COMMERCIAL.

New Zealand Mail, Issue 1404, 26 January 1899, Page 5

COMMERCIAL.

FINANCE AND TP.POE. Tho first of .he series of London wool s ilwhich commenced ou the 18th shows a. w. 1eome iinnrovement in the ranje or' ;ri t , j This advance was anticipated, and as it- •>■ general, that is to say that all grpdes if wo i arc affected, the lews cani ot fail to be ' f interest to wool-growers. U . fort a rat el ■■■ , however, not much of the tow sj.hso) 's wool clip will be catalogu'd at D>* present seiies, but +lio carry ov-r tr m the December sales will benefit m the rise ; n va'ues. Whether the lert i f the tales t<>i« held during the year w 11 show to the -an •> advantage remains to be seen : at any rat-' i. must bo admitted that the chare s at t’.o early London sales -re better than at tbsales held later on in the year. This bar been the experience duri'g the pa-1. two r tt.reo years. The press cable is eoi.firrmd I < a private cable message received by Mcss-s Murray, Heberts and Co. from their 1 ond n In use, Messrs t-anderson, Murray ann C . dated 17th January, as fol ows : first series of rales opened to day befor- « large attendance o bnytrs. Market t.as id vanced 5 per cent. Competition good The crop in Nol-'n and Mari borough this season was a pliei ome ally lari e one, hut the fruit gr wers in tbs di-lrio s lam’d seemincp b’eof marketing the tin t to tie best adv.ntai o to thi-MHrlvis He t’-uth appears to be that they are content, r o move in the tame old groove that sufficed tor the times and circumstances of their father-. With respect to raspberries and straw ber i -. in seems that what eannot t e ab-orbert by t e jam factory is practically was’od : that ag, ort market exir-ts for those sti.a'l fiuits does n seem to strike grow e? B,or,it hoy are aware of it. th-'jr are lacking m rim inteili ence and enterprise ’o send the fruit t> this rrark-.t. To ao Vise the small fruit gr were t. err'd their produce to Wellington is to meet wi n tbe reply that the fruit W 11 hot carry wi'h'int beiig damaged Of course these b-rrios cannot be roughly handled, and to shoot th. m into a case like apples is not the b st moth >d of treatmg them. In Victoria ra.- pbi rr ies and str rwberries are cairied hundreds r t mbes, and are marketed in Melbourne mac u.diti- n Ihat adm.ts i.f them being served as de-r art. What the buyer de-ires is the possihi ity o obtaining a ermple of fruit ns marly as p a piblo approaobirg the erudition in which it h ft the tree, and ha is generally prepared to pay liberal y and according as ILp ideal in this respect is f ached. I’fci.s is recognised in Victoria, ai d ipecial attention is i aid to rl e csreful and proper mejhods of handling fruit Berries are packed iD small and specially nu.de baskets, which held odo pourd of fruit e eh ee urely. Forty if these baskets arc pack d into a light but strongly-made orate, v lreh admits of the fruit being carried by railway or steamer without receiving damage. What is done in Viciona with success and with profit must be adopted by b ew Zca and fruit growers, and the Departmei t of /‘g multure will be doing the growers a service, and at the same times confer a boon on nrtan reside! ts, by giving this quest on of fruit-packing and ina'kbfing attention. Ik may be further pointed out that raspberry pulp is a markefab’e commodity in London, bei g worth about iE3O prr ton. The pulp sborll be sent in tin* 45 or 501 b in weight, ai d two may be packed in a wooden case with a partition between them to prevsnt damage. New Zealand has much to learn yet both in the production and marketing of liuit. The last cabled quotations fof New Zealand mutton tend to confirm the opinion recently expressed by Mr Weddel that tbe qualify of the North Island mutton has improved While Southern brands of frozen mutton have declined 1-161 per lb, Nor'h Island brands have advanced l-16d as compared with th-a quotations for the week previous Comparing the prices obtamed at an inti rval < f 12 months the position stands as under: —

This shows that North Island mutton has made the greatest advance, and this could only have been possible by improving tbe qualify of the product. The estimated total out put of Ceylon tea available lor export during tr>« wmi is given at 119,0 OJ'OOlb. Of tbi- about 22 858.646 b was sent direct from O y\ n to i I c.-sist, Australia, Amorim ami .the > onu--1 •. r s and 11,466,570. b vn ' < i- o . imvig !>-4 674,78-lib for Biitieh «<* o he in . r. sling feature about, there llmr-s i- the ■I ■ a distribution that has been s-«t t- d, ;,.ti(l this has been acc*.mplishc l by J’ Ct >l riTt'ft i' u liters’ A epoi lition We w ir a com in - tonof it simililr natlfrc it. (i s !••..« i>, n r . ii'.fortunsteiy, OUlr prooil'i.-fr hHfi in »..iih i hat th ' State must uxidert-fcO tlm noli, i.d thuc the matter is left.

An ii.lercstu g cx,,etimf nf. in wLeat growing wi.b t.ied during tho last season ct Singleton, New South Wales, by Mr Piper, the object being to discover the most suitable depth to plant this crop. Ho prepared a piece of land, and drilled out the rows Gin apart Altogether at each depth ho plantod 32 seeds, picked from the same paroel of grain. No. 1 he planted £in deep, and 18 stalks matured, reaching a height of 3ft. Of that sown lin deep, 27 came up, height 3ft 3in ; 2in deep, 23 stalks, height 2ft Bin j 3in, 22 came up, height 3ft 3in ; 4in, 11 came up, height 2ft Bir.; sid, 5 came up, height 2ft 6in. It is therefore shown that at a depth of 3in or less gave the best results.

The balance-sheet of the ChrifitChdtch Meat Company for the year ending 81st October, 1898, bears, out the rumours that wer© cuHeflt H few. weeks ago that the company had experienced a Very prosperous year. The profit for the y 6a* after making due provision for the future Utid writing down machinery and plant d£6733 17s 6d is .£17,307 2s 6d, which includes the balance of <£5512 12s 8(1 brought forward from the previous year. The dividend for the year at 9 per cent, absorbs <£6119 19s sd, leaving .£11,187 3s Id, which is more than the net profit shown for the year 1897. In their report th,e directors consider that in view- of the continued expansion of the meat trade it ia advisable

to further strengthen the company, and suggest that tne capital be increased to by an issue of 500 u <£lo shares, of which it is proposed to call up at present £3 per share : suen shares to be issued at the discretion of, the directors at a premium of not less than 10s per share."' The capital of the company at present is <£iuo,U!)o, of which <£i5,378 was uncalled at the date of the balance-sheet. In addition the company has a debenture issue of £60,000, earirying 5 per cent, interest. During the year the company put through its Islington and Timaru works 1,036,016 .head of stock, against 927,339 in the previous year, an increase of 108,677 head, which is very creditable considering that ti:e works were closed for several months owing to the absence of suitable freezing stock. The shares of this company have been in active demand in Wellington dur mg tbe past three months, but it seems I iij't unlikely tlifit the new issue will cause a reaction in values. The third of the series of local wool ! sales will be held to-morrow by the Wei- | lington Woolbrokers' Association, when catalogues aggregating 5500 bales will he 1 submitted. The improved tone of the j London wool sales now current will, no i doubt, be reflected in the local sales, ana I there is every prospect, therefore, time ’ better prices will be obtained than at the I two previous sales. The feature of the i London sales is tlie welcome advance ol i 10 per cent, for low crossbreds, and 5 per I cent, for fins crossbreds, just the class of wools produced in this province. It is as well that local buyers should know that there is some probability of there being a ' shortage in the clip of the district. The ! receipts ex rail for the month of Deccm- : her were 8000 bales less than in the cqrrtsponding month of 1837, and coastwise the receipts show a falling off of about 4000 bales for the same period. Much of : this shortage will, no doubt, be recovered i later, but up to the present the receipts 1 do not show any tendency in that direction. The lateness of shearing, owing to the unfavourable weather that has been experienced up to the present, may be one reason for the apparent shortage, another may be that shipments are being diverted from Wellington by the tramp cargo steamers calling at roadsteads like War tafa and Wanganui. A factor that can not be overlooked in considering this matter is that many farmers have not thought it worth while to shear their lambs, preferring to wait rmtil next season and secure a full growth of wool. A lambus fleece of, say, 31b, is not worth more than about 5d per lb, and the cost of shearing and marketing the fleece leaves scarcely any margin of profit. In the aggregate, the lambs’ wool of the district may not bo much, but its absence in a measure accounts for the apparent shortage in the clip# According to a cablegram received by the Sydney branch of Messrs Dalgety anil Co., Limited, the totals of the principal wool importers into London last y r ear compared with previous years as un-

The unseasonable weather of the past few days jeopardises the harvest prospect? very greatly; it is doubtful now whether the wheat crop will be an average one and even if it is whether tho cereal will be of the quality fit for milling and export. Much store was set by the season’s wheat crop, and if this turns out a failure it will be ruinous to many agriculturists. The wheat-growers in the other colonies have been fortunate enough to get in theix crops, and from Australasia there will be a large exportable surplus, but that does not compensate New Zealand for the havoc done by the weather during the past two or three days. Of course, it is not wheat alone that has suffered, but oats and other grains and grass seed also. Ihe week has made a big difference to the year’s prospects, which were promising enough for all. According to tho figures given in the brief cable message it is apparent that the tJnioil Bank has experienced a more pros perrms period during the second half of its financial year, which closed on the 31st August last,‘than Was experienced in 1897, though not quite so good as in the halt year ending 28th February last. Tlie profits earned. for the past three halt

Tho advance in wool recorded at the current London sales is o.\ the closing quotations of the Nnvember-December sales, and i • order tuas .amere may irfike tVi" -'-rr* {f.iim tea ot vsme, the closing priced Gn December sales, as given in i;u .i *». Roncld anu Co. s wool report, IS appended: GREASE MERINO. Irregular quality 1° , Dingy wasty t 0 ‘ aCl scoured merino Fine bright bulky la Jdtols6id Fair body and colour ... Is 5d to Is jU Light and discoloured ... Is 4d to Is oil Bitty, stained, dry Is 2d to Is 3 a d

The improved tone of the London wool sale 3 was fairly reflected at the local sales, fine wools registering an advance of Id. The following comparison of the prices registered at the December and January sales at Wellington is furnished by Messrs Levin and Co. 17 December J anuary

In estimating the probable surplus of the year in Friday’s issue of the " Times,” no allowance was made for expenditure on Old Age Pensions, Defence, Lunatic Asylums, Parliamentary Buildings, amounting in the aggregate to £175,006, and the remission of 5 per cent, on the duties on goods manufactured in Great Britain, which the Treasurer estimated would amount to £50,000. If these deductions are made, the surplus for the year will be about £410,374, as against the Treasurer’s estimate of £225,568. In arriving at this calculation the receipts for the current quarter are estimated at the actual amount received for the corresponding quarter of last year, and tlie expenditure is taken at such a sum as will make the total for the year equal to the amount estimated by the Treasurer. The surplus above stated is for the year’s working only and without any aid from the previous year’s balance, us a matter of act, if the extraordinary expenditure be taken into account, the sur plus for the year would be £153,856 more than is shown above. We append tables comparing in detail the receipts and expenditure for the nine months ended 31st December, 1897 and 1898, and the Treasurer’s estimates for the year 1898-99:

£3.66',:.3 1 £3,787,821 £4,743,87i

The reduction of the minimum discount rate of the Bank of England from 4 per cent, to 3i per cent, is an indication that tlie storm clouds, both political and financial, which threatened towards the close of the year have now disappeared. The political trouble lay in the direction ot France, but the dispersal of the Britisl Reserve Squadron shows that trouble with France is not now feared. The financial dangers threatened from Germany, but the bank took prompt steps to meet this, ond has apparently succeeded in keeping the London market clear of the trouble. The more promising outlook in the money market will be not unwelcome to tin Colonial Treasurers of Australasia, whc. have been patiently waiting for a favour able opportunity to float loans in London. The aggregate loan expenditure authorised by the various Parliaments for the year i8:8-8!) i 3 about £7,000,000, and although a portion of tho money can, and no doubt will be raised in the colonies, the bulk ol it must be financed in London. In May next, if the political outlook is not dis turbed, the several Treasurers will find their opportunity, but it is not to be ex pected that loans can be floated on the same favourable terms as in 1837. Latest quotations siiow that all descriptions of tallow have improved slightly. Since November 23rd the quantity of tallow offered and sold and i he prices for medium qualities have been:

Writing of the hemp M-oir produce report dated Loubuc, i 1 i Deo u.ber, the National Mortgage and xigencj Company of New Zealand say: The fluctuations in the value ot Manila during the past month have been violent, and have quite unsettled the market for New Zealand, which has been very difficult of sale, and closes fully £2 per ton lower both on the spot and for arrival. At auction 50 bales good.fair quality sold at £2l to £2l 10s per ton landed terms, and about 150 bales to arrive per Gothic (s) at £l9 per ton c.f.i., also 25 tons NovemberJanuary steamer at £lB per ton. The market closes weak at the jollowing quotations: good fair quality, spot, landed terms £2l per ton November/January, and December/February steamer <£lß per ton ° Manila closes at £24 per ton c.f.i. for arrival, being a recovery of 30s per ton from the lowest point last week. Sisal— <£2B per ton, c.f.i. nominal.

The suspension of Pattison’s, Limited, the whisky distillers, of Leith, announced by cable a few weeks ago, appears to have been of far greater importance than was indie ated in the messages. The wreckage of Pattison’s is due to extravagance stmiulated by the fever of competition. “ They have spent too much money in advertisement, and they have locked up too much mcney in stocks of whisky which it will take ages to sell,” is the explanation given lor the suspension. The warehouses of tho company are the largest bonded wareJio ises in Great Britain, and not very long ugj the burgh surveyor of Leith called the attention of the magistrates to tho danger which he conceived attached to* ;he enormous stock of whisky in Pattison’s v/i rehouses—a stock which he estimated at 3,500,000 gallons, stored on nine floors, over an area of about three-quarters of an acre. The failure of Pattison’s threatened a crisis, for many of tho (Scotch banks are heavily interested in advances on whisky docks, and in the case of .Pattison s, two banks are interested to the extent of halt a million sterling. The crisis has probably been averted, as it was recently announced that the company was Deconstructing, Mesrs R. P. and W. G. Pat risen haying 3c rrendered their private fortunes to help ike movement.

The collapse of Pattison’s, Limitca, b as disclosed the fact that whisky distil, has been overdone in Great Britain. T be ' Investors’ Review,” in dealing with th g subject, says:—"The curse of that trade has been over-production. As recently an 1833 the twelve months’ output of spirits* .vis little more than 39,000,000 gallons;, last year (1897) it exceeded 60,000,0(>0 gallons. in the ten j r ears ended with last .ear the output of spirits has increased: i $ per cent, and in the same time the increase in consumption has been little more! chan 22 per cent. The consequence is that 3 ocks of home-made spirits in bond have men augmenting every year, and must sow amount to considerably more than 1*0,000,000 gallons. At the end of 1885 .he quantity of liome-made spirits in bond was 64,406,000 gallons, and it has mounted very year since that date without one angle decline. It must take an enormous? amount of money every year io carry this huge stock, for it represents in the value of the spirits alone £17,000,000 to ~20,000,000. On most of the money thus Sucked up ’ interest lias to be paid, and! here are also all the warehouse charges, to be met. Against these outgoings there’ .3 no chance ol applying any increment ire tlie value of the stock; on the contrary, it l as accumulated to such an enormous bulk i s to be now in danger of a ruinous depredation.”

Under pressure of immediate deliveries ■ lie butter market has given way, and the •.•cell’s quotations show a fall of 23 per wfc. There is a prospect, however, of nines hardening later on, owing to tho robability of a shortage. It must be orne in mind that there is considerable rude activity throughout Great Britain, nd the industrial classes are enjoying ar. •leasure of prosperity which gives pro;ise of continuing throughout the year, t is to this class we must look for tlie conumption of colonial produce, and if the etail price of butter is kept at a shilling" pound there will undoubtedly be a very ig demand for it. The shortage of supales will help to keep the market buoyant, nit the storing that is now going on will 'revent any very pronounced upward movelent. Tlie Colonial Consignment and Disributing Company, in their produce re•ort of the 16th ult., say:—The season for Vustralian and New Zealand butter is now veil under way. The price given in our ast report has shown a material improvement, values now ranging from 110 s to 16s, 10s higher than when we last wrote. Supplies are wanted badly, the market saving been run rather close of late in ibis lass of butter, and sellers were able to orce the price up considerably. Though ,ood sales are being made, the retailors re selling large quantities of the butter ,t Is, which loss will have to be made up alcr in the season. The Golliic, from New Zealand, brought the first shipment of new :coson’s make. The out-turn on tlie whole .vos good, and prices realised have been satisfactory, though, of course, not yet on i level with tho choicest, Australian.

The imports of butter into tlie United lingdom for the eleven months ended 30th November. 1838, were 2,939,000 cwt, as ■.gainst 2,951,000 cwt for the corresponding it-riod of 1897, and 2,755,028 in 1836. There vos a decrease in the supplies from Germany, Holland and Australasia. The imports from the colonies for the past three years compare as under:

It it difficult to understand the pronounced fluctuations of the Sydney potato a Fiet. unless it be due to speculation. On be 13th inst. the market was depressed, vL *Io three days before that there was a pronounced advance, and now another upward movement is recorded. These ups and downs are not very reassuring, and it is apparent that divided opinions exist as to the statistical position of the tuber. Whatever might be the cass in Australia, in New Zealand there is every promise of a bumper crop, and the reports on all sides are favourable. It may be worth mentioning that a Taranaki grower has thought it advisable to dispose of his growing crop on the basis of £2 10s per ton, for future delivery. This may or may not turn out an excellent deal, but the probability is that this grower has acted wisely. Expert opinion inclines to the view that potatoes will be a drug in the market.

The following table shows the Bank of England figures, the money market rates, the quotations for consols and New Zealand securities, and the prices of leading

commodities, at corresponding dates in 1899 and 1898:

The National Mortgage and Agency Company report on the Otago produce markets tor the past week as under, the quotations being f.0.b., bags included: Wheat—Milling, 2s 6d to 3s; fowls' wheat, 2s 3d to 2s 6d. Oats—A grade, 2s; B grade, Is lid; C grade, Is 10id; Duns, 2s 6d; Tartars, 2s 3d. Oatmeal, <£11; flour, ,£9. Barley—Chevalier, 4s to 4s Gd; Cape, 3s 6d; Pearl, <£ls. Bran, 50s; pollard, 70s; potatoes, <£6, falling. Cheese—medium, 4Jd; loaf, 4Jd. Butter, 9d foi factory, 565. Chaff —Oaten sheaf, <£3 12s 6d to £3 15s. Straw, 31s; rye grass, 3s 6d to 4s. i

Messrs A. G. Taine and Ob. report for their weekly horse sale as follows: —There was a good entry of draught horses, sent by Mr Clark, of Manaia. Of these .several sold at from ,£27 to <£27 10s for aged sorts, and up to <£3o for a 3-year-old colt. Of the harness and hack sorts, but few changed hands, most of the buyers for this class being away at the racc3. The un sold draughts will most likely be offered again in a few days and then sold without reserve. THE WOOL TRADE. " Bradstreet’s ” of the 24th December makes the following report on the wool trade in the United States: —" The market shows considerable activity, notwithstanding the nearness of the end of the year, sales in Boston this week footing up in excess of 6,000,000 pounds. Of this business, over 2,500,000 pounds were of territory and Texas grades, while nearly 2,000,000 pounds of Australian have been sold. The latter wools are firmly held, and holders are yet asking full recent prices, which is, bow ever, several cents in the grease lower than the wools can be imported for. Bids close to the market have been made on other large lines and refused. All foreign wools are firm, as at the prices ruling' the wools cannot be replaced. From this it will be seen that the heavy imports of colonial wool in anticipation of the passing of the Dingley Tariff, are steadily going into con sumption, and it cannot be long now before such stocks are depleted. The fact that Americans are operating cautiously at the current London sales emphasises this view, and there is thus a probability of American competition becoming more active at the succeeding London sales. The imports of colonial and South American wool into Europe and America for the past ten years as compiled by Messrs Helmuth, Schwartze and Co., stand as under —

In commenting on the above figures Messrs Dalgety and Co. prove most conclusively that there is ample justification for the present firmness in merino and weakness in crossbreds. The statistical position is thus analysed: To take the increase, beginning in the five years following 1830, you find the following result: Tear 1890 ... 2,016,000 1891 ... 2,385,000 excess 369,000 bales , 1890 ... 2 016,000 , 1892 ... 2,541,000 excess 525.000 bales 1890 ... 2,016,000 1893 ... 2,*88,000 excess 472,000 b iles 1890 ... 2,016,007 1894 ... 2,595,000 excess 579,000 bales 1890 ... 2,016,000 1893 ... 2,783,000 excess 767,000 bales Giving excess for 5 years 2 712,000 bales. or in other words taking the year 1890 as the standard of the imports, the five years 1891-5 would have produced ... 10,080,000 bales whereas, the actual production waa ... ... 12,792,000 Excess as above ... 2,712,000 bales and in looking at the figures you will seo that almost all this increase emanated from Australasia, so that in this alone there is a fair explanation for the drop that took place in the value of merino wool. Taking, however, the next three years, from ‘1895-1898, the position is entirely chanced and works out as follows: Year 1895 ... 2,783,000 1896 ... 2,677,000 decrease 106,000 bales 1895 ... 2,783,000 1897 ... 2,658,000 decrease 125,000 bales 1895 ... 2,783,000 1898 ... 2,537,000 decrease 246,000 bales 477,000 bales In other words, taking the year 1895, when imports reached their highest point, as the standard, the three years, 1896*8, would have produced 8,349,000 bales whereas, th® actual prodnotion for these three years was ».• ••• ... 7,872,000 bales showing a decrease during that period as above ... 477,000 bales and this' entirely in Australasian and Capes, the River plate imports (now com- «-. • * »

prising something like 75 per cent, of crossbreds) showing an actual increase,-and furthermore it must not bo forgotten that in Australasia, especially New Zealand, tne tendency during these three years has been towards an increase of crossbreds and a decrease in merinos. The result, therefore, fully justifies the present firmness manifested in merinos and weakness in crossbreds, and unless some distinct change takes place both in production and the present run of fashions, we can see nothing in the near future to alter the present position.

ENGLISH COMMERCIAL. London, January 17. WHEAT. A cargo of SoutU Austra'ian wheat has 1 been sola at 28s per quarter of 4901 b. THE WOOL SALES The first of the series of colonial wool sa ea opened to-day. Competition waa brisk. Compared with the closing sales of the last senes, the prices chow a general advance of 5 per cent. Tho total quantity of wheat and flonr afloat for the United Kingdom is 2,350,01)0 quarters, and lor 1 he Continent 990,0'0 quarters. London, January 18. WOOL SALES. Messrs Balrne, Jacomb and Buxton’s joint catalogue at the wool sales comprised 0674 bales. The selection was poor. There was a large attendance of buyers and keen competition. Compared with the December sales merinos advanced fully 5 per cent., fine crossbreds 5 per cent., and low crossbreds 10 per cent. Americans are buying cautiously all sorts. TALLOW. ' At the tallow sales 2200 casks were offered and 2175 sold. Mutton, fine, 24s per cwt; medium, 22s 6d; beef, fine, 22s 9d; medium, 225. At the wool saims t.hei o was animated bidding, and full p‘ ices were roads-. d. The Kai.v..ria ” .lip brougo:, 7;d. The Bank of England lias lowered its rate of discount ir-j.n 4 per cent., at which it lias stood since tlie 13th October, to 3i per cent. According to "Bradstrc/et’s ” estimate the American visible supply of wheat east of the Rockies amounts to 50,579,000 bushels, as compared with 51,057,000 bushels last week, and 50,126,000 bushels the week previous. London, January 20. At to-day’s wool sales business was brisk and prices show a hardening tendency. BANK OF ENGLAND London, Januar . 20. The bank return issued tor the week ending Wednesday, Januaiy 18th, is as under : Issue Department. Note issue .. £40,683,000 Gov. debt .. £11,015,000 Other securities .. 5,785,000 Gold.. .. 29,883,000 £46,683,000 £46,683,000 Banking Department. Proprietors* Gov. securicapital .. £ 14,553,000 ties .. £13,387,000 Public do- Other sreuriposits .. 8,003,000 ties .. 81,762,000 Other do- Notes .. 20,017,000 posits .. 41,116,000 Coin .. .. 2,086,000 Rest, 7-dßy and other hills .. 3 580,000 £67,252,000 £67.252,000 The leading items of the Boik of England return afford the 10l otvinv coruDarioon : Last week Last year £ £ £ I Bullion .. 29,8-3,000 28 997,000 29,974,000 Reserve .. 22,103,060 20,059,000 21,891,000 N tion.? irCUlft . 26(00 000 27,721,000 27,025,000 Deposits .. 49119,i00 49,204,000 60,332,000 Proportion Reserve to liu- _ bilitics .. 44 80 40 DO 43 37 money market The market rate of discount for beat three months’ bills is il-16th lower, at 2 per cent. The Bank of England rate is 3) per cent., as agaiiibt 4 per cent, on 13th Uctober, 3 per cent, on 22nd Bepleoibi.r and 2 2 per cert, on o< th Juno. CONSOLS AND COLONIAL STOCKS. The following are the 1-teat quotations for

oonsols and colonial inscribed stocks, and a comparison with those ruling last week

♦lnterest payable in May and November. +1 merest payable in January and July. Jlnterest payable in April and October. WHEAT. Trie English wheat market has a downward tendency, the Continental is dechn ny and .v.;ak, ana the American r a ding. Victorian and -onto Australian c.*rg- es for eariy shipment have been sold at 28s 6d p.r 4901" c.t t.; Victorian parcels, ea>ly shipment, are quoted at, by s tilers, 27s 9d; by steamer, 28s 9d per 490. b c.i.f. SUGAR. The sugar market is weak. German beet, 88deg, lower, at 9s l£d per cwt; Java cane, .No. 15, D.ri., 4jd lower, at lis 3d per cwt. WOOL. The Bradfort top market is very firm. Common sixties are higher, at 20-id, and super sixties id higher, at 21}d perib. At to-day’s wool sales business was brisk, and prices show a hardening tendency. THE METAL MARKETS. Silver.—Bar silver is £d higher, at 2s 3£d per oz. Copper.—Cliili, spot salc3, 6s Gd higher, at £64 12s 6d per ton; three months, BJo higher, at £65. Tm. —The tin market is excited. The quotations arc:—Spot cash, 57s Cd higher, at £lOl 10s; three months, 55s higher, at £lO2 per ton. Pig Iron.—Glasgow warrants, No. 1, cash, 2s higher, at 53s per ton, f.o.b. Clyde. Lead.—Soft, foreign, 2s lower, at £l3 10s per ton. Spelter, 7s 6d higher, at £24 12s 6d per ton. BUTTER. The mild weather is causing heavy supplies, which are depressing the market. Danish is irregular, and selling at 1063 pel cwt, a fall of 2s since last week. Colonial is slow of sale at 96s to 100 s, a few boxes bringing 102 s, as compared with 100 sto 102 s last week. There is a fair quantity in store. Butter is being stored in view of probable shortage. FROZEN RABBITS. Rabbits are hardening, and supplies are low. Victorian are quoted at 9Jd, and New Zealand at Bd. At yesterday’s wool sale the market was strong, especially for merinos. AUSIRALIAN COMMERCIAL. Sydney, Januaiy 18. VVI eat—Chick, 2s 3d to 2a 6d; milling,nominal. 2s 7d. Flour, £7 to £7 10s. Oats -Hew Zealand feeciii <r, 2s 3d to 2s 4i; seeding, 2s 5d to 27J. Bar'ey. Cape, 2- 7d to 2s 91 Maize, 3 8d to 3s 91. Peas Prussian Blue, 4s (id to 4s 9‘l Bren, 7j l ; pollard, 104. Potatoes — 1 o al grown, £5 ltts to £6 los : Victorian, £1 to £5. Onions—Victorian. £4 15s. Butter—Dairy, 7d to 8d ; faetory, R|d to Pd Cn- tse Large, 4£d ; loaf, Bacon, 5d to 7*dSydney, January 21. Potatoes are scarce, and there has been a strong advance. Local are quoted at £7 to £8 5s per ton, and New Zealand at £5 to £6. Melbourne, January 18. l arge purchases of shipping parcels of wheat nave been made at 2a GVd. Oats— Algerian, Is 7d to Is lOd; stout, 2s 3d. Bailey -Malting, 4s to ss. Maize, 3s 7£d ; bran, 7r t d ; pollard, B*4 ; potatoes, £3 15a to £4 15s ; onions £3 5a to £4 IQs. Melbourne, January 18. The "Australasian’s” final estimate of the wheat harvest is 20,421,000 bushels —5,000,000 bushels more than the greatestprevious record. About 12.2 > ),00' bushels will be available tor expn. Adelaide. Junuaiy 18. "Wheat, 2s 6d to 2s 71. Flour <dd, £7 10s to £8 ; ieq £6 15s to £7. Oats—New Zeal olid, 3s lOdto *8 ; local dun an 4 Algerian, Is 4d to Is 6(1 ; .bort, 2s 31 lo 2s id Biley, mvlt'Ug 4s 61 to ss. Bran, 7i<4. ; pollard, Bd. Invercargill, January 20. There is no improvement in the oat market locally. Advices from Sydney are to the effect that merchants are Duly stocked, and that prices are dropping. The best pric s obtained here this week have been Is Cd to is 7cl, country stations, sacks extra. The area under rye-grass is above the average and the yield is expected to be good. The market will probably open at Is 9d to 2s 3d

Jan 10, l8-»9 Jar,, 15, 1 • mi Adv’oo (j*«tertitiry .... a 3-101 3 11-lfM id Dunedin and Southland... 2 15-l<3d 3(1 5 I fid North Island 2*d 3±d 11

der: — 1858. 1817. 18)6. Bales Bales. Bales Dalgoty and Co. 102,000 105,500 105,03*: A.M.L. & F. Co. 72,000 73,000 88 831 N.Z. Loon & Mer. 70,000 78,000 83,935 Union Bank 6-1,000 71,000 71,25( Sanderson, M. & Co. 63,000 63,500 67,467 Bank N.S.W. ... 49,000 59,000 56,001

yof.rs were as tin: n \r , tV-.. A • P , 1 C !I7 It 9.4 1808. £ >: & Nst profit. Brought l'orv.ari 37.4:iG 47,608 42,900 21 5 .Vi St, 503 24,C99 62,003 72,109 67,599

Greasy, CROSSBRED. fine to extra fair medium . 8H to 10* d . 7d to 7|d ” coarse bright . 6id to oja mixed wasty . 5d to 5Jd Slipes, halfbred |-bred, long f-bred short 9d 7|d 6d to to to lOd 8d 6*d ** Lincoln, long 65 d to 7*d Lincoln, short •• 5£d T to 6d

values. values. Half-breds ... 6cl to 6|d Fine crossbreds... 6d to 6|d 7d le hs-i C’d U> 7.; Medium Crossbreds 5ldto 6d 5|d to C, i Coarse crossbreds 5d to 5|d Logstained ... ddd to d 4 d Lajnljs . 11 j Qiri Locks mi pieces lid to 3id 5d to ! 4d to bid 3fd to Old l|d to 3jd

1EVENUE. Nino Nine Estimate? Mon iha, Months, fer Year 1897. 18P8. 1838 9 ). £ £ £ Customs ... 1.4'it 500 1,130,917 1 935,00( stamps ... L 09.U8T 495,991 T 7.0 Ool Post and Teleg’ph 51,823 C 55,610 C not estiLand and Income Tax ) 270,710 ) 299.738 mated 390.000 Prop’ty lx. 10 54,195 — Peer Duty 5’,500 7 1.( O'. ailways... 920.522 999,023 1,370.000 Uegi str ation, &o. 37,483 48.762 71,00 Marine ... 16,558 J8 171 23 00 .uiseel’ous 58 758 60,533 109 001 Territorial 165,219 168,031 227,0(3 .£3,483322 £3,031,001 £1,930,00 EXPENDITURE Niue Nine Months, Months, Year’s 1>)97. 1896. Estimate'. £ £ £ CivilList, &e. 1,9.1,041 1,917.805 2,171,701' Legis’ative ... 10,435 19,178 17,071 Ool. Secret’y Col. Tieasu’r 52,079 49,332 69 34 34,072 89,186 29,407 36,7s: Justice 91,260 123,44; Post & Telegraph 222,748 250,775 385,82i Customs 49,169 ,61,691 73,911 Stamps 14.983 22.548 25,325 Education ... 329,221 332,759 443,505 Lunacy and Charity ... 40,251 43,388 58 277 1 abour 5 057 4 962 6 85! Mines 12,008 11.327 16.il Agricult ire ; 4,312 34,979 57.23 Railways ... 620,989 6)9,094 87!,coi 42,22.' Public Works 26,693 3 ,17o Defeme 43,490 61 568 98.3 T. Police 73 661 81 330 113,525 Lands and Survey 9 i ,616 81,200 109.264 Valuation ... 21,..61 23,14Crown Lancs hates 107 4-7 90(

< VU t • it n m Jkif.liuu t IT red. 11 \ ■: it <.V). lieef H i d. h d. Nov. 23 .. ■j:, ft ]:Uiu '.I 6 20 0 Nov. 3(> 21 “5 (,< o 21 0 20 ft Deo. 7 1 , r .i t VI 'i 2*> 0 .Tat). 4 ] >•'( ! . ! <> ) 21 ft 21 ft Jan 1 ! 2 7 r > m: ■ 22 O 21 ft Jan. 18 .. . 22‘» 22 a •{ ; i 1

We quote: — New Zealand. Superior, soft and bright ... # ••• «£23 0 0 to JQ24 per ton Oond medium. 0 0 to 22 per ton weii dressed ... 21 Pair medium to rodium 20 10 0 to 21 per ton r':,,ir medium lo medium, rather 20 per ton strawy . 19 0 0 to Tow ’ ... 5 0 0 to 6 per ton

E even ■ onib a <■ ndiuEf 3)th November. isos. 1897. 1896. ( W ’ . Cwt <. wt. ' nib Australia ... 736 7 ! 900 ’i To*ia ... 94 10» ■130.429 114,836 «fw South Waloi 21,712 i.0 25 ) 6,437 Xjueen ’and 6 989 1 0 0 — ,Vcw Z aland 63,795 65,890 47.730 187,367 217,722 169,903

Jan. 19. Jan 20. Bank Reserve 1899 1898 £2 2.103.000 J321.8tfl.OfiO Note Circulation ... 26,666.000 27.025,000 Other Deposits 41,116,000 38,885,000 Other Securities Proportion Reserve... 31,762,000 32,541,0 0 to Inabilities 44 80 43 37 Bank Rate 3* p.o. 3 p.c. Market Rate 2 p.o. 2 3-16 p.o. Imperial Consols Ill* 112* N.Z. 4 per cent. 114 114* N.Z. 3* per cent. 107 105* N.Z. 3 per cent. 98f 100| Copper, spot... 61* 49* Tin,spot l"l* 63* Pig Iron 53s 46s Lead 13* 12f German bngar 9s lid 9s tfd Java Sugar 11s 3d 11s 3d Colonial Batter 96s t> 100s 92s t ■ 91s Tops, Common Sixlies 20*d 18*d Tops, Super Sixties... 2l*d 19* d

AustralKiver Tear. asian. Cape. Phte. Total. Bales. Bales. Bales. Bal-s 1889 — 1,385,000 310,000 421,000 2,116,000 1899 — 1,411,000 288,000 317,000 2,016,000 1891 — 1,683,000 322,000 380,000 2 385,000 1892 — 1,835,000 291,000 415,000 2 541.000 1893 — 1,775.000 299,000 414,000 2.488,00'' 1894 — 1,896,000 256,000 443,000 2,595,000 1895 ~ 2,001,000 269,000 513,000 2,783,000 1896 — 3,846,000 288,000 543,000 2 677.000 3897 — 1,834,000 274,000 550, Of 0 2.658,0* 0 1693 — 1,703,000 279,000 555.000 2.537,000

Prict s. Variation. £ B. d. 2£% Imijerial Consols .. til 10 0 10/- higher 4% ixew South Wales 118 5 0 5/- higher 8j% .\ew South Wales .. lOti U ( 10/- higher 8% Now Soulli Wales 90 0 ( 5/- higher 4% Victorian 11 L 0 ( Unchanged 84% Victorian 105 10 0 5/- higher 84% South Australian 8% South Australian 107 0 0 Unchanged 98 5 0 5/- higher 4%Qocensland 110 10 0 10/- higher 84% Queensland .. 104 15 0 15/- lower 4'-/ 0 New Zealand* 114 0 0 Unchanged 8J% New Zealand! 107 0 0 Unchanged 8% New Zealand! 98 15 0 in/- higher 84% West Australian 104 0 0 Unchanged di% Tasmania 105 5 0 Unchanged