THE PRICE OF WHEAT.

Ashburton Guardian, Volume VII, Issue 1951, 22 September 1888, Page 4

THE PRICE OF WHEAT.

Is the course of an article headed ! p 11 Round the Corner," which appeared _ ia the "Mail" of Tuesday last, we referred \ to a Mark Lane quotation received on t the 13th inst. of 45s per quarter for t New Zealand wheat a3 "very satisfac- j tory," and remarked that " this is equal £ to 5s 7^d per bushel, and should mean 4s f.o.b. m the colony." That is to say ] that is what we wrote, but unfortunately the compositor set up 40s instead of 4s. This, however, we deemed could scarcely mislead, as we were speaking of the value per hisheli and it must have been obvious that 4b and riot 40s was intended. Wo of course assumed that the figures cabled, 45s per quarter, were correct — and we have not seen them contradicted or corrected, though since that date prices bave evidently declined somewhat. Our purpose m referring to the matter again, is not, however, to discuss the correctness or otherwise (of the quotation on the date inferred to, but merely to show (as our statement has been challenged) that 455, ex warehouse, m London is fully equal to a value of 4s f.o.b. at Lytteltori. We shall prove this by account sales of shipments which lie before us as we write. That of one shipment relates to a parcel of 200 bags, upon which the charges were as follows : —

This it will be seen is a fraction over Is 2£d per bushel. To this there remains to be added for wharfage at this end, and insurance, say Id per bushel, loss, m weight and by difference m weights say, together, 5 per cent, equal to S^dper bushel, and loss on bags, gay Another Id per bushel, and we have a total of Is Bd. So that taking freight at 80s, wheat sold at 5s 7£d m London would be as nearly as possible equal to 4s per bushel f.o.b. at Lyttelton. The account sales of the other shipment relates to 291 bags, upon which the London charges total up to £71 14b 3d, equal to- a fraction over Is 3d per bushel, the freight m this instance being 32s 6d per ton. It is true that within the past few days rates of freight have gone up considerably, reaching now to 40s, and to find exactly what English quotations mean, it will be necessary to add to our first example, that of 200 bags at a freight of 30s, one third more upon this item, and aleo upon that of primage. This done, it will be seen that instead of £4& 11s Bd, as representing the charges enumerated for 200 bags, we should have a total of within a fraction of £60, equal to Is 6d per bushel To tbiSiadd, say s£d for the severaf items of wharfage, insurance, loss m. weight and by difference m *r<Mffhtß,.and loss on bags, and we have a total of- 1r ll^i as the amount to bo deducted from the English sale price to . give the nett value f.o.b, at Lyttelton. Therefore, with freight at 40s pei ton, the f.o b. valno of wheat realising 45b per quarter m Lonnon is* 3s Bd, To find the value m Ashburton the cost of railage to Lyttelton has of course to be deducted, and as this amounts to 3^d per bushel, the nett value m Ashburton of wheat worth 5s 7^d, m London is thus 3s 4^d. To put it still more simply —given that the rate of freight is 40s per ton (equal to 13d per bushel), then 2s 3d deducted from the London price per bushel will give the value per bushel m Ashburton.

£ a d Stamp on Marine Insuranoe Polioy 0 0 6 Freight (at 303 per ton) . . . . 31 13 9 Primage (at 5 per cent) . . . . 111 9 Interest .. .. ... .. 011 3 Ongtom-houße entries . . • . 0 1 6 Waterages, Sampling, Superintendence, eto. . . . . . • 0 311 CUy ana Market does .. .. 08 10 Weighing into granary .. ... 07 0 Lighterage, landing and delivering, etc 4 14 3 Bent and insurance .. .. 3 4 6 Brushing .. 110 7 Factorage, commission and deloredere, 3 pax cent .. . • 43 10 Total .. ... .£4B 11 8 j