COMMERCIAL SUMMARY.

Lyttelton Times, Volume LXXIX, Issue 9943, 24 January 1893, Page 3

COMMERCIAL SUMMARY.

Lyttelton Times Office, Saturday evening. In the first three weeks of the new year, a fair volume of trade has transpired, which would have been greater had the weather all along been more of a summer character. For the first ten days a quieter feeling was experienced after the holidays, but since then more animation has been displayed. Operations during the four weeks have not singled out any one article, nor has business been tinged by any special colouring. Even with the arrival of the Aldegrove from Calcutta and the commencement of our harvest, cornsacks have failed to elicit much enquiry beyond the orders that have been booked for delivery to the farmers direct. The Highland Forest, the second ship of the season is now overdue, and consignees look for her arrival immediately. As a matter of course, the preparations for the harvest have given an extra flutter to the reaper and binder trade, but as competition is so keen and there are so many machines in the market prices have been cut down to a non-payable level. Binder twine has also been sent out in quantity, but the same remark, as fat as cutting prices, applies to this article. The bulk of the requirements in this article for the whole Colony is now supplied by local manufacture. There are two factories engaged in its production, one located in Auckland and the other in Dunedin. The twine embraces three descriptions—manilla, manilla and flax, and flax. The mixed at present has the greatest demand. Oils for lubricating have also been in request, but the importers of castor are quoting at rates which only show cost, or a margin on it. The period under review in a monetary sense has been much on a par with the preceding four weeks. Cash payments and bills have been taken up regularly at maturity, and no assistance of any consequence has had to be given. The business horizon is clear enough, and operations are carried through, with a confidence which argues every confidence in the gradual forging ahead, which has been characteristic of the history of the Colony for some years back. Few failures have taken place, and the amounts, with the exception of one, have been but trifling. Mr G. W. Turner’s liabilities amount roughly to about £22,000, but as this bankruptcy has been looming in the distance for some time back, it has not excited much surprise. One-half of the liabilities lie in New South Wales. The estate is being wound up by the Official Assignee, and for anybody besides the secured creditors there is nothing. Money lor mortgage rates is unchanged, and both rates and demand present exactly the same features as when wa last wrote. Harvest work has begun, but has been stopped by the rain. The weather has been so unsettled of late that mild apprehensions of a repetition of the last season have been excited. Within the last day or two it has cleared up, and farmers’ prospects are decidedly better. Fortunately the quantity of grain cut is a mere bagatelle. Favoured with fine weather, the crop will speedily fall under the reapers and binders, and come under the operation of the threshers. It is generally thought that the yield will bo slightly less in all grains compared with that of the previous season. Growers would be better pleased if prices improved, the indicated opening rates being exceedingly low. As a set off, however, cargo rates on grain to London are lisely to rule low. Grass is fairly abundant, the occasionally showery weather, combined with the muggy heat, causing a continuous growth. The turnip crop is looking fairly well, and, taken as a whole, will later on afford good winter feed for fattening off stock. Where failures have occurred the loss has been chiefly caused by the birds. Lately, sheephave been selling in large numbers, one draft of 20,000 from the Cheviot Hills having been passed under the hammer at satisfactory prices. The above property having been taken over by the New Zealand Government, the whole of tbe stock and plant will, it is understood, be sold by public auction during the first week in March or thereabouts. This will be the largest sale of stock that has ever been offered since the foundation of the Colony. The working plant is a large and valuable one, while the number of sheep to be brought under the hammer will be something like 116,000. The grain market has been exceedingly quiet since we last wrote. Holders of wheat have been quietly shipping as opportunity offered the balance of the wheat held over, the bulk of which has been more or less touched. Business in sound has been trifling, the chief buyers having been the millers. Prices for this class have steadily dropped, and now stand nominally at 2s 9d to 2s lid for old wheat. Damaged has the wide range of 1s lOd to 2a 6d. Oats have only seen a local and a small Australian enquiry. Prices are quoted at Is lOjd to la lid for milling. Is 9£d to Is Jod for stout feed, and Is 8d to Is 9d for lighter sorts. In barley stocks are exhausted, the only lota coming forward; being small parcels of feed quality. Beans - and peas are out of the market. People on this side are pleased to note that English values of wheat have slightly firmed of late. Locally the. chief interest is centred in the opening rates for the hew - crop. No figures have ' been named, but it is assumed that 2a 6(1 to 2a 9d will be about quotations. At any. rate, one thing is assured, whatever is the* declared price, it will, as usual, be oiks well up to the cabled London quotations* There is a heavy crop of ryegrass, and quantities of stripped seed have been offered of late. Farmers are getting 2a fid to 2s 6d per bushel for rough dressed. Cocksfoot cutting has been delayed by 'the weather. The crop should prove a good one in point of yield, and, with the absence of cloudy misty weather on the Peninsula, the colour should be good. The third of the series of Christchurch wool sales was held yesterday under, the auspices of the Woolbrokers’ Association, when the various firms interested fl.fi/ered a catalogue of some 7000 bales of diif.erent class wools, the bulk of which wag taken by buyers at prices which fully sustij in the rates realised at the previous safes. In Foveral of the lines of cross-bred higher value* were touched, while the merino dc--8(;)-,.,r-i, •- fetched a distinct advance*on the bids' :a cl - at the two former auctions. The attendance or buyers was largo, and wa* marked by the presence of set oral no*' competitors, who made their influence felt. The Directors of the new Central Dairy

Company are vigorously pushing ahead the business of the Company, and the buildings and subsidiary creameries connected with the Company are now being taken in hand. Prices for factory butter have been well sustained during the season, and the trade under its present organisation, both in the North and Middle Islands, is being steadily developed. Shipping matters have been fairly busy both in the intercolonial and English grooves. Wool is coming forward freely for shipment, while the wheat of the old crop is going on board in the absence of any local demand. Fortunately for holders, rates of freight rule at a comparatively easy price. In goods sugars have seen some business, but the demand for the preserving season has not been quite so active as that of last year. Stocks have been chiefly drawn from Australia, Mauritius and Continental beet being out of the tanning. Cube sugars have been selling at 32s to 32s 6d. Golden syrup, in 561 b tins, 23a to 23s Gd, and English, in 21b tins, at 7s 6d to 7s 9d.

Carbonate soda is quoted at 12s 6d to 13s. Cream of tartar, kegs. Is 2d to la 2£d. Tartaric acid, slow, at Is 4d to Is 6d. Agents of Mellor’s sauce report a fair enquiry at list rates. General groceries have only been sold in small lots at prices in favour of buyers Coarse and flne salt are overstocked, the German article having materially affected the enquiry for English. In soda crystals the demand for English makes has been stopped by the locally-made, which comes in at a less cost, viz,, 6s 9d per cwt. Vinegar has seen business at Is 9d to Is lOd, according to brand. After the holidays the trade in wines and spirits has not been of great proportions, retailers having pretty well stocked themselves. Arrivals of both case and bulk lately have been heavy. Ale and stout have been sold at agents’ prices for the best brands in moderate quantity, but for outside bottlers the prospect is a poor one. To effect sales less than cost has to be accepted. In iron goods the market is more than fully supplied, and the same can be said of oils generally. Cement is a drug, and 12s 6d to 13s is the current price for lines duty paid. Sheep dip preparations are now going out. There is a small demand for clovers for autumn sowing, which chiefly comes from the North Island. Prices asked are higher considerably than those obtained for the spring requirements. In the soft goods departments, this being the off season, business is reported as exceedingly quiet. The majority of the representative retail houses are pushing off the balance of summer stocks by clearing sales.