LATEST COMMERCIAL.

New Zealand Mail, Issue 1315, 13 May 1897, Page 20

LATEST COMMERCIAL.

FINANCE AND TRADE. Njew Zealand Mail Office, Wednesday morning'. The latest issue of the New Zealand Trade Revieiv is to hand, and its contents are more than usually interesting to the mercantile classes. Viewing all matters concerning finance and trade as it does from a nonpolitical standpoint, its deductions are of value. THE MONEY MARKET. Referring to matters under the above head, the Review points out that there is abundance of supply and non-activity of demand, with consequent difficulty in finding satisfactory investment for capital. Banks are still quoting 3 to 3£ per cent., and the best building companies 4 per cent..for 12 months’ deposits. All good sound investment shares are in brisk demand, and the best classes of real estate are also receiving attention for investment purposes.

BANKING RETURNS. The banking returns partake, says our contemporary, of the character usually found at this period o p the year, that is to say, they show that the position of the community’s account with its bankers has improved by the proceeds brought to account; but it is further pointed out that there is on this occasion both an increase in deposits and a decrease in advances, the balance to the credit of the community being thus enhanced by a double process. The total liabilities show an increase of £330,209; the total assets an increase of .£124,52(1. Comparing the totals under the principal headings with previous quarterly returns, an apparent reduction is shown in the three montns of no less than £1,359,602, and of £933,832 in the twelve months. It is evident to the Review , however, that there has been another adjustment operation in the books of the Bank of New Zealand which to a great extent accounts for a decrease otherwise than by a contraction of advances. The reduction in the quarter shown by this bank alone is £1,348,450, so that the aggregate of the other four banks only shows a reduction of £11,152. The Bank of New Zealand, however, exhibits an in-

crease of £1,084,327 17s lOd in the item “ Securities not included under other heads,” and a foot note intimates that the total under thi3 heading includes an average of £1,288,000 held in Assets Realisation Board debentures. This is an increase of £1,049,491 Is 7d on the average amount so held in the last quarterly return and to this extent the reduction is simply a transfer from one column to another. We suppose we may conclude therefore that the actual decrease of advances in the case of the Bank of New Zealand was only £298,959, and £310,111 for the five banka together. As the whole of the £1,288,000 has been transferred since the March return of 1896, it is to be inferred that but for this book-keeping adjustment the aggregate advances of the five banks would have shown an increase in the year of some £304,000 instead of the decrease of £983,832 exhibited above. The changes in the figures of the Bank of New Zealand are, no doubt, connected with the liquidation of the Bank of New Zealand Estates Company, alluded to in the president's address at the meeting of the 25th February. We may remark that at the ti ne of the formation of the Estates Company it was understood that the amounts standing to the debit of the “globo assets ” had been removed from the accounts of the bank, except that the book value of the £1,850,000 shares

in the company was included in the column “ securities not included under other heads.” It would appear that further advances to the amount of, speaking roughly, a million and a quarter, have siuce been made against this account, partly, no doubt, for the redemption of debentures, slid partly for other purposes connected with the properties. The Bank of New Zealand holds Government securities to the value of .£780.919, against £429,591 in the December quarter, and <£363,419 in the September quarter. The

Bank of New South Wales holds Government - securities also, to the value of .£50,200. Ihe latter amount agrees with the report as to the share of the .£500,000 loan taken up by this bank on the 7th December last. The share of the Bank of New Zealand in that loan was rim oim-d ul the Minn to be £25 ,do,i The increase in this bank s ho.dings bi me the September quarter is £117,530, and the difference may indicate either a larger share of that loan or investment by the bank in some other Government securities. It is certainly somewhat striking that £ll7.<>oo plus the other sums rumoured to have been t'keii up amounts to just £500,000. '1 hese were : £50,000 by another bank, £15,000 by a life insurance company, and £BOOO by the general public, together £'3.ojo. On the question of deposits—not bearing

and bearing in ter est-r the peculiar feature is noted that the fixed deposits have declined from period to period, while the totil of the free deposits is constantly increasing. The low rate given for deposits is evidently forcing the money out into other investments, such as shares, land and buildings. There is, however, unfortunately little or no disposition evinced to embark in industrial enterprises. The note circulation for the December quarter, 1890, was £97i,017, and for the quarter ending March, 1897, £1,007,519, while for the corresponding period of last year it was £929,681. It is further pointed out that there is not only, as usual, an increase on the December quarter, but also a substantial advance 1 upon the figures of the same season a year ago. “In fact,” says the Revieiu, “ this is the highest point that our circulation has reached, except m the June quarter of 1893, when it rose to £1,018,545. This must be accepted as a good sign.” lhat is to say, there has been an increased distribution of money in the various avenues of trade and industry. The total reserves of gold coin and bullion remain substantially steady. Our contempox*ary regards the excess of deposits and note circulation over advances as really'Startling, amounting as it does to nearly 50 per cent, on all advances. “ This is,” it adds, “no doubt in a measure the result of the influx of money for purposes of goldmining and the Advances to Settlers Act, but partly, we believe, to an improvement in the position of settlers throughout the colony.” '

.CUSTOMS REVENUE

That for the first quarter of 1897 amounts to £489,621, against £438,854 for the corresponding quarter of 1896, or an increase of £50,767. The totals for both the quarter and the year ending with the 31st March last are the heaviest ever reached in Now Zealand for like periods. As compared with the

previous year, the latest twelvemonth shows an increase of £168,794, or. about 10J per cent. The imports ’ for the same period, apart from specie, show an increase of about 22 per cent. Of the total increase the North Island gains £114,163, and the South Island £52,597 —parcels post figuring for £2031. Ad valorem goods show the largest increase, amounting to £122,199, or more than 25 percent. Heavy importations of soft goods are mainly responsible for the great difference. Cigars and snuff show an increase equal to more than 20 per cent , chiefly caused by increased use of cigarettes. Spirits yielded more by nearly £IB,OOO, mainly, if not entirely, the result of the rise in duty. Tea, of course, shows a falling-off owing to the reduction in the rate from 6d to 4d per lb. The quantity consumed has increased by about 10 per cent.

IMPORTS. Apert from specie there is an increase of £511,566 for the March quarter, or within a fraction of 30 per cent. The two preceding quarters were also on a somewhat increased scale, though the difference was not so great as in the latest quarter. The total, apart from specie, for the nine months ending with the 31st March, is £6,233,261 (or more than the total for the twelvemonth 189-5-6) as against £5,147,057 in the nine months closing with the 31st March, 1896. It is an important question whether this heavy increase of a million in nine months, and especially that of over half-a-million in three months, is natural and legitimate, or whether it partakes of the character of over-impor-tation. We have to go back about 15 years to find imports on an equal scale in New Zealand, says the Review. Of course, an expansion in that period is only natural, but the same amount would represent a much larger supply of commodities now than in 1882, and moreover the increase has not been gradual. We are disposed to think that this sudden expansion, though to some extent legitimate, is connected in a measure with the influx of money to the colony for mining purposes, and that to that extent the imports will probably be goods on consignment, a disturbing factor for the regular importer. The total for 1896-7, apart from specie, shows an increase on the previous year of £1,364,521, equal to 22 per cent. The increase in Customs revenue in the same period is only at the rate of about 10. i per cent , a fact which is consistent with the theory of overimportation, though by no means conclusive on the point. The increase is fairly distributed over all parts of the colony.

EXPORTS. The value, apart from specie, shows a falling-off in the quarter ended March of £202,821, of which, we may remark, nearly £147,000 occurs in wool, and over £25,000 in gold. In wool the decrease in value is equal to nearly 3£ per cent., while the difference in weight is only a trifle over £ per cent., thus showing that the bulk of the falling-off is in value. The Review then closes with this significant sentence : —“ Altogether the return confirms what we have recently said as to the want of expansion of minor indu- tries. If our imports are to increase as they have lately been doing it is of great importance that there should be a corresponding improvement in our exports.” The comparative tables and other details in the Revieiv are well worthy of perusal by commercial men, to whom they must prove of immense value. BUTTER AND CHEESE Latest reports from the English market Bhnv that the outlook for the season is promising. Jhe remarks of Mr Mac Ewan as to the importance of securing uniformity of quality in butter shipments will, no doubt, receive the serious attention of dairymen. As Mr Mac Ewan says, if a purchaser buys a certain quality, whether first or second-class, and is satisfied with it, he expects next time he buyß to receive the same quality. Here is where the necessity for uniformity comes in, and if that cannot be depended on, the trade naturally suffers. Importers in England express themselves in very favourable terms regarding New Zealand cheese, and the probability is that if cert tin irregularities which now and then creep into the shipments were romedied there would be no difficulty in obtaining prices for cheese from this colony equal to those for Canadian. It is high time, however, that the facilities e or distribution were improved in one particular at least, are, without doubt, too many mi Ml • men in the trade, and the sooner thi > stace of things is altered the better. WOOL SALES. London’, May 11. At the wool sales prices were firm at the opening rates. Crossbreds were in very strong demand. THE PRODUCE MARKET.

STOCK AND PROPERTY REPORT.

Messrs A. G. Taine and Co. report as follows on the markets for the week ending May 12th : Fat sheep—This market is decidedly firmer, and prices for heavy - weight wethers are now 10s to 11s ; medium, Ss Gd to 9s Gd; ewes, 8s Gd to 9s Gd for heavy weights. Store sheep —Very Jew transactions are taking place, wethers and lambs being most enquired for. Good 4-tooth wethers, 8s; 2-tooths, Gs to 7s ; good lambs, Gs to 7s ; no breeding ewes offering. Fat cattle—The market well supplied ; 15s per 1001 b is about the price for good beef. Cows are in better demand at 13s. Store cattle —Young cattle are in better demand and selling freely. The present quotations are : Grown fresh bullocks, £3 15s to £4 ss; 2-year steers, £2 15s to £3 ; yearlings to 18-months, 80s to 3Ss ; weaners, IGs to 225. Dairy stock —Good cows, close to calving or to calve early in winter, are in very good demand, and up to £8 could be got for good ones, and £4 to £5 for springing heifers. Pigs— Young pigs are easier, and baconers and porkers are in better demand. Quotations : Two and 3months pigs, 10s to 11s; porkers, 20s; baconers, 35s to 455. Sheepskins—The demand is good for all classes. Any full-woolled skins coming in are selling up to extreme prices. Quotations: Green skins, 3s; dry full-wooled, 5d to s£d, and Gd for very special lots; half and three-parts woolled, 4d to 4?:d; shorter woolled, 8d to 3£d. At these prices good business can be done.

Per Ton. £ s. d. Per Ton. £ s. d. Flour, sacks .. 11 0 0 Potatoes 3 5 0 Pollard 4 7 G Bran 3 5 0 Chair— Wlieatmeal .. 11 0 0 Best Oaten Baled Straw.. 2 10 0 Sheaf 4 0 0 Baled Hay .. 4 10 0 Best Oaten Barley, Pearl 14 10 0 S:raw 3 0 0 Onions 5 10 0 Oatmeal 12 10 0 Swedes 2 10 0 Per Bushel. Per Bushel, - s. d. s. d. Wheat, Whole . 3 11 Maize oo 3 6 Oats, Short . 2 7 Beans ..3 2 Oats, Long . 2 6 Barley, Feed ..2 7 Oats, Dun Split Peas . 2 8 Blue Peas ..4 6 . 12 6 Per lb. s. d. Partridge Peas 3 9 Per lb. s. d. Cheese . 0 Butter— Bacon . o g£ Dairy ..0 8 Ham . o 7} Separator .. 0 10 Fresh eggs, 2s per dozen; limed eg per dozen. gs, Is 3d