COMMERCIAL SUMMARY.

Lyttelton Times, Volume LXVII, Issue 8148, 20 April 1887, Page 1 (Supplement)

COMMERCIAL SUMMARY.

Lyttelton Times Office, Tuesday evening. The improved business in the import market noted when we last wrote has been fairly well maintained during the past four weeks. Although not specially active, trade has exhibited a more lively aspect, and sales of merchandise have embraced most of the lines. The aggregate of the period under review will more than come up to the usual average. Dealers have shown a greater disposition to - operate during the month, while in some goods a brisker enquiry was caused by the laying in of stocks for the Easter holiday season. This applied more particularly to such lines as liquor, bottled ales and stout, and wines. Greater confidence has been inspired by the results of the harvest, which, as a matter of course, has been one of the moving springs in the better tone that has lately been prevalent. The continued cabled reports of the firm attitude of the wool market and the satisfactory progress of the auction sales, has had an encouraging effect on the prospects of trade, and tends to ensure the permanency, for a time at least, of the sounder aspect of business that has been observable. The price of frozen mutton, we are glad to notice, has improved to a slight extent, and, although not affording a margin to speculative operations, yet yields a profitable return to the grower. The large number of store and surplus sheep, which are selling for a mere trifle, has brought about a large business in boiling down and tinning. Grass, owing to the want of rain and other causes, has been and is very scarce, and sheep owners have either to quit at best prices obtainable, or knock them on the head. Those who are able through not being overstocked to bold on through the winter will do so, take the wool off, and then cut their throats rather than accept la to Is 6d per head and pay the cost of driving and other expenses. ' The weather for threshing purposes has been of the finest description, and work has been pushed forward with the utmost vigour. Latterly, however, the stock of cornsacks has run very short, and machines have been idle pending the arrival of fresh supplies by the Sir Robert Sale from Calcutta, now considerably overdue. Deliveries of grain have been heavy since we last wrote, and several vessels have left for London with cargoes. A large proportion, however, is going into store on the chance of a rise in market values at a later period. The rise in prices last season after the opening, and a belief that the same thing will be repeated this, has tempted many growers to adopt this course of action. Another factor m the calculation is the fact that if an advance does not take place they can ship Home, with the probability of then obtaining a lower rate of freight than is now current. Notwithstanding the English telegrams re the wheat market, prices have advanced here since the beginning of the season, partly owing to the cause stated above, and partly to the speculative feeling that has all along characterised the trade. The demand has been so active that prices for all sorts are now fully Id to lad per bushel stronger than when we last wrote. Tuscan commands the premier position this year in the estimation of buyers, and is at present quoted at 3s sad, velvet chaff and pearl 3s 4 Jd to 2s sd, and Hunter’s white 3s 4d to 3s 4id. Second quality 2d to 3d under these prices. There is a quiet feeling in oats. Long sorts, including Danish, are very dull at Is 6d to Is 7d. Good stout feed stand at la 8d to Is 81d, and milling at Is 9d to Is 9 ad. Pine samples of Tartar and Dun oats are in better demand, there not being so many of the quality wanted brought forward. Barley having matured in the stack, threshing and delivery has commenced. The samples brought forward confirm the anticipations formed at harvest time, that barley of prime quality would not be over plentiful. Under this idea prices gradually hardened, quickened by the presence of orders in the market from Australia. The firm attitude assumed by holders and growers has been accentuated by the publication of the Yictorian Government returns, which disclose the information that the Victorian crop is estimated this year at half a million bushels less than last. This deficiency large enough to provoke a speculative tendency has begotten a brisk enquiry, and considerable business, both local and for export, has transpired at the following quotations :—Prime samples, 3s 7d to 3s 8d; medium to good malting, 3s 3d to 3s 6d; feed parcels, 2s 3d to 2s 6d. There is not much doing in peas or beans : —Prussian Blues, 3s to 3s 3d; beans, 2s lOd to 2s lid. The sowing season drawing to a close, the enquiry for ryegrass is almost stagnant. Transactions in cocksfoot are also influenced by the same consideration. For stock purposes and orders, prices are quoted at 3gd to 3+d. Rather than accept these prices many growers intend holding their seed over until the spring demand sets in. Potatoes are now coming into the market. Quotations are 27s to 28s at country stations. During the four weeks, the want of rain has been much felt. We have had a few days wet, which has been ot great benefit in freshening up the grass, besides enabling ploughing operations to be carried on with greater facility. A further soaking would for this purpose be acceptable to the farming interest. It is yet too early to speak of the probable area of land that will be sown this season, but it is thought that the acreage will be of much gVeater extent than that of last. The results of this year’s crop, coupled with the impression that Home rates have reached the bottom rock, and that agriculturalists may next year reasonably calculate on 3s to 8s 3d as a basis of return, all point to this conclusion. In view of the early assembling of Parliament, tbe Colonial Treasurer has lately spoken to his constituents. The address has been eagerly scanned by the au-

cantile community to discover any indication of an intention to alter the tariff now in effect. As it is generally believed that in certain descriptions of goods an increase in rates will be proposed, we may look by-and-bye for the usual speculative clearances from bond in the anticipation of the imposition of increased duties. As the Government will have to face a decline in the estimated revenue of some ,£200,000 to £300,000, it has almost become an accepted fact that a portion of the deficiency will have to be made up from this source. In the readjustment the usual conflict between the Freetrade and Protectionist element is sore to crop up, and the latter, who are specially active, will no doubt seek to cover those articles which can be manufactured in the Colony against the imported. The opinion. is generally held that the *d per lb on sugar, and 2d per lb on tea, which was some years ago taken off, can very well be re-imposed. The question of the railway management is likely to engage the attention of the Assembly next session With the many conflicting interests ,to be consulted arising from geographical and other considerations, the question is a puzzling one, and is beset with many difficulties. In his recentppeech to his constituents, the Minister of Public Works entered largely into the matter, and shadowed forth the outlines of a measure which will probably be submitted to Parliament, providing for the creation of Boards of Advice or Conciliation for the North and South Islands. Whether or not these proposals will—if accepted—tend to allay .the irritation that at present exists, and pave the way to a smoother and more profitable working of the railways time alone will show. In shipping matters are not quite so brisk as anticipated. Freights on wheat to England have been reduced 2s 6d per ton, and now stand at 255. In some quarters it is thought that later on a further concession will likely be mad£. The interprovmcial trade has been fairly busy, but cargo for the Australian ports is not offering so freely. When the potato demand springs up cargoes will likely become more plentiful. The improved feeling noticeable in merchandise when we wrote last has been more than maintained. The volume of sales during the foar weeks under review will compare favourably with the previous, and show a much better result. Imports keep on a scale much more suited to onr requirements, although a larger margin of profit on a majority of the lines would be acceptable to those interested. It may safely be said of present prices that never in the history of trade in the Colony have they been cut to the same degree as just now obtains. This is not true of a few lines, but applies in a marked manner to most articles of merchandise. In teas a medium business . has passed, chiefly in low to medium grades in boxes and half-chests. The demand for the finer descriptions has been limited. Indians have lately bad more attention from dealers, this class of tea coming more into use every day for mixing purposes. Sugars continue firm, and in view of contracted imports are likely to remain so. Whites are quoted from ,£3l to .£22 10s; Mauritius crystals, not plentiful, £lB 10s to £2O; Queensland sorts, £l4 to £ls; crushed loaf has been taken at 34s to S6s, according to quality. Golden syrup has been more freely asked for with the winter coming on. Van Houten’s cocoa is selling at 3s 7d to 3s 8d; Fry’s, Is 2-jd to Is 3d. starch is moving in lines at 27s to 30s. Carbonate soda is quieter, the demand having slackened with the close of the summer. Imported pickles sell slowly, the enquiry running chit fly on the outside brands. Salad oils are quiet. Coarse and fine salt are still dull at late quotations. Hops have seen no business outside of grocers’ parcels. The agents of both Meilor’s and Worcester sauce report a fair enquiry at agents’ standard rates. The smaller lines of groceries have seen a fair sorting up enquiry. Kerosene has been sold in quantity, the season now bringing about the usual demand. The quittances have been chiefly in high test oil. Candles are slow at 7Jd to B£d. Tobaccos have lately had a good share of enquiry; the agents of Juno and Venus, both report a more than average business. A few lines of low quality cigars .have been taken at 35s to 4Qs. Comsacks to arrive have been placed at the extreme price of 6s 4d to 6s 6d, for invoice lines, ex ship. Spot lots are not obtainable, and stocks cannot be replenished until the arrival of a vessel nowo verdue from Calcutta. Woolpacks have now only a trifling enquiry. Cement has lately been sold in large lots, ex ship, at 13s to 13s 6d, according to brand. Galvanised iron is quiet at £lB 10s to £l9 ss, for invoice parcels. Sheet lead, wire nails, and kindred builders’ lines have only seen a moderate business. Boiled and raw oil, 3s 3d to 3s 4i; castor, 3s to 3s Id; golden machinery quiet at 3s to 3s 3d, according to quality. Cod oil and olive have been in fair demand, the former at up to 2s lid. Caustic soda and potash have been sold at 16s and 40s respectively. Resin is slow at £7 to £7 10s ex store. Ports of low to medium have changed hands at 6s to 8s ; good, 10s to 12s. _ Not much has transpired in the liner qualities, say up to 17s. Sherries are neglected, and quittances have been few. With the approach of winter, a better demand may be looked for in rum. The agents of the several brands of brandy report a fair demand during the month. Whiskey has been sold freely at 5s to 6s 6d for low to medium quality, and best up to 9s. Jameson’s Irish has been placed up to Sa. Dunville’s case still stands at 16s 9d to 17s 6d. There is ho change in the quotations of the various brands of Scotch whiskeys. Geneva is in full supply of all sizes. A more lively business has been noticeable in champagnes, both m second and first quality. This has been partly due to the Easter holiday season, which, in this and in other liquors, caused an improved enquiry. Bottled stout, owing to shortness of stocks of best brands, has been in better request; second brands are more plentiful. A good business has also transpired in bottled ales at agents’ quotations. [For our usual Christchurch Wholesale Prices Current, see page 2 of the Lyttelton Times ]