THE PRICE OF WHEAT.

Timaru Herald, Volume LXXXI, Issue 12508, 21 October 1904, Page 3

THE PRICE OF WHEAT.

. A FORECAST FROM LONDON. "By- the iSan Francisco mail, which; arrived o'ri : Wednesday,' Messrs ;T. Buxton and Co., of Temuka, received- the. following advice on' "wheat prospects jroiii their i London agents,, Messrs. G. J. McCaul and 1 With regard? to-America, we cor.t-ider ! that- tlie shortage" there has been gieatly exaggerated ;' : rit the v -san)e^-tfane.*e think ! .thece,- wHtjjft "s< shortage, and that the ; American crop will be v 0n1y.'575. millions as " against 6CO millions last year - , and that ; ihe_jx4H)ilalilejutti>!«« If whir. Aiaerita- will' only lie 100 millions as iigainstn 120' minion bushels last year.__.. Bfuc»«SJi \\-Jieat- in America hrnrTt'dvanced- 7s per quarter from the bottom, and the "uv'eriige price of the r,es,t of the world has only advanced 3s, ! there _is room for u further-.fall "of 4s in 1 America 'before the price of"* your produce need be affected. ■ • We : think the world's pruductjLbii,jieherally will btj'Vm'aller than the coiitinental.'production especially will be short, and we should think there is every prospect, of a maintenance of jiresentyirice^,-or an improvement upon |M|rir. is. we look upon the a .safe;level. : We "would ■ ni'ucli latlier. be "bolls" jthaw ''belir!" of wheat at' present prices.; l .•■ AV the V;am?" time we--<ki.«not look for an extravagant Advance.'such .as ha?, recently taken place in America.' ....... " ..*.,. We'think the slight At- \< of about od per quarter, ia our.miirket ifor your produce is'only' a (jemporary. ltilE, "just at the moment Eng'-sh wheat arid English "oats which, move than others, come directly iutri competition" with" your pro'duce, are "av.iil- ; ■ ' ■ - and are being freely pffered, and this causes rather a slackening: of the demand for New Zealand, but we,think that the demand will revive again when.^lie:pressure of the English crop relaxes) ~.•':■'•*.- - "'■"■ Thcie h;is been another 1 big rise in America, :uid it looks as if thev will all alwtg be above our level.; and whether thev chop or advance 3s or;4s per quarter will not affect us much. Russia is offering and selling very fr e elv.,and must sell for •.hnancial -reasons, but we still think the prospects of our igarket"afe,good. and we 1 are muf-h more likely to see.a rise than a .mi - I,ris I>ecn - - or a ,n *K Tim e- nnd :stil! v. irenrions-fact "that Anrtr.-lbn Mrgoes for shipment are Is 6d per quarter dearer than arrived or close at hand