COMMERCIAL.

Daily Telegraph (Napier), Issue 3127, 6 July 1881, Page 2

COMMERCIAL.

Messrs P. Cunningham and Co., of Cbristchmv.b, under date July Ist, report as follows on the grain and produce market: —- At the enrly part of June our market for wheat was unusually dull in consequence of the depression in the Home markets, but a3 the bulk of our crop had passed into the hands of holders, there was no disposition to sell under fair prices, and we know of no cargoes being sold under 44s 9d, in fact 45s was the price demanded by most holders. In the third week of June, a sharp rise was cabled from England, which led to an active business in cargoes, and holders realised the they expected 455. At the moment of writing there are no sellers of wheat in this market under 47s c.f.i. About the end of the present month we shall see the finish of the export of wheat for this season, the quantity estimated by the Government statist, proved by the results of the threshing machines, is fairly correct. We are pleased to note that the prediction we made that our wheat would be appreciated for its excellent quality and condition has been realised, and we expect to see English millers paying more attention to our descriptions of wheat. The quality of shipments during last month was very good, in fact many cargoes being considerably above the average. Our customers must understand that wheat shipped at the outports, it is impossible to give any proportion of "long berried" or "hard" wheat, and only the early cargoes from Lyttelton will have a proportion of this grain, so that shipments made up to the end of June«rlll be a better average quality than laTter shipments. In our next year's transactions we intend to supply cargoes of wheat all of one q'jality, and we do not propose to include any long berried wheat in cargoes sold as fair average quality, unless specially mentioned. We find the present system lead;, to dissatisffiction, as it is not possible to ship a proportion of long berried wheat in every cargo dui'ing the season. The first cargo of New Zealand white winter wheat, graded by machinery, will be shipped from here per barque Sarah Scott, carrying about 1,000 tons ; we wish the trade to take particular notice of this, as we are prepared for the future to supply graded cargoes, if required. We shall also be glad to hear with what amount of satisfaction this cargo is received by the millers into whose hands it may be placed for manufacture. Wheat is firmly held for 4s 3d per bushel, f.0.b., sacks extra, and 4s to 4s 2d at outports. It will be little use our correspondents expecting to buy wheat on receipt of this circular, as| we shall have exported the wholo of our available surplus. Oats are still in good demand, and held firmly for 23 to 3d per bushel of 401b5., according to quality, and we see no chance of any finding their way to the English market at the present shipping price. Holders can realise hetter value by selling in the colony than they could hope to receive from shipments to England. A demand has spiung up in the colony for barley, and high prices are given for any superior quality ; only feed and grinding sorts are likely to be exported. Tf any reasonable price could be relied upon for barley, it might be extensively grown in this country, where the climate and some parts of the soil are very suitable for this cereal. In consequence of the firmness of wheat, millers have to-day advanced the price of flour 20s per ton, and the quantity manufactured is only enough for the wants of the colony. Large quantities of potatoes are being shipped to the Australian markets; the Wakatipu cleared last week for Sydney with 1,000 tons. The price is very firm, and likely to continue so, as if shipments continue at the present rate, the stocks will soon be exhausted. Fifty ships have cleared with this seasons grain for the United Kingdom, ten ships are now on the berth, and seven ships are chartered to load at Lyttelton, Sec.

(by cable.) london, July 4. Consols are unchanged at 100 1. The five per cent New Zealand 10-40 loan has advanced to 105£, the New Zealand 1889 loan remains unchanged at 105, and the four and a half per cent New Zealand 1879-1904 loan at 103. Adelaide wheat, ex-warehouse, 48s 6d; New Zealand wheat, 47s ; Adelaide flour, ex-warehouse, 348. Australian tallow, best beef 365, and best mutton 38a.