FINANCE AND TRADE.

New Zealand Times, Volume LXX, Issue 3826, 23 August 1899, Page 6

FINANCE AND TRADE.

“New Zealand Times’' Office, Tuesday evening. The Customs returns for to-day amounted to £ll7l 2a.

The higher prices ruling in London for New Zealand hemp is fully reflected locally. Two or three weeks ago the quotation for f.a.q. was £l7 to £l7 10s, and several mills contracted on that basis. The present ruling rate is £lB to £lB 10s, but unfortunately very few millers are able to take advantage of the advance, being already Idled with orders. The position now i s that all flax mills have orders on hand that will keep them in full work up to tho end of March next. The output of hemp is likely to be largely increased, for not only will the weather become more favourable, but two or three new mills erected near Foxton are just about ready to begin operations. The prospect of employment of a large amount of unskilled labour in tho flax mills is therefore very good.

Tho monthly returns of the output of gold from Australasia give evidence that the vield of 1899 will exceed the value of that of last year by fully £ 5,000,000. From Africa there will be an increase of about '5.000,000, provided, however, that the present political unrest does not terminate in wav. From the United’ States an increase of £1,500,000 to £2,000.000 is expected, and the Klondike output has also increased. The' returns for seven months of the several colonies of Australasia, compared with the output of the corresponding period of last year, show as under; 7 months, 7 months,

1,874,113 2,354,359 Tho increase for tho seven months amounts to 480,440cz, and each colony has contributed its quota, but Western Australia is responsible for three-fourths of the total increase. Now Zealand stands third in the volume of increase, and fifth as regards the actual quantity exported during the period. The improvement 'exhibited by New Zealand has had a beneficial effect on London capitalists, and according to private advices received by maii, a better tone prevails with respect to New Zealand mining. There is now some probability that British capital will be forthcoming for both dredging and sluicing, but there is not the least hope of any repetition of tho Auckland boom.

The Colonial Consignment and Distributing Company, in their circular dated I4th July, throw some light the adverse movement in the pries of North Island mutton. The circular says ; “Trade has not been good, with an inactive demand, 'and salesmen’s desire to sell, prices have receded, and for all sorts are It d to ;■ (i per lb lower than a fortnight ago. Canterbury mutton of the most favoured brands and weights has sold at 4-Jd per lb, other without the prestige of brand, and often less carefully graded, at 1! I d to Id per lb: heavy mutton, 70 / to 801 b. at about 3d per lb, with slow sale and little demand. North Island, of good weights, is worth about. 3d per lb; heavier, 21 d per lb. 'The fall in value of this mutton in the last fortnight is traceable to a small consignment of about 4000 sheep, divided between four small salesmen, whose competition with each other has had the inevitable result of lowering prices, and as this suicidal policy is being continued with other parcels, and shipments are coming too fast, and too heavy to store, a recurrence of low rates seems probable.” As we’ all know, prices have dropped during • the past four weeks, and the statement as regards heavy shipments fully bears out onr own opinions expressed in this column.

The Victorian public do not seem to take kindly to the 3 per cent, bonds issued by the credit foncier department of the Savings Bank. In 1897 the public subscribed for £120,530 of these bonds, and in 1898 for £38,650. But so far in 1899 the public subscriptions have only been £13,900. or less than onetenth of the bonds offered, as against one-eighth last year, and over onefourth in 1897. The department has been obliged to draw its resources from tho Savings Bank. Altogether, bonds to the amount of £816,125 have been taken up. of which tho Commissioners for tho Savings Bank themselves hold £361,025. British trade is beginning to show very great expansion, the exports for every month of this year showing a substantial increase. For the seven months the trade was as follows :

149,813,990 17,119,695 Tho increase of £17,119.695 includes, oi course, the value of ships, which are included in the returns for the first time this year,/ but this would not amount to more than £6.000,000, and. deducting this sum, the increase is substantial enough. Last year the Home demands caused a. slackness in exports, and ominous forecasts were made of the decadence of British trade. The figures this year show that British manufacturers are still able to compete successfully in the world’s markets. The imports in the seven months amounted to £278,114,541, representing an increase compared with tho corresponding period of last year of £4,812,421. The average monthly value of the ships built for foreigners was £870,000. During the first half of this year the New York Stock, Exchange records showed that 120.024,773 shares had been dealt in, as compared with 52,955,835 in the first half of 1898. In addition, railroad bonds were dealt, in to the extent of £111,327.000, as against £80,830,000 in 1898. This diti not include the transactions on the ■J n-olidated Exchange, which covered another 23,888,540 shares, as against 12;035,324 last year. New securities were admitted to the Now York Stock Exchange in tho half-year to tho value of £217,094,000. of which £117,085.000 wore represented by manufacturing concerns and trusts. Tho Grain Exchange did not, however, show any such increased activity. Wheat options for tho half-year represented only q 67 316,000 bushels, against 627,597,000 bushels in the same period last year; and maize options 18.864,000 bushels, against 35,456,000 bushels. The cash runaclions in both wheat and maize increased. ~ ... JOIINSONVILLE STOCK SALE. Messrs Freeman II- Jackson and Co., in eoninnetion with Messrs Abraham and Williams, report as follows on their stock sale at Johnsonvillc to-day:—Bullocks, in average supplv. were in fair demand. Medium weights were at better value than

last week, whilst heavy weights were somewhat easier. A full supply of sheep sold freely for prime quality, but inferior sorts were neglected. The porkers entered were of good quality, and sold at about Id per lb. Heavy bullocks averaged 16s to 17a per 1001 b, and prime medium weight 17s to 18s. Quotations —Heavy bullocks, £7 2s 6d to £8 2s 6d; medium bullocks, £6 2s Gd to £6 12s Cd; workers, aged, £5 15s; best wethers, Ms 6d to Ms lid; others, Ms 3d to 12s 7d; stores, 10s; nrinie ewes, 13s to 13s lid; good ewes, 11s Id co 11s sd; inferior ewes, 9s 6d to 10s 6d; pigs, choppers, 28s; large porkers, 25s to 28s; medium, 20s to 22s Gd; small stores, ss. GOLD RETURNS. PRESS ASSOCIATION. AUCKLAND, Tuesday. The Wuitekauri Gold Mine has crushed ■ 1997 tons for £sßll worth of gold; Ka- . panga, £715 worth for the month ; Scotty's, , Coromandel. £360 worth; Royal Oak. 120 tons for £383 worth. GOLD SHIPMENTS. AUCKLAND, Tuesday. The National Bank sent forward to Sydney by the steamer Westraliu, for transhipment to London, gold valued at . £11,300.

1898. 1899. Colonyoz. OZ. W. Australia 547,671 847,725 Queensland 502,475 528,597 458,761 477,732 New Zealand 153,922 218,969 New-South Wales 181,821 249,740 Tasmania 29,465 31,796

1899. Exports. Increase. £ £ January .... 20.S47.234 l,115.S3f February 19,382,406 1,740.557 March .... 22,324,401 1,490,536 April .... 19,457,446 1,961,43 May .... 23,030,240 5,138.886 June .... 21,930,067 2,566,371 July .... 23,292,096 3,106,08C