COMMERCIAL.

Lyttelton Times, Volume XCIV, Issue 10705, 15 July 1895, Page 5

COMMERCIAL.

[Special to Press Association.! LONDON, July 12. The total reserve in the Bank of England is <827,598,000, and the proportion of reserve fco liabilities ia 54T0 per cent. Consols 107*. Three months’ bills are discounted at | per cent. New Zealand long-berrisd wheat.— Nominal, 26a. Hemp is in fair demand, and 144 bales have been sold. New Zealand mutton.—First quality S}d, second do 3d. Cheese, dull. Best New Zealand 38s. Adelaide wheat, weaker, 26s 6d; Victorian, flat, 26s 6d. For Australian on passage, sellers ask 23s 9d, and buyers offer 235. Government estimates the American wheat harvest at 397,000,000 bushels, a decrease of 14'per cent'as compared with 1894 i Colonial Oats.—Pine average 24s 6d, common 20s. Peas average 25s 6d. Sugar.—German beet, 10a; Java, firm, 14a. Butter. Danish has advanced two kroner (the kroner is equivalent to la lid). Owing to continuous drought supplies are short, and the market is hardening. Best colonial 90s; exceptionally good, 94a. Babbits, best Bid; about 50,000 in stock, half mouldy. At the wool sales there was a poor selection and bidding is, consequently, less animated and prices are irregular, but there are no signs of weakness. The Americans ace purchasing heavily. No. 1 best Scotch pig iron, 44s 7d. QUOTATIONS OF COLONIAL STOCKS.

Mr Hotaon, of Victoria, will read a paper on colonial produce, at Manchester, on Monday. He says that he has become convinced of the immediate prospect of a sound and extensive business in all Australian produce shipped direct to Manchester. The determination to open a regular trade with Manchester and Glasgow, where an immense working-class population will he reached, is, he mentions, undoubted in Australia. The vessels would take Manchester goods to Australia on the outward trip, and any movement to establish a line of steamers between Australia and Manchester would meet with the hearty response of the Australian Governments, which would guarantee shipments of the best classes of frozen meat, cattle, wool, tallow and butter. He believed that the duties on Manchester goods were the only obstacles to the opening of a direct trade, and he hoped that the Victorian Government would see its way to abolish those on Manchester goods. Mr Hotaon adds that he is glad to see that Manchester has realised the necessity of provision for financial accommodation equal to that provided by London importers, and suggests that Victoria, in engaging produce steamers, should consider tenders from Manchester. He calculated that wool can be landed from Australia at the manufacturing districts at £1 per ton cheaper by the Manchester route than by the route at present. He suggests that a committee of Manchester merchants should confer with Australian exporters through responsible delegates.

The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cable advice:— LONDON, July 12.

Tallow—Market flat, quotations nominal. Frozen Meat Mutton market weaker. Canterbury and Wellington mutton are worth respectively 3£d arid 2|d per lb (last quotations were 3|d and 3d respectively). Butter Market firmer. Fine qualities of Now Zealand range in value from 883 to 94a per cwt (last quotation was 80s to 84s per cwt).

— Price, Variation as compared with last week. £ 6* d. 4 per cent New South Wales 117 10 0 10s higher 3i percent New South. Wales 108 10 0 Ss higher 4 per cent Victorian 109 0 0 5s lower 3J per cent Victorian 102 0 0 unchanged 4 per cent South Australian 112 0 0 unchanged 3i per cent South Australian 105 10 0 5s lower 4 "per cent Queensland 112 0 c 10s lower 3i per cent Queensland 104 15 0 unchanged 4 per cent New Zealand 112 15 0 5s lower Si per cent New Zealand ... 105 10 0 unchanged 3i per cent Tasmanian 105 0 c unchanged 4 per cent West Australian 119 0 0 unchanged July 13.