FINANCE AND TRADE.

New Zealand Times, Volume LXIX, Issue 3646, 24 January 1899, Page 7

FINANCE AND TRADE.

"Now Zealand Times” office, Monday evening. Tlio advancejn wool recorded’lat the .■current London sales la on the closing quotations of the November-'Deceniber sales, and in order that farmers ' may muko their-own estimates of value, the closing prices of the .December sales, as given in Mosers Buxton, Ronald amlcCo.’a wool report, is appended : OK BA MY itEUINO.

Tlio improved tone of the London wOol sales 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. , . December ; January i ; "Values.. ' 1 values.

In estimating the probable surplus of the year, in Friday’s issue of the " Times,’’ po allowance was made for expenditure on Old Ago Pensions, Defence, Lunatic Asy-' linns. Parliamentary Buildings, amounting in .the aggregate to 41175,000, and the remission of 5 per cent, on the duties on goods manufactured in Great Britain, which the Treasurer estimated would, amount to 4150,000. ' If these deductions are made, the surplus for the year will bo about 44110,374, as against the Treasurer’s estimate of 41223,568. ■ In arriving at this calculation tho receipts for the current quarter arc estimated.at the actual amount: received for tho corresponding quarter of last year, and the expenditure is taktfh at such a sum as will make tlio. total fotr tho year equal to the amount estimated by the Treasurer. Tho surplus above staled is for the year’s working only and without liny aid from tho previous year’s balance, ns a matter of act, if tho 'extraordinary expenditure bo taken into account, tho surplus for tlio year would bo 41153,850 more: than is shown above. Wo append tables comparing in dotoil the receipts and expenditure for tlio nine months ended 31st December, 1837 and 1838, and the Trcuouror’o estimates J'oei the year 1898 00 :

Tho reduction of tho minimum discount' rate of tho Bank of England from i per cent.-to 3i per Cent, js nn indication that, the storm clouds/’bofh political and financial, which threatened towards the close of tho year have now disappeared.' ,'Tho. political trouble lay in the direction of France, but the dispersal of,the British Reserve Squadron shows that trouble with Franco is not now feared. Tho financial dangers threatened from Germany, hut the, bank took prompt stops to meet this, amt has apparently succeeded in keeping the London market clear of the trouble. The more promising outlook in tho money market will bo not nnwolcomo to the Colonial Treasurers of Australasia, who have been patiently waiting for' a favourable opportunity to float loans in Lomloh. Tho aggregate loan expenditure authorised, by the various Parliaments for the year 1838-99 is about £7,000,000, and,'although a portion of tho money can; .and no doubt will bo raised in tho colonies, the bulk of' it must bo financed,in Loudon.. In May next, if tho political outlook is not disturbed, the several Treasurers will • find their opportunity, but it is not to he expected that loans can bo floated on the same favourable terras ns in 1897. Latest quotations show that sill descriptions of tiillow have improved slightly. Since November 23rd the quantity.of tallow offered and sold and the prices for medium qualities have been: Casks Casks Medium Medium

Writing of tho homp market in their produce report dated London, IGth December, (he National Mortgage and Agency Company of Now Zealand say:— ,' Tho fluctuations in tlio value or Manna during tho past mouth have; been yiolpnt. ami-have quite unsettled, tho market lor Now Zealand, which has boon very difficult of sale, and closes fully A!2 por ton lower both on tho spot and for arrival. At auction 50 bales good fair quality sold at .ESI 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 NoveniborJanuary steamer, at ,£lB per ton. Tho market closes weak, at the. following quotations: good fair quality, spot, landed terms ,£2l per ton November/ January, and Docoiuber/Fobjruary steamer .£l3 per ton Manila closes at ,C 24 per .ton c.f.i. for arrival, being a recovery of 30j per ton from the lowest point lust week. Sisal.—.£2B per ton. c.f.i. nominal. Wo quote: Now Zealand. So parlor, soft and .v bright .823 0 0 to J 824 per ton - i Good” medium, „ „ , . wall dressed ... 21 0 0 to 22 per ton Fair medium to , medium... ... 20 10 0 to —1 por ton Fair medium to medium; rather . . , = lr! , wv 19 0 0 to 20 per,ton, -p ow J 5 0 0 to 8 per ton Tho suspension of Pntiison’s, Limited, the whisky distillers, of Leith, announced by cable a few weeks ago, appears to have been of far greater importance than was indicated in the messages. The wreckage of Pattiaon’s is .duo to extravagance stimuI'lted hr the fever of competition.. ’ - limy havd spent too much money ip advertisement, and they have locked up too much money in stocks of whisky _n Inch it will take ages to sell,” is tho explanation given for the suspension. The. warehouses ot the company are the largest bonded ware-

houses in Groat Britain, and not very long ugo the burgh surveyor of Leith called the attention of the magistrates to the danger winch he conceived attached to the enormous stock of whisky in Pattison’s warehouses—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 thc'Scotch banks are heavily interested in advances on whisky stocks, and in the case of Pattison’s, two bunks are interested to the extent of half a million sterling. The crisis has probably been averted, as it was recently announced that 'the company' was reconstructing. Hears R. P. and W. G. Pattison having surrendered their private fortunes to help tlio movement.

The collapse of Pattisoij’s, Limited, .has disclosed tho fact that whisky distilling has been dVerdono in Great’Britain. The " Investors’ Review,’’ in dealing with tlie subject, says:—"Tho curse of that trade has been over-production. As recently as 1883 the twelve months' output of spirits was littlp more than 39,000,000 gallons) last year (1897 j it exceeded 60,000,000 gallons. In the ten years ended with last year tho output of spirits has increased J.'li per cent, and in the, dame time the iri.creasein consumption has been little more than 22 per cent. The consequence is that stocks of home-made spirits in bond have boon augmenting every year,'and must now amount to considerably more than 140,000,000 gallons.’ , At the end of 1885 the quantity of home-made spirits ,in bond was 64,406,000 gallons, and it has mounted every year since that date . without one single , decline. It must take'an enormous amount of money every year to carry this huge stock,''for it represents in the value of the , spirits alone .217,000,000 tb : 4120,000,000, ; On most of, tho money thus locked up interest has to be paid, and .there are also all the warehouse; charges to bo mot. Against these outgoings; there is no chance of applying any increment in the value of the stock; 'on the contrary, it has accumulated to such am enormous bulk us to be now in danger of a ruinous depreciation.’’ ■

Undc.r pressure of immediate deliveries the; butter market has given way, and the week’s , quotations! show a fall of 2s per cwfc. There is a prospect, however, of values hardening later on, owing to the probability of a shortage. It must be borne in mind that there is considerable trade activity ...throughout Great Britain, and the industrial classes are enjoying a measure of prosperity which gives promise of continuing throughout the year. It is to this class;we must look for the consumption ,of ■ colonial. produce, and if the retail price of butter is kept at a shilling a pound there; will undoubtedly be a very bigsderaand for it. . The shortage of supplies will help to keep the market buoyant, but tho storing that is now gohjg on will prevent any very pronounced upward move- . ment. Tho Colonial Consignment and Distributing Company, in their produce report of the 16th ult., say;—Tho season for Australian and New Zealand butter is now well under way. Tho price given in our last report has shown.a material improvement, valued now ranging . from 110 s to 116 s, 10s higher than when wo last wrote. Supplies are wanted badly, the market having been rug rather close of late in this class of butter, and sellers were able to ; force the price up. considerably. -/Though good sales are-'being made, tho retailers are soiling large quantities of dho butter at Is. whick loss-will-hpve.to be made up later in the season. The Gothic, from New . Zealand, brought the first shipment of new, season’s make. The out-turn on the whole was good; and'prices realised: have been; satisfactory, though, of course,'not yet on a level with she choicest Australian.' V- ' > i f Thd imports iofi butter; into the!.United'; ■Kingdom for the eleven months ended.3ot)i ■ N o vein tier 1898,;.. jwere -2,p39,00Q; cw,t,.as,; against '2,931,000 cw't for the corresponding .period of 18D.7pand 2,755,028 in 1896. ’. There.) was’ a decrease in the supplies ,from Germany, Holiarkli'aud < Australasia; The' ira-,. '■ports from 'the colonicd for tho'past three! years com'paro as under;—i / 1 ' ■ ‘ ,|r, ( ‘ iilevonmonths Ending 30th 1 ' ' i •'' .■ ‘ . - November, .. .. • •■■■ , 1898. • -1897. . 1896/ ’iKi/t; I ''- V ii>iCHrti;i'£cfGwtij/, /-iCwiis.Santh Australia ... 736 73 -900, ■Victoria,9lloS> 130,420 -114,836; 'New; South Walei 21,712 , 20,269 6.437 Queensland 6,989 , 7,0'0 - New Zealand ...1'63,795 05,890 ,'47.730 ! . '' ” * 187,367 2(7;722 169,903 It it 'difficult to Understand the pronounced fluctuations-of the Sydney potato’ it be due to speculation. On ;the 13th inst.htho.market was .'while'three days.-before that .there: was ai 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 1 tuber. Whatever might.be the case 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 cE2’ 10s pet ton, for future delivery. ‘This mayor may not turn out 'an excellent deal, but the probability-is that this grower has acted .wisely. Expert 'opinion 1 inclines rto-the-view that potatoes Will bo a drug, in the market. . The following table shows the Bank of England figures, the money market rates, tho quotations for consols and New Zea- : land -securities, and the prices of leading commodities." at corresponding dates in 1899 and 1898:—‘ ’- ’ Jan. 19. Jan. 20. ’’ 1 ,l 1899 1898 ' Bank Reserve ... !£23,103,000 ~£21,891,000 Noto Circulation ... . 26,666.000,: 27,025,000 ; Other Deposits ... 41,116,000 38.885,000 Other-Securities 31,762,000 ..‘32,£41,0 0 Proportion Reserve .. to Liabilities I .... 44 80!- 43 37 Bank Bate '3ip.o. 3 p.c. Market Bate, 2 p. 9. 2 3-16 p.c. Imperial Consols IU4 172-, N.Z. 4 per cent. ... 114 114 i N.Z. per cent. ... 107 ' 70.*4 NZ. 3 per cent. - ... 98$ 100$ Copper, spot... -61 J 49$ Tin, spot I' 1 ! 4 614 Pig Iron ...- ... , S3s 46s X.4ad 13i 12| . German Sugar - ■ 9? Ifcl 9s 3d ’ Java Sugar ... •' ... Ila3d Us 3d ■ Colonial:Batter ... 96a to 100 a 92a to 91s ■Tops,Common Sixties 20fd '■ 18Jd Tope, Super Sixties.,. Slid 19|d

‘ The National Mortgage and Agency, Comr nany report on tho’Otago produce markets’ for the past week as ,under, the-quotations being f.0.b.; bags included: Wheat—Milling, 2s Gd to 3s;" fowls wheat, 2s 3d to 2s 6d. Oats —A grade, 2s; B grade. Is lid; C grade. Is 10id; Dims, 2s Gd; Tartars, 2s 3d.' Oatmeal, =811; hour,'.£9. Barley—Chevalier, 4s ’to 4s Gd; Capo, Us 6d; Pearl, .£ls. Bran; 50s; pollard, 70s; potatoes, JE6, falling. Cheese—medium, 4jd; loaf, 4Jd.,, Butter, 9d,for factory, 565; Chaff—Oaten sheaf, .£3 12s Gd to =B3 15s. Straw, 31s; rye grass, 3s Gd to 4s. ’Messrs A.' Gi Taino and Co. report for their weekly horse sale as follows:—There was a good entry of draught horses,' sent bv Mr Clark, of Manaia. Of these .several sold at from .£27 to =£27 10s for aged sorts, anti ng to .£3O for a 3-year-old colt. Ot the harness and hack sorts, but few changed hands, most of the buyers for this class being away .at the races. The unsold draughts will most likely be offered again in a few days stud then sold witliout, reserve. ' THE WOOL TRADE. " Bradstrect'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 tho 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 aw firmly hold, and’holders are yet asking full recent prices, which'is, however, several cents, in the grease lower than tho wools can bo imported for. Bids close to the market have been;made on other, large lines >and refused. All foreign - wools are,firm’, ns 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 theDihgley Tariff, are steadily going into consumption, and it cannot be long now before ; Btfch stocks'arc'-depleted.'-' ThC -faef-that ■ Americans arc operating; cautiously 'a t/tho; current Londo n sales etn phasises 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 AmerL

can wool into Europe and America for the past ten years as compiled by -Messrs Delmuth, Bciiwartze and Co., stand as under—

In commenting On the above figures Messrs Dalgety and ■ Go. prove most conclusively that there is ample justificationlor 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 1890, you find the following result:—

Giving excess for 5 years 2,712,000 bales, or in other words taking tho year 1830 as the standard of the: imports, tho five years 1891-5 would have pro- t ■ duced ... - 10.080.000 bales whereas,, tho actual P r0 * , „ „ duotion was Excess as above 2,7.12 000 bales and in looking at the figures you will see 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: Taknig, however, the next three years, from 1895-1898, ; the position.is entirely changed, and works out, as follows:

.... ' 477,000 bales In other words, taking the year 1595, when imports reached their highest point, as the •standard, tha three years, IS9O-8, would • have produced ... 8,310,000 bales whereas, thff’aotual productataetto..!.... 7|BW|OMMm 477,000 tata oiid this entirely.'- in Australasian and Capes, the River Plate imports (now-icom- 1 -prising something like 75 per.cent, ol crossbreds) showing an actual increase, and iurthermoro it must not be torgotton that "in Australasia,'- especially New Zealand, tlie' tendency'-during these three years, has bcon'towards an increase of qrossbreda and a decrease in-merinos. The, result,,therefore.., fully justifies-the present firmness manifested in merinos and weakness, .in - takek place' both in prediction and ■present run of fashions, .we.can see nothing in * the, near . fuf/are to • alter, ;l!io presept position. , ’ y\ c<% h*:- v■.<*):; i i jy-y i ■!.'

Irregular quality . ... ... 7Jd to 8d Dingy waoty ... 7d to 7id .BCOTJJtED MEUINO r Pino bright bulky ... ... IsGdto lsSid Pair body and colour Is Sd to la 51 d Light and discoloured ... la 4d to Is 5d Bitty,' stained, dry ... ... Is 2d to Is 3|d CltOSSnilED Or easy, fine to extra ... 8.Jd to lO.Jd ; ,, fair medium ... 7d to 7id „ course bright ... Bid to 6fd ,, mixed v/a'sty ... 5d to 5ij(l Slipca, half bred ... 0d to lOd* ' ,, ij-brod, long ... ... 7id to 8d ,, j-bred short ... ... «d to .6Jd „ Lincoln, long ... 6 : ld to 7*d ,, Lincoln, short ... 5id to 6d ■

Unlf-breda . ... Bd to Bid 7tl to 8Jd J |1 ine crossbreds,.. 6d'to Bid • Bid to 7d Medium c'roasbrcds 5id to Bd 5|d to Bid Coarao crossbreds fid to .5.Jd 5d; to 5jd Logstninod 4id to 4Jd. 4d to 4id' Lambs ■ ' - 'I'"'— ~ ", ‘ 3;]d to‘Bid Locks and pieces lid to Did lid to Bid

KKVBNCTK, Nine Nina Estimates Months, Months, fcr Year' 1S07, ' 1898. 1898-99. £ & £ Customs ... 1,-101,590 1,130,912 1.935,000 Stamps ... 509,118^ 495,991') , 770.000 I'oat ami f Xcloi'’pli 51,8201 55,610 ( ‘ not esti- ) J 1 - mated Land and Iiuioaifl V. .■ 1 Tsx 270,7-10 299,738 390.000 Prop’tyTx. 10 ; : , 71,(too Buor llnty ■ St ,500 54,195 ' Hallways... 1 920,522 . : 009,023 1,370,'qoo; liof'istcation, &o. 37,-183 43.702 7-i fifinj Marino ... 10,558 ■ . -18,171 ■ 23,000•MisBel’oua '•VS8;76t> CO,.- 33 - , 109,000! Territorial 165,219 , 108,031 , 227,000;

X3.-183.322 X3,631,001 X4,960,000; espkndxtuhb Nine ■ *. Nino ■ j Months, ' Yeat s , im. ■ ilSDS.:. ?stimatoP.; X X Civil List, &a. 1,914,644 ,1,917,803 2,171.700, Les; islativo ... , 10,435 10,178 17,075| (!nl. Seorefc’y 52,070 1 40,332 .69 341J CoV. TrmiBu’r '31,072 20,’407 36,7891 Justice 89,180 01,260 133.445J Post £1 Tclograph 222,713 250,775 385,831' Customs 1 ' 49,169 ■51,091 ' 73;OH' Stamps . 14,989 22.513 25,325' J'ldncution ... 320.221 33.i,709> ■ 443,560. Lunacy and Charity ... •40,251 , - 43,388 - ,58.277 1 1 ahonr 5.057 4 903 •, 6 850f Mines 12,603 ' 11,337 . 10,110. Agriculture 34.312 34,979 57,235 Koilwnys620,989 610,094 871,000 • Public Works 20,603 30,170 43,225 Defence 43,490 61,568 98,349 Police , 73,001 ‘ 81.330 113,520 Lands and Survey ... 91,616 -'81,200 100,264' Valuation :... — ■ 21,561 23,143 Crown Lauda States 107 457 000 X3,663,333 X3.787.821 X4.743.87S - ■■■ r : -A: ';:-v t-- v.' - .■ ’-i

offered. sold. mutton,i beefs . B. d. H, d. Not. 23 , 2500 1300' 21 6 20 0 Nov. 30 .. 2175 000 21 0 20 0 Doc, 7 , "1375 •150 21 0 20 0 Jan. 4 . 1800 1200 21 6 21 0 Jan. 11 . 2175 1025 23 0 21 0 Jan. IS . 2200 2175 23 0 23 U

Anatrallliver Year. aeian. Cope. Blito. Total. ’ Bales. Bales. Bales. Bales. 1880 - - 1,385,000 310 OtfO 421,000 2,116,000 1800 - -1,411.000 288,000 3J7.000 2,016,000 1801 - - 1,083 000 322,000 380,000 2 385.000. 1892 - - 1,835,000 291,000 415,000 2 541.000 180 8 - - 1,775,000 299,000 414,000 2,488,000 189-1 - - 1.890,000 256,000 413,000 2,595,000 1805 - - 2,001,000 269,000 S13,0t'tf 2,783.000 1890 - - 1,848,000 288,000 543,000 2 677,000 1397 - - 1,831,000 274,000 550.000 2,658,0(’0 1898 *- - 1,703,000 279,000 555,000 3,537,000

Year 1S90 . 1891 . . 2.010,000 .. 2.385,000 cxccaa 309 ,000 bales 3890 . . 2 030.000 000 1892 . . 2,541,000 excess 525 bales 1890 . . 2,010,000 000 , 1893 . . 2,188,000 csceaa 472 bales 1890 . . 2,010,007 000 bales . 189 -4 ■ i .. 2,595,000 excess 579 ■3890 . . 2,010,000 bales 1895 . . 2,783.000 excess 767 000

Tear 1895 . . 2,783,000 100,000 bales 1896 . , 2,077,000 decrease 1895 . . 2.783,00ft bales 1897 . . 2,038,000 decrease 125,000 1895 . . 2.783,000 246,000 bales' 1898 . . 2,537,000 decrease