NOTES FROM THE CITY.

Feilding Star, Volume III, Issue 801, 11 February 1909, Page 4

NOTES FROM THE CITY.

There is nothing new to report with respect to the local money market, and it is doubtful if any change may be looked for until the exceptionally prolific harvest has been got in. i There has been a great increase in the production of butter and cheese and meat Prices for these havo not ruled' high; not so high by a long way as last season ; but the dpiii cieiicy is expected to be made up by I the much heavier quantities exported ' and still available. Money remains as difficult to obtain as ever; for small amounts 7 per cent, will have to be paid, and 6 per cent, for amounts of some magnitude secured on broad acres. The milk supply, as is to be expected, is falling off, but not to any appreciable extent. Precise figures as to estimated increase in the value of the dairy output (butter and cheese) of the dominion are at present difficult to obtain but it is believed that it will bo some £200,000 better than last season— which was, however, a dry one. "Wholesale houses have now had time to consider the Christmas and Now Year trade, and importing firms report business as being up to their expectations, but below that ot the last two or three years. Those having retail connections state that everything is extremely dull, travellers meeting with considerable difficulty in placing anything beyond what is required to satisfy hand-to-mouth requirements. This especially applies to the grocery and drapery houses. The dullues of the building trade, which does not appear to be confined to Wellington, is reflected in the limitation of business done by hardware houses in material required for building particular dwellings. There are rumours to the effect that the fire offices are likely to put up rates. These lack confirmation; but an increase is not unlikely, owing to the low rates having made the business unprofitable. It is estimated that tho loss for New Zealand for the; past year will be in the neighbourhood of half a million sterling. The successful notation of the Wanganui Harbour Board's loan of £100,UUO, for which there was an offering <;i' £414,000, shows conclusively that the British investor is prepared to continue his confidence in approved colonial securities. The notation of the Dimedin loan at 98 at 4 per cent, with n currency of 40 years, was one of tho most successful operations that has taken place for some considerable time. It appears to be recognised, however, that there is a considerable difference between the security offered by a municipality and that offered by a harbour board. The Auckland Harbour Board loan of a quarter of a million was issued at 101 at 4£ percent., with a currency of 20 years, and the Wanganui Harbour Board loan of £100,---000 at 101 at 5 per cent., with a currency of 25 j^ears, when compared with tho Dunedin loan, demonstrate that preference is shown to bodies with a rating power over those who liave not that power. The Harbour Boards Association of New Zealand has already suggested that legislation should be brought in giving harbour boards rating power in order that they might obtain money on much better terms than at present, or at any rate on forms that arc not inferior l<a those which municipal bodies are able to secure. Wool.— The slight check experienced at the Christchurch sales was not unexpected, but the wool offered was "not of an all-round high grade. London reflected the decline, which may be taken to be at Jd lower for medium and coarse crossbreds, barring those required for America. Although the London prices are somewhat lower, it must be borne in mind that wool shorn in October and sold at Bd, is probably not higher in value than that shorn in December, that realises 6d. It is estimated that there will be about 12,000 bales offered at the February Wellington sales on the 19th, and tliat these will include some of the fine clips that were shut out of tne January offering. Growers may eipect prices to be easier at this sale but at the same time the prices now Long paid must be considered as satisfactory when compared with Lundon values. Butter. — The London grice for New Zealand prime makes, continues to hover between Ills and 112s. This lias been the case since the end of November. December opened wiia. 109s, rising to 1145, 0n January )i, but weakening thereafter and closing on i't nday last at Ills. Second yade butters are extremely •'flv.JU vu n.ove. Enquiries' have been l'ado I< Tilly from Sydney for bu^er for Y.iUMi'ver and the East, also for tir>ned butter for the East Indies. Enquiries from South Africa are now easing off, the dairy output is now slackening, but not to any appreciable, extent. Seeds. — It is rather early to say much about grass seeds. Growers are holding on firmly, but buyers aro not prepared to meet them until there is a drop in prices which have been too high to result in business of any magnitude. It is believed that there will be an average crop of cocksfoot. The. rye grass crop is expected to be heavier this than last year. There is very little to be sen on the market. — Post.