Commercial.

New Zealand Herald, Volume I, Issue 214, 20 July 1864, Page 3

Commercial.

SOUTHERN MARKETS. [From the " Otago Daily Times," July 9.] Oamaru.—Tlie Oamnrn Times of the 7tli instant says:— i luring the past week we have had delightful went her, and to this cause alone we can attribute the numbers of country people that have visited the town, and the animated appearance of the various places ot business. For some time past business in every department of trade has been dull in the extreme, and very trying to the entire community. Other winters the population was smaller, and more money was in circulation, but this winter we have a larger population, and less means to support them. e looked to the Government, for help in the initiation of public Works in the district; that failed, however, and the storekeepers and merchants are obliged to give almost unlimited credit. We think, however, that, while Oamarit is at this moment passing through a time of commercial depression and dilliculty, she is not proportionately in the furnace v.ith her more ambitious rivals. We have had only one failure, and that but a trifling affair, amounting to a 'sum not over £100, while our credit is still as good as it ever was. We think, therefore) that the storekeepers and merchants of Oaniaru have room for congratulation in that they have escaped thus far the scorching fangs of a general commercial crisis. The sipiatting section of the community are, in a commercial point of view, sull'erirg perhaps more than either the merchants or retailers, at the present time, because of a diminished consumption in station produce, and a sudden cheek thereby put on the mad speculations in store cattle and sheep which have been carried on for some lime past, and which we must look upon absolutely as the cause of the present high prices of butchers' meat. Over speculation in any department, must, sooner or later, work out its own cure. And in this case it is rapidly doing so. Those who indulged largely in this folly are now, by reason of liabilities incurred in this manner, obliged to rush their fat stock into market. Thus, by a law which governs all speculative enterprise, the poor man will soon be enabled to place before bis children a joint of meat at a price within his income. The wholesale produce market during the past month has been almost at a standstill. InVEiiCAHou.L.—The Southland yarn of the 4th says : —The business of the week opened with a degree of briskness which has not been for some time experienced in our markets; ami during Monday much activity was observable in the streets, consentient on the loading ftnd despatch of drays and other Vehicles from the merchants' stores. Doubtless this might in a great measure be traced to the anticipated resumption of the railway works, which, when they are in full operation, will give a great impetus to the trade of the Province. During the remaining part of the week, the weather has been of a very boisterous character, almost, putting a stop to business ; and the state of the roads is such as to effectually preclude up country trade. Then, too, there is the excessive tightness of the money market ; the banks here, doubtless acting on instructions from head-quarters, are extremely chary of discounting paper, and this alone, without any other cause, would operate as a considerable check upon commercial operations. Still, however, what business is transacted, is done upon a far more healthy footing than formerly ; the ruinous system of almost unlimited credit, which only a short time since prevailed, has been pui an end to; and there is reason to hope that the turning point of the financial crisis has been reached, and that shortly the commerce of Southland will be established upon a linn and permanent basi:?.