COMMERCIAL SUMMARY.

Lyttelton Times, Volume LXXVI, Issue 9512, 7 September 1891, Page 2

COMMERCIAL SUMMARY.

Lyttelton Times Office, Saturday evening. Although we are unable 'to chronicle a great improvement' in business since we last wrote, still on the whole there is a better feeling. A. few days’ rain, which fell much to the satisfaction of everybody in the Province has helped to dispel the gloomy forebodings that enveloped everyone. The crops, particularly the later sown, and the pastures, were suffering severely from the lack of moisture, but the small downpour we have had has freshened them up wonderfully. We have not had, nearly enough wet, and farmers and others pray for a further pluvial visitation. A good soaking would do 1 » vast deal to instil a little more life into trade generally. Spring has come upon us quickly enough, but as yet the only section that has felt its effects and reaped a benefit, has been the soft goods people. In our 'last we spoke of the proposed change in the incidence of taxation, and the check it placed upon operations until the matter was finally settled. Now that the Government policy haa in the main been accepted by the Parliament, and an understood basis established, we hope to see a brisker feeling develop itself in trade generally. That things are sound enough, ana the community laying up money, is abundantly testified by an analysis of the banking returns. Business during ‘the period under review has been altogether free from any trouble, and it can be said truly that payments and acceptances have met with a response which clearly indicates a monetary position of an undeniable kind. There are large sums of money unemployed, outlets for which are difficult to obtain. !Wu’s, as a matter of course, haa had the effect of reducing the rates of interest. This is more noticeable in the smaller amounts which, with good security, can 0 P er cent. Larger sums are obtainable on more favourable terms. This is; truly a reverse to the picture of not so many years ago, when money commanded 7i to 8 per cent. farmers have been grumbling at the deficient rainfall and the terrible straits ®} e y have been put to on account of the shortness of feed for .stock. The pastures have been certainly freshened to some esteut,_ and the grass is coming away with the spring, but more rnia is the prayer of the agricultural community. Its absence has certainly restricted the demand for clovers and other seeds, and were the conditions more favourable a large area would oe sown. In cereals the favourite this season is wheat, the high prices ruling, and their probable maintenance, having tempted most to put down a considerable portion of their land in this grain. The cables with reference to the Loudon markets since we last wrote, have been of a rather puzzling and fluctuating character. The late wires, however, telling of the disastrous turn-out of the English harvest, and a consequent advance in prices, has been reflected in the local quotations for wheat. Many have the impression that even higher rates will be touched, but at present the quotations are 4554 to 43 6d for Tuscan, 4a 4d to 4a 5d for Pearl, and 4s 3d to 4s 4d for Hunter’s white. In oats, the chief inquiry has been for milling quality fit for shipment. Good samples of this description are not over plentiful, Is lOd to Is 10J4 is demanded. All other kinds are plentiful enough, with a slack notice. In barley we have nothing to notice. The cabled results of the trial shipment of potatoes by the direct steamers have not been satisfactory. The sale of cocksfoot forilocal use has been greatly checked from the cause we have stated. It is not likely shipments of any importance will be made to London from here this year. It is selling at 5d to s|d per lb for town machine-dressed seed. The sheep shearing season is fast approaching, and next month will see a start, amongst the paddock-fed -sheep;- ' . . Teasels loading at this period for the.,.United Kingdom take longer time in lulling up, cargo coming but slowly to Mind. ' Flax is' being shipped ’in quality to Boston, a steady trade having developed. Lately two large veaae a ~ e left for the above destination. The Intercolonial and intercoastal steam servufg have been kept busy, large quantitaes’ j pjoducf'having been forwarded for An effort is now being ma de; a Company to trade on the coast jbv-f to the Australian Colonies. - The taking ever of the s.s. Jubilee forms part of tra proposal. . , connection with goods, we may say thi' no change has been proposed by the Qolemment in the Customs tariff. The only legation which has been brought forward and carried is a Bill intended to foster the growth and manufacture of tobacco in the Colony. This is done by the means of a differential duty. The demand fpr merchandise during the month has not brought any items into special prominence. Groceries have only had the customary enquiry. Van Houten’s cocoa, in sympathy with the Home advance, has risen in price. The first of the new season’s teas are coming to hand, but as yet business has been only moderate. White sugars are selling at -C2l to .£2l 10a, according to grade. The Queensland now season’s crop is now available. Yellows of ail grades are slow of sale.' Several parcels of German granulated that have recently come to hand have arrived in a sweaty condition. The season’s woolpacks will reach here by the Bhuldana, due about September 10. The demand for liquors has been only average, and has embraced all the usual kinds. Geneva, which has been scarce, is now obtainable, ex the Zealandia. Ports have seen inquiry for medium quality at 8s to 10s, i.b. Sherries neglected. Ale and porter have not shown any increased inquiry. Iron goods are unchanged. Stocks are ample for the small trade passing! Cement haa been sold at 12s 6d to 13s, i.b., ex ship, for invoice lines. The recent rain will doubtless assist to help in clearing imported clover seeds.