FINANCE AND TRADE.

New Zealand Times, Volume LXX, Issue 3783, 4 July 1899, Page 7

FINANCE AND TRADE.

‘•'New Zealand Times” office, Monday evc/rng. Tilts Customs returns for to-day ai iiountcd to £IOO4 15s 9d.

' Thu tallow sales at the Baltic looms -throughout hist month remained at a high level, and -there was no variation whatever. The strength of the market is explained in the statistics of ’he ni'-nth, which arc compared in the appended table with those for May:—• Stocks. Imports. DoJivVcs. Casks. Casks. Casks. , 3 lay ... 17,016 5913 2842 ■ -li.me ... 17,507 4506 4605 ft will he noted that the deliveries to manufacturers exceeded the imports, and although stocks show an appreciable increase, the demand appears to he strong enough to keep prices up for a time at least. The last quotations were:—Mutton, fine, 27s per cwt.; medium, 235; beef, 'ina, 255; medium, 245. A few days ago we were advised by ■ cable that in their review of the colonial hut,tor trade of the past season, Messrs Wcddol and Co. expressed the opinion that the colonial product was ousting ■competitors in tlio British markets. From Diis wo may infer that the quality of '.Australasian butter has now attained a very high standard. But as Messrs Weddel and Co. arc largely interested in the colonial butter trade, their opinions may fit; biassed; that they are not exaggerating tlic position is amply demonstrated h.y the following, which appeared in a recent issue of the “Grocer,” a trade journal published in London;—“The prime causes of these unsparing rcduc lions in value have, no doubt, been the continued abundance and uniformly ex--cr.-llcnt quality and out-turn of Australasian butters during the past season, which, viewed as a‘whole, has proved to lie one of The most prosperous ever known* hath to producers and consumers. Wxporienco confirmed the opinion that ■colonial butter, coming into this country just between one European summer season and another, is a veritable boon to consumers boro, as it not only furnishes a requisite supply of useful qualities at reasonable prices, but ft precludes the possibility of extravagantly high rates being run up for French, Dutch or Danish ' binds. By tho timely Arrival and assistance of the colonial product, retailers and oiaers arc easily enabled to tide over the winter months, when consignments of butter from the Continent are often stinted as well as precarious: and, besides ' placing before them a wider assortment and bettor selection, it also prevents tho market from being subjected to sud- . . - lien and violent fluctuations in prices.” Though tho excitement in dredge mining is focussed to a large extent on the • areas in Otago, it would he absurd to suppose that equally rich ground is unobtainable in other parts of the colony. The fact that the Dunedin people, who iiaVe been tho pioneers of tho industry, have their experts out securing claims in Westland, Auckland, and elsewhere is the best proof that dredging will bo profitable iin several parts of the colony. It is admitted that on tho West Coast of tho South Island there are several river and other i hums suitable for dredging, and one or two of the companies now at work arc doing well. Dunedin- speculators arc now promoting the “ Ford’s Crook Gold Dredging Company,” to acquire and work , a claim consisting of 100 acres situated at tho junction of tho Grey river with the Black Ball and Ford’s creeks. Tho capital of tho company is modest enough, being fixed at £6500, of which £ISOO in shares is to he paid tho vendors. t The venture appears to be wholly in the hands of mining men..in .Otago, and tfio Wellington brokers of the company are , Messrs Harcourt and Co., who are instructed to place 1500 shares in this district.

Dredging will shortly be heard of in connection with the Wakamarina, Tljc Imperial dredge now at work is said to be doing very well, although the actual returns are not made public. Three other » dredges will shortly he at work in this locality, and those interested are confident of success. 'A good deal of money has, at one time and another, been sunk , in the “ hole ”at Wakamarina, but dredging may yield move satisfactory results.

One of the results of the increased price of copper has been the additional company formations in connection with the production of this metal. Latest London advices mentioned that the prospectus of one mine to operate in North Queensland, and of another in Spain, had been advertised. At a meeting of a company to be know in future as the Northern Copper Company, Limited, of British South Africa, the chairman announced

that the company had secured a concession of 510 square miles near the river > Zambesi, upon which very rich copper deposits had been discovered. For the , purpose of operating them, the capital of the company had boon increased from £IOO,OOO to £150,000, It is stated that tho new copper companies launched in Boston since Juno of last year—and chief- * ly since December—have taken nearly 1id,000,000 dollars cash in subscriptions, the present selling value of which are about 55,000,000 dollars. A leading New York financial paper states that the Amalgamated Copper Company will combine “ nine copper mining companies, and that its purpose will bo, as far as possible, to give stability to tho copper market; that it is not proposed to advance prices, but rather to prevent an undue advance, as Tby keeping tho price upon a fair basis it is believed that the demand for the metal will bo fostered, and tho profits to the company be all the greater.

Mi- Taverner, the Victorian Minister of Agriculture, who is now on a visit to England, appears to have arranged suc- ' ‘ cessfully for a direct service between Manchester and Australia. ' The arrange- • inent, wo fancy, is more with regard to the carriage of colonial produce to Cottonopolis under a guarantee of a certain amount of cargo. The difficulties of the direct trade with Manchester were re- ‘ moved some two months ago. For years there has been a monthly service of steamers from the Ship Canal to Australia, but until a couple of months ago it was little better than a sham, and apk pcared to exist mainly for the purpose of keeping rivals away. The charges were so arranged as to neutralise any saving, and the steamers, after sailing from the canal, received at Liverpool the cargo , which they would not accept in Manchester unless at a higher rate of freight. Two mouths ago the conference of leading brokers discontinued this unfair discrim-

ination in their charges, and more recently a further concession has been made by k despatching steamers direct to Australia without calling at, Liverpool, the cargo from this port being loaded before hand. ■ The artificial hindrances to the Manches-ter-Australiau trade having been removed. 1 Mr Taverner’s negotiations were made easy. Australian trade with the midland counties must gradually increase under this direct service, and New Zealand will profit by the diversion of Australian frozen meat from the London market.