Thank you for correcting the text in this article. Your corrections improve Papers Past searches for everyone. See the latest corrections.

This article contains searchable text which was automatically generated and may contain errors. Join the community and correct any errors you spot to help us improve Papers Past.

Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image

THE BREADSTUFFS AND PRODUCE MARKETS. Friday.

I Tho week has been a quiet one in the wheat markets of the world, and no cargo ' sales have been cabled. London, advices 1 a week since reported tho markets dull owing to pressure to sell now Argentine , wheat. At the same time, there wjp a better inquiry from tho Continent. As I each week passes without London making 1 the expected upward Tno^e, the doubt as to ! whether that mo\ o will take place arons ' stronger. In Mew of the cxtiaoidmary statistical strength of the wheat position, jt seems almost incredible that ihe markoti can stagnate from now until April, wlieu the position will be influenced by.iejorts of the growing crops in Europe and in 1 America. If these reports arc favourable, the tendency will undoubtedly be for pistes to gradually settle down to a normal level; but if. on the- other hand, the growth of ! the crops is in any way retarded by bad I weather, then there will be plenty of room for a sensational rise. For the present, howe-\er. the speculator is holding his hand, and business in Mark Lane is being conducted with a degree of caution which helps to depress the wheat markets. j Under date January 3, just after the ' reduction of the Bank" of England rate from 7 to 6 per cent, had been announced, " Beerbohm " reports: — It is hardly necessary for us to recall what is now generally agreed to be a sound proposition^-viz.. that the market has seldom, for never, been in a stronger position, sta-tisti-calb'. than it now is; but the following statement of the world's visible supply, on January 1. since 1894, may be taken as strengthening this argument: — i The "World's Visible "Wheat Supply on I January 1.

The present to'al, it will be seen, is practically the smallest, with one exception — viz., that of January 1, 1890 — on record. The world's visible supply on January 1 may be general'y taken as a fair record or indication of the position of the article, but this year the attendant conditions are unusual and somewhat abnormal, because, owing to the financial stringency in America and Canada, a much greater proporflßn of the clops has bsen already exported, or is " in sight," than -would usually be the case ; , in other words, the amount of wheat at the ! back of the American visible supply must be ccusiderably snialer than it was at this date last year, and the same is evidently true~ of Russia and Jtoumania. It is not surprising, therefore, that the trade is beginning to realise how much is dependent upon Argentina wheat during the remainder of this season, and how unlikely it is that the exports from that country can be equal to European requirements. Although there are some fluctuations in the figures, the Commonwealth markets show little alteration on the week. In, Sydney the price has firmed a little, for reasons mentioned below, and the quota- ' tion stands at from 4s 4d to 4s sd. In ] Melbourne tho quotation has ""ceded slightly, and stands at 4s 2d to 4e 3d. In Adelaide, again, tho price has firmed *about id per bushel, and the quota-ion' is 4s 2d. The following extracts from the latest Australian files to hand throw some lierht upon the situation in Victoria, and in New South Wales:— There was no disposition on the part of wheat-growers during the week (report 0 tho Sydney Mail of the sth mst.) to dispose of stocks. The cabled information that the London market had been described as " s'.ow, and tending downwards," did not in the least cause them to forget the fact that this year's surplus for expert is short. They know prices at Home are not governed altogether by the supplies from Australia, but they are of opinion that the market will improve, hence their disinclination to sell at present rates. Wheat in the Sydney market has gone back a bit, but not to the extent that millers 1 and shippers would make out. The whole position is the difference between buyers and sellers. While sellers have been asking 4s 6d and 4s 61d, buyers have been using the cables in the hope af getting supplies at 4s 4Jd end 4s 5d per bushel. There was no real business of any consequence under 4s sd. ' Export business has been at a standstill. So far this season the export trade has been done mainly at Adelaide, where prices have luled lower. After the improvement in the latter part of last week (remarks the Australasian of ! the Bth jnst ), when the market reached 4s 4d, , the position has become eomewh&t less firm. The demand from millers is restricted, as at the present co=t of wheat they cannot do ' business in flour for export. The effect 19 ' considerable, as the quantity of wheat to be ground for Victorian consumption 13 only about 6J to 6J bushels per annum, while if the millers could also conduct a full export trade in flour, they could take about 10 to 10J million bushels of wheat for both purposes. In other words, if the Victorian millers are not to manufacture for export they will require about 40 per cent, lesa wheat this year than last. Shippers are unable to operate in the present state of tho market, as all orders coining from abroad ara going to South Australia. Some of the Melbourne millers are also beginning to com. pare the cost of bringing round South Australian wheat for use here. The market foa; Victorian wheat is now rather quiet in ton* at 4s 3Jd. The local wheat market is rather firisef, and this despite the fact that southern, millers have refrained from buying to any extent in expectation of a decline to the. neighbourhood of 4s on trucks. Owing 1 , however, to the fact that tho Canterbury millers have been operating largely, both' in Canterbury and in the Oainaru districts, prices have firmed to the extent of Id per bushel, and for all first-class lines of new wheat now offering 4s 4d is afckecl by growers. Local miU'H-s. however, hay»

ing purchased for immediate requirements, bi« nolding off the market. The reports that the yields are turning out disappointingly in th© chief growing districts has aleo ha-d a firming influence upon prices, for this gives colour to the idea that again this season there will be only just about enough wheat in the Dominion, for local requirements. There has been a good demand for old wheat during the week, and everything offering has been eagerly taken up at prices equivalent to 4s 6d on trucks northern stations. There ie no chick wheat available, and orders for fowl feed are being filled with milling quality, which is worth from 4s 5d to +s od, ex store. Quotations from Australia have been extensively circulated during the week, quoting Melbourne flour at £8 17e 6d f.0.b., net terms, or about 2s 6d per ton below the price of "the local article. This has •given rise to the fear that it may be meeefcsarv to reduce the current quotation. The Melbourne circular, however, contains the remark that with wheat at 4e 3d it is impossible for Melbourne millers to fill orders at this price except at a lo6S. And as no mention is made of the quality of the flour offered, it is not likaly that it will find its way over here. In the meantime 'the New Zealand Flourmillers' Association's quotation is unchanged — namely: Sacks, '£11 ss; 100's, £11 10s; 50's. £12; 25's, £12 6s. The shipping price is £11 per ton, and the Invercargill price £11 10a. Owing to the brisk demand and the smallness of stocks, the price of offal has boon raised by 10s per ton. This will help in the direction of minimising the loss millers are at present sustaining on their grist. The association's tariff now stands: Bran, locally £5 ss, and for shipment £5 f.o.b. ; pollard, £6 per ton both for local orders and for shipment. There has been more business in oats during the week, and deliveries of new oats have been readily taken at up to 2,3 2d. ex store, for good feed quality. Opinions still differ considerably as to the future of the market. The news that oats from South Africa, grown from an Australian sample of Algerians, are landing in Melbourne at a shade under 3s, duty paid, and that the Westralian demand will be largely supplied from that quarter, would seem to cut off all hope of iiir export trade this season. The future, therefore, revolves around the question as to whether this year's yield will be in excels of Horn requirements — a question which cannot bp satisfactorily settled until the Southland harvest is further advanced. Business for March delivery ie reported at 2s 3d f.0.b., e.i.. Bluff; but local merchants are disinclined either to tako or make contracts at this price. The trade is at present divided into two sections — these who look for a 2s market so soon as offerings become heavy, and those, on the other hand, who expect the North Island to buy heavily and firm the market for some time to come. But neither section appears \ery anxious to back its opinion by buying or selling. The price of oatmeal has been reduced to £13 per ton. Reports from Akaroa state that the cocksfoot crop is turning out very short of the estimate made by a Dunedin authority, the actual yield being now estimated at some 40,000 sacks in place of the 57,000 sacks previously estimated. Of this 40,000 sacks the major portion has already passed out of growers' hands, and a considerable quantity has been absorbed by the North Island trade. The amount now available ie very much smaller than has been the case at, this time of year for some years past, and there are no stocks of old 6eod on hand. Thus a firm market with an advancing tendency is looked for in the near future. The current quotation is from sfd to 6d f.o.b. Akaroa or Lyttelton, according' to quality, for undressed seed. The notato market is a shade easier. Peninsulas are selling at from 6s 6d to 7s, and northerns from £5 5s to £5 15s. Chee6e. — Factory mediums, 6d to 6^d ; AK-aroa loaf, s^d to 63 ; medium, s£d to 6d. Rears. Is 3d per dozen. Quotations for poultry are as follows: — Hens, 2s to 2s 9d per pair: roosters, 4s to ss; goslings. 5s to 6s: ducklings, 5s 6d to 6s; ducks, 4s to 4s 3d; turkeys, hens sd, gobblers 8d to 9d. Bacon pigs are quoted at szd ; bacon, 9d; porkers, s£d per lb. The market is fully supplied with chaff. New season's is quoted at £3 to £3 ss. The highest price obtainable for prime old oaten sheaf is £4 per ton. THE WORLD'S HOP CROP. The brewing industry in Gieat Britain is at present suffering from a variety of ills. It has to face dearer malt, sugar, and other materials, but it has at least the consolat-on of knowing that hops are cheap. Ihe annual estimate of the world's bop crop for 1907. prepared by the wellknown firm of John Barth and Son, of Nuremberg (which is recognised as an authority), compares with the four prc\ious years as follows: — PRODUCTION (in thousands of cwts). Country. 190} 1904 1905. 1906 1907 Germany " . . . . 449 442 607 422 470 France .... 57 51 91 75 85 Bohemia .. .. 65 128 293 103 236 Rest of Austria.. 48 52 68 71 82 Netherlands .. 33 103 107 45 55 Russia, etc. ..60 40 106 55 80 Total Continent.. 712 816 1266 771 1008 England .. „ 430 290 707 249 330 Total Europe .. 1142 1106 ]973 1020 13P8 United States .. 402 435 504 571 520 Australia .... 14 14 13 15 14 "World's total . 155S 1555 2402 16% 1913 Tt would appear from thi-. that tho Continental crop will show an nn\ance of 237,0C00\vt as against la-t joai'-. and that of the United Kingdom one of 131000c\\t. while the American production will Ie 51,000cwt leas; and the overhead increase for all countries wiil amount to 316 oCoc«t. but will fall below the bumper crop of 1905 by 570.000ewf. Areas Uvder Hop CrLTivvriow However disadvantageous it n.ay Ie to the brewers to discourage the extended cultnation of hops, there is a consensus of opinion among groweis to the effec r that at tli2 prices recently prevailing ihi-> form of agriculture is carried on at a very insufficient margin of profit, and rot infrequently at an actual Joss. It i>> stared that the producers of Europe and Am^-ica d.~e,ire to bring about a general limitation of the area under cultivation in consequence of the low quotations v Inch have Tuled during the past fen- \cai- Sdiho idea of the exton-ion of ihe ar 'a \,nd"v hone in the last six ye-ar^ u^vy be obtained

from the subjoined table, extracted from Meesre John Barth and Son's records: — Area ia hectares. HecCountry. tare equals 2469 acres ) 1901. .. 1907. Germany „, „, M1 37,757 38,297 France .. «.■... 2,766 „ 2,900 BoEemia .. .. a- 13,972 a .. 16.850 Rest of Austria . v 6,643 •... 6,853 Netherlands .. „ 3,766 .. 3 800 Russia, etc. ... , c 5,000 :. 6.217 Total, Continent 68,909 '.'. 74,922 England 20,707 .., 18,200 Total Europe .. 89,616 ", 93.122 America .. .., ... 17,068 3 . 22.276 Australia - 1,000 .. 580 Total area .. 107,684 '.'. 115,978 It will be observed that, though the area in the United Kingdom has declined by 2500 hectares, that of the rest of Europe has increased in the same period by some ' 6000 hectares. In Germany itself the advance has been slight, amounting to enly about 500 hectares, while. *»as compared with 1885, the German area has declined by over 9000 hectares. On the other 1-and, the land under hops in Austria-Hungary has increased by close upon 11,000 hectares since 1885. As against 1906, however, the acreage of the hop-producing countries displays a diminution, Bohomia, with a large advance ot" 1650 hectares, being tho only prominent exception. Nevertheless, enough has by no means been effected to place hop-growing on a satisfactory 1* isis. OAMARTJ MARKETS. (From Otrs Own Cobrespondent.) OAMARU, February 15. Millers have been buying steadily this week, and a fair amount of wheat, totalling something like 8000 sacks, has changed hands. The absence of southern millers from the market indicates that they prefer to wait developments before operating to any appreciable degree, but sales have been madeto Timaaru buyers, who are on the look out for prime samples, suitable for mixing. Com- ) pared with last week prices are slightly j easier. Purchases have been made at the | following varying figures: — 780 sacks of velvet at 4s 2Jd net, 500 sacks at 4s 2d net, a small line of red chaff at 4s 2d net, 600 sacks of an extra choice 9ample of velvet at 4s 3d net, and 200 sacks of Essex wheat at ia 3d net, all at country stations. Other lines have been placed at 4s 3d net, 4s 3Jd net, and 4s 4d net, for dehverj in Oamaiu, tho last-mentioned figxire being paid in the middle of the week. Several small parcels have been placed on commission at 4s 2d, 4a 2Ad, and 4s 3d at country stations. Velvet is worth a trifle more than red wheats, which are relatively more plentiful than usual. Oats have also been purchased in fair quantities, the price, as xonipaied with last week, being steady, though the market is not strong. Feed Gartons have changed hands at 2s Id, 2s OJd, and 2s (less commission, at sidings), the largest being a line of 600 sacks. For the same description 2s net has been paid for bught samples. One specially good lot of Danish brought 2a net, and in other oases Is lid net was given. The biggest transaction in this cereal during tho week was the sale of 1500 bags of duns, which were placed at 2s 5d (f.0.b., sacks in) for shipment north. No sales of barley are repoited. Up-to-date potatoes are offering, and sales have been made at £5 to £5 10= (less commission, at country stations). IMPORT MARKET . The local manufacturers have advanced the price of all brande of candles (except mining) by id per lb, and the revised tariff stands as follows :— Gold Medal and Exhibition, bsd; mining, 6^d; Standard, 63d; Composites (plain and fluted) and Magnet, 6d ; Dxical paraffin and superior wax paraffin, 6d ; Brilliants, 6d ; Adamants, sad; Prize Medal. Electrics, and Rockets, sid. These rates are sublet to a sliding scale of discount, according to quantity purchased. Owing to the comparative failure of the raspberry crop, the price of " K." raspberry jam has been advanced ; 21b jars are now quoted at 16s, instead of 15s as formerly, and lib tins at 6s, instead of 5s 6cl. The failure of the sardine fishing has firmed local quotations Hah«s are now quoted at 5s 6d to 6s 6d, and quarters at 3s 6d to 3s 9d, according to quality. A small shipment of packet dates (l^lb) just landed is quoted at 5s 3d to 5s 6d. The Christohurch Meat Company has advanced the price of its bacons by id per lb all round.

39 IS 1007 1906 1905 1904 1903 1902 1901 1903 1899 1898 1897 1896 1835 1534 American kng. and AverEuropean. Canadian. Total. age CJrs Qrs. Q~s. Price. 7,410 000 8 500,000 15 910 000 34/G 8 480 000 10.260,000 18.740,000 26/7.955 000 9 450,000 17 405.000 °.R'S 10,060 000 8 100,000 10 160.000 394 8 2"?0 000 8.140,030 16 370 001 20/3 7 000,003 10.720,030 17 730,00't 24/10 8,500,000 12,650.000 21,150,000 27,7 8,485,000 11,950,030 20,465,000 26/4 7 685 000 12,000,000 20.085.000 25/9 7,090,003 7.010,000 14,105,000 26,11 8,432.000 7.250,000 15 682,000 34/G 9 132,000 9,700,000 19.123,000 30/6 10,240,000 13,100,000 23,340 000 202 9,110 030 5,900,000 25,0i0,003 20/4 11,971,000 13,750,000 25,721,000 26/6

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/OW19080219.2.77

Bibliographic details
Ngā taipitopito pukapuka

Otago Witness, Issue 2814, 19 February 1908, Page 22

Word count
Tapeke kupu
2,975

THE BREADSTUFFS AND PRODUCE MARKETS. Friday. Otago Witness, Issue 2814, 19 February 1908, Page 22

THE BREADSTUFFS AND PRODUCE MARKETS. Friday. Otago Witness, Issue 2814, 19 February 1908, Page 22

Help

Log in or create a Papers Past website account

Use your Papers Past website account to correct newspaper text.

By creating and using this account you agree to our terms of use.

Log in with RealMe®

If you’ve used a RealMe login somewhere else, you can use it here too. If you don’t already have a username and password, just click Log in and you can choose to create one.


Log in again to continue your work

Your session has expired.

Log in again with RealMe®


Alert