COMMERCIAL.

New Zealand Herald, Volume XXV, Issue 9111, 20 July 1888, Page 4

COMMERCIAL.

New Zealand Herald Office, Thursday evening. The Customs receipts to-day amounted to £625 7s lOd. The local trade continues quiet. Export and coastal trade is somewhat improved. We learn that a contract for something like £10,000 worth of material for water supply of Palmerston North was fixed up to-day with an Auckland firm. 1

Values in all general lines of imports are unchanged, except that salt is easier. Low-test kerosene is so short that for a month we may expect inability to quote at any price. Consumers will simply have to use the high-test oil at a little extra price, until arrival of next New York vessel.

Singapore advices indicate a prospective rise in white pepper, heavy London speculation having set m. A peculiar development of later years is the association of parties termed a syndicate, and an entirely new system of speculation has been opened up. Sometimes it is a corner in wheat; then again in sugar; afterwards in copper, tin, sa<;o, and, in fact, any requirement of the world's markets is liable at any moment to be the recipient of syndicate attention.

The recent sudden fall in the value of tin appears to be one of the cleverest manipulations known in the whole history of gigantic commercial " bear" movements. Brokers acting sub rosa selling forward lines heavily while known representatives of the tin syndicate were buying at considerably higher rates to keep _ quotations up. taking care, however, to buy at the high price but a fractional part of what was sold at lower figures by .the sub rosa brokers. All at once the buying was stopped, financial rumours of disaster industriously spread, a panic in price the result, and after a drop from £166 to £89 contracts for delivery at between £120 and £130 were supplied by purchasers at about £90. Syndicates, however, are not always so successful, and the game cannot be played properly unless the load of virtual liability is passed on to someone _ else's shoulders, and the Tommy Dodd principle carefully studied. The following circular report, from Messrs. Adamson, Bell and Co., Foochow, refers to the characteristics of the various districts

new season's China teas, and the market position—

We have to record the opening of the market on the 30th ultimo at prices which were considered extremely high by most buyers at the time, but which have since been fully maintained. From the outset a very great demand has existed for any teas with quality, and very keen competition has taken place for finest and choice Panyongs, supplies of which have been absorbed at advancing prices, and in many instances at fully 2 to 3 taels over opening rates. The presence of many large London buyers aggravated the position, and a demand which cannot be called otherwise than a "scramble" resulted in very heavy settlements during the first week. Prices considered unduly high at the opening firmed up, and there has never been any concession to .be obtained, nor has there been any end to the demand. As we write an advance is apparent upon all Panyongs over 25 taels short, while all other classes rule extremely firm. Teas from 16 to 22 taels short have been relatively dear and most difficult to buy, prices for these grades are fully four taels, or in many instances five taels, over last season's rates for similar quality. As stocks of desirable teas are now getting into narrow compass, any decline in prices seems improbable, the more so as natives assert that the first crop will be 100,000 half-chests less than last season. It remains to be seen, however, what influence the high prices now ruling will ' have upon up-country production. There is a remarkable dearth of desirable common tea on offer at the moment, and absurdly high prices are demanded, 9 to 10 taels being asked and obtained for teas which at the close of last season were unsaleable at CJ taels. A much larger proportion of fine and finest Panyone's have been purchased for London account than usual of late years, and contrary to the precedent of the last few seasons London operators decided the range of values, leaving Australian buyers no course open than to follow. We consider the crop of fully average quality, quite equal to and in some districts superior to last year. Panyongs are most undoubtedly superior, both in appearance of dry leaf and liquor, while they are much stronger and have as a crop a fresher Pekoe flavour than usual. Some of the best chops of Panyongs are very excellent teas, which has drawn the attention of English buyers towards them. Packlums are superior to last year in every way, the leaf is better made and of finer material, while in cup they are stronger and have more point. Very long prices have been paid for the best chops, and " strings " were settled at the opening at from 35 to 45 taels short. Suey Knts : A few of the best show good quality both in leaf and liquor, and these were at once taken at very high prices ; as a crop we consider these teas about as good as last year, but in second grade very full prices have bees given, and it has been impossible to buy within three taels of last season, quality considered. There has been a very strong demand for these teas, and all on offer nave been at once snapped up. Seumoos: Excepting in one or two instances of "crack" chops we do not consider these teas as good as last season, either in leaf or liquorwhile the infusion has a duller appearance, but notwithstanding this, the teas are strong; and useful, especially in the good medium descriptions. All finest chops were very eagerly competed for, and taken at high prices, many taels over last season's basis, and as a class these kinds have met with good demand at steady rates. Saryunes are much better than usual in the finest grades, and some chops have sold a3 high as 28 to 29 taels; the average run is also of very fair quality, but prices have been rather higher than seemed warranted. Tong Fong Tongs in good chops are of decidedly average quality, ! being neat in leaf and strong in liquor, but the lower ones are very common. All the best were at once absorbed at above quotations. Packlings: Are about on a parity with last season, of good appearance but somewhat dry in liquor, as in other kinds all the best chops were competed for at full rates, as much as Tls. 30J being paid for some well-known chops. There are now no Packlings above medium on offer. Souchongs : In the choice grades are of good quality, having more true flavour as well as cleaner leaf than last season. Competition has been very spirited, and some very high prices have been given for the best chops, as much as 45 to 50 taels being paid for choicest quality. Buying has been very irregular, and some sensational sales have been made, upon which it is said Teamen obtain 20 taels per picul profit, while all are paying handsomely. Prices are settling down, and better value is shown in medium classes. The crop promises to be a large one. Flowery Pekoes : Have been eagerly competed for, and high prices have been paid for choice quality. The arrivals point to a short crop, but there will probably be enough for all requirements. Scented Teas: Have found buyers at full prices, for very good quality. The production of choice teas is reported to be greatly in excess of last season.

In the local produce market the price of eggs has fallen to lOd per dozen wholesale, and Is per dozen retail. Butter remains unchanged. Best dairy, Is per lb wholesale, and Is 3d per lb retail; Shell" and " Anchor" brands, Is 3d per lb wholesale, and " Crown " brand Is per lb wholesale. Maize : In full supply, but a great deal of that arriving is very green, and has to be sold independent of price. Good samples, 2s 4d ; damp and inferior, 2s to 2s 3d. Oats: Much firmer at all Southern ports, and an advance of Id per bushel is recorded all round. Milling varieties are scarce, and worth 2s 6d; bright feed, 2s 3d to 2s 4d; Danish, 2s Id. Wheat: Southern, 3s 4d ; local, 3s Id. Fowl wheat: Good whole, 2s lOd : frosted and broken, 2s Bd. Potatoes have advanced 10s per ton. Oamarus, 80s; Canterburys, 72s 6a; locals, 655. '

Ihe extensive plant, machinery, &c., of the brickmaking establishment of Mr. Nathan Marker, was yesterday offered for sale by auction by Messrs. Tonka and Co., and aft the lots ottered were sold at good prices. Owing to the tune taken in selling the plant, the sale of the block of 426 acres at Hellyer's Creek was postponed.

KAURI GUM MARKET. Cables from London, which came through by steamer, report a still further decline there, and with a scarcity of orders on hand lor New York, together with undiminished supply here, this market is, and is likely to be, dull and stagnant. Special reference is made in the cables abovementioned to the severe decline in black gums. Supplies for the 18 days of July are about 473 tons. We quote, with a downward tendency: Fair ordinary, 30s to 31s; best ordinary, 32s to Sis; East Coast, 433 to 445.

LIVE STOCK & PRODUCE MARKETS.

AUCKLAND

Mr. Alfred Buckland's Weekly Report.— At the Havmarket during the past week loose fodder ruled low, prices varying from Is to Is 9d; pressed hay, 2s Id ; chaff, 2s to 3s the cwt; carrots, 25s ; bonedust, £5 5s the ton ; maize, 2s 7d; oats, Is lid and 2s the bushel. On Friday, horses were at late values, ordinary stock ranging from £4 to £10; a good riding horse brought £20, and a buggy £7 10s. At the hide and skin sale on Tuesday, there was a full muster and good competition. Heavy ox hides brought 4.Jd and 4|d ; light ox and cow, from 3d to 3|d; inferior, from 2Jd; calf skins, 3id to 4Jd the lb; tallow, 13s 6d and 14s 6d the cwt; sheepskins, up to 5s 2d ; wool, 6Jd to Sid the lb. At the country cattle sales, held respectively at Pokeno on Monday and Drury on Wednesday, the cattle brought forward for sale were in less than usual numbers. Prices for dairy cows near calving were slightly lower, but all other descriptions of cattle met a free demand and were better worth. At Remuera on Thursday, dairy cows were in request, and about 5s each better worth than for several weeks. Store cattle were required. Fat cattle in full numbers sold irregularly, but on the whole were better worth than last week. Fat sheep in moderate supply scarcely maintained last week's prices, but store sheep sold relatively higher than fat ones. Pigs of good quality maintained their price, but coarse store pigs were at very low values. Calves in good demand throughout the sale, and satisfactory prices obtained for them. Some averages were : 67 steers from New Plymouth, £7 12s; 21 cows, £5 ; from Waikato—l6 steers, £6 10s ; 8 steers, £6 16s ; 16 steers, £6 ss; 24 steers, £6 16s ; 24 steers, £5 16s ; 12 cows, £4 12s ; 165 .wethers, 15s 6d ; 165 wethers, 12s 6d; from Waitara—2oo wethers, lis; from New Plymouth— sheep, 12s 6d ; 350 sheep, 13s 9d ; from Opotiki— 10s 6d ; wethers, 10s. Messrs. Hunter and Nolan's Weekly Report. —Grain, seed, liorsefeed, &c. : The supply has been quite sufficient for requirements. There has been a moderate demand at the previous week's values, the only alteration being in maize, slightly damaged, which sold at 2s 6d per bushel. We quote: teed oats, 2s 3d per bushel; maize, 2s 6d to 2s 8d per bushel; oaten chaff, £2 10s to £2 16s per ton. Horses : But few of a good stamp have been brought forward, and for this description there remains an unsatisfied demand at advanced value. Weeds are only saleable at low figures. There was good competition for hacks and light harness horses at the Durham Yards on Friday, but for heavy horses bidding was slow, but most found purchases. We quote : Hacks at from £4 to £1217s 6d, light harness horses from £9 to £14 ss, draught £13 10s. Wool, hides, skins, and tallow: No heavy ox hides were pitched at the Durham Yards on Tuesday, and there remained an unsatisfied demand for this class. Other descriptions were fairly represented and in good demand. We quote : Ox hides, 4J<i to 4Jd per lb ; medium. 4d; cow, 2gd to 3Jd ; calf, 4ld to 5d per lb ; sheepskins, Ss 5d to 4s lOd each. Cattle: There has been a little stir in the market, an increased number brought forward, and with the exception of dairy cows, at their profit, an advance in values. The Newmarket yards on Tuesday were moderately supplied, and competition for all descriptions was good. There was a slightly upward tendency in prices for both stores and fat stock. Dairy cows were not well represented, and with few exceptions top prices were not obtained. There was a spirited demand for fat beasts, and an advance of from 5s to 10s per head was given. Steers ranged from £4 7s 6d to £8; cows from £3 10s to £4 ; prices for steers fluctuated according to quality from 14s to 20s per 1001b ; cows, 12s to 16s. Some averages were : Steers, £4 15s, £6 4s, £6 ss, £6 9s 6d, £6 17s 6d ; cows, £3, £3 10s, £4. Sheep: The Newmarket pens were moderately filled on Tuesday. Bidding was good, up to last week's values, but there was a marked determination on the part of bidders not to advance further, consequently sales were effected at barely the previous week's rates. Wethers sold at 10s 6d to 15s 9d ; ewes, 10s 6d to 14s 9d; lambs, 10s 6d. Pigs: Very few yarded. There remains an unsatisfied demand for good dairy-fed. Messrs. G. W. Binney and Sons' report :— At the sale on Tuesday last heavy hides met ready sale, but medium weights were dull, and we passed several lots. Heavy stout ox, 4Jd to 5d ; medium, 3Jd to 3Jd ; heavy cow, 3£d to 4d; medium, 3d; calf, 4Jd to 4Jd ; green ox, 22s 6d to 27s 6d; cow, 12s to 15s; kip, 6s to 8s; stag, 10s to 12s each. Sheep skins : Market continues brisk. Longwool, 4s to 4s 6d; crossbred, 3s 6d. to 3s 9d; halfbred, 3s; merinos, 2s to 2s 6d ; pelts, 4d to 9d each. Tallow, 10s to 14s per cwt; bones, 4s 6d per cwt; rough fat, Id per lb. THAMES CATTLE MARKET.

Messrs. Banks and Co.'s. Weekly Report (by telegraph).— Parawai, on Wednesday, fat cattle were m good demand, the supply being limited, but of good quality. A very marked advance in prices was secured steers averaging £6 12s each, while a lot of " heifers made the good average of £4—being from 16s to 10s per 1001b for the steers, and about 15s for the heifers. Sheep were also well inquired for, and commanded a slight improvement in values. Wethers sold at from 13s 6d to 13s 9d each. STOCK AND MINING ASSOCIATION.

A. Saunders, C. Alexander, S. Vickers, J. F. Clarke, R. Frater, J. M. Lennox, D. B. McDonald, D. G. MacDonnell, Aitken Carrick, R. Spratt, Francis Hull, James Reid, It. G. Macky. Joseph Newman, Chairman.

CALL AND DIVIDEND LIST. calls. £ s. d. Due. Kenilworth G.M. Co. ... —001.. July 23 DIVIDENDS. N.Z. Smelting Co. ... .. 0 0 6 „ Aug. 1