AUSTRALIAN COMMERCIAL NOTES.

Press, Volume LIII, Issue 9361, 10 March 1896, Page 5

AUSTRALIAN COMMERCIAL NOTES.

Press Association—By Telegraph—Copyright Sydkey, March 8.

The import market this month opened very quietly, and the 4th was hardly as satisfactory as the February settlement. The internal trade was slack, the country storekeepers still feeling the effects of the drought, yet the prices of imported goods remain firm. For the first two months of the year the Sydney imports increased by £480,000, and the ex-

ports decreased by £560,000, compared with the corresponding period last year. In the transhipment trade there is a steadily growing increase, the result of the tariff, since the introduction of which buyers from the other colonies, especially Victoria, as well as the South Sea Islands, have largely augmented. The recent complaint of the probable loss by Auck-

Cable news.

land of the South Sea trade owing to the New South Wales legislation is receiving confirmation, a number of buyers already having transferred the basis of their operations from New Zealand to Sydney. In breadstuffs the produce markets are dull, and the week closes without any important movements or material change in prices. Local wheat is weaker and New Zealand is offering at Ss 7d to 8s Bd.

The expected happened when the banks reduced the deposit rates. A similar reduction was made by the Melbourne Banks seventeen months ago, and it has long been in contemplation to fall into line. Another decision come to at the meeting was that where deposit moneys are taken for a period of two years and upwards the rate of interest be 3i per cent. The HeraU, commenting on the matter, says capitalists will look out for other means of investment. Cheap money will stimulate every form of enterprise, and capital deposited at these low rates ought to be lendable at lower prices than would be possible by the Government or a State Bank. Any possible justification for the establishment of State money lending disappears when private institutions hold money so cheap, and are prepared to lend at prices which will yield a reasonable rate of interest.

The investment stocks claimed less attention, and shares in several well supported companies show an easing I tendency, closing unevenly. Government securities and Banks are firm and steady. New Zealand four per cent, debentures rose a half early in the week and maintained the advance. In silver shares, in the Barrier there were very small dealings, the market being irregular, but hardening at the close consequent on the fact that the machinery is almost ready to commence work. For Mount Lyell, Tasmania, shares there was extensive enquiry at a big advance. Other Tasmanians also were more sought after. In gold shares the best Australian mines are a little more in" evidence, but business is still small in this department. Kapai Vermont sellers 7s. Copper is freely dealt with at recent advances. Melbourne, March 8. The fourth passed satisfactorily. Business in the import market is quiet but healthy. The only trade sales are in breadstuff's at late rates. Heavy arrivals of New Zealand oats are depressing the market, and prices are declining. Maize and barley also are weaker.

Business is steady, and investments generally at late prices are well maintained. Debenture stocks and banks are firm. There is quite a boom in bonds of the Mount Lyell Company, which were largely taken at a strong advance. In silver, Broken Hill lines, there was a very small turnover and a slight downward tendency. The Mount Lyell Group monopolised the business, and towards the close big parcels changed hands at advances up to 17s, afterwards easing a little. The adjoining Companies profited considerably by the advance. In gold, for West Australian there was a little more demand, and in. .Victorian mines a good business was done, but there were no important changes. The historical Creswickmine Madameßerry is about to become defunct. A meeting of shareholders decided to suspend operations. All the best, ground has been practically worked out, and the prospecting of other portions has been stopped. Owing to the heavy inbursts of water and sand it was thought inadvisable to incur a heavy expense in i further testing a doubtful venture. Since it was floated in the seventies Madame's total output is valued at considerably over a million and a half, whilst the share totalled under £10,000. The dividends paid amounted to £850,000 with a final one still unpaid. Close upon half a million has been disbursed in wages, and £130,000 paid in the shape of royalties. Adelaide, March 8. This has been a dull week in the silver market, and what little business was done was at concessions. West Australian gold shares have improved in demand. A crushing from the Golden Gully lease gave 32 joz to the ton. A bag of splendid slugs and specimens was obtained by surface prospectors and brought from the new discovery, eight miles south of the Great Boulder reef. The ground was rushed by dry blowers, liich specimens are on view from near Mount Robinson in the Kalgoorlie district. •The stone greatly resembles the Wealth of Nations when first'discovered. Half the gold is coarse, nuggety pieces occurring all through nice looking quartz.