AASTRALIAN COMMERCIAL REVIEW.

New Zealand Herald, Volume XXXIII, Issue 10200, 3 August 1896, Page 6

AASTRALIAN COMMERCIAL REVIEW.

Press Association.—Electric Telegraph.—Copyright. Sydney, August lj Investment stocks in the Sydney market are quiet. In Melbourne there is more activity. Bank shares are hardly so firm, otherwise holders are stiff and the market buoyant. In miningthereisadistiuctlybetfcertone, At all the intercolonial exchanges a large business has been done at improved prices. An important development has occnrred at Broken Hill .Junction by the ore body being struck at the 675-feet level. It assays ounces of silver and 59 per cent, of lead per ton. Shares sold up to 90s, but afterward eased somewhat. Closing sales in Broken Hill Proprietary, 51s and 50s. Generally silver is a little weaker. In Tasmanian silver the Mount Lyell group had largo business, further advances in sold, VVestraliaus made up a good deal leeway both as regard the volume of business and prices. The higher priced stocks show the greatest improvement, but the rise is well distributed. The closing sales were : Ivanhoe, £9; Great Boulder. £7 12s, The market closed firm. Great Mercury sold at 7s 9d, closiug sales 7s 3d. The expert commissioned to visit the Westraliau goldiields, continuing his report, says that out of 3000 companies floated to work or lease in Hannan's district, only the Great Boulder, Ivanhoe, and Lake View mines so far have paid dividends. However, he speaks well of the prospects of a number of other mines in the district. At the half-yearly meeting of the Broken Hill Proprietary mine, the Chairman said that before long it would have to be recognised as a sulphide mine. They were making every preparation to treat sulphides and intended to erect large works at Newcastle to ti eat sulphides as soon as they considered it justifiable. They had also given instructions for a concentrating plant capable of treating five thousand tons per week. There was no chance of the fire in block 11 spreading, but it may smoulder for long time. Until the end of the year the dividends would probably be at the rate of a shilling every two months.

Two wool sales were held in Sydney this week, chiefly oddments. Competition for the better class of greases and scoured was brisk and prices were fully up to those ruling lor the past month. Import markets are steady, but dull. New season's tea sales have been continued and have pointed conclusively to buyers being satisfied with immediate wants, awaiting developments. For many lots there were no bids, and they were withdrawn. Breadstuffa firm, a steady demand. The sales of two further cargoes of San Francisco wheat to arrive, and tho chartering of another vessel with Californian wheat and flour on Sydney account are reported. The potato market lias been replenished, and is easier. Locals, £210s to £2 las; Circulars, £3 153 to £4; New Zealauds, £310s. Onions scarce. Victorian, £10. Other feed produce lines close and dull. This is the period of the half-yearly reports, and generally speaking, with perhaps the exception of building societies land and houso property are still suffering from depression. The reports appear to give a good proof of improvement in the commercial position. The non-declaration of dividends by tho Joint Stock and Queensland National Banks, and the declared intention in one case and the suggestion in the other of asking the deferred depositors to accept reduced interest, came as no surprise. It had long been recognised and urged in banking circles. If these banks are to successfully compete witn other reconstructed institutions winch have taken a similar step they must enforce reduction,

Melbourne, August 1, Interest in Melbourffc during the week centred in the import markets, At the opening salo of the new season's teas a good amount of business was done. Prices as a rule are up to expectations, fine teas being in most favour.

Wheut is still neglected, the trade showing no increased inclination to purchase. Bran is easier at 9d. Potatoes also aro easier. General markets dull.

Dealing with imports and exports in the Budget, the Treasurer stated that in 1889 tne colony imported £12,000,001) worth of Roods more than it exported, while last year it exported £'2,000,000 worth more than it imported. There has been a very large expansion of the exports in frozen meat, butter, and cereals. A satisfactory feature was that Victoria sont £1,562,000 worth the previous year.