SUMMARY FOR EUROPE.

Lyttelton Times, Volume XCIII, Issue 10652, 13 May 1895, Page 3

SUMMARY FOR EUROPE.

COMMERCIAL SUMMARY. Lyttelton Times Office, Saturday Evening. The New Zealand public are somewhat elated at the success of tho loan raised in London under tho Advances to Settlers Act. The uetrnta of interest payable will ensure a larger margin for working expenses, &c., than even the most sanguine Government oiipportera anticipated. That the Joan ought to have been raised at an exceptionally low rate of interest should bo patent to anyone who gives the matter consideration, no hero were actual mortgages not exceeding three-fifth s of the present value of land with tho Government > guarantee as security! Surely no bolter investment could ba offered to the British public. The immediate effect of the loan in putting money into circulation will, it is hoped, bo a relief to many of cur traders, who find great difficulty in collecting accounts' from country customers!, tho low prices of produce generally having seriously affected*fche farmers’ returns. General trsda during the month has only been ef moderate dimensions. Purchases of goods have been made chiefly to sort up stocks, there being no pronounced demand for any cue article. Until tho advent of our spring demand, unlcso some special circumstance* at present unseen arise, burinccs is not likely to become much, more ‘animated. '• Although quiet, we are glad to say trade continues sound, and bills duo on tbo last 4th met with a more than usual good response. Iu fact, it wao one of the best wo have had for a long time past. Mortgage money ranges from to 61 per cent, according to amount and nature of security. We regret having to report two bankruptcies, involving considerable amounts. Mr B. Halo, of Christchurch, with liabilities .531,504, assets ,537,573, and Messrs Friedtandcr Bros,, of Aohburton, with liabilities £45,974, and assets £53,558; but as both of the above were not unexpected no surprise has been excited. The quarterly returns of tho banks doing business m thia colony to March 31 disclosed ths ocmewhat extraordinary fact that deposits at cr.ll had increased by £633,000, whilst those bearing interest bad decreased by an almost similar p mount; tho actual figures being, deposits at interest £3,734,034, at call £4,619,569. The bullion held by the banka was £3,285,637, being an increase eve? the amount sit a similar period hd year of £733,833- The. Government Savings Bank during the first quarter of tho current year received deposits iu excess of withdrawals to tho amount of £156,323. The Customs revenue for the quarter ending March 31 chewed bat a very alsght falling off as compared with last year, tho figures being £411,778, as against £417,773. During the same period 67,203 ounces of gold were exported. The colony’s export of gold up to March 31 last, from tho commencement of the goldminiug industry, amounted to £50,456,433 in value. Tho National Fire and Marine Insurance Company has declared a dividend of 13 per cent for the past year. The purchase by tho South British Insurance Company of the business of the Mutual Union Fire and Marino Insurance Company of Tasmania, hsa been approved by the alißroholdora of tho latter company. Tha various insurance companies doing business in Christchurch have notified to thoic clients that .the “average clause ” will no longer be retained in their policies. This wa:i brought about by tho newly-formed Canterbury Insurers’ Protection Association. The Midland Railway (unfortunately for the districts immediately interested) seems likely to remain unfinished for a long timo if left to tho present company to complete. The arbisratioK cr.ss_ between tha Government and the Midland Railway Company—about which the Cfaaiiman of the London Boe.nl of Directors, together with their arbitrator and counsel, recently came out to the colony—is postponed until January next, and there gentlemen are in the meantime on their way Homo. _ la addition to the matters referred to arbitration, the Government iu taking fiction, iu the law courts for non-fulfilment of contract against the company. Tho Lyttelton clearances of frozen meat during the past four weeks have bean Euahine (April 19) 24,344 caressed mutton, 28,633 do lamb'; Matat.ua (April 27) 33,894 carcases mutton, 15,190 do lamb; Gothic (May g, viS, Wellington) 8057 carcases mutton, 11,419 do lamb; Perthshire (May 10) 589 -carcases mutton.

Considerable interest to the grazing community attaches to the present voyage of the D.O. Gothic, aa part of the cargo consists of “chilled” beef, shipped from Wellington by the Wellington Meat Export Company and tho Gear Company, and sheep treated in a like manner by the Christchurch Meat Company at their Idling ton works here. It is claimed for the now proceoa that it will be possible to deliver “ chilled ” meat equal to homekilled in the London markets, and do away with ths thawing difficulties that at present undoubtedly affect the value of frozen meat. In. commotion with, the present meat export trade, a paper has been read before the Wellington Chamber of Commerce by Mr D. J. Nathan, a merchant of that city, proposing to consolidate the business both as to tho freezing works, &c., hero, and the distributing in London or elsewhere, under one control; to provide funds a State guarantee is suggested, secured upon a stock tax. A somewhat similar proposal was brought before a local Farmers’ Club by a Mr Orbell, a prominent South Canterbury farmer. The weather during the past four weeks has been remarkably fine, snd vary favourable to the pasture lands, the grass growing well under the warm sun after the thorough Booking tho ground received at Easter time. Under these conditions grazierp have been induced to put more stock on their holdings, preparatory to finishing off on turnips, than they otherwise would have done, and there has been a consequent increaso of business in tha store sheep market without, however, any advance in values since wo last wrote. Fat sheep fit for the export trade are hardly worth as much as when we last wrote, though tho difference in value is very trifling, present prices ranging from 10b, to 11s. Lambs are still offering in small numbers, and of these but few are really prime. Where the quality is undeniable up to 10a is obtainable. Since wo last wrote, tho publication of the Agricultural Statistics for tho colony (given in part elsewhere) showed a falling off ia the area under wheat that was in excess ef anticipations, and there has been a decided improvement iu value and a firm demand. Nor is thia to bo wondered at. seeing that the estimated yield io 1,700,000 bushels under the amount required, for consumption and seed purposes. The deficiency, however, will bo obtainable from accumulated stocks. Present values are—Pearl (which is ecarce) 2<i Bd, Tuscan 2s 7d to 2a Bd, Hunter's 2s 6d to 2a 6-Jd* Second quality wheat and inferior for fowl feeding purxjosoo ia not obtainable, which speaks volumes for tho exceptional character of this season’s wheat crop. Oats—Bright milling are in good demand, but o.rQ_ not offering freely, growers probably thinking that values will improve later on, when tho large southern crops have been disposed of. For seed purposes, Tartars, true to variety, have been enquired for, but are difficult to obtain. Duns have sena fair business, both for seed and feeding purposes. Low feed sorts are difficult to sell; values, prime milling Is 4d to Is did, stout tend Is 2-id to Is 3 ; id, Barley still continues to recede in value even for prime quality, whilst second quality, which io offering in large quantities, io almost unsaleable; probablj r the fact that this seaaon’a crop is ft large one, and Canterbury-grown barley is below tho average »v to quality, will account io par:, for the canons local values being eo unsatisfactory to tho grower. Present values are—prime malting 2s 6d to 2a 9d nominally, second quality 2s to 2g 6d, feed and

Cape barley Is Gd to Is 9d, Peas are offering freely, but buyers content themselves with filling orders, and are not inclined to speculate. Prussian Blues aro worth 2s to 2s 2d, Partridge 2s, other feed sorts la 9d to 2s. Beaus—Tho local market has been somewhat relieved by a largo 'Shipment per p.s. Gothic, though prices remain at the low level thathaa prevailed since the new crop has boon harvested. We quote present value as Is lid to 23, Potatoes—Growers are busy digging, and though a large number like to sell’ at least part of their crop “eff tho forks,” the exceptionally low prica ruling has deterred many from following this plan, and tho bulk of the crop will be pitted to await better (or worse) times. Present values sve 15s to 18s at country railway efcations. Grass Seed. • Ryegrass is practically out of tho market until the demand for spring flowing again cornea round. Cocksfoot.— Tho export demand having ceased, there is but little doing. Clover Seeds.—Red— Fins weather having enabled harvest operations to bo completed, largo quantities of this seed have been cu offer lately, end prices have receded from last month's values. "We quote bold, well-coloured Jots up to 6tl, whilst values for second quality and inferior range according to the purity of tho sample. White—Doubtless owing to tho high prices ruling this scad ima passed out of growers’ hands, and quotations aro nominal, say 100 s to 105 s for pare cocci. Butter continues in fair supply, and though the export trade is over for the season, the’prico to the local consumer remains unaltered, factory make 8d to 9d, dairy 6d to 7(}d. Cheese jg going forward by each direct liner in considerable quantities, ths Bushina and Gothic having on hoard some 5000 ' cases from the different New Zealand ports. Local values are 3jd to 41, small loaf 4&d. The following ara the chief items iu tho agricultural statistics for the colony for the years 1895 End 1894:

Iu shipping mutters there io little to report. The'daparturrs direct from Lyttelton havo been—The «■•.(?. Ruahine, April 19; s.s. Matatua, April £7; a.s. Perthshire, May 10; and barque Glonlora, April 17. Tho barqno F. P. Litchfield, from New York vid Dunediu, arrived on April 27, and left for Nelson with part original cargo on May 8. Ifcia reported that tho Enddart-Parker line between Australia and New Zealand is to be reinforced by a new steamer next summer.

- 1S95 ISM Is- Wheat— Acres ... Its,605 2-13,737 Estimated produce (bus) 3,0X0,137 4,331,035 In Oats— 351, S'! 9 S7C,G4G Estimated produce (bus) 10,221,353 12,153,608 Is Baeley— 20,853 00,519 Estimated produce (bus) 1,000,012 724,653 In Potatoes— 21,121 25,335 Estimated produce (tons) 139,821 126,540 Is Ttrusirs— 375,437 Acres 385,781 Geass Seeds— 223,931 Cocfcsfoot fbushcls) 339,505 Pycgraas (bushels) 531,213 513,357