COMMERCIAL.

Lyttelton Times, Volume LXXV, Issue 9445, 20 June 1891, Page 4

COMMERCIAL.

Lyttelton Times Office. Friday Evening. The week has not brought anything special to the surface in the import market. Sales for delivery on and after June 25 are being made, but the demand has not shown any improvement on that of the preceding- week. In view of the yearly balance of many of the mercantile houses on Juno 30, overstocked lines are being pushed to clear, if possible, before that date. Trade generally, however, is so quiet that even tempting offers fail to elicit any response. Cash payments falling flue on June 20 are coming in fairly well, while at the same time it may be noted the opportunity is being taken of endeavouring to have all accounts squared up by the date mentioned above. The annual balancesheet of the New Zealand Farmers’ Cooperative Association has been issued, and, as far as shareholders are concerned, is a most satisfactory document. The net profit of the year’s trading is £9902 3s 9d, which the Directors propose to distribute in tbe following manner:— Payment of the ordinary dividend 7 per cent, and a bonus of 4 per cent on the called-up capital; a bonus of 4 per cant to shareholders on their purchases during the year, and a bonus at the same rate on all salaries paid and wages earned, and to refund 25 per cent on all net commissions earned during the year. Provision is also made for writing off certain sums on machinery, stores, &c. It is nob given to every corporation in the Colonies to be able to present such a .successful history of the year’s transactions, and in meeting their shareholders at the forthcoming meeting, the lines of the Chairman and Directors of the Company have certainly been cast in pleasant places. The wheat market presents no change, and values locally remain on the same basis. The local holders present a firm front, and are not disposed to quit under current quotations. By the mail just to hand we learn the extent of the reduction proposed to bo made for the present in the duty on wheat imported into France. The duty that has hitherto been levied is 8a 9d per 4801 b, and the reduction will bring the rate down to 4s 4d. The cable intelligence in regard to the progress of the wool sales in London is fairly satisfactory. We learn that the dates appointed for the sacceding wool sales are as follow: —Fourth series on Sept 24, and the fifth series on Nov. 25. The extended advices brought by the Tongariro will be superseded by those of the San Francisco mail duo to-morrow. The chief items of news brought by the direct steamer tell of the extreme activity in the bar iron and wire trade, manufactories all being full of orders for three months ahead. This is due to the large purchases made to take advantage of the very lowrates of freight ruling to Melbourne and Sydney. These are being cut to such a point that it baa induced extraordinary activity in the export department, shippers all being anxious to secure a share of the low rates of tonnage offering. A late cablegram to the Melbourne Daily Telegraph states that the sheds of the London Dock companies are all crowded with merchandise awaiting transit to Australasia. To New Zealand we have been favoured with a reduction lately, but it has not yet fallen to our fortunes to be so favoured as our Australian brethren. However, in shipping, as in other departments of trade, in tbe whirligig of time the day may come when Now Zealand will have a taste of such experience.

A new departure has been taken by our Melbourne friends in providing the public with increased accommodation for the remittance of. small amounts. It is one we commend to the notice of the present energetic head of the postal department in Wellington as worthy of imitation. The notice issued by the Victorian Government io as follows: —“ So as to permit of small remittances being made without trouble stamps of the undermentioned countries are now obtainable at the Stamp Office, General Post Office, in quantities not exceeding 5a in value at any one time. Great Britain, France, Germany, Italy, United States, New South Wales and Squth Australia.” We hope shortly to see the name of New Zealand included in the above list. It seems incredible that the scarcity of railway trucks should crop up during the extremely dull season we have lately had in Port. The difficulty, however, seems to be ever present. It is satisfactory to know, however, that independently oi‘ any public remonstrances that may have been made, strong representations have been urged privately. With only a scant business at present, with ordinary care, surely sufficient truckage can be provided. While referring to railway matters, we may mention that the authorities in Victoria hnve just leased the right of advertising at the railway stations of the Colony for the sum of £15,031 18a 2d per annum—for the period of seven years. This is an increase of £6532 over the annual payment under the expired leases. In goods, we have nothing special to note. Sales of various lines to land are being made cx the Otaki, now overdue. Consignees would like to see her in Port, as several items of her cargo are wanted. Goods ex Tongariro may be looked for about Monday next.. Cabla advices report

the opening of the tea season in China. Reports to hand, however, are as yet meagre. Sugars to arrive, both white and yellow, continue to be pushed. Kerosene is still being drawn from interprovincial ports chiefly from tbe North. In connection with groceries, the main feature is the advance made by holders in Van Houten’s cocoa on account of the increased coat ; 8s 7d to 3s 9d is now demanded, according to size, though in some cases it is still to be obtained at 3s sd. In other lines, we have nothing to notice, trade continuing extremely inactive. GRAIN AND PRODUCE. In the grain market the position remains about the same, no particular feature having come to ;the surface. Wheat is firmly held, and prices stand at 4s 2d to 4s 3d for Tuscan, 4s Id to 4s 2d for Pearl and 4a for Hunter’s. Oats. —No great business can bo noticed in this cereal. Prime milling, while firm at Is 9d, are only sought for orders. The demand for feed sorts continues inactive at Is 7d to Is BJd for stout, other grades Is 5d to Is 6£d. Barley.— The market has not improved either in demand or prices. Quotations are nominally 2s lOd to 8a for best, 2a 6d to 2a 9d for medium to good. For lower grades the range is a liberal one, extending from Is 6d to 2a 3d. Beans and Peas. —ln beans the demand is not keen, but shipping lots are taken up at 2a 8d to 2s 9d. In peas there is nothing doing. Potatoes have chiefly gone into pit, present rates being ruinous. • Grass Seed.— Few offerings of ryegrass have been made during the week. Machinedressed is quoted at 5s to 5s 3d, extra quality 5s 6d. The meagre trade passing has been chiefly in the hands of dealers. Cocksfoot has seen a trifling inquiry. Prices are unaltered. Next month should see a revival of the inquiry for seeds. Dairy Produce. —Butter 7d to Bd, cheese 3*d to 4jd.