COMMERCIAL.

Otago Daily Times, Issue 12600, 2 March 1903, Page 4

COMMERCIAL.

Daily Times Office, Saturday evening. The Customs returns for last month are as follow;— Goods cleared for consumption, '£33,475 8s 7d; and beer duty £2293 14s 7d. M gold was exported. For' February, 1902, tho duty collected on goods cleared for consumption was £30,432 16s 3d, tho beer duty was £2331 7t 6d, and there were 62530z of gold exported, value £25,910. .Referring a telfdoncy in Melbourne to ar adviimce in mortgage rates, the Argus of the 20th ult. remarks:—"Wo are informed that instructions have, in at least one instance, been received from London that no more money is to be lent on the mortgage of freehold lands at less tha-n 5 per cent. Local lenders are also asking advanced rates. As -tn the British money, it may be rejoined that it may go liaek. Quite so; but then tho local capitalist will bs enabled to chargc much higher rates than the competition of British capital has hitherto him to do. The action taken at Homo is the result partly of the sfare that a revelation of the New South Wales financial mess has occasioned, and partly of the preposterous Income Tax Bill ' now- .before the Victorian Parliament. Nearly all the expedients now being adopted ,to raise revenue press directly or indirectly Uflpn the producer, and tho progress of the country is impeded just at a time when relief is required." . .. BREADSTUFFS. The New Zealand FlourMillcrs' Association announce a reduction of £1 10s per ton in tho. price of flour and £1 ner ton for bran. _As a consequence of the large importations of American flour to the Commonwealth, it is more thau likely thai a good deal of the imported flour will fnd its way to .New Zealand. -Advice has been received ' that a shipment of hard wheat flour, made from Duluth wheat, "Noremne" brand, guaranteed equal to the best Manitoba,, is coming to this market by the Jeserio, due tc Have New York in the-first week in i February. The Hour is packed in sacks of 1931b New Danish oats, delivered in Dunedin, nre quoted at Is lid pei 'bushel, but no • 'buHtiess is reported, buyers anticipating j lower quotation?. ' j IMPORT MARKET. i Cable advice has been received of a sharp advance o'f 22s 6d in Japan rice. -Stocks held locally nre not heavy, and tho market has responded to tho rise. £17 per ton is now the lowest quotation for a line, and j £17 10s for smaller quantities. .Cement is easier, and sales are reported . •at 13s per barrel ex store. • Tile 4000 cases of kerosene ex Kinclune ( have been landed. Tho consignees disclaim ' all intention of cutting tho price, and are qvoting this outside oil at 10jd per gallon, j usual trade terms, without rebate, tho same ratfc at which the C-olonial Oil Company are sollim?. It is claimed by the consignees that j the Kinclune kerosene is bettor quality oil than the company arc now sending forward, i and although the tins are of the same size, i it is invoiced at eight gallons nor case, as i against the company's eight gallons and a- : third. ( i'he consignees also state that regular i supplies of this outside oil will be. kept on < this-market, and at the present time con- 1 siderablo quantities are stored at the several ' ports in Australia and New Zealand. If tips do 60, 'then the Colonial Oil Company 4 will no longer have the monopoly of the market for kerosene. ■ 'A New York paper, writing with reference to the coal famine in that oity, when the great body of consumers were compelled to pay 'from" Bdol to lOdol a ton for their coal. 1 goes on to say: "Thoee who have turned ' th? use of oil in this emergency have been , chagrined to find flip prlco of this fuel also j advanced. Almost at the samo time that \ the Standard Oil Company announced an- j other dividend—bringing the aggregate of .the year up to 45 per cent, on its 100,000,000 c dollars .of capitalisation— it advanced the 1 price of oil i eent a gallon in barrels and 4 2 cents a, gallon in cases. The Standard Oil 1 Company is so continually cited by trust ' apologists as their illustration of tho possi- 1 ■■ bility l of lower prices through the monopolisation' of an industry that it is of intorent to ] 'compare present-prices with those prevailing , when the Monopoly was established in 1882. As examination of the reoord shows that oil , to-day is aotually dearer tlirm was 20 yeara ago. Prior to that time tho price of ( rafinod oil hpd fallen, as a rule, from 7 to. 1Q per cent, each year ever einoe petroleum ' waa-first put upon the market at the be"ginning of the American Civil Wat. Export i prices by the barrel mean little to the < ordinary consumer, but thoy form the

official basis of comparison. In tho decade preceding the complete establishment of the trust tho exnort price of oil by tho barrel in New York fell from 24: cents a gallon to 7i cents. During tho two decades following ' this event the price of oil by the barrel has risen from 71 cents a gallon .in 1882 to Sicents a gallon in 1903.' If improvements in manufacturing and economics ill production liavo gone on, as in the daye of competition in the oil industry, the public has surely not recoived the benefit.' i lu tho mail summary published with the issue will be found a record of the market movements for the past three weeks, together with complete priccs ourrent. . • <> ! EASTERN EXTENSION COMPANY'S RATES. . . . MELBOURNE, February 28. (Received Feb. 28, at 9.52 a.m.) . Tho Federal Cabinet has practically concluded an agreement with tho Eastern Extension Cable Company for 10 years, at the following rates:—Three shillings foi pnvato messages, 2s for Government messages, asa li for press messages. The agreement is subjeot to the ratification of Parliament; SALE OF WANTWOOD HOMESTEAD BLOCK. Messrs Dalgety and Co.,' Limited 1 (in conjunc. tios with Messrs Henderson and Batger), report'having sold, 011 account of the trustees ot tile late G. M. Bell, sections 16-1,12, 18, 403, 14, 15, 287, and parts sections 189 and 17, containing 1690 acres (more or lessj/Holtonui district, being the homestead block ot the Wantwood Estate, to William Palmer, of Geraldine. The Wantwood homestead is admittedly tho finest country seat in Southland, and the surroundings fully reflect thb excellent taste and enterprise of the former owner, the late Mr G. M. Bell. The purchaser is to ho congratulated upon the acquisition of this historical property. It is now the intention of the tiustees to offer by auction in April the balance of the estate, some 6200 acres, including the famous Nine-mile Block, in subdivisions aud upon terms to be advertised shortly. DUNEDIN HORSE SALEYARDS. Messrs Wright, Stephenson, and Co. report as follows:—Forty horses were entered for this week's sale, which, as usual on a race day, commenced at 9.30 o'clock, The principal entry consisted of a consignment of IS draught and light horses from Canterbury, of which about 'half the number were disposed of at full rates. A three-year-old draught colt from Waikouaiti, broken to chains, was sold at £3G, and three ot-he. aged draughts changed hands at £30 10s, £28 10s, aiid £27 respectively. About half. a dozen light horses were sold at from £9 to £15. The demand for sound, young draught mares and geldings has not abated in the slightest, and we had numerous inquiries on Saturday ! for first-class working animals. Spring-van, spring-cart, and light harness horses are also wanted, and we can strongly recommend holders of good young horses to try our market, where all clnsses are 'fetching • satisfactory prices. We quote: Superior young draughts, JKO to £55; extra good prize horses, £56 to £62; medium draught mares and geldings, £37 to £48; aged do, £26 to £.J0; upstanding carriage horses, £30 to £35; matched carriage pairs, £70 to £85; good spring-van horses, £30 to £18; milk-cart and ordcr-cart horses, £21 tc £30; tram sorts, £15 to £22; useful hacks, £18 to £25; aged and weedy, £5 to £10. -O— EVARSDAIiE STOCK SALES AND CLEARING SALE. • Messrs Stronach Bros, report:—We held our last sale at Jlr Howard's yards on Tuesday last, and, as is usual at this ccr.tre, had a largo entry of young cattle and three-year-old sieers. Buyers attended in sh-opg force, and almost every lot (with the exception of a few dairy cows) were sold under good competition at full values. We yarded 195 bend, and sold yearlings up to £2 lis, two-year-olds to £4 17s 6d, two-year-old heifers to £>l 2s Gd, and dairy cowa to £6 ss. A few horses' Changed hnnds-one yearling by Shamrock at £12 ss, and medium ™cks to £11 Wc sold for Messrs J. Holland , (Evnnsda.c), C. M'Donald, .T. Cowan, T. Buclc'an[l. Thos. Lean, Wni. Barnes, j. Clicsncv W; T. Wallace, D, Pnllar, J, M'Leud, IV. T, Wise, T. Scott, Wm. Sutherland, D. O'Connell, J. Howard. 1. Matthews, W. Leckie, R. Marshall, J. Foote, J. Williams, and others, ail classes of cattle as above. Messrs Stronach Bros, and Morris report:— On Friday Inst we held a very satisfactory clearing sale on account of Mr Benjamin Yeoman, of Merton, who is about to leave that district. His cows were a good average lot,, ill nrsUate condition, and oxcited keen competition from a large gathering of buyers. The $\ P o lee E? i(1 TOS £1 17s M - antl die average £6 12s. The young cattle also sold well— heifers up to £6, yearlings to £2 Is Cd, calves ° *? 3 >; aged spring-cart horses, from £20 10s .0 £22. Farm implements brought full values, but for the household furniture tho demand was not so keen, THE GLENKENICH ESTATE. The sale of tho remaining portions of the Wenkemch Estate at Tapanui on the 6th March will break another link in tiie chain of tho early history of that district, and will be an event of importance to the locality. One by one the large estates-Merino Downs, Grcenvale Brooksdalc, Spylaw, otc.-lr.vo been submitted to auction, and broad sheep runs converted into well-farmed holdings, carrying a considerable population. Glenkenich Estatem the time of the late Giptain Mackenzie, a pioneer selector in the districj-also from time tc tune supp.icd laud for the people, and a great area of the original selection was gradually disposed of to small- holders. Th"e sale of the northern end o£ what nre known as the Captain's Ridges" was the last subdivision; and this let a compact'property of 4584 acres, which, as the trust must now bo wound up, will be for absolute sale. This area.is subdivided into 13 farms, cf areas ranging from 57 acres to -185, as advertised and shown on lithograph maps. The value of the land is well Known to settlers. It is well watered, and there are many subdivision fences. The-pro-perty is convenient to a railwav, ond there ore other advantages. It is believed thkt Tapanui F.at settlers will, seek to take advantage of he-liberal terms offered to settle their sons in the immediate locality or add to their present holdings, and as the sale is sure to attract outside buyers the whole of tho farms are likely to be eagerly sought after. • IKVESTMEJiT STOCKS.The Dunedin Stock Exchange reports the .following quotations on Saturday: — National Insurance—Buyers £1 Is 3d; Standard Insurance—Sellers £1. New Zealand Drug (£2 DaidJ—Sellers £2 10s. Port Chalmers Gas—Sellers £112s. J. Newburgh Lawsou (late Harr, Leary, and Co), stock and sliarebroker, Stock Exchango Building, Water street, Dunedin. Investment shares and debenture? a specialty. Communications io investments ihvited.' and full particulars of all stocks on application.