COMMERCIAL.

New Zealand Herald, Volume XXIX, Issue 8775, 15 January 1892, Page 4

COMMERCIAL.

New Zealand Herald Office, Thursday evening. The Customs duties to-day amounted to £660 12s 4d. The tone of business is excellent, and there is a good deal doing. Most of the trade is purely distributive, but the demand is free, and from every quarter the reports ol improvement encourage a general state of hopefulness. Opinions among traders sis to the policy of the Government vary considerably, and we do not remember for years past such a state of general unrest about the outcome of a new system of taxation, which in this case is framed for other than merely fiscal purposes. If markets for chief products keep up fairly well, and the volume of production is not lessened, it is clear that, 110 matter what particular party is in power, the colony will emerge from all the difficulty and doubt that has in the past few years so clogged its progress. There are many who can trace cause and effect between the new Government and a splendid season, between class legislation and the good demand at home for frozen meat, between experimental socialism and the failure of the European harvest, but the coming prosperity of the colony will be due mainly to causes other than political. Should the new departure justify all the bright anticipations of Arcadian happiness that the most enthusiastic look for, it will be known at least in the present year, and we shall revel in prosperity. There is nothing like starting a new year with plenty of faith. We should, however, like to see more confidence exhibited by the thinking classes, who look with well justified alarm at the Socialistic tendency of the masses, armed as they are with great voting power, for trade is based on confidence, and there isjno building safely on treacherous ground. This is practically the present situation. The statistics of the exports of wool and tallow for the last six months of 1891 compare favourably with the corresponding period of 1899, and show in both cases a substantial increase a3 under, viz. :— Wool, exported July 1 to Dee. 31, 1 SOT, S-4,017 bales „ ~ „ ISM, 83,790 ~ Tallow ~ ~ ~ IhOO, 3,333 tons „ „ „ IS3I, 4,070 „ These are figures that speak volumes to progress. The tariff proposals before the New South Wales Parliament are seriously influencing the Sydney trade in general produce, as in the existing uncertainty buyers there hesitate to order, and shippers here will not consign, there is, consequently, a block of stuff for home consumption, and a weakness of prices resulting. The import market discloses little of special importance. Owing to the harvest, which is now in full swing in several parts of the proviuce, the country demand has been extra good. Cornsacks are in better demand, with the market favouring holders. The Calcutta market is reported by cable to be "excited," owing to the fear of millers getting a sufficiency of jute. The local stock is concentrated to a few strong holders. Jn dried fruits, elemes are a point weaker, and the demand for sultanas is off. Salt is in heavy overstock, and prices are lower. There is a scarcity of good quality sardines, and the market is strong. The glut of white rose keiosene oil of a mouth or so ago has largely worked off, and holders are all stiffer in their quotations. A small parcel of Derby tobacco arrived per Otorama, which went at once into the hands of buyers to arrive. There is a very strong inquiry, and in the impossibility of satisfying the demand, substitutions in Galatea, Two Seas, Juno, and other brands have been a necessity. Among the heap of circulars on our table, we can only discover the following as of interest to some of our readers. Messrs. Butterfield and Swire, of Hongkong, report on the 30th November as under :Japan rice : We have to record a further advance in values of this staple. Shortly after our last advices were mailed, the rice districts experienced a very severe earthquake, which did an immense amount of damage. This naturally made holders very firm, and when it became known that the new crop was likely to be, at least, 20 per cent, below the average yield, a speculative demand set in, which forced rates up to, at one time, 15s per ton over our last quotation. After considerable fluctuations, the market closes very firm. Fungus : Demand has been of a most trifling | description, and it is exceedingly difficult to make sales. Holders have been very anxious to force business, but buyers will not commit themselves beyond actual orders received from the interior. The rice harvest is nearly over, and we trust to see a more active enquiry take place, especially as we are nearing the native New Year festivals. Values remain, nominally, 13 dollars jjer picul. Milling wheat : Local—We have been' favoured with magnificent weather for our harvest, and farmers have taken every advantage of it. A large quantity of excellent wheat.is now secured. If it holds good a few days longer, the bulk of the wheat crop in the immediate neighbourhood of Auckland will be cut and harvested in such good condition that the threshing machines will be at work very soon. Southern harvest prospects now promise well. About the middle of December the country stood greatly in want of rain, but about Christmas timely showers fell nightly, followed by bright sunshine during the day, which had the effect of retrieving many of the crops that had gone back from want of moisture in the subsoil. The few light nor'-westers prevailing during the last week or two have, for a wonder, been more beneficial than otherwise. There is, therefore, at present every prospect of the South having an unusually large surplus of wheat for export this year. English, American, and Continental markets have again lowered prices this week. Fowl wheat: Rather more is offering. Bran and sharps are selling freely. Flour is iu good demand and fair deliveries. Maize is plentiful, with sales reported at Is 9d to Is &id off wharf, in lots. Oats are in good demand at last week's rates. Potatoes: Kidneys and Hobarts are both at same price, viz., £3 10s per ton. The Christchurch Grain Agency report under the following heading as under in their circular of the Ist inst. : —Grass seeds: The prospects of the cocksfoot crop on the Peninsula continue extremely promising, and fortunately so far as colour, weight, and freedom from goosegrass or Yorkshire fog is concerned, it will compare favourably with that of our most successful season. Ryegrass is now being mown and threshed, and the yield will be an abundant one, the quality of the samples we have seen being exceedingly good. Prices are now unsettled and as there is every probability of there being a sharp drop, quotations are nominal. Before the end of the month we hope to be in a position to give reliable quotations. In the local produce market the prices remain unchanged. Best dairy butter at Bd, •

second quality (3d, and (third quality 5d per ; lb wholesale. Eggs are Bd*per dozen wholesale, and lOd per. dozen retail. | KA URI GUM MARKET. i The - following is the report of the ram , market and ruling quotations as furnished to us by the committee of gum merchants:— Ordinary .. .. .. " £37 Poor ordinary .. £25 to £S0 , East Coast .. .. £70 to £71 Supplies from Ist Instant to date ISG tons. Superior ordinary, unpicked, and extra cleaned. , is worth from £40 to £50,, according to quality. The market is quiet, and inferior lots are still difficult of sale.