SYDNEY MARKETS.

Daily Southern Cross, Volume XIV, Issue 1089, 4 December 1857, Page 2

SYDNEY MARKETS.

The Flour and? Grain markets have a downward tendency. The 'Empire* of the 14th says that "the unfavorable account of the Melbourne and other Southern markets have imparted more gloom, and the transactions occurring are generally about £2 less than last week, say from £19 to £21 per ton for flour. The arrivals of wheat have been but trifling during the same period, prices inclining downward." And the same paper, under date 21st, has the following : — "The flour market seem* to be quite nt a standstill, and it is all but impossible to make sales at any sacrifice, although the mills nominally maintain their quotations. Every week brings some addition to our stocks, and until some certainty can be arrived at as to the prospects of our future crops, we cannot look for any briskness in this article, however low prices may be forced down to."

London, August 22, 1857 The third series of public sales during the present year commenced on the 16th ultimo, and terminated this day. The attendance of buyers wa9 generally numerous, and the competition throughout very animated. Prior to the opening of these sales, ow ing to the satisfactory state of trade, the position of the market, the prospects of abundant harvests at home and abroad, and the greater ease in the money market (which was further evinced by a reduction in the bank rate of discount coincident with the commencement of the sales), a general feeling existed that an advance on the current rates of the June sales would be obtained, and this was immediately realised by a rise of l|d. to 2d., and as the sales progressed, increased buoyancy was observable, and a further advance of a to l^d. was in the course of a few subsequent days fully established ; thus making the average advance 2d. to 3d. per lb., at which they have been maintained to the close with marked regularity. The attendance of continental buyers was large, and the support given by them considerable. The quantity taken for foreign account may be estimated at about a fourth of the entire quantity sold. As compared with last year, up to the present date JLO.OOO bales more have been sold in the present, to which increase Port Phillip contributes 6000 bales, which may chiefly be accounted for by shipments from that port in particular having taken place earlier than in the previous yaar ; but it is evident that the demand is more than keeping pace with the supply?* and that there is ample room for greater increase than ia likely to occur, without any detriment to prices. Wools of good quality, in good to superior condition, underwent the greatest augmentation in value, the advance on such may be, quoted at 2|d. to 3|d. per lb., ■which also applies to scoured wool, Heavy conditioned wool realised ld.to 2d. advance; lambs' wool l§d. to 2^d., and greasy wool participatedunthtense to a similar extent. Cape wool is l^d. to 2d. per lb. dearer. The condition of the wool from Sydney, Port Phillip, and Tasmania was generally satisfactory, but some flocks were heavy in condition and much troubled with, grass, seeds and burrs. Of the South Australian, a very large proportion was in the grease, but which was in great request, particularly for the Continent. The Cape wool generally was of fair average quality. The New Zealand, while continuing to show improvement in the breed, does not exhibit a corresponding improvement in assortment and regularity of packing, which also may be said of the Swan River wool.

The latest reports on the English money market are given below. The 'Daily News,' September 16, tays :— Considerable gloom prevailed to-day throughout the .Stock Exchange. The funds fell i per cent. ; and English, foreign, and colonial railway shares of nearly all descriptions were heavy. The market was chiefly prejudiced by the gloomy financial advices from the Continent and New York. The considerable arrivals of specie failed to induce a more cheerful feeling, owing to the prospect that the bulk of these supplies will be sent away. An increased demand for money in the Stock Exchange, in connection with the fortnightly settlement in shares, also operated on the unfavourable side. On two or three of the principal English railway stocks very high rates were paid. On government secutities the current rate was 5 to 5£ per cent., with an increased demand. In the discount market the demand was moderate, but this may be partly owing to the circumstance that the Bank is the cheapest market at present. The applications at that establishment continue considerable.