COMMERCIAL.

Lyttelton Times, Volume XXI, Issue 1189, 28 January 1864, Page 4

COMMERCIAL.

THE ENGLISH MONEY MARKET,

MELBOURNE WHOLESALE PRICES CURRENT. Business in the import trade opened at tlie heginning of the week with a tolerable amount of activity; a speculative feeling was exhibited to a greater degree than lias for some time existed, and several considerable transactions ensued. The prolonged absence of the mail has however given rise to some uneasiness, and towards the close of the week less inclination for business lias been evident, buyers deferring purchases until the receipt of positive information as to the extent of shipments made, and prospects for the markets here. Country trade has been moderately active, and shows intimation of further improvement. For shipment orders have come forward less freely. The New Zealand markets appear pretty well stocked for the present, and exports hence to that quarter have much declined. In bulk beer there is no amendment; inquiry continues very limited, and even reduced prices induce no improved demand, holders rather showing a disposition to accept even lower figures to effect sales of quantities. By auction some 500 hogsheads have been placed at very low figures. Bottled ales and stout, in good condition, find ready purchasers at full quotations, and should any considerable decline in shipments have occurred, advanced rates may fairly be looked for. Bacon and hams have slightly improved in demand, but prices are without change; there are buyers at 14d for Sinclair's and 13d for Campbell's and Coey's; by auction sales of hams have been made at 11(1 to 12£ d, and bacon 12jdper lb. Threebushel corn sacks continue in request, and steadily sustain prices. Sales have been again made at 19s per dozen. Demand for woolpacks for this season is nearly passed, and although quotations are unchanged, transactions are quite unimportant. Butter remains dull of sale, and quoted at lOd per lb. for best samples of Cork. The very mild season has continued a plentiful supply of green food, and our dairy produce has consequently been sufficiently abundant to almost supersede the use of imported sorts. Candles have been in better inquiry, and prices have slightly improved, the duty imposed on the article in Sydney having given a firmer tone to the market. Light-weight candles particularly have been in request, and sales reported at 8d to B|d, whilst by auction 7fd per packet had been obtained. Neva stearine are, however, still quoted at lid, and Belmont lOfd to lOi per lb., although for the latter, slightly damaged, l()J-d has been paid by auction. Cheese of prime quality, and in small parcels, meets a fair demand at unaltered figures, but inferior sorts are dull of sale even a low prices. Coffee is firmly held, but the trade are disinclined to purchase at holders' rates. A parcel of fine Java was offered on Tuesday, but bought in. There has been a steady inquiry throughout the week for flour and wheat, but although prices arc very firm, no actual advance has taken place, as, with the harvest rapidly progressing, many of the country districts now drawing their supplies from Melbourne will shortly cease to do so. The very light stock of flour, however, precludes the probability of an early decline in prices ; and as the Auckland market will require supplies not hitherto needed, and Adelaide shipments are making thence and to the Cape of Good ITope, our market is not likely to be soon over-supplied from that quarter. The damage to the crops in some districts is reported as serious, and tends further towards the support of present rates. Wheat conies forward exceedingly slowly, the several small shipments as yet received from South Australia being readily purchased at from 6s to 6s 3d per bushel. Oats are easier, and as the new crop comes to market prices seem disposed to give way. Maize has recovered from the late decline, and is again quoted at 4s 6d. Bran, cousequent on the small extent of milling going on, is still scarce and readily saleable at from Is 7d to Is 8d per bushel. A sale of a parcel of about 7000 bushels, from South Australia has been effected, but the _ exact figures have not transpired. The shipment of grain ex Melanie was offered by auction and withdrawn, but afterwards disposed of; the price Ins not been named, but from the offers made at the sale, the rate is presumed to have been about 4111 per ton. The plentiful supply of fresh fruits has caused a declined inquiry for dried sorts, the prices of which are, with the exception of dried apples, which have been placed at 7d per lb, slightly easier. Hops have been dealt in to rather considerable extent, but at declining prices. By auction, on Tuesday, new Kents were placed at Is lid; subsequently, however, a parcel of 1863 changed hands at Is 7d per lb., duty paid. Malt continues in fair inquiry, but no advance in value can bo reported; bins of good quality are quoted at 9s 3d to 9s 6d, and smaller parcels at about 3d per bushel advance on those prices. Linseed oil has been in better request, and has rallied in price, quotations being from 5s 6d to Gs per gallon in drums. Kerosine still dull of sale. Chinese remains firm, and saleable at 5s Cd per gallon. In oilmen's stores there is but little alteration to note. Bottled fruits are rather easier, and quoted at from 12s 9d to 13s per dozen; jams, in lib tins, in fair request; sardines are in easier demand, and at rather reduced rates. Blasting powder remains very firmly held, and sales are being now reported at 9d per lb for best brands, Rice is in fair inquiry,

and prices steady at £25 per ton, duty paid for Piitim. A parcel of Java-dressed rice, rather weevily, by auction brought £26 per ton, duty paid. Salt has undergone no _ alteration m prices; there was some speculative inquiry made in the earlier part of the week for this article but the feeling appears to have died out without leading to transactions. Spirits.—ln brandy there has been a limited trade inquiry, hut at unimproved rates, and for common sorts and low mixing kinds the sales effected have been at very low prices. Ihe holders of best brands appear less inclined to submit to reduced rates, anticipating that the expected advices will tend to improve the market. In other spirits very little has been doing, with the exception of geneva, for which there has beon a moderate demand. Sugar has been the leading arttcle for speculation, and prices have advanced until the rise from the lowest ebb has amounted to about £12 per ton. The high rates ruling in England, and the corresponding advance in prices at Mauritius, have induced the belief, in some quarters that this market will be comparatively lightly supplied, and hence the ground for the speculation which has set in. The market, however, yesterday, received a check, temporarily only, in all probability. The sale of Mauritius sugars by auction dragged heavily—buyers holding back against the advancing prices-, of 11,000 bags offered, 8,000 were, however, placed, at the following rates:—Rations, £32; good browns, £34; medium counters, £39; good do, £40; fine do, £42; crystals, yellow, £42; do white, £44; and finest white passed in at £45. About 600 bags Java sugars have also been disposed of by auction at £30 2s 6d to £32 12s 6d per ton for browns, and £38 10s to £39 5s per ton (duty paid) for white Java crystallised.—Argus, Jan. 15.

On the 18th, the 'Argus' writes:—"The mails are now six days beyond their time. The Madras was due in Hobson's Bay on the 10th. For the last three years the mails have been late in coming to hand in the month of January. The Salsette did not arrive until the 13th, in 1861; the Benares until the 12th, in 1862; and the Madras until the 12th, in 1863. In 1859, the Oneida did not make her appearance until the 19th, but the route was then by way of Mauritius. The delay this month has led to the postponement of the public wool sales. The stores are overcrowded; but in the absence of advices, buyers do not like to operate, with the present scarcity of available tonnage on the berth. The import market has been firmer since the opening of the year. The vessels known to be on the way from British ports are few, and the advices by the last mail of ships on the berth for immediate dispatch are an unusually short list.

HOBAET TOWN.

No sales of any consequence have been effected during the day, and prices remain quite unchanged. Wool is arriying freely, but the ships on the berth for London do not appear to be filling up very fast.

Launceston. —We take the following from yesterday's ' Examiner': —That tilings remain in statu quo is about all that can be said of the flour and grain markets. Transactions are confined to the supply of home requirements, and quotations remain as last stated, viz. : —Flour, £11 to £11 10s. Bran, firm at Is 4d. Wheat, ss. Oats, 5s to 5s 6d. Trussed hay, new, £4 10s to £5 ; old, £5 10s.

' The Times' of the 4th November reports of the etxraordinary movements in the money market:—

" All classes of securities have been seriously affected to-day by the rise in the rate of discount, although the tone of the foreign exchanges is slightly better. The specie movements, which now centre in this country, are of such extraordinary magnitude that the difficulty of estimating their results for a few weeks onward prevents the possibility of any opinion being formed as to the likelihood of a further movement to six per cent on the part of the Bank of England being found necessary. The commercial public, however, feel very easy on the point, since the profits of trade are ample to cover a full rate for capital, and former experience has shown that a movement of two or three per cent in the Bark rate acts with great rapidity in restoring everything to a normal condition, where there has been no actual and long-hidden extent of unsound operations. Consols this morning opened at 92| to f—a decline of and ultimately experienced a fresh fair to 92{j- to -£, whence there was no recovery. For the account on the 3rd of December the last bargains were at 93 to Bank stock left off at 224 to 226 y Reduced and New Three per Cents, 91 to £•; India Stock, 224 to 226; India Five per Cents, 109 J to f; Rupee Paper, 109 to and to 116; India Bonds, 18s to 22s pm.; and Exchequer Bills, 2s dis. to Is pm.

" In the foreign exchanges this afternoon the rates upon Hamburg and Paris were a shade higher. On other places they were about the same as by last post.

" The preparations for the payments falling due to-morrow, the 4th, did not cause any heavy discount demand at the Bank to-day. In the open market 4f is the lowest rate.

" About £48,000 in bar gold and 63,000 sovereigns were withdrawn from the Bank to-day, principally for transmission to Spain. These remittances may be attributed partly to fecent purchases of the Internal Passive Debt which have been made in the London market.

" The India and China mail steamer Poonah takes out specie to the amount of £167,239, of which ££147,060 in gold is for Alexandria and Suez, £600 in gold for Madras, and the residue of £1620 in gold and £16,950 in silver for China and the Straits.

" It is expected that the Brazilian mail, to sail on the 9th instant, will again take out a rather large remittance.

" The outflow of bullion seems to be almost equally severe from every part of Europe. The next monthly return of the Bank of Austria will, it is said, show a large increase in the circulation, and a decrease in the specie.

" Advices from Frankfort state that the advance in the rate of discount by the Frankfort Bank to four per cent, was in consequence of very large applica • tions having been made for the liquidation at the end of the month, and of great quantities of silver having been sent away, not only from the Frankfort Bank, but also from the Bank of Prussia. With regard to the destination of this silver nothing certain was known. As there is no large demand for the rural districts, the vintage being a failure, the prevalent conjecture seems to be that it is sent to Russia, under some arrangements made with leading firms. It is known, however, that the apprehension of war with the German Bund has caused a considerable absorption in Denmark."

We take from the same journal the following items of news connected with the woollen trade of the United Kingdom:—

" Leeds, Nov. I.—There has been but a moderate attendance of buyers in the cloth-halls this morning, and the markets were, upon the whole, of a quiet character. The purchases were mostly of winter goods, and they included what may be termed odd pieces of several kinds, as well as small parcels of witneys. meltons, and tweeds. The market is not at all overstocked with, current-going fabrics, and indeed to-day only a small bulk of new goods was brought into the halls. It is satisfactory to know that the manufacturers in this district are in good work, many of them being engaged on orders for future delivery. Prices, both of goods and the materials used in their production, keep very firm. The flax trade keeps brisk in every department, and prices keep creeping up. The raw material is now very high, both home-grown and foreign Hax having lately advanced. The scarcity and high price of cotton have tended greatly to advance the prices of both woollen and linen fabrics, also those of linen threads."