FINANCE AND TRADE.

New Zealand Times, Volume LXIX, Issue 3746, 22 May 1899, Page 7

FINANCE AND TRADE.

“New Zealand Times” Office, Saturday evening

Thfe Customs returns for to-dny mnev’anted to £1054 19s Gd; for tho past? wee'k, £6905 6s 7d. Tho beer duty' for tho week totalled £172 17s 2d.

The London markets, during the •past week, continued to exhibit a position of firmness, especially as regards colonial produce. Wool maintains the 'firmness shown at the opening of the sales, and tlio prices obtained for certain Now Zealand clips show an excellent improvement. Tho advance in xvool-is not tho result of speculation, but the inevitable consequence of a strong Ntutistical position. British manufacturers now recognise the significance of tho reduction of Australasian flocks, and also the deterioration of tho qualify of tho wool owing to drought; they s.ce that there is likely to be a shortage at any rate of merino wool as compared with what was on the market four or five years ago, and with a much better trade throughout tNc world than was then conducted, tlio conditions for a legitimate advance in prices, without anything of the speculative element, have become apparent. Tho apparently excellent prices th;;t are being realised for tho shipment of fruit ox Papanui gives rise to the hope that fruitgrowing for export will receive closer attention from our orchardisl ■>. Wheat continues at a fairly remunerative price, and if the adverse reports respecting the growing crops in America can bo credited, there is some prospect of prices hardening. Tho wheat ■outlook in Europe is apparently satisfactory, and mail advices show that a very much larger area has been sown in winter and spring wheat, so that any shortage in America will bo compensated by tlio probable increased yield on the Continent. Tho metal markets remain firm, at the advanced rates, and silver has gone up to 30d, a figure at which it lias not stood for some considerable time. Tho London money market is firmer, though there is no warrant for any adverse movement just at present. Colonial Government securities exhibit tho usual variations, Now Zealand denominations being unchanged for the 3 and 4 per cents., while the 31 per cents, have declined ss.

Locally there is nothing of moment to chronicle. The volume of business done is about equal to tho average. It is tho period, however, when there is an apparent slackness. The higher prices now riding for commodities wiil in a measure tend to check business. The share market during the past wee); was somewhat dull, very few shares having changed hands. New Zealand Insurance shares wore sold at 63s 6d ; Gear Meat, £4 paid up, changed hands at £8 ss. Sales of Manawatu Railway shares were reported at 19s, find Wellington Woollen Company’s old issue shares sold at £5 Is. Westport Coal shares sold at 645, and there are further buyers at the price. For Building Societies’ shares there is a steady demand at full rates, but for Gas shares there are apparently no buyers, while sellers are quoting extreme rates. Shares of freezing companies are in strong demand, which is not to be wondered at considering tho high prices now being realised for frozen, meat, tallow o.nd wool, which are tho products upon which, tl|e companies depend for their profits.

The exports of Argentina more nearly correspond to our own, and as showing that the South American Republic has benefited by the improvement in the prices of produce to tho same extent '■ relatively as'.Australasia, the trade ru- , turns may be cited in evidence. The trade returns of the Argentina for 1898 show a very great improvement on those of the two previous years. The figures are shown by the Buenos Ayres “Standard” to have been as follows : jSIfUi-ir- i; ' Excess of Imports. Exports. Exports. 1896 ... 22,482,700 23,360,000 927,300 1897 "... 19,658,000 20,234,000 573,000 1898 ... 21,485,800 26,766,000 5,280,209 Within tho year the country received over £1,300,000 in specie more than in 1897, and shipped nearly £700,000 less. It is expected that the trade of ,1899 will be still more favourable to the Republic. Although the population., is composed so largely of Italians, French and other Continental people, it is remarkable how Great Britain maintains her commercial pre-eminence, and this is shown in the lists of imports and exports for 1898, which were as follows :

Great Britain, had, nearly 40 per cent. <?f the trade. She supplied Argentina witu more goods than any other three nations, while she was only in the third position as a consuming market.

Notwithstanding the unwonted trade activity in the United States, the ’ national finance is destined to show a very large deficit at the 1 end of June, when the financial year closes. For the nine months ending with the 31st. March i l6 * rom sources amounted to £76,488,885. This represented ;■ 1 1 increase of over £14,980,000 as compared with tJie corresponding period of the preceding fiscal year. This increase is very largely accoimted for by the war taxation” imposed on the outbreak of hostilities with Spain. The expentn U poar o nn inn ,li V° , months amounted to £93,000,460, which represented an increase of over £32,820,000 as compared with the corresponding three-quarters of the previous fiscal year. There was only a very trifling increase in civil and miscellaneous expenditure. ’ Tim increased expenditure on the Indians was a little more than £l6O 000 for interest on the public debt slightly more than £140,000, and the disbursements on account of pensions were actually less by £1,820,000. The expenditures on account of the army were, however greater by over £4,640,000, and , those for the War Department were larger by over £29,160,000 than those for the corresponding period of the previous fiscal year. When the expenditure for the nine months is compared with the receipts there is a. deficit of . over £17,000,000 —that is to say, the United States, have been going to the bad with their finance at the rate of about £2,000,000 per month. The deficit for the year will be about £‘23,000,000.

The latest cable message on the wheat market shows that the American crops are suffering from adverse climatic conditions. The United States are the principal wheat producers of the world, and if the crop there is a failure, dr even a comparative failure, the effect will be to cause a rapid advance hi prices. “BradstreetV’ of the Bth Apr:! throws some light on the matter in the following remarks:—‘'Bad crop report.-, and the backward spring,_ are becoming increasingly- importanVdactors in the

wheat market, judging from the multiplicity of reports received, though it must bo confessed that the effect upon values has, so far, not been remarkable. A number of State crop! reports have appeared this week, and reinforced the crop report issued by the Western Bureau of the Agricultural Department, which shows a very backward condition in things agricultural.” “Bradstreet’s” correspondent at Des Moines calls attention to the 'extromely'baekward condition of affairs in lowa, which is valuable, because being indicative of what is probably true of most of the springwheat country. Winter set in in October,' and tho ~grpufad'"t6 ; day is still covered with snow, and fhe. soil frozen from four to five .feqt, peep.’,' AprilJJG is. the usual date foe-finishing, .wheat planting in that State,* but planting at present is,- of- course, Lint of the question: Farmers are reported to be discouraged, and, unless unexpectedly favourable conditions rule frorri-now on, the effect alike on spririg-wheat acreage and general business is expected to bo serious. • -

Messrs A. S. Paterson and Co. report as follows on tho.Hunedin and Southland produce, markets, under date 19th May;—Oats:. ;Supplies:still very short, and market- advancing. , Good short feed, Is s&d to ls’6d; 'medium, Is 44-d to Is sd; , Danish; 0 i8 v -2j-d i to Is 3Jd : black, Is 4}d t'6' Is, 7d: 'Taj-tats, Is s}d 'to. Is 7id- dunsj'is.Gd'.'tp Is 6d.' All cinotations sacks , in, except Danish. Wheat : In fair supply ' ‘choice milling, 2s 7d to 2s 8d; prime, 2s 3d to 2s 6d; fowl wheat, in' fair' demaind, Is 10 Jd to ss; sacks in. ■. Bftrlejl*';)Market depressed, and prices) unchanged' since last report. Potatoes! In -plentiful supply, 30s to 37s ,6d, sacks in. : Rye-corn; 2s to 2s 3d. . Oatffioal: |( ! £B. , Bran; 60s to 655; supplies limited-i Pollard : 70s. Cheese: Large, medium, ,5d ; loaf, 5,',d. Flour: £6 15s; all quotations f.o.b.

Messrs A. G. Taino and Co. report of Saturday’s horse/sale 'as follows: —There ivas a good entry of . draught and harness horses,' ahd a good attendance. The bidding, however, was slack, and only the aged aud inferior horses - .were sold at from £9 ,15s Ip', £6.' * : Tfte:. Rangitikei horses, although, of a good .class, were all passpdin with one exception, buyers for some reason hot feeling inclined to offer reajmnable prices;■ , f ~{ Thfi Wellihgtdn Stock find Sharebrokers’ Association reports oil fthe- sharemarket forithelweek ending aOth-May. as under.: , , , . Business;;Sellers. Buyers. £ s.‘ d. £ s. d. £ s. d

Exports to. Imports from. Dollars. Dollars. Germany ... 20,286,338 ... 12,671,116 Belgium ... 13,949,751 ... ■19,444,981 Brazil 7,916,301 ... 6i 012,115 Cluli 1,354,494 82,772 Spain 387,998 ... 3,3 15,470 U. States ... 5,874,295 .... 11,129,065 France .29,981,056, ... 10,596,725 Italy 5,256,054.. ... .13,695,241 Paraguay ... 144,108 ... 1,757,489 U. Kingdom 19,205,928 ... 39,012,600 Uruguay ... 3,683,275 470,901

Banks — • 2 10 0 National ... —, — N.S.W., fix, div. ... ■ **y 37 15 0 — Financial — 6 Equit. B. and I. ... . — ' ‘ 7 12 Metropol. Building 0 (.£10 paid) ... — ■' — 11 10 Nat. Mort. and A. • —■ 0 16 0 N.Z. and River i Plate Land ■ 0 Mortgage ‘ - — - 1 1 Petone - Hu]tt 0 Building ... ... • — ■ 5 5 • — 0 Wei. B. and I.... — rJ 7 10 Gas — Auckland (.£5 pd) — 14 5 0 . (£3 10s paid) ■ — - 10 15 ■ 0 ' Feilding — 10 9 — Palmerston N. ... • ' — 3 0 0 — Thames ... V'l..'' ' — 110 0 — Wellington (-810 — 17 0 0 paid) .... -t- — (£5 paid) ... ..J • — 8 10 0 — Insurance — . 1 National, ex, ■ — * , 0 17 9 New Zealand ... _3_3 6 — — South :Britisk ... . — ... 2 ,14 0 — Standard — • i -- . 0.13 ’3 Meat Preserving— i Canlb'y Frozen 0 Meat Co.' . ... — — 9 0 Ch’oh Meat .;. , — 11 0 0 — Gear Meat , “ 20 paid) ... ..> ..i ‘ *— . .• 0 0 (£4 paid); ...- ‘8 5 0 — 8 2 G N.Z. Refrigerat-. 0 ing , 2 1 — Wei. Meat Ex — port (£5 pd) , — . “T.7 0 0 (£4 paid). ... — ; ‘ —' 5 7 G (£2 12s 6d pd) ... —; — 3 7 0 Railways and Shipping— • Man. Kails ; ...• 0; iy o — — N.Z. Shipping , . 0.1 5 0 0 North. Steam Ship ■ ;-n 8 0 8 4 Woollen Mannfachiring— . Wellington Woollen ; Co. (old issue) ... 5 1 0 , — — (new issue, £2 ■ 15s paid)... ..) — — 3 3 G Coal— Hikurangi / ■ *. ... —> ■ 0 9 6 — Tanpiri ... ..... —7*. 1 1 0 6 0 19 G Westport . ..•••‘3 i 4 i 0 — 3 4 0 Miscellaneous — Milburn Lime and Cement ... — 2 3 8 — N.Z. Drug (.£8 pd), —. 2 12 ■ 6 2 11 0 (£1 10s paid) ... — • • 1 17 6 Wei. Opera House i , ex , —. . 3 6 0 — Wei. Fresh Food ' and Ice Co. ... At par , — — Members of the Association— Barr, Leary and Co.. R. Lasry A. T. Bate D. T. Stuart B. Bucholz A. ,0. Taine and Co. TTarcourt and Co. 1 Turnbull & Watkine .Tames Henderson . L. H. B; Wilson R. W. Kirkby, . ~