COMMERCIAL.

Gisborne Times, Volume XXVII, Issue 2554, 16 July 1909, Page 5

COMMERCIAL.

CHICAGO WHEAT -,ARKET. United Fresh Association— Copyright CHICAGO, July 15. A sensational advance of seven cents in July wheat at Chicago lias oansed a stampede amongst the shorts, who are alarmed at the delay in harvesting operations due to the rains in the west and south-west. PATTEN OPERATING AGAIN. (Received July 15, 10.40 p.m.) LONDON, July 15. Patten controls the immediate supply of July wheat available for immediate delivery, aggregating five million bushels. The price is 127 cents, and ho hopes to force it to 150 and make half a million sterling profit. (Received July T 5, 11.40 p.m.) LONDON, July. 15. An Australian wheat cargo has sold at 45s l^d. "Wool prices: Gear B£d, Warepa lljjd, Waiotu 12§d. THE HIDES MARKET. (Received July 16, 12.30 a.rn.) MELBOURNE, July 15. Hides: Excellent competition. Prices of all classes favored sellers. AUSTRALASIAN WOOL EXPORTS. Messrs Dalgety and Co., Ltd., have received the following table from their ‘Melbourne branch of tho Australasian wool exports from Ist July, 1908, to 30th June, 1809, compared with the corresponding period last year:— State. - 1908-9 1907-8 Victoria 454,942 462,815 New South Wales... 915,617 777.748 Queensland 184,207 144,640 South Australia ... 165,513 163,892 West Australia ... 56,785 50,745 Tasmania 19,283 21,050 1,796,347 1,620,890 New Zealand ... 491,757 436,941 2.288,104 2,057,831 Increase, 230,273 bares. Consderable quantities of wool grown in one State are shipped from another, therefore the above does not show actual production but total oversea shipments. FROZEN MEAT. [Per Press Association.] NAPIER, July 15. The Colonial Consignment and Delivery Company has cabled the follow ing report on the frozen meat market: Beef is easier. Hindquarters have cedi nod per lb. and forequarters id Quotations for muttons are: . Canterbury 3|d, Napier, Wellington arid North Island 2!d; lamb, first quality 3|d, second quality 3£d. Beef hindquarters 4Jd, forequarters 2|. THE MEAT MARKET. United Press Association —Copyright. (Received Jute 10, 8.50 p.m.) . LONDON, July 15. Meat importers and agents state that the agreement cabled yesterday is thus far working smoothly.* The inclement weather is the chief cause of the glut of inml>s. Still, as the market is over suonlied to the extent of one million lamb.s and one million sheep, only fine weather can save the situation. The increase of prices was arranged, because the butchers feared the competition of the small barrow or stall street salesmen. ‘The retailers are willing to pay an extra farthing in order to keep the costermongers out. Mr. Cameron, speaking at a meeting on behalf of the Hon. W. Hall-Jones, said that New Zealand was anxious to assist trade and would circularise largely, but doubted the advisability of spending £2OOO or £IOOO in advertising in newspapers. In this connection it "was suggested at- the meeting that it would be unfair for New Zealand to boar the cost of advertising which would benefit Australia and the Argentine equally with New Zealand. The importers answer that nine-tenths of the present stock of lambs came from New Zealand. (Per Press Association.) CHRISTCHURCH, July 15. A cable message from London published this morning in regard to the glut on the London meat market was lead with interest in Christchurch, especially by persons who have personal interests in the frozen meat industry. Mr. N. L. Mcßeth, acting-secretary of tho Canterbury Frozen Meat Company, speaking to a reporter, said that ia seenis to him that the decrease in price as announced by message was owing to the fact that there wa,s no money available at Home. That, at any rate, was the principal cause, he felt that the price at which frozen meat was selling now was ridiculously below the necessities of the position. Messrs Gordon Woodroffo and Co., in their circular, dated six weeks ago, stated that the weakness of sellers is to a great extent responsible for the further decline in the values of New Zealand lambs. Frightened by advices of heavy shipments from the Dominion, and not taking into account the increased output, they continue to force sales as each vessel arrives, and endeavor to justify their sales of to-day by taking lower prices to-morrow. This refers more particularly to choice brands, of which the. present stocks are by no means heavy, in fact, many firms are working from hand to mouth until they can get, delivery from the ships, and most of the Canterbury being marketed are out of vessels discharging. But for the weakness displayed by sollors, there is no reason why Canterbury lambs of all grades should not be soiling at higher rates. We have again to report a record consumption for the month of Many, owing largely, no doubt, to the low prices ruling. That statement. Mr Mcßeth said, gave a very good idea fo what happened and what was happening to a large extent now. Up to the present' New Zealand had shipped about 1,000,00 more carcases this year. With the increased output and tile increased weight tho farmers, he thought, could have afforded to take less, and the sale would have paid them well. It had also to be remembered that huge quantities of Australian lamb went into store, because tho prices asked could not be obtained, and be presumed that the- minority of those/iambs were there still. The fact was that the buying power at the other end was less than it was last year, and there was also more meat in the market. In the circumstances he thought New Zealand could have nflorded to take a reasonably lower price. The maces now. however, were hopelessly below the value of the sheep. There had never been sent out of New Zealand a finer lot of lamb than that which went this year. It was on the heavy side. Most of it was very heavy, but his experience was that whether light or heavy it was sent. It was always the-weight which was not sent. That

was that was wanted. Most farmers, guided by human nature, felt proud when they turned out heavy weights/ It was against their principles to send out produce before it had reached what might be called the pink of condition. There was no doubt, he added, that some kind of combination, such as had been mentioned, should have the effect of steadying things. It had been tried before, but it fell through because it was not adhered to. It was a pity, in view of the quality of the meat sent away this year, to learn of a suggestion of throwing it away on the London market. He had had twenty-five years’ experience of the frozen meat, trade, and he had never known in any other year such splendid quality in the whole of the output. / f