COMMERCIAL.

Auckland Star, Volume XXV, Issue 70, 22 March 1894, Page 2

COMMERCIAL.

Evening Stab Office, Auckland, Thursday. BWinms operations during the past ttoobh have nob been by any means brisk «here being a marked tendency to buy for immediate requirements in small parcels. •Trade in the northern districts has been considerably affected by the deposed etate of the kaurj gum markeb, which by lessening the incomes of the diggers necessarily interferes with the.operations of the Cftnnbry storekeepers and results in a decreased demand for goods from town merchants. The low prices offered do nob, however, decrease supplies, and overtures have been made to tfie Government with a view to getting road-making started to give employment tathe diggers until the Home market for • kauri gum recovers. So far the local market has not shown any sign of improvemenb and unfortunately the supplies for the month will total close on 9CO tons of gum. At the recent London sale, the price realised for black gum was about equal to rates ruling here, so the unfortunate exporter will have to pay all the costs of transport. It will be seen from this, tbab< although the srumdiggers are suflering, the merchants here are also having an unpleasant time. During the past few days, one country storekeeper has been compelled to seek the protection of the Bankruptcy Court, owing to the tightness of the money market, although, according to hie own statement, the assets when realised should pay over 20s in the £. The policy of strict banking now being pursued, while safe from a banker's point of view, must necessarily press hardly in some instances. There is a danger of mew with solid assets being pressed harder than those who have no margin of convertible eeco'ritiea behind them. Such a course, if pressed too far, may result disastrously to firms otherwise sound, thab may find ib hard to suddenly reduce overdrafts. With regard bo the banking of the future ib was a eignincanb fact thab more than one of the delegates to the Postal Conference thab met this weak in Auckland, spoke in favour of the inauguration of a system of State Banks in the colonies. Ib was also pointed out thab the issue of postal notes without a limit) for the time of return was practically a-step towards this end. More than one of the delegates complimented the £few Zealand representatives upon the evident sign of progress they had noticed during their month's sojourn in this colony, and the hope was expressed thab as New Zealand had risen triumphantly after a severe depression, the other colonies, who were now suffering their turn, might in the futurei arjrive ab an equally satisfactory culmination of their difficulties. One of the features of the pasb month was the retirement from the New Zealand trade of the firm of McArthur and Co., their large stock having been purchased for something like £90,000 by Messrs Sargood, Son and Ewen, the transaction being a cash one.Considerable areas of land are being put down in grass this season —farmers evidently being determined as far as the North is concerned to devote more attention to crazing and sheep farming. Although our export of frozen mutton i 3 nofc so large this year, ib may nob necessarily mean a, loss to the colony. The export of wool this year was considerably larger than thab of the previous season, and as more pasture is being put down ibis fair to presume that the sheep v/hich would otherwise have been exported are being retained to stock the runs. If this is really the case it will mean an increased output of wool next year, which is much better for tho colony than to export the dead carcases. As ths season for burning off this year has boon tho mosb favourable for sometime pasb, large areas will be surface soVn, and the gsesulb has been a brisk demand for grass aeeds. Cereal growers have had an excellent harvest, bub unfortunately the prices at present ruling for grain of all . kinds are too low for profit to the producer.

Morebuilding is proceeding in and around the city, and consequently the prospects of the timber trade have somewhat improved. There are, however, still quite enough carpenters in Auckland to more than overtake all the work in hand. As the houses are being filled up by continual arrivals from adjacenb colonies, there is now some encouragement for owners of land to erect tenements. The " Australian Trade Ro-

view," in referring to the exodus of popu

lation, states:—" Melbourne has 105b44,000 inhabitants netb in less than three years, and muat necessarily loose more before the contraction is properly completed." With such departures from an adjacent colony, ib is nob to be wondered at that a certain proportion find their way to New Zealand. The pasb month has been a quiet one on the Stock Exchange, shares in mining companies' being as a rule somewhat neglected. This, however, applies more particularly to the Lower Thames and Kuaotunu, where dividends are nob plentiful, and calls frequent. One by one the unprofitable mines are being abandoned as shareholders become tired of paying calls: The result should be that a few strong companies will ultimately be left with a fair proepecb of paying dividends. At the Upper Thames matters appear more satisfactory a<n far as mining is con • cerned. The Waihi has declared another dividend of one shilling per share, and reports from the mine point to a continuance of this pleasant oolicy for some time, as the reef appears even better as the winze goos down. The last return from this mine gave £4,688 worth of bullion from 1,818 toDB of ore treated in 28 days at the battery. Matters ab the Crown Company's mines also nppear to be progressing all right, whilo reports from the new mines ab ' Waitokauri ate big with promises of future blessings.1 The tact that two or three companies have' been successfully floated during the past month points to confidence in Waitekauri on the part of investors. Prices ot mining shares on the average are, however, lower than they were last month. The exception is the old Norfolk mine at Tararu, which appears to have renewed its youth, for the recent crushing of 43 tons of ore and 901b of picked stone from the new reef yielded 1470z of gold worth £3 2s 9d per oz, by no means a bad return for stock that may be obtianod ab one-shilling. Investing stocks are not in much demand with the exception of the Auckland Gas Company, for which there have been steady buyers throughout the month, but sellers remaining linn, transactions were restricted. Sales of New Zealand banks took place yesterday at 60s, but although less figures have been offered no transactions were reported below that price. Colonial Bank shares also changed hands ab 32s 6d, bub generally speaking bank stock were neglected during the month. BANK BATES. Exchange on London.

Buyikg—Discount Selling—Premium On demand J% „ 187. 30 days 17. „ lf/ o 60 days f/ 0 „ f/ o 90 days U7. „ 47. Rate of Interest Allowed on Fixed %d Deposits in New Zealand. Fixed for 3 months, Z"/ o per annum „ 6 ~ *7. .. ~ 12 „ 57. *.

Hops.—The new crops i.i Victoria came to ft bare markeb in Melbourne, small parcels realising Is 4d to Is 5d lb. Owing to damage caused by floods in Gippsland, rather better prices are expected. The first of the •Tasmanian crops also fetched B*TtfRPBNTiNE.+-An advance is reported in ,N JUTJ°-News by cable from Calcutta is to the effect thab after weeks of dulneee the

market ia-again firm, and exchange was advancing. Woolpaoks were quoted, c.i.f., about id higher; and branbags and cornsacks from fd to Id higher, c.i.f. A direct steamer for New Zealand has boen berthed for July, loading ab lasb year's rates. A movement in on foob amongst millers to combine and work short time.

Salmon.—A new brand of tinned salmon called the Walrus has been introduced to this market, as an outcome of the Vancouver line of steamers.

Tricopherous.—Tho market is quite bare of Barry's tricopherous. Ginger.—As the London market has declined, a fall in price locally may be expected. Tapioca is easier. '

Rice.—Japan rice has taken a slight turn for the better. According to cable advice rice in Japan wua lower in price throe weeks ago than ib had ever been, bub during the lasb fortnight, an upward movemenb commenced.

Sugar.—A trial is about to be made to produce beet-root sugar in Victoria. Canned Goods are in good demand. Wheat.—There have been heavy arrivals of wheat from the South this week. The Manaponri brought 380, and tho Ovalau 3,000 sacks. A fair amount of new wheat has changed hands, both in the South and locally, bub micea are unfortunately low in sympathy with the Home markets, and millera appear disinclined to buy excepting from hand" to mouth.

Crushed Wheat is not selling so well, in consoquenco. of tha low price of oats. Fowl Wheat is dull of sale andcheaper in price. Bran.—Sales are small.

Sharps.—The demand for pig feeding is gradually increasing. Flour. —Fair saloa of local make are reported, notwithstanding very heavy arrivals from the South.

Maize.—Farmers are still holding back for higher prices, bub tho demand is not brisk at present owing to other cereals being co cheap. Duriug the week the Waiotahi and Cholmsford brought 168 sacks of maize.

Oats.—Pricea still continue low, and during the week 2.505 sacks were received from the South. Lines, on the wharf fetched Is lOd to la lid.

Grass Seed. —A brisk demand has set in, especially for cocksfoob, which has advanced Is 6d per buehol during the week. Ab present ib is almosb unprocurable, even ab thab price. The searcky is attributed to more than one cause. In the first place the harvest was bad this season, added to which English buyers have been operating in tho South, and Southerners have been quietly securing tho Taranaki crop, Arrivals of seed in Auckland this week totalled 1,233 sacks. Oatmeal has declined £1 per ton, 25's being now ottered ab £10 10a per ton. Bonkdust.—Trade in this article is simply cub up by competition, the advantage being all on bhesidoof the farmers. Bacon and Hams are still in short supply, tho arrivals of old cure from the South being scarcely equal to requirements. Butter and Eggs are unchanged in prices. Flax.— Markob continues dull and prices low.

Timbep..—A paragraph culled from the " Australian Trado Review" may be of interest to exporters hero. Referring to New Zealand white pine, thab journal states, " Groat complaiuta have beou made owing to the unseasoned condition in which &hipment3 of this wood have boen landed in Melbourne and shippers would best conserve their own interests by giving this matter their careful attention."