COMMERCIAL SUMMARY.

Lyttelton Times, Volume LXXVIII, Issue 9774, 11 July 1892, Page 3

COMMERCIAL SUMMARY.

Lyttelton Times Office, Saturday evening. When wo last wrote we bad to report a quiet feeling as prevailing. The four weeks under review have not developed any more active tone, and things generally may bs described as quiet. Even the pusiiing or goods towards the end of last month, when a number cf houses have their yearly balance, to close up consignments or clear off old stock, failed to give au appearance of animation. As we get further ‘into the month, however, we may look for signs of a revival. Indeed, in several lines there are indications of a waking up from the dormant stage. The last two months having been so remarkably quiet, a change to a livelier condition will be a welcome variation. In the agricultural department we notice an inquiry for clover seeds, while in a few weeks’ time the soft goods houses will be opening: , up for the spring demand. Preparations also . for the coming wool season should help to give a fiiip to business shortly. The cables lately have been more reassuring in connection with the London wool sales now in progress. While prices have slightly improved, it is hopeful to observe, that the competition has been of. a keen description. It is this fact that begets the hope that values have begun to rise from the low levels which have .ruled for some time past.' Woolgrowers, in the continuance of low prices, have been taught the value of resignation, but the prospect now opening up promises a release from this enforced contemplation and is altogether of a more cheering aspect. Wheat, from our point of view, we regret to notice has steadily declined. It is yet, a long way to the next harvest and the whirligig of time and season may, era it is garnered, bring hack a recovery of values. Parliament is now in session, but as yet it has not been declared wbat alterations or modifications will be made in the Laud and Income Tax now that the actual results arelu the hands of the Government. It is satisfactory, however, to the trading community that no spasmodic changes in the Customs tariff are intended this session. With our experience of the working of the tariff from a Protectionist point of view some alterations are, no doubt, necessary for the relief and nurture of certain industries. If a revision is deemed desirable, it is admitted it should be done as a whole and not partially, but the other business coming before the House for discussion is so weighty, that it will be next to impossible to devote the requisite time for its proper consideration. It has therefore, wisely, we think, been postponed for a season. The proceedings of the Assembly are not likely to affect the ’money market, unless it be in the direction of relieving the fears of the croakers, who have been prophesying all manner of evil from the recent legislation. Their prophecies remain unfulfilled and have come to naught, for money still continues plentiful and at a low level of interest. From 5£ to 6 j per cent are the current quotations for loans on mortgage, according to amount and nature of security. Following on this, we are pleased to say general business since we last wrote has presented, in a monetary aspect, au equally good record. No troubles of moment have transpired to ruffle the commercial waters, and acceptances and payments have been taken up with an easiness denoting a sound and healthy condition of trade. The weather daring the four weeks has been changeable, with a fair share of rain. It has cu the whole been mild, no frosts of a severe character having come to check the growth of grasaand cropn. On the

plains the early sown crops present a satisfactory appearance. Ploughing has been pushed forward vigorously, the conditions being favourable. Sheep continue to sell well at the local yards, the demand for stores and freezers having been well maintained. Wool may be low, but the concurrent prices obtained by farmers for sheep is a compensating balance, which goes far to make up for the reduced value of the fleece. The grain market has been of varying character. For tiptop lines of wheat the values continue independent of London rates. Local necessities are responsible for this phase of the market. We quote -for prime Tuscan 3s 6d to 3a 7d ; Pearl, scarce, 3s 7d to 3s Bd, and Hunter’s 3s 4d to 3s sd. Mixed and weathered lota 3s to 3s 6d,cold and damaged camples 2s 9d to 3s. Milling quality of oats are firm at Is 9Jd to Is 10>i-d, the supply of this description not being over plentiful. Stout feed are saleable at Is 8d to Is 9d. Litt'e has transpired in prime barley, the offerings now having become limited. Prices range from 3s 6d to 3s 9d for best, while an exceptional lot would fetch Id to 2d more. In beans and peas not much has passed shipping samples of the former command, 3a to 3s Id, and Prussian blue peas 3s to 3s 3d. Potatoes, unfortunately for producers, are this season scarcely worth taking out of the ground, the current prices being so low. For delivery at country railway stations they are only worth 15a to 17s 6d per ton. This is the second season running which has witnessed such a disastrous collapse of the market. The local demand for cocksfoot is just coming to the front. There is little bright seed available, but town cleaned, slightly dark, is realising 3sd to 3id. Best lots, 3f d. Any bright samples are quoted at 4d. In our last wo mentioned the probability of a central dairy factory being started close to Christchurch. The proposal has now taken a concrete form, the prospectus having been drawn up for circulation. The prospects of a successful floating are considered fair, and we hope, in their own interests, the farmers will subscribe liberally, and not allow the undertaking to hang fire. On Banka Peninsula it is also proposed to start a butter factory. The buuneas of the Union Fire and Marino Insurance Company has now been taken over by the Alliance Company of London. The confirmatory meeting of shareholders has endorsed the action of the Directors. The annual meeting of the shareholders of the New Zealand Farmers’ Co-operative Association was held on July 9, at which the balance-sheet was adopted. The usual dividend and bonus was declared. Shipping matters have not been particularly active. The grain vessels continue to be despatched quietly, there being an absence of rush. The intercolonial steam trade has not been particularly active lately either in the passenger or cargo lines. For goods there has been a very moderate enquiry; all the heavy lines are in excessive supply, and prices have consequently suffered. This remark applies particularly to cement, fencing wire, galvanised iron, &c. In general goods a sorting up business only has passed, and prices show no alterations of any moment. Wines and spirits are equally quiet.