COMMERCIAL.

New Zealand Mail, Issue 1164, 22 June 1894, Page 16

COMMERCIAL.

CANTERBURY MARKETS. , This year every prednct of Canterbury seems to have gone down in value, and with little hopes of a recovery. When wheat tells at 22s in the London market, and best fat ewes 8a at Addington, renting land in the South Island spells like ruin, and many industrious farmers already find their positions somewhat critical. Cropping this year has not only proved unprofitable, but, in many cases, meant an entire loss of seed and labour. There is no tendency towards improvement in the markets, and every available return confirms us in the opinion that this year will set but slight alterations in prices. Collie Bros., produce merchants, Christchurch, report for the week:—Wheat—Milling, 2s 6d to 2s 8d ; feed, 2s 2d to 2« 4d. Oats, Is 5d to Is 8d; beans, 2s 7d; crushed beans, 2a lOd; Russian peas, 2s lOd; onions, £d. Potatoes—Dorwents, M; kidneys, M 10s; early rose, £A ss. Split peas, .£l2 10s; pearl barley, £l6 10s; linseed, £U 10s; crushed linseed, £l6 10s; bran, £2 ss; oat sheaf chaff, £4t 17s; bacon, Bd. These quotations are f.o.b. Lyttelton, and, with the exception of onions, have varied but slightly since the beginning of April. Owing to the inclemency of the weather, it is difficult to get produce off the farms, and the supplies are somewhat limited in consequence. At last week's Addington stock sales a slight tendency towards improvement in the value of prime mutton and beef was noticeable. Good lines of either are scarce, and the secondary quality were with difficulty placed. The current prices were about 2d *sor prime mutton, and from 19s to 2.1 s best beef. Dairy cows sold fairly well, and up to £9 was realised for springers, but the sale was very dull for other classes of store oattle. In the fat sheep pens best crossbred wethers sold at 14s 6d and 15s ; ewes, 18s to 12s 2d; secondary quality, 6s to 10s. Half-bred ewes and merino wethers were in larger numbers than usual, and consequently suffered in values as the sale advanced. From 8s 6d to 10s were the ruling figures for some good pens of merinos, Though most of the entry of store sheep ohanged hands, yet their sale had to be almost forced, breeding ewes selling at from 5s to 6s, from which the tone of the market for this class may be gathered. The supply

of pigs available was fully equal to the demand, and no alteration in values took place, porkers and baconers selling at from 3id to 3£d per lb. WELLINGTON MARKETS. Messrs Laeby & Co. report current wliolo sale valuos as under :

MONEY MARKET. (New Zealand Trade Journal J In our last month's report in commenting on the unusual circumstance of a decrease in the March quarter in the total of fixed bank deposits, we expressed the opinion that depositors had been inducod to tako advantago of the higher rates ruling for loans on mortgage, and had withdrawn deposits in order to invest them in that class of security; and we pointed out that had the banks reduced their terms for deposits to the rates ruling in Victoria, New South Wales and Adelaide, a similar result would probably have followed without forcing up tho rates of interest to an unnecessarily high level, burdensome to those who need money in the work of production, and discouraging' to thoso who contemplate em barking in any enterprise. We aro therefore pleased to be able to report that a move has now been made in that direction, though not so complete a step as we should have liked to see. Three of tho banks—the Union Bank, Bank of New South Wales and Bank of Australasia—have reduced their deposit rates by j per cent., the rate for twelvemonth deposits now standing at 4£ per cent. As the six banks operating in New Zealand have always hitherto acted together in raising or lowering rates we must conclude tha.t a distinct difference of judgment has arisen in regard to tho present change, as the other three banks are still offering the higher rates. This is no doubt a question for banking experts, and the experienced officers at the head of these institutions must have good reasons for their decision. Our recollection is that, though we are not now as formerly closely connected with Australia in trade and commerce, we have always been forced to follow in New Zealand any increase in the bank deposit rates which may take place there. It was stated that the latestrise to 5 per cent was forced on this Colony, at a time when nothing here seemed to point to the necessity of such step, solely on account of the conditions existing in Australia. It seems natural therefore to ask why wo should not participate in the advantages of lower rates now that the terms in Australia have fallen so materially. We hear that money is finding its way from Australia to New Zealand to got the benefit of the higher ratos still being paid hero. But that will not necessarily prove advantageous, what we want is cheaper money. We are given to understand that the present reduction has been made distinctly with a view to a reduction in the terms for lending, which in August last were raised consequent on the advance in deposit rates. We trust that it will not be long before the othor banks see their way to once more make the bank rates in New Zealand uniform by also lowering their deposit rate's, which we should like to see brought to 4 per cent. LONDON MARKET QUOTATIONS. A cablegram received on the 20th inst. by the New Zealand Loan and Mercantile Agency Company gives the following London market quotations:— Frozen Meats.—Canterbury mutton, 4d per lb; Wellington mutton, 3|d per lb; New Zealand beef (fore-quarters), 4£d per lb ; New Zealand beef (hind-quarters), 3&d per lb; lambs, prime New Zealand, per carcase, 4£d per lb. Tallow. — Fine mutton, 26s per cwt; good beef, 24s 9d per cwt. Hemp.—Last quotation was received in March. Medium, <£l6 per ton. Wheat.—The tone of the market is firm. Spot quotations have advanced 6d per 4961 b. New Zealand average, 25s 6d per 4961 b; New Zealand long-berried, 26s 6d per 4961 b; New Zealand (f.a.q., to arrivo c.i.f.), 22s 6d per Butteb.— New Zealand, 90s per cwt. Edwards and Mcßeath report that during the week domestic servants only have been in demand, and that men servants are plentiful. Freeman R. Jackson and Co.'s Johnsonville stock report (telegraphodon the 20th) is as lollows :«—We had a good vard of cattle for today's market, Beef ioM at a J&odo over last *

sale's rate. Sheep wero o f a very poor description. No really prime mutton was entered. Pigs wero small and rough. Our prices were :—Cattle— Bullocks, £7 5s to £8 os ; others, £C> 12s 6d to £7, or equal to 19s per 1001 b. Sheep—lnforior wethers, 10s Gd ; owes, 7s lid to 9s ; store ewes, 5s Od. PigsSmall porkers, 18s to 22s ; stores, 13s to 17s ; suckers, 2s 6d to 9s. By Telegraph. — Press Association. — Copyright. London, Juno 15. The Bank of England returns published today show the total reserve in notes and bullion to bo .£29,728,000, tho proportion of reserve to liabilities being 70"t>2. Consols, 101, ox interost. Three months' bills are discounted at 1J per cent. New Zealand 4 per cent, inscribed stock, 109 ; 3.V ditto, 101*. No. 1 best Scotch pig iron, f.o.b. in Clyde, 425. firm. Tho New Zealand Trust and Loan Company's 5 per cents, are at <£2s. June 17. Three months' bills aro discounted at f per cent. Antimony, <£32 10s to .£33. St. Petersburg, June 19. There is a great outcry in Russia at the low prices ruliug for wheat, which will prevent the profitablo sale of the heavy crop. London, Juno 19. Two Victorian cargoes of wheat have been sold at 245. A New South Wales experimental shipment of honey has arrived in excellent condition. Victorian poultry sold at 2s Gd. Sydney, June 20. Wheat, chick, 2s 6d to 2s lOd; milling, nominally,2s 9d. Flour —Roller brands, .£7los to £7 15s. Oats—Primo feeding, 2s 2d; seed, 2s 4d. Maize —Prime, Is lOd. Barley —Cape, 3s to 3s 2d. Bran, 7§d; pollard, 7£d. Peas—Blue Prussian, 3s. Potatoes— Locally grown, .£2 15s to .£3; Circular Heads, £2 17s Gd to <£3. Onions, .£lO 10s to .£ll. Butter—Dairy-made, 7d to9d ; factory, 9d to lOd. Cheese, prime, 4d; bacon, prime cured, sd. Melbourne, June 20. Wheat, firm, 2s 3d. Flour—Roller brands, £0 to £C> ss. Oats—Algerian, Is 8d to Is 9d; Tartarian seed, Is lid to 2s. Maize, 2s 2£d. Barley—Capo, 2s 3£d ; malting, 5s 3d. Bran, 7d; pollard, 7|d; potatoes, £2 15s. Adelaide, June 20. Wheat, 2s 6d ; flour, roller brands, £6; bran, 8d; pollard, B£d.

Farm and Dairy I J RODUCE. £ s. D. £ 8. D. Milk, quart ... ••• 0 0 3 to 0 0 4 Butter, fresh farm, lb 0 0 8 Butter, separator ... 0 0 9 to 0 0 10 Salt butter 0 0 7 Cheese 0 0 0 0 4 r,.v to 0 0 5 JLoai — . "' Eggs, dozen (fresh) ... 0 1 4 Limed Eggs 0 1 1 to 0 1 2 Lard, lb 0 0 6 Bacon, lb 0 0 7* Ham, lb 0 0 9 Fowls, pair 0 2 6 Ducks, pair 0 3 6 Geese, pair 0 5 G Turkeys, pair 0 7 f> Flour Market. £ s. D. £ 8. D. Stone flour 7 0 0 Boiler flour 7 10 0 Pollard 4 5 0 Sharps, per ton 4 10 0 Oatmeal 9 10 0 Bran 2 15 0 Hay and Corn Market. £ s. D. £ 8. D. Maize 0 3 0 Oats, feed 0 1 10 to 0 2 1 Wheat, milling 0 2 9 Fowl Wheat 0 2 4 to 0 2 G Bye Corn 0 3 3 Seed Barley 0 4 0 Carrots 1 10 0 Hay, ton 3 10 0 to 4 0 0 Oaten, ton 3 10 0 Straw, ton 2 10 0 Chaff, oaten sheaf ... 3 10 0 to 3 15 0 WTieat, straw 2 5 0 to 2 10 0 Onions ... 9 0 0 Potatoes 2 12 G to 2 15 0 Seeds. £ s. D. £ s. D. Byegrass, Farmers' lots 0 2 9 to 0 3 3 Byegrass, Machine dressed 0 3 9 to 0 4 3 Cocksfoot, lb 0 0 3i to 0 0 4? Wt. Clover, lb 0 0 10 Bed Clover, lb 0 0 9 Alsyke, lb 9 0 0 Cow Grass, lb 0 0 8 Timothy, lb 0 0 4 Linseed, per ewt 14 10 0 Bape, per cwt 1 5 0 Fltyces 5 10 0 Early Bose 5 10 0 Kidneys 5 0 0 Bruce's Prolines 4 10 0 Beauty of Hebron ... 5 0 0