COMMERCIAL.

New Zealand Times, Volume XXIX, Issue 4231, 12 October 1874, Page 2

COMMERCIAL.

The amount of revenue collected at the Customs during the week ending Saturday, October 10th, was £2OIO 13s. 9d. LONDON MARKETS. The New Zealand Loan and Mercantile Agency Company, of London, in their circular dated the 26th August, say ;—The mails which left Now Zealand in July have not up to this date reached this country. We learn by telegraph that they were five days late in .arriving at San Francisco, but intelligence has not yet come to hand of their having been despatched from New York. Our latest dates, therefore, are those received via Brindisi on 3rd instant, viz., Sydney 12th : Melbourne IGth : Adelaide ISth : and New Zealand Sth June. By telegraph we have an outline of the Financial Statement made by the Hon. Julius Vogel, Premier and Colonial Treasurer of New Zealand, from which it appears that the revenue of the past year had exceeded that of the previous by £300,000, an excess equal to 20 per cent., and that the budget showed a surplus, after defraying all liabilities, of £200,000. We wait with interest fuller particulars of the speech. Concerning the position of trade in this country, we have not much to add to our report of last month. Ironworks generally are fairly employed; but throughout the mining districts either wages have fallen, or notices of reduction have been issued to the colliers. The colliery-owners of South Wales have decided to reduce wages 10 per cent, on the Ist proximo, and those of South-west Lancashire have resolved to adopt a similar course to the extent of 15 per cent. The terms have not yet been acceded to by the men; but in some instances a reference to arbitration has been agreed on. No doubt the abundant harvest, with the consequent cheapness of bread, will tend to make a return to old rates of wages less difficult than it would otherwise be; but probably a considerable period will yet elapse before the adjusting process is completed, and contracts can again be entered into on a satisfactory basis. The monthly returns of the Board of Trade show a decrease on the figures of July, 1873, in the totals of both imports and exports. Of the latter, the figures are respectively £21,142,002 for July, 1874, and £22,957,404 for same month of 1873. representing a decline of nearly S per cent. The difference is owing more to a reduction in prices than in quantities of our manufactures ; the principal item to which this remark applies being, as might have been expected, coal and patent fuel, the exports of which were 1,302,669 tons, valued at £1.087,831 as compared with 1,181,622 tons valued at £1,215,027 in 1873, an increase of more than 10 per cent, in quantity concurrent with a decrease in value of about ll£ per cent. Iron and steel and textile manufactures exhibit more or less decrease on the figures of the corresponding month last year, while silk and jute manufactures have increased ISJ and 29 per cent, respectively. For the seven months ended 31st ultimo, the statistics show a falling off in value amounting to G§ per cent. The imports for the past month show a decline of G'G per cent, on those of the same month in 1873, while those for the year as far as 31st July have increased 1.8 per cent, in comparison with 1873. The variations from month to month being greater under this head than under that of exports, comparisons for short periods cannot so well be instituted, but bearing in mind the decrease in the value of raw material which has occurred during the last few months, these figures cannot be considered unsatisfactory. Money. —The firmness which we recorded in our circular of 2Sth July resulted in a rise in the Bank of England rate to 3 per cent., on the 30th idem. This step was taken chiefly to stop the efflux of foreign coin, which as we have already stated had been proceeding on a very large scale, the stock of bullion having shown a reduction of £717,747 during the week, of which £GIO,OOO had been taken on balance for export. The measure proved insufficient to arrest the flow of gold for the Continent, the Paris Exchange continued to fall, and further heavy withdrawals took place, so that when the returns of Sth August were issued it was found that the bullion department had suffered depletion during the week to the extent of £938,379, of which £595,000 was for export and £343,000 for the Provinces, an increase of £027,000 in the note circulation contributing to reduce the reserve to £9,208,074, Under these circumstances a further advance on the Gth instant to 4 per cent, excited no surprise. The effect was immediately such as had been desired, the Continental exchanges became firm, and the demand for bullion for export ceased. Simultaneously advices being received of shipments of gold from New York, our open market rates fell to from § to £ below the official minimum. The weekly bank returns published on 20th August showed an increase of the reserve to £11,051,593, being in the proportion of 47 per cent, to the liabilities (£23,519,326) whereupon a reduction in the rate of discount to 34 per cent, was announced. This movement is considered by some authorities to have been inexpedient, the reserve being now more than two millions sterling less than at this period last year, and in their opinion sufficient margin is not allowed for unforseen contingencies, such as the American panic, which at that time caused a rapid rise to high rates. Stock Markets. —These markets, influenced by the ease in the money market, have continued jto show the improvement already recorded. There is, without doubt, an abundance of capital seeking investment in this country, which not finding sufficient employment in our manufactures is content with a moderate return in first-class securities, such as our Government and Railway Stocks and Colonial Debentures, and the more substantial Foreign Loans. The result is a general firmness in prices of these descriptions, other and weaker kinds participating in sympathy. Within the last few days Colonial Government Bonds have in many descriptions experienced a rise, and our quotations show enhanced values for New South Wales ; Queensland 4 per cents. ; South Australian 5 per cents. ; Victoria, 6 per cents. ; and New Zealand Consolidated. In the 44 per cent, loan of the last-named Colony business is reported at 96|, which, being ex-coupon, is an advance on prices of a month since. Of Colonial Banks, Union of Australia have risen 1: Bank of Australasia 2 ; Bank of New Zealand and Oriental Bank, Wool.— The third public sale of Colonial wool for the present year opened on the 18th instant. The favorable condition of the trade had for some time been such as to lead to the expectation of an improvement in value ; and on the opening night an advance was established of £d. to Id. per lb. on the closing quotations of previous sales, Cape wool being even Id. to higher. Thus far the sales have progressed with considerable spirit. The attendance from all quarters, except perhaps Belgium, is numerous, and the rise of the first day is fully maintained. Home manufacturers have as yet been the principal operators, but to some extent this is accounted for by the composition of the catalogues, which have not consisted of the descriptions chiefly attractive to foreign buyers, but there are indications that as the series progresses and suitable selections of the staple are offered, some increase of competition from the foreign section of the trade may be expected. There is a small amount of buying on American account; the quantity taken up to this time, however, is comprised within very moderate dimensions. So far as Australian Merino wools are concerned, the improvement we have mentioned is noticeable chiefly in washed and scoured descriptions ; greasy ruling about the same as at previous sales, with here and there a slight advance. In half-breds, quotations are fully on a par with the improved rates paid at the close of last series, or equal to an advance of about Id. per lb. on those of the earlier auctions. It is too early in the series to venture an opinion as to the probable course of prices, but so far as present circumstances contribute to the formation of any view on the subject, the indications are towards a maintenance of firm quotations throughout the autumn. Machinery is well employed, and the sales opened with stocks of raw material in manufacturers ’nands almost exhausted. Tallow. —The tallow market has shown greater activity, more competition haring been evinced at the public sales, although we are unable to quote any improvement in prices. The demand for low qualities for export has continued, and some medium parcels have been taken by speculators for a rise. At the four weekly auctions held since last San Francisco mail, 5439 casks of Australian have been offered, and 4131 disposed of at prices ranging from 335. to 41s. Cd. for mutton, and 30s. 9d. to 395. 6d. for beef, some exceptionally low qualities having fetched only 275. per cwt. Present quotatior s are as follow: —P.Y C. New, 41s. Gd. per cwt.; Australian mutton, fine, 41s. to42s. per cwt.; ditto ditto medium, 40s. to 41s. per cwt.; ditto beef, fine, 38s. 6(1. to 395. Gd. per cwt.; ditto ditto medium, 37a. Gd. to 38s. Gd. per cwt. Leather.— At the auctions of 31st ultimo, 12,848 sides Australian leather were catalogued, and 12,736 disposed of at fully previous prices to Jd. per lb. advance on the best tannages; and on 14th instant, 0404 sides were offered, and only 1888 sold. Transactions by private contract since that date have not been important, and no change of prices has occurred. Although the improvement has been less rapid than had been expected, the position of the market continues favorable, and a good autumn trade Is anticipated. Preserved Meats.— More animation has been manifested in the demand for pre -erred meats within the last fortnight, especially for 01b. and 41b. tins of boiled beef, which are just now very scarce, on these our quotations show an improvement of to Jd. per lb. A similar advance is established in 21b. tins, which, however, are not so much in request. The inquiry for mutton is not very strong, but quotations have advanced slightly. It will bo observed that Texas and South America arc becoming regular and more extensive contributors to our market. Arrivals to 20th August, 13,381 cases from Australia and New Zealand, and 8,159 cases from Texas, Brazil, and Monte Video. By the Brindisi nulls which came to hand on 3rd inst., further advices were received of the shipment of 14,381 cases. Corn Market.—Owing to the unsettled weather which prevailed during the early part of this month farmers were unable to make the rapid progress with the in-gathering that had been anticipated, The past week, however, has been bright and fine, in every way suitable for the completion of the harvest. The tendency of the market is therefore universally downward, esj daily for home-grown produce. Last Saturday's couutij market aavices report reductions varying from 2s. to Bs. per quarter in the quotations of English wheats, the present values of which may bo given as 50s. to 525. per imperial quarter (weighing 504 lbs.) for white, and 475. to 495. for red descriptions. Tho harvest in France has now been secured, and appears to have fully justlfled the anticipations which had boon formed as to its abundance. That country is now re-shipping its surplus stock of Californian wheat, which- has been freely offered hero at 555. for 6001bs. c.i.f. There exists a considerable margin of French wheat for export, and tri.es thcie have declined rapidly, 40s. to

495. per 4Solbs. c.i.f., prompt shipment, being the present quotation. Comparatively little change has, however, taken place in the values here of old white wheats, of which the supply is now limited. New Zealand Hemp.'- There has been a slightly better demand at the public sales of this fibre ; but the market continues dull and dragging. At the auctions held on 29th July, 1500 bales were submitted to competition, of which 450 were so’d, ordinary to medium at £l3 10s. to £l7 10s.; good medium to good dressed at £l9 to £22 per ton. 430 bales tow offered were bought in at £9 to £ll. Another sale was held on 12th instant, when 339 bales were offered and sold, medium at £lO 10s. to £l7 ; good medium to good at £lO to £2O 10s., and tow at £lO per ton. Transactions by private treaty arc reported to the extent of a few hundred bales, at prices ranging from £lO 10s. for ordinary to £2O 10s. for fair, and £-2 for superior quality. Arrivals for the four weeks ended 20th August, 675 bales. Kauri Gum.- In the absence of further arrivals, and under the influence of decreasing stocks, the market for this import has experienced an improvement, and since the departure of last mail some considerable parcels have changed hands, botli by public and private sale, at prices which show an advance on previous rates, especially for common and good medium sorts. At the public auctions held on Cth August the catalogues contained 567 cases, of winch 220 were sold at full prices. On the 20th idem 554 cases were offered, and about 400 disposed of under the hammer.

LONDON WOOL MARKET. Messrs. Jacomb, Son, and Co., report under date London, August 24 : The third series of public sales of Colonial wool for the current year opened on ISth inst. and will probably last till the 3rd of October. There has been an extraordinarily large attendance of buyers from all quarters. The Home trade are short of stock and have shown great spirit, taking perhaps the most active part in the competition hitherto ; Continental purchases have however increased in proportion the last night or two. There are also apparently some considerable orders for America in the market. Taking the very best prices of last sales as a basis (which it will be remembered were far above the average of the series), we quote the average prices now established for most Australasian descriptions fully equal to them, with an advance of 4d. to Id. here and there. Exceptionally thereto, all good scoured parcels realise an advance of fully Id., .as do also good coarse and halfbreds, both washed and, in the grease. Good lambs v/00l and all broken and pieces average Id. to Ud. higher. Cape and Natal scoured have advanced Id. to I4d. per lb.; fleeces about Id.: grease not showing so much advance. The effects of the recent generally good harvest give a firm aspect to the future of our market; the present range of prices is still below that of July-August, 1873. NEW ZEALAND HEMP. Messrs. G. and J. A. Noble’s New Zealand hemp report, dated London, August 20, is as follows Since our last issue, dated 23rd ulfc.. we have had more doing between importers and dealers at improved prices, tho latter of whom, in consequence of some Colonial orders to hand, are in better spirits, and more disposed to operate in this article. Quotations will be as follows:—Common, £ls per ton ; fair, £l9 10s.; good, £2l; fine, £26 ; tow, £8 to £lO per ton Landings for July, 1873, 297 tons ; for 1874, 144 tons Deliveries for July, 1873, 250 tons ; 1874, 178 tons. Stock, Ist August, 1873, 970 tons ; 1874, 2401 tons. AMERICAN MARKETS. The total shipments of kerosene from the United States to New Zealand, for thirty weeks ending sth August, was 37,900 cases, as compared with 32,575 in the corresponding period of the previous year. Messrs. Arkell Tufts and Co., report under date. New York, sth August, as follows :—Our last advices are dated from New Zealand to as late as June C, but so far as concerns American imports, they do not indicate any improvement. Respecting our _ own markets, we have to advise that hardware continues dull, and orders, for the Colonics very small, as compared with those of a year ago. We have this month to notify a reduction in the price of Sharp’s axes, manufactured by the Douglas Axe Manufacturing Co. At these prices, and those already advised for other brands, we hope for an increased demand. The vessels about to clear do not carry a large amount of this line of goods. Wooden Ware.—With the exception of an absence of demand, we have no changes to note. Lumber.—The extreme dullness of the market has caused prices to decline. Stocks continue very light, and in view of the poor demand, the mill-owners have agreed to work up only half supplies for the coming winter. Kerosene Oil.—The market remains depressed, and at present we can see but little signs of improvement. Devoe’s Brilliant is quoted tho same as in our last. The Camilla and Agate will clear the last of the present week, carrying about twentytwo thousand cases. Up to this _time < there are no vessels chartered to follow in either line, nor do we hear of one on the berth at Boston. Lobsters.—The expectation still entertained of a short catch has not as yet affected prices. Several of the dealers look for an advance as soon as our fall trade opens. The quotation in our list is for the “Star” brand, which is considered the best packing Other brands can be bought at somewhat lower prices. Oysters are very dull, with no change in price. Rosin is steady, at last quotations. Dried apples are in short supply, but the prospect is that the new crop will be very large. Our quotation is for old stock. Tobacco. —The reports lead tis to believe that prices will advance considerably in this market. We can, however, give no definite information as to future prices. Freights for sailing vessels have been dull for Europe generally, owing to the excess of steam room. Notwithstanding this the same difficulty still exists in obtaining vessels for long voyages, particularly small ones, suitable for New Zealand ports. The vessels now on the berth will all clear by about the 10th inst. There is at present no vessel chartered for Sydney or Adelaide. Gold and Exchange.— Gold declined to 108 f per cent., but has advanced again to 100£ per cent., with little probability of any immediate change. Exchange is steady at $4.87£ for bankers sixty day bills on London, and $4.S5i for commercial.