AUSTRALIAN MARKETS.

Lyttelton Times, Volume XCVI, Issue 11050, 31 August 1896, Page 6

AUSTRALIAN MARKETS.

SUMMARY OF THE WEEK, [Per Press Association.]

SYDNEY, August 30. Business on tho intercolonial exchanges, both in investment and mining shares, was dull throughout the week. Investment stocks firmly maintain a high level of prices. There were two wool sales during the week, the small catalogues including a few parcels of new clip, chiefly medium and inferior. Competition was keen and prices were well maintained. Scouveds were stronger. Apropos of tho forthcoming wool season the report of the annual meeting of the Victorian Pastoralists’ Association stated that all indications pointed to another quiet shearing, and that it was gratifying that the moderate policy of the Association, was gaining recognition among the best classes of shearers and bush-workers/ who realised that it was no part of the object of the Association to extort concessions either to an unfair agreement or to inadequate rates. .... Latest reports of, the wheat crops- are less favourable. Bain •is • Again;.' bftdlywanted inland. This is stimulating inquiry for imported wheat and flour, but there is no quotable change in values. Potatoes are weaker. Feed grains are steady. The Eakanua’s onions were landed in bad condition; and sold at from £l.

The Herald, dealing with what it terms the popular fallacy that the British investor prefers stock with a lengthened currency to a short-dated one—instances recent colonial loans, which prove that the preference is for stocks with a currency of twenty years or less. ■Taking the aggregate debts of the Australasian colonies at £217,000,000 and the annual charges upon this amount at £8,497,000, it says:—“Had loans in the past being floated for forty years, redeemable at the option of tho Governments in twenty years, instead of at fixed currencies averaging about thirty-five years, the various Governments would bo able to redeem this vast debt costing; £4 Is per cent, and renew it at,. say, 3 per cent fifteen years earlier, and thus have saved £2,352,000 ■ per annum. If the ~loanS; hack, •■been., .floated:, in this way, at, the end of .twenty the optipfi of redemption canie to bo exercised, the colonies would save £49,000,000, including 'iutei'est. If the-.comparlson' is made, as perhaps it properly should be, at. tho maturity of fixed loans, say; thirtyfive years, the saving .jvould-- ho .. oyer £92,000,000, including interest, or tillowing for the decreasing value of money, probably considerably more.” The main conclusions the Herald is forced to are that any fresh loans should be floated ou a twenty to forty, or a fifteen to thirty-fivo year basis, and any conversion proposal should, if possible, reduce the currency of long-dated stock, maturing from 1924 onwards. MELBOURNE, August 30. General business has been feeling the effects of the continued dry weather. Business is very quiet. Up to yesterday when, with the exception of the north, where it was light, heavy rain fell over the whole colony, the crop outlook had been very ominous throughout the entire wheat area, tho subsoil having long been in need of a good drenching. The crops showing tho effects of the rain, however, hopes have been raised.. The wheat market is decided! y firmer, and there is a brisk demand from the country. Figures published show that the stocks held at the end of last week represent not more than a month’s supply. Sales have been made at 4s lOd in the city, equal to 4s lid in tho country. Oats are firmer. Potatoes are dull. ADELAIDE, August 30. Good general rain in the agricultural districts has relieved anxiety as to the wheat crop.