COMMERCIAL.

Otago Daily Times, Issue 19475, 9 May 1925, Page 8

COMMERCIAL.

Daily Times Office, Friday evening. The Liverpool Corn Trade News of March 17, said:—“Very slow trade in flour is reported in ail American trade papers. It appears that bakers had no confidence in the recent rise, and they have been taking only sufficient to fill urgent requirements It goes without saying that events of the past week have made them still more cautious, and their attitude finds a parallel in Europe. We have had -quite a number of reports saying the demand in Germany and Central Europe is very slow —In Hunger/ and Czecho-Slovakia the trade has been stag nant. There are still wants to be filled, and in view of the crowd of steamers hastening to Continental ports with wheat and flour, we cannot doubt that requirements are large. But we know that consumers in poor countries are taking as little as possible, ano their abstention is dictated by stem neces sity.” T'he wheat position is becoming more complicated every day. Last month an agreement was come to between tho representatives of the Wheatgrowers and representatives of the millers, under which it was agreed to recommend that growers should accept 6s 8d for Tuscan, 6s lOd for Hunters, and 7s loi Pearl—that was tor this season’s wheat—and millers agreed to reduce the price of flour by £1 per ton. The weakness of the arrangement, however, is that there is no compulsion on the growers to accept these prices, and as a matter of fact millers had already 'been paying them, and even higher. The whole position comes back to the law of supply and demand. In the latest conference between the representatives of the millers and the wheaigrowers, held at Ashburton on Thursday another movement was made to encourage farmers to grow more wheat, and here again the law of supply and demand oomes in. A proposal was adopted by the growers that the millers should enter into a three-years’ agreement to pay a minimum price of 6s bd, f.o.b. This proposal was considered by the millers, and after a conference in committee it was reported that a satisfactory agreement had been come to, but tho terms have not so far been disclosed, pending ratification by the Minister of Agriculture. It appears that if any arrangement is come to there will have to bo an embargo on the importation of flour and wheat, or else the duties will have to be sufficiently high to prevent the outside products competing with New Zealand wheat and flour. Whether any arrangement would have the effect of increasing the area laid down in wheat in the dominion is a matter of conjecture. The scheme, if it were agreed to, would have to be carefully drawn up, and would be surrounded with restrictions.. If any scheme propounded would have the effect of getting more farmers to grow wheat there might be something said in it® favour. Still the economic aspect, hae to be considered. One well-known miller is quite definite in his opinion that if wheat cannot bo grown in the dominion under a certain fixed duty, it should be imparted from countries where, it can be grown cheaper, and the land *o released should be given over to cattle and sheep grazing. The strength of the latest proposal is that no matter what the world’s parity of wheat might be, the growers of New Zealand would be guaranteed a minimum price for a period of years. So far as current business is concerned millers are still buying any small lots of wheat which may be on offer. A fair amount of business has been don* in fowl wheat at 6s 9d per bushel, f.o.Jx, sacks extra, Canterbury ports. There is also a fair quantity of local supplies available.

Millers’ prices for flour under the now arrangement are as follow: —2001 b, £lB 10s, 100’s, £l9 10s; 50’s, £2O 2s 6d; 25’s, £2O 10s. Bran, £8 10s per ton. Pollard, £9 10s. , Oatmeal: 25’s, £2B; 200’e, £27. There is little change in the oats market. Odd lota are being offered from the country, but farmers’ ideas of value are mostly in advance of those held by merchants. Values asked by farmers are higher than the shipping parity, on which basis merchants have to work. A grade Gartens are worth 4s 6d, f.0.b., s.i., and B’s 4s 2d. The equivalent price at country stations, sacks extra, for A s is 3s 6d, but heavy bright lines suitable for seed are being taken up at 3s 9d, country sidings. . There are ample supplies of oats to meet requirements. PRODUCE REPORT. The demand for chaff is on the side, only really good quality is saleable. To-day’s prices are on, a basis of £6 ss, ex truck, Dunedin, sacks extra. Potato-digging is still being continued, and supplies are now reaching the market in excess of the demand. The position is the same in Canterbury, and white tables are available for shipment at £4 17s 6d, f.o.b. (Canterbury), sacks included. The local market is well supplied, and best tables are not worth more than £4 10s, ex store. Most seed lines have a poor inquiry, with maybe the' exception of Chewings’s fescue, for which there has been a fair demand recently. The crop last year was much smaller than has been the case for a good many seasons, but against that the quality Has been exceptionally sound. The demand for export is , not what it was a few seasons ago, when extreme prices were being-paid for the fescue, especially by American buyers. The value of good quality Chewings’s fescue to-day is roughly 6Jd per lb, on trucks, for machine-dressed seed. The crested dogstail crop has also been a short one, but there is a large carry-over from last season, and the demand so far has only been for small parcels. The egg market is very firm. Current local wholesale prices for produce lines are as follow: Chaff, £5 5s per ton, ex store. Potatoes, £4 10s. Dairy Butter. —Best milled bulk, Is Id to Is 3d per lb, according to quality, separator pats, Is Id to la 2d. Eggs.—Stamped, 3s 3d; case, 3s Id. Bacon. —Rolls, to Is Id per lb; sides, Is. Harts, Is 2d per lb; boneless, Is 3d. Canterbury onions, to 12s per cwt. J’RUIT REPORT. Apples and pears have met with a better demand. Choice pears have a good inquiry, but there is not much demand for other grades. Heavy consignments of Nelson-grown apples have reached the market, and these have affected the sales of Otago-grown. Cooking apples are in slightly better request. The supplies of outside-grown tomatoes have eased somewhat, owing to wet weather in Canterbury, Local hothouse tomatoes show a sharp advance in price. - Tahiti oranges are still available. The market is bare of barianas. A shipment 1 of Rarotongan is due to arrive about the middle of next week. Some nice samples of grapes arrived from the "VVaikouaiti and Oamaru districts. Prices ruled fairly high. The Waikouaiti, from Sydney, brought a few crates of melons and ’ a small lot of passions and outside-grown grapes. Vegetables are meeting with a good demand. Cauliflowers are more plentiful, but prices rule fairly high. Swede turnips and marrows are in good request. Supplies of green peas have eased off. The few coming forward bring fairly high prices. Current wholesale prices are as follow: - Apples.—Jonathans, choice, 7s to 8s; Delicious, 9s to 10s 6d; cooking, 4s to ss; extra choice, 6s. Tomatoes.—Local hothouse, to Is per lb; Christchurch-grown, best, 5d to 6Jd; others, 3d to 4Jd. Lemons.—ltalians. 32s 6d; Australian, 30s to 32s 6d. Bananas.—Ripe, 30s. , Oranges.—Tahiri, 18s to 225. Passions. —Australian, 20s; Auckland, 10s to 12s. Pears. —Best, 2d to 2Jd; others. Id to 2d. Grapes.—Local, Is 6d to 3s per lb; Victorian, Is per lb. Quinces, lid. Pie Melons. —Australian-grown, to 14a per cwt; New Zealand-grown, 9s to 11s. Vegetable marrows.—Cases, 3s to 3s 6d; sacks, 7s lo 8s fid. Celery, 3d to 4d per bunch of five sticks. Potatoes, 5s to 6s per cwt. Cabbages.—Choice, 5s to 7s per dozen, others, 2s to 4s; sacks, 4s to 6s 6d. Cauliflowers. —Beat, loose, 8s to 10« per dozen; prime, Gs to 8a; others, 3s v> ss. Beetroot, Is per dozen. Carrots, 6s 'per cwt. Lettuce.—Choice, 2s per case; poor quality, unsaleable. Swedes, 4s per cwt; 3s to 3s Gd per bag. Parsnips, la per dozen; 7s 6d per cwt. Spinach, 2s per case. Artichokes, lid to IJd per lb. Peas, 5d to 5Jd per lb.

WHEIAT MARKET. Pros* Association —By Telegraph—Copyright. CHICAGO, May 7. (Received May 8, at 10.5 p.m.) "Wheat: May shipment 164 J cents per bushel, July-September 153 cents, September 146 cents. —A. and N.Z. Cable.

BUTTER AND CHEESE. Press Association —By Telegraph—Copyright, LONDON, May 7. (Received May 8, at 8.60 p.m.) Butter is quietly steady. New Zealand choicest salted, 170 sto 1725, exceptional quality 1745, unsalted 172 sto 1765; Australian 160 s to 1625, unsalted 162 s to 1665. Cheese is dull. New Zealand coloured 955, white 965; Australian coloured, 935. A. and N.Z. Cable.

LONDON METAL MARKETS. Press Association—By Telegraph—Copyright. LONDON, May 7. (Received May 8, at 9.40 p.m.) Copper, ±'s9 IBs 3d to £6O 18s 9d per ton. Load, £3l 3s 6d to £3l 7e 6d per ton. Spelter, £34 2a 6d to £33 3s 6d. Tin, £240 3s 3d to £342 6s 3<L Silver: Standard, 31gd per oz; fine, £s3jd per aiw—Ar And ti-Z, Cable,

LONDON MARKETS. Messrs Dalgety and Co. (Ltd.) report having received the following cablegram from their head office, London, dated May 7, 1925: “New Zealand prime crossbred lamb: Canterbury—Heavy IOJd, light 12d; North Island —Heavy 10£d, light Hid. The demand for lamb runs principally on light-weights. "New Zealand prime crossbred mutton: Canterbury—Heavy ))d, light 9»d; North Island —Heavy light 9d. The demand for mutton runs principally on light-weights. “New Zealand prime ox beef: Hinds 5Jd, fores 3fd. The demand for beef is poor, and the market is weaker.”

The Otago Farmers' Co-iperative Association of New Zealand (Limited) is in receipt of the following advice frrm its London office: •’Butter.—The market is steady, and is expected to continue. There is a fair demand at present. New Zealand, 107 s to 1725. “Cheese. —The market is rather weak; 945. “ Frozen Lambs.—Heavier supplies this month may cause temporary easiness. ’■ Mutton—The market dull. “ Beef.—The market is steady.”

DAIRY PRODUCE.. Messrs Dalgety and Co. (Ltd) report having received the following cablegram from its head office, dated London, May 7, 1925; “In the butter market there is a fair inquiry. We quote: Now Zealand salted, 172 s par cwt; New Zealand exceptional brands, 174 a per cwt; Danish, 186 a per cwt; finest Australian salted, 162 s per cwt; finest Australian unsalted, only commands, 2s premium at present. “The cheese market is weak. New Zealand white'and coloured, 95s to 96s per ewet.”

COMPANIES REGISTERED. - The latest issue of the Mtercnatile Gazette contains notice of the registration of the following companies: Wanaka Hotel (Limited). Registered as a private company April 23, 1925. Capital; £11,500, in 11,500 shares of £1 each. Subscribers : Dunedin—A. M'Kegg 5500, Florence M. M'Kegg 500. Pembroke—J. Paulks 5500. Objects. To acquire and take over certain lands and buildings situate at Pembroke, the property of Hugh George Smith' Glass, of Pembroke, hotelkeeper, and known as the ” Pembroke Hotel.” Blue Mountain- Beech Company (Limited). Registered as a private company April 30, 1925. Capital: £2OOO into 2000 shares of £1 each. Subscribers: Tuapeka Mouth—A. J. Brown 100, R. Brown 100, A. D. Brown 63, C. W. Anderson 200, P. L. Anderson 100. D. M'Corkindale 100, W. Sharp 100, J. E. Keenan 100. Dunedin—A. Moore 137, H. Hart 200, D. J. Roughen 100. A. J. Thompson 100, N. Smith 100. Lawrence —J. K. Simpson 100, B. C. Moore 100, A. L. Hart 100, J. n. Thompson 100, E. Thompson 100. Objects: To carry on business as sawmill proprietors and timber merchants and general incidental. CANTERBURY MARKETS. (Peb United Pbesb Association.) CHRISTCHURCH, May 8. Wheat is dominating the attention in the grain and produce trade. The meeting at Ashburton on Thursday brought the two parties much closer together and there is general feeling that as a result of their deliberations a workable scheme involving a guaranteed payable price for wheat, at least for next season, has been evolved. The price agreed upon, subject to other aspects which have to be submitted to the Minister, is understood to bo 2d or 3d per bushel less than the arranged price for this season’s wheat. Wheat is being offered freely at the arranged prices of 6s 8d to 7s. Fowl wheat is quoted at slightly easier rates. Oats art firm, but there is little movement, business being vey dull. A’s are worth up to 4s 6d, f.0.b., s.i., and B’s to 4s Id—equal to 3s 9d and 3a 3d respectively. In spite of the abundance of oats there is difficulty in securing supplies of grade chaff. White clover has taken an upward turn, and buyers are paying up to Is 3d, and in odd cases Is 4d, for the best samples. These prices, however, are for superfine stuff. Average quality is quoted from Is to Is 2d. The previous reports of a short acreage are being confirmed, and in addition the quality of the seed is generally below standard. Red clover is being offered sparingly, but machinedressed from Blenheim has been sold at Is per lb—equal to 9d to growers. - Peas showed a spasm of life during the week. Quotations are sa, on trucks. There is no change in cocksfoot. Farmers’ odd lines are coming in at 6d to 6id, Perennial ryegrass is quoted at 5s 3d, f.0.b., for machine-dressed —equal to 3s 6d to 3s 10d, on trucks. Dogstail is meeting with a dull market. Machinc-dresscd, export qualities, are quoted in the south at Is to 1s Id. Chewings’s fescue has fallen from its high estate, and offers of Bid per lb for machinedressed have been made. America ns an outlet for fescue seems to have disappeared in the meantime at all events. The potato market is weaker. Fanners are now being offered £3 5s to £3 10s, on trucks, but no business worth speaking of is taking place at the prices. P. AND O. SHARES. Press Association—By Telegraph—Copyright. LONDON, May 7. (Received May 8, at 8.50 p.m.) P.-and O. shares: Buyers £275, sellers £285 (ex div.). —A. and N.Z. Cable. NEW ZEALAND PRODUCE. Press Association—By Telegraph—Copyright. LONDON, May 7 (Received May 8, at 8.50 p.m.) Wheat cargoes have firmed from 6d to. Is owing to the strength of the American markets and Winnipeg advices, and better inquiry for Australian, in which good business is done. Parcels are fair and trade has advanced from 9d to Is. Liverpool futures: May 12a 3|d, July 12s 3Jd, October lls 7d. Spot trade shows fair business and prices are generally higher. Australian, ex store, 60s to 625. Flour is steady. Australian, ex store, 44s 6d. Barley is firm. Oats are firm. A Gartons 32s to 345, B 29a to 31s. Peas arc inactive. Tasmanian Blues, 340 s to 3605; New Zealand, 300 sto 3405; Maples, Tasmanian, 70s to 755; New Zealand, 60s to 70s. New Zealand beans, 45s to 475. Sugar: Granulated, 31s Ijd.—A. and N.Z. Cable.

AUSTRALIAN MARKETS. Press Association—3y Telegraph—Copyright. SYDNEY, May 7. Oils: Tasmanian Giants, 4s 6d to 4s 7d; Algerian, 3s 4d to 3s 6d. Maize, 4s Id to 4s 3d. Potatoes, £7 to £9. Onions; Victorian, £l6; New Zealand, £ls. ADELAIDE, May 7. Oats, 2s to 2s 3d. MELBOURNE, May 7. The prices for hides are practically unchanged. May 8. Oats; Milling, 2s lOd to 3s; feed, 3s 8d to 2s 9d. Barley: English, to 5s 6d; Cape, 4s to Is 6d. Potatoes, £6 10a to £4 10a. Onions, £l2 to £l4.

Fraser and Co., agents for the Otago Egg Circle, report as under: —Eggs; The market is firm at 3s 3d for stamped, and 3a for case; preserved, 2s 2d. Butter: lib pats, Is 3d; bulk, Is 2Jd per lb. Tallow: Market firm, from 13s to 25s according to quality. Honey: Prime bulk, 5Jd; 10lb tins, 5s 6d. Beeswax, Is 3d. Pigs; The market is firm; good bacon weights, 7d to 7Jd; over-weights, 4d to 6d. Potatoes: "We have had several inquiries from Australia for delivery in June, July, August, and we expect the price to advance for these months. Onions, £l2. Bran, £8 10s. Ricemeal, £B, all at per ton of 20001 b. We are sole Otago agents for Sucrosine, the ideal pig and calf food: 1251 b bags, 16s; ton lots of 20001 b, £l2. We are agents for Utility and Jubilee incubators, and sole agents for Pareora meatmeal. We stock Star P chick food, lucerne meal,' poultry meal, oats, and wheat. Champion egg crates, 18a 6d. Leg rings, Is per dozen, special quotes for quantities. Poultry; We submitted a full yarding and the following prices were realised: —Hens: Light breeds, 2s 6d to 3s 6d; heavy breeds, 3s 6d to 4s 9d; cockerels, 5s to 9s; ducks, 5s to 9s 8d (all at per pair). Pigeons, Is 6d per pair; turkey hens Is, gobblers la IJd per lb (live weight).

BRAY BROS (LID.), AUCTIONEERS, DUNEDIN. Are reliable Emit, Farm, and Dairy Produce Salesmen. Write them for market reports. Prompt attention given. —Advt

ESTABLISHED 1861. A Market for Poultry. Consign your Poultry to us. We are buyers of all kinds. The weights must be—viz.: Fowls, live weight 3ATb each and over; cockerels, live weight 3|lb each and over; ducklings, live weigh* 41b each and over; turkeys all weights. No commission. railage paid, crates supplied. Write lor quotations.—W. STEWART (LTD.), Fish and Poultry Merchants. Head office, 236 Princes street Dunedin. ’Phones: Branch 1676; Head Office 1274.—A dvt.