COMMERCIAL.

New Zealand Herald, Volume XXIX, Issue 8889, 27 May 1892, Page 4

COMMERCIAL.

Nkw Zealand Herald Office, Thursday evening. The Customs duties to-day amounted to £1013 6s 6d. A dull uniform level of common-place business can only be reported, ana this state of things has now remained for weeks. To what reasons this reversal of all reasonable expectation of business, based on good export trade and progressive country development, can be assigned, is alike puzzling to all mercantile and financial thought. The unfortunate thing is the fact, and no dress-up of mere phrasing can overcome that. Our aim is to avoid sombre colouring or glowing tints, and to give, like Othello," a plain unvarnished tale." This, we regret to state, is not hopeful. In spite of numberless advantages, and a distinct recovery in position, for some mysterious reason trade drags along slowly, and with a very large proportion of marginal profits. Hopes have lieen so shattered by the inexorable logic of facts, that capital in large and small sums is sheltering itself in the snug haven of undoubted security, with speculation and enterprise us dead as the proverbial " door-nail." The import market in merchant's trade discloses few points of interest. The rough weather has made town trade slack, and the post and telegraph have supplied the bulk of the trade orders. We can see no fresh development in demand. Teas continue the strong line. Anything showing good quality at once commands full value in the scarcity. Blenders will not part to rival packers, and the proportion of bulk trade is growing less and less. Both the Calcutta and Foochow markets are on the eve of opening ; and, in the present unexampled low state of stocks in all the colonies, prices are likely to show an advance on last year's ruinous rates, particularly for China. The anticipated rise in duty in Victoria, has led to large realisations and clearances from bond. This will lock up large quantities from export, as drawback would only be allowed on the exact sum paid, while Victorian duty-paid prices would be reckoned at the increased duty. Spirits are much in the same way; but as stocks of these, apparently, are in excess everywhere there is not likely to be much market alteration. In this colony the use of Mauritius sugars has been so dwindling for years, that the heavy losses in the crop through the hurricane is not likely to affect values, but will probably oe a factor in the general estimate of the statistical position, and to some extent harden the market. The resumption of the Polynesian Act in Queensland can only take effect upon the consent of Queen in Council, and cannot possibly have any early influence oil markets, but the resumDtion of sugar-growing in the Northern colony will assist intercolonial trade. Rice: Stocks in the South are low. The following is an extract from the Associated Rice Merchants of Kobe, under date 4th April Unusually cold weather and a considerable amount of rain aave ternponit rise to apprehensions for the wheat and barley crops now in tlie ground, which hive not n-t entirely disappeared, and rice prices, in consequence, have had an upward tendency during the past few days, especially for forward delivery. In case the abovementioned crops, which will be harvested during June and July, shouid really turn out poorly, a rise of importance may be predicted in the face of the small stocks available before the arrival of the new rice in November or December. The heavy drop in the price of silver has so far not:dtcted th» prices of rice. Of course it has influenced sterling quotations to a great extent, but, owing to the frequent and violent fluctuations of exchange, these can hardly be considered reliable even for the shortest time.

Salmon : The following report, from J. J. Moore and Co., of San Francisco, dated 30th April, supplies a fair presentment of the existing situation :— Salmon.—There is no movement to bo noted in this line, stocks of Alaska on hand in San Francisco are placed at 250,000 to 300,000 ctses while is no demand, either from the Fast or Kngland, at the prices inked by holder* here. Taking into account the large stocks carried over locally and in he KnglUh and Kastern markets, we doubt whether the fact, that the prospective pack in Alaska is to be reduced to 400,000 cases, will have much influence in raising values, and we anticipate that prices for new season tl-h will hare to open at a low or at any rate a reasonable figure, certainly nut over 1 dollar per dozen f.o.b. S in Fran, and perhaps lower. In British Columbia, canners have also decided to restrict their output the c-ming sea on, and will not pick over 250,u00 cases as against 42r>,000 cases p tcked there last year. Undoubtedly this wll have a considerable effect on the prices of Fraser and Skeena Kiver fish the coming season, and It looks as if value-- would open at not less than 1 dollar ID cents per dozen f.0.1> Victoria. On the Columbia River, so far (ss usual at this early se;ison), the fish have not yet commenced to run, and there is no change to note in the situation. The pool arc strong and will die hard, but it remains to be seen if they cau control such enormous quantities held over, with the prospective catch, to such an extent as to maintain a pool price to all the world. The reports from the inside and outside ring are to be read with a certain degree of individual interest, a clever manipulation in the estimate of quantities making a probable result just as it is wanted. Canned Fiiuit.—Our growing crops in most sections are coking well, and it is provable that an average pack will lie put up this summer. But few canners are willing to name their prices yet, and those that do so. place their ideas too high, all circumstances considered.

Old Judge cigarettes are very scarce, and some weeks are expected to ellipse before a supply readies the market. Dried fruits are still in heavy supply, and low rates continue. The latest news from London reports activity in Sultanas, but what they call activity in London, > the very centre of the worlds distribution, is perhaps a rise of an eighth per lb. which here, under such a limited sale, is of unappreciable importance. Castor oil is quoted lower. Eastern products are all subject to the fall in exchange, but it is often that a drop iu th»- latter induces speculation, and the very fact of more buyers coming forward neutralises the exchange fall in the rise in quotations for the article, brought about by the speculative disposition. There is a scarcity of new cure bacon and hams, but ample supplies will come forward in a fortnight, meantime there is a difficulty in procuring prime quality. Maize : This continues in strong hands, ami is quoted at 2s off wharf or 2a Id ex store for lots. Some growers, in anxiety to avoid holding, are content to quote to arrive lots at one penny lower, but the quantity is small, and delivery somewhat uncertain as to time. Oats: These have still further stiffened in the South, and some large lines have been secured on Auckland account. We still quote at 2s to 2s Id. Potatoes : Napier, 50s; Canterbury, 555. The hay market is quiet, but chaff is in demand.

Milling wheat (local and Southern): There have been fair arrivals into Auckland mills this week. Threshing in the Waikato and at the East Coast ports is now being carried on freely. In the South good prime wheat is fetching full prices. English, Continental, and American markets are all dull aud drooping. Fowl wheat is difficult to sell. Seed wheat: A fair quantity of winter is selling. Bran and sharps continue scarce. Flour is selling freely, and large deliveries. In the local produce market the prices remain unchanged. Best dairy butter is Is; second quality, 9d ; and third quality, 7d per lb wholesale. Eggs arc Is (id per dozen wholesale, and Is 9d per dozen retail.