Commercial News.

New Zealand Mail, Issue 423, 20 March 1880, Page 12

Commercial News.

The Customs duties collected at the Port of Wellington for the week ending March 13, amounted to £5082 10s 2d.

Messrs. Stevenson and Smith report: Sales: New Zealand insurance, 50s. Sellers: Bank of N.Z., £2O; Colonial Bank, 41s ; National Insurance, 225; ■ olonial Insurance, 7s ; Buyers : Bank of New Zealand) £l9 ss; Colonial Bank, 395; National Bank, 60s ; New Zealand Insurance, 4Ss; New Zealand i oan and Mercantile, 82s 6d; National Insurance, 20s; Wellington Trust and Loan (old issue 1 ), 4s premium ; Ntw Zeahmd Shipping, 71s. Mr, David T. Stuart reports .—Sales—Colonial Bank, 40s to 41s; New Zealand Insurance, 50s ; Union Insurance, 15s to 15s 3d. Sellers—Bank of New Zealand, £l9 10s; Colonial Bank, 41s; National Bank, 61s 6d ; Standard Insurance, 9s 6d; Union Insurance, 15s 6d; Wellington Trust and Loan (new issue), 5s premium ; Wellington Gas, par ; North rn Land and Loan company, 455; New Zealand Loan and Mercantile Agency. 97s 6d. Buyers—Bank of New Zealand, £l9 ss; Colonial Bank, 40s: National Bank, 61s 6d ; South British, 41s to 425; Union, 15s to 15s 3d; New Zealand Loan and Mercantile Agency, 90s. t quote—Colonia' Insurance, 6s 6d to 7s 6d ; National Insurance, 20s 6d to 21s; New Zealand Shipping Company, 70s to 71s : National Mortgage and Agency, 20s to 21s; Napier Gas, £8 5s to £9; Equitable Building Company, par to 2s 6d premium ; New Zealand Land Scrip, £7O. Mr J. H. Wallace sold by auction at his mart on the 11th March a piece of land, with house thereon, situated in Ingestre-street. and with extra front to right-of way, containing 1 rood 20 perches. The purchae was subject to a mortgage of £IOOO, repayable in 18S2 The only bid made was understood to be by the holder of a second mortgage of £SOO, who therefore became the purchaser at the figure given. The total price is therefore £ISOO. Messrs Croskery, Hasell, and Co report sales last week : —Flour, £l3 per ton ; oatmeal, £l4 per ton ; pollard, £5 10s per ton ; wheat, 4s to 4s 6d per bushel; bian, 8d per bushel ; hams and bacon, Is per lb ; eggs, 2s to 2s 2d per dozen ; apples, 4s to 5s Jper case ; pears, 12s to 14s per case ; cheese, 6d to 6Jd per lb ; fowls, 4s 6d per pair ; ducks, 5s 6d per pair ; Nelson hops, new, by bale. Is 9d to 2s. THE UNION BANK OF AUSTRALIA. A special or half-yearly meeting of the shareholders in the Union Bank of Australia was held on Monday afternoon. Jan. 12, in the board-room at ihe offices, Bank-buildings, Lothbury, under the presidency of Mr. William Fanning, for the purpose of receiving a report and st itement of accounts, and declaring a dividend, and other business.

Mr W. R. Mewburn, the manager, having read the notice calling the meeting, also read the supplementary report and accounts, which were as follows:

"The directors have the pleasure to report that the accounts of the bank, after amply providing for all bad and doubtful debts, are again sufficiently favorable to admit of the declaration of a dividend of seven per cent for the half-year, and of a bonus of 5s per share, being together at the rate of 16 per cent per annum. The 500 new shares which remained unal lotted out of the la t issue having been disposed of, the bank's paid-up capital of £1,500.000 is now completed. The premium of £33 each on these 500 shares—viz., £16,500 —has been added to the reserve funds, bringing the total of those funds to £816,500. Intelligence from the colonies is of a cheerirg character, the season being reported as generally very favorable alike for the pastoral and agricultural interests, whilst the marked rise that has recently taken place in the home markets, in wool, corn, copper, and other produce, cannot fail to have a very beneficial effect in the colonies. The directors have pleasure in stating that the general manager, the managers of branches, and other principal officers, as well as the staff generally, both at home and abroad, have given them satisfaction, and they tender their best thanks for their zealous services, The annexed balance sheet presents a net amount of profit of .£123,039 10s 9d available for division. Of this the dividend and bonus will absorb £120,000. and leave £3039 10s 9d to be carried forward. The dividend warrants wdl be transmitted by post on the 19th instant, and the dividend and bonus will be payable in the colonies at such time as the general manager shall fix after receipt of telegram. The proprietors have already been informed by circulars from the board of 21st November and 23rd December of the resolutions now submitted for their consideration. The first of these is to effect a changein clause 2 of the deed of settlement, which, as it was framed in the year 1837, no longer expresses corre tly the the localities in which the bank's businessis now, or may be at some fu ure time, carried on. The object of the second resolution is to amend clause 100 of the deed of settlement, by omitting that portion which provides that a director, before election, shall have held his qualification in shares for not less than six months. As this is an inconvenient provision the directors recommend that, in the interests of the bank, it be removed. The third resolution contains the assent of the proprietors to the registration of the bank as a limited company under the Companies Acts, 1832 to 1879, and to the increase of the nominal capital to £4,500,000. Should this resolution be adopted, the capital and reserves of the bank will be as follows :—Capital, £4,500,000, in 60,000 shares of £75 each, consisting of £25 per share paid, £1,500,000 ; and £SO per share reserve liability, under section 5 of the Companies Act of 1879, £3,000,000. Total capital £4,500,000 ; reserve funds. £816,500; total, £5,316,500. The directors recommend these several resolutions to the adoption of the proprietors. " The following is a statement of liabilities and assets at the branches on June 30 and at the London office on December 31, 1879:

Statement of Profits. Balance of undivided profits at 30th June. 1879 .. £127,031 1-1 2 Out of which a dividend and bonus were declared of 119,000 0 0 Leaving a balance of .- •• £B/331 14 2 Profits of the past halfyear, after making provision for all bad and g doubtful debts .. £184,494 18 0 Less— $3 Remuneration to the local directors, and salaries and allowances to the colonial staff ..£43,384 18 3 General expenses in the colonies, including rent, sta-J t ron e ry, taxes, ifec- 14,514 6 5 Remuneration to the board of directors, salaries of London off'e staff, rent, stationery, taxes. & g e n e r al expenses 5.539 7 7

"R. J. Ashton, Chairman of Committee.

W. R. Mewburn, Manager. R. Buckler, Accountant. " London, January 7,1880." The Chairman said : Gentlemen, I believe that it is unnecessary I should detain you long on what I may call the usual business of the meeting, and the more so that your attention is drawn to questions of ■unusual importance, and upon which you yourselves will probably desire to raise some discussion. Now, if I am unable on this occasion to dwell on those great strides in colonial progress with comments on which you have at times been interested by gentlemen occuping this chair, 1 may fearlessly assert that throughout a time of great depression, even to its approaching end, the colonies have vindicated their claim to rest on a basis sound and reliable as any that has been assumed by their best friends. (Cheers ) I need hardly stay to remark that this stability implies our own perfect security. I have said approaching end, because, though the active causes of the difficulties I am about to allude to may have passed away, their consequences may for some time to come continue to affect the character of our reports to you. You doubtless bear in mind that the time now reviewed brings us, as far as the colonies are concerned, only to the 30th of June last. (Hear, hear.) The causes of our past difficulties are, I take it, to be found in the cloud of commercial depression which Europe, America, and the East suffered from. It was long in reaching our colonies, but at length it did. It was aggravated by the lamentable Scotch occurrences of the autumn of 1878, and reached its lowest point during the great drought of which you have heard so much. (Hear, hear.) I question, however, if any one who has not been a resident in the colony during one of these vicissitudes can readily realise their terrors. They first afflict the pastoral and agricultural interests, but, long continued, as of late, the mischief spreads into evry channel through which the general business of the colonies flows, and the result is that an urgent request, not merely for forbearance, but for additional assit>tance, is heard in every bank parlor under c ; rcu instances not calculated to inspire confidence. Such, gentlemen, were the conditions—happily the unusual conditions—under which our business was for some time conducted, and I refer to them without hesitation, because, overcome, they justify the confidence I have just professed in colonial stability, and because I thus draw your attent'on to the arduous position of late occupied by our general manager and by the managers of our branches. (Hear, hertr.) It redounds greatly to their credit that, though losses were inevitable, they were so much within the amount we might have anticipated, as also does the fact that we seldom hear of complaints by our constituents that they failed to receive in their difficulties the consideration they reasonably expected. (Hear, hear.) Here I feel bound to add—though careful to say little in laudatory terms of gentlemen in their presence—that the zeal of our London officers, and the watchfulness and calm advice of Mr. Mewburn merit your warm acknowledgments, as they have ours. (Cheers.) But under the circumstances alluded to we have felt it advisable to restrict business. I have already admitted that losses have been incurred, but as we still declare for distribution a dividend and bomis similar to that of past half-years, and this after writing off every bad debt, and providing liberalb' for all that is doubtful. I feel justified in looking for that expression of your satisfaction with the result submitted. (Cheers.) Thus much for the past. The future is of far brighter omen. Not only do we expect a fine clip of wool everywhere, but the improved condition of commerce here and elsewhere bids us to anticipate for it a greatly increased value. (Hear, hear.) A rise of 2d per pound on the low average of 1879 means two millions sterling additional in the pockets of the stock-owners. (Hear, hear.) In the wheat-producing colonies an abundant harvest is all but assured, South Australia alone showing an estimated surplus of 250,000 to 300,000 tons. In mining matters recent advices show a revival of spirit, and the more settled industries, including the sugar planters, are progressive. Mercantile affairs generally are reflecting the improvement which we are here experi ncing, and if the colonists can only arrive at a process—the question is receiving much attention —by which they shall find, as America has done, a market for their surplus stock they are far from haviDg reached the limits of their immediate progress. Jn this progress we shall share, but our course will not be less disputed in the future than it his been in the past. '• he late increased demand for money on the part of the landed and pastoral interest has attracted att ntion, and led to the just conclusion that it is insufficiently met. In one department of our business we may look for increased competition. We do not > egret it. for though advances on the lands of a country are made on the best security, and though the making of such advances was one of the objects of the bank when founded, it is obvious that times may arise, as of late, when the amount, employed might prove inconveniently large, and not so convertible as the ordinary business of a bank requires, (Hear, hear.) That the profits of the bank in this view promise an early increase it were idle to assume ; to what exti-nt they may fall off if at all —remains to be seen. Of the result I am not apprehensive. I doubt not that we shall be able to make you such a return as should satisfy you. (Hear, hear.) I think, h wever, that we shall wisely keep before us the points I have referred to. (Cheers.) As regards our balance-sheet, I would ask you to recall the words which fell from our chairman at our last'

meeting. Mr. Hill then divided into component parts some of the larger items on either side of the account (the greater part require no distribution), and added that when the company was registered as a limited liability company those items should be given more in detail This statement was welcomed by you, and we have therefore decided to anticipate an event so close at hand and we submit the accounts in the form which they will in future assume. (Cheers.) There is little calling for remark in the balance-sheet except the diminution in deposits, which is caused by the withdrawal of a Government account, of which the Board were informed at the former meeting, and therefore could be no surprise. Now, gentlemen, we will turn to the consideration of the three resolutions which I shall submit presently, but which at this stage of the proceedings I need not read, as they are already in your hands, being fully set fortli in our circular notice of the 23rd of December last. I will then say the little I have to advance on each of them as they occur on the circular refer ed to. I will ask you to defer your own remarks until you have heard me to the end, when I will do mv best to reply to you in, I trust, a satisfactory manner. The first res >lution seeks to alter the second clause of the deed of settlement. It is not that we desire to obtain power to vary in any way the character of our business, but to widen the area of our operations, if at any time it be considered advisable so to do. This power, I need hardly say, will be exercised with the greatest caution. (Hear, hear.) It will be readily intelligible to you that conditions which satisfied the state of things in the year 1837 require some modification to-day, and as we are bout to alter in one important particular the deed of settlement, we may as well avail ourselves of the opportunity, and make such other changes as are required to meet he rapidly extending settlement of places adjacent to Australia, which must, when settled, of necessity look to it as the centre from which their requirements must be supplied. (Hear, hear.) You will be good enough to understand that we have no intention of any wide extension of our operations, but overtures have been made to us of the soundness of which, if satisfied, we might be required, in the interest of the bank, to act promptly, should it so happen, our action would be laid before you at our first half-yearly meeting thereafter. (Hear, hear.) The second resolution which I shall submit proposes the amendment of the 100th clause of the deed of settlement, and I shall ask you so to vary it as to give the board of directors, when needing a colleague, power to nominate any gentleman whose qualifications for the office, shall seem to them recommendatory, without waiting for the expiry of the six months during which it is now required that he must have held his share qualification prior to nomination. If not otherwise qualified this six months' tenure of the shares cannot supply what may be wanting, and the 100th clause as it stands simply throws in the board's way an unnecessary impediment. (Hear, hear.) I urge upon you most strongly the most favorable consideration of this point. Without the power sought in the event of. any first-class gentleman arriving from the colonies — a gentleman, for instance, at the head of a wellestablished house, a man of fortune with large experience, and standing high in public estimation in the colonies—we might with great injury to the bank's interests be unable to becure his services, and this because we would maintain a wholly useless provision so far as the security of the bank is concerned (Cheers.) Now, gentlemen, we come to the last and most important point with which I have to trouble you, I do not think it necessary that I should dwell on the expediency of registration under the Companies Act, 1879, as for a considerable period we have all been agreed that it is most expedient. For some, time after our last meeting certain difficulties seemed to interpose, but we are now advised by eminent counsel that there is no hindrance to our carrying out your and our own views. (Cheers.) The question for our consideration seems to be—do we propose a reserve liability which is sufficient, or is it too large? We believe it is sufficient ; indeed, so far as my own convictions go, I might say I think it is too large ; but it is the public whom we have to satisfy, not ourselves—(hear, hear) —the public, whose confidence we now, as an unlimited bank, eminently enjoy. Our deposits testify to the fact, and bills drawn under the bank's credits are negotiable throughout all Eastern markets, where a very important part of the colonial business lies, on terms inferior to none—l do not care by whom the credit is issued—and <ur acceptances are regarded here, as elsewhere, as of the finest class. (Hear, hear.) We must maintain this most desirable position, even though we appear to bid high for it. (Cheers.) We shall get rid of a risk which, owing to late deplorable events, is often. I believe, greatly exaggerated, and the limit of liab'lity attaching to us individually should disaster come will be much diminished by the responsibility of the class of shareholders whom it is already evident we shall attract. I have taken much trouble to estimate the relative positions which we and all other banks at home and in the colonies will occupy after we have registered, and, though fearing a comparison with none, the question is, how shall we stand in contrast with our foremost colonial competitors. They are established either by Royal Charter or by Acts of the Colonial Legislatures. The limit of their liability, so far as I know, supposing all shares—theirs and ours—stand at par is as much again as the par value. In our case it will be twice as much, and our position in regard to the proportions which our capital and reserves will bear to all our liabilities, both to the public and ourselves, will be such as will bear a favorable contrast with that of our principal rivals, ii the comparison be thought advisable by any one. Here are the figures on which I base my assertion ; they are too voluminous to trouble you with, but they are open to the inspection of any shareholder. There is a vast difference between the liability proposed and that whicli we now lie under, though b"th one and the other are to my mind of the most remote contingency You will not forget that no part of the reserved liability can be called up unless the bank be in liquidation, and that between us and this event, if you consider it, I had almost said, possible, there stands as a buffer the goodly sum of our reserve funds, £810,500. Gentlemen, I think we are just fled in urging you to adopt the resolution I am contemplating," with the same feelings of confidence and safety with which your directors rega; d it. I will, therefore, conclude by moving the first resolution. Mr. Balfour briefly seconded the motion.

Mr C C. Trevor thought the first resolution rather too wide in its terms, and suggested that any extension of business should be limited to British possesMr. R. S. Wilkinson and other gentlemen having sp ken, . ~ . , The Chairman said there was no immediate intention of extending the bank's operations, and the shareholders might take his assurance that the board would go nowhere outside the places adjacent to the Australian Colonies without first consulting the shareholders. , , „ , The suggestion of Mr. Trevor was put to the meeting, and negatived, and the original motion adopted in its entirety. ; :. . ~. _ The two other resolutions, empowering the boaid to elect a gentleman on the directorate who might not have held his shares six months previously, and to register the bank under the Limited Liability Act, were agreed to. ... * ~ The Chairman then moved the adoption or the report and accounts as a whole. Mr. William Botly seconded the motion, which was agreed to unanimously amid applause. The proceedings terminated with a hearty vote oi thanks to the chairman.

LONDON MARKETS. £Z The New Zealand Loan and Mercantile Agency Company, Limited, have received the following .produce telegram, dated London, 13th March : Wool.—The sales closed firmly at an average improvement of lid to 2d per lb. We expect next sales will open at about present quotations. S u P e "° l ; greasy has advanced l£d to 2d ; scoured, 2d to 3d , superior combing washed, Id to ljd ; combing washed, 2d ; and clothing washed, Id per lb, since close oi last sales. Crossbred greasy, combing, washed, ana scoured have each advanced 3d per lb since close oi last sales. Up to date 189.000 bales have been sold. 106,000 bales have been taken for export. Leather. —The market continues flat. [Best sides are worth llfd. . Tallow. —Dull of sale. Best mutton is worth £36 IPs, and best beefl£3s 10s,jperlton. ,^w

We cull the following commercial items from our San Francisco mail exchanges and advices : Grain.— The M'li'k Lane Express notes tha* there is little alterati ' **' the quantity or condition of the English grain sent to market, which is in a damp and defective condition. The London Miller says the markets keep on the side of the buyers. Opinion kreps also on their si ; e, and generally futuie prospects may be considered decidedly in leagre with the purchaser. Referring to the American round robin, that has threatened to keep up the price of wheat and flour, the same authority remarks, "If America does not mean -to be undersold by other countries, it must agree with its European buyer quickly, before present rates have set in force contracts that will cover the next six months, leaving the New York and California speculator the dregs of demand. Of course we well know all about our own deficiencies, all about our own great wants, but these have been reckoned with already, and we are in the position of a hungry man who has bought and paid for his dinner, and can trust that it will be duly served. Our daily loaf for the next three months is, so to speak, in th* oven, and we may confidently trust for the following quarter to bring with April, May, and June, all our requirements. The New York Produce Reporter, referring to the same subject, under date February 7, deprecates the idea of the American grain dealers expecting any advantage by holding till spiing when all other grainproolucing countries will surely come into competition with them. The Reporter says:—"Every sensible dealer must be aware, to market the surplus of the coast ere the new crop is upon us, we must export ten millions {a month; and it does not require more than small amount of common sense to determine what would be the influence of such heavy shipments upon the markets of Western Europe; because all they requ're from this coast is about 1,350,000 bushels per week, added to what they can now count upon from other sources to carry them through to the month of May." Gkneral,—The Colonial Export Prices Current notes that trade during the first month of 1880 has been rather flat, with the exception of metals. Iron, especially manufactured, has gone on advancing. Copper and tin have both risen in value. Money has been getting easier, and although the bank rate of 3 per cent, is (January 29)maintained, the discount rate for short-dated bankers' bills is not over 2 per cent, in the open market, and exchange against bank drafts on the various colonies at 60 days' sight has been reduced to 5 per cent. Brandy.—Referring to leading lines in importations, the extraordinary features in the brandy trade are thus noted in M. Clarke and Sons' annual circular. The importations during the eleven months of 1879 show an increase of CBOO puncheons, and the home consumption a decrease of 3260 puncheons. In August prices, owing to large operations on bonded stock, were forced up nearly 30 per cent, the chief C gnac houses having ceased to give quotations. Lately Hennessy & Co.'s agents offered limited quantities of 1878 at 250 francs, 1877's at 265 francs, and 1875's at 280 francs, and the quantity was readily taken up. There are now no 1879's in the market, but there is no reason for a further rise, and there is stock enough to meet all bona fide requirements. F. H. Godsell's " Annual Circular" says: Haying regard to all circumstances, we can but consider brandy safe, and an invesnient that will ultimately give a good return. Cheap clean cognacs are much required for purposes of blending, and as prices advance for the higher qualities, this clean spirit will be more used. The increase on importations shows 792,157 gallons ; on exports, 21,406 ; whereas home consumption a decrease of 416 332 gallons. Messrs Howes, Edwards, and Son, in their circular, express opinion that a further rise in the price of all brandies is inevitable. Messrs Martell decline to give quotations for brandy in bulk, Messrs Otard, Dupuv, and Co.. notify that, from the Ist of January, 1880, they have no longer any agents in Melbourne, or in any of the Australian colonies. Rum.—Mr F. H Godsell remarks as follows : This market, which was so free from animation during a great part of the past year, was sudden'y affected in October by the spirit of speculation which appeared to pervad; dealers in all classes of merchandise. Within three weeks Demeraras advanced in value 5d to 6d per gallon proof, and Jamaicas 7d to 9d per gallon. Considering the very low figure of Is 2£d. at which Demerara rum wbs quoted, an increase in value might certainly be looked for; but so sharp and rapid a jump, in the absence of any brisk trade, was evidently due to the operation of speculators. The general trade of the country has been slack, and w find, in eleven months a decline in home consumption of 99,178 gallons. In importations there was an increase of 61,767 gallons, and in exportation of 206 567 gallons. The latter f gures are, of course, accounted for by the long price of German spirits, for which common Mauritius and low rums have substituted. American Exports.—Messrs R. W. Cameron and Co. give the following particulars of clearances for New Zealand :—S. R. Lyman, for Dunedin. from Boston 6th January—cargo, hardware, machinery, woodware, turnery, stoves, boots, waggons, carriages, canned goods, 5000 feet, spruce deals, 35,000 feet clear, lb.ooo feet sheathing, and 136,500 feet shelving. The following were up for loading at last advices : Samar, for Melbourne, at New York; Brinda, for Melbourne, at NewYoik; Isonns, for Sydney and Brisbane, at New York ; Ivy, for Adelaide, at New York ; Camille, for Auckland and Wellington, at New York ; Gemma, for Dunedin and Lyttelton, at New York ; Ellsworth, for Melbourne, at Boston ; Chocorua, for Sydney and Brisbane, at Boston. Iron. —Barrow-in-Furness, 26th January.—lncreased firmness is observable in the hematic pig iron trade, and business has been done during the week at an improvement in prices. All round qua ities of Bessemer have c anged hands at 135 s at works, and No. 3 forge has been sold at 130 s. There is a great *rarcity both of hematite iron and of the ore from which the iron is made. Iron ore has been selling at 35s and 37s 6d for best qualities, and some raisers refuse to do business under 40s. Steel rails have been largely ordered, and are now selling at from £9 to £lO per ton for delivery over six, nine, and twelve months. Coal and coke firmer, and rather dearer. Increased and increasing activity is" observable throughout the district in all departments of industry. — Public Ledger. Wool.—The National RT-ortgase and Agency Company of New Zealand, under date London, 29 th January, report their last advices from America showed the market there was quiet, but great confidence was expressed with respect to the future woollen industry of that country. The arrivals to that date of New Zealand wool for the first series of sales, commencing on the 17th February, were 5156 bales, out of total colonial arrivals of 76,437 bales. Flax.—New Zealand nominally £26 to £2B per ton, but nothing offering, the stock being but 20 tons against 115 tons last year. Tallow. —During the month there was a fair but not active demand for Australian ; prices fluctuating. Good to fine mutton, 37s to 39s ; fair to fine beef tallow, 35s to 35s 6d. Hlces.—A decline of Jd to Jd per lb has occurred in heavy weights. Prices quoted s|d to s§d per )b. Leather in good demand at full prices. Best tannages. 13d to 13£d ; fair to goo i, lljd to 12£d ; and ordinary, lid to Hid per lb. Preserved Meats.—Beef and mutton in fair demand, 61b tins of the latter being slightly dearer. For a small quantity of New Zealand produce in tins of this size, 4-Jd was recently obtained, but that price is not to be made at present for a larger parcel. Current values are : t> -i„,i ( 21b tins 5Jd to 5Jd per lb. tK™ \ *lb » 4|d „ 4?d „ Mutton 6ib » 4 | d » 4 | d ' Boiled PCrlb ' • Beet U|d„ 5d Money.—The N.Z Loan and Mercantile Agency Company report: With the turn of the new year the firmness which had characterised the money market throughout December disappeared. 'J he available capital offering was largely augmented at the beginning of the month by payments on dividend account, and as the sunply of good bills became very scarce, rates rapidly * fell. Notwithstanding the decline in the open market the Bank of England mininum remains unaltered at 3 per cent., but although the Bank is thus shut off from general discounting business, it is understood that the actual customers of the institution are accommodated at ordinary current

rates. The received opinion is that the official minimum is maintained partly in order to replenish tho cash reserve against any renewal of a drain of gold to America, and partly because it is believed that tho present period of ease is merely temporary, a good indication of which lies in the fact that the foreign exchanges are steadily moving against this country. Rates for best three months' bills may be quoted at li to 1\ per cent, while six months' similar paper may be negotiated at about 2J per cent. Loans at call upon English Government securities have been in little or no request, and the quotation of a 1 to 1 per cent must be considered as purely nominal. For loans from account to account there has been rather more enquiry, and in connection with the Stock Exchange settlement now in progress they have been obtainable upon the security of foreign and colonial Government Stocks at 2 per cent. BY TELEGRAPH. CHRISTCHURCH, March 11. The wheat market remains in much the same condition as previously reported, sales at 3s lOd to 3s lid being made for delivery in Christchurch, and 4s f.o.b. at Lvttelton. Oats are without alteration ; Is 4d to Is 5d rule for feed, and Is Gd foa millings. Barley of good average quality is selling at 3s 3d to 3s 6d, while tip top lots fetch 3s 8d to 3s 9d. Flour, £lO 10s to £ll. Grass seed, 2s to 2s Gd. TIMARU, March 12. _ Harvest operations are nearly over, but threshing is very backward, and deliveries still continue light. No transactions in the grain market worth mentioning have yet taken place. SYDNEY, March 12. Hcnnessy's brandy, quarters, lis 6d; rice, Patna, £lB to £l9 ; maize, Is 9d to 2s. ADELAIDE, March 12. Wheat, 4s 8d ; flour, £ll ss. THE WELLINGTON MARKETS. Wholesale Prices.

Building Materials. Timber, —Boards and Scantling, 100 ft., 9s. to 15s. • lis. 6d. at mill; planed, tonguedand grooved, lis. 6d. to 12s. sd. _____________

■ Liabilities. 0 Reserve funds— Amount as at June 30, 1S79 £800,009 0 0 Premium of £33 per share on 500 new shares 16,500 0 0 816,500 0 0 Circulation 348,506 0 0 Deposits 6,565,680 8 9 Bills payable and other liabilities (including reserves held against doubtful debts) 1,388,506 12 8 Balance of undivided profits .. .. 123,039 10 9 £10,742,232 12 2 Assets. Specie on hand and cash-balances ..£1,231,813 5 1 Bullion on hand and in transitu .. 72,103 16 S Money at call and short notice in London 318,000 0 0 Government securities.. .. .. 536,449 11 2 Bills receivable, loans and other securities at London office .. 1,309,471 11 4 Bills discounted, bills receivable. loans and other securities at the Bank premises and property .. .. 266,350 0 0 £10,742,232 12 2

Income tax [2,648 9 2 69,087 1 5 114,407 16 7 Balance of undivided profits at this date £123,039 10 Statement of Reserve Funds. New Zealand Imperial four per centdebentures £200,000 0 Canada Imperial four per cent, debentures .. • • - • • ■ • • 150.000 o Colonial Government debentures .. 150,000 0 9 0 0 0 £500,000 0 Bank premises and property £266,350 0 0 Balance of reserve funds lit not specifically invested 50 150 0 0 16 316,500 0 0 0 Total reserve funds fe'816,500 0 0

Farm and Dairy Produge s. d. s. d. s. d. s. d. Butter fs, lb 0 8 to 0 10 j Lard, lb . 0 OtoO 8 Batter, sit, lb 0 8—0 9 1 Bacon, Pro. . 0 7 — 00 Retail Price. Milk, quart.. 0 4to0 6 Fowls, pair.. 6 0to7 0 Butter,fs., lb 1 0—0 0 Ducks,pair.. 7 0—8 0 Butter, salt.. 0 8—09 Geese, each.. 7 — 8 0 Cheese, Col.. 1 0 — 0 0 Turkeys, do. 6 0 — 10 0 Eggs, dozen 2 6—0 0 Bacon, lb .. 0 0 — 1 2 Lard, lb .. 0 0 — 0 10 1 Ham, lb 1 0—1 2 Flour Market. Wholesale. £ s. d. Superfine Flour, silk dressed, per ton 12 0 0 Flour, ditto, household 11 0 0 0 0 0 8 0 0 18 0 0 13 0 0 11 0 0 Canterbury, ditto 12 10 0 Bran, per ton £4 5 Hay AJtn> Corn Market. s. d. s. d. £ s. £ s. Maize, Sydney 0 0 to 4 3 Hay, ton .. 5 0—0 6 Do. Crushed 4 6 — 0 0 Oaten, ditto 0 0 — 6 0 Oats (South)..3 0 — 3 3 Lucerne.ditto6 10—0 0 Wheat (fowl) 5 6—00 Straw, ditto 5 11 —0 0 Potatoes ..6 0 — 0 0 Chaff, ditto 6 0—0 0 Seeds Ryegrass, bsh. 7 0to8 0 Alsyke, lb. ..1 2to0 0 Do. Pov. B., do.8 0 —0 0 Cow grass, do ...1 3—0 0 Cocksfoot, do. 10 0—0 0 Rape, do. ..0 6—0 0 Wt. clover, lb. 1 2—0 0 Lucerne, do. ..1 6-0 0 Red do. do... 1 0—0 0 | Timothy, do. ..1 0—0 0 Rabbits, pair 1 6 — 0 0 Carrots 4 6 — 5 0 Cabbages, dz 2 0—2 0 Potatoes 1 0—0 10 Turnips, doz 2 0 — 2 0 Bread, 4d. to 5d. 21b. loaf. A'dveg'bLdz 2 0 — 26 Retail. 8. d. s. d. s. d. s. d. Maize ..5 OtoO 0 Peas 5 6 to 0 0 Oats ditto .. 3 6—0 0 Do. crashed 6 6 — 0 0 Bran, ditto 1 0—0 0 Lucerne, cwt. 0 0 — 7 6 Wheat (fowl) 4 0 — 46 Oaten, ditto 5 10- 0 0 Hay, cwt. .. 5 6 — 6 0 Straw, ditto 6 10 —0 0 Beans .. 5 6—0 0 Chaff, ditto 6 10 — 0 0 Do. crushed 6 0—00 O'Sheath's do, . 6 0 — 0 0 Brocolo from 0 , — 0 0