COMMERCIAL NOTES,

Otago Daily Times, Issue 9904, 24 November 1893, Page 6 (Supplement)

COMMERCIAL NOTES,

The remarkable success of tho Victorian and New South Wales loans is a gratifying and practical demonstration of the confidence which in spite of all temporary shaking is generally felt in tha stability and solvency of the Australian colonies. This will be good for New Zealand too. Australia's passing, cloud has in some degree overshadowed your colony. Too many people cannot or will not discriminate, and anything that injures one member of the Australasian group injutes all the others to some extent. Mr W. Weddel (of Weddol and Co.) has jußt returned from a visit to Germany, whither he went with the object of pushing the sale of New Zealand meat there. Germany is not a large consumer of mutton, beef being eaten in preference. Beef is expected to be very dear in Germany during the coming winter, owing to scarcity due to tho summer and autumn's drought. Mr Weddel has arranged to send over 150 tons of frozen beef. There is a very fine refrigerating store at Hamburg, recently completed at a co3t of £70,000. It is used also in the manufacture of ice for sale. City men generally approved the action of the Bank of New South Wale 3in calling up extra capital. This may lessen for a time the shareholders' dividend, but the ultimate result will, it is believed, bo a great additional stability. This will enable the bank to take up much new and profitable business. Thus, though the value of shares may be lowered fcr a while in the market, a favourable reaction is bound to come, and will be warranted by the bank's strengthened position. Contrary to the expectations of most of tho brokers the wool market closed firm. It is the opinion of many well versed in the trade that but for the disturbing elements, such as the strike and the American silver difficulty, we should have seen an advance on the last sales of sto 10 per cent, on worsteds. Merino remains low, fashion favouring the coarser kinds. The American silver controversy still disturbs trade very seriously. It is believed bofh here and in America that the strife between the two opposing parties will not be easily settled, and is yet far from its termination. The bank rate has been reduced to 3 per cent. There is any quantity of money seeking safe investment, but until a more settled state of the labour market is brought about investors will remain satisfied with small interest rather than run the risk involved in investing their capital in trade. All statistics go to prove that for the year ending July 189* the world will have a marked deficiency in the quantity of available breadstuffs. The profits expected to bo made out of hay have vanished, owing principally to the fine autumn. There may, however, ba a reaction when the colder weather sets in. Frozen meat ha 3 looked a little better of late, excepting lamb, for which even the English market is limited, and the quantity sent over hag been altogether in excess of the usual consumption. The Rimutaka's butter has turned out much better than was expected. It happened, too, to land in a fairly good market, and most of it has sold tolerably well. It was found to be in good condition for stored butter. Cauned meats are severely depressed, with little present prospect of improvement.