly heavy, and they carry sufficient ■tock3 to see them through well on to the next harvest. Reports from the country show that very little ploughing has been done up to the present, and if the weather does not take up shortly it will be too late for heavy sowings of wheat for the coming season. In places such as the Taieri, where ino3t of the ploughing is usually done at this time of the year, the paddocks are too soft, and in some cases the water is still lying on them, with the result that practically' no furrows have been turned. Dunedin millers' prices are as follow: Flour, 2001 b, £LS 10s per ton; 100's, £l6 10s; 60’3, £l7; 2o’s, £l7 10s. Bran, £5 103 per ton. Pollard, £7 10s. Oatmeal: 2o's, £2O; 200's, £l9. The following are the quotations for wheat for this month:—Tuscans, 5s 2d; Hunter, 5s 4d; Pearl, 5s Gd f.0.b., nearest port. The market for fowl wheat is not so firm. There is no very much offering, and best quality is worth 4s Gd per bushel, sacks extra, ex truck. Shipping inquiries are not so strong, and most of the orders are now being executed in Canterbury. Any wheat that is offered locally is wanted for this market. The oats market has been stagnant for the last month, and the lack of buying has bad an easing effect on prices, which have declined Id per bushel. The quantity offered by growers is very small, but is more than sufficient for the demand. North Island merchants advise that the consumptive demand haa fallen off considerably, and as a result they are showing no interest in the market. Present nominal quotations are:—3s 4d, f.0.b., •.i.. for A grade Cartons and 3s 2d for 44 grade. There are several sellers at these prices, without anv buyers coming forwardQuotations to growers are 2s lOd, sacks extra, delivered in Dunedin for A grade Cartons and 2s 7d for B grade. Any consignments coming to hand are going into store in the meantime, as merchants are not buying in view of the fact that they cannot find an outlet. It is considered that the only hope for a recovery in the market is through an outside demand, but at. present there is no prospect of this. Advices from Home show

that merchants there are not interested in New Zealand oats, as their own harvest I s near at hand. Australia is also off tne market, merchants there finding it very difficult to sell the stocks they have in hand, although they have reduced prices. Until these stocks are worked off there is no chance of purchases being made in New Zealand, and even then it is doubtful if the trade would come to this country, as Tasmania has a fair quantity of oats for disposal. PRODUCE REPORT. The demand for chaff is purely local, there being no shipping inquiries owing to the North Island being glutted with earlier shipments from the south and also chaff from Australia. Advices just to hand from Auckland show that 700 tons of Tasmanian chaff arrived there by tile Kaitangata. Reports show that the quality of this chaff is not too good, and in some cases the chaff has been rejected. The quality of the dumped chaff was patchy owing to some of it having been very badly heated, and the bulk is considered to be of inferior quality. The balance of the shipment, which consisted of loose chaff, was bright in colour, but not very heavy with oats. In view of the unsatisfactory condition of this shipment it is considered that Auckland merchants will confine their buying to southern chaff after the imported stuff has been worked off. Locally the best quality is selling at £5 5s per ton. sacks extra, ex truck. The consignments are just about equal to the demand. Inferior and medium chaff is very slow 01 Gale at £3 10s to £4 10s, sacks extra, ex store. The potato market is weaker, and sales are difficult to effect- at £lO per ton, sacks included, ex truck. In some cases £9 10s has been accepted for consignments, which are arriving in excess of the demand. Supplies are coming from both Canterbury and around this district, where growers have been holding in anticipation of higher prices. The shipping market is also easier, and North Island merchants are showing very little interest, as they are carrying heavy stocks. Bales have been made in Auckland at £9 10s ex wharf for f.a.q. whites, and other sorts have been disposed of at £8 10s ex wharf. These prices are considerably below what is being asked by South Island merchants, the present quotations being £8 15s to £9 aOs, and in some cases £lO, f.0.b., s.i., at southern ports. Advices from Auckland show that the Kaitangata brought a shipment of potatoes from Tasmania and that buyers were faced with a loss, as the landed cost was somewhere in the vicinity of £l2 per ton. In view of this it is not expected that further shipments will come forward from Tasmania. Current local wholesale prices are as follow : Chaff. —Good qualitv, £5 sa; medium and light, £3 10s to £4 10s. Potatoes, £8 15s to £l9,

Dairy Butter. —Bulk, 13 sd; pats, Is sd; milled, Is sd. Melbourne onions, £lO per ton. Eggs.—Stamped, Is 9d; unstamped, Is 7d Lo Is Bd. Bacon.—Rolls, Is per lb; sides, lid. Hams, Is Id. FRUIT REPORT. Business has been fairly brisk during the week. Sales of apples have been slightly better, choice lines being most in request. Supplies of pears are about finished. Stocks of oranges and lemons are now almost exhausted. The Waikouaiti, which is due from StTTney to-morrow (Saturday) is bringing mandarins, navel oranges, passions, and pines. No lemons are available. The first shipment is due by the Canadian Miller, from Adelaide direct, about next Wednesday. This vessel will be followed by Moeraki, from Melbourne, via Wellington, two days’ later. Advices have been received of fairly heavy shipments by the latter vessel. A small line of Fiji bananas from Auckland was on the market this morning, out the demand was very poor, and low prices ruled. Lemons are expected to bring fairly high prices when they arrive, as the market is absolutely bare. Vegetables are meeting with a good sale, cabbages, cauliflowers, and parsnips being most in demand. A few lettuce from the Peninsula were on the market this week, and prices ruled fairly high. The following are the latest wholesale prices : Apples.—Dessert Jonathans. 5s to 7s per case; Delicious, 8s to 10s; Cleopatras, 7s to 8s Gd per case for choice; cookers, 4s to as for best; medium, 3s; inferior, 2s to 2s 6d. Pines, IGs to 20s. Lemons. —American, 60s to Css; Victorian and Adelaide, 30s to- 353, Passions, to 22s Gd. Mandarins, 22s Gd to 255. Oranges.—lsland, 23s to 255; American, 3Gs; Adelaide, 20s to 235; Navels, 23s to 255. Pie Melons. —-Victorian, IGs to 17s per cwt. Cauliflowers, 11s per sack for choice; prime, 10s to 12s; loose, 4s to 123 per do-zen. Cabbages, 9s to 10s for choice per sack; medium, 3s to ss. Lettuce, 2s Gd per dozen; inferior, Is per box. Beetroot, Is to Is 4d per dozen. Parsnips, Is Gel per doxen bunches; 9s to 12s jier cwt. Carrots, Is per dozen bunches; 7s per cwt. Marrows, 6s to 7s per case. Swedes, 4s to 5s per sack. MERCHANDISE MARKET. An advance has been recorded in the price of linseed, both whole and crushed.

Reckitts and Keen's square blue have both been reduced Gd a box, and the price is now the same as for bag blue. A small parcel of Smyrna figs in 30lb bags has arrived on a bare market, and is quoted at up to 9d a lb according to quality. Some lines of 3atchel and fruit bags have been slightly reduced. Norton's egg preserver and C'rosfield’s egg preserver have now arrived on the market Prices are easier than last season's. Clothes pegs are in short supply and were quoted at 8s 3d per box. A shipment of new season's dressed nee arrived during the week. The current quotation is 24s a cwt. Further supplies are now on the Waikouaiti, which is to arrive here to-day from Sydney. A further parcel i 3 also due by the Moeraki from Melbourne on Friday next. The Waihemo, from San Francisco, due at Dunedin during the coming week, carries supplies of Californian canned fruit and salmon, seeded and seedless raisins, prunes, ‘kraft wrapping paper, and numerous other pacific Coast lines. Advice has been received that the space in the direct steamer to leave Singapore lor New Zealand main ports, Julv-August, is now filled. COMMERCIAL CABLEGRAMSFOREIGN EXCHANGE RATE.-. T.ONDON, July 10. The exchange rates afford the following comparison with those obtaining on Monday :

* Determined by price of silver. BANK OF ENGLAND RETURNS. LONDON, July 19. The Bank of England returns afford the following comparison with the returns for the pre-

GOVERNMENT SECURITIES. LONDON, July 19. The following are the latest quotations for Government securities, compared with the prices ruling last week: —

LONDON MARKETS. LONDON, July 17. Wheat cargoes are neglected. Sellers are offering at a decline of from 3d to Gd, and steamer parcels are 6d to Is weaker. July 19. Wheat cargoes are firmer. Sellers are asking an advance of 3d. but buyers are indifferent. Parcels improved by 3d to Gd. and closed strong. Parcels, ex Gifgai, sold at IGs Gd. A fair trade is passing in butter, the weather stimulating the consumption. Choicest New Zealand salted, 13Gs to 158 s; Australian, 14Gs to 148 s; unsalted, about ‘2s premium. Cheese is very firm, the strike preventing the discharge of several New Zealand cargoes. This is creating a temporary shortage, and the small quantities available are eagerly snapped up. New Zealand white, 9Gs to 190 s; coloured, 96s to 98s. Wheat cargoes are firm, but are inactive. Parcels are irregular, closing 3d to Gd higher. Spot sales are greatly restricted by the strike. Prices are nominal, except where delivery can be assured. Australian, on trucks at docks, 50s Gd; to arrive (ex ship) 49s 6d. Flour is firm. Australian (nominally), 35s 6d to 365. Barley, oats, peas, and beans are nominally unchanged. Sugar (granulated), 38s 7M per cwt. Copper: Spot, £6O 13s 9d; forward £36 Ss 9d. Lead: Spot., £24 2s 6d; forward, £23 12s Gd. Spelter: Spot, £29 7s Gd; forward, £29 ss. Tin: Spot, £179 12s Gd; forward, £IBO 17s Gd. Silver, 2s 7d per oz. July 21. Frozen meat quotations have not been issued owing to the irregularity of supp.ies, due to the strike. Part of the wheat cargo of the Orient City was sold for 46s Gd per quarter. Cotton.—August shipment, ] 1.13 d per lb. Rubber. —Para, lid per lb; plantation smoked, 14§d and 14J-d. Jute. —August-September shipment, £24 5s per ton. Copra.—August-September shipment, £24 15s per ton. Linseed oil, £44 per ton. Turpentine, 7Ss 9d per cwt. NEW ZEALAND APPLES. Messrs Tonkin and Go. have received a cablegram advising that the average prices realised for the Orari's shipment of apples to Buenos Aire3 were as follow: Jonathan, 7s Gd to 9s per case; Spitzer berg, 4s Gd; St unnet; 7s 8d; Delicious, Irs 4d; all other varieties, 7s. All prices are f.0.b., less exchange. As a fair quantity of this steamer's apples were damaged owing to the vessel being de-

layed very considerably on the New Zealand coast, these prices must be considered reasonably satisfactory. Otago Central Fruitlands (Ltd.) is in receipt of a cable from the- London brokers dated July -4, as follows:—The steamer Raranga’s Cox's Orange Pippins sold a 3 under: —3l cases at 455, 14 it 42s Gd, balance at from 40s to 355; Jonathans, mostly 1 to; Loudon Pippin, mostly 17s. DAIRY PRODUCE. WELLINGTON, July 17. The National Dairy Association lias received the following cablegram from its London office, dated July 13: Butter.—New Zealand salted, 13Gs to 138 s; unsalted, 158 s to IGOs; Danish salted, 154 s to 15Ss; Australian salted, 1393 to 140 s; Argentine, 130 s to 140 s. Cheese. —New Zealand white. 96s to 98a; coloured, 34s to 965; Canadian white, 96s to 975, coloured, 93s to 943. The strike is still holding up supplies, and the prices given are for goods available. LONDON TALLOW MARKET. LONDON, July 13. At the tallow sales B*2o casks were offered and 179 were sold. Mutton realised 38e per cwt and beef 37s 3d.CALCUTTA TEA SALES. CALCUTTA, July 18. At the tea sales there, was a good demand at previous rotes for all grades excepting tho poorest. AUSTRALIAN MARKETS. MELBOURNE, July 29. At the hides sale competition was poor and bidding irregular, except for a few special parcels, which were unchanged. The market generally showed a decline of id to Id. Barley : English, 3s 9d to 4s. Onions, £1 15s to £4. SYDNEY, July 19. Oats: Algerian feed and Tasmanian, 4>a Gd to 4s 7d; white, 4s Gd to 43 Bd. Maize: Y'ellow and white, 5s lOd to 6s; South African, 5s 7d to 5s 9d. Potatoes: Tasmanian, £l3 to £l6. Onions: Victorian, £6 to £6 10s. ADELAIDE, July 13. Oats, 3s 2d to 3s 3d. ENGLISH WOOL MARKET. LONDON, July 16. The colonial wool merchants have decided that if the sales cannot be resumed by July 24 the present series will be abandoned and the next scries commenced on September 4 instead of September 11. In the Bradford tops market merinos are dull. Crossbreds are meeting with a little more inquiry, but tho actual business is practically nil.July 19. A meeting of wool brokers and importers decided to abandon the present London series and also the sale arranged at Liverpool for September G The Bradford wool market is quiet, but the undertone is slightly better. Quotations ara unchanged. July 21. It is estimated that 95.000 bales of wool were sold at the recent London sales, of which the Continent took 43,500, and America 130) The quantity available in September is 226,000 bales. SOUTHLAND MARKET REPORT. (Feom Our Own Correspondent.) INVERCARGILL, July 20. Oats.—The market is still decidedly flat, little business being done either with merchants and growers or northern buyers. Offerings from farmers are very few and far between, these being on a basis of 2s 8d for A grade, 2s Gd for B’s, while merchants are firm holders for outside business at 3s 5d for A Cartons and Sparrowbills, and 3s 3d for B grade. It seems evident that these prices cannot be reduced, stocks being comparatively small for this time of year, arul it can almost be assumed that prices wilt have a firming tendency. Chaff is offering much in excess of requirements, merchants refraining from buying anything but the best, and for this will not pay anything in excess of £3 15s per ton on trucks country sidings. Inferior quality has been sold at as low as £3 per ton. Wheat is being turned over at full rates to millers. Fowl wheat, especially good whole, is worth to growers 4s on trucks, sacks extra. Ryegrass.—Nothing whatever is now being offered by farmers, and virtually the whole of the crop is now in merchants’ hands. The market is decidedly firm, 271 b to 2Sib machine dressed seed being readily saleable at 7s d. 28ib to 291 b bringing 73 9d, f.0.b., sacks extra. THE OAMARU MARKETS. (From Ocr Own Correspondent.) OAMARU, July 21. The weather conditions during the week have been varied —at times spring-like and at others quite wintry. More rain has been -x-------perienced, and this ha 3, in the absence of drying winds, kept the ground in a saturated condition, so that preparations for spring sowing of eearels has been limited to favoured situations. As the time for spring sowing of wheat is drawing near it seems tolerably certain that the area under this cereal will be even smaller than was previously anticipated. Merchants report that orders for seed wheat are being received, but these are on a greatly reduced scale. On some mornings the hard-frosted condition of the surface of the ground has enabled farmers to get the. mills into their paddocks, and some threshing of wheat has been done, with tho result that offerings of milling wheat have included some lines up to 500 sacks each. The total quantity coming on the inaiket has not been great even for lliis time of the year, and all offering has found buyers at full rates. There still remains a fair amount of wheat to be threshed, so that the supply i» not likely to be exhausted for some time. There lias not been anything doing in fowl wheat, but the quantity available is not large and the market remains firm. There has been no sign of revival in oats, which remain lifeless. The few holders in tin country continue firm in their resistance of current prices, and in the absence of in quiries from outside there i 3 no disposition on. th part of merchants to lay in stocks. Some inquiries for malting barley liav« been received, but so far no business has r« suited. The positionin regard to potatoes is somewhat enigmatical. Inquiries have come from Auckland, but buyers there and sellers here differ widely, and business has been impossible. The local value is given at ak»ft £9 net on trucks, but the few holders here are looking much bigger money. Officers have been received here of supplies from Waimato way, these including on© grower s offer of about 200 tons in equal pro]X>rtion» of whites and reds. But the. prevailing feeling of uncertainty as to the future course of Uu*

market suffices to repress any speculative spirit. RABBITSK.IN SALE. The Dunedin Stock Agents and Woolbrokers’ Association reports that, at the fortnightly sale held on July 17, another large offering was placed before the usual attendance of buyers. Bidding lacked spirit, and an irregular sale was the result, consequently lower values had to be accepted. Best winter sorts showed a decrease on an average of about 2d per lb, spotted winters 4d per lb, incoming winter lid, and autumns 2d per lb. Lower grades were firm at last sale's rates. Quotations: Prime winter does, eid to 97id; first, 70d to 83d; second, 48d to 54d; spotted, 39d to 44d; prime winter bucks, 80d to 85d; first, 66d to 78£d; second, 48d to 53d; spotted, 36d, to 44d; spring bucks, 28d to 33d; spring does, 30d to 35d; early winter, 60J to 65d; incoming winter, 64d to 58d; late autumn, 43d to 47d; early autumn, 33d to 37d; prime racks, 30d to 31Jd; light, 26d to 2Sd; summer, 25d to 27d; small, 16d to 18fd; first broken, S6d ■to 41ld; second, 30d to 341 d; autumn broken, 24d to 29d; summer, 18d to 22d; first winter black, 72d to 89d; second, 45d to 55d; autumn, 30d to 37d; first winter fawn, 60d to 65d; hareskins, 20d to 30d. The above quotations are for standard Otago skins. Fatty, blood-stained, and badly stretched skins realised less, according to quality and condition. Damp skins are not catalogued until properly dried. SALE OF FRIESIAN CATTLE. AUCKLAND, July 20. At the sales of Friesians, Mr M’Gowan, for the Pin Land Company, bought a heifer for 300 guineas and a cow for 150 guineas. Mr A. Collins, a South Australian, bought a cow for 200 guineas. RANFURLY SECTIONS. SOLD. The Lands Department held an auction sale of freehold sections at Ranfurly on the 12th inst. The block of land was what was known as the Ranfurly Nursery, and was in the town area, and all were included in block 1, town of Ranfurly. There was keen competition, and in most cases the prices obtained were in excess of the upset. All the lots were disposed of. Following are particulars of the sale: Section 21, 3a 2r 28p, at £93, to Mr George Devenney. Section 24, 2a 2r 2Qp, at £6O, to Mr William Pringle. Section 25, 7a 2r 32p, at £l5O, to Dr George Byres. Section 26, 2a lr Bp, at £BO, to Dr George Byres. Section 27, la lr 16p, at £sl, to Dr George Byres. Section 28, 3a Or 39p, at £1555, to Dr George Byres. _ Sccticn .1, ia 3r 29p, at £7O, to Dr George Byres. Section 29, 2a lr 12p, at £62, to Mr John Ira Fraser. Section 30, 3a lr 4p, at £93. to Dr George Byres. Section 31, 2a Or 26p, at £7O to Dr George Byres. Section 32, 2a lr 36p, at £6O, to Mr A. G. Mathias. Section 34, 2a 3r 16p, at £65, to Dr George Byres. Section 2,2 a 3r Op, at £Bl, to Mr Charles Hedges (Oamaru). Section 35, 2a 3r Op, at £llO, to Mr A. B. Hall.

Ward off Influenza with “NAZOL”— penetrating and germ-killing. Is 6d for 60 doses.

London on Par. July 12 •J ul v 10 Paris, fr. to £1 ... 25.255 77.15 77.50 Christiania, kr. to £1 ... 18.150 28.12 28.27 Copenhagen, kr. to £1 ... 18.150 28.12 26.31 Stockholm, kr. to £1 ... 18.150 17.30 17.30 Berlin, marks to £1 ... 20.25 r U0.000 1,450,000 Rome, lire to £1 ... 22.22i lo.'f 108 Montreal, dol. to £1 ... ... 4.88* 4.70S 4.714 New York, dol. to £l 4.88 4.53 11-1 4.50 h Hongkong, dol. to £i * 27 27 Yokohama, st. bo yen ... 21.50 25.1 25 0-18 Calcutta, st. to rpe. 10 bo gold £1 16 V 18£

vious week :— J ill v 13. Julv 10. Coin and bullion £135,793,000 . £125,308,GOO Reserve ... 20.963,000 21,602,00) Note circulation ... 134,535,000 125.786,000 Government deposits ... ll.597.0i>,) 11,004,<>.K) Other deposits ... 107,932,1X10 111. 630,000 Government securities ... 46.939,000 47.520,000 Other securities ... 69,702,000 71,582,000 Proportion of reserves to Per font. Per cent. liabilities 17.50 17.60 Short loans 2| 2i Three months’ bills 3i 3i

Last week. This week. £ s. a. £ s. d. Imp. Con., 24 per cent. ... 58 0 0 58 12 6 War Loan, •» per cent.. 1029.47 War Loan. per cent.. 1925100 - 6 100 10 0 28 95 10 0 96 0 0 Genv. Loan, 3£ per cent. ... 77 15 0 78 10 0 C wealtii, 0 per cent., 1921-31 104 15 0 105 5 0 O'wealth, 54 per cent.. 1922-27 100 0 0 101 0 0 N.Z., 6 per cent., 1926-51 ... 107 15 0 108 0 0 X.Z., 4 per cent., 1929 93 0 1) 93 12 6 N.Z., 3£ per cent.. 1940 82 10 0 82 la 0 X.Z., 3 per cent., 1945 73 10 0 74 0 0 X.K.W.. 64 per cent., 19:54-40 105 10 0 105 12 6 X.S.W., 6 per cent., 19.10-40 104 0 0 104 5 0 X.S.W., 52- per cent., 1022-32 101 0 0 101 0 0 X.3.W., 4.’. per cent.. 1935-45 100 0 0 100 10 0 X.3.W., 4 per cent., 19.1.1 ... 89 0 0 89 12 6 N.S.W., 34 per cent.. 19,10-50 82 0 0 82 0 0 N.S.’NV.. 3 per cent., 1925 ... .'«9 0 0 79 .> 0 A ie., 54 per cent., 1M0-40 ... 103 0 0 102 12 6 Tic., 34 per cent.. 1921-26 ... 96 0 0 95 15 0 Vic.. 3* per cent., 1929-40 ... 78 0 0 78 10 0 Vic., .1 per cent., 1929-49 ... 75 0 0 72 0 0 Q’lancl, 6 per cent.. 1930-49 103 5 1) 103 0 0 Q’laud, 4 per cent., 1924 ... 97 0 0 97 15 0 C>’laiid, 34 per cent., 1924 ... 96 10 0 96 0 0 Q’lanil, .11 per cent., 1930 ... 83 10 0 83 10 0 Q’land, 3 wr cent., 192.1 47 71 0 0 70 10 0 S.A., 44 per cent., 1920-40 ... 105 15 0 106 0 0 S.A., 44 per cent., 1945 or alter 0 0 81 10 0 3.A., .1 per cent., 1930 64 0 0 64 10 0 W.A., 6 per cent.. 1930-40 ... 103 10 0 103 10 0 W.A., .14 per cent.. 1920-35 83 10 0 83 10 0 W.A., 3 per cent., 1915-35 ... 80 0 0 79 10 0 Taf*., 64 per cent.. 1930.40 ... 106 0 0 106 0 0 Tas., 34 per cent., 1020-40 ... 82 0 0 82 0 0 Tas., 3 per cent., 1920-40 ... 78 15 0 78 15 0