COMMERCIAL SUMMARY.

Lyttelton Times, Volume LXV, Issue 7863, 19 May 1886, Page 1 (Supplement)

COMMERCIAL SUMMARY.

Lyttelton Times Office, Tuesday evening. Since the departure of the last mail, we have to note '■ a very quiet feeling as prevailing in the import market. The aggregate of sales for the four weeks under review fall short of the average, even when the fact of its being our winter season is taken into consideration. The diminished volume cannot be traced to one or two items, but extends to nearly every branch of merchandise. Dealers during the month have been exceedingly reticent in buying, confining their purchases in a marked degree to actual wants. This fact, though curtailing business to a reduced limit, is perhaps more satisfactory, as it argues that later on, engagements made ■will’ be met without much assistance being sought. Transactions for some considerable tin. having been conducted on these lines has borne good fruit, in the fact that during the ; month we have to chronicle the pleasing absence of any failures of moment. Business, though extremely dull, is fairly sound, and operations are carried through with comparative confidence. The growth, of feed, owing to the rains, has relieved the farmers as to their apprehensions of the continued scarcity of pasturage for stock. The advices from London respoctiugthe wool sales aro nouso encouraging to growers as could be wished, and a rise, however small, would he welcomed by those engaged in this industry. As a partial set-off, however, the recent account sales of frozen mutton received here are gratifying, and those who were fortunate enough to secure freight space are highly pleased with the result. The value of sheep from this cause and the more plentiful growth of grasshave sensibly increased. The Canterbury public, in common with our Nelson neighbours, have received with much satisfaction the intelligence that the contract for the construction of the West Coast Railway had been taken up by a powerful Syndicate, and that the initial deposit had been made. As the bearing of this work, outside of the cost of construction, is deemed by many to have a most important effect on the development of our trade, the nows is all the more welcome. While of value to the whole Colony, it is invaluable to Canterbury, and will open up markets for our produce in several directions .which have hitherto been practically shut. Parliament is now in session. As some short time must elapse before the Budget proposals of the Government are brought down, it is impossible to say what alterations, if any, will be put before the House. We regret that the efforts of those intrusted to establish cheese factories in Canterbury have not been attended with the measure of success expected. While admittedly paying to the farmer supplying, the milk, the balance-sheet presented to the shareholders have been anything but satisfactory. In one prominent case of a Company in the Ashburton district, after several years of trial they have decided to go into liquidation. The same result has followed in connection with the Rangiora Linseed Association, tbe Company have gone the wny of all flesh. The growth of linseed, which at one time promised to be extensively cultivated, will in consequence shrink to its former dimensions. Our neighbours in the Auckland Province have not been a whit more successful with their attempts to establish the manufacture of tobacco. The report and balance sheet of the Company presented recently, shows a heavy loss on the working, notwithstanding the favourable excise duty levied on the Colonial grown article used in their manufacturing operations. Whether it -is intended to continue operations is a moot point, but the endeavours hitherto are not of an encouraging nature. Wheat seems to be a more favourable crop, in tbe estimation of our farmers, and, generally, it is anticipated that an increased seeding will be carried out this year in comparison with t)ie last. In the market we have to note a slightly better tone for several of the lines, though prices cannot be said to have altered to any appreciable degree. The intercolonial and interprovincial business has chiefly elicited the operations of the moment, the clearances under these two heads having been of considerable magnitude. Wheat. —The demand for first-class wheat noticeable has been fully maintained, and good samples find buyers at quotations. Tuscan stands at 3s 5d to 3s 6d, and for pearl and Hunter’s white 3s 2d to 3s 4d. There is very little chick wheat coming forward, and parcels of even indifferent quality fetch, compared with milling, a better price. For this description there are ready buyers at 2s 9d to 3s Id. Oats.— The enquiry for oats daring the week has been a trifle more active, and transactions in all grades have been more frequent. In some cases dealers are asking a shade more than current rates, preferring to hold for the higher price in the belief of an advancing market- Their expectations arc partly based on the speculative effect the discovery of the Kimberley goldfield might have on the demand for horse feed. Should the anticipations formed respecting this new field not prove a myth, and a rush take place necessitating the employment of a large transport service, it will create another, and, it is to be hoped, profitable, outlet for our agriculturists. As the Cambridge Gulf lies handy to the Calcutta market, it is more than likely supplies of grain would be drawn from that source j but with the development of the field, it is

probable that direct shipments of oats would be made from here, instead of being filtered through the channels of Melbourne and Sydney. The sales during the week embrace milling quality at 2s to 2s Id, and stout feed at Is lid to 2s. For seed samples a moderately good enquiry for all descriptions baa been manifest. Barley of all grades remains sluggish. Even prime, of which there is a paucity offering, does not show the slightest improvement. For this quality buyers are disinclined to give over 8a 3d. Lower lines are difficult to sell at 2s 6d to 2s lOd; feed lots are quoted at 2s to 2s 3d. Peas and Beans.—Prices for these display no alteration. Prussian blues are taken by buyers at 3s 9d to 4s. For feed kinds the market remains inactive at 2s lOd to 8s 3d. Beans are quoted at 2s 9d to 2s lOd. N The weather within the last few days has reminded, old residents of a true sou’-wester, and has, unfortunately, come at a time when dry winds would have been most acceptable. The downpour has been so heavy that serious floods have greatly damaged the bulk or the potato crop unlifted. Unfortunately, N this season the crop soon after planting was damaged by the exceptionally dry waather, and now the rain ex-\ perienced will do further harm, so that a class of farmers who are put to exceptional expense in getting their producednto the market will, owing to the adverse season, have but a very small return. Last week quotations stood at 50s per too, sacks included, but in view of present circumstances, prices are confidently expected to advance considerably. Flour.—Millers report a good demand for flour. Values are quoted at £B.los to £9, according to the brand. Roller-made flour seems to be coming more into demand, and makers ask 10s per ton over ordinary rates. Grass Seed.—Ryegrass, in the absence of any actual demand, is nominal. CocksfootSales have been made at 3bd to 3Jd for seed, equal to 15s or 16s per bushel. Dairy Produce. —Local buyers of prime keg butter do not care to give more than ll£d to Is per lb, though we hear of a Sydney buyer, who is visiting the country districts and offering a shade more. Cheese is still in good demand, and for really ‘ prime, small (say, 121 b to 141 b), 6}d is obtainable. The intercolonial and interprovincial shipping have been fairly busy during the month. The demand for produce having been maintained, shipments have been of considerable magnitude. This being the slack season of the year Home freight is not so plentiful, and vessels loading have not such quick despatch. The passenger trade by the ’Frisco mail service and direct steamers has kept above the average; due no doubt to the attraction of the Indian and Colonial Exhibition in London. The monetary market shows no indication of a change. Money for mortgage purposes continues plentiful at late rates, viz., 7 to 8 per cent, according to nature and amount of security. The tlnue to keep a firm bana on aTscounts and o verdraft accommodation, In merchandise of. all kinds we have to note a restricted enquiry. Sales during the month in most lines have been greatly of a sorting up character. A quiet time is looked for at this season of the year, but the want of animation at the moment is more than usually marked. The trade in teas of all classes calls-for no particular enquiry. The retailers being fully supplied with sugars just now, quittances have been meagre. Cut loaf and crushed have shared the same want of attention. Golden syrup sells moderately well at late rates. Tinned salmon continuing scarce, prices have kept up. Other kinds of tinned fish are without change. Currants are not heavily held, yet prices do not represent a paying advance on cost; 5d to s£d is asked. Elemes sell at 6yd to 6Jd for good fruit. Van Houtan’s cocoa sells at 3s 9d for quarter's and halves The winter should produce a better enquiry for all sorts. The freight lines, such as salt (coarse and fine), whiting, and soda crystals do not show any improvement in prices! “ The one item going more extensively into use is kerosene; values, however, are kept down by the more tban sufficient supply of all oils, both high and low test. Candles sell slowly, the competition between imported and Colonial still continuing ■ exceedingly keen. Hops are almost unsaleable. Oilmen’s stores and tbe smaller fancy lines of grocery have only 'experienced a small demand. Bluestone is in short stock, and commands 25s to 265. Bicarbonate of soda, tapioca, sago, and tartaric acid only command small orders. Paints of all kinds are stagnant, the enquiry being nominal. Raw and boiled linseed oil sell at a shade above cost. The market for galvanised iron has developed a better enquiry, but prices cannot he said to have improved. Wire nails, sheet lead, and zinc are difficult to place even at quotations. Cement is easier, and sales at 13s to 13s 6d are reported. A better business has transpired in fencing wire. Invoice lines are quoted at £ll 10s to £l2, according to assortment. Bottled ale and stout has only seen a moderate business. The inquiry has chiefly run on wellknown brands. For wines, the sales have been chiefly confined to trade parcels ; ports at 7s 6d to 10s, sherries at 5s to Bs. agents of the various brandies report a quiet demand at standard quotations. Whisky has monopolised (the bulk of the spirit business. Best-known brands have been placed at 6s 6d to 9s. In case goods, Lome, Royal, Kilmarnock, and. Danville’s have chiefly been patronised. Rum and Old Tom have seen meagre enquiry. Champagne and clarets are without any call at the moment. [For our usual Christchurch Wholesale Prices Current see page 2 of the Lyttelton Times.']