COMMERCIAL

Southland Times, Issue 18928, 30 April 1923, Page 2

COMMERCIAL

DUNEDIN MARKETS. DUNEDIN, April 28. The floods will prevent further offerings of wheat for some time. It was fortunate for the Taieri farmers that they had already threshed and railed a considerable quantity of their wheat, otherwise a large amount of grain would have been lost. As it is severe ; losses have been suffered by only a few— I :hat is, considering the abnormal circum“tances. In those cases where the farmers 1 were unfortunate enough to have wheat ; bagged and standing in the paddocks ready ! to be carted away, a considerable loss will ; be sustained. Some of the local steres are ' emptying out wet wheat that they may j have received within the last day or two, ; and it should be quite good fowl wheat j when dried. Reports state that there has ‘ been damage to grain at Milton, but in j the higher levels—round about the Clydevale and Greenfield districts, for instance, the wheat which is in stack should thresh out in good condition. The fowl wheat market is firm, owing to shipping inquiries from the North Island. Sales can be made to-day at 4/44 f.0.b., sacks extra. This price is equivalent to 4/1, sacks extra, ex truck, Dunedin. There is, however, no wheat offering at this figure. Dunedin millers’ prices are as follows: — Flour, 2001 b, £l5 10/- per ton; 100’s, £l6 10/-; 50’s, £l7; 25’s, £l7 10/-. Bran. £5 per ton. Pollard, £7 10/-. Oatmeal: 25’s, £18; 200’s, £l7. There is no alteration in the oat market. Australia is still holding off, but it is reported that A Gartons have been sold for shipment to London. The prices obtained, however, will not alter the market. These are on a basis of 3/5, f.0.b., s.i. The local quotation for B’s is 3/3, and there is not much doing even at this figure. North Island merchants are still holding off grade lines. They are mostly filling their requirements with undergrade lots. PRODUCE REPORT. Consignments of chaff have been fairly heavy, but any lines of good quality have been saleable at up to £5 per ton, sacks extra, delivered in Dunedin. Medium and poor are slow of sale at £3 10/- to £4 per ton, sacks extra, ex store. Prior to the floods the potato market was poor, but now that supplies have been cut off prices have taken a sudden jump to £8 and £8 5/- per ton, sacks included, for the best quality. This price is, however, not expected to be maintained, as supplies are being drawn from the north, and within a week a fair quantity should be available from Canterbury. Dairy butter shows a further increase in price. Hams are short on the market, but there is not much demand for them at present. TIMARU MARKETS. TIMARU, April 28. Only prime lines of wheat are being accepted by millers just now. The first addition of 6d per bushel to the set price will not be made till June 1, thereafter Ad per bushel per month will be added until October. There is a good demand for fowl wheat, at 4/- for good whole quality. Un-der-grade is selling at 3/9 to 3/10, seconds 3/6 and medium 3/3 on trucks, sacks extra. Oats are in moderate demand at 2/11 for A grade Gartons on trucks, sacks extra. B’s are worth 2/9 to 2/10, and Duns 2/6 to 3/-; feed Algerians are selling at 2/6. There is no demand for f.a.q. chaff. Most of the South Canterbury crop consists of this grade this season. Good bright stuff is worth £4 10/- per ton on trucks, sacks found by buyers. Brewers are not operating in barley to any extent and business is limited. Good malting barley is worth 4/- on trucks; feed, 3/- to 3/6, and Cape 4/- to 4/6. The pea market is still firm and quotations are: No. 1, 6/9; f.a.q.’s, 5/9. The demand is good at these prices. The demand from the North Island for grass seed has practically stopped. The threshing of cowgrass has been started, but not much has offered yet. Prices are about 9d per lb. White clover is on offer in good quantity and prices are 1/- to 1/3 per lb, according to sample. Linseed is in very strong demand, and the price has advanced during the week to £l7 per ton. The rise in price is attributed to the rise in oil. Potatoes took an unexpected turn during the week, reds remain at £4, but whites are worth £2 per ton. Southern merchants are buying and railing further south. The southern crop being poor this year, they will only take white consignments. The Dunedin demand has not advanced the price of reds. Given fine weather here for digging, the Dunedin market could soon be fully supplied. The value of whites for shipment to the North Island is £4 10/-, reds £4. AUCKLAND FRUIT MARKET. AUCKLAND, April 28. Choice Delicious apples fetched from 7/to 10/- at the fruit marts tc-day, and inferior grades from 4/- to 5/-. Jonathans at from 4/- to 6/-, and other lines of dessert apples from 3/6 to 5/-. First grade rocking apples brought from 5/- to 6/-, and other grades from 3/- to 4/-. Choice grapes realised from 1/3 to 1/6 per lb, other grades elling at from 9d to 1/-. Graded lemons brought from 18/- to 26/-, and infericr rom 8/- to 12/-. Island oranges made 11/- to 12/-. Green bananas were scarce, and prices varied from 16/- to 20/-, accord.ng to size of case. Ripe bananas in good rendition sold at from 7/- to 10/-, and others, which were in inferior condition, irom 1/- to 5/-. First-class dessert pears .ealised between 5/- and 7/-, with Winter Coles selling at from 7/- to 10/-. Other grades brought between 3/- and 4/6 and lower. DAIRY PRODUCE. Messrs Dalgety & Co., Ltd., report having received the following advice from their head office, London, under date cf April 26:Butter.—No improvement. Total imports into United Kingdom, March, 1923, 438,000 cwts as compared with 419,000 cwt for the corresponding period cf 1922. We quote: New Zealand salted at 142/-, Aus tralian good average quality 128/-, Danish 156/-; finest Australian, 136/-. Cheese. Weak. We quote New Zealand white at 98/-, coloured at 100/-. DAIRY PRODUCE MARKET. A REASSURING VIEW. WELLINGTON, April 28. Although dairy producers as a class are anxicus regarding the position on the London market, a reassuring view was taken by Mr T.Brash, secretarj' of the National Dairy Aiuuciation. When questioned to-day on the subject by a newspaper man. “There is this hopeful sign about it,” remarked Mr Bra.‘;h, “that there is not the slightest doubt that these low prices will increase consumpticn, and there is going to be a shortage. »Ve had an experience when the Imperial butter surplus was being disposed of. Many buyers held off thinking that the low prices of the glut period would hold, enabling them to buy new butter at the same rates, but they were disappointed. I believe from experience of past years that the present low prices will increase consumption to juch an extent that the market in natural order of things must firm considerably.” Asked if the requiremente for local consumption during the winter will relieve the London market of a substantial proportion of the remaining production, Mr Brash replied that owing to the enormously increased production the Iccal market had become relatively unimportant. New Zealand consumes 10,000 tons of butter annually, which is one-seventh of the total production. Fairly large quantities are being held in New Zealand at present, but the local market is playing a decreasing part in the general position. “There was a time,” added Mr

Brash, “when we used to stop shipping at

the end of March. Now we really do not stop shipping to England until after the end of April.” Speaking of Australian demand for New Zealand butter, Mr Brash stated that up to 1/8 per lb had been paid by Australian importers, but in view of the London prices it was not anticipated that this level would continue unless the London market hardened. MEAT MARKET. Messrs Dalgety & Co., Ltd., report haying received the following advice from their head office, London, under date of April 26: Frozen Meat.—Quotation New Zealand prime crossbred lamb, Canterbury heavy lid, light Hid; North Island heavy lOd. light 10^d; demand for New Zealand lamb not affected by change in price. Quotation fcr New Zealand prime crossbred mutton, Canterbury heavy B|d, light B|d; North Island heavy Bd, light 8d; demand for New Zealand mutton poor. Quotation New Zealand prime ox beef hinds 4-}d, fores 3jd; demand for New Zealand beef nil. Market for New Zealand lamb and mutton weaker; market fcr New Zealand beef nominal. Quotation good 'average quqjity crossbred lamb, Australian light 9d, heavy 8d; mutton, Australian light sd, heavy 4£d; demard for Australian lamb is for finest qualities; mutton limited. Market for all classes of frozen meat continues to fall. Expect a gradual decline in prices when arrivals ere coming forward more freely. Buyers ere only supplying their immediate wants frem day to day. No forward sales reported. STOCK EXCHANGE. (Per United Press Association). AUCKLAND, April 28. Sales: Bank of New Zealand 60/6; Waihi 27/3. DUNEDIN, April 28. Sales on ’Change: Bank of New Zealand 60/3. WHEAT REPORTS. (By Telegraph—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) LONDON, April 27. Wheat cargoes are quieter and fairly steady. Parcels have weakened threepence to sixpence in sympathy with the American market. LONDON MARKET REPORTS. LONDON, April 28. (Received April 29, 5.5 p.m.) Mutton:—Canterbury light B|d; medium 7fd; heavy 6sd; North Island light 8d; medium 74d; heavy 6|d; New Zealand ewes sjd. Lambs:—Canterbury light and medium llid; heavy lid; seconds lOd; North Island firsts 10jd; seconds 9sd. Chilled Beef:—Argentine fores 3|d, hinds 64d; Uruguay fores 3d, hinds ssd; others unchanged. Cotton: May shipment 14.94 d. Rubber: Para 15d, smoked plantation 15|d. Jute: May-June shipment, £29 15/-. Hemp: April-June shipment, £32 10/-. Copra: April-May shipment, £2B. Linseed oil: £49 10/-; turpentine 110/6. The Surrey’s Tasmanian apples at Liverpool sold at: Cleopatras 9/6 to 12/-; Worcesters 6/9 to 10/-; Alfristons 6/3 to 9/6; others 6/- to 9/3. TRADE IN AMERICA. A recent market report from New York states: “Trade continues to incretise in volume and there seems no cloud on the horizon so far as the immediate future is concerned. Production is fast approaching capacity in most of the important industries and in many cases output is already regulated by the available supply of labour rather than by the prevailing demand for goods. “The situation as to labour is, at the moment, quite peaceful, the only strike of any consequence that has occurred of late being that of the garment workers of this city and this was promptly adjusted by granting the demands of the strikers. “The value of imports November was 294 million dollars as compared with only 211 million dollars for Nov., 1921. For the eleven months to December 1, 1922, the value of imports was 2,821 million dollars against 2,272 million dollars during the same period in 1921.” NEW ZEALAND RESOURCES. WONDERFUL GROWTH OF EXPORTS. “It is interesting,” said the president of the Wellington Chamber of Commerce (Mr W. F. Cuthbertson) last week, “to look at the figures of New Zealand’s main exports fifty years ago, and it makes us proud as a young country we should make such progress in so short a time.” Mr Cuthbertson read the following figures:— EXPORTS (Values). 1872. 1922. £ £ Wool 2,537,919 11,382,553 Sheepskins .. .. 18,245 980,189 Frozen meat .... Nil 8,387,468 Butter and cheese .. .. 9,001 13,728,404 Tallow 68,788 750,574 Kauri gum .... 151,167 563,270 £2,788,120 £36,292,458 “Refrigerated ships,” he continued, “did not enter the trade until the early ’eighties when the export of frozen meat wis com menced, but a phenomenal increase lias been , made in dairying, the products of which to-day form over one-third of our total ex ports. “There has been a considerable decline (over millions since 1915) in our flocks of sheep since the war years, and the poor prices for wool have not helped to encourage any increase. However, prices for wool again reached payable figures, and the statistical position points to prices being maintained at a high level. “Sir Arthur Goldfinch, chairman of the British Board of British-Australashn Wool Realisation Association, expressed tie opin ion that the yearly consumption of wool to-day exceeds the production by 500,000,DOO.b; and this estimated shortage is somewhat more than double an avenge NewZealand clip, so that everything points to prosperity in this Dominion industry, as it is questionable whether an increase in flocks in wool-producing countries, on a sr.ale adequate to meet this world shortage can be expected for several years. There is some scope for development in New Zealand, though possibly not to such a great extent as farming of a more intensive nature—such as dairying—tends to encroach <-n sheep lands. “It is interesting to record that industrialised Britain, with its 46,000,0(4) people has more sheep and cattle than New Zealand. The comparative figures for 1921 rxe:— N.Z. U.K. Cattle (including dairy cows .. .. 3,139,223 11,887,000 Sheep 23,285,031 23.749,500 “V/e have so many sparsely-settled districts that our maximum development is many decades away.” AUSTRALIA’S DWINDLING EUTTER EXPORTS. During February last shipments of butter from the Commonwealth to the United Kingdom were 3,235,2681bs less than those in the previous month. The reduction is attributable to shrinking production, lesser quantities being available for expert. Each State, with ‘ the exception of Queensland, contributed smaller quantities toivards the total. Shipments in February <ast comprised—Queensland, 5,316,8081 b, valued at £404,032; Victoria, 3,556,616, valued at £240,785; New South Wales, 514,630, valued at £42,565, and South Australia, 222,5441 b, valued at £16,785, or a total of 9.610,5681 b, valued at £704,167. February last year exports were more than double ths quantity shipped during the same month this year, being 19,405,0081 b, valued at

PROSPECTS OF DEARER TEA. Unless the outlook changes considerably there is a prospect of still dearer tea in the near future, declared a Mincing Lane authority to-day (says the London Evening Standard of March 7). “There has been bad weather for two years’ running in India and Ceylon—an almost abnormal position,” he said, “and this resulted in a shortage of 60,000,0001bs in the present world’s supply. Prices have been going up steadily for the past two years, and have practically doubled. They may now have reached their highest point, but that is by no means certain. An important factor is the increase in consumption since 1914 in the United Kingdom—the chief tea-consuming country. In 1914 the annual consumption of tea per head was 6slbs, and it is now about BAlbs.