COMMERCIAL NEWS

New Zealand Mail, Issue 932, 10 January 1890, Page 23

COMMERCIAL NEWS

Advices from England by the San Francisco mail report that trade in all directions has wonderfully improved. The great iron centres are busier now than they have been since the iron boom ’ of 1872. There is a large demand for iron in Germany, and very large orders for rolls, bars, and sheets are being executed in South Staffordshire. The wool trade has made a great spurt. The demand for fancy wool from the colonies and from South America is larger than ever before known. _ It is a wellknown axiom in England that it is one of the healthiest sierns of good trade when the iron works are busy, and from' all accounts the activity in the iron trade is likely to continue for the greater part of 1890. As the iron trade gives a stimulus to nearly all the other trades, the present ac ivity will mean increased demand for New Zealand exports in the shape of butter, cheese, wool, and other products, so that England’s trade revival will materially assist the colony. A. private trade circular, dated, Liverpool. November 11th, says:— ln the spring, and again in the summer of this year we stated in our market reports that the position of the iron, steel, and allied trades was one of constantly growing strength, and that the autumn would probably witness further and marked advances. This is now a matter of history—a well-maintained home demaud, a good volume of export trade, increased cost of labour, scarcity of coal, coke, and other raw material, and the absence of war have caused the stream to run strongly forward, and now that it is somewhat swollen with the tide of speculation the pace is becoming perhaps too rapid. When prices have reached the height at which they now stand it becomes more difficult to forecast the future. Experience teaches that all such movements are followed by a sharp check, and then by slowly falling prices until the unproductive "level is again reached, at which supply once more overtakes demand. It may well be doubted, however, whether the highest point will be reached for some months yet—many causes conducing to the rise being maintained, since as yet the position is very healthy. Superb harvests of hay, grain, and roots, have given _the agricultural industries a fillip not experienced in the last quarter of a century. The progress of railways all over the world fills to overflowing our rail and waggon makers, machinists, and locomotive builders’ shops. The great demand for ships has equally filled up the shipyards, and in addition the huge Government order for millions upon millions worth of cruisers, battle-ships, and for war material generally are still being given out with a free hand. The usual consequences of good times, viz : —Higher cost of labour, and shorter hours of work, assist to keep supply under demand. Finally the more assured maintenance, for a time, of peace lends powerful aid to great schemes of public works and their finance. All things being put together it looks therefore as if prospects for the winter are buoyant, anci of probably, or possibly, a continuance into next spring and summer. Meantime it must be beginning to be understood abroad that not only are high prices inevitable, but also long deferred deliveries. The buyer, in other words, has now to approach the manufacturer cap in hand. The October shipments from Middlesbro’ were unprecedented, having reached the hitherto untouched total of 109,000 tons. The decrease in stocks of iron at Middlesbro’ during last month (October) reached the large figure of over 50,000 tons. In the other crude iron producing centres of less importance, such as Lancashire, Shropshire, Staffordshire, Derbyshire, Lincolnshire, and South Wales, &c., where no statistics are kept for public use, recent investigation has proved that makers are in almost all cases swept bare of stocks, and are loading their pigs into trucks while yet warm from the blast furnace. lo put the question into a condensed form the total known reduction in public stores in Glasgow, Middlesbro’, and Cumberland since Ist January last amounts to over 400,000 tons, and the reduction in makers’ stores is with more or less accuracy set down as 400,000 to 500.000 tons, the former of these figures being pretty well established, thus making a grand total of about 800,000 tons. Such figures as these speak volumes for the state of the iron and steel trades. It must, however, be frankly stated that these results are due chiefly to the wonderful activity of tne home trade, and not to demand from abroad and from the colonies, which, though large aud steady, would not of itself cause the improvement. In the United States trade is active and healthy but shows no special sign of ‘ booming’—were it so to do the situation in Earope would become one of probably unparalleled excitement. Turning to foreign markets we find that in France and Germany and Belgium the metal markets are active and sympathetic, and that the heavy Government demands for war material, and _o. the railway companies for railway material cause manufacturers of iron and steel and machinery to be well developed. The political uncertainties in France have for the present passed awav, and the marvellous success of the Grand Exhibition has benefited the nation at large, and Paris in particular, if it has somewhat impoverished the pleasure resorts of the provinces. In Germany the over-inflation of industries and false political economy in^ subsidising and protecting manufacturers,.which, in the earlier part of the year seemed to be leading towards tlic Nemesis of a comnisrcial crisis, are for the present lost sight of in the rising tide of improved trade. When, in addition to the above evil symptoms, it is considered, however, that, according to a statement made in the Reichstag last month, no. less a sum than 500 million pounds (English) has been spent since 1872 in naval and military preparations solely, and that increased estimates are this year presented bv the Minister of War, it is evident that the stretched rope must some day give way. In France, according to Alons. Leroy-Beaulieu, the editor of the ‘ Economiste,’ the habitual yearly deficit of the country is twenty millions of Kng'ish pounds—the total public, debt is double that of England, and the actual taxation per head of population is also double that of England which is the next most heavily taxed nation in Europe (if out of the calculation is left the money equivalent of compulsory military service). The French Budget for IS9O, framrd with unusual regard to economy in view of the elections, amounts to almost 1414 millions of pounds, or 54

millions over the exnenditure of England.. From such facts as these thinkers can draw their own conclusions as to the ultimate results to lie arrived at on the continent of Europe. The publication of the Board of Trade returns for October, just out, shows an increase for the month a-s compared vvfib. October 1888 of over £2,000,01.0 in_ the expoits—of which more than half is due to increase of shipments of iron, steel, and. machinery, which looks as if the trad- 1 improvement was now being recognised abroad. FROZEN MEAT TRADE. Nelson Bros, (of London and Newmarket) report on November 29th, give tha estimated stosk of frozen mutton m Lon dm. from all sources oti the above date at 70,0G'» carcases. The number for the same period ■ oi: the previous year was 150,000 carcases. importation into Great Britain during this month of October was—mutton. S2,3l6cwt ; beef, 120,816 cwt. of which New Zealand ome tributed 40,253 cwt of mutton, aud 5.559 cwt of beef. The weekly sale of meat at Smi.thfi.4lu during October amounted to 21,101 tons* WOOL TRADE. Dalgety and Co."-of London, report cts November 29th Consumers appear to be but lightly stacked v/ith the raw material, and wiu» the general improvement in trade which ha* taken place during the last few months, think we may fairly look for a maintenance <_•! the present lines of values for some littl-a time, and the more so because it is confidently stated that,, owing to very bad seasons tin-J year, both the River Plate and the Gape ar t likely to show a decrease in exports, indeed, so far as the River Plate is concerned, the ratio of decrease i 3 by some . put as very large ) indeed, we have, ourselves, seldom seen these large estimated decreases fully borne out b'-r the actual results, but even assuming the prc« ductinn from these two countries to be only stationary, it looks as if every bale of Austro - lian wool would be wanted in order to bndeu over the requirements of the trade till tha new clip. NEW ZEALAND HEMP. The Loan and Mercantile Agency Company, London, report on November 29th : —The finn tone referred to in our last issue was well maintained during the first three weeks of fch-s past month, notwithstanding the increased quantities brought to auction, and _though prices exhibited considerable irregularity, th** finest qualities and ordinary strawy hemw meeting rather less inquiry frequently at easier prices, on average they marked but slights alteration froai those current four weeks ago. Fair to good well-dressed parcels, however, elicited keen competition at prices ranging front £3l to £33 per ton. The sales at auction and privately durinsr this period aggregated soma 5,000 bales, at £3315s per ton fer good Auckland. £3l to £32 15s per ton for good Lyttelton, £3O 10s to £3l per ton for medium. Wellington, and £29 to £3O per ton for faitf medium, while rather strawy parcels of mixed colour brought from £27 10s to £3O per ton* and ordinary coarse and strawy descriptions from £25 to £27 per ton. Shortly after ths auctions, however, on 20th instant, a somewhat; weak tone became apparent in the market, and, under pressure of exceptionally heavy arrivals, this became enphasized on 27th idem, when some 2000 bales were submitted to the hammer, and only about 1000 bales sold at a. decline on average of from 25s to 35s per ton* The lower qualities realised prices which exhibited but slight alteration on recent rates, the decline being most marked in the case of medium and good parcels. . The market for Manila has been fairly steady, and closes firm to £44 10s to £45 per* ton for fair current to ‘ and £45 per 1 ton on the spot, c.i.f. terms. Si-al is quo’-ed nominally at £46 per ton. Tow has met with a fair demand at from £slos to £6 10s per ton, according to quality. BUTTER. There has been an active inquiry for fine descriptions since the data of our preceding circular, and prices for these mark an appreciable advance, but second and inferior sorts, of which there is a considerable quantity in warehouse, continue slow of sale. The whole of tha consignments received per Rimutaka proved to be of very poor quality, a considerable portion being only saleable as grease. For the quantity disposed of, prices have ranged from 3Ss to 60s per cwt. The consignments per Coptic and lonic are not yet available. We quote : —Prime Danish, 126 s to 130 s per cwt; New Zealand, 38s to 60s per cwt. Importations from New Zealand during the past month aggregated 5502 packages, CHEESE. The market continues firm and values for finest American are about 2s per cwt higher than at date of cur last issue. There has likewise been some improvement manifested in tha inquiry for well-kept, summer-made parcels, quotations for which range from 40s to 46s per cwt. The small consignments per Rimutaka, proved to be of good quality but strong in flavour, and have been disposed of at from 42s to 44s per cwt. The shipments per Coptic are not yet available. We quote: Prime American, 55s to 57s per cwt; New Zealand, 42s to 44s per cwt. Importations from New Zealand during the past month amouuted to 1227 packages. Laery and Co. report prices for the past week as follows :—Potatoes, 20s to 50s, ac* cording to quality ; no v potatoes, £2 10s to £4 ; onions, 6s ; oats, Is lOd to 2s 2d ; pollard, 75s to 85s ; bran, 70s to 755; oaten sheaf ohaff, 85s to 100 s ; straw chaff, 60s ; oatmeal, £l3; maize, 3s to 3s 4d, nominal; wheat, 3s to 3s 8d ; fowls' wheat, 2s 9 1 ; malting barley, 3s to 3s 6d ; beans, 3s to 3s 7d-; peas, 3a; pearl barley, £18; flour, £9 10s to £lO ; bacon, Dimock's cure, 7d ; hams, 9d ; outside care hams and bacon, Id lower; oheese, 3£d to 4fcd for largo size ; loaf cheese, 5d to s£d ; fresh butter, 7d to 8d; salt ditto, nominal; eggs, 9d; turkeys, 6s 6d ; geese, 6s ; ducks, 3a 9d ; fowls, 2s 9d to 3s 6d per pair ; figs, 7a to 22s ; dates, 4fd ; inferior sorts, 4d; apples, 7s to 93; Barcelona nuts, peanuts, 3d to oranges, 9s to 12s 6d ; lemons, 12s to 15s: cocksfoot grass seed, 2£d ; rye grass seed, 2s 6d to 3s 6d; pines, 4s 6d to 6s. The Customs duties collected at the port of Wellington for the week ending Saturday amounted to £3339 14s sd. Baer duty, £196 17a Id. George Thomas and Co. report produoa prices as follows: —The holidays have greatly interfered with ordinary business in grain, and there are practically no alterations to note in any line ; the market demands are characterised by extreme dulneas. Oats hardly maintain late rates, although no

alteration has taken place ; good milling are worth 2a 3d ; feeding sorts from 2s to 24d ; oatmosu. £l2 ; baton straw chaff, £2 153 ; sheaf, £4 to £5 ; roller, fleur, £9 os ; atone do. £S 5s ; wheat-meal, £S os ; fowls’ wheat, 2s 6d to 3s 2d, according to quality ; tbran, £3 5s ; pollard, £3 103 ; maize, 3s 6d ; ibeaos, 3 s 9d; peas, 43; feed barley, 3s ; •hams and bacon, factory, ■cure, 4d to 5A ; cheese, 4d to 5d ; fresh butter, ?d ; salt do, 6d ; egsrs, dull at 81 ; honey, £ls ; germea, 25s per case. The inquiry ior fruit has greatly fallen since the holi•days, and prices show reductions in some instances of over 100 per cent, the diminution in values principally affecting plums, currants, cherries, tomatoes, and cucumbers. Poultry is now very dull, fowls realising 2s 3d to2s 6d with difficulty; ducks, 3a 6d ; geeso, 5a 6d. ■; turkeys, 7s per pair, Messrs Edwards and Mcßeath eepbrt on the labour market : —The holiday a being over, there is a good demand ior servants of all classes, town and country, 'Messrs Arthur Wfetburton and Co. report 'on the share market for the week : —Banks— New Zealand, old issue £5 ss, new issue £4 15s ; National, 38s ; Colonial, 435. Insuranoe—New Zealand, 67s ; South British-, 323; National, 16a; Standard, 13s fid; •Colonial, 6s ; Accident, 7s 6d. Miscellaneous —Loan and Mercantile. 69s cum div ; New Zealand Shipping, 75s ; Union Steam, £l3 ; 'Wanganui Gas, £l2 ; Mosgiel Woollen, 7Ss; Wellington Gas. £ls, £7 10s, and £1 10a, cum div ; Wellington Building and Investment, £6 10s cum div ; Wellington Trust and Loan, £6 15s cum div ; Equitable Building, £7 5a oum div; WeiSington Woollen, 45s ; Gear Meat, 87s ex div ; Manawatu Railway, 14s. Freeman B. Jackson and Co.’a Johnsonvilla stock report: —Cattle in moderate supply, the quality varying greatly, smaller sorts selling relatively higher than others. P.idding was brisk. Sheep in usual numbers. Well fatted wethora occupied the pens used. A few medium ewes made up •the entry, A good demand existed at quotations. Pigs, numerous, the quality of the whole being puperior. Owing, how«vec, to the wet weather and small attendance of buyers, prices were greatly in favor of purchasers, for porkers and b'<con pigs especially. Cattle. —Fat bullocks, £4 17s 6d to £5 17s 6d, the average being £5 Is 3d, £5 138, £5 12s 6d. Sheep.—Fat wethers, 11s to 11s 6d; fat ewos, 83 4(1. Pigs.—Bacon nigs, 37» ; heavy do, £2 10a; others, 27s to 35s ; good porkers, 22* 6d to 25s ; others, IS3 ; good stores, 14b to 15s 6d. Ox beef. — 13s to 14s 6d the lOOlbs. Mutton, lid per lb. Mr D. T. Stuart reports on the share market for the week to date :—Banks— New Zealand, old issue £5 2s 6d to £5 ss, new £4 15s to £4 17s 6d ; Colonial, 42s 6d. Insurance—Colonial, 6s ; National, 163 to 163 3d ; New Zealand, 67s cum ; Union, buyers 253 6d ex. Financial—Loan and Mercantile, 67s to 693. Sundries—New Zealand Drug, 19s to 19a 3d ; Wanganui Gas, sellers £ll 10s; Wellington Gas, buyers £ls and £7 10s, sellers £ls 12s 6A and £7 16s 3d; Manawatu Railway, sellers 14s; Gear Meat, buyers 87s ex dividend ; Wellington Woollen, sellers 445, buyers 435. WELLINGTON MARKETS. Wholesale Prices.

FARM AND DAIRY PRODUCE. £ s. d. £ s. d Milk, quart 0 0 4 to 0 0 0 Blitter, fresh lb - 0 0 6 to 0 0 8 Salt butter - 0 0 7 to nominal •Cheese, Col. 0 0 Sh fco 0 0 44 Eggs, dozen 0 1 O' to 0 0 0 lb. - 0 0 5 to 0 0 0 Bacon, lb. - 0 0 6 to 0 0 7 Ham, lb. 0 0 7 . to 0 0 9 Fowls, pair 0 2 9 to 0 3 0 Ducks, pair 0 3 6 to 0 4 6 Geese, each 0 3 0 to 0 3 0 Carneys, pair 0 7 0 to 0 8 0 Hay and Corn Market. £ s. d. £ K d Maize, Poverty Bay • 0 3 0 to 0 3 6 Oats, feed - - 0 2 0 to 0 2 3 Wheat do - - 0 2 6 to 0 3 6 Carrots . 1 10 0 to 2 0 0 Hay, ton . 3 10 0 to 4 0 0 Gaten, ton - - 3 0 0 to 0 0 0 Straw, ton - 2 10 0 to 3 0 0 OhafF,— - • 5 0 0 to 0 0 0 Oaten hay - - 3 10 0 to 0 0 0 Wheat straw . 3 0 0 Onions . 0 6 0 to 0 9 0 Potatoes, per ton (old)* 2 0 0 to 3 0 0 do do (new) 3 0 0 to 4 0 0 Floor Market. lR. d £ s. d ''harps, per ton - . 3 15 0 to 0 0 0 Bran per ton - 3 10 0 fco 0 0 0 Col on ial Flon r . 9 0 0 to 9 10 9 Oatmeal • 13 0 0 to 0 0 0 Pearl Barley IS 0 0 to 0 0 0 Seeds. £ R d £ 8. d Byograas, bushel - 0 3 6 to 0 4 6 Cocksfoot, lb. - 0 0 2 to 0 0 2£ Wt. Clover, lb. - - 0 0 10 to 0 0 0 Bed, do . 0 0 8 to 0 0 q Alsyke, lb. - - 0 0 10 to 0 0 C Cow Grass, lb. - - 0 0 7 to 0 0 9 'Hmothy, lb. - 0 0 6 t: 0 0 0 Rape, lb. - 0 0 2 to nominal 17. nseed, per cwt. 0 14 to nominal