ENGLISH COMMERCIAL

Otago Daily Times, Issue 705, 22 March 1864, Page 4

ENGLISH COMMERCIAL

Messrs Stables, Straker, and Co. report of the Anglo-Australian trade: —

Our tables for past month again show a very gratifying decrease tolall ports as compared with the figures in our publication of 15th ult. Our corrected totals for the month then under review are L 9/8.791, the late entries having been, as usual, on a very considerable scale,—whereas, on the present occasion, we show aggregated totals equivalent to L 891,028, the decrease being L 87,763. This decline is of the more importance owing to the fact that the exports to New Zealand direct, as given below, are also on a much smaller scale; and as a decrease in shipments to any one market affords indirectly a relief to all, we are fairly justified in assuming the aggregate diminution as over L 160.000. In anticipation of our next issue, which will contain the usual coirparative statement of exports for three years, we subjoin the total value of exports for the past twelve months, premising that our figures will be subject to future correction by the addition of any late entries that may y.-t be due for ships clearing during December. Melbourne and Geelong. — 1863, L 5,761,720, against L 5,403 583 in 1862. Sydney and Moreton Bay. —1863, L 3,127,339, against L 3,450 920 in 1862. Adelaide.-L972,757, against L 854.400 in 1862 Hobar-t Town — L 303.550, against L 261,900 in 1862. Gros3 totals to Australia proper, L 10,165,366 in 1863, against L 9.970.808 in 1862. We beg to call the especial attention of subscribers to an evil, the existence of which we hava •repeatedly adverted to in our columns, but which notwithstanding, seems still to be on the increase: we allude to the practice of delaying completed entries of goods until some days (we might, in a few cases, say weeH) after clearance cf the outgoing vessel. The cv A arises, we apprehend, from the practice of the Customs authorities in allowing goods to be put on board under skeleton entries, and their subsequent laxity in enforcing the completion of such entries within the stipulated time—say seven day 9, the natural result being that we do not obtain the concluding portions of many manifests of vessels cleared within our statistical month until some days after our circular is published. The practice of delaying completed entries, applied almost entirely to Liverpool, until within about three years back; since which time, that port seems to have completely purged herself cf the irregularity, as we have but rarely to record late entries for any vessels cleared thence. The mantle, however, which she has so willingly cast aside, appears to have been but too readily appropriated by London, to be, we trust, a3 completely discarded at a very early date. We are bound to admit that the system has one compensating ad vantage, which in many eyes will be considered to balance all shortcomings, viz., the greatfr eventual accuracy which is secured in the returns of exports, as all these kte entries are duly recorded in our column of previous shipments ; but the principal objection still remains, that subscriber.? do not at all times get the complete record of a vessel's cargo until the publication of the succeeding " Supplementary " Circular. The comparative value of exports to the various markets for past and preceding months are as follow :—Melbourne, L 5-27,185 in De-cember-January, against L 531856; decrease, L 7 671. Sydney, L 279.879 against. • 322,056; decrease, L 42.177. Adelaide, L 72,814, against L 94 816: decrease, L 22.002 Hobart Town,. LIDSO, against L 27 063; decrease, Lls 913. New Zoalaud, L139,12i), against L 221.558; decrease, L 82.438.

The public woal sales, which usually commence in London early in February, were postponed until the middle of March, in consequence of the lateness of the Australian clip. Messrs Wil'ans, Overbury aad Co, sura up their reports for the year :—

During thi past year the London colonial wool market has been alike free from ext-eine buoyancy and extreme depression, all descriptions of colonial wool having, throughout, fluctuated within moderate limits, at an average range of value very near that of 1861 and 1862, but somewhat below that of 1860. This general steadiness of price during a pr-riod when the cotton market has been charaote iseii by unusual excitement, has created surprise in some quarters, since it was calculated, on the breaking out of the American war, that a rapid and sustained advance would take place in the value of wool, corresponding to that which occurred in cotton, but the explanation is to be found in the fact, that the one staple can only to a limited extent be substituted fi>r the other, and that the increased consumption of wool to replace cotton is fully counterbalanced by the reducfd demand for woollen goods consequent on the impoverished condition of the Lancashire operatives. The first six months of the year were marked by a sluggish demand on the part of our home manufacturers', and during the period referred to, the tendency of prices was generally downwards, but the limited arrivals for the February sale 3. and the extensive operations for French account during the May series, prevented tb/'s slackness in the home,demand from resulting in any great depression in the value of the raw material. In the

month of July, however, the sanguine expectations of an abundant harvest caused lj the brilliant weather which then prevailed, gave tone to the ma ket, and a reaction ensued, which,

•with occasional fluctuations, continued through out the autumn, resulting in a complete recovery of the lost ground, and in the establishment of a range of prices about equal to those ruling at the close of 1862. As the hopes entertained in regard to the harvest were eventually more than fulfilled, and the consequent expansion of the home trade w.is v<-iy marked,- there is reason to believe that during the November sales still higher prices would have been paid hai the value of money remained undisturbed, but the sudden advance in the Bank rate of discount, by successive stages, from four to eight per cent., operated as a check to lurth r improvement. As regards the relative value of different classes of wool, all descriptions have realised about their, proportionate price, except that in consequence of the unprecedent'd cost •of English fleeces, parcels of Leicester character, particularly if bright-haired, have commanded extreme rates during the entire year. The general character of the eiip was not greatly different from that of former seasons, but a tendency to improvement was ob.-ervaUe in the produce of some colonies, and to deterioration in that of others. The shipments from Victoria and New Zialani show a considerable increase, while those from the other colonies exceed in the aggregate by only a few thousand bales the import of 18G2. The operations for foreign account at our periodical wool sales are gradually assuming increasing importance j and price!, especially at

the May and July series, now depend in a great measure on the extent of the purchases made by buyers from the Continent. Any review of the wool market for the past year would be incomplete without some reference to jjprospects for the future, and to the various causes which may be expected to exercise an influence on the course of prices; among these, the possible cessation of hostilities in America holds the foremost place, In estimating the effect of such an event, it must not be forgotten that, while the consumption of the finer descriptions of woollen poods has Been curtailed by the war, the demand for fabrics suitable for army purposes has received enormous stimulus; and further, that, although the Morrill tariff ha* operated to the exclusion of our manufactures, it has, on the other hand, created increased demand for the raw material; the shipments of wool to America from this market have not only been unprecedentedly large, but many cargoes from the Cape have been consigned direct to New York and Boston, which would otherwise have been added to our own impor ations. It follows that, although the termination of the war might tend to stimulate prices for a time, it is not fit all certain that peace in America would result in a permanent advance in the value of wool. As regards foreign politics, although reports represent business as in some measure affected by the prevailing uncertainty, yet the evident desire which exists on the part of the leading European Governments for a specific solution of all questions at present agitating the Continent, seems to warrant the hope that the year on which we have entered will be one of peace, while the promised increase in the supply of cotton may, it is thought, so far contribute to the well-being of an important section of our own populatiin as to react favorably on the market for wool, always among the first to sympathise with the general prosperity or adversity of the country. The following short report on the product of the several colonies may prove interesting to those more immediately connected with the fra (Jg * — New South Wales.—lt is to be regretted that the importations from Few South Wales now include so few.really high-bred, well-conditioned flocks, entirely free from fault; even those of most, repute in the market being to a great extent infested with burrs and seeds, while the proportion of border wool of a low-bred nondescript character forms an ever-increasing feature in the importations from this colony. Queensland. The Queensland wools continue tolerably free from the defects abeve referred to, and exhibit as a rule considerable breed and quality ; but some of the finest flocks from this district have been scarcely so well washed this year as on many former occasions. Victoria—The clip from Victoria presents no new feature of importance, but the increasing prevalence of burr in the better, as well as in the {oferior flocks, is very prejudicial to the interests of the growers, as no defect exercises^ a more direct influence on price than the one in question. The imports from this colony now include many wools from the northern and north-western districts, which, losing the true Port * bihp character as the pasturage grows poor, become weak and inferior, and consequently suffer in the estimation of buyers. Tasmania. — The shipments from Tasmania have been about an average in quality and condition, but the two or three first-class clips were not quite so fine as usual, and commanded in consequence scarcely such high pnoes. As a rule, there is still great carelessness shown in the classification and packing of wools for this colony. A little extra time and labour devoted to these operations would render the article more marketable and insure enhanced prices. South Australia.—Frcm Adelaide, the great bulk of the clip .was about an averaga, and arrived as usual in the grease; but as these wools are greatly in favour with the French buyers, there is no doubt they command their full market value, and the only disadvantage of their unwashed condition consists in the extra cost of transit. Western Australia —The produce of Western Australia continues limited in extent, but the character of the wool, being long-grown, sound, and light, U such as always to command a ready sale, and our market could take much larger quantities than have hitherto reached this country. New Zealand.—ln referring to New Zealand, it is satisfactory to note that the progress is not confined to the weight of wool shorn, but applies also to the quality of the clip, which is gradually improving, both in character and condition. Many of the best flocks now compete with those from Victoria, not only in excellence but in price, and as the clips from this clony increase in size, still further improvement may be looked for, since the larger quantity enables growers to classify their wool in a superior manner, and generally induces more care in the packing. The following is a statement of the imports of wool into the United Kingdom from January 1 to December 31,1862 and 1863: - COLONIAL. New Scuth Wales and Queensland.—To Lon-don-1882. 59,130 bales ; 1863, 58 398 bales. Total- 1862, 59,130 bales; 1863, 58.393 bales. Victoria. To London—lß62, 86,070 bales; 1863, 95,394 bales. To Liverpool—lß62. 985 bales. Total-1862, 87,055 bales; 1863, 95,394 Tasmania.—To London—lß62, 16 862 bales; 1863, 15,509 bales. Total-1862, 16,862 bales ; 1863, 15,509 bales. South Australia.—To London—lß62, 32,800 bales : 1863, 36,753 bales. Total—lß62, 84,020 bales ; 1863, 36,753 bales. West Australia.—To London—lß62, 2230 ba'es; 1863, 2'Bl bales. Total—lß62, 2290 bales ; 1863, 2281 bales. New Zealand.—To London-1862, 26,658 ba'es ; 1863, 33,290 baks. Total—lß62, 26,658 ba'es; 1863, 33,295 bales. Cape.—Ajgoa Bay and Port Natal. —To Lon-dnn-1862, 55.010 bales ; 1863, 60,059 bales. To Liverpool-1863, 3 bales. Total—lß62, 55,010 bales; 1863, 60,062 biles. Cape Town.—To London--1862, 11,831 bales ; 1863, 8850 bales. Total-1862,1L831 biles; 1863, 8360 bales. East Indies.—To London—lß62, 2821 bales ; 1863, 4812 bales. To Liverpool—lß62, 49,998 bales; 1863, 59,646 bales. Total-1862, 52,749 bales: 18.53,64,458 bales. Total Colonial.—To London—lß62, 293 472 bales; 1.863, 315 361 baks. To Liverpool—lß62, 50,913 bales; 1863, 59.649 bales. Total—lß62, 345,665 bales; 1863,375,010 bales. FOREIGN. Germany.—To London—lß<?2, 7C60 bales; 1863, 7328 bales. To Hu11—1862,11,402 bales; 3893 9318 bales. Total—l 662, 29,238 bales; 1863, 31,853 bales. Spain and Portugal. -To L0nd0n—1862,1704 bales; 1863,808 bales. To Liverpool—lß62, 11 77 i bales; J863, 7432 bales. Total—lß62, 13 476 bales; 1863, 820() bales. Russia.—To London—lß62, 19,844 bale 3; 1863, 17,432 bales. To Liverpool-1862, 1924 bales ; 1863, 4466 bales. To Hull-1862, 16 017 bales; 1863, 8905 bales. Total—lß62, 40,302 bales; 1863, 34,693 bales. South Ame ica.-To Lond>n—lß62, 1569 bales ; 1863, 3707 bales. To Liverpool—lß62, 78 991 bales ; 1863,86 676 bales. Total, 1882, 80,560 bales; 1863, 90 497 bales. Turkey.-To London-1852, 3113 bales; 1863, 1374 bides. To Liverpool-1862, 8046 bales; 1863,14,512 bales. T0ta1—1862,11,159 bales; 1863,15,886 bales. Syria and Esrypt.-To London—lß62, 3t2 bales; 1863, 171 bales. To Lrverpool-1862, 6481 baes; 1863,3356 bales. Total—lß62, 6823 1-alas ; 1863, 3527 bales. Italy.—To London—lß62, 279 bales ; 1863, 5d bales. To Liverpool - 1862, 611 bales ; 1863,270 bales. Total-1862, 190 bales; 1863, 4311 To L0nd0n—1862,950 bales; 1863, 115 bales, Hull—lß62, 3901 bales; 1863, 2145 bales. Total, 1862, 4986 bales ; 1863, 4311 China.-To London—lß62, 1031 bales ; 1863. 12:9 bales. Totil—lß62, 1031 bales; 1863,1229 Sundry.—To London-1862, 8559 bales ; 1863, 10 027 bales. To Liverpool—lß62, 20,162 bales ; 1863,15 993 bales. To Hull- 1862, 4650 bales; 1863, 3104 bales. Total-1862, 33,598 bales ; 1863, 29,735 bales Total foreign.'-To London—lß62, 44,451 bales; 1863, 42 246 bales To Liverpool-1862, 127,987 bales; 1863, 132 705 bales. To Hull-1862, 3'» 970 hales ; 1863. '23,972 bales. Total -1862, 2i2 063 bales; 1863, 220.316 bales. . Grand total (including Bristol, Leith.Gnmsby. and Hartlepool).- To Londen-1862, 8i7.923 bales. ; 1863, 357,607 bales. To Liverpool—lß62, 178,900 hales ; 1853. 193,354 bales. To Hull— 1882, 35 970 hales ; 1863, 23,972 bales. Total--1862, 567,668 bales; 1863, 595,326 bales. The " Economist" gives the following report for the week ending 23rd January :— DiacouNT and Money Makket.—The course of the still unsolved cotton question acting on money, here, by way of Egypt and France still more than by the Kant, has involved the resumption of the rate of 8 per cent, for discounts at the Bank of England. As on previous occasions, the Bank of France has been, by seeking Becoming-

dation in the London market, the immediate ctuserf the advance. The *»*J^g?"! adopted on this side the channel appear so far to hJe had tfe desired effect and goldhas ceased to leave the coffers of the Bank. The, directors of tl)e Bank of France, whose policy is in all probability under the complete control of the ttovernmLt, still refrain from a corresponding rise In the rate of discount; the recent emission of 50f notes, and the subscriptions for anew loan, being expected to increase the metallic reserve, and at the same time, to reduce the active note circulation. The fear of impeding the mocess «f the new loan by the further depression of. Government stock perhaps accounts for delay in the announcsment of an increase in the rate that will probably be decided upon so soon as the expected improvement in the situation of the Bank oi Prance shall have taken place. The actual value of money is a fraction below the Bank rato; but the changes are from day to day dependent oa the advices received. Ihe China news reports a further adverse movement in the exchanges. The operations in longdated bills depend on the nature of the paper offered, and are consequently more matters ot negotiation thnn of fixed rates. Subjoined are the current quotations for paper of various dates: - 30 to 6'J days' ... 7 % per cent. 3 months' .. .. 8 per cent. 4 months' .. \ according to ar--6 months'—bank bills... \ raao - e inent, 6 months'—trade <!o ...) Money commands a higher value this week in the Stock Exchange, where the refusal of the Bank to make advances on stock and securities has caused some surprise. The rate on Government stocks for short periods is 7 per cent. The discount houses and j ant-stock banks have made no alteration in the allowances on deposits; the following being the quotations :— Joint-stock banks .. .. *5 percent Discount houses, at call ... 5 percent Do, with 7 days' notice ... 5| per cent Do, Udays' 6 percent. • At the London and We3minster, 4 per cent only on sums below LSOO. At the biddings for L 400.000 Government Bills on India, on the 20th inst. the applications within the limits reached 1,3,470,000. L 210.000 were allotted on Calcutta; L 170,000 on Bombay; and on Madras, L 20.000. The declared minimum rates were unaltered at Is Hid rupee on Calcutta and Madras, and Is llf on Bombay. Tenders at 2s o^l on Calcutta receive in full, none at lower rates being accepted. Tenders on Bombay at 2s o£d receive about nine per cent; and on Madras, at 2s o^d, about forty-two per cent. Above those prices allotments are made in full.

ABSTRACT OF SALES BY AUCTION. THIS DAT. M'Land3BSS, Hepburn and Co., at their rooms Manse-street—lronmongery, saddlery, American goois, &c. A. GK Fishsr and Co ,at their rooms, Princes street, at neon -Boots and shoes, fruit. J. DANiBiiS and Co., at Commercial Sale Rooms, Princes street—Clothing, boots. E. Db Cmiiß and Co., at their rooms, Princesstreet—City property. Alex. Ccmming and Co., at the stores of A. T. Campbell Jand Co., Maclaggan street— < Clothing, &c. Driver, Maclean, and Co., at Provincial Sale Yards—Pigs. At Duncan's Yards, North East Valley—Cattle and sheep. POST OFFICE HOTICB. MAILS CLOSE For Auckland, per s.s. Omeo, thw day, at 3.45 p.m, Fop San Francisco and Valparaiso, per ship lamyr, this day, at 3.45 p.m. For Melbourne and Australian colonies, per B.s. Scotia, this day, at 11.30 a.m. For Kegistered Letters, Money Orders, and newspapers, at 10.30 a.m. ARCH. BARR, Chief Postmaster. Chief Post-office, Dunedin, 22nd March, 1864.

BIItTH. At the Forbury, on the2Ot!i March, the wife of Campbell Thomson, Esq., of a son. MAKRIISD. At Newlands, Liddesiale, Roxburghshire, Scotland, on the 25th of December last, by the Rev. James Noble, of Custleton, Willlinm Anderon, Esq., Manufacturer, Laiigholm, Dumfriesshire, to Jane, eldest daughter of Mr Hugh Johnstone, Head Gamekeeper. DIED. At the Forbury, on Monday, the 21st Match, the infant son of Campbell Thomson, Esq. On the 19th instant, at Killeul street, Duupdin, James, third son of Andrew Patterson,Esq., Road Surveyor, Gosling Cottage, Stanwix, Car lisle, aged 33. The funeral will move from his late residence, Filleul-street. this day, Tuesday, 22nd March, at 3 p.m. Friends please accept this invitation, Home papers please >copy. 3picer and Murray. Undertakers, George-street, Dunedin. «,.■»«• *. At Macla°rgan-9treet, on the 21st March. Mary Mortley, eldest daughter of Mr William Mortley, Melbourne, and wife of Mr James H. Hoey, Dunedin, aged 25 yeais. At Royal Terrace, on the 21st March, Anna Catherine, only daughter of Mr John Laing, late of Wellington, aged four years. Spicer and Murray, Undertakers.

AMUSEMENTS. PRINCESS THEA.TRE. " The Ticket-cf-Leave Man," and " The Rival Sergeants."