COMMERCIAL.

Press, Volume XX, Issue 2948, 12 October 1872, Page 2

COMMERCIAL.

• Press Office, 12th Oct., 1872. No movement whatever has taken place in the wheat and flour market for some time past, prices remaining altogether nominal. Advices from Auckland report stocks ample for the next three months, and the millers have in consequence reduced quotations for flour £1 per ton. The enormous surplus in California has quite upset the Australian markets, so that we cannot see any prospect of values recovering here. Stocks of wheat are undoubtedly light, but in the absence of foreign orders there are no buyers. The Joliba and Charybdis are loading breadstuffs for Auckland/ but merely to fulfil orders long since received. Quotations nominally stand at 4s 9d, but in the absence of sales it is difficult to say what could be obtained for a parceL The coming crops, as a whole, are looking well, but the recent frosts have in some districts checked the growth of the young plants. Flour still continues difficult to quit, although the millers have not reduced their prices below £13 for baker's parcels of best town brands. Stocks are scarcely so heavy as they were two months ago, as the mills are only working half time. Oats meet a steady demand at 2s Id for good feed, and 2s 2d for prime milling samples. The outside consumption, however, is inconsiderable, so that no material alteration is looked for. In provisions we note an easier market for butter, and although supplies are scarcely sufficient for the demand, owing to the cold westher.prices are easier, and 9d to lOd are the top quotations. Cheese remains stationary at 7£d to Bd, stocks being very limited. Potatoes have been in excellent request, but outside advices report the various markets fully stocked. Hams and bacon go steadily into consumption. One of the leading cnrers has advanced their quotations to 8d for bare, and B£d in cloth, and no doubt the other manufacturers will shortly follow suit. The English mail via Suez was delivered on the sth instant, and advices as a whole are satisfactory. Iron of all descriptions has again advanced considerably, and chemicals also have gone up from 15 to 20 per cent. Stocks of general merchandise on band, and advised as coming forward, are limited, so that full figures are anticipated during the coming season for all leading lines. Business throughout the week has not been brisk, but we look for an early improvement. We noticed in a local firm's report, which appeared in the "Lyttelton Times " of the sth instant, current rates of exchange were given as foUows :—On London, 1£ to If per cent; on Australia, 1 per cent.; and on New Zealand, _ per cent. These quotations are _carcely correct, as the Union Bank of Australia initiated important concessions on the rates of exchange recently ruling, and for some time past their terms have been : — Exchange on London at 6ixty days' sight, buying, _ per cent discount; exchange on London at sixty days' sight, selling,! per cent premium ; exchange on Melbourne and Sydney, on demand, _ per cent each way ; exchange on New Zealand, on demand, £ per cent each way. We observe by advertisement that the rates of discount and exchange have also been reduced at all the branches of the Bank of New Zealand in Canterbury. In sugars, we note a decline of £1 per ton during the week, owing to the reduction in tbe quotations of the Melbourne Sugar Company. Advices from Mauritius are satisfactory for holders, as sugars suited for this market are almost unobtainable, while the scarcity of tonnage must retard excessive shipments. A fair enquiry exists for teas, bat our market is fully stocked. The Claud Hamilton has just brought the Canterbury portion ex Anna* Dorothea. In Melbourne, the finer qualities by this vessel were fetching as high as 2s 6d in bond. Several large lines of galvanised iron have been placed dnriug the week at prices ranging from £43 to £45 for Gospel Oak. Holders are now refusing to quit even at these figures, as stocks are light, and no additions of any consequence are expected for some time. • jpn the other hand, these extreme rates check the consumption very consider- i ably, and shingles are being substituted for roofing purposes to a great extent. JTenc-ug wire and standards, and in fact ; 4_l descriptibJJS of iron are firmer in value, j ' holders beiug disinclined to make sales until, tbe arrival of further advices from England, i pftOitw, «#, w4 <$& jjrjr-feO* are *}»©•*><

out of the market, and the small shipments advised will obtain almost anything the importers choose to demand. Favorite brands of twist tobaccoes remain very firm, stocks being rather bare. Oilmen's stores move off slowly, several lines being held heavily. is, Henneesy's case brandy is at last attracting n, more attention, considerable sales being ren, ported at 28s to 28s 6d. Bulk braudy is also rs held with more firmness at 7s 6d. Advices from home are encouraging to holders of si, stout, as owing to the scarcity of bottles, shipments will be very limited for the next three months. Wool packs are a trifle firmer c, at 6s to 6s 3d, with an improving demand. Cornsackß are held for 15s 6d to 16s, but no sales can be noted. .The following is the third annual report of iS, the Mutual Life Association of Australasia of the progress of the association during the third year of its establishment, with stateid ment of accounts made up to 30th June, L 2 1872 :—The third year of the operations of ts the association has been successful. The ants nual premium income on the 36th June, 1871, 1 amounted to £5052 Is lid, and on 30th June, 1872, amounted to £7595 lis 7d, showing an X) increase of annual revenue from this source of £2543 9s Bd. The agencies are productive, and the business of the association has increased satisfactorily in town and country. All possible care continues to be taken in the selection of lives, and no precaution in that or any other respect bearing upon the well-being of the institution is in any degree relaxed. It -will be seen that the expenses of management show a further reduction on the year of £55 16s Id, as compared with last report, and strict economy will continue to be a governing principle with the directors. The annexed accounts give full particulars of all receipts and payments. The proposals submitted since the3oth June, 1871, have been 420 proposals for sums amounting to £132,925 ; of which were declined or not completed, 89 proposals for sums amounting »f to £36,000; completed, 331 proposals for sums amounting to £96,925. The policies in force at this date consist of—42 paid-up policies amounting to £18,706 9s 4d ; 659 assurance policies amounting to £220,150; 24 , endowment policies amounting to £2760; ? total, 725 policies, assuring £241,606 9s 4d. Three claims have been paid during the year, amounting to £1000, of which one for £300 f had accrued at date of last report as therein L mentioned, and one other claim £300 has arisen and is awaiting proof. The premium •' income now amounts, as above stated, to r £7595 lis 7d, and the business of the association continues to advance satisfactorily. * Flax—The " Timaru Herald "of yesterjl day reports : —We are indebted to Mr It. Wood, of Temuka, for the following statement of prices realised in the home market 3 for flax manufactured in this district, and exported in tbe 6hip City of Dunedin • — I TKA—9 bales, at £37 10s per ton ; 4 do, at J £36 ; 1 do, at £35. TKB—22 bales, at £35 ; 1 8 do, at £34 5s ; 6 do. at £33 15s ; 2 do, at | £30 ; 1 do, at £27. TKS—2 bales, at £32 10s. * Dunedin—The " Daily Times "of the 7th reports : —Not much animation has been 1 witnessed since our last. An improve- " ment on the week preceding has been experienced ; but, as usually happens, the lethargy of the last days of the byegone month is not rubbed off till some four or five days of the new month have elapsed—unless, indeed, traders are impelled ,by unusual eagerness. In ale and beer, transactions are not increasing, although the season is approaching in which some demand should exist. In spirits, there are no indications of any movement, commensurate to what is expected and looked for. Some limited trade sales of rum have taken place ; and brandy (Hennessy's) has been moved at 7s—importers, generally, declining that figure. English hams are enquired for, but samples of approved brands are not to be I had. Colonial hams and bacon are in fair supply—certain hindrances to their freer consumption however existing. If curers ; would attend rather to fineness of quality than to producing the heavy and grossly fat, as has been done, they would at once avoid a positive waste, and hasten the way for their produce coming into general favor. 1 For this it is certain ultimately to attain, 1 since nothing can surpass in flavor the colonial care. In salmon, sales have been effected of outside brands ai exceptionally 1 low prices. Salad oil is enquired for. Currants have hardened during the week, and are now worth sd. Sugar is low in assortments, and unless .a supply is received shortly the market will be bared altogether of the superior kinds. The new season's teas are moving slowly from the hands of the importers—light weight boxes meeting with readiest sale. The sale by auction of the damaged portion of the cargo of the Elderslie, at the rooms of Messrs M'Landress, Hepburn and Co, was satisfactory. It is to be noted that full rates were realised for low qualities, while the better qualities did not realise proportionately so well. In tobacco, the market continues as much over-stocked as ever, in all the ordinary brands and descriptions, with the single exception of good twist, which is still scarce, and in fair demand. For candles, the demand is limited ; but they are hsld very firmly at lid. Kerosene has slightly declined. Hops continue scarce, the trade having cleared out all late arrivals, both damaged and fresh. In Dundee goods, no movement has yet occurred. Woolpacks, in wholesale parcels, are quoted at 6s, with a slight tendency upward. Reserves last quoted for galvanised iron are 1 firmly maintained, strengthened by the conviction that no decline can possibly take place for a long time to come, manufacturers' ' hands being full of orders. Considerable ( sales have been effected coastwise, -which \ have created a local and temporary advance. ] Slates, as a consequence of the high price of l iron, are iv improved demand, stocks being * extremely low. To supply up-country wants, I shingles must come into more general use. Ceuieut i 9 scarce, none remaining in first ' hands. Kauri timber continues in large and increasing demand. Flour remains unchauged. Wheat—good samples are worth c 5s 3d. Barley is not to be had. Oats have I improved, and are now quoted, for good samples milling, from 2s 2d to 2s 3d ; do, feeding, from 2s to 2s Id. Auckland—Our files are to the sth inst. The " Herald" in its last monthly summary reports :—Breadstuffs and Grain—All the data we have hitherto furnished convinces us g that we have been perfectly correct in our deductions upon the flour and grain market; = indeed, we have some pride in, for some months past, having given sufficient evidence in these respects. As the case now stands, there can be no doubt that the Southern wheat-growing provinces are driven to their last home, with some months to look to E before the next harvest, five months hence, j can be taken in. From recent advices it is quite clear that California can supply us, but freights and the high charges accompanying cannot admit of anything like excessive im- T ports during the next few months. What may occur hereafter might reduce flour in these colonies to £10 per ton, and we should, not be surprised eventually to see a panic in the flour market, and many losses accruing to importers otherwise unadvised. The imports for the mouth of September may be E summarised as follows to date—nearly 600 tons flour and 500 tons wheat, quite over our requirements, which are 200 tons, all said and told, per week. In horsefeed, we only record imports, 3550 bushels bran, H 11,000 bushels oats, 10,582 centals maize. Barley may be represented at the moderate quantity of 1852 bushels. It has been possible to import into this market potatoes, r. and they were received to the extent of 422 tons. Auckland flour, superfine, £18 per ton. bags returnable; household dp, mixed wheats, £16' do, do : Adelaide flour, _v town brands, £IS, including bags, duty ta paid ; Southern flour, for best, £16 per __ ton, with bags; Californian flour, £16 per ton, duty paid; best colonial wheat, 6s per bushel; Adelaide wheat, none; bran, Is 3d per bushel; oats, seed, 3s, feed 2s 9d per bushel; barley, P« feed 3s 6d per bushel; barley for malting, none j maize, Sydney, 3s 9d per bushel, duty paid ; maize, provincial, 3s 9d per bushel ; hay, £4 10a to £5 10s per ton. Provisions. —- The market has been amply .. supplied with stocks. Provisions of all to< description have receded ia prices—bans*, ea

bacon, cheese, butter, egga, &c. Potatoes, which, have hitherto held their own at a high figure, are receding, and presently will be nowhere. Colonial (Canterbury) bacon, 6£d to 6Jd per lb ; hams, 7£d per lb ; provincial cheese (Wairoa), 7d per lb : ditto Canterbury, Bd. Salt butter, 10d per lb for good sound ; fresh butter, Is per lb.