COMMERCIAL.

New Zealand Mail, Issue 1424, 15 June 1899, Page 44

COMMERCIAL.

FINANCE AND TRADE. • The gold exported from the colony during the past five weeks amounted to 152,123 ounces, and the distribution, according to localities, compared with the corresponding period of last year, shows as follows:

The increase in the output is due entirely to Auckland and Otago. The increase from the Northern goldfields for the five months amounts to 18,483 ounces, not quite 50 per cent., while from the Southern goldfields the increase is 33,821 ounces, or nearly 175 per cent.

Two or three of the life offices of the United States are remarkable for the largeness of their figures, and a ease in point is furnished by the New York Life Insurance Company. Mr T. P. Purves, of Sydney, the general manager for Australasia, has received a cablegram from the vice-president of the company, notifying that on the 23rd May the books showed a sum of 1,000,000,000 dollars (£200,000,000) paid for insurance in force. This, it was intimated, made the New York Life the largest insurance company in the world, and the first to pass this figure in paid-for insurance. This shows an increase of nearly £12,000,000 upon the figures at the close of 1898, and the increase in five months has been almost equal to the whole of the increase registered last year. The message goes on to say that on the Ist March one thousand completed applications were handed tc the home office by the agency department. and that the paid for completed business during March for the United States and Canada was almost £6,000,000, which is also a record. The figures are large, and perhaps only possible under American conditions. The American Life offices are protected from foreign competition within the United States, while they art not debarred from competing in other countries. They have thus the advantage of an exclusive field with a population of 75.000,000, and rapidly increasing. If the figures are big they are not to be wondered at when all the circumstances are taken into consideration, and relatively we should fancy the A.M.P. Society has done quite as well as the New York Life Insurance Company.

The manager of the Australian Tin Mining Company reports as follows, under date 22nd May:—“Australian tin, 16th, new trucks arrived, tram and machinery working well; stone looking well; now crushing with twenty heads; clean up next week.”

The competition for freights in the New York-Australian business continues, and the American combinations seem quite unable to shake off the Tyser line. The New York commission houses who are chiefly interested in the freight war have recently endeavoured to get control of the New York shipments, but with questionable success. It seems that a Sydney representative of the New York Combination has been in New Zealand quoting 7s 6d per ton by sailer and 10s per ton per steamer July sailing, conditionally upon importers shipping unreservedly by vessels of the ring for a period of twelve months. Since then there has been a further development of q, somewhat ludicrous character. The colonial representative of one of the American houses interested in the combination noted above has been in New Zealand offering the same rates of freight for July shipment, but without stipulating for a year’s contract. His method of getting behind the New York combination is to have the indents sent under consignment to himself, and then undertake the distribution. The freight war is affording a comprehensive study in tactics, and this effort of one member of a ring to outwit' the combination is decidedly good, though by no means a novelty in American business methods. Importers, however, are not likely to allow themselves to be trapped into contracts of any kind. Their business is to allow tne parties to fight out the issues or to come to Some amicable arrangement amongst themselves. It is not contended that present freight rates are fair, or that they are desirable; at the same time, to help the New York ring to oust the Tyser line would be disastrous, for the immediate resuit would be an enormous and unwarranted advance in' rates. The export of gold from New Zealand for the month of May, compared with the figures of the corresponding month of last year shows as under:

25,962 100,161 15,444 56,967 For the month there is an increase of 10,518 ounces of the value of £43,194.. 'y Auckland, Greymouth and Invercargill. ~" are responsible for the increase, Northern city particularly. The exports! from Dunedin during the past month w&ggr,.

only 85 ounces, or just about a week’s output of some of the dredging companies in Otago. The smallness of the figures is due to the fact that the bullion is being held back by one or other of the banks to be shipped this month, possibly to San Francisco. The actual yield in Otago last month must run into several thousand ounces, judging by the returns of some of the dredges. The exports of gold for the first five months of the year compare as under with those of the corresponding periods of 1898: .

In the five months there is an increase of quantity of 51,9910 z, or more than 50 per cent, and in value of £204,994. The halfyear ought to show very much better results. especially if the gold held back in Otago is shipped. The export of silver for the past month was 31,6280 z, of the value of £3711, which shows an appreciable improvement on the figures of May of last year. The exports of silver for the five months compare as follows :

The increase shown here is fairly substantial, and is due to the activity m mining in the northern goldfields. Silver is a by-product of several of the gold-mines in the Auckland district. The half-year of the Gear Meat Company closed on the 31st May, and, as was generally anticipated by the . board of directors, the profits have not been as large as they were for the corresponding period of last year. Nevertheless, the directors, at a meeting held this afternoon, declared the customary interim dividend at the rate of 10 per cent, per annum. The yearly report, of the North German Lloyd shows that the company did a more successful business in 1898 than since 1889. There was a surplus from operations amounting to £'328,261, against £555,946 in 1897, and £496,850 in 1896. After writing off £364,466 upon vessels and buildings, against £332,562 in 1897, and £299,008 in 1896, there was distributed in dividends £210,000, against £IOO,OOO in 1897, and! £BO,OOO in 1896. No dividends were paid in 1894 and 1895. Since then the dividends have been 4, 5 and 7 per cent, for 1896, 1897, and 1897 respectively. The increased dividend for 1898 is upon a capital of £3,000,000; whereas the capital in 1897 was only £2,000,000. Besides the large amounts written off for the year just closed, there was set aside £57,374 as a fund for renewals. Nothing was taken for this purpose in previous years. Furthermore, the reserve fund was added to by the sum of £14,348, against £5258 in 1897, £4255 in 1896, and nothing in the two foregoing years. The greater part of the increased earmugs was derived from the business between Europe and Amei*ican ports, the gross receipts under this head having risen from £190,286 in 1897 to £390,269 in 1898, There was also a considerable increase from the subsidised line to East Asiatic ports, the gross receipts being here £159,712, against £115,107 in 1897.

The New York-Australian freight question still continues to interest importers. Messrs Arkell and Douglas, in their monthly report dated April 27th, says:—“Matters continue to drag along, and there appears no immediate prospect of settlement of the present unfortunate position. The United States and Australasia Steamship Company are about loading the steamers Asia and Knight of St. George for Adelaide, Melbourne and Sydney, and the latter steamer may go on to Brisbane. They have on berth the steamship Knight Templar, for New Zealand ports direct, and she is about closing. The American-Australian line have just closed the steamship Newstead for Adelaide, Sydney and Brisbane, and will load the steamer Adana to follow, leaving about the Ist June. The rates continue nominally 15s for Melbourne and Sydney, and 22s 6d for Adelaide and Sydney. There will be another steamer placed on the berth very shortly for New Zealand ports, probably to sail early in June. We again call the attention of our friends in Dunedin to the fact that steamer bills of lading can only be taken out at the regular rate to Port Chalmers. If they desire bills of lading to Dunedin wharf they will have to pay 7s 6d extra cr tranship the goods at their own expense. The rate to New Zealand ports remains nominally 15s. The Tvser opposition continues. _ They are advertising the steamship JLismore for their next sailing, and she is expected about the Ist to 10th June. They use the name of the steamship Toto follow, leaving about a month ; but it is, of course, again doubted, as to this steamer coming out, as they have persistently advertised her as "a dummy, and then substituted a

small boat. This is likely to be their action again. Their rate, as far as we know, remains nominally 15s to both Australian and New Zealand ports. We again call the attention of our friends to the fact that their steamers stopping at Melbourne and Sydney, and being slow boats, only land their cargo at New Zealand ports after a long interval of time, and to the latter ports the time is so great that delivery by sailing vessel direct is much quicker. The steamers of the United States and Australasia Steamship Company' and the American-Australian Line go direct to New Zealand. Messrs Tyser and Co. have lately claimed that they have been backed in their venture by other important shipping interests, making their service likely more stable and permanent, and there may be some credit to be given to such rumours; but we do not attach any great importance to the issue, as we doubt if it will be possible for them to do very much more in the future than they have in the past, and send a boat with intervals of say forty to fdty days, unless they are prepared to lose very much more heavily than they have been doing.

The critical state of affairs in the Transvaal, with the probability that stern measures will have to be resorted to on the part of Great Britain, has, as might have been expected, had a depressing effect on the South African mining market. Mail advices show that early in May the Kaffir section of the London Stock Exchange was adversely affected through the politioal complications that were then manifest. In two successive days the shares of the more important Rand mining company dropped several points, and as the tension has continued pretty well up to the present, the further decline in the market reported by cable must be taken to mean a very appreciable fall in values. During the past twelve or fifteen months the output, of the Rand mines has been phenomenally large, the increases, particularly during the past six months, being most marked. The output could bo very considerably increased were it possible to work the poorer mines, but unfortunately the cost of working has been made prohibitive through certain monopolies, especially the dynamite monopoly. The industry, though developed by British capital mainly, has been considerably harassed, and the progress that has been noted has been made in spite of oppressive legislation. The failure of the Milner-Kruger conference, and the apparently bellicose attitude of the Boers, together with the fact that Mr Chamberlain is determined upon strong measures being adopted, if such become necessary, leave no room for any hope that a pacific solution of the difficulty will be arrived at. Though the British are well prepared for the struggle, and must eventually triumph, the set back to the mining industry of the Rand will be very serious. And there is a danger also that the closing down of the Rand mines, which must inevitably follow tipon the declaration of hostilities, will adversely affect the London money market. South Africa is the principal contributor to the world’s yield of gold, and to dam up this source of supply just now, even for a few months, would be very inconvenient. London will have so much less gold to handle, and to protect her own reserve stock against the demands of foreigners, the rates for money must be advanced. The developments in the situation during the next few days ought to be full of interest.

The probability of a war in South Africa is not without interest from a commercial point of view. To prosecute a successful campaign against the Boers it is estimated that from 20,000 to 25,000 British soldiers will be needed. The victualling of the troops in a country that has had its flocks and herds decimated by rinderpest will be an interesting problem for the Commissariat Department to deal with. There ought to be an excellent opportunity for the colonies to supply the beef and mutton that will be required. The war then, if the crisis should termiriate in a war, ought not to be without some advantages to New Zealand.

With regard to the litigation in which the Equitable Life of New York is involved, and to which reference has been previously made in this column, “Bradstreet’s” of the 6th ult. says: —“This was a case in which a policy holder in a mutual company, whose endowment policy matured in May, 1897, sued to recover what he calculated would be his share of the net surplus declared by the company at the end of the preceding year. The case came up on a demurrer by the company at special term, where judgment went against the policy holder, but upon appeal this decision was reversed by the Appellate Division. Tho Court held, in its opinion, that when tho company has once determined what tho surplus is, it must, under such a contract as that embodied in the plaintiff’s policy, make an equitable distribution, not of a portion of the fund, but of all of it. There seems to b some confusion as to the exact scope of the decision, it being given in some quarters a more sweeping construction than seems to be of it. There seems to be some confusion tion on the part of the officials that the suiqilus in mutual companies belongs to the policy holders, but there remains the question how it shall be divided, and when, which cannot be set at rest until

after the case lias been heard on appeal by the State Court of last resort.”

The conditions of labour in Great Britain continue to be highly favourable. In February the wages in several industries were increased, and in March a further advance was reported. According to the “Board of Trade Journal” changes in the rates of wages of about 331,200 workpeople were reported in March, of which number 329,850 received advances averaging 9>d per head, and 1350 sustained decreases averaging 3d per head. The net result was an increase estimated at about per head in the weekly wages of those affected. The increases were mainly in the mining industry (204,808), iron and steel manufacture (43,025), and textile trades (75,164). Changes affecting about 1200 work-people were preceded by disputes causing stoppage of work ; changes affecting 167,000 work-people were arranged under sliding scales, and the remaining changes, affecting about 163,000 work-people, were arranged by direct negotiation between employers and work-people, or conceded voluntarily by employers.

A short time ago a petition was presented by the debenture-holders to the committee of the London Stock Exchange, requesting it not deal or quote any of the New Zealand Government securities, by way of retaliation for the seizure of the Midland Railway. In answer to this the Hon W. P. Reeves, the Agent-Gene-ral of the. colony, published a letter in the “ Times ” defending the action of the Government. Messrs Ashurst, Morris, Crisp and Co., the solicitors for the de-benture-holders, have replied to Mr Reeves, and copies of their letter have been widely distributed. The solicitors contend that “ the true issue between the Government and the debentureholders, as raised by the petition referred to by Mr Reeves, and apart from any purely legal question appears to be : Can the New Zealand Government equitably, without either compensation to the debenture-holders or the recognition of their mortgage, appropriate some eighty or ninety miles of railway in the colony which has been constructed mainly out of money provided by the debentureholders, and has been mortgaged by the company to the debenture-holders.” The moral aspect of the question is not worth discussing until the litigation now pending is disposed of.

The importance of the refrigerator is now fully acknowledged, and it is not surprising, therefore, that literature treating specially of the subject should make its appearance. By the last mail there came to hand a monthly magazine entitled “ British Refrigeration and Allied Interests.” In the first number there are several articles bearing on the trade in New Zealand. The paper is well illustrated and attractively got up, and the annual subscription is only ss. The first topic goes to show that such terms as “Canterbury,” “Sydney” and “North Island” are classifications of quality. The article reads:—“We must point out that all Australian, and even all Sydney mutton is not what is known as Sydney mutton, although, for certain trade purposes, some of the better Australian mutton may be classed as New Zealand, just as the best Otago and Hawke’s Bay mutton is for certain purposes classed as Canterbury. So long as such rough classification serves the convenience of the trade, it will be used in spite of protests, and it should be said in its excuse that it does not involve direct injury, nor serious deception to the purchaser, the' tags being left in the carcases. The reason lies in the quantity from a particular place being insignificant, and the only remedy then is for the aggrieved localities to produce a sufficient quantity of a standard quality to establish a class of their own.”

Messrs Freeman R. Jackson and Co. report of their Wanganui sale as follows : Store cows were in better demand. Sheep sold irregularly, and lambs, quality considered, were at better values. Store wethers, on the whole, were rather easier, though in some instances better prices were obtained. Forward and stoi'e ewes were Is easier. The following are the quotations: —Cattle.—Forward bullocks, £4 11s ; fat bullocks, £5 10s 6d; fat ewes, £3 to £5; store cows, 32s 6d to £2 10s; milch cows, £2 10s to £4 3s 6d; springing heifers (small), £3 6s; weaners, 21s to 275. Sheep.—Choice two-tooth wethers, 13s 3d; store wethers (good sorts), 12s; mixed lambs, 7s 8d to 8s 2d; ewes (in lamb), 8s 2d; forward ewes, 8s 6d to 9s 3d ; mixed two-tooths (small), 8s 6d.

At the Masterton saleyards on Thursday some 8000 fat, mostly wethers, and 12j000 store sheep were penned. Fat sheep met with good demand, every line selling at advanced rates; stores met with a slight ©heck, except in wethers, which still maintain their values. Cattle yarded numbered 250, nearly all of which were saleable sorts, and met with ready demand, prices slightly improving. The following are the prices realised : —Best heavy wethers, 18s and 17s 6d; freezers, 16s; forward store wethers, 13s 6d, 13s, 12s 9d, 12s 6d; a line of 200 very forward wethers made 14s; merino wethers, 7s 9d; store ewes, 8s 9d to 9s lOd; lambs, 10s 7d, 10s, 9s 6d, 9s 3d, 8s 6d, 8s 3d, Bs. In cattle—Fat cows, 90s to 100 s; steers, 85s to 121 s ; store bullocks, 72s 6d to 90s; young steers, 47s to 70s; cows, heifers and dairy stock sold freely at an advance on last sale’s prices. No better opportunity of establishing, a direct and profitable trade between this colony and South Africa has been

offered .to ow exporters tßan is now made available by the extremely liberal proposals of Messrs F. W. and P. Hudson j, of Sydney, who are largely interested in the Cape tx*ade. The idea of finding, an outlet in South Africa . for pur food products has long been ehtprtpainedj and various efforts have been made to establish connections, but the Question of transit has so far been an insurmountable obstacle. Early m the year a Mr J. J. Stephenson, of Cape Colony, brought the matter very forcibly before the Dunedin Chamber of Commerce, and this body in turn approached the Government, and Mr Seddon promised to make inquiries among the shipping companies on the subject of freights Mr Stephenson, however, appears to have succeeded in inducing the Messrs Hudson to take up the matter, and there is now before tbe colony a definite and liberal offer, which ought to be taken up with as little delay as possible. According to Mr Stephenson, this firm is willing to run a direct line of steamers monthly from New Zealand to all the South African, ports, including Beira and Delagoa Bay, provided the New Zealand merchants will guarantee 20.0 tuns monthly in the refrigerating hold, at the following rates:—Frozen meat, butter, et'c. (all descriptions), -}cl per lb; ordinary cargo, £2 per ton. Messrs Hudson besides offer to New Zealand the option of taking up one-fourth of the capital; viz., £SOOO, in erecting cool storage chambers at Capetown. The De Beers Diamond Mining Company, of Kimberley, have taken up £lO-000, the Capetown merchants £SOOO. The cap-

acity which will be given to New Zea-

land for the subscription is 10,000 cubic "feet.' Mr Stephenson further states that there is not the “ghost” cf a chance of getting the only two companies at present trading between Australia and the Cape to call at New Zealand.

" The offer is unquestionably a good one, and it will be surprising indeed if South Africa cannot absorb 200 tens of our perishable produce monthly. And this is all that New Zealand is asked to guarantee in the'way of cargo. Frozen meat, butter, cheese and poultry are all wanted in South. Africa, and timber, Wheat, flour, jam, biscuits and such commodities would also find a ready sale. Horses also are -wanted there. But this new outlet is particularly wanted for cur frozen meat and butter. Year by year larger quantities of both commodities are being sent to London from various countries, and prices are steadily declining. Another outlet would relieve the London market, and help to harden prices. It will be many years before South Africa will have recovered from the effects of the rinderpest, consequently for some time to come there will be an excellent demand for the meat and butter that we can Send there. The' fact that the De Beers Diamond Mining Company is Helping the movement in. a substantial banner 1 is a point in its favour. Mr 'Cecil Rhodes is a director of the De Beers Company, in which he has large interests, and as he is also the moving spirit of the Chartered Company,, we may lie tolerably certain that facilities ‘will be found for extending the . trade tb Rhodesia. .From Delagoa Bay we edn' reach the South African Republic, Where -cool-storage accommodation . exists, 7 or is being provided, a concession having been granted by . President ICiugeir 3,t0 Mr Greenstreet, who formerly rtejitosehted the Haslani Company, in thisf-6ity. BeirS/tin Portuguese East Africa,' is connected by railway with Rhodesia, and we believe there are cold stores at jßeira. The profitableness .of The trade is proved by tbe fact that front Sydney and Melbourne two lines of steamers run regularly to South African ports, and'what is more, not a little of their cargoes is made up of New Zealand,jaroduca., The various Chambers of Commerce'arid the’ leading firms are being communicated with by the Gov"erHment' in, the. hope that united action Avill be tqkan and the. offer ,cf Messrs Hudson'td establish a direct steam service be accepted. It would also be an excellent thing if the fourth share of the cool storage chambers were taken tip by Now Zealand; and even if the £SOOO cannot be found privately, there would, we think, be some justification in the Government finding the money, 'the precedent for which was established a year or two ago, when £2OOO was voted for the extension or prevision of cold stores at the London docks.

V There has been a marked difference in the reception accorded to the flotation of Whiteley’s and the Japanese loan of £10,000,000. The success vrhicli attended , the Lipton float,, respecting which a goodi deal was written at the time, .no doubt influenced the public in supporting Whiteley’s. At any rate, the company was boomed in the same mariner, as Lipton’p, and for months past paragraphs appeared in the financial papers reporting that thousands of pounds were,being sent in every day )as deposits by persons eager to obtain allotment of shares; of the overwhelming pressure of new' customers in this or that department to get their names on the books, and similar paragraphs. This booming was no doubt necessary to gull the public'into paying a heavy ■price for goddwill, which appears to have been done. The successful applidanis;' will) without doubt, turn over their sdrip dt a handsome profit.

The Japanese loan was under negoti-

ation as long ago as March last, and the amount required is considerably more than the sum applied for in London during the week. Altogether Japan requires to borrow for public works of one kind and wither 104,059,1/50 yen, or say £20,000,001) but the finances of Japan are m an unsatisfactory state, with no immediate prospects of the accounts balancing, and it is no wonder than that the British investor should have held off. Ihe set-back given to Japan in this matter will probably deter Russia, who is now seeking the aid of the London money market.

The condition of the London meney market, as shown by tbe cabled figures, is still one of uncertainty as to the immediate future. The reserve of the Bank of England has been strengthened and there has been an influx oi metal, but the other deposits have decreased by a substantial sum, a feature that is also to bo noted in the other securities.” The open market discount rate lias advanced Is 3d per cent and the margin between bank rate and market rate is reduced to 16s 3d. A significant movement is to be noted m the Stock Exchange prices for gilt-edged securities. Imperial Consols have dropped 30s, and the present quotation of £IOB 5s brings them down to very nearly the lowest level that was touched during the Fashoda crisis. It would bo difficult to give a satisfactory explanation for this marked decline, unless it is assumed chat the depression in the Kaffir mining market lias spread to the other markets, Possibly, .the prospect of war with tho South Airican Republic has directly affected the market, or it may be that the suspension of the annuities by tbe Chancellor of the Exchequer has eased otr the demand for consols; but the heavy fall will not support this view. It appears to be the result of a war scare. All colonial securities, with the exception of New Zealand 3 per cents., are lower. The metal markets are firm, with very little variation in prices.

Messrs A. G. Taine and Co. report of Saturday’s horse sale as follows : The entry and attendance were an ayeicgo one. Aged, light and medium horses sold at £9 10s to £8; inferior horses, £5 to £3; crocks, 10s to I3os. A good demand exists for young, active horses, with trials, and a few really first-class draughts are also asked for. The Wellington Stock and Sharebrokers’ Association reports on the sharemarket for the week ending 10th June as follows: Business. Sellers. Buyers.

Members'of the Association — Barr, Leary and Co. E. Laery A. T. Bate D. T. Stnart E. Bucholz A. G. Taine and Co. Harcourt and Co. Turnbull fy Watkins James Henderson L. H. B. Wilson B. W. Kirkby LONDON, Friday. The wheat markets are dull, the cargoes of Australian afloat being held for 29s 6d to 30s per quarter. Parcels for shipment are quoted at 27s 3d. The sugar market is dull. German beet, 88deg., l£d higher at 11s Hd per cwt; Java cane, No. 15, D.S., higher, at 13s per cwt*

LONDON WOOL SALES.

The Bradford top market is quiet. Common sixties are ’ d higher at 244 d P er lb ; super sixties, Jd higher at 261 d. The demand for colonial rabbits is dull at Bid. Copper is firm—Spot, 7s 6d lower, .at £75 12s 6d per ton; three months’, 7s 6d lower, at £75 12s 6d. Tin is steady—Spot., 30s lower, at £ii/ 2s Gd per ton; three months’, b os lower, at £ll7 17s 6d. ' Pig iron—Glasgow warrants, No. 1, easily lid higher, at 64s 9d per ton f.ob. in Clyde. Lead—Soft foreign,,unchanged at £l4 2s Gd per ton. Spelter, £27 12s Gd per ton. The current price for bar silver is /s 3 3-16 d per oz. The Bank of England return issued for the week ending Wednesday, 7th Juno, is as under :

The market rate of discount for best three months’ bills is 1-16 higher, at 2 3-16 per cent. The Bank of England rate is 3 per cent., as against 31 per cent, on the 19th January, 4 per cent, on 13th October, 3 per cent, on 22nd September, and 21 per cent, on 30th June. The" following are the latest quotations for consols and colonial inscribed stocks, and a comparison with those ruling last week:

payable in May and November, tlnterest payable in January and July. payable in April and October. WESTPORT, Sunday. The coal export for the week ending June 10th was 5340 tons 15 cwt, and was shipped as follows : —Westport Coal Gampa ny, 4399 tons 7 cwt; Cardiff Company, 941 tons Bcwt. .. . GREYMOUTH, Sunday. .... The exports for the week are:—Blackball Company, 1155 tons 15 cwt. coal; Brunjrer, 1998 tons 19 cwt. coal. RKEFTON, Sunday. The gold returns are reported: . The Progress mines, 14380 z gold from .3726 tons spoil; Big River mines, 345 iz gold from 255 tons ; Keep-it-Dark, 50 tons of tailings were treated by cyanide, and returned 2350 z of gold. The Bu 1 er dredge gave 28oz 14dwt of gold for 253 hours’ work. AUCKLAND, Sunday. . The state of the share market is improving. , The following transactions arc reported:—Sales—May Queen, 8s to Ss 2dMoanatairi, 4s 9d; Talisman, 14s Gd ; Bunker’s Hill, 2s 2d to 2s Gd; Union Oil, 21s 6d. Buyers—May Queen, 7s lid ; Moanatairi, 4s 6d : Alpha, 4s 8d ; Crovn, 13s 9d; Komata Reefs, 3s 3d; Talisman, 14s 4d; Ohinemuri Syndicate, 4s Gd; Silverton, 13s; Waitekaurf, 46s Gd: Woodstock, 7s; Bunker’s . Hill, >s 41; Four-in-lland, 2s 9d.

A MANIFICENT OPENING. FEVERISH EXCITEMENT, AND BOTH MERINOS AND CROSSBREDS RISE SPLENDIDLY. (From Our Special Correspondent.) LONDON, May 5, 1899. Such days as these are to be seen but about once in a lifetime, hence everybody must see wliat they are like. And so it was that a record number left the various centres of industry to be ready for the opening of the third series of London wool auctions. From Yorkshire particularly a big contingent of buyers arrived “ red hot” for the fray. The Continent likewise showed up almost to a man, and as one wulked rouud the wool lofts valuing, it was frequently observed that an extraordinary number bad turned up for the opening day. And so it turned out. As four o’clock drew near, Coleman street Wool Exchange filled so quickly that it was almost impossible to stir, and excitement almost ran wild. “ What would the advance be ?” was the question on everybody’s lips, and very shortly we should see. Quite unlike the great majority of sales, this opening day saw no hesitation whatever, From the very first lot bids were given with extreme animation, and

there *!vas no holding back. The utmost fervour and animation pervaded the room. Buyers were almost wild with excitement, ■and did not dwt 1 ; to give Id to Id over and above their values. As many spectators said, they thought that this was the last wool there was in the world, and men were going about naked, judging by what they saw in that, room. But buyers knew what it meant, and they felt that they must have "all on” if they were to get wool. But the rise that, soon became established was splendid, and briefly tabulated is as follows:

Australian good shafly greasy, 20 per cent, advance. Australian medium, wasty, 15 per cent, advance. Australian good scoured?-, 20 pev cent, advance. New Zealand fine crossbreds, 15 per cent, advance. New Zealand medium crossbreds, 10 per cent, advance. New Zealand coarse crossbreds, 5 per cent, advance. All South. African wools, 15 to 20 per cent, advance.

Since the open;'-g, the advance has been fully maintained, and competition is terribly keen. All sections are buying. Sold by Messrs Charles Balrne and Co., May 2nd: LB joined: 7 grse crossbed com, Cpl. DV: 4 grse cro&sored corn, sj[d. Brookleigh: 8 grse crossbred com, 6d. KaII : 2 grse crossbred eom,.6|d. JH joined over PN: 12 grse crossbred com, 6jd. JLL: 5 grse crossbred com, s|d. SM: 7 gree crossbred com, 6|d. HRM ever NZ: 1 grse crossbred com, sjd. Hat: 1 grse crossbred lamb, Gd. Fuketotara: 2 grse crossbred com, sd. 'i'S over P: 4 grse ci’cssbred com, 6d. Half moon over Wairakau: 3 grse hgts crossbred com, s|d. IJ: 8 grse hgts Ist crossbred com, 63 <L 5 do do 2nd do do, s|cl; 4 do Ist do do, 53d; 4 do 2nd do do, s.jd; 5 do do do, s|cl. IR over MW: 7 grse crossbred com, 7d. KJ: 2 grse crossbred com, 53d. FRMcB: 9 grse hgts crossbred com, 6d; 9do do do, sjd; 2do do, 43d. EL over S: 4 grse crossbred com, s£d; 6 grse hgts do do, Gld. PO: 2 grse crossbred com, 5Jd. VAP: 4 grse crossbred com, 5Jd. Two anchors: 3 grse crossbred com, 53d. O.vhanga: 12 grse crossbred com, s)d. AWP over Grail Bay:3 grte crossbred com, Gjd. EM: 6 grse crossbred com, s|d_. B over 30: 2 grse crossbred com, 53d. JEH ever Cecil: 6 grse hgts crossbred com, 53d; 4 cio do do, sfd. W over TH: 5 grse crossbred corn, 6-Ad. Heart; 5 grse crossbred com, 63d. WSG in circle: 8 grse crossbred com, s|d. W: 10 grse crossbred com, 6d; 2 do do dead, Gd. Jx: 2 g rossbred com, 53d. AES: 3 grse cr. sabred com, 53d. Te Rata: 10 grse crossbred com, 5;-d. JB joined: 7 grse crossbred com, 53d. 7C: 5 grse crossbred com, s:jd. UN: 2 grse crossbred, 42d. WFCALd over C: 1 serd crossbred com, 8d; 2 do do do, 8d; 1 do do, cio, 7d; Ido do locks, 6d. All these clips were wasty and coarse in quality, being not more than 36's. Too coarse for to-day’s needs.

Sold by Messrs Buxton, Ronald and Co., same day: RIVERSIDE: Grsy, 19 crossbred hgts, 7d; 31 do, 7d; 8 do, 7d; 6 do, 63d; sdo bellies, 53d; 2 do locks, 3Xd; 11 do lam'ba, 7i:i. Average clip throughout. KK: 19 grsy crossbred, 71 d. WH: 23 grsy crossbred, 6fd. X over CC over X: 14 grsy crossbred, 73d. TR; 6 grsy crossbred, 7;)d; 24 do do, 7d; 2do do pcs, sd. LONGBURN: 15 slipe Ist crossbred com, 7|d; 15 do do Lincoln do, 7d; 26 do do Lincoln, 63d; 9do do do, 71 d; Washed. 4 crossbred com, 6d; 4 do Lincoln, Lincoln, 53d; 3 do com, 5Jd; 2 crossbred skin pcs, 53d; 2 do pcs, 43d. DK over BLUE GLEN: .52 grsy merino, lid; 7 do do, 9d; 4do crossbred, 9-3 d. This last clip was good, especially the first lot. Good quality, clean and smart. ■ VIEW HILL j 11 grsy com merino, lOd. The 11 bale lot was snapped up quickly. Increase the quantity. Three legs over UTU: Grsy. 6 A com, lid; 30 do do, 10£d; 12 B do, lOd; 5 C do, 9d; 4 Ist, 93d; 2 do, 9d; 6 pes, lOd; 22 do, 93d; 5 halfbred, FI d; 2 B do, 9d; 2 do, 9d; 3do pcs, 7|d. This was a firstclass clip, and sold quickly. Good quality and growth. The wool situation in the Home market is altogether one-sided and extremely difficult. Both dealers and users have practically their hands tied to their back owing to the absence of all stocks of merinos, and prices are such as to make spinners look on with a good deal of caution. But there is now no- mistaking the fact that fine wools are in an exceeding strong position, and better still, going to be. Although prices are soaring so high, yet the cherished "half-crown” for 60’s tops is kept steadily in view by topmakers, and many firmly believe that figure will be touched. During the past week real actual transactions have not been on a very large scale, but this much can be said, users are quite disposed to operate at late current values. The feeling is now general even on the part of conservative spinners that values for merinos cannot be lower this year out, consequently there is not that timidity and fear about values slumping that there was two weeks ago. It is satisfactory tp note that an increase of confidence will bring additional strength and force into the market, and this is evidently growing. There is an extraordinary amount of interest centred around the opening of the London colonial wool sales, and it is recognised here that a firm show will do a good deal for this market. The only comment that can be given upon the market for crossbred wool is that the better feeling is continued, but only on the finest grades, such as Downs, ‘together with Irish demi-wools, can an eight more be obtained, while on the best qualities an occasional farthing is obtainable. Everything points to more attention being given to crosbreds, both Home and colonial, owing to the dearness of merinos. There is also a good move in mohair—quite a little boomlet. Turkey qualities are most affected, Cape stock hardly being fine and long enough, while the rise is about 2d per lb. Yarn spinners are handicapped, not so much for the want of work as in prices. Some spinners have raised their rates as much as 6d per lb during the past month, and even then they will not accept orders only for very moderate amounts. Manufacturers are likewise busy, and generally a good trade is being done.

Five Months, , 1899. Five Months, 1898 oz. £ oz. £ Auckland 65,181 241,205 46,701 171,411 West Coast 32,783 129,156 32,948 131,795 Otago 54,144 218,309 20,323 81,920 Canterbury 12 49 — — Marlborough — — 160 597 152,123 588,719 100,132 385,723

May, 1899. May, 1898. oz. £ oz. £ Auckland ... , 21,177 81,024 9,520 33,266 Westport ... 536 2,144 1,276 5,105 Greymouth .. . 1,519 6,074 590 2,361 Hokitika , 1,487 5,947 2,511 10,045 Dunedin 85 340 1,208 4,834 Invercargill 1,158 4,632 339 1,356

1899. 1898. oz. March ciuar- £ oe. £ ter ... 92,818 360,049 69,468 271,810 April ... 33,343 130,509 15,220 56,948 May ... 25,962 100,161 15,444 56,967 152,123 580,719 100,132 385,725

1899. 1898. oz. £ OZ. £ January . .. 34,234 4,U05 18,177 2,202 February . .. 20,753 2,448 12,311 1,420 March .. 30,514 3,357 22,047 2,415 A pril .. 22,101 l.d55 19,796 2,210 May ... 31,628 3,711 29,969 3,361 139,230 16,076 102,300 11,608

<£ b. cl. £ Banks — s. d. £ s. d National — 2 9 6 N.S. Wales ... — 37 10 0 37 0 0 Union ■ — 1 Financial — '— 27 0 0 Equit. B. and I. ... — Metropol. Building 12 — 7 12 6 (£10 paid) ... — N.Z. and Biver Plate Land 0 0 — 0 Mortgage ... • — — 1 1 Wei. B. and I.... — Wellington Trust and 7 15 0 — Loan ... ; ... — Gas— 6 16 0 — Auckland (£5 pd)... — 14 0 0 — (£3 10s paid) ... — 10 18 0 — Feilding ... ... — 1 1 0 — 0 Gisborne — — 1 19 Palmerston N. ... — 3 0 0 — Thames — Y/ellington (.£10 1 18 6 — paid) — 16 17 6 — (£5 paid) ... — Insurance — 8 9 0 — National — 0 17 6 — 0 N.Z. Accident ... — —. 1 10 New Zealand ... 3 5 4 — 0 South British ... — 2 15 0 2 14 Standard — Meat Preserving— Cantb’y Frozen 0 13 G Meat Co. ... ... — *— 9 5 0 CIPch Meat ... 11 0 0 11 Gear Meat (=£10 pd), 5 0 10 17 6 cum ... ... ' — Gear Meat (<£4 pd), 21 0 0 — cum 8 5 Wei. Meat Ex0 8 5 0 — port (,£5 pd) ... — Bail ways and Shipping 7 8 0 — Man. Bails ... — 0 19 3 0 18 6 N.Z. Shipping ... — 5 2 C — 9 North. Steam Ship — Woollen Manufacturing Wellington Woollen 0 8 3 0 7 Co. (old issue) ... — (new issue, £2 5 1 6 — 15s paid Coal— 3 6 0 — Hikurangi — 0 9 0 — Taupiri — 1 0 6 0 19 6 Westport — Miscellaneous — Milburn Lime and 3 4 6 Cement (.£10 pd) — 1 5 0 — 0 N.Z. Drug (£2 pd) — — 2 11 (£1 10s pd) ... — — 1 17 0 Sharland and Co. — — 0 10 3 Wei. Opera House — Goldmining— 3 5 0 — Talisman 0 14 8 — Magnetic Dredge 3 10 Dnnstan L e ad Dredge, prem., Is 10|d, 2s l£d, 6 3 and ..✓ ... 0 2 4 — 0 2

Note issue Issue L'r.rAitTMi.NT. £‘15,000,000 Gov debt £11,015,000 0;her seem ities 5.765.0C0 Geld.. 28,250,000 £15.050,000 - Banking Department. £45.056.000 Pr’priet’rs’ eapitf.i.. Gov. securi£14.553,000 tits £3 3,363,000 Other se33.265,000 pes ts .. " 10 083,000 cuntn s .. Rotes 17,221 COO pcsit3 .. 37,372,000 Com .. 2,310,000 Rest. 7-day - and other bills ... 3 25i,000 £00,164,000 £66,164,000 The leading items of the Bank of England return afford the following comparison: — Last Ls st We?k. Year. £ £ £ Bullion .. 28 256 000 23.050 000 34.542.000 Reserve .. 10 531,000 10,121,000 27,336 ( 00 Note circulation . . 27,£92,000 27,820,000 27 459,000 Deposits . .. .. 48 300,000 49,243,000 55.415,COO Proportion reserve 49 18 to liabilities .. 40*25 33 78

- Price. Variation. j£ S. a. 23% Imperial Consols ICS 5 0 30/- lower 4 % New South Wah s 117 0 0 50/- lower 34% New South Wales 103 0 0 Unchanged 3~% New South Wales 100 5 0 10/- lower 4 % Victorian 111 10 0 45/- lower 3J% Victorian 105 0 0 45/- lower 34% South Australian 103 0 0 Unchanged 3 % South Australian 93 10 0 10/- lower 4 % Queensland 111 0 0 40/- lower 34% Queensland 107 0 0 Unchanged 4 % New Zealand* .. ..113 15 0 Unchanged 34% New Zealand 1 .. ..'107 0 0 40/- lower 3 % New Zealand! .. (17 0 0 5/- higher 3\% West Australian 105 0 0 Unchanged 34% Tasmanian 100 0 0 20/- lower