COMMERCIAL.

Lyttelton Times, Volume LXXVII, Issue 9761, 25 June 1892, Page 4

COMMERCIAL.

Lyttelton Times Office, Friday evening. The English mil via, San Francisco was delivered in town on June 21. The general intelligence does not present any item of special interest to business people, neither does it record any noticeable changes in tl*ai yalijes of the bulk of the articles exported to this quarter of the world. Shipments to the New Zealand ports continue to he well held in hand, and show that orders from this side have been kept down to the estimated limits of absorption. The paucity of cargo has been severely felt by the shipping interests, and competition in addition has tended to keep to a low level the rates of freight. It has been remarked that the cargo steamers would ultimately drive the sailers off the road, and so far as this year has gone the prophecy has been fulfilled to a large extant. Advices by the mail report that a similar condition of things is likely to obtain for some time at lease. For certain kinds of cargo, sailers, as being more suitable, have been wanted, but owing to the reason we have stated above shippers requirements bav6 had to to deferred for a season. In a few of the heavy lines prices have suffered from over importation, owing to the desire on the part of importers to take advantage of the unpreoeasntly low rates that are and have been current. Taken altogether, however, the local market in this respect has not been so much affected as that of our southern friends ' in Otago. In connection with shipping, we learn that the Huddart Parker Company is pushing ahead with tne steamers intended for the Australian and New Zealand trade. . . New York advices report a very quiet state of business in that centre. Orders from New Zealand had been exceedingly limited, so much so that chatterers experienced great difficulty in filling up. Their position was rendered more uncomfortable by the fact of having to face & heavy loss should kerosene nave to be put in to clo3B up at tli© expiration of tue lay days, and our market does not exhibit an improvement on prices lately current. Were it not for kerosene there is no doubt, the bulk of the direct trade now existing would come via London. As it is,, a considerable quantity of the more valuable goods are imported by this route. Freight rates to New Zealand were quoted at 15 to 18 cents. When tha mail left New York the New Zealand was just about completing her loading for Dunedin, Lyttelton and Auckland. For the three ports she has a large quantity of agricultural implements, besides 8000 cases kerosene. The Star of the East was on the berth, but as cargo was scarce there was every prospect of her exceeding her lay days. These covered sixty days- A recent cablegram placed at our disposal informs us that a vessel of 800 tons register has been chartered to load for Dunedin and Lyttelton with despatch in August, It is probable she will also bring a quantity of reapers and binders. The value of kerosene was considered by mosu authorises uo he.ve touched the bottom rock ; a.. any rate, both oil well owners ami refiners professed to be working with little or no profit. Turps had dropped about' 4 cents.

With the new crop of resin coming in rates for the finer grades had declined. The approaching Presidential election was absorbing the attention of all classes, and its bearing on the tariff, particularly in relation to the duties on wool, was eagerly discussed. San Francisco advices report a more favourable turn for the growing crops. With a continuance of the same | conditions, the prospects of a large yield had greatly increased. Tho wheat market was described as quiet, the quota- | tions being Idol 42-Jc per cental. Suitable | vessels for early loading have been taken at 255, but for August-Septemhor 30s would probably have to be paid. Exchange stood at 4dol GBJc for merchants’ drafts on the Australian Colonies. Salmon was unchanged for ordinary brands, but Cocktail stcod firm at the increased cost of 10 cents. Even with tho aid of the 25th the week in goods has been an extremely quiet one. In the estimation of some it is looked upon as one of tho tamest openings we have had for a long time. Sales pushed to close up small lots, or to reduce stock before Juno 30, when a number of the houses balance, have failed to appreciably increase the volume, or to impart even the semblance of activity. The only life apparent in business lies in tho world of sheep, where from week to week tho enquiry keeps up with unabated vigour. The cables respecting tho progress of the wool sales are of an encouraging nature, and inspire growers with the hope of still further improvement. Tho English wheat market, on tho contrary, is not so cheering, the tendency lately having been of a dragging character. Quotations here for thoroughly sound samples are unchanged, and continue relatively higher than the English. We all know how the butter industry in Victoria has been wet nursed by the Government subsidies. From recent cables it will bo noted there is an intention to reduce the amount of the bonus. The proposal to start a central dairy factory has now been fairly launched, and it only remains for the farmers, who arc the most directly interested, to work the matter up. It cannot be said that the project up to date has been apathetically viewed by the business community, but has on the contrary received every consideration and help. The annual report of the Now Zealand Farmers’ Co-operative Association, recently issued by tho Directors, has been circulated amongst the shareholders. The net profits for tfhe year are stated at .£9390 6a Bd, out of which it is proposed to pay tho usual dividend and bonus on the calledup capital, together with sundry returns to customers of the Association. In goods not much of a special character has transpired. Houses balancing have been endeavouring to reduce before the end of tho month. Even tempting prices, in many cases, have failed to elicit a response. The only article which dealers seem inclined to touch is kerosene, but holders now either refuse to sell at late rates, or dribble it out in small lota. Present quotations cannot last, as a heavy loss is being incurred. It is the knowledge of this fact that makes retailers inclined to purchase. It is probable that a direct steamer will this season be put on to fetch the new crop China teas. The first arrivals, however, will likely reach us via Melbourne or Sydney. Sugars show no change either in value or demand. Cocoas sell more freely. Prices for fine and coarse salt are all in favour of buyers. Quotations for the smaller lines of groceries show no variation. M'Leod Bros, Limited, announce a reduction in some of their makes of candles as from July 1. Ale and stout call for no particular mention, while tho distributing houses report a quiet business in wines and spirits. With the approach of July we notice an enquiry coming to the front for seeds for spring sowing. _ Payments June 20 came in so exceedingly well, that it points to an equally good recordon July 4, when bills mature. GRAIN AND PRODUCE. Business in the grain market during the week has not developed any special features or a more active tone. On the contrary, we have to notice a continuance of the quietness m wheat previously recorded. Of course, a certain volume is passing and there are buyers for tip-top samples at quotations, but in the other descriptions, of which the bulk offering consists, the transactions move slowly. English cables lately received do not show much variation m values. Locally, we quota Tuscan 3s 6d to Sa 7d, Pearl 3s 7cl to 3s Bd, Hunter’s 3s sd, mixed and weathered lots 3s to 3s Gd, damaged lots 2s 9d to 3a. Oats. —Little cr.n be noted in connection with oats. Milling samples are not offered freely. Prices continue firm at la 9d to Is lOd, stout feed Is 8d to Is 9d, feed sorts Is Gd to Is 7d. Baslev, —Best samples are exceedingly scarce on the market. For this quality 3s 8d to 3s 9d is current, and for extra Id to 3d more is obtainable, other kinds 3s to 3s 3d, Beans and Peas. —Beans remain at 3s to 3a Id, Prussian Blues 3s to 3s 3d. Flour.— Millers quote .£9 10s for stone and £lO 10s for roller. Potatoes. The market is a shade healthier, but there is little doing; 17s 6d to 30s is quoted for immediate delivery at country stations. Grass Seed.— Ryegrass is being offered occasionally, in view of the closer approach of the sowing season. Farmers’ lota have a wide range of 2s Gd to 2s 9d, better quality 3s, town machine-dressed 3s 3d to 3a 6d. There is not yet a great deal doing in cocksfoot. We still quota 2Jd to 3d for farmers’, town machine-dressed 3Jd to 3.jd. Daiet Produce. Batter lid to Is, scarce; cheese 3id to 4£d.