MONETARY AND COMMERCIAL

Lyttelton Times, Volume LXXXI, Issue 10272, 14 February 1894, Page 5

MONETARY AND COMMERCIAL

[Special to Press Association. I LONDON. Feb. 12. Wheat has been sixpence lower during the week. Feb* 13. Sir A. Clark, the acting AgentGeneral for Victoria, has received an offer from a responsible Manchester firm to run a line of five steamers between Manchester, Australia and New Zealand, conveying Manchester’s goods to the colonies, and returning with colonial produce. The firm asks if tho Colonial G-overnmenfcs will co-operate in supporting the line. The Aorangi’s factory butter is realising 106 s per cwt. The deputation which waited on Mr Reid explained that the desire was for sufficient butter producers to combine in the colonies to control the London markets, and to confine shipments to a committee consisting of their selected London agents and colonial nominees. Mr Reid, in reply, admitted that, wide consignments, especially to financially weak houses, were detrimental to the producers, and he expressed sympathy with the scheme. He suggested that the butter should be deposited in cool stores, in return for negotiable certificates, in order to prevent forced sales. He said it was impossible for the Government to recommend certain firms in London which would transact business with the producers. Sir W. B. Perceval afterwards assured the deputatiou that he agreed in the main with Mr Reid’s views.

SHIPPING. Arrive Eangitira, from Port Chalmers (Dec. 24.) Messrs Henry S. Fitter and Sons’ Christchurch agent has received the following cablegram from the London office, dated Feb. 12Canterbury mutton 4|d to 4|d, lamb to 6|d; Wellington, mutton 4d to 4|d, lamb 5d to s|d; Australian sheep 3|d to 4d, beef (hinds) 3|d to 4d, (fores) 3id to 3|d. MELBOURNE, Feb. 13. It is estimated that six million bushels of wheat will bo available for export. A suggestion is being made, owing to the low prices ruling for wheat, that the Government should reduce the freight oa the railways by 25 per cent. When interviewed on the question the Government declared that it was unable to accede to the suggestion.