COMMERCIAL.

Lyttelton Times, Volume XXVI, Issue 1824, 22 October 1866, Page 2

COMMERCIAL.

Lyttelton Times Office, Saturday, Oct. 20. A feeling of renewed confidence has been apparent during the past week, which has been increased by the tone of the Superintendent's speech, and the hopeful prospects held out by the Government. The news received by telegram from England tends very decidedly to an increase of this confidence. The rate of discount which has been maintained by the Bank of England at ten per cent for the last three months has fallen to five. The harvest prospects in the United Kingdom are reported to be brilliant. Prices of raw material had improved, and the wool, sales were passing off most satisfactorily. These good accounts are certain to react favourably upon the colonies, and we may fairly anticipate that the end of our financial | and commercial troubles is not far distant. As the wool season is advancing, inquiries for woolpacks and other station requisites, such as sulphur, sheepwash tobacco, &c., &c., have been more frequent during the week, j The alteration in our Tariff has effected so meny articles of importance in our list that j considerable confusion exists in quoted prices. The sale of the sugars, ex Isabella, from Mauritius, took place this day, by Messrs. J. Ollivier and Son, when nearly the whole 1478 bags offered were disposed of, but at rates which, we fancy, can leave but little, if any profit to the importers. Fine white crystals brought £3B to £44, in bond, in Lyttelton; grainy white crystals, £36 10s to £3B; bright yellow counters, £34 to £34 15s; yellow counters, £2B 15s to £29; brewer's dark crystals, £3llos to £32 ; dark rations, J £24 5s to £24155. The advices of a considerable quantity still to arrive from Mauritius, appeared to influence buyers. There is no alteration in the rates of discount or exchange. The money market is well supplied for investing purposes, but great caution is still exercised in discounts. BRAIN REPORT. Superfine Canterbury Flour is quoted at £l3 per ton. The demand for wheat and oats continues very limited, but former prices are maintained. Wheat from 4s to 4s 6d per bushel, and oats from 5s to 5s 6d. Hay sold at £4 ss, to £5lO per ton. Bran found a slow sale at £6 5s and Sharps at £7 10s per ton. Sydnet.—The Sydney Morning Herald of October 6 reports The produce market exhibits no signs of improvement, and the prices obtained at to-day's sales show a declining tendency in both tallow and hides of all descriptions, except extra weight hides, of which the trade are almost out of stock, and

give extremo rates for any offering. The high rates of freight and other causes have for the present checked purchases of tallow for export to England, and a further declino is looked for, Only a limited amount of business has been done in the stock market since last report, and as some of the sales are to a certain degree forced, they can hardly bo taken as fair market-rales. Bank of New South Wales shares have changed hands at 42, and are steady at that price. In commercial a wide margin exists, sales are reported at 60 and 53. City have a downward tendency; early in the week they were done at sine# then they have steadily declined to closing inactively. For Joint Stock Bank stock 13 ha 3 been accepted. Bank of New Zealand are unaltered. For Government securities thero has been a slight inquiry, and a small parcel of Queensland Treasury Bills was placed at 101: but all other sales reported at 102. New South Wales Treasury Bills have been sold at par, Government debentures due in 1876 at 93; and Now Zealand Government eight per cent, at 100£. Insurance, steam, and mining shares ere neglected; and the only sale of stock of this description has been Sydney Fire and Marine at £2. Hobart Town.—The Hobart Town Mvrcury, of Oct. 5, reports During the week transactions in both the wheat and flour markets have been more than usually limited, owing principally to tho circumstance that millers are anxious to reduce their stocks, in contemplation of a fall in prices. The news received from the other colonies by the Southern Cms to-day, has also had a depressing influence on both these articles. Sharps are quoted at £8 10s to £9, and bran is in good demand at Is 3d to Is 4d per bushel. In hay there is not much doing, and tho prices asked are £5 for loose-pressed, and for hydraulic-pressed £5 los to £6. For potatoes, £5 to £5 10s is asked, bags in, and really good sound samples readily command the latter price. In dairy produce there is still a good demand at former prices, fresh butter selling readily at Is 9d to 2s, and potted at from Is 6d to Is Bd, with but little of the latter coming to hand, Cheese also is in demand, at from Is 4d to 2s; and for good bacon7d to lOdper lb isreadily obtainable. For hard fruit 7s 6d to 8s is freely given, the export season now drawing to a close. Melbourne,-The Argus of Oct. 12, reperts

In tlie import markets to-day business has worn a quiet aspect; but though advices are of such a nature as to impart confidence, and considerable buoyancy pervades the market, the practical result can hardly be developed for some little while yet. Operations in consequence have been limited. In the market for breadstuff's, we note sales of best Adelaide flour, town brands, at £l4los. Country brands, to a moderate extent, have also been disposed of at £l3los. In wheat we hear of a few small lots of Chilian having been placed at os 3d. Two thousand bags are advertised for public sale to-morrow. Oats are firm at is 9d to 6s 3d for colonial. Californian realises 4s 3d to 4s Gd, For maize there is a considerable demand, at improved rates. 4s was offered and refused for a shipment of about 3000 bushels. About 1200 bushels, in rather faulty condition, met with a purchaser at4s 4d. For rice, Java, there has been a good inquiry, which is likely to lead to business, though no sales are yet reported. InPatna there is not much doing, owing to the increased quantity advised as on the way. A later telegram, however, from Galle, states that the " Aurifera has put back, and has to discharge." It adds, " the rice market unaltered." The half of the quantity shipped is thus got rid of for a period. Of teas we note trade sales at Is 6d to 2s. A shipment of 500_ boxes of Brandon candles has been placed in a line at full rates. Kerosine oil is firmer, about 400 cases of Cozzen's having been sold at 4s to establishing & slight advance. Humours _ arc current that the Siam had left America with a large quantity. This we find to be incorrect. She was to leave about the 18th of August, and had on board only 4,800 cases. Sales of Hennessy's case brandy continue t» be reported at 26s 3d, and pale, in bulk, has been placed at 7s 3d, but not largely Comsacks meet with a good deal of notice Seventy-five bales of Calcutta bags have been quitted on terms withheld. Malt is exceedingly dull, and sales at present can only be made at less money At auction, iome 1500 packages of oilmen s stores were disposed of, and slightly bwer rates had to be accepted in many instances to eilcct sales. Sugars are not so brisk. ENGLISH MONETARY AND COMMERCIAL INTELLIGENCE. (From (he Home News.) ■ V'f'ke prolongation, for the unprecedented period of fourteen weeks, of the Bank rate of discount at ten per cent., it was reducedon Aug. 16 to eiffht per cent,, and on the 23rd to seven per cent. Although tie last alteration was not generally expeeled, the announcement was received with great 1 satisfaction by the mercantile community, and the 1 governor and his colleagues were praised for their consideration. The favourable appcaranco of the return shows that they were perfectly justified in the step they lwve taken, and they will, no doubt, be now entirely guided by the figures as they may arise weekly. The rate of seven per cent-., it is not thought will he long maintained" in the present state of the money market, the difficulty not now being to find capital, but the proper class of paper in which to employ it. There aro reports that the Bank of France will again reduce their quotation. With this movement in England, many of the continental banks will follow suit, and lower their terms for general accommodation. At the Bank there was a good demand for money at the reduced rate. In the open market the terms wero six and three quarters to seven per cent., and it was with difficulty seven per cent, could bo obtained for tho best short-dated bills. The supply of-money in the market was large,_ and it is now gradually increasing, Tho impression seems to be that the official minimum will quietly work down to six per cent, between this and the next week, The joint-stock banks find employment for thoir resources, but at lower rates. With the present position of tilings and the encouraging weather for the harvest there )8 the expectation that confidence wils steadily increase. The funds, after tho alteration of the rate, rallied, and there was an advance of nearly three-eighths per cent., but it was not wholly Supported at the close. There was, nevertheless a favourable tono in the prices generally and the gradual reduction of the rate would lead to the inference that the Bank directors are pre-

pared to move quietly with the stream. If the decline of one per cent, should bo followed by similar action on tho part of the court neit week, or the week after next, the public will be fully satisfied, and confidence will be restored. The encouraging liquidation of outstanding engagements, particularly in the India and China trade, has had a great deal to do with the altered appearanco of affairs. The continuod influx of gold at the Bank, the satisfactory state of the weathor, and the absence of any important commercial disasters, naturally serve to support quotations. There is, however, no wild rush of excitement in any department; the orders for purchaso or sale, as tho caso may be, quietly augment, and business would be generally better but for the present period of holiday making. Consols for money were last quoted 88| to f, and for the account 88 13-16 to 16-10. i

The National Discount Company and Messrs. Alexanders, Cunlißes and Co,, have given notice that money at call has been reduced from to 5 per cent; for seven days' notice the quotation has been reduced fromfij to per cent; and for fourteen days' notice from 7 per cent also to 6£ per cent, Messrs. Brightwen, Gilkett and Co. allow 6 per cent for money at call, 5£ per cent for seven days' notice, and 6 per cent for fourteen days' notice. The Indian and China engagements falling due this week wsre admirably well met, provision having been mads for them at the end of last woek. The late high rates of discount have induced all parlies to bo particularly careful in arranging for their forward engagements, so that at tho last moment any impediment might be avoided. The Indian bankers now imagine that we shall pass through the remainder o? tho year without any serious difficulty. The alteration in the rate of i discount is expected to causo a material improvement in the produce markets. As in all other departments of business, it has been difficult during the recent pressure to dispose of large quantities of produce, but with the return of confidence sales will be effected much more readily, and on much better terms.

It is stated that the principle of forbearance is being widely disseminated with a view of preventing any increase of disasters. The Preston Banking Company are giving their debtors ample time to pay off j they are asking no one for money before Nov. 1. The Panama, New Zealand, and Australian Boyal Mail Company (Limited) have issued the following notification with reference to the Panama route to New Zealand and Australia:— " A telegram has been received from the Company's general manager in the Australasian colonies, irom which it appears that the second vessel for Panama, the Euahine was to sail from Sydney on the 15th, and from Wellington on the 24th July, the mails by which will be due at Southampton the 13th September; and tliat as the colonial authorities had finally decided to adopt the dates named in the printed time tables—in order that the mails may arrive in this country at the end of the month, instead of coincidently with those via Suez, as will be the case during the first two months—the third vessel, the Rakaia, was not to leave Sydney until the Ist of September, and Wellington the Bth idem, tho mails being due in England the 29th of October. In consequence of this arrangement, the Eoyal Mail Company's steamer appointed to sail from Southampton on the 2nd of September will not take out any mails, passengers or cargo for New Zealand and Australian ports, as the next departure from Panama will not be until the 21th of October, on the arrival of the mails, passengers, and cargo per the mail packet from Southampton on the 2nd of that month. Tho service will thenceforth be performed regularly evory month, according to the dates mentioned in tho time tables."

The whole of the Queensland debentures, which were Submitted to tender at the Union Bank of Australia on July 27, have been sold at or above the reserved minimum.' Tenders for the balance (£440,350) of the Queensland loan, in six per cent, debentures, were opened at the Union Bank of Australia, and £116,000 was sold; the remainder is for the present on sale at the minimum of £BS.

The advices lrom Manchester announce tho failure of Messrs. W. Hopwood and Son, spinners and manufacturers, of Burnley, with liabilities estimated at about £70,000. The accounts from Belfast report the stoppage of a firm in the flax trade, but the liabilities in this caso aro understood not to exceed £40,000. At Birmingham, Mr. Joseph Fletcher, of tho Spring Hill Iron Sheet Mills, has suspended payment, "owing to heavy losses and the depressed state of trade." The bills have been returned of Messrs, Bomanjee, Framjee, Cama, and Co., Parsee merchants, of Gresham-houso, engaged largely in tho East India trade. Tho liabilities are stated at £300,000, and the direct cause of the stoppage is understood to be the absence of expected remittances from Bombay. The firm have held a high position, but are stated to have lately experienced heavy losses on cotton, of which they were largo importers; and in consequenco of the difficulty experienced in realising that staple, have had a large amount of their resources 'locked up, As some of the bills returned were not!marked " refer to the drawer, it is hoped that some chance exists of an arrangement for a renewal of payment; but in periods of pressure and distrust like the present we fear there is little prospect of such a result. It is proposed to pay a first dividend of 5s in the pound under the estate of the Agra and Masterman's Bank (Limited) about tho middle of next month. To distribute this amount will absorb about £1,876,000. Messrs. Turquand and Harding, the liquidators of Overend, Gurn'ey, and Co. (limited) have issued a report describing the progress of the estate, whence it appears that the liabilities, which at the time of the stoppage were nearly eighteen millions, have been reduced to £5,228,000, and that with respect to the assets they have thus far ssen no reason to alter the views previously expressed as to the ultimate result of their realisation. The total amount available up to the end of next mouth will, however, be only £660,000, 'equivalent to a dividend of 2s Bd, and under these circumstances it was deemed necessary to make the call of £lO per share recently announced for September 15, in order that a distribution of 5s in tho pound should be declared early in October, Iu deciding upon a call of this amount, instead of a larger or a smaller ono, it has been their object to act as far as possible for the best interests of all parties, The failure of Messrs. Younghusband and Co is reported; and in connsction with this wo are requested to state that Messrs, William Younghusband, jun., and Co., of Adelaide, South Australia, have no connexion whatever with the Messrs. Younghusband and Co,, of Australia, who are alluded to. The suspension has been announced of Mr. Edwiiid Tiernan, of Great Tower-street, engaged in the tea trade, with liabilities for £30,000 or £40,000. The assets are said to be small. Tho North British Daily Mail announces the Stoppage of Mr. David Law, sole partner of tho firm ot Edington and Sons, iron-founders and engineers, of Glasgow. The ostimated liabilities are £232,000, and the assets £120,000. The stoppage appears to have been directly caused by the suspension of Messrs. M'Ewen and Bryson, ou whose estate it is said Mr. David Law ranks for &/pjUUU*

Messrs. Edenborough and Co., wool bVokers, London, write on the 24th August in the following terms" Tho third serios of colonial wool sales for 1806 opened on tho 16th instant. The new arrivals in time for sale comprised New South Wales and Queensland, 39,683 bales; Victoria, 16,082 bales; Tasmania, 8,919 bales; South Australia, 6,958 bales; West Australia, 456 bales; New Zealand, 41,386 bales; Cape of Good Hopo, 19,875 bales—in all 133,639 bales \ and with what was held over from May, we may expect about 140,000 bales will be catalogued in the course of the sales, which terminate on the 26th Septomber. Fortunately for importers, these sales opened under very different auspices from tho last; tho decidedly more pacific state of affairs on tho Continent, coupled with tho fall in tho rate of discount and tho evident tendency to a still easier money market, having come just in time to save them from tho chance of yet lower prices than in May. As it is, trado lias yet far from recovered the sovcro strain of the last three months, but overyono is inclined now to look more hopefully to tho futuro; and as the supplies of Australian wool yet to arrive in 18(16 are but very small, consumers and dealers aro disposed to go fairly into stock, on the presumption of an early revival in tho domand for goods. The result up to the present lias been a spirited competition, in whioh foreign buyers within the last low days have fairly joined, though at tho opening they appeared rather backward in buying, and we quote prices as follows Port Phillips, which aro in very short supply, and of which no arrivals of any importanco can take place till next year, aro 2d per lb dearer for washed wools of good quality. Scoured, which were very much depressed lust time, aro 2d to 3d dearer; and greaso Jdtold per lb. Sydney has improved Id per lb; and good Queensland wools, Iruo from burr «ml seed, aro ovon Id and IJd dearer. Tasmanian sells well at full rates. Now Zealand. —There is a good demand for suporior scoured and fleece, at rather higher values; but greasy, of winch thero is a very, large quantity, can be bought almost on as good terms as in May. Adelaides offer but an indifferent selection, and command about last sales rates to ldadvance. Capes aro in good supply,especially scoured snow whites, which withwasbedfleecc, are fd to Id dearer. The only considerable lot of greasy brought forward was of but very middling quality, and realised full prices, namoly, 9d to 9Jd per lb. As a rulo (with tho exception, perhaps, of Cape wools), scoured descriptions have risen most; and lambs wool from all the colonies has also been

in great request, at an advance of 2d per lb, With regard to future prospects, wo think things promise well for shipments from the colonies as it is fair to preaumo that beforo next spring the effects of the late panic will have had timo to work off, and tho supplies which arrive m time tor tho February-March sales (especially Port Phillip wools) will come to a very baro market, and probably realise rates very satisfactory to tho growers. In Antwerp sales of Biver Plato wools were held from tho 31st July to 9th August, but only about 22,000 bales were brought forward, matters there being yet unsettled, and tho importers feeling that tho demand could not take off any larger quantity without a serious effect on prices. Tbe sales opened at a decline of about five to ten Centimes on May, but as they progressed gradually stiffened, and closed in most cases fully as dear as at that period, almost the whole of tho quantity offered finding buyers. At Liverpeol, tho E. I. sales which took place from the 31st July to 11th August, when Bank rate was still ten per cent., showed a most serious decline, good wool falling 10 to 20, and inferior, mixed and unwashed, as much 30 to 40 per cent, The sundry sales thero on the 14th to 17th inst. also went off but flatly. The bulk of the Eiver Plate wools were withdrawn, but what was sold went off very cheap. Some really good first Mestiza and merino Monto Videos made 7|d to Bsd. A few good cordovas realised 11 jd, but the bulk was withdrawn, only lOdto lid being bid. Limas and Chilian chiefly sold at moderate prices, Privately, a good trade has been done in (ill good combing classes of low wools."