COMMERCIAL

Poverty Bay Herald, Volume LV, Issue 17175, 4 February 1930, Page 8

COMMERCIAL

CHICAGO WHEAT PRICES NEW LOW LEVEL (Received February 4, 1 p.m.) CHICAGO, Feb. 3. Wheat reached a new low level for the season in the (-losing hour, following a gradual drop which tamed towards tho end ta a sharp break. This is attributed to heavy liquidation by holders who became demoralised by reports of new Russian selling. The depression affected the markets at Winnipeg and Buenos Aires similarly. Chicago wheat closed: Wheat 1133, May 1175, July 119|, September 122 cents a bushel. DISCOURAGED TRADERS UNLOAD (Received Fob. 4, 1 p.m.) WINNIPEG, Feb. 3. Discouraged traders ditched wheat holdings to-day, prices closing at 3| to 4 1 cents down. May wheat closed at 125$ cents. WHEAT SLUMP CALGARY, Jan. 26. Tho opinion was expressed at the meeting of the United Farmers of Alberta that lower world-wheat prices are imminent within the next two years. With the two next, crops of normal size, there would be a. hag© surplus, which can mean nothing but a, lower world level. Co-operative buying on the chain store system is suggested as a means of bolstering wheat values. LONDON MARKET REPORTS (Received February 4, 1 p.m.) LONDON, Feb. 3. Tallow stocks total 1195 casks, imports 392 casks, and deliveries 948 casks. Visible tin supplies total 28,783 tons, on spot 1547 tons, afloat 2510 tons, deliveries 3307-tons. TARANAKI (N.Z.) OIL PIELDS, N.L. Taranaki (N.Z.) Oil Fields, N.L., report for week ended February .1: "Gisborne No. '2 well: Drilled out cement and found water shut off; drilled to .'l7ssft. in sandy shale; now underroanting hole to bottom, which will take a few days; considerably stronger .show of gas, which, ns previously, is inflammable."

Dalgety and Co. have received the following cable message from London, dated February 3: "London wool sales continue with much improved spirit: merino generally is 5 per cent, higer; crossbred is very firm ; change (if any) is in favor of sellers."