Daily Southern Cross office, Friday Evening,

Daily Southern Cross, Volume XXVII, Issue 4180, 6 January 1871, Page 3

Daily Southern Cross office, Friday Evening,

We regret that it is not in our power to place as promptly as we could wish in the hands of our readers the statistics on which an accurate survey of the past year could be based. This cannot be accomplished until recognition of the separate interests of each province leads to the publication of provincial statistics in advance of their compilation for colonial purposes at Wellington. : Meanwhile we have carefully compiled such statistics as are available, and publish them in the present issue. Taking the year as a whole, there ds much on which we may congratulate our readers. It commenced amid doubt, mistrust, and difficulty — a natural result of the wild speculation and severe losses attendant on the discovery of the rich quartz reefs of th« Thames. The scrip mania was effectually tilled, but in its place arose a dislike to having anything jto do with mining, which led to the neglect of even sound and promising speculations. Within the last few months, however, the claims held but not worked have been made void, in course of law, and moribund companies placed in the hands of the official agent, so that the field became occupied by bona fide miners and investors. Many mines have thus been worked ; and, as a consequence, the yield of gold has been steady and increasing. Kauri gum, another of our staples, and one to wLicli numbers Lave turned, for employment, as the collection requires no capital, has fallen seriously in price during the year. In January it was quoted at 45?., and this high figure tempted many. The consequence was a much-increased production ; and gum-digging, which had previously been confined to the Maoris, was largely taken tip by Europeans, to whom in dull times it offered many substantial attractions. But, as the consumption in Europe and America does not much exceed 2,000 tons for varnish, and as no new use for gum has yet been discorei'ed, it soon WAttid apparent that the increased' ppflddfltiori must cauae a serious fail M "price,'* which receded gradually untiVthe end of the year it had fallen, to 272. for the beat sudiples. ,Even~afc this lower rate 'production continues excessive. The export for -1869 "did hot exceed 2,400 , tons', while that 'for 1870* amounted to 3,930, tons, exclusive of the .cargo of the '^Countess of, Bjafcore/ now;, about to leave with 330 tons t;r^)lfihe above, , { the quantity sent to New Yorkjjn „1870 wa^J; 350 tons, against 270 tons in 1868. 7 , I In flax there has also been a heavy fall, I and thii staple at tho end of the year

averages little more than half of the rates which it readily commanded on its opening. We give in another column the particulars of last sales. Another sale will take place to-morrow, but we do not anticipate much, if any, alteration in price. We are glad to aay so good was the margin left by the high rates ruling at the beginning of the year that the production of this valuable staple ( goes on with undiminished energy, the practical result being to induce more care in its preparation and quality. The costs of shipping flax are heavy, and cannot be borne by inferior qualities or tow at the present low prices in London. But in the better kinds this is less felt, while the fall in their value lias been less, and the sale more steady in London, It is satisfactory to find that the prejudice which once pre Tailed among home buyers against New Zealand flax has been dissipated, and its Value more greatly recognised. At the same time it is more satisfactory to find a largely increasing consumption among our own and Australian manufacturers, and that flax rope lis meeting with stronger approval and wider use daily. Among other important incidents of the year just passed, we must not omit the increase of the capital of the New Zealand Bank from 500,000/. to one million. This increase was rendered necessary by the vastly increasing business of the Bank, whose career since its establishment has been one of continuous and gratifying prosperity. The opening of intercourse with San Francisco, and, through it, with the Eastern States of America andEurope,is another event for which 1870 will be remembered commercially. The first result has been a steady importation of sugar from Honolulu, which threatens to supersede Mauritius in supplying us with this article. The qualities hitherto sent have however been confined to the darker description, none of which approach the crystals for which Mauritius is celebrated. The new and more efficient mail line, to commence next month, cannot fail to give further impetus to our trade with America and with the islands on the route. The trade with the South Sea Islands has also been materially developed during the past year. The Fijian group is being rapidly settled ; and commerce with it, which scarcely existed at the beginning of the year, now employs many of our smaller vessels. The cotton grown at these islands still finds its way to Sydney, and the bulk of the supplies to Fiji still go from that port. This cannot be materially altered until our merchants establish regular connection in the group. However, so manifest is the advantage of our position, and so superior are the attractions of our climate to people living in the tropics, that the intercourse with these islands must rapidly increase and becomo more valuable. During the past year they have formed a good market for much of our surplus stock, and especially for produce and timber, while many small craft have been built for planters, and large numbers of our coasting fleet have found profitable employment in the conveyance of labourers from island to island to work on the plantations. Apart from the probability of the Fijis being a calling-station for the mail s> earners from San Francisco, a select committee of the Provincial Council has strongly recommended a subsidy for regular steam communication, which we may therefore hope to see soon established. The General Government kaye abo shoWH fcllGniselves fully alive to the importance of the trade by passing through the Assembly an A.ct to allow special Customs drawbacks on goods shipped to the South Sea Islanda. Stocks, which under the stimulus of the Thames gold discoveries had largely acccu» mulated in 1869, have been much diminished during the past year. The reaction was accompaaied by serious losses, and could not fail to produce embarrassment, and, in weak cases, bankruptcy. But we are glad to say that cases of this land proved much more rare than was expected, and that the new year opens with business in a much healthier and sounder state. Stocks of most staple articles have been reduced to fair proportions, greater caution is manifested, and credit has much improved. The disastrous losses following the scrip mania fell chiefly on a class unconnected with business. For them there was no relief from incessant calls, save in the Insolvent Court, and many were compelled to this resource j but in commercial circles there have been no failures for several months, and credit is sound and woll sustained. The year 1871 thus opens far more encouragingly than its predecessor, and will we hope show in its ending an improvement as markecf as that between the opening and the ending of the year just passed away. Trade since our last monthly report has been much, interfered witn by the holidays, but is now likely to resume its regular course. Oilmen's Stores, Groceries, and Dried Fruits, of all kinds, have for some time been scarce and in demand. Malt dull, and completely overstocked. English imports of this article have now to meet colonial, which is largely manufactured, and sold at a price which would leave a heavy loss on imported malt. Quotations, 9s t« 10s English, 7a to 83 colonial. Ales and Porters : The bonded stores are full, and likely to remain so for many months to come. In this article, also, the local brewers have succeeded in displacing the imported, which cannot be sold at their price. We quote Tennent's ale, in bond, 8s 6d to 9s. Blotd's stout has been sold by auction at 7s 6d. Wines are heavy in stock, and dull of sale, except in the choicer qualities of port and sherry. Spirits in fair supply, but holders not anxious to sell. Hennessy's, in quarter-cask, quoted at 7s 6d to 7s 9d, and in bottle at 31s ; Martoll's a shado less in value. Whiskey ; Dull at 4s 66. to 5s for best brands. Rum, 30 0.p., 4s 6d ;10 0.p., 3s 6d. Geneva : Overstocked, and dull of sale. We have here to notice the first produce of the Crown Distillery, lately opened in Auckland, which has been brought to market this month, and promises, from the parcels we have seen, to get a high character for its brand. Hops dull at Is Sd for new Tasmanian, and 2s new Kent ; old unsalable at Bd. SuaAES in better supply, but not more than six or seven weeks' stock in advance. The cargo of the 'Annie Brown,' from Ma\tritius, will, we hear, be offered early next week by auction. Honolulu getting scarce ; quotations 3£d to 4£d ordinary, and 4|d for crystals. Among the cargo sent by last steamer from Honolulu we observed "a line of 20 kegs Tapioca, which has we understand proved of superior quality, selling at 6cL Teas ooniinne firm, and the better qualities command good prices. English Hams realise Is 4d by auction, Bacon is superseded by colonial manufacture. Confectionery in fair demand at 9f d to lOd ; Grey's colonial at B£d. Wheat: The •Airedale brought a good supply to miller's order, and the • Taranaki and ' Flirt ' are daily expected. We hear of a parcel {inferior sold to-day at 4s and 4s 6d. For prime samples the quotations are 5s to 5s 3d. Oats continue glutted, but none of really good quality in the market. Quotations 3a 3d, but no sales. Maize (Sydney) scarce at 4s to 4s 6d, and no New Zealand in the market. Bran: Millers' price, Is 3d. Flour : Millers' prices, 13/. to 15?., and same quotations for best Southern brands ; but in latter case with bags included. Butter ; Perfectly dead stock at 5d to <Jd. Cheese : Port Cooper has been sold by auction at s£d, and a parcel from. Sydney in inferior order only realised 2£d. Jams : Tasmanian in fair demand at 8s ; English, 9s. Fish of all kinds scarce ; sardines at 7s for quarters, and 10s 6d for halves. Rice scarce at 3(K. Soap : Auckland manufacture getting largely into uae at 20a ,to 26a. Cajcjdges ; Meeting with fansale at lid to ll£d for Price's, Brandon's, De Roubair, and Russian Nevas, TOBACCO: In fair demand for good tens at Is to Is 5d j aromatics, Is 9d to 2s for .beat brands. In the usual column" will* be found the detailed list of prides, to/ which we refer our 'readers for farther infarriiation. In exchange thereis no alteration} 'the 'bank selling rates /being i2\> 24/ and> 3<per-cent;. per annum for drafts at 60 days, 30 days, and at Bight respectively j and the purchasing rates at par, 4 percent^ a&4 l percent, respectively, f