FINANCE AND TRADE

New Zealand Times, Volume LXXV, Issue 5134, 28 November 1903, Page 16

FINANCE AND TRADE

Tho mail to hand brings some interesting particulars respecting tho recent slump in Colombo freights to Australia. Intimation has already been received ot tho change, but without, tbo details now available. The (fleet of reduced freignt has boon an immediate advance in tea cost. Tho “Tiiiics of Ceylon.” in commenting on tlio position on October 21, points out that during tbo week previously Urn market advanced in response to tho strong position of Ceylon tea iu London. At tho Colombo sales, however, bold on tbo date mentioned, till) cub rate of 15 rupees per ton for freight laid a di-tinct effect on the d;iy , s offered, of which 1,023,7301 b sold, and Jlus-iaa buyers found more competition than usual. The reduction in fn igliis from-35 to 15 rupees has caused heavy .shipments from Colombo. The Cronies, which left Colombo on October lb, brings 400 tons, instead of ordinarily about half that quantity. Tho Konigin Luise, which left on October 25, immediately shipped 175 tons, when the reduction was announced. Tho Lritnnnia and tho ALAI. steamers following were also taking heavy complements. There appeared to bo some prospect of overstocking, followed by short shipments, as current low freights are being quoted for a short time only. Tho breaking up of tho 50 rupee freight charge is considered directly lo tho advantage of tho planter ami Ceylon tea business. Tho change has, wo understand, boon brought about by tho boycott, of a large filliping firm to Australia. Tho present development has boon anticipated for many years past. It is believed by these more .particularly concerned that at tho end of the present 15 rupee rate everybody’s tonnage ■will bo accepted at 35 rupees, and that 50 rupee freight will bo ■ finally rclegateu to tho oblivion of the past.

Tho London linseed market lias for months past been remarkable for its kaleidoscopic movements, and tho generally happening conditions have more or less upset tho best laid schemes of factors. Prices seemed to have been influenced almost entirely by advices of shipments afloat. London stocks were fairly large at date of writing a month ago, the linseed item being given at 3t),815qr., as against 0283 qr. in warehouse at midsummer, and 23,117 qr. a year ago. Hnll, however, on tho contrary, only held 17,733 qr., as compared with 68,587 qr. last year. Tho “New York Oil, Paint, and Drug Reporter,” commenting on tho situation of the American linseed crop a week earlier, says:—'From tho best reports obtainable, tho damage has not been over one or two millions bushels. If this bo true, and tho probability is that it is, tho statistical position of tho crops as submitted before tho damage scare made its appearance need no material modification. and there is a prospective surplus of at least 10,000.000 to 15,000,000 bushels. The grade will bo considerably improved no doubt, but Josses from wet of frosty weather common to other grains, by no means apply to linseed, and tho statistical position of tho crop to-day is undeniably “bearish.”

Latest reports from the sardine fishing grounds along tho French coast tell of very unsatisfactory conditions. Tho fish aro either running too small or too largo for packers’ repui foments, and ns tho month of October was tho latest that packers could avail themselves of it was not expected that any improvement in either quality or size would bo experienced for the three weeks to run after date of writing. It has been, a matter of common knowledge and general comment both in this and tho markets of tho Antipodes that sardines would likely prove good property during tho coming season. For this reason spot holders seem content to quietly carry their supplies for high prices, fully believing that the coming summer and tho Lenten trade will see this class of fish at higher prices. It is interesting, to note that tho disappearance of sardines on the French coast and their reappearance in American waters is likely sooner or later to bring about tho production of supplies of persorved sardines in tho western world; with this difference, however, that American fish will probably bo preserved in cotton seed oil whereas tho more familar French commodity is packed in olive oil.

The estimated yield of the United States wheat drop is still tho bone of contention between, competitive statisticians. According to the estimate of Mr Statistician Snow, of Chicago, tho . yield of winter wheat in tho United States is 444 millions bushels, and of spring wheat 2GO million bushels, which aggregate 704 million bushels. These figure have come rather as a surprise to the “pork butcher fraternity” and others who with unfailing regularity bull and bear the world’s bread basket. Mr Snow’s figures make this year’s United States yield larger than previous estimates. Xu 1902, however, the official yield was 670 million bushels, or 34 million , bushels under that gentleman’s estimate for 1903. Those figures i aro still green in tho memory of Chicago and Now York factors, and tho publication of the estimate given quickly rejuvenated tho markets of the western world. The “North Western Mill or” writing in connection with the spring wheat crop says that had it not been for wet weather tho crop would without question have been one of the finest to mill over raised in tho north west. The opinion was expressed, however, that tho new crop would bo a fair one when fully cured. Messrs W. Weddell and Co. report as follows on the London frozen meat market for the week 1 ended October 9:—Tho demand tor frozen meats has again been disappointingly sjow during tho week, and with arrivals from Now Zealand and the River Plate, a full average, stocks aro accumulating. Mutton.—Australian—There is none cm offer. Plato sheep have lost ground considerably during the week. Tho quotation in London is nominally 3Jd per )b; but in tho provinces offerings aro freely mado at 3Jd per lb. Now Zealand—ln sympathy with Plates, values of Now Zealand sheep have suffered a drop, though not to quite such a serious extent. Tho market closes weak at tho reduction. Lambs. —There has been a slight change for the better, more as a result of (the fact that buyers are realise ing that stocks aro not excessively heavy than on account of any increase in tho demand. Tho market is steady at the advance, and holders are demanding sti,ll higher prices. Beef.—Wet, muggy weather has prevented tho sale of beef in any quantity, and. in view of the cheapness of chilled beef, buyers have neglected tho frozen article.