COMMERCIAL.

New Zealand Times, Volume XXIX, Issue 4286, 15 December 1874, Page 2

COMMERCIAL.

MELBOURNE STATION PRODUCE MARKET. Messrs. Goldsbrough's monthly circular, dated Melbourne, December 2, is as follows : , Wool.—The clip has come forward in large quantities during the month, and a considerable proportion has been delivered earlier than usual; the favorable weather and improved railway communication having greatly facilitated its transit to market. The warehouses have been well filled, and the auction sales have been considerably above the average, 43,122 bales having been brought forward, and 33,748 bales sold since the departure ot last mail. Prices continued steady at last month's rates, until about ten days ago, when a somewhat easier tone became manifest, the chances of operating for the London February sales being considered almost over. Inferior to ordinary conditioned lots must be quoted a shade lower, but good to superior clips remain comparatively firm, more especially superior light greasy, which continues in brisk demand for America, though the selection is now more limited, most of the best flocks having been disposed of. The Americans have secured a large proportion of our choicest brands for direct to the United States, and they have freely paid full rates for parcels of a suitable character.' The proportion of superior wools in the grease available for the February sales will thus be materially reduced, and we trust they will reap the advantage of securing the best clips at the fountain head, as they have, by their spirited operations in this market, gained almost a monopoly of our choicest Riverine flocks. A number of the English and Continental manufacturers have in like manner, by buying here this season, been able to purchase wools especially adapted for their requirements, and we feel confident that the successof their operations will stimulate others to visit us in future years for the same purpose. The opening of quicker.-routeß to Europe, and telegraphic communication lias brought our market within comparatively easy access, and we believe that each season will result in a large extension of tho sales held here. The telegrams received during the past week, announcing the opening of the London November sales at about previous rates, have contributed towards maintaining a firm tone in this market, and prospects for the February series are considered favorable. A large quantity will no doubt be forward in time to include in these latter sales, and, assuming that they will commence on or about the 13th of February, the same as last year, and that the vessels which have sailed are not over ninety days in making the voyage, 05,142 bale 3 will be delivered in time from "Victoria, 16,561 bales from New South Wales and Queensland, and 48,063 bales from South Australia ; total, 160,606 bales, as against 137,695 bales, which were forwarded for the corresponding sales of last year. In this return we include all clearances from the different ports up to November 15th ; also the Northumberland, s s., which will sail on the sth inst., with about 4000 bales, and the mail steamer Nubia, leaving to-morrow, with about 1500 bales. The latter shipment is a novel feature in the trade, and the fact of a higher rate of freight having been paid for forwarding wool by the overland route shows a confident anticipation that the sales will open at high rates. During the past two years, under somewhat similar circumstances, the reverse was the result, the succeeding sales of the year ruling at better prices than thoso of February and March. The clip continues to be delivered in good order, being generally sound and well-grown. Many of the Riverine wools are in really beautiful condition, the season having been so very favorable. The Western flocks are reported in excellent order, but few of them have been offered as yet, the shearing being fully a month later than in the Northern districts. The clearances for America to date are 7315 balos, in addition to which from 10,000 to 11,000 bales will be taken by the Bhips now loading for Boston and New York. Freights to London continue at £d. for greasy, and jil. per lb. for washed, except in the case of the steamship Northumberland, which is loading at 3d. for greasy and Id. for washed, and tho mail steamer Nubia, which has obtained a cargo at a Id. for greasy, ljd. for washed, and 1J- for undnmped. MUCKS CURRENT. s. d. s. d. Greasy—lnferior 0 7i to 0 10 Ordinary to average .. ..010 ~ I 0 Good to superior .. .110 ~14 Fleece, washed —Inferior .. ~14 ~ 1 8 Ordinary to average .. ..18 „ 1 10 Average to good .. .. 1 10 „ 2 0 Superior 2 0 „ 2 4 Scoured—lnferior .. .. ~14 „ 1 0 Ordinary 16 „ 1 8 Middling to good .. ..18 ~111 Superior 1 11 „ 22 SiiEErsKiNS.—Our usual auction sales have been well attended by the local fellmongers and the shipping trade, all the skins sent forward being disposed of at a slight reduction upon the prices ruling last month. We have sold a large supply at the following quotations, viz.:—Butcher's skins, 4s. to Os. 6d. each ; lamb skins, 2s. to 2s. 10, ouch ; pelts, Is. to 2s. each ; and station skins, 4Jd. to Bd. per lb. Hides.—Tho market was somewhat depressed during the earlier part of tho month, but it Ib now firm at late quotations, viz.:—Ox-hides, 225, to 325. fid. each ; cow-hides, 13s. to 21s, 6d. ; Victorian salted, 4}d. to4£d. per lb., and New Zealand wet-salted, 4Jd. to sjd. ; calfskins are worth up to 7(1. per lb. All offering are taken by tho local and country tanners. Bark.—The scarcity of bark has had the effect of causing prices to rule oxtrcmoly high, and wo havo numerous inquiries. Bundled bark is wortli from £4 10s. to £5 nor ton, the sales at this price being very limited. Tallow.—Since tho dato of our last circular wo have held four auction sales, and sold 1020 casks at about last month's rates, a large proportion being for

shipment. Wo quote mutton from £3l to £33; superior do., up to £34, f.0.b.; beef, £3O to £31105.; and mixed, £26 to £3O per ton, The rate of freight to London is fiom 50s. to sfcs. per ton. Preserved Meats.—The value of fat sheep has declined since shearing, and prices aro now apparently sufficiently low to admit of operations at the factories being conducted with a reasonable margin for profit. The works of most of the companies continue closed, and those in operation are only working on a limited stale. Should fat stock sustain any further decline in value, no doubt this industry will speedily revive. MARKETS OF HOBARTON. The latest report (20th November),to hand of the Hobarton markets, is as follows : "The markets remain about in the same state as at the beginning of the week, with very little variation in prices. Launceston wheat meets with good inquiry, now that the southern wheat has been consumed, and sales are being made at ss. 6d. to ss. 7d. Flour is firm at £l2 10s. In oats, wo have nothing fresh to note, the recent improvement being well maintained ; from 4s. 4d. to 4s. Cd. are the quotations. Loose hay is coming in pretty freely, old bringing £7 10s., and new £6. Grey peas readily command ss. 6d. Potatoes continue to fluctuate, the supply being so uncertain ; sales have been made at various figures, ranging from £4 10s. to £6. The fruit market shows signs of briskness. * Green gooseberries and strawberries are coming in pretty plentifully, and we understand that the jam makers will begin operations next week. The timber trade continues very active, and the quantity exported shows no diminution. The following are the prices from the boats: —Sawn timber and battens, Ss. to Ss. 6d. per 100 feet; 10ft. cart shafts, 2s. 6d. to 2s. 9d per pair; 10ft do., 4s. 6d. to ss. per pair: shingles, Bs. to 10s. per 1000 ; box palings, 6ft., 9s. to 10s. per 100 ; Oft. do., 10s. to lis. per 100; laths. 3ft. and 3ft. Gin., 6s. to Bs. per 1000; deals, sd. to 6Jd. per foot." NEW ZEALAND HEMP. Messrs. G. and J. A. Noble's report, dated London, 19th October, is as follows : The improvement noticed in our last (dated 21st ult.) has been lost, and we have to report a dull period, little or nothing having transpired worthy of notice in this staple. Tow —A little enquiry at rather improved rates. Quotations will be as follows: Common, £l4 10s. per ton ; fair, £l9 ; good, £2O 10s.; fine, £25 10s. Tow, £8 to £l2. Landings for September, 1573, 600 tons ; 1874, 53 tons. Deliveries for September, 1873, 172 tons ; 1874, 116 tons. Stock, Ist October, 1573, 1561 tons ; 1874, 2153 tons. ENGLISH PRODUCE MARKETS. From the Australian and New Zealand Gazette of 17th October we extract the following:— Cottonseed. —362 bags from New Zealand sold by auction: sound at £9 to £9 55.; heated, £7 2s. 6d. Kauri Gum.—The large supply of 1140 cases S casks offered by auction met a good demand, and 950 cases S casks sold at an irregular advance ; dust at 215.; good chips, 365. to 395.; pickings, 375. 6d.; ordinary to low middling, partly scraped sorts, 425. to 525. 6d.: middling to good middling sorts, 535. to 595.; good scraped, 02s. 6d. to 755.; fine pale, 955. to 100 s.; good to fine selected transparent, £5 10s. to £7 10s. Skins.—7B bales Australian sheep were sold at previous rates, at prices ranging from 7s. to Is. 63d. per lb. Tallow.—Of 677 casks Australian brought forward, 586 casks sold. Sheep, fine, at 445. 3d. to 445. 6d.; very good, 445.; fair rather dregged to good fair clean,. 41s. 3d. to 435.; dark greasy to rather dark rather greasy, 395. 3d. to 40s. GdL; mixed melting fine, 425. 9d.; dark to fair, 38s. to 395. 9d.; very dark, rather dregged to dark rather greasy, 30s. 6d. to 375. 6d. Beef, very fine, 425. 6d. ; rather dark rather greasy to very good, 395. to 41s. 9d.; rather darker to dark, 3Ss. 3d. to 3Ss. 9d.: very dark, 375.; mixed colors discolored and rather dregged, 3Cs. Od. Hemi>.—Of 513 bales New Zealand. 430 bales sold, ordinary at £l6 to £l7 : medium, £lB to £l9 10s.; a good part damaged, £l6 to £lB for first-class ; sound tow. £S 15s. Hides.—Of 2922 salted Australian offered, 2413 sold. Moreton Bay, heavy, average 58£lbs. to 60Jlbs., 7d. to 7£d.; light, average 491b5., 7d.; cow, average 40|lbs., 7d.; kips, average 14&lbs. to 25§lbs., 6Jd.; skins, s}lbs., Cd.; second class, lus., Od. to OJd.; third class, 3d. to 4Jd.

FAILURES IN SAN FRANCISCO AND NEW YORK.

The commercial and shipping interests of San Fran cisco have been thrown into a violent flurry by the failure of the local branch of Morgan and Sons, an old and well-known shipping-houso of New York. The liabilities of the firm here will probably exceed half a million dollars. The position of the New York house is not yet ascertained ; but the assets in both cases have been attached by the London and San Francisco Bank, which will lose between 200,000 dollars and 300,000 dollars by the failure of this firm. The house is a new one here, having only been established some eighteen months. The firm extended their operations in this city, with a view of controlling the grain market of the Pacific, They entered largely into the business of "chartering to arrive," and secured some eighty-five large ships at rates varying from £4 to £4 12s. 6cl. They made arrangements with the growers (co-operative farmers) to ship all their wheat, and it was supposed that their financial and other arrangements would result most beneficially to all concerned. But the sudden drop of the price of wheat in Liverpool frightened the farmers, who drew back from their verbal agreements with. Morgan and Sons, and left them in the lurch by refusing to forward their wheat. The drop in the price of wheat was of course followed by a severe fall in freights, which came down to £2 15s. Morgan and Sons had chartered nearly all the vessels arriving here from Australian and English ports, and found it utterly impossible to get rid of these charters. Under these circumstances, they were pressed by the bank named, to make good a large advance on account of prospective shipments. The firm could not respond, hence their failure. It now appears that the whole affair was a pure speculation on the part of Morgan and Sons, and that they were insolvent when they entered upon this large undertaking. The whole shipping business of the port is thrown into confusion, and it is difficult to say what the result will be to grangers and shippers. In the meantime, the port is full of vessels waiting cargo, and demanding demurrage. Of course the local shipping Arms who re-chartered to Morgan and Sons will suffer severely. The grangers are storing their wheat, and only in a few cases have they evidenced any desire to accept current rates. But it is probable that as soon as this charter trouble is ended, and it is clear to whom the ships belong, the grangers will take advantage of the low freights, and get off a considerable portion of the crop. A large number of vessels, originally laid on at Liverpool and other English ports for California, have been withdrawn, and cutside freights have risen considerably. Morgan and Sons had a very high reputation in this country and in Europe, and it is doubtful if any deposits were asked f»r by the owners or re-charterers who will be heavy losers.—There have been several important failures in New York, Henry Clewes and Co. being the chief. 4 BY TELJSORAPH. AUCKLAND, Monday. Mr. Alexander Saunders reports:—Sales: South British, 48s. ; Tokatea, 12s. Gd. Buyers : Bank of New Zealand, 3GOs. ; South British, 575. ; Caledonian, 80a. Sellers: Bank of New Zealand, 3035. Gd. ; National Bank, 70s. ; South British, 495. ; Fiji, 02s. Cd.