CITY TRADING

Southland Times, Issue 24104, 18 April 1940, Page 4

CITY TRADING

OATS ARE OFFERING FREELY MORE ACTIVITY IN BROWN TOP MARKET By OUR COMMERCIAL EDITOR Southland oats and wheat are now offering freely and fair business has been done during last week. The ryegrass season has been disappointing but there are signs of improvement in the fescue and brown top markets. The yield of potatoes will be up to the average. Oats.—With threshing proceeding steadily oats are offering more freely. Most of the samples coming to hand are in good condition and suitable for milling although some of them would not make A grade for colour. Milling samples are worth 3/5 a bushel, with special lines commanding a penny a bushel more. B grade lines are worth 3/3, o.t.c.s. Merchants are content to dispose of their purchases for milling purposes and rail them away from farmers’ sidings in preference to talcing them into store.

Wheat.—Stocks are coming to hand freely and contrary to earlier ideas most of the wheat is passing milling grade. This has been a distinct advantage to growers because lines failing to pass the grade would come into competition with the Government’s importations from Australia for the North Island, and there would be a considerable drop in values for such quality. Values to growers, f.o.b. Bluff for milling wheat for the current month are as follows:— 5/6 for Tuscan, 5/8 for Hunters and 5/10 for Velvet. These prices are subject to the bonus payable at the end of the season on the minimum of 3d a bushel. POOR RYEGRASS SEASON Ryegrass.—The season has been a disappointing one, the bad weather during harvesting having reduced the seed available to a small compass. Much of the seed has been of low quality and poor germination and not at all attractive to buyers. In view of the doubt about germinations merchants are buying on a machine-dressed basis and on Government germination certificate. Values remain about the same level as last week. Chewing’s Fescue.—More of this seed has been offering and the grower has become reconciled to accepting the lower' prices ruling. On the other hand merchants feel that they may have difficulty in marketing the whole of the crop because of the restricted outlet and the large crop. In the circumstances they are exercising caution in buying. Value to growers is 1/- for machine dressed seed of good quality; this is equivalent to 8d or 9d a pound off the mill.

Brown Top.—There has been more activity in this market. This has been due to some of the early over-sellers finding difficulty in locating supplies to fill their contracts. The yield this season is below normal. Value to growers is 1/3 a pound for certified seed and 1/2 for uncertified.

Potatoes.—lt was thought that the blight which appeared in some districts would have the effect of reducing the yield but it is now expected thai the yield will be about the average. Some transactions have taken place with Australian merchants, subject to the import restrictions being lifted to permit exports. On the prices offering merchants would require to buy at £3/10/- to £3/15/-, 0.t.c.5., to meet the competition of the Australian domestic crop after paying freight duty and other charges. FRUIT AND VEGETABLES Most of the business of the past week has been done in apples and pears. Heavy consignments have reached the marts and a good demand has been supplied. The main variety of apples which has been handled is the Jonathan; record quantities have been disposed of in the last two weeks.

A comparatively small lot of Delicious apples was released yesterday. This variety is priced higher than the Jonathan, and it is not expected that heavy supplies will be available for some time.

A small consignment of Cox’s Orange will be released before the end of the week. Prices for these will probably range from 8/- to 10/6 a case. Additional supplies are not procurable. Oranges are unprocurable in the meantime. A small shipment is expected early next week. Jamaican grape fruit is expected on the market about the same time.

Lemons are in short supply, but additional consignments are on the way and should arrive before the end of the week.

Bananas are plentiful and sales are normal.

The tomato season is rapidly coming to an end. Frosts have affected the remainder of the crops and some of the recent consignments have arrived in poor condition. Hothouse grapes are in steady supply; they have a good demand. Cucumbers are selling at low prices. There is a good demand for pumpkins and jam melons, supplies of which are on the short side. The vegetable market generally is quiet. RANGE OF VALUES Wholesale prices may be quoted as under:— Apples, from 5/6 to 10/6 a case. Pears, to 5/6 a box, and up to 9/6 a case. I Tomatoes, 3|d to 5d a pound. Grapes, 1/3 to 1/5 a pound. Cauliflower, 8/- to 10/- a sack. Cabbage, to 4/- a sack. Marrows, to Id a pound. Cucumbers. 4/- to 5/- a dozen. Lettuce, 1/3 to 2/- a dozen. Melons, to 2d a pound. Pumpkins, to 2d a pound. Carrots, to ljd a pcund. RANGE OF PRICES Wholesale Bran: £6 a ton. •*

Butter: First grade, 1/4J. Oatmeal: 25’s £25/10/- a ton; 200’s £23/10/-. Pollard: 100’s £7/10/- a ton; 150’s £7/5/- a ton. Flour: 200’s £l3/15/6 a ton; 100’s £l4/12/6 a ton; 50’s £l4/17/6 a ton; 25’s £l5/17/6 a ton. Retail Bran: 7/6 per 1001 b. Butter: 1/6|. Oatmeal: s’s 1/8; 25’s 7/9. Flour: 25’s 4/6; 50’s 8/6; 100’s 16/-. Pollard: 9/- per 1001 b. EGG PRICES Egg prices were quoted yesterday at 2/- to 2/3 a dozen wholesale and from 2/2 to 2/4 a dozen retail. Pullets’ eggs were quoted from 1/5 to 1/9 wholesale and 1/10 to 1/11 retail. Country prices a penny a dozen less. SEPARATOR BUTTER Yesterday separator butter was quoted at 8d to 1/- a pound wholesale and 1/2 to 1/3 retail. Separator butter is at present in short supply. The prices of eggs and separator butter vary from day to day. The prices quoted above were those in force yesterday. MINING WEST COAST DREDGES (United Press Association) GREYMOUTH, April 17. West Coast dredge returns during the first half of April were: Barrytown dredge—sl7 ounces for 227 hours and 90,000 yards. Kanieri dredge—643 ounces for 238 hours and 129,000 yards. Arahura dredge—6B3 ounces for 253 hours and 180,000 yards. COMPANY NEWS CABLES AND WIRELESS (Received April 17, 8.40 p.m.) LONDON, April 16. The directors of Cable and Wireless recommended a dividend of 4 per cent., less income tax, on the ordinary stock for 1939. DEBENTURE QUOTATIONS (Received Ap.., .i, 6.30 pm.) LONDON, April 16.

THE METAL MARKET LONDON, April 16. Metals are quoted as follows on the London market:— Silver.—Standard 207 ad an ounce; fine 22>id. Tin.—Spot, £253/10/- buyers, £253/15/sellers; forward, £248/15/- buyers, £249 sellers. Pig Iron.—£s/11/- a ton. Antimony.—British £lO6 to £107; foreign £B2 to £B7. Molybdenite.—4s/6 to 47/6 a unit (nominal) . Wolfram.—so/6 to 60/6 (nominal).

Debentures are quoted as follows:— d £ s Dalgety and Co. (4p,c.) 84 10 0 British Tobacco 1 16 6% Goidsbrough Mort 1 2 3 Dalgety and Co. 5 17 6 P. and O. (deferred) 1 1 6