OTAGO PRODUCE MARKETS

Southland Times, Issue 23676, 26 November 1938, Page 4

OTAGO PRODUCE MARKETS

Growing Wheat Looks Well DEMAND FOR CHAFF ON SMALL SIDE (United Press Association) DUNEDIN, November 25. There is little of interest to report in the milling wheat trade. Shipments of Australian wheat will now shortly, be concluded as there will be sufficient stock to keep the market going till the new season’s wheat is available. Growing crops are looking well and good yields are practically assured following on the splendid rains which have fallen. The rainfall in the Otago district is considered to have been the best for the past 18 months. Rain was badly needed as the sub-soil had not had a good soaking over that' period. The fowl wheat market remains unchanged, with the North Island still drawing its supplies from Australia. The South Island is working on stocks of Canterbury wheat and these should prove sufficient until the new seasons wheat comes on the market. The local wholesale market continues firm at 6/6 to 6/9 a bushel, sacks extra. The quiet period which has been ruling for some time in the oats market continues. The only demand at present is for Dun oats and these are now practically unprocurable. Gartons, although not in heavy supply, are in sufficient quantity to meet requirements. Local millers are not operating in the meantime. So far as the trade with the North Island is concerned, it is practically confined to the purchase of an occasional line for feed purposes. Shipping quotations are unchanged at 3/3 f.o.b. s.i. for A Gartons and 3/- f.o.b. s.i. for B’s. Shipping business to the North Island is being met with lines shipped at Bluff or Canterbury ports. SMALL LOTS OF CHAFF The demand for chaff continues on the small side. The business going through is confined to small lots, ex stores, the value being £6 10/- a ton, sacks extra. The local, market is still securing most of its lines from Canterbury, but it is difficult to secure good quality. The market for old potatoes is drawing to a close. Supplies are still available in stores and these are going off slowly at £2 5/- to £2 10/- a ton, sacks included. Varieties such as King Edwards and Suttons realize higher values. New season’s tubers are increasing in quantity in the North Island and shipments of old tubers from the South Island to that quarter are not now wanted. The markets for all seeds remain steady. Inquiries for seeds are still being received from overseas and this outlet, along with the retail demand, is helping to diminish the available stocks, which are now on the light side. Sales of certified ordinary and Italian ryegrass, white clover and dogstail have been made for shipment to Australia. The cowgrass market is quiet and the same position applies to browntop. There has, however, been little overseas business in the latter seed. The cocksfoot market is steady and unchanged. FRUIT REPORT A shipment of Canadian delicious and Jonathan apples arrived during the week, transhipped ex the Niagara. Small supplies of New Zealand grown/ apples, ex the cool stores, are also reaching the market. A further shipment of Australian oranges i? due to arrive on Tuesday next ex the Maunganui. Tomatoes have been in good supply and the market is steady. Prices compare more than favourably with those ruling at this time last year. Cherries are increasing in supply. Supplies of strawberries are erratic following changeable weather. . Another shipment of Californian grapes is due ex the Monterey, transhipped at Auckland. A shipment of bananas arrived ex the Maui Pomare, railed from Lyttelton. A third of the shipment for the local market was placed in cool store in Christchurch and this portion will arrive on the local market next week.

CANTERBURY MARKET DEMAND FOR OATS AND CHAFF (United Press Association) CHRISTCHURCH, November 25. Business in the Canterbury grain and produce markets is stagnant. The only lines for which there is any demand are Dun oats and chaff, but these are practically unprocurable. Quotations are unchanged. Although it is too early yet to obtain any conclusive indication, prospects for the coming season look very good. The acreage of wheat in Canterbury may not be as large as it was last season, but the crops are in excellent condition and it is anticipated that an improved yield will offset any reduction in area. The growth on Banks Peninsula has been exceptional and this promises well for the cocksfoot crop. Merchants’ stocks of all lines are very small and prices to ’farmers in the coming season should be satisfactory. COMPANY NEWS DOMINION BREWERIES AUCKLAND, November 25. The directors of Dominion Breweries Limited have decided to pay an interim dividend at the rate of 11 per cent, per annum on the amount paid up on shares from time to time during the half-year ended September 30. Payment will be made on December 16.

The interim distribution last year was at the rate of 10 per cent, per annum and the rate was maintained in the full year’s payment.

LONG-TERM OUTLOOK FOR RUBBER AMSTERDAM BROKER NOT OPTIMISTIC Though the drastic restriction and a slightly increasing world consumption have made the statistical position of rubber, and rubber prices, comparatively satisfactory, the long-term outlook is less favourable. This is the view of a leading Amsterdam rubber broker, reports the correspondent of The Financial Times.

There was far too much rubber in the world, he said, and a rather drastic restriction ratio would therefore have to be applied for an indeterminate period. Another question of importance was that of new planting. “Though this has been restricted to 5 per cent.,” he said, “it should be borne in mind that the future yield a hectare will considerably exceed the present

yield because of the excellent planting and bud-grafting practice. “It is learned here that some Dutch estates have areas where they an average yield of no less than 1800 to 2500 metric lb. a hectare, though it has not yet been proved whether this sharply increased yield of budgrafted trees is not effected at the cost of an increased weakness. “This increased yield, nevertheless, will of course have a material influence on the reduction of the cost price, and will place the companies with large bud-grafted areas in an excellent position as against the less wellequipped estates.” Though turnover in the rubber market is small, there has lately been a keen demand in London and Amsterdam for rubber on the part of Germany, in spite of the high German import duty.

THE PRICE OF GOLD (Received November 25, 6.30 p.m.) The price of gold is £7 9/2 an ounce. Unofficial dealings in gold were made in the afternoon at £7 9/84 —almost as high as the unofficial record, which is £7 9/11 in 1935. THE WHEAT MARKET k CARGOES STEADY AND PARCELS FIRMER (Received November 25, 6.30 p.m.) LONDON, November 24. Wheat cargoes are steady and parcels are firmer. Futures.—-London: November, 22/10; March, 22/7 J. Liverpool (old contract): December, 4/6|; March, 4/6.1; May, 4/6L Liverpool (new contract): March, 4/3g; May, 4/4J. Chicago; The market is closed because of a holiday. FOREIGN EXCHANGES (Received November 25, 6.30 p.m.) LONDON, November 24.

FROZEN MEAT MARKET (United Press Association) , WELLINGTON, November 25. The New Zealand Meat Producers’ Board advises that the following are the approximate average prices realized for the week based on actual transactions, wholesale quantities and descriptions of meat mentioned and for representative parcels of goods offering during the week being for business done on the basts of delivery, to Smithfield market and/or ex-London stores. Nov. 17 Nov. 24 d d

The lamb market is steady with a little better demand because of the easing down of Home-killed meat. Trade in wethers and ewes continues dull and prices where changed are slightly easier. Frozen beef is steady but unchanged. Chilled beef is firm with a good trade. New Zealand porker pigs.—Lightweights a shade firmer because of shortage of supplies, others unchanged. New Zealand baconer pigs.—Tendency easier because of low prices of Continental bacon. The boneless bobby veal trade continues slow.

Par. Nov. 23 Nov. 24 Paris, fr. to £1 170 178% 178 47-64 New York, dol. to £1 4.866 4.66% 4.64% Montreal, dol. to £1 4.866 4.69% 4.67% Brussels, belgas to £1 35 27.57 27.47 Geneva. fr. to £1 25.2216 i 20.58% 20.46 Amsterdam. kr. to £1 12-107 8.57% 8.53% Milan, lire to £1 92.43 83% . 88% Berlin, relchmarken to £1 20.43 11.65 11.62 Copenhagen. kr. to £1 18.159 22.60 22.60 Stockholm, kr. to £1 18.159 19.41 19.41 Oslo, kr. to £1 18.159 19.90 19.90 Prague, kr. to £1 154.25 136% 135% Helsingfors, marks to £1 193,23 226% 226% Madrid, pesetas to £1 25.2216 — Lisbon, escudos to £1 HO 110% 110% Athens, drach to £1 375 547% 547% Bucharest, lei to £1 818.60 665 665

N.Z. Sheep— Crossbred wethers ana/ or maiden ewes: Under 481b 4% 4% 49-561b 4% 41/4 57-641b 4>/< 4>A 65-721b. 4‘,4 4>A Ewes: Under 481b 3 3 49-561b 2% 2% 57-641b 2 >/z 2 >,4 65-721b 2>/z 2% N.Z. Lambs— Canterbury: Under 361b •— 37-421b —• •— 43-501b Second quality: Average about 311b 6% Other South Island: Under 361b — — 37-421b 7% 7% 43-501b — — North Island Downs— 361b and under — — 37-421b •— 43-501b Second quality: Average about 301b —• North Island, first quality: Under 361b — — 37-421b Second quality: Average about 311b 672 Australian Lambs— Victorian first quality: 29-361b 37-42lb Argentine Lambs— First quality: 361b and under 7 7 37-421b 6% 6% N.Z. Frozen Beef— 4’/a 4% Ox hinds (145-2101b) Australian Frozen BeefOx hinds (145-2101b) 4y 4 474 3% Ox crops (145-2101b) 3% N.Z. Porker Pigs— First quality: 61-801b 7‘A 77b 81-1001b 7 7 101-1201b 6% N.Z. Baconer Pigs— 121-1601b 6 6 (Chilled beef prices are approximate average prices realized for the week.) N.Z. Chilled BeefOx hinds (145-2101b) 5% 3>,<t 57 a Ox fores (145-2101b) Australian Chilled Beef— . Ox hinds (145-2101b) 5% 5% Ox crops (145-2101b) 3>/ 2 3% Union of South AfricaOx hinds <145-2101b) —— 61a Ox fores (145-2101b) — 3% Southern Rhodesian Chlliee Beef— Ox hinds (145-2101b) 6 6 Ox fords (145-2101b) 3% 3% Argentine Chilled BeefOx hinds <145-2101b) 6% 6 5 ,6 Ox fores (145-2101b) 4|fc 4‘/a