COMMERCIAL SUMMARY.

Lyttelton Times, Volume LXXVII, Issue 9726, 16 May 1892, Page 3

COMMERCIAL SUMMARY.

Lyttelton Times Office, Saturday evening. In tho period that has elapsed since the departure of the previous mail business has been of an average character. Sales have embraced most of the items, but eliminating kerosene and cornsacks, of which considerable quantities havo been placed, and on which little or no profit has been made, a fair trade can be reported. In some of tbe heavier items quittances have been, and are being, pushed in view of already heavy stocks and expected arrivals. The drop in the freights has also stimulated shipment in some articles, to the detriment in prices. Importers have been rather afraid of such a result following the reduction, more especially as in several instances traders had resolved to combat the monopoly in the handling of certain classes of goods which has been sought to bo established in this market. Autumn has closed and the winter trade is fairly upon us, with the prospect of a steady volume, accompanied by every indication of a healthy financial basis. Tho history of the four weeks, from a monetary point of view, has been simply a, repeat of tbe previous month. Transaction s'are carried through with confidence, and a. belief in thorough maintenance of a sound credit. No trouble of any moment has occurred to disturb the calm, while tho outlook points to a continuance of tbe same desirable state of things. For this happy result the caution exhibited, the strict observance of the trade terms, and a close and watchful control of accounts, are tho main contributories. Money for investment purposes presents so fresh features. Rates remain at 5| to GA- per cent, according to amount, and all good securities are easily negotiated at the above prices. One of the events of the month has been the announcement of the proposed disposal of the business of the Union Insurance Company of New Zealand to the English Alliance Fire and Marino Insurance Company, whose head-quarters are in London. The Union Company has been, since its start, one of tbe mist successfully conducted of the local companies, and has always been a dividend-paying concern. Should the action of the Directors be supported at the general meeting specially called, shareholders will be made happy by the distribution of a fat assured fund, representing in these days of bottom-rock working, a handsome premium on the paid-up shares.

The weather during the four weeks has been changeable, but taken altogether, has been favourable to the country. During the spells of fine days threshing has been pushed ahead, while the wot has enabled farmers to tackle ploughing and other work dependent on tbe influences of a rainfall. The mildness of the season has favoured the growth of grass. The pastures look well, feed is abundant for this time of year, and, in addition, agriculturists and runholdera who grow turnips have crops which have not bean equalled for many seasons past either in quality or size. The few frosts we have had have completely, for the present, kibed the insect pests, and left the bulbs to a rigorous development. Feeding off the earlier sorts is now in full swing, but the scarcity and consequent high price of sheep suitable for fattening are drawbacks, and may in many cases lead to an inability to utilise tho entire crop. Threshing drags its weary length along, and will, in many districts, not be finished, perhaps, for another two months. This has bean a necessity owing to the condition of much of the grain. In the market a fair amount of business has been put through at prices which have been very irregular caused not only by tbe varying condition of the wheat, but also—in an acute form—by the needs of charterers. Prices have a wide range, offers for the same samples often exhibiting a puzzling difference not due to the sample itself. The market now, however, has assumed a more settled aspect, and buyers’ offers have come to a more settled basis. Prime Tuscan is quoted at 3s 7d; prime 3s 6d to 3s 7d; Hunter’s, 3s sd. Mixed parcels of sound ordinary have been sold at 3s 4d to OJ. Weathered and mixed lots range between 3s 'to 3s 6d. Oats have seen moderate business. For milling quality, fit for shipment, farmers obtain la 8d to Is 8-J-d. The bulk of this cereal, however, is going from Invercargill, where the oat is the staple grain cultivated. Fine samples of barley are scarce, and the price stands firm at 3s 6d to 3s 9d. Beans, for shipment, are in good demand; to supply cargoes 2a lOd to 3s Id is freely given. The potato market has utterly collapsed again, this year, and producers have the mortification of receiving, as tho results of their labour, IGs to 18a per ton. Orders for cocksfoot of bright colour are almost impossible to fill, tbe bulk of the seed being slightly discoloured. Prices ruling this season will assuredly tend to a large curtailment of the crop next year.

The grain ships are now beginning to leave. The work of loading has been a slow and trying one, and will be remembered for some years. Some vessels failing to arrive to date have had their charters cancelled, but have been taken up immediately. Charter rates for wheat have dropped, and tonnage now does not command within fully os per ton of engagements made for the beginning of the season.

In goods, the demand for sacks has pretty well exhausted supplies, and holders now seek 6s 9d. Arrangements are completed for the conveyance from Calcutta of next season’s wants for cornsacks. Roping and seaming twines are being offered freely for September shipment from London. Teas of all grades have only seen a moderate business. Sugars, in face of heavy arrivals and afloat are easier. A large parcel of Continental by direct vessel from Hamburg was recently offered at auction, but failed to elicit a response. Golden Syrups shows an improved business. Tartaric acid, carbonate soda and cream of tartar have only been taken for sortingup purposes. Candles display an improved business; for imported Nationals 7ijd, Belmonts Bijd. Tiie bulk of tho trade, however, has been monopolised by the Colonial makes of the cheaper quality. Tan Houten’s cocoa sells at 3s 4Jd for lbs. Agents of Fry’s report an increasing demand with the winter season. Coarse and fine salt have dropped in consequence of the arrival of largo supplies, taltpetro has had more enquiry, on account of tne commencement of tne curing season. Imported soda crystals have ncwvo face tho competition of tho locally mads article which is now manufactured in Dunedin, Wellington, and Christchurch. Castor oil is being forced to close up accounts at a loss to holders. Boiled and raw show no change. Cement is a drug, and is quoted nominally at 12s for lines, in bond. Galvanised iron sella only in small compass at .£l9 10s to £2O for parcels. Fencing wire is almost unsaleable, except at cost. Bluestone is quoted ah £23 10a to £24 for small trade lots. Bottled ales and stout are not active; Whiskey has monopolised most of rhe business in spirits at 5s to 7s, and up to 9s for best. Hennessy’s one star, sells slowly at 37s 6d to 38s. Tho inquiry for rum has steadily declined of late. Ports move at 7s to 10s, i.b., while for the higher grades the demand is dull. In champagnes there is no business doing. Agents of Williams* Juno and Ruby tobaccos report a steady trade in these brands. Cameron’s tobaccos have also met with the usual inquiry.