Commercial Intelligence. OTAGO. (From the Colonist, July 22.)

Daily Southern Cross, Volume XVI, Issue 1242, 9 August 1859, Page 3

Commercial Intelligence. OTAGO. (From the Colonist, July 22.)

Business has been unusually dull of late, incidental in some measure to the season of the year. There has been little doing in the produce market, in consequence of the inaccessible state of the reads, with the exception of several large parcels of wheat which have arrived coastwise from Mr. Jones' farm in the north. Sawn timber setms to be the article most in demand. Messrs. Martin and Co. obtained a ready sale for the lot imported by them ex "Pirato," and we observed that a small cargo has just come in from Auckland, which doubtless will meet with a prompt market. It is nrich to be regretted that the public should still have to send so much money out of the country for an article which they ought to be exporting instead of importing. Colonial produce, such as tea and sugar, is exceedingly scarce, the recent rise on the other side having deterred our importers from operating. The consequence is that the market is quite bare, and unless arrivals come to hand speedily, there -will be a famine at our tea tables. Messrs. Martin sold a small lot ex "Ocean Queen" at >he rate of £13 to £14 per chest for tea, and 6£d. per Ib. for sugar. British Manufactures — There is a good stock on hand, and as we may look for several large ships from home direct in the course of the next month or so, a considerable accession to present stocks may be anticipated. Wheat is in good demand at 7s. for good samples. Oats are without quotation , there are, we understand, as many in the "William Hyde" hulk as will load the "Pirate" next trip. Potatoes have been sold in bulk at £5 per ton. It is unfortunate for our farmers that the price of oats has not rallied, as the crop has been very large this year. We trust that an advance may not be far off. In money matters the general tone of the place is decidedly healthy, evertrading or undue speculation being a thing unknown among us. The consequence is that we are spared the same ordeal t trough which our neighbours of Canterbury and Wellington have had to pass. We observe from the payers just to hand that the subject of banking is being taken up in right earnest at last by our neighbours/ and the result will probably be the establishment of joint-stock banks. A very general impression is gaining ground among ourselves as to the necessity of a local bank, and we understand that steps are likely to be taken at once for the attainment of this end by the most influential men in the place, representing all interests and parties.