COMMERCIAL.

New Zealand Times, Volume XXIX, Issue 4118, 1 June 1874, Page 2

COMMERCIAL.

The Customs revenue collected at the port of Wellington for the week ending May 30, 1874, amounted to £2IBO Ss, Cd. CiniisTcirunoH.—Tlie “Times” of Saturday last reports Owing to the Queen’s birthday holidays and wetfwcather in tho early part of the week, business has been dull as far as the grain market is concerned. Several parcels of wheat have changed second hands at from 4s. 7d. to 4s. 9d., but there are no farmers’ sales of any consequence to report. There is no change in millers quotations far ground stuffs, which remain as follows:—Flour, £l2 in sacks, £l2 10s. in 1001 b. bags, £l3 for 50lb. bags; bran, £0 ss. per ton ; sharps, £7 per ton, with 10s extra f.0.b., in Lyttelton ; oatmeal, £25 per ton. Several transfers of oats from merchant to merchant have taken place at prices withheld. Buyers are offering 4s. 3d. to farmers for prime milling samples only. In barley there have been few transactions, its quoted price is ss. Butter is still in short supply at ll.ld to 12.U1. ; and cheese is ready of sale at Ud. Bacon and* hams fetch Bd. to Bkl. in Christchurch, the latter price when packed in cloth. Potatoes are rising in value, Gss., delivered in Christchurch, being given to farmers by those having export orders to fulfil. No extensive transactions in stock have taken place during the week, business having settled down to the mere supply of the trade with weekly requirements, except a few changes in stores, chiefly caused by the season. At the yards on Wednesday, there was an average show of both sheep and cattle, including a number of the prize animals at tho midwinter show, held on Tuesday, May 2G. The animals submitted to competition were, upon the whole, better than last year, but the spirit displayed by buyers was infinitely weaker, and the prices did not reach the fancy limit which we formerly had to record. The explanation for this, we think, must be sought for in the great change which has gradually and almost imperceptibly occurred in the supply of fat stock fertile Christchurch market. At one time the meat seen in the butchers' shops ranged from inferior to good, and consequently butchers were anxious to secure anything very fine, even at a fancy price, to make a display. Nov/, the case is altered, the great excellence of the meat seen in the shops rendering the display of prize meat quite unnecessary. The highest price made by sheep was 275. Cd. for some very superior Lincolns belonging to Mr. W. B. Andrews ; and in cattle, £l2, for cattle belonging to Mr John Ferguson. For ordinary mutton and beef, we do not alter our quotations of 2jJd, per lb. for mutton, and 2Ss. per lOOlbs. for beef. Otago. —The “Otago Daily Times” of May 25, reports ; —During this week, import houses have found business very dull and unimportant. Coastwise. goods have been going to some extent, and second houses have been forwarding up-country supplies; but town trade has been particularly inert—no results. Bottled ale continues in improved supply—stocks not overdone, but for the current demand sufficient; that demand less eager ; it can be met without difficulty. In brandy, the effect of advices from Melbourne has been some excitement, and a complete stoppage of all transactions meantime. The telegrams to Melbourne from London state that frost had again in a great measure destroyed the vines in France, The consequence has been another rise in Melbourne—Hcunossy’s 1872 quoted at from 9s. lOkl. to 10s.; other brands in proportion. There can be no question of the certainty of stocks here being speedily similarly affected In whisky there is no change to note; medium brands remain in fair enquiry. Geneva has become a little more plentiful, and enquiry continues for low contents JDKZ, prices well maintained. In sugar, stocks arc lessening, the demand being steady and regular. In tea, tho business done during the week has been exceedingly little ; no large transactions, and trade parcels fewer than usual. Oilmen’s stores arc dull. Stocks continue as a whole ample; only Morton’s pickles can be named as iu short supply for the time being, which will not be long, as several parcels are known to be on tho way. In cheese, the market is bare of good qualities ; a slight advance on last quotations is obtained. Batter is still advancing, and held for from Is. 2d. to Is. 3d. In tobacco, favorite brands are slightly firmer, but transactions few. Candles continue as quoted in our last. Kerosene oil is all but cleared out of bond. If stocks arc not speedily replenished, an absolute scarcity may be anticipated. In galvanised iron, the reduction of stocks by even the large consumption going on has not yet been sufficient to secure the rise consequent on the increased cost from the manufacturer.. Fencing wire continues in steady demand, but stocks are over ample. The same may be said of cement. Corusacks are dull, prices receding. Malt is reported as very slightly cased. Hops are in no degree improved. Flour continues at the same quotations, £l2 per ton in sacks, £l2 10s. in small bags, a fair town trade being done. Wheat is, if anything, slightly easier, 'from 4s. od. to 4s. 9d. was our last quotation for good samples. Oats arc at present quoted at from 4s. Id. to 4s. 3d., according to sample. By private advices from Melbourne just to hand, we are advised that oats continue to arrive from Tasmania pretty freely, and may be quoted at from 4s. lOd, to ss. 2d., feeding, and from ss. 3d. to ss. Sd,,good milling. Barley is named as dull of sale, at from 4s. 9d. to 4s. lOd ; Cape sorts, Chevalier, at from 6s. Gd. to Cs. 3d. Large parcels of Californian oats had arrived at Sydney by the mail steamer, which were sold on 12th inst. at Ss. 30d., and bought for the Melbourne mai-kct. Potatoes are scarce in Dunedin, farmers busily empl yed putting in their seed, being unable to afford time to bring them in. General Average. —The Melbourne “Argus” of May 9, says:—ln connection with the subject of general average deposits, the secretary of the Merchant Shipping and Underwriters’ Association, forwards to us a hew form of general average bond, which has been recommended for adoption by Lloyd’s. The circular from Lloyd's states that—“ln the bond commonly used, the accident which gives rise to tho average is assumed and admitted, andean never afterwards bo questioned, however unfounded may he the statement upon which it is made. A second objectionable practice, is that of constituting it an arbitration agreement, referring the average to one firm, without appeal and without power of correction. It is the merchant, and not the underwriter, who is bound by the average agreement; and, as the merchant is precluded from questioning the statement when made up, although ho may bo aware that tho particulars alleged in it have no foundation in fact, he may he placed in the position of having assumed, on behalf of the underwriter, a liability which the latter is not prepared to accept, and which therefore may revert to the merchant—a practice which, in some cases, might operate very seriously to his prejudice. The alterations proposed by the committee being of so simple a nature, and merely designed to obviate an evident evil, it is hoped they may be generally approved and adopted.”! t will be seen that this circular, whilst admitting some of the hardships to which importers have been subjected, docs not touch tho question of deposits to which we have been recently referring.

THE ESTATE OF \V. STAVEET AND CO. (Nelson Colonist.} A meeting of the creditors of S r . Stavert and Co. took place on Tuesday, at which J.ere was a numerous attendance. Mr. Fell attended on the part of several creditors, and Mr. I’itt watched the proceedings on behalf of the trustees. Messrs. Sharj) and JJuckeridgc, the trustees, explained that they had taken stock, and. made it realisable. Their estimate of the estate was as follows :

The deed of assignment had appointed Messrs. Sharp, Buckeridgc, and Beattie as trustees, but the last named had not acted at all, nor signed the deed. Tho question was, whether the two remaining trustees should go on in their efforts to realise tho estate. A rather noisy discussion then took place, and some strong opinions unfavorable to signing the deed of assignment were given ; and questions as to preference payments were put, but were unsatisfied. Mr, Joseph Ward then proposed, and Mr. Hartmann seconded. That this meeting is of opinion that tho estate of W. Stavert and Co., should bo woundup in bankruptcy, and not under a deed of assignment. Mr. Fell thought that this would involve delay in realising the estate, and would propose as an amendment, That the trustees under tho deed be authorised to continue the collection of the book debts, and to hold them until trustees of bankruptcy arc appointed. .Seconded by Mr. If. Davis. This amendment was withdrawn, and another substituted, as follows: Mr. Hartmann proposed, and Mr. Cross seconded. That the trustees take no further action, and the estate be realised by trustees In bankruptcy. On being put, tills amendment was carried by 14 to 12. Mr. Icelanders explained, with regard to tho secured book-debts, that ho was merely a stakeholder in the matter. A dispute had arisen as to whether the proceeds of Dartnail’s sale belonged to the Bank or Fisher’s estate, and he held them until this was decided. The trustees promised they would not oppose any petition to throw the estate into bankruptcy, and Messrs. Fell and Atkinson were appointed to act on behalf of tho creditors. Tho meeting, which had been an animated one, then broke up.

[BY TELEGRAPH.] Auckland, May 30.—Mr. Alexander Saunders reports; Sales—Bright Smile, 107 s. Gd.; City of Londoiij 235. ; Bird-iu-ifaud, 80s. ; Queen May, ICs. ; Cure, 15?. 9d. Buyers—Bank ol New Zealand,, 3505.; National Bunk, Cls. Od.

LIABILITIES. Overdraft at National Bank „ on jnroduce account .. Bills current .. 10,000 ,, unaccepted 500 On outstanding ledger account ,. .. 7,000 Accounts not rendered Total ASSETS. £25,175 Stock, Lcvien’s Bond, secured to Bank.. £2,300 0 0 Land and house, in Bronti street , 1,000 0 0 Land at Collingwood CO 0 0 Bills for collection.. 3,807 0 1 i Sum at credit of realisation of securities account 380 0 0 Dividend from estate T. It. Fisher 300 0 0 Barley in Levicn’s warehouse 2-13 0 0 Standard Insurance shares , 70 O 0 Mosgiel Cloth.Company shares .. 50 0 0 Book debts, secured to James Bclandcra 5,000 0 0 Stock in store, in Trafalgar street . 1,000 0 0 Office furniture . 100 0 0 House furniture , 800 0 0 Horse 20 0 0 Total assets . 15,225 0 1 Deficiency . 9,019 10 11 £25,175 0 0