COMMERCIAL.

Lyttelton Times, Volume LXXV, Issue 9427, 30 May 1891, Page 4

COMMERCIAL.

Lyttelton Times Office. Friday Evening. The English mail, via San Francisco, was delivered in Christchurch on May 2G. The extended advices do not reveal anything of a startlingly special character. The feeling in London in financial circles was not reported as being so completely quieted as those immediately connected with finance would have liked to have believed. The idea prevailed that the difficulties in connection with the Barings’ estate had only been tided over, and that a final settlement had not beau made. This view is now supported by the tenor of the cables lately received, informing us that the dividends were the subject of underwriting. If all had been as healthy as at first appeared, we should nob have had displayed this development of modern trading. The failure of the subscriptions to the Queensland loan, reported by wire, also confirms the idea that money matters are more strained in the world’s centre than has been currently supposed. It perhaps does not affect us directly, but wo must feel the effects to a certain extent in the hampering of English trade and the extra caution displayed by the manufacturers of our products. The values of goods usually exported to this part of the world do not show any appreciable variation compared with the advices brought lately by the Kaikoura’s mail. In all lines the quotations are about equal. Freight offerings were easier, and vessels took lon in filling up; The gradual drop in the quantity tendered, it is hoped, will not lead to the flooding of our local markets with goods sent on consignment. This is one of the dangers of a sudden drop in rates, but the experience of the past should act as a sort of check to any undue trading in this direction. New York intelligence is to April 23, and is generally confirmatory of the advices of the previous mail. The Clan M'Leod sailed for Dunedin and Lyttelton on April 18, and the Star of the East was appointed to follow on June 1 for Dunedin, Lyttelton and Auckland, Inc value of kerosene was reported as slightly easier, but in view of the prices ruling here orders were of small dimensions. Barb wire, in view of the expiry of the patent rights, was being pushed, and low quotations offered in the endeavour to cut out the English and Continental makers. Non-allowance by the Government on sugar exported had practically .stopped business, and prices would Jiave.to

recede to 3£ cents per lb bafore shipments to this quarter could be resumed. San Francisco dates are to May 1, and contain full reports as to the promise of the incoming harvest. Owing - to the good prospects, trade all over the coast was reported, as showing a good increase on that of the same period of last year. As it may interest our farmer friends, we give the following extract from the circular of Messrs J. J, "Moore and Co., of Sau Francisco “ Wheat. —Our market has been subjected to some violent changes and great excitement during the past month, occasioned by the fact that * futures ’ had been much oversold and the consequent anxiety of the 1 shorts' to cover themselves in the face of daily advancing Eastern and European markets. Not since the great wheat deal of 1887 hag such excitement, been witnessed on our Exchange ; in one week, ending on April 31, some opt’.ons advanced as much as 24 cents.per cental. Under such circumstances legitimate trading tor shipping purposes was suspended entirely, and only during - tho iast few days have matters so regulated themselves that business can bo resumed. Crop prospects are excellent, and wo may reasonably look forward to a surplus of at least 1,000,000 tons for export. Spot prices show a large advance over our last quotations and are as follow: —No. 1 shipping. Idol 72J cents to Idol 75 cents; milling. Idol 77i cento to Idol 80 cents por cental. Barley.—ln sympathy with wheat, prices show great firmness and we quote No. 1 feed, Idol 50 cents ; Chevalier, Idol 57<} cents per cental. The harvest is expected to be the largest ever gathered on tho Pacific Coast.” Wheat freights in iron bottoms had riaea considerably, and 45s had been paid for this class of vessel with cancellation up to November. Exchange for merchants' sixty days’ drafts on Australia were quoted at 4dol 70 cents. Salmon of the new Alaska catch was being offered on the basis of last mail's quotations. Tho fishing season on the Sacramento and Columbia rivers opened on April I, but tho run of fish was stated to bo small, leading to the conclusion amongst the trade that these two rivers had been fished out.

The local wheat market is unchanged, and prices stand firm at quotations. The tenor of the English cables respecting the Home markets impart to holders a sturdy attitude. Quotations keeping so close to a o.i.f. basis, make it difficult for dealers to do business. Another factor which strengthens the position is the undoubted shor.nesa of the Continental crops, evidenced by the proposals made by several of the European Governments either to remit in whole or part the duties on imported wheat. Unless short supplies we re anticipated it is only reasonable to suppose such proposals would not be suggested. Tho news brought by the mail and by a late cable respecting the Mikado, has already been published by the agents. Unless further information is shortly to hand, it is beiievod consignees will take joint action to ascertain how matters exactly stand. Consignees by tho Otaki are now looking for her arrival very shortly. The Doric is now on her way across from Hobart. ’ Cement, ex this vessel, has been taken up at 13s ex ship m bond. In general goods only a fair opening month's business can be noticed. Sugars are unchanged. Parcels of Continental makes are being offered, to arrive. Cables received to-day advise that a vessel has been put ou the berth at New York to sail in about five weeks for Lyttelton. This will enable those so disposed to duplicate their Mikado orders if deemed desirable. Agents of Juno report the entire quittance of a large parcel of this brand of tobacco, ex tho Kaikoura. Kerosene is unchanged, not the slightest improvement in values being noticeable. In the small general lines only only a sorting-up demand has been current. Invoices of seeds to arrive for spring sowing, just received by the mail, disclose priced which are rather staggering to those who did not give limits. Wines and spirits show no great inquiry. The market is 'not overstocked with English ale in bulk of best brands at the moment. The approaching fourth is looked upon without much discomfort, as the impression is current that engagements will be in most cases well met. GRAIN AND PRODUCE. The wheat market has displayed little variation, values remaining on about the same level. The firm tone locally is well supported by the latest cables from London. Wo quota Tuscan 4s, Pearl 3s lOd Ijp 3s lid. Hunter’s 3s 9d to 3s lOd. In many cases, however, holders demand Id more than quotations. Barley.—We have no changes to notice in connection with this cereal. Prices and demand are on a par with last week. Best quality 2s 9d to 3s, medium to good 2a 6d to 2s 83, other grades 2s to 2s 3d. Oats.— Business in oats has been in moderate compass. The slightly better feeling lately observable still continues. Por milling, la 8d to Is BJd is quoted; stout feed. Is 7d to Is 7-Jd; other kinds, la 5d to la 6d. Beans and Peas stand at 2s 5d to 2s 6d for beans, and 2s lOd for Prussian Blue peas. A limited business only can be noticed. Potatoes have in no way recovered, and 20a at country stations is the nominal quotations, • Grabs Seed.—We have no business to report, and prices are unaltered, A few enquiries have been made for cocksfoot, but in another month the demand for the spring should, begin to show. Dairy Produce, —Butter 6d to 7id, cheese 3jd to 4d.