CANTERBURY MARKETS

Press, Volume LXIII, Issue 18894, 8 January 1927, Page 12

CANTERBURY MARKETS

THE FLOUR IMPORTATIONS. OUS COMMERCIAL EDITO3.) Friday Evening. Merchants anticipate that the first of the new season's oats will come to 1 hand next week. "We are just marking time at present," said one of them I to-day, "and everybody is waiting for I the new stuff to open. ' I This particular merchant remarked that unless something was done to atop the dumping of Australian flour, faimers' miseivmgs regarding the prices thev would be likely to get tor their wheat would be realised It would he a bad thing for the Dominion if the price fell to such a level as to cause fanners to refrain from sowing wheat in future seasons. It was ascertained that a fair amount of Australian flour had yet to come to hand. Some of the mills wore running out of supplies, and must obtain sufficient to carry them over until near the oud of February, when the first of the New Zealand'flour would be available. Nothing had been heard of any of the shipments of Australian wheat coming to hand. Five thousand tons had been ordered, mostly by North Island millins; companies. * The present price of Australian flour, f.o.b. Melbourne, is £ll 10s per toil, which enables it to be landed in New Zealand at the equivalent of about os 3d per bushel of wheat. Merchants are offering os 6d here, but there is little doing at this price. Farmers are not showing much disposition to quit until the situation becomes clearer. Cheap Oats. It is anticipated that oats will open at 2s 6d for Gartons and 2s 3d for Algerians on trucks at country stations. It is difficult, however, to state anything definite yet. Potatoes. Fair quantities of potatoes are offer-, ing at £3 10s per ton for main crop 'April, May, or June delivery.). The dry weather now being experienced will keep blight down. Little has appeared yet in the main crop, but it has not' yet reached the stage when it is usually in evidence after too much damp weather. This is usually the ond of January or middle of February. Other Produce. Onions are being quoted at £4 10s per ton oil trucks at country stations for March-April delivery. As there are plenty in Australia, not much is likely to be done in exporting. Onions are at £7 f.o.b. Melbourne, or from £8 10s landed at Sydney. Merchants would bp obliged to quote them at about £5 f.o.b. Lyttelton, to enable them to compete, calculating transport charges at £3 per ton. For March-April delivery, chaff is quoted at £3 15s on trucks. Quotations.

The following aro nominal quotations, free of commission, on trucks at wayside stations, sacks extra, except where otherwise stated : Wheat (nominal) —New season 5s 6d on trucks.

Oats—Algerian (new season's) 2s 3d, Gartons 2s 6d. Chaff —Good bright, £3 10s. White Clover (new season's) —9d. Cowfrrass —Bd. Italian Ryegrass—2s. Perennial Ryegrass—3s.

Cocksfoot (nominal) —6d to 7d. Potatoes (new season's) —£3 l*os. , Flour—£lß local. Pollard—£lo f.o.b. nearest port, 10s extra for smaller packing. • Onions (new season's) £4 10s. Bran —£7 per ton f.o.b. nearest port-, 10s extra for smaller packing. DUNEDIN MARKETS. [THE PEE S3 Special Service.] DUNEDIN, January 7. In all tho markets very little business is being done, a holiday tone still prevailing. The harvest will be later than usual, and it will be some time before any grain or seeds will be available in this district. Reports trom Canterbury go to show that some of the early crops ore now being cut, and it should therefore not be very long before opening prices will be available. Owing to tho exceptional growth this season it is anticiapted that there will be a larger quantity of grass-seed available, and prices are certain to bo lower. Recent statistics show that the coming oat crop availablo will be practically the same as last year. Although an increased area in wheat has been sown, it is doubtful if there will be sufficient for New Zealand requirements. It is rather early to report on the yields, an this depends a good deal on the weather from now till harvesting. Indications, however, are that the phenomenal 'yields obtained in this district last season will not bo available this year. Reports from the farmers are that tha crops of the low-lying areas have been affected by the exces3ivo moisture. There was also a rumour of the early crops showing signs of rust, which is a usual thing for a year of excessive moisture.

Wheat. —The quantity of wheat now available in Netf Zealand is a good deal leas than was available this time last year. Supplies have been supplemented by importations of ;rrain both from Canada and Australia, and in some eases by flour, soine millers preferring to import the latter, as they cannot grist the imported grain into flour at the same prieo as the imported manufactured article. Supplies of fowl wheat ore now in short compass, ( but the distributing demand is poor. This market has been kept going by odd parcels of milling wheat, which have come down from Canterbury, It is selling on the wholesale market round about 7s 8d a bushel, sacks in. Some Australian wheat is also landing at a cost of Cs lOd, sacks in. The Australian market haß a weakening tendency, and in view of this importers are holdin? off as long as possible to secure supplies. Present importations of fowl wheat aro free of duty, but the Government has announced its intention of reiinposing duty after tho end of February. Oats. This market is quite lifeless, there being more than sufficient available. Tho Ivorth Island has shown very little interest in quotations, which are 3s 6d a bushel f.0.b., s.i., for A Gartons, and 3s 3d a bushel for B grade. At present there are practically no offers for growers, the oats on the market being held by merchants, who bought early in the season. •

,T dema J ,a for chaff is poor, and practically no consignments are coming In. There appears to be sufficient lield in Dunedin to met the market. For good quality the prtsent value is about £5 5s a ton, sacks extra. Medium and poor aro unsaleable. The shipping demand has now ceased, the fiot from IS. RUPP ' iCd With im^"

OeS '~" T1 7 C ™ apkct for old potatoes ins now censed, the demand being: confined to new*.

METHVEN STOCK SALE. The first stock sale since .the holiday "li Wa , s the Methven saleyards on Thursday. A very large attendance of the farming community was present, doubtland 'n "r f fi Ct tha ' o f era tionß on the Innnf ? Poetically a t a standstill on acthe first i° W ' !t wmthcr - That this was the first sale smce Ihe freezing works resumed operation* would also help to account for the increased attendance. In point of mThTI Quantity of lambs offered was v" r i, v cx Pcclations for the time of the number of lambs were sold K r !" holidays, and since then the continued wet jveatlier has had a tentas C quite !in Ck t fa i teDin? - The offered n L-onH iI 1 , , U6Ual sale standard, and Le of fnt rt ' sUlletl a ' schedule rates. One line of 426 was passed. The top price 7ilr V RowL aP H- 24 , ,ambs d* n.i R< "\ se ' H 'Shbank, which sold at 26s 3d 1R iTo^'^r; 6 / 52 fat at 2Gs la'. ™ r . 8 10d ' 54 at 25s «•!. 72 at 23s at' ] 9s f i a o t d.To Sa al l l ß 7 S s 3 4 6at ?<1 ' 14 About 30 pigs were offered, and sold as to 27s St ° rCS at 36S ' weaucrs fr °M 23s Horses—l three-year-old gelding at £25, 1 yearling colt at £lO 5s ' ChaDgCd hands at 0 android "at market 7 ratee^ tln^r ' 0S ° ffCred

MILK AND CREAM,

PRICES AT AUCKLAND

[THE 7BSSS Special Service.)

AUCKLAND, January 7.

Milk and ereain are to cost more in Auckland and suburbs from to-morrow. The retail price of milk is being raised by Id a quart, from 6d to 7d, and cream will cost Sd a quarter carton, Is 4d a half carton, and 2s lid a carton, instead of 7d, Is 2d, and 2s 2d. The two chief reasons given for the change are higher wages and wet weather. A recent award made by the Arbitration Court involves considerable increases in the working costs of the retailers, a sum approaching £2OOO a year being mentioned in the caso of one firm alone. The failure of a large porecentagc of the hay crop, mainly owing to an abnormally wet season, also partly accounts for the higher prices, for farmers are being faced with the serious position of having to provide winter feed to maintain supplies. It is usual to raise prices about this time of the year in order to keep faith with the farmers with whom the vendors have to make contracts for their supplies. FLAX INDUSTRY. CONFERENCE TO BE HELD AT PALMERSTON NORTH. j (press association telegram.) PALMERSTON NORTH, January 7. A big conference is on foot to place the flax industry in New Zealand on a better footing. Some time prior to the holidays a proposal was made for reforming the grading system. A draft of the proposal was sent to all interested persons throughout the Dominion, and as a result of the replies received it was decided to call a conference and go thoroughly into all the questions connected with the industry. This will be held at Wellington on January 21st, and will be attended by flaxmillers, merchants,' manufacturers, and the Department of Agriculture. This will probably make tlio largest gathering of those interested in the industry that has been seen for many years. INCREASED OUTPUT.

1 DAIRY PRODUCE IN AUCKLAND. J [THE PRESS Special Service.] AUCKLAND, January 6. The output of dairy produce in the Auckland province this season still constitutes a record. The butter received into store by the Auckland Farmers Freezing Company since the beginning of July totals 946,962 boxes, represent- . ine an increase of more than o per cent, on the corresponding figure f° r the previous record season or lyzi-zo. The total is nearly 14 per cent, more than that for the same period or 1925-26. . „ The aggregate increases are, W,y<» boxes and 114.922 boxes respectively. The output of butter for December ■just closed was 296,033 boxes, which is the largest monthly aggregate for the three periods under levied. December is the flush of the season and a high yield was expected, but this time it was 32,870 boxes ahead of that in December, 1926, and 36,776 boxes ahead of that one year earlier. .. . . The cheese returns for the same six monthly period of 1926-27 also snow remarkable increase. , The total is 82,704 crates compared with 76,553 crates for the same period of 1925-26, and 60,818 crates for that of 1924-25. LOAN AND MERCANTILE. ANNUAL REPORT. The directors of tho New Zealand Loan and Mercantile Agency Co., Ltd, in their thirty-second annual report and profit ana loss account for the year ended Juno 30th, 1926, state:— .. i £ £ s. d. After paying interest on first and second mortgage debenture stocks, making provision for bad and doubtful debts and other contingencies and writing £IO,GOO off premises as per account, there remains a balancn o'* .. 185,640 13 5 The directors have appropriated to the Staff Benevolent JTund >■ 10, COO 0 U 125,040 13 5 The interim dividends of 2$ per cent, on tha Preference Stock and 3 per cent, on the Ordinary Stock paid in June " last absorbed • • 55,000 0 0 Leaving a balance of . 70,6(40 13 5 To which has to ho added the amount brought forward from • last year, viz. .. 39,645 12 10 Making a total of 110,586 ft 8 Out olf which the directors recommend: A final dividend of 24 per cent, on the 5 per cent, cumulative preference stock (payable loss inccmic-tax at 2s in the £) • .. 25,000 A final dividend of 4 per cent. (payable less income-tax at 2s in tho £) on the ordinary stock, making 7 per cent, for tho year .. 40,000 Leaving to bo carried forward .. 45,286 6 3 The extension of the company's business, especially in Australia, calls for additional capital, without which the normal requirements of its increasing connexions cannot be fully satisfied. Tho directors have accordingly, after full consideration, decided to recommend the stockholders to sanction an increase of the capital of tho company by tho creation of 500,000 6J per ent. cumulative second preference shares of £1 each, which will m! issued at par and, when fully paid, will be converted into stock. A resolution sanctioning the increase of the capital una setting out tho right 3 of tho new shares is inc'udcd in the notice convening the ordinary annual general meeting. Applications {or the new shares from the existing ordinary and preference stockholders will receive preferential consideration.

Since the last annua] general meeting, Mr William Murray, having decided to reside abroad, resigned his Boat at the Board and his resignation was accepted bv the directors with regret. It is not the'intention of . ''' P reocl it to fill tho vacancy. Tho directors recently appointed Mr H. O. Aolan, for several years manager of the Aucx-and branch, to a seat on the local JBoard for Aew Zealand. ' During the year the directors received with regret tho resignation, owing to ill--1-' Morgan, chief inspector lor isew Zealand, who had been in the sor- ™ " f "J 4 , company for Ihiitv-fonr vcui-.,. JJio Lomd have appointed Mr AValter Taylor Efisen to the position so vacated. Mr G. M. lie id, who oil January Ist, 1926, was appointed manager of tho company, hus spent about six months in Australia and . .Y Zealand visiting the branches, and his visit should be of great benefit to the coinpan)'. Mr Alexander Macdonald was appointed secretary.

RANGIORA HORSE SALE. The first monthly horse sa,!e for tho New lear was held yesterday. There was a small h* • , lioracs ' a " d > farmers being busy with their harvest, there was only a small attendance. There were no good young wioM B ,f st mad! up to £37, medium draughts £2O to £3O, and aged draughts £1 to £l2. '

THE FRUIT MAIHB CHRISTCHURCH,-WB There have been lietvy tables during tho week and' pfjgjljjM majority of lines show an the case of cauliflowers, a dozen during the week for Tho main fruits linvo been in and have been selling at steady improved slightly in Jeserst bringing Id to Gd cheaper. Tomatoes are bringing Is a. lb. and others A shipment of Fiji bananas tha week nnd mot with a ami a small parcel of passion came in from Sydney nnd sold mBBMH Ruling prices yesterday per lb up to Til; n prieots. • 3d; banana*, Fiji, per can MproffinH black, per lb 4*d; cherries, Is llld; gooseberries, per lb Frisco, per csjo "."is; oranges, toMjfMw rafo up to 10s; passions, <j T dßml|ifKj^H 2Ds; peaches, cooking, per lb dessert, per lb up t'> fd; plnr>n'-<SWB^B per )b '2d; plum?, dessert, per IvtJWiBBB laspbcrrics, per lb Sd to Is sd* fijHg|^B dessert, up to Is Ojci; beans, Jw9S|§3^B| to Is sd; beans, broad. Id p(K^|g|re^B per doz bundles up to Is per lb, 3s; cauliflowers, per dox'ijJalgnH carrots, per doz up to Is Sd; hothouse, per lb Is; gre«n r°M.*sißjß^K up to Is; ldttuce, per dos marrows, per doz up to 10s; 9«* vSXkHI per lb Id; onions, kxnl, per aug^xSlfi^H onions, per cut up to 10s; pamwfiln^B doz to Is 6d: radishes, per doi rhubarb, per doz up to 3g onions, per doz up to Is; turnip^'^MflH [THE FBKSS Special Serrica} The market has livened 'up a much better demand existing and vegetables. The market it ■ bananas, oranges, and apples, and trnffir*Bl supplies aro in sight. This is price of stono fruit at a Tomatoes aro arriving in larger eatiSßH but prices remain firm. Small peaches, apricots, and plums are from Christchurch and the dtago These are readily sought. StravbntfflSH almost finished, but raspberries berries arc increasing. Heavy imnStslfM| peas aro arriving, and priees iu the week, but dropped again Peninsula potatoes are in good about 2d. Cauliflowers, tuco.s arc in good supply, and Current wholesale prices aro as Apples, Canadian, 21s; orangev SoMpa9|jH tralinn 27s 6d, Califurnian navels ''wßtM double case; lemons, Californian•' double case; bananas, ripe, MOs ugSja raspberries, Ss to 10s per bucke(tf||ffl§fl berries, Ts to 8s per bucket; black 4Jd to 6d per lb; red currants, mWBm cherries, extra choice blacks Is 9di'lfiS9§gH Is to Is 4d, others 8d to Is; ljd to OJd per lb; red plums, ijljraß per lb; cucumbers, 7s to 10s. plums, 5d to 6d,,per lb; atrawborrltjiSjEttlß Is per pottle, extra choice to Is 5d to 8d per lb; poaches, 4(1 ■' fa'ffiaHjfjW lb; cauliflowers, 6s to 8s per only), others 3s to 4s; green■ 2d; whito turnips, Is per potatoes, new Peninsula 2d, NortV-j|§U|B lid; Christchurch tomatoes, Is 3d'faraMMPß seconds Is to Is 4d, local hothonitflßißM to 1b 8d; rhubarb ljd to 2}d per jju|9|fl bages, choice 3s to 5s per sack 'jHlfflW dozen, others unsaleable; spring ogSgSSIH 4d per bundle; lettuce, choice, 2s parsnips and carrots, new seatoa'si jHSjSM Is 6d per dozen bunches; broad beaj^tfffijjfl BANK OF ENGLAND RBTDR^H (bt cabix—pbess association—(Australian asd k.z cabu inftfiffiMM IX>NDON, Janwiffflfl The following are the Bank <4-fI®EBB returns for the week ended WedntetiMgfl Issno Department." a||B Note circulation .. .. | Notes in reserves ~ '• Government debt Other securities .. Gold coin and bullion .. ~ iwHtjUfM Banking Bepartmeift. Proprietors' capital Public deposita lll&jfijfl Other deposits •• Seven-day and other bills / .fH Government securities .. Bußjß9 Other securities i. ~ Notes in reserve .. 30JWH9 Gold and silver coin ~ UjfflfiM Proportion of rcecrro to liabilitiM^^Hgl Short loans are quoted nt 3} ptt'jjHH three months' bills at 4J per cenU^lffll FOREIGN EXCHANGE RAftlH The exchange rates on' London Paris, fr. to £1 .. 21^22^ Brussels, belgag to Xl ■5. (nig';§BH| Oslo, kr. to £1 .. 18.159 IUK ; -«| Copenhagen, kr. to a. 18.150 18.1 ft Stockholm, ltr. to £1 18.15?. 184G.'.mQH Berlin, Montreal, doi. to XI 4.863 4.87} 4 ini New York, dol. to £1 4.86} Mi Yokohama, st to yon 24.5 ■ hi,mm Home, lire to £1 .. 25.22} 107.63 Calcutta, st to rpe 16 to gold £ lkiW!a&a Hong Kong, s t. to dol * tsi'l-jwgfiu Amsterdam, fl. .. 12.107 d 'Governed by price of silver^^^^H GOVERNMENT SECURITP^M LONDON. JtnniiJ^ The following aro the lateit Government eecurities coraptiM : pncea ruling on December 80tb;—

DM. 30 £ s. i i. ' H Imperial Consols,' 2i _ P-c. .. 51 0 0 "sM War Loan, 5 p.c.. . \ 1924-17 100 12 6 10fl| War Loan, 3J p.c., 1925-28 99 6 3 Conversion Loan, 3} 'J® p.c., 1921-47 75 2 6 Commonwealth, 6 p.c., ; 1922-27 .. 103 0 0. Commonwealth, 5k p.c. 100 10 0 m New Zealand, G - p.c., 1936-51 108 5 0 my New Zealand, 4 p.c., ■ • * 1929 97 2 6 New Zealand. 3J p.c., - *■ m 1910 85 a 0. New Zealand. 3 p,c., 1915 7G 5 0 m New South Wales, 6J p.c., 1930-40 103 5 •6 New South Wales, G p.c., 1930-10 100 7 6 lOfl New South Wales, 5| p.c., 1920-23 99 17 6 Mgl New South Wales, 4 p.c., 1938 90 0 0 ' »| New South Wales, 3 J-i&js p.c. 81 6 0 New South Wales, 3i P-c. C9 17 6 7 I8 Victoria, 5 p.c. 100 17 6 Victoria, 5i p.c., 1930-10 97 7 6 Victoria, 4J p.c., 1921-2(1 92 10 0 Victoria, 3} p.c., 1920-43 7G 7 6 Victoria, ;i p.c. 1928-10 70 0 0 Queensland, f, p.c., 1030-10 102 10 0 i Queensland 3 J p.c., 1930 92 0 0 Queensland. 3 p.c , 'is 1922-17 67 0 0 WM South Australia, GA p.c., 1030-10 103 12 6 South Australia, 3* p.c., 1939 82 0 0. -.411 South Australia 3 p c., ..ijl 1916, or after 58 17 6 West Australia 6 p.c., ■ 1930-40 101 0 s 0> ;1G§| West Australia, 3J p.c., 1920-25 86 12 6 West Australia, 3 p.c., 1915-35 81 0 0 Tasmania, Cj p.c., 1330-40 101 15 0 Tasmania, 3i p.c., 1920-40 83 0 0 Tasmania 8 p.o., 1920-10 77 0 9