COMMERCIAL

Waikato Times, Volume XXXI, Issue 2533, 4 October 1888, Page 2

COMMERCIAL

The Waikato Timtt Office, Wednesday, MELBOURNE GRAIN MARKET. The New Zealand Loan and Mercantile Agency Company report under date, Melbourne, September 20 :—The past month has been marked by an advance of Is per bushel in the price of wheat, a result due to the tendency of prices in Europe, the London market showing a rise of 4s per quarter on off coast cargoes during the same period, and 5s for September bills of lading. The failure of the European wheat crops has been the substantial reason for the rise ; and, according to the most reliable authorities, tho deficiency this harvest year will be large. It may, however, be well to point out that the months of February, March, and April are. those in which the English market experiences tho greatest changes!; and although as we have previously said, we look for hardening values in the current year' proceeds, we do not anticipate that the alterations in prices prior to Christmas will Do, under ordinary conditions, of a.sensational character. It is however a matter for flome congratulation that holders on this side have been able to obtain a better price for their wheat, whilst the new crops will certainly open Is per bushel over that obtained for that of 1887-8. Rain is much wanted in the Northern districts to ensure anything like a fair average yield ; but if this occurs during the currency of the present month, we look for good returns, though the decrease in the area under wheat this season will influence the total outturn. There has been more demand for export during the month, and the advance referred to above has stimulated shipments. The clearances since our last mail summary are given below, whilst we notice that the Carbet Castle, Midnatssol, and Loch Moidart are loading, in addition to most of the best vessels taking parcels for London. Freights are Quoted at 27s (id. —Wheat: The fluctuations during the month have been more marked, but the tendency of prices has been steadily upwards, although at tho nominal it is checked. The highest paid was 4s 7d. We quote to-day, prime worth 4s nd.—Flour : In sympathy with wheat prices have advanced, and some large sales made : £7 10s to £812s Gd paid for stone ; and £8 10s to £910s for ordinary brands of roller. Market closes steady.—Oats : The expectation of an increase of the duty from 2s to 3s per cental, forced prices up to 4s 3d fcr heavy New Zealand ; but the withdrawal of the " Budget'' proposals, coupled with heavy imports, has beeu followed by a drop to 3s lOj-d.