AUSTRALIAN COMMERCIAL NOTES.

Press, Volume LIII, Issue 9444, 16 June 1896, Page 5

AUSTRALIAN COMMERCIAL NOTES.

Press Association —By Telegraph—Copyright.

Press Association—By Telesrraph—Copyright. Sydney, June 15.

A considerably quieter tone characterised the investment markets this week. Values had apparently reached the limit beyond which buyers were unprepared to venture. Steady business, however, was done at late full rates. The Sydney market closed quiet.

There was a moderate business in the import markets in breadstuffs. A noteworthy feature of the week was a large transaction in San Francisco wheat and flour, and two cargoes of wheat were sold to arrive, while a third, covering 3000 tons, was placed at full current rates. The flour sales include a cargo by the Garaha, which was placed at equal to £8 5s in the ship's slings in Sydney. The ship Knight of the Thistle arrived on Friday with 1500 tons of St. Louis wheat, which was previously sold to arrive. From Melbourne comes the news that a cargo of several thousand tons of San Francisco wheat has been placed for New Zealand. It is understood here that the announcement is premature, although it is not unlikely that business will be done in that direction before long. New Zealand buyers are now in Sydney, and have operated in San Francisco wheat. It is stated that this was done to enable New Zealand holders tq fulfil the arrangements made to supply grain buyers here, which, owing to the unexpected shortage in New Zealand, they were unable to carry out.

In reference to the reduction of butter the companies issue a circular which states that, the recent rises were due to speculative buying for storage. It is estimated that fifteen thousand boxes are stored. The progress made in dairying lately has practically driven the lower grade butter out of the market, and with reduced competition the market is over-supplied with good grades. It is hoped that the reduction will open markets with other colonies, and immediately the opportunity offers : they will revert to higher prices.

Apropos of the announcement appointing a Commission to inquire into the fires on the Newcastle coal ships, it is gathered from the latest English files that iron and steel ships used to beinsured from the Australian coal ports to San Francisco at 80s to 40s per cent., but owing to the firing of recent cargoes the premium has kept advancing till it has now reached the prohibitive figure of from £5 to £5 5s per cent. It is evident that ship owners cannot afford to pay such premiums, and they will probably soon decline. Unless the' rates decline owners will send their vessels up the North Pacific in ballast.

I Melbourne, June 18. There is no improvement to report in general business. Outside of a fair export demand for the intercolonial markets, trade is quiet. Wheat is dull, and small sales up to 5s are reported; A good many country mills are shutting down in view of selling their stocks of flour before again entering the-market. This policy to a smaller extent is also boing followed in town. It is expected that it will result in a brisk demand as soon as the present stocks have gone into consumption. The feed and produce markets are quiet and steady. The market shows signs of a return to buoyancy. The mining call of Wednesday fell this week, and had the effect of considerably checking the booming propensity which has lately been so marked. Having to face the results of their Westraliaplunging brought speculators to their bearings. Sellers predominated, and a heavy unloading caused arelapse. With few exceptions the lower priced Westralian stocks fell heavily, the higher priqed suffering less. Very large business, however, was done in all the Exchanges on the basis of a decline. The market closes with a slightly better feeling. In Victorian gold good business was done, but a little easier. Kapai Vermonts are quoted at buyers 9s, sellers 10s Sd. In silver the prices of Barrier stocks fluctuated a good deal, generally with a downward tendency, but were firmer towards the close. In Tasmanians there were similar fluctuations to a less extent. At Coolgardie a further sample of telluride from Block 45 has been assayed, and the free gold at first extracted 1 averaged about 4oz to the ton. The stone was then smelted and gave a return of 4780z to the ton. This marvellous return was secured from the most unattractive looking ore. The telluride developments are exciting much attention, and several other properties in the Kalgoorlie district are being tried for similar ore. The telluride stone was found within the two and three hundred feet levels, and crosses the mine in one of the feeders in the main north and south lodes of the district. The feeder is a foot wide. Very rich strikes of the ordinary class of golden stone are reported this week from the Ironsides, Mountain, Wealth and Hannan's Consols Mines.

CABLE NEWS.