FINANCE AND TRADE

New Zealand Times, Volume LXXIV, Issue 4871, 24 January 1903, Page 7 (Supplement)

FINANCE AND TRADE

T!ie report of the Scottish-Austraiian Investment Company to June 30 last shows that the drought had affected the undertaking severely. The expectation was 79,100 lajnbs, as against 20,050 deaths, but ti;o lambs which lived proved to be fewer, _ and the sheep which died proved 25,079 greater, ana vhero had been a great, expenditure upcu fodder. The result was a debit balance of £S4,O4S, after covering debenture interest. The Now South Wales property fared somewhat better than that in (Queensland. On June 30 the company had 302,008 sheen, 43,037 cattle, 2195 horses, and 332 pigs.

Tho Sydney branch of the Koyal Mint during December received 61.915 line ounces of gold for coinage, value £276,105. During tho year the quantity received was 075,833 line ounces, value £2,874,297, of which 408,5211 ounces camo from Queensland, " 1-10,520 from Now South Wales, 107,1)96 from New Zealand, 7915 from Tasmania. 7193 from Now Guinea, and small amounts irom other sources. Tha gold coin issued was £2,855,000. and bullion £2553. The new silver coin issued in' the year was £II,BOO, and silver bullion £0613, while £8346 worn silver coin was withdrawn. New bronze coin wa-s issued to tho value of £3OOO.

Tho London market lor linseed oil is thus reported on under date November 22:—-“The course of the linseed oil market has been steadily downwards during the month. It is not altogether easy to seo the reason for such a decided fall, especially considering that the statistical position is by no moans bad, and it is to be feared that the only way to account for the present position is to assume that general trade is deteriorating. Of course, this is the time of year for a considerable slackening of business, but tho merely seasonal slackness would certainly not have been sufficient to bring tbo market to its present, level. Tho drop during tho month amounts to nearly £4 per ton, and as this has followed upon a previous fall of about £3, the distance between autumn and winter rates is about £7 per ton, far more than could bo accounted fur by any natural falling-off of immediate demand. The lowest prices for linseed oil touched during tho month under re - view aro £2l 15s in London “clothed.'' and £2O 5s in Hull “naked.” At tho corresponding time last year tho quotation was about £33 per ton. A report bearing date London, ..November 22, states:—“The market for tallow has been very steady, without any pro : nounced movement in prices. The tendency, however, contrary to some confident expectations, has been upward rather than downward. Tho quality coming forward is certainly far from excessive, and although many cousnffiors still try to keep back their orders there are others who must supply their requirements. Hence prices are well sustained. Some classes of tallow, notably homo-melted, aro very scarce, and practically there are no sellers, so that it is difficult to arrive at th© real value. White bone fat has been sold at 29s per cwt, and brown at 26s 6d, prices which are sufficient to show how keen is tee desire to obtain some form of material cheaper than ordinary tallow. The stocks in Liverpool at tho end of the month were 480 tons of South American beef, 634 tons of South American mutton, ‘ and 39 tons of Australian. A!, present there- seems to be no indication whatever of a break in tho market, and winter prices appear likely to ho as high as those ruling at any other period during tho year.”

At the date to which our latest European files extend silver had touched the lowest point reached. Owing to the action of the American banks in discountenancing speculative business holders of silver were being forced to sell, and the restricted demand in London also told nnon the price. In their circular of November 27, Messrs Pixloy and Abell, who gave the imports for the week as of the value of £210,000 from America and £15,000 from Australia, and tho exports to India as £139,900, write as follows;—“Silver has again fallen sharply. There was a fair demand at tho beginning of the week for cash, but forward sales, partly on Eastern account and partly in connection with Mexican dollars, were pressed, and we have declined to 31 9-16 d for two months’ delivery, a fall of Id during the week. Cash is quoted at 21 11-16 d. Tho exchanges in tho East have fallen in sympathy with silver, and we have received no support from India and the Straits, though there has been some buying for China. America has been a free seller every day, and tho news that Siam has closed her Mints to silver has also contributed to tho weakness. Wo close slightly steadier, New York being closed and there are buyers.” The price has since recovered slightly. »*»- • • . * The report of the directors of the United States Mint says that the coinage of 1,500,000 silver dollars monthly now required by law will end soon by the exhaustion of the stock of silver bullion. On tho other hand, the gold coinage of tho country is now ..entering almost entirely into storage, and thecoinage of tho whole of the annual deposits is unnecessary. The report adds that tho Treasury holds about 500,000,OOOdol in coined gold, which is doubtless more. than will he called in for a generation, practically all the current gold coinage being deposited in the Treasury in return for certificates. The directors point out that when gold is required for export it is wanted in bars, while for domestic circulation the public prefer Treasury certificates, which with some modification of the statutes, might as well be issued against bar gold as against coin gold.

It appears that the gold standard scheme for Siam has become law, and the Siamese mints have been closed to the free coinage uf silver. If the scheme is successful the profits resulting from the minting of ticals will be set aside in a special gold reserve fund for the purpose of establishing the gold currency.