High Prices at Christchurch Wool Sales, January 8, 1908;

Otago Witness, Issue 2810, 22 January 1908, Page 21

High Prices at Christchurch Wool Sales, January 8, 1908;

| "Messrs Pyne and Co., "Wbolbrokers, etc- ' Christchurch, Teport as follows, Viz. :"— Ref ferrinjr to a few of the beat clips in out catalogue, the Culverden wool stood out very prominently, both in halfbred ana merino, due clip being noticeably bright,, well classed, and in splendid condition, Tbm fint lot of the halfbred was passed a{ .1244 tha wether wool being sold at tha i bum figure, and other lots at 13d, merino* at 13d, and other lota at 12d." ' Means Wilton"* dips are famous in wool centres all over tha world; their position. U za*ar£ahfr •* the top of the. price list. ' Qoiheira Dip ha« been used on Colverde* to tha- emehraion of aH oiber brands fo# —my K«b past, and the position taken ay Has dm year after year it sufficiently mJkmtum tta* tha aanagwnfmt of the _ook ■ aaaJwrtfd on tia moat *p-to-date lines.

■^Wafl</e. The New South Wales wheat season aix weeks l«tte, owing to the absence of jKSif spring rains, and the scarcity of looai KSftin at this date is quite exceptional. Spot >^»ea have been bought this week at 4s 6d, $9 6id, and 4s 7d a bushel (Sydney), and. £!\»n those millers who have enough to go on ftith for the present are quite anxious to f^y at * Tnrr** 1 * <"~ >J^» haiia of 4a Sid.

Sydney Las no wheat to spare lor London, but is interested in the trend of values at Mark Lane, inasmuch as Now South Wales wheat will become still deareT if London can hold out a lucrative inducement to Adelaide and Melbourne. Australian new milling wheat is 40s 6d a quarteT in London, a rise of S3 on the week. This is 5b OJd per bushel, ci £ and c , London, or equivalent

to 4s 3Jd, fob., Melbourne and Adelaide. It is therefore evident that, on present London parity, the utmost the Adelaide and Melbourne shippers cRn afford to pay on London account is it 3d, fob This leads some of the Sydney millers to regard the present quotation m Sydney for New South. Wales wena-t as a. " false price." Xlie Australasian leports, under date 11th

inst., that owirg partly to the smaJl qttan- T tity of new wheat so far available t^e market ' is firm, but it is expected that eupplies will soon increase, and that business will be facilitated. For the present, bowever, shippers are unable to undertake fresh engagements of the usual character by chartering sailing vessels, as the space available by steamers, while the wool sales are suspended, is sufficient to take the moderate supply of wheat offering at better prices than could be netted for smaller cargoes for Europe There is also some demand from earlier sellers to cover contracts, which in many oaaes were made at higher prices than those now ruling. A fair business has been done at prices ranging from 4s 5d to 4s 6d, according to position and size of parcel. The market closes firm at 49 6d in town while higher equivalents are being paid in ] some parts of the country. I There has been a little business passing in the local wheat market during the week : the few small lines offering at up to 4s 6d on trucks have all been picked up, and there are burers for all that is offering at that, price. * Holders of the limited amount of old wheat now offering stipulate for 4s 9d to 5s on tracks, and seem confident that millers will have to pay the money asked. In the meantime miller* who hoWt no wheat are keening their mills dosed down, content to wort off existing stocks of fioar and wait until the new grain is on the market. In view of the present price of flour, millers cannot afford to pay more than 4s, or at the outside 4s 3d on truck*, but it is- extremely problematical whether any pew wheat will be obtainable at that figure. It will be from "fc *non*h to five weeks at the earliest before any new wheat will be on the Timaru market, and a great deal may happen in J that time in the way of a-dvanoes in Lon- ' don and Australia. Something, too, will depend ugon the weather, and the breakup of thie drought may have an easing tendency. At the same" time it is evident that with a decreased acreage, and practically no carry-over, the average yield will ■ have to be a heavy one to ensure that surplus over-requirements which alone will bring prices baek> to London equivalent The fact, too, that so many millers are out of wheat and will have to come into the market at once will have a tendency to firm the opening price. An the present time there ar§ speculators willing to buy new wheat at up to 4s 3d on trucks and at even more money and take tho risk of the market. The events of the next few weeks will, therefore, be worth watching. There is a brisk inquiry for fowl feed, with little or nothing available. Consequently fowl feed in small lots commands a higher price than milling quality, and is worth from 4s lOd to 5s ex store. The demand for flour continues good, which is not surprising, for in the present state of the wheat market flour at the current quotation is relatively cheap. The New Zealand Flour Millers' quotation is unchanged — namely : —Sacks £11 ss, 180's £11 15b, 50's £12, 25's £12 ss. The shipping price is £11 per ton, and the Invercargill 1 price £11 10s. There is a brisk demand for offal, stocks being in small compass, owing to the closing down of several of the mills. Quotations are unchanged I—namely1 — namely : — Bran £5 15s locally and £4 10s for shipment; pollard £5 10s both for local orders and for shipinenrt. Samples of new oats from Canterbury have been shown during the week, but they are mostly rubbed from the stook, immature, and of poor quality. The fact that the new grain will be offering shortly, added to the prospect of an abundant yield and an mci easing acreage, has tended to further depress prices. Sales in samll lines are reported at from 2s 5d to 2s 6d f.0.b.5.i., and in some instances even as low as 2s 4d has been mentioned. Other holders, however, refuse to accept these prices and incline to the belief that values will shortly recover, m sympathy with the hardening of the Melbourne market, and in view of a possible demand from South Africa. Until the new crop is fairly on the market and the probable yield is more accurately aacertainabie, it is unwise to attempt to forecast the future. For local orders good feed oats are offering at from 2s 2d to 2s 4d ex store. The price of oatmeal remains at £14 10s per ton. PRODUCE MARKET. | The potato marker, which eased slightly at the beginning 1 of the week, is to-day firmer owing to light arrivals. Peninsulas are quoted at from 7s to Bs, and Oamarus and northerns at from 5s 6d to 6s for prime samples and from 4e to 5s for email samples. The local market is well supplied with Hitter, which is quoted as follows: — Dairy pats an-J dairy milk. 6id to 8d : separator pats, 7d to 8d ; separator bulk, 9d to 9id ; muled — first !?rade 83d, second fyrade Bid ; first grade factory, prints, lljd booked, Hid cash; bulk, lid cash. Cheese: Factory mediums, 6d to 6id ; Akaroa loaf, s|d to 6d ; mediums, sid to 6d. The marfeet for- eggs is firm at Is per dozen. Quotations for poultry are as follow: — j Hens, 2« to 2s 9d per pair ; roosters, 4s to I 5s r goslings, 5s to 6s : ducklings, 5s 6d to I 6= ; ducks, 4e to 4s 3d ; turkeys, hens sd, gobblers 8d to 9d. Pigs are exceedingly scarce. Bacon pigs are quoted at 6d to 6i<i. Bacon is scarce ! at 9d, and hams of good quality are unprocurable. The market is fully sunulied with chaff. 'Xew season's is quoted at £3 10s to £3 15s per ton. The highest price obtainable for prime old oaten sheaf is £4 5s per ton. IMPORT MARKET. The Dunedin agents have not yet come to any agreement in regard to the price of cornsacks for the season, and the matter is still under discussion. It is probable, however, that the price to farmers will be 7d for 44's and that the price to grain buyers j will be 6£d. I For some t'me past considerable cutting has been going on in Nugget boot polish, r.nd to such an. extent has this been carried that neither distributors nor retailers have been able to secure aa adequate profit on the handling of rhe line. The attention of the Nugget Polish Company in London has been directed to the prevalent state of affairs, and in a. recently issued circulaathey state :—: — -it " For a long tune past we have been receiving innumerable complaints of the catting which is taking- place in the Nngget polishes in the colonies, and we have been much concerned in consequence of our inability to with the situation under existing conditions." The company has consequently decided to supply its polishes only to those merchants who will pledge themselves to keep to the following price list: — Small tins, 3a 9d j,er dozen; large tins, 7e per dozen;

small outfits 13s 6d, ***d lar 2 e outfits 21* per dozen. The agreement contains the following clause:— "l also undertake not to sell to any retailer whom I know to retail the Nuggefi goods at less than the prices mentioned.'* The retail prices are fixed by the company as follows : — Polish : Small tins, 5d J large tfns, 10d. Outfits : Small, Is 6d ; large, 2s 6d. In consequence of this development there; has been a brisk demand for stocks now in merchants' hands, and which are not subject to the new restrictions. In consequence of the slump in lead*, local quotations have been reduced. Sheet! lead is now quoted at £26 — a reduction of 30s per ton, — and p'g lead at 21s 6d— al drop of 2s 6d per cwt. Latest London cables quote lead at £14 7s 6d per ton, against £15 12s 6d a month ago and) £19 17s 6d a year ago. Mr Julian Matton's statement, of the world's production of pig lead shows that the total' reached in 1905 was not quite maintained in 1906, the figures beinf? 975,610 English tons for 1906, against 990,920 tons for 1905. The falling off. though proportionately slight, was evidently of consequence at a time when the rapid increase in consumption caused demand to press upon supplies. But 'to view the subject in due perspective ife is necessary to carry the comparison further back. Last year's production of 975.610 tons compares with 832,700 tons irt 1901, and 666,400 tons m 1896. Thus the five years' comparison shows an increase of about 142,900 tons, or over 17 per cent. ; while the 10 years' comparison shows ant increase of about 309,200 tone, or over «S per cent. The problem in recent years, even with the larger prodxiction, has been to obtain sufficient supplies to meet the demand ; but noitf that demand is f ailing* off in consecruenc© of the reaction in manufacturing' activity and the financial crisisin America, the problem has become one of findin* an outlet for all the lead produced without too «rea.t a decline in prices., The production in the lead'nar eountri«a for the last three years in English tons, accord* ing to Mr Julian Matton, has been M follows : — World's Lead Probttctoo». 1904. 1906. 1908. Tons. Ton*. Tom*. United States .. 307,705 316,832 327,878 Spain 183 QU 182,949 189,7» Germany .. .. 133,902 14*487 188,172 Australia .. .. 117,105 103,336 91,139 Mexico 98,522 98,104 82,263 England .. .. 24.494 23.259 23,964 Oth«r countries .. 120,307 125,003 129 969 Totals .. .. 985,069 990,920 975,610 The decrease in 1906, as compared witb 1905, was 15,310 tons, mainly accounted fou by Australia, with a decrease of 12,198 tone. The average price of soft lead in London, in 1906 is stated by Mr Matton aa £17 7<* per ton, against £13 14s 4d average fox 1905, and £11 19s 8d average for 1904.