OUR AUSTRALIAN LETTER.

New Zealand Herald, Volume XXXIII, Issue 10020, 6 January 1896, Page 5

OUR AUSTRALIAN LETTER.

[SPECIAL CABLE MESSAGE—PER PBEBS . ' , '. _. ASSOCIATION]. • Sydney, January 4. A COMMERCIAL RETROSPECT. NEW SOUTH WALES, A retrospect of the year reveals, on the whole, a satisfactory condition of business with an upward tendenoy. Undoubtedly the drought has been "fly ointment," but those affected had some measure of compensation by the improved prices received for produco and stock, The sharemarkeb, which took an improved turn early in the year, closed buoyant), The money market shows a steady tendency towards an easier position. Looking at the banking returns for the whole of the colonies, a most noteworthy feature is a shrinkage of nearly seven millions in advances, which is attributed chiefly to the disappearance of the City of Molbourne Bank from the Victoria returns. The sumo cause accounts largely for the shrinkage of two millions of deposits. The Government Savings Bank recoived £2,146,000 of deposits, which is a largo increase, while the withdrawals amounted to £1,794,000, a decrease of £50,000 on the preceding year. The local banks' clearances for the year amounted to £108,509,000, against £107,563,000 last year. Transactions in real estate were of a limited character and the total probably will not exceed £530.000 compared with the estimates of £800,000 in 1894. The stagnancy was in some measure due to unsettled taxation. Co-operative enterprise was nob brisk. In round figures tho capital of the companies registered during the year was 1$ millions. Tho statement that 1894 saw bed-rock prices was borne out by the advance in prices in 1895. This advance, too, was in the face of the knowledge that duties would probably be remitted at the dose of the year. The feature of the year was the interest evoked by tho timber shipments. In 1894 these were practically nil, white last year tho colony had two million feeb to its credit, with the prospect of a lively trade this yoar. Owing in a great measure to the shortness of the clip the quantity of wool offered was nob proportionate to that of former years, but the percentage sold was heavier than for ton years past. The produce trade saw active business and higher prices. The cheapness of maize had a depressing effect. Oats: Although the cereal market became excited and prices rose steadily, again the tariff uncertainties interfered and prices receded when the duties were fixed definitely. Potatoes: The large supply due to the heavy crop in Tasmania and the deliveries from that colony to Sydney exceeded the year 1894 by 22,700 bags. With such a heavily-stocked market the prices wore low. The dry season reducod the butter supplies, and sent prices up. So scarce did tho local article become that traders had to fall back on Victoria and Wow Zealand for supplies. As a result export to England was almost a dead letter. During last year £2,023,000 were collected at the Customs, about £9000 more than the preceding year. Exclusive of gold the imports show an increase of £930,000, and the exports an increase of £136,000. The gold imports show a decrease of £868,000, and tho exports an increase of £779,000. In 1895 the wool exported amounted to 087,000 bales. There was a large increase in frozen mutton, viz., 706,000 carcases against 533,000 in the previous year. Sixty-six thousand pieces beof wore shipped compared with 9500 for the previous year. Butter: Less than half the number of boxes were sent forward this season than usual. VICTORIA. In Victoria the year closed has been less disturbed financially than its predecessor, notwithstanding the falling value of money making the positions of the banks more difficult. The tendency in this direction found some compensation, and partial relief was brought by industrial activities. The new year brings hopeful prospects, and shareholders may take breath after the great sacrifice made, and may evon hope for a return of small dividends. On the other hand, building "societies and kindred institutions are still in an unfortunate position. The bulk of tho properties thrown back on their hands return low, and it is doubtful whether in every case tho interest promised to creditors will be earned. Frozen meat attracted more attention. It appears certain to become an importanb factor in tho future. Butter and cheese, are still making satisfactory advances. Durintr the year 23,887,0001bs of butter wero shipped, valued at £880,000, compared with* 20,836,000, valued at £784,000 for tho previous year; while cheeeo totalled 1,500,0001b5, valued at £29,900, against 917,0001b5, valued at £17,000. Although, speaking generally, there are signs of slowly emerging from the difficulty of the past, many obstacles remain to be overcome. Internal trade has suffered restriction by the contracted purchasing power of the community. However, the exports show a matorial advance, and there are prospects of continuance, if not interfered with by European complications. West Australian trade has beon a brisk factor. The tentative estimate of the gold yield of Australasia is 2,391,2700z5, an increase of 195,0000z5. The output of Western Australia is only one-third that of Victoria, so that the sensational West pans out badly in cold statistics. SOOTH AUSTRALIA. The loading merchants and traders of Adelaide interviewed by the local Press bear testimony to the satisfactory commercial conditions now prevailing. It is noli protended that trade is booming, but credit is particularly sound. As a matter of fact throughout the banking crisis, and since, there has nob beon a single commercial failure of any importance. The insolvency list aggregates an astonishingly small liability. The condition of the country a few weeks ago hardly warranted very bright hope, but the truth is that fclio country is not nearly so bad through tho dry weather, as overybody looked forward to. The wheat yield is now expected to leave an exportable surplus of botweon sixty and eighty thousand tons. WESTERN AUSTRALIA. The collection of nuegots obtained from Devons Consuls mine, Black Flag (Westorn Australia), is a lino exhibition, The largest, named the Joker, weighs 3030z lOdwb. The next largest is 730z 13dwt, and the next 51oz 16dwb. It must nob, however, be imagined the whole claim gave sensational yields, Tlioso pieces were found in one patch.