COMMERCIAL.

Otago Daily Times, Issue 17687, 26 July 1919, Page 8

COMMERCIAL.

Daily Times Offioo, Hrklay Evening. The news that tho Prime Minister had sold to tho British Governine-nt at 5s (>d per bushel, f-o.b. 1,000,000 tons of our wheat, equivalent to 37,330,000 bushels, and had placed a further 600,000 ton 3 under offer at the sumo price until September, has been received with great oatisfaotion in business circles (says the xi uatralosiaoi). The 1 liiot effect of the announcement was to import an element of strength to tho wheat scrip market, which was reflected in values at a higher level, tho gieatest appreciation 1 being shown in tho 19.17-18 \ictorian grain. The consensus of opinion amongst traders ia that tho salo of such a larg>a quantity of our redundant wheat is a matter on which growero should congratulate themselves. America and Canada will harvest this year sufficient wheat to givo them an exportable surplus of 900,000,000 bushels. Early next year Argentina will bo harvesting another crop, and it is stated that tho present year's production leaves a surplus of 3,000,000 tons. In the las't-mentionod country sales are being made at 6s per bushel f.0.b., and when tho diilerence in length, of voyage is taken into consideration' the prico obtained by Mr Hughes stands out well. Private cablo messages from Liverpool referpng to the wheat crops adviso that harvesting is in full swing in tho United States, and prcspocts thero and in -Canada generally are being maintained. Seasonablo conditions prevail in Argentina, where largo reserves aro bald. Broomhall considers that Argentina, Australia, and Canada, aro likely to have by next season sufficient wiieat to furnish the increased requirements of tho Allies. There is not a ko£n demand, from millers for wheat, tho railway restrictions preventing muoh from coming forward. Mailers, however, have sufficient in stores to work on in tho meantime. Sortie growers are content to hold _ their wheat till the spring, or aro placing it as fowl feed, the demand for which is quiet at Gs per bush-al, sacks extra, ex store.

New Milling Wheat. Aocoiding to Government price: South Island, 6s 7Jd, f.0.b., Backs extra (plus l£d brokerage and Government commission); North Island, approximately equivalent to 6s llid (plus l&d brokerage and Government oommis3ion). ' Prices of millers' lines aro as follow:— Flour, £14 10s; bran, £6 10s; pollard, £3 10s; pearl barley, £25; oatmeal, £25. Chiefly owing to the absenco ot demand from the Niorlh Island very little business has passed; in cats during the week. A few lines have been purchased by millers at about 3s lOd per bushel, sacks extra, on trucks, but the majority of growers are holding out for 4s. There is a good donuaiid for seed lines, and any parcels of choico quality aro readily placed for thie purpose. Business is brisk in grass seedi lines, and a fair quantity is changing hands. PRODUCE REPORT. Shippers of cbaff were buying for an Auckland steamer loading at the timo the market was bare, but on completion of those orders and on view of the small local demand prices declined. Prices for good quality range round £7 10s per ton, sacks extra, ex truck. Light and discoloured ohafc i 3 hard to sell at £G 10s to £7 per ton, sacks extra, ex storo. Supplies of potatoes aro hardly equal to the demand, and the market remains firm at £9 10s to £10 per ton, sacks in, ex truck, for tho best quality. Local-grown fi/re just about finished, and merchants are endeavouring to secure their requirements from Canterbury. A few farmers in the southern districts who have lines left are not at present prepared to name their selling prioes. A good demand exists for both oaten and wheaten straw at £3 15s and £3 10b per ton respectively, ex truck Dunedin. Eggs are a little mare plentiful. Dairy butter continues in very short supply. Current wholesale prices ere as follow:— Fowl wheat, Gs per bushel (sacks extra). Potatoes, £9 10s to £10, ex store, Dunedin, for good quality. Chaff. —Prime oaten ehoaf, £7 10a; medium and poor quality, £6 os to £6 163. Onions, to 15s per cwt. Oaten stray, £3 15s; wheaten, £3 10s. Eggs.—Stamped, 2s 3d; ordinary, 2s 23. Butter. —Milled, bulk, best, Is 5d to Is s&d; separator pats, to Is 4Ad (none available). HiaTgarino, Is per lb. Pigs.—Baconers, 9d to 9Jd per lb; porkers, 9d. Baoon. —Local rolls, Is 3Jd per lb; hams, Is 2Ad; local haia rolls, Is 4d to Is 4id. FRUIT REPORT. Ths Mokoia brought about 2CO cases of Island oranges. These arrived in very bad order, and had) to be picked over. In. one lot of 160 oaee3 only some 25 cases of soiuidconditicned fruit were secured.

Somo 400 cases of Fiji bananas also oamo to hand. As buyers, however, were carrying good stocks of this fruit sales of the latest shipment were difficult to effect. Tho market is bare of primo dessert apples. Any sound lines -would make remunerative prices. Pears aie also in short supply. Fair quantities of oauliflowers came forward during the week, but prices continued high. Ono fairly largo line of Poninsukv grown brought 15s per sack of 12 cauliflowers. Swede turnips arc a little more plentiful, and prices are easier. A fair quantity of carrots arrived from the Canterbury district, and wero readily sold at tho prices quoted below. Current ■wholesale prices are as follow: — Apples.—Delicious, firsts, to 6d per lb; seconds, 4Jd to 4£d; Statesman, 13s to 14s; Democrats, 12s to 13s 6d; Sturmere, 15s to lGs; cookers, 2id to 3d per lb. Hothouse Tomatoes. Local, Is 2d to Is 3d per lb. Poars.—Few offering. , Medium earn pica, 3d per lb; extra prime, Gd par lb; strong demand. Oranges.—lsland, repacked, to 23s 6d; Califorrrian Navels, to 555; Poormana for marmalade, medium size, 14a to 15a; largo, 17s to 18s pel case. Biancnaaa, 223 to 24a per case, ripa. Cabbage, 4s to 7s per dozen; sacks, best, to 83; others, 2a to ss. Oatiliflowers: Medium, 4s to Gs per dozen; prime, 89 to 12s por dozen; sacks, 10s to 15s. Carrots, Is to Is 6d per dozen bunches; small bags, to 3s 6d per bag; sacks, £7 per ton. Swedes, 2s 6d to 4s por bag; sacks, 5s 6d to 6s. Potatoes. —L/ocal, 103 to 110 per cwt. Rhubarb, 8s to 103 peT dozen 21b bunches. Celciry, Is to Is 6d per bundlo for best; medium, 8d to 10cL Brussels sprouts, 7s to 9s 03 per bos. Parsnips, 29 to 3s per case; 3s Gd to 53 pear bag.

AUSTRALIAN MARKETS.

Proas Association—By Telegraph—Copyright. SYDNEY, July 25. Oats: Algerians, feeding, 5s 6d to 6s 7d; milling, 5s 9d; Taamaakm, 6s to 63 2d. Barley: Capo, 5s to 53 3d. Maize, 7s 3d to 7s 6d. Potatoes: Tasmanian, £17 to £18. Onions, £20. i> ADELAIDE, July 25. Oats, 4s 6d to 4s Sd. MI2LBOURNiE, July 25. Barley: English malting, 5s 6d to 5s 9d; Cape, 3s lid to 'Is Id. Oats: Milling- and Algerian, 4s lid to ss; feod, 4s 9ci to 4s lOd. Potatoes, £12 to £13. Onions, £18.

CHRISTCHURCH MARKETS.

' (Per United Press Association.) CHRIST CHURCH, July 25. The grain and' produo© markets bavo not yet recovered from tho quietness that followed tie curtail men t of tho railway eervico and the poaoo celebrations. There is very littlo of anything offering from the country, aad at tha same timo the dimand is limited £or almost every lino. Business in -wheat is very quiet. There coratiutlea to la a good demand for fowl wheat, though, many poultry koopors nxo using oats an account of their relative cheapness. Tho nominal prico of oata is about 3s 9d to is at country stations, but no business is passing bet-ween growers and merchants. Oatshenf chaff is quiet of sale, tho demand not bang active in conseqiuaico of tho weather koeiping so d'ry and mild far this time of ycai. Up to £6 10& per ton has beca paid for ohafi wanted iromcdHatoly, but buyers generally oaro not offering more than £6 at country stations, though at tho latter fitfuro there ero few sellers. Thera fure no - changes in tho prices of clovers and linseed, but they are still firm. Partridge peas are in> gcod demand, and pricos aio a lit tin firmer, 7s to 7s 3d now being tho ruling rates. Owing to a speculatiua demand from Wellington potatoes have ehawn a further advance, and from £7 16s to £3 at country stations baa teen paid. Tha tono of the market is »ow a liltle easier. It is reported that Auckland hns been saipplied with «, shipment of potatoes from Oamani and Timaru, but another boat is oxpoctedl to lead at LytteJton for An-ektenSd at the end of next week. Onions have aiao firmed, and are selling at £11 10s to £12 at country stations.

AMERICAN SHIPPING.

Mossrs MaiH&r and Quereau, in thoir New York letter <xf June 2, referring to shipping roai.fcca.i3, said: " These continue in a very comfortable petition, as there is ample tonnage for all freight tlvvt there is offering, in fac.t rooro than is really required, w tbnt some of tho steamers will 1m- delayed on tho loading berth to sccitre filling cargo. It is surprising tao amount of carao tliat is going iorw-ard both to Australia anTi Now Zealand, iu view oi existing canditioas, and so bclbv»

that this is a fair indication of tho sound ixraitiou of tho Australian market.. Freight rates aro all held very firm by tlie difTorisnt lines, and as ratoa havo nxlva.needl m many other directions to the extent of 15 to 25 pe.r txsnt. it is quite possible that advances will take placo in rates for Aualrniia and Now Zealand." .*l* FOTt KUIIAJNTA AND ElvGI/ANID. Sovenil interesting rcforonces to Australian ■wheat havo lwn made in tho Pctlei-al llousn of Representatives, and tho infonuation given by the Government is important to farmera and wJieat et-.rip holders, llr Gregory was informed by Mr "Watt that all that rns lcnowii of t.ho e-alo o! Aus'.ra.lian wheat to Rumania wsia the receipt c£ a (»blo iuc«sa.ge from tho Priino Minister (JiLr stating that as tho result of strong representations made by him Iw had succeeded in obtaining on aoooimt of three cargoes of Australian wheat and flour, shipped to t.ho British Oonnniissicn and diverted' to Rumania, half tho difference between tho American parity - n-nd tho 'Is !)d por busliel aJrotidy paid by tho British Wheat Commission. The half difference amounted to £100.500, and was in Rumanian bonds. Figures wero quoted by tho Acting I'rimc Minister, in reply to questions by Mr Palmer, relating to tho solo of Australian wheat to the British Government. Mr Watt stated that tho amount of money involved in ealc3 of wh-Dat to tho British Government was £30,333,93.) (500,000 tons at 4s and 3,000,000 tons at 4a 0d). Tha value of the wheat delivered in rcspoct of theso ealea wbo £21,657,000. Tho amount advanced by tho British Government over and above tho valuo of wheat delivered to Great Britain ■was .€5,076,000. No adva-noos had been mado to tho Australian Wheat Board by tho commonwealth Government to meet progress payments to farmers. BRITAIN AND ALLIED LOANS. If Great Britain could collect all tho credits which during tho war she created on account of her Allies she could liquidate her net financial obligation to the United States and remain a lending nation in other directions to tho substantial amount of £338,000,000; whilo if tho Chancellor of tJio Exchequer couldl oall in the whole of the debt owing to Britain by tho Allies tihe<r© would bo a favourable balance of £753,000,000 after her not war liability to tho United States had been satisfied. In a sense, therefore, it may be argued that tho loans for war purposes which were provided in tho States, nominally for Great Britain, ware in reality required to support the other nationo of tho group. Actually, of course, that ia not tho caw, for a great percentage of tho funds which were raised through New York was extremely useful, inaemuoh as it afforded meajis for financing purchases of onormons ouantities of war materials and for an avoidance of the necessity for actual trunsfcT of cash m settlement. There was further important aid in the biliaing of tho cxchango relationshix) between London and' Niew York, without wliioh Britain must have had to pay very considerably more elie cikl pay for suoh materials as sho required from tho States. In his summary of tho nation's finacial position tlio Chancellor of the Exchequer stated that on its loaaia to_ Allies Great Britain has not aa yet received interest, apart from small amounts, and that of the war advances there has not been any repayment. In addition to tho assistance which Britain was thus able to render to her Allies, she found for her dominions £192,000,000 net for war purposes. Intorest rates aro stated to rang© up to 6 per cent, in tho case of Russia, and down to nil in the or.ee of Belgium and Serbia. At tho close of last year Russia's war debt- to Britain stood at £565,000,000. Franco owod £425,000,000, Italy £345,000.000, and smaller States of tho Alliance £127,000,000. IMPERIAL PREFERENCE AND CUSTOMS DUTIES. Tho cable messages have already informed us of the Imperial Government's preferential proposals and oi the changes in the Customs tariff. By mail further details are to hand. Duties on foreign spirits will be increased from September 1 by an additional duty of 2s &d per proof gallon on enumerated spirits and on other spirits in proportion. Wine, the duties to be modified, from September 1 as follows: — Empire Winis. Others. P<.t gal. Per gal. s. d. s. d. In cask, not exceeding SOdeg ... 0 !) 13 In cask, not exceeding 42deg ... 2 0 3 0 Ia bottle — Still, not exceeding 3Mcg ... 1 3 2 3 Still, not exceeding 42dcg ... 2 0 4 0 Sparkling 2 6 3 0 Toa, oocoa, coffee, chicory, sugar, dried fruits, tobacco, and motor spirit, duties on Empire products to be reduced by onc-sirth, from June 1 in tho case of tea, and September 1 in the case ol other articles. Kinema films, clocks and watohes, motor cara and cycles, musical instruments, dnty on Empire products to bo reduced by one-third from September 1. Tho above scales aire for Customs duties. Excise duties on chicory, sugar, and tobacco will bo reduced correspondingly with tho Customs duties on similar articles, tho produce of the Empire. As was generally anticipated, tho beer and spirit duties wero increased, tho former rising from 50s to 70s tho standard barrel, while tho latter wero increased from 30s to 50s the proof gallon. Hho ahaaag-es in tho duties on spirits and' boar are indicated below:—

Messrs Taahblyn, M'Kensie, <md "Winton, land agents, report having complet-ed the following re cent sales of city, suburban, and ooim>try properties: On account Mr M ; No>b, factions 9 and. 14, block VI, Barrfield, Mornington, with residence, etc., thereon, also express carrying business and plant to Mr M. J. Kennedy as a going oonoern. On account of Mr J-amio-son, sections 7 to 14, block VIII, Ascot VaJo, North-East Valley, with residence. On aooount of owner, 25, block IV, High street, Musselburgh, with six-rcomod residence thereon. On account Mr A. M'Kcnzie, sxstion 4, block VIII, Regent Bark, St. Ivilda, •with bungalow the-rcon. On account Mr G il. Rendln]l, quartcr-acro freehold, Aberdeen street, Wailoouaiti, with five-roomed dwelling, etc. On account owner, section CB, block XXXIX, Queen stroeft, City, with six-roomed rcsidcnco thereon- On account Mir Morgan, five-roomed dwelling, etc., No. 30 Woodbaugh street, Woodhaugh. On account owner, ifivoroomed bungalow, No. Gt Hazed avenue, Haaielhurst. On account Mr "Wilson, sections 1, 3, 5. 7, townfihip of Kill-arncy, St: Leonard's, wit<h six-roomed dwelling, etc. On account Mr Weir, ooction xi, township of Craigl-eith,. Andersen's Bay,' with six-roamed roeidenoe. On account owner, section with seven-roomed residence, No. 800 Goorgo street, City. On account Mr John Gillies, scct-iota 3, block 11, Orbell street, Del more, with six-roomed dwelling. On account Mrs Smith, eection 1, township of Rothesay, Ravestsboumo, with five-roomed! dwelling, oto. On account Mr M. J. MDonald, scctio-n 6, block V, Scott etroot, St. Kilda, with five-roomed house, otc. On account Mr W. King, part soct-iart 5, Newmarket, Forbu.ry road, St. Clair, with nineroomcd bungalow residonco. On account Mrs Johnstone, section, Claremont street, Dunottar, with bungialow roadenco. On account

owner, oection, with suc-roomed dwelling, No. GC3 Oastlo street, City. On account Mrs A. P. Smith, part section 1, block 11, Corskirphinu, Oavorshiim, with bungalow dwelling. On account M_r D. M'Doamo.n, suction 8 arid 57, block LVIJI, Moronii st-rcct, fit. Kildsi, with bungalow dwelling. On aocount tri;ato«i, oootion, with dwelling bhuroati, No. !> ]J:i,vLd.eiToet, Oavcrslmm. On account Mr T. Forsytib, part section 10, blo.de 10, Ma«i.ndror/ roiul, Forbury, with dwelling, etc- On oc-. oourat Mrs Brown, &cctkoi 01, block XI, Fivwcott street, South Bauiod'in, with five-roamed li<m.=G. On account owner, section 3, block XIV, Douglas etrcot, St Kilua- Cm o-coouwl Mr A. Cktrlißon, section 31, township of Sunshine, Anderson's Bay, with six-roomed hmm On account Mr Thomas, 6-ecti'jn 1, block XLV, Douglas street, SI. KiJda, with livoroomcd dwelling. On account owner, pection 17, _ township of G-lenwvcn, with five-rocmsod residionoa On account Mr M'Goun, allotment 1, township of Evortou, Aiwlorron'a Bay. On account llir D. O'Brien (in conjunction with Meeara 15. Re-id and. Co.), hie freehold and leasehold properties, comprising 130 ucree ,-vt Wingafcui, to varioura buyers. On account Mr A- Ford, freehold dairy farm, situated. >vt Ifci-yward's IV>m t, with livo stock, imp.lomcuts. oto., as a going concern. On account Mil's Mathcson, three acrcs freehold, with sisroomed residenco, Mosabum, 'MosgieL On account Mr C. it. Smith, freehold property, comprising 3505 acres, al&o 40 acres Iraseiiold, situated Glenledi, near Milton, with improverrients, etc., thereon. On account Mir Ban-on, his leasehold dairy farm, 38 acres, at Stirling, with dairy herd, implements, etc., as a going conoam. On account Mir A. G-wyn, Parokirolri, his freehold farm, 6oction 31, block IV, Ca-tlina, 141 a-cres, with livo stock, impLcmeats, etc., as a going corttxxm. On fw>courtt Mr Ei. F. Small, acres, T.TP Janofield Settlement, TViicri, with live stock, implements, etc., nis a going concern. On account Mr J. Rcid, Otokia., his froeJiald pro ]H. r rty, comprising 63 oares, also 7S acres leasehold, with dairy herd, implements, etc., ns a going oancern. 26719

Scott Bros., produce miarcimnts and ooimniesion agents, report: —Eggs, 2s 2d to 2s 3d per dozen. Butter: Pats, ecarce, Is Cd; bulk, milled, la sd; separator, Is od per lb. Honey: Prime, clover, bulk, 8d per lb; 10lb tins, 83 each; sections, Gd. Beeswax, 2a per lb. Poultry: "Wanted; cockerels 7s, hens 5s per pair. Ducks, 7s. G c-cso, 3a per pair. Gobblers, Hid per lb; hens, lid per lb. Pige: Prime bacanera, Did to aid per lb; parkere, 9id par lb; /rv-erweigihts, 4d to 7d pear lb. Hams, Is ad per lb. Bacon, Is 3d Potatoes: Prrmcsr; £3 to £3 10q per ton. OnionsO&ntorbiirys, £16 per ton. Chaff: Prime oaten slicaf, £7 105 pear ton; medium quo-litv, £6 to £G 10s per ton, eacks extra. Gate: Quiet; prime Gortons, 2d per bushel; best teed, 4s Id per bushel, ex store, eiiote extra. Fowl 6s 6(3 per budie], cx store, sacks extra. Straw: Pressed whoalon, £3 10s: oatou, £3 153 per toil. ■— SALE OF STUD &ECEEP. (FROM OtTCt OWB CoitRItSI^ONDESST.) . , CIIBISTCHURCH, July 25. At the di3pcrsal oalo of tiio Brookdale stnd flock some good prices were realised. The Brookdalo Estate, which has lately been sold belonged to the Iftto Mi A, W. Rutherford, juiu, ono of the victims of the influenaa opiaeiaio last year. Bossdes ma-intaining a first class stud flock of merinos he was afeo devoting oons i<Esra>ble attention to tlhe breeding of halfbreds and crcEsbreds. The stud m>. T in 0 flock was founded by the late Mr George Rutherford, grandfather of the lato Mr liutiherford, mnd. "was descended from ewies bred by tho late Mr John Murray, of 'Mount Crawford. SontJi Australia. &inoo tlien t-lis in tho flock "liavo boen imported either from Australia smd Tasmania or bred by the owner. Tibs English Leicester flock was founded! upon ewes purchased from Mr A. \Y. Rutherford, sen., in 1907. Despite tho fact that t-hero was no rculway communicuvtion available £or iin'teiiidin-g buyigrs and none for tho c'! i"i*af sh-eep there "was an exoellont attendancef Tho eheep were not got up for sale, and were more or leas out of condition owing to the time of yoar at which tho sale was held. The top price was 230 guineas, pajd by Mr George Gerard for a threo-sheox merino by Gibson's Trustees (Taemajiia). Mr Norman Rutherford gave 175 g-ninoas and 150 guineas respectively" for two rams brod by the late Sir Rutheriord, their sire baing a Canowie ram. The next best price was 110 guineas,-,.paid by Mr Goorge Murray for a three-shear nam bred by Messrs J. Sloano cad Son (New Souii WaJee) Another ram of tho late Mr Rutherford's brecding wont at t5 guineas to Mr W. "W. M*l{ao.

Old duties. Customs— £ 6. d. Spirits:— ♦Brandy, the proof gallon. ... 1 10 4 ♦Rum 1 10 4 * Imitation rum, tho proof gall 1 10 5 ♦Goneva, the proof gallon 1 10 o *Unenumeratea, sweetened, etc., the proof gallon ... 1 11 TJnenumerated not sweeicaed, the proof gallon 1 10 5 Liqueurs, cordials, etc., not sweetened, and not shown to be unehumerated, if tested, the .proof gallon. ... 1 10 5 Liqueurs, cordials, cte., in bottle, not to be tested, the liquid gallon 2 1 11 •Perfumed spirits, the liquid gallon 2 8 4 • Beer, Hum, Sprnco, or Black Beer— Of a specific gravity— Not exceeding 1215deg for every 36 gallons 10 2 0 Exceeding lOlGdeg 11 16 8 Other sorts— At gravity of lOoodcg, for every 36 gallons 2 10 6 And so in proportion for amy difference of gravity. Excise.— Beer, the standard barrel ... 2 10 0 "Spirits, British, the proof gnll 1 10 0 (Additional duties are charged on immature spirits.) . * If imported in bottle. Is extra per | New duties. £ s. d. 2 10 4 2 10 4 2 10 5 2 10 5 2 11 6J 2 10 5 2 10 5 S £ 10 4 0 2 14 2 0 10 10 5 3 10 6 3 10 0 2 10 0 gallon.