COMMERCIAL SUMMARY.

Otago Daily Times, Issue 12600, 2 March 1903, Page 1 (Supplement)

COMMERCIAL SUMMARY.

Saturday ovening, February 28. ItOXKY AMD TIt.VDE. , Buying.—Demand, § per cent, discount; 30 days, § per cent, discount; 60 days, J per cciit. discount; 90 days, If per cent, discount. Selling.—Demand 1J per cent, premium; 30 days, 1 per cent, premium; 60 days, 3 per cent, premium; 90 days, J per cent, premium. Telegraphic Transfers to London.—2ss per cent., plus cable charges. Deposits.—By Bank of New Zealand: Fixed for three months, 1 per cent, per annum ;' six months, 2 per cent, per annum: 12 months, 3-per cent, per annum; 24 months, 3J per cent, per annum. By National Bank: Fixed for three months, 1 per cent, per "annum; 6 months, 2 per cent, pec annum; 12 months, 3 per cent, per annum; 24 months, 3i per cent, por annum. By Australian banks: Fixed for six months, H percent, per annum; 12 months, 5 per cent, per annum. Tho opinion is expressed that the local money market is likely to harden a little in sympathy mill the Australian market, but so far.the effect has not been felt to any extent. 11l 'Melbourne, instructions have been received froiii London that no more money is to be' lout' on the mortgage of freehold, lands at less than 5 per cent, in consequence of wliich Melbourne lenders are asking for higher .rate?. This may possibly affect New Zealand.also. Recently the New Zoaland banks, nuvdo a slight change in tho selling rates of exchange on London, the domain! rate being reduced from 1£ to li, and tho 30-days' rate from 1J to 1 per cent. . The trndo for the month has been aboutnormal, and with steady markets there has been a,ti entire'absence of any speculative business. , PBODtICE MARKET, Potatoes are'eoming forward freely, but are slow of sale. Prime, newly-dug lots of Oamavu kidneys realise from £3 to £3 ss, and Peninsulas..from £3 to £3 10s, but inferior lines liayp to be quitted at from £2 10s to £2 155,. Owing to considerable inquiries from Australia within the last few days the butter market has firmed considerably. Holders will no longer accept lOd por lb, but are asking Cheese, too, keeps fairly steady. Local quotations rale at about tho 6ame level ae last week. Prime factory cheese, 5Jd to 6d per lb. Dairy butter is in good demand at 7d to farmers' .separator, 9d. First grade factory butter -is nominally quoted at IOJd for bulk and le Id -for pats. Owing to short supplies, the price- of eggs has advanced to Is 3d per dozen. - Pigs are scarce, and in great demand. 'Baconets (up to 1601b), 5Jd; overweights, 3Jd to' '4jd.' Bacon continues in short supply, and {lie market ig firm. Prime rolls, to 9d (in good demand); hams are' easier at 9£d to lOd. Owing to new chaff being near at hand, oaten sheaf ohaff is easier,' and is selling at from £4 5s to £4 12s 6d for bright prime samples. BItEApSTOFFS. The local grain market remains inactive, but there is a general feeling that as soon aa the new season's crop is properly in the market, considerable business will result. No sales are yet reported in new wheat, although a number of samples are on offer. The price now asked is 4s 4d for velvet and 4s 2d for red wheat, both on trucks north of Oamarn; but although this shows a reduction of from 2d, to 3d per bushel on prices a week ago, no business has yet resulted. Roughly-speaking, there is a difference of from 3d to 4d per bushel between miller and farmer at the present time. Another factor which makes millers unwilling to operate is the uncertainty as to the price of flour next month. The old agreement, of the Millers' Association has expired, and a new order of things commences, with at least-two of the Dunedin millers disposing of their flour outside of the association. The non-a-Hooiated millers dwolaim any intention of cutting prices. A meeting of the directors of the association was held on Wednesday last at Timaru. when it is believed the price of flour for March was fixed, but that price has riot yet been disclosed. It is believed, however, that the new price will show a reduction of 30a per ion or over on present rates, which stand as follows:—£l3 per ton for sacks. £13 10s for 100's, £13 15* for 50's, and £14 for 25's. The price for shipping is £12 per ton, f.o.b. Pollard is nominally quoted at £6 10s, but £7 is obtain, able. Bran is dull at £6 per ton. Owing to the importation of Indian bran into Australia, shippers are unable to do business at that price; £4 15s per ton is the best they wjll offer. Forward contracts have, however, been made at above that figure. A little business is doing in old chickwheat at up to 4s 2d (ex store), but not much is offering. The reported orders for South Africa have not in any way influenced the local oat market, which still remains in a depressed condition. In old oats a number of lines of good B grade have changed hands at 2s (ex store), and good to host ioed at Is lOd. In new oats, duns arid Danish are offering at Is IOJd (f.0.b., s.i.) for immediate delivery, and at Is 8d to Is BJd for forward delivery. There is considerable inquiry for oats from Australia, and as soon as the market settles a big business will probably be done. Adviocs from Sydney state that business is being done in Canadian oats (a white oat similar to New Zealand Sutherland), and that to compete New Zealand shippers will have to offer prime milling lines at Is lOd to Is lid (f.0.b.. s.i.). _ Oatmeal is still nominally quoted at £12 10s to £13, but a reduction must take place within tile next few days. ale and stout. , (Duty: 2s per gallon, or 4s per dozen.) All the leading brands arc in good supply, and values are unchanged. Following ia tlvc agonts' list of prices, the quotations being for ordinary lots per dozen quarts, all duty raid:— Ale: Read's Dog'i Head. 13s to 13s 6d; Porter's Bull Dog, 12s 6d; Foster's 12s; Burke's 12s; Tcnnant's, lis fid to 12s; Younger's, lis 6d; M'Ewan's, lis; Ihler and Bells, 10s 6cl Stout: Road's Dog's Head. 13s to 13s 6(1; Porter's Bull Dog, 12s to 12s 6d; Burke's, 12s 6d'to 12s 9d; Johnson's, lis 6d to l?.s; Hall's Boar's Head. 12s; Foster's, lis 9d; Tcnnant's, lis to lis 6d. BAGGING. (Woolpzcks and cornsacks: Free.) The Calcutta market keeps firm, and indications point to an advance in price. Recent cablo advice reports a rise in cornsacks, both 44's and 48's, of lid, and a similar advance in woolpacks for direct shipment. Local quotations for corneacks are firm at from 5s 3d to 5s 6d per dozen, and woolpacks 2s eaoh. CANDIES. (Duty: Id per lb.) No'further'alteration has been made in

the local manufacturers' price-list, which stands as under Gold Me<lal anil Composites, Sid per lb; Ducal and superior wax paraffin, s£d per lb; Magnets, s|d per lb; Elcctrics, per 11); Adamantines, sd; Brilliants. s&d per lb; Standard, 6Jd per lb; Mining, 6J<l per lb. These rates are subject to a sliding 6cale of discount, according to the quantity purchased. In imported candles Price's brands monopolise tlio market, and arc in good demand at the following rates;— For London sperms, 6Jd to 6|d per il> (duty paid), and London wax and paraffins at 6id; De Roub&ix Jcnar, 7Jd to 7Jd. CKHEST, (Duty: 2s per barrel.) Cement has eased considerably, and sales are reported at 36 low as 13s (ex store), although eurront quotations are nominally 13s 9d (ex store) and 13s 3d> (ex wharf). llltlED FiIDITS. (Duty: Currants and raisins, Id per lb; figs, mils, shall almonds, evaporated apple?, prunes, and dates, 2d per lb; Jordan almonds, 3d per lb; Sicily almonds, free.) The dried fruit market is quiet, and only a small business is doing. Currants remain unchanged at 3Jd to and sultanas at 5Jd. Figs are very scarce, and the advance in price recently reported has been established —viz., layers Bid, small boxes 7s, bags, 7d, drums 7Jd. Seeded raisins are also scarce, and are selling at 6s 9d to 7s in 16ounce cartons, l'ilemes are in short supply, and are worth sd. There will be no new lexias on the market for another month. Jordan almonds, are practically _ otlt of the market. They are quoted nominally at 2s 6d. Sicily's are slow of Fale at Is per lb. Other quotations'aro as follows: sd; prunes, 5Jd to 6d, and in lib packets, 63 6d; dates, 4£d; Malaga muscatels, Is 2d to Is 3d. FISH. (Duty; Dried, pickled, or salted, 10s per cwt; potted or preserved, 2d per lb; paste, 20 per cent, ad valorem.) The fish market is exceedingly quiet, and prices remain unchanged, as follows:— Herrings in tomato and kippered herrings, 8s to 8s 6d, according to brand; fresh herrings, 69 6d; ling (Morton's). ss; salmon, 8s w to 8s 9d for flats, 5* 6d to 5s 9d for half flats, and 8s to 8s 6d for tails; Albert sardines, 9s 6d and 6s 6d for halves and quarters respectively; other sardines, good- ' quality* halves 6.> and 6s 6d, nnd cjuttrtors 3a 6d to 4s; smoked sardines, 9s bd for I halves and 5s 6d for miarters; white lior* rings, 21s for 2-100's and 30s to 32s for two I dozens; red herrings, 17s for one dozen. | * BOPS. (Duty: 6d per lb.) New Nelson hops will shortly be on the market, but the price is not yet fixed. Thoy aro expected to open at Is 1.0.b. »olson, but the Australian demand will he the cortrolling factor. Recent Mclbourno advices state that the ne.v Tasmaman crop is expected to be large and of good quality, but, owing to tho small size of the Victorian crop, Tasmanian hop.i will have to* supply. tho wants of the Commonwealth until the market is high enough to allow importation from New Zealand on payment of the duty of 6d. Speculative purchases to tho extent of about 600 bales liavo been made by ; Sydney buyor3, the sales being made subject ' to approval of samples. It is expected that samples will be available about the middle of March, and tho bulk of the crop will come in early in April. Owing to variation in the samples, opeming prices aro expected to be wide, say, about Is 3d to Is 9d. The Victorian crop will be very small, owing to tho pulling.up of plantations, and values as yot are uncertain. Locally a few now Kent hops arc offering at 2s 6d per lb. The market for packing hops is very firm, from lOd to Is being/asked. METALS. (Duty: Galvanised iron. £2 per ton: fencing wiro and barbed wire, froe.) There aro a few slight alterations in tho iron and hardware market, and business keeps fairly brisk. In sympathy with an advance in Australia, sheet lead is now quoted at £18 10s, with tho usual extras. Ingot tin has also advanced to Is 4Jd. Tinplates are easier, and can be quoted at from 17s 6d to 18s 6d. Wiro netting also shows a drop to £21. Other quotations stand as follows:—Bar iron, fill; shoeing bars, £12 for ordinary brands; Nclherton's 10s, and ii.B.H. 30s extra; iron hoops, £13 10s; steel nlates, £13; steel angles, £12; bco bars, £12 10s; barbed wire, £14- 10s to £15; fencing wire, ordinary brands, No. 8, £9, 6pecial brands, £9 iOf; grlvanisec'i iron, £19 10s; pig iron, £5 per ton. . oils. (Duty: Kerosene, free; oilier oils, 6d per gallon.) i'lie Colonial Oil Compwny have notified a further advnncc in the price of kerosene from lOd to lOid per gallon for 10-case lots and over. There is a feeling that,kerosene is likely to bo higher in price, and an early advance to Is per gallcn is prophesied in some quarters. Whether this will come about- remains to be seer.—the idoa is based on a further decrease in the production of the American oil ivclls. Although this is the off season when consumption is light, yet the demand fo. kercijfihe 6hould improve next month. Stocks in Dunedin aro very light, and tho next arrival? by the Jeseric are not expected until April. There should be a good market for the Kinclune's 4000 cases, which have just arrived. The consignees, however, state that they have no intention of cutting the price, and quote r.s the company';, .-ate IOJd per gallon, usual trado terms, without rebate. The Colonial Oil Company also notify another advance in the price of turpentine, their price now standing at Zs lOd, without rebate, and for net enot cash. This represents an advance of 4<J per gallon. Benzine is out- of the market. Naphtha, Is -OJd, and gasoline 2s 3id, for net spot cash, without rebate. Advice has been received that linseed oil is firmer in tho Home market; but as the full effeet of tho recent fall in price has not 'been felt locally quotations still stand at 4s Id for raw and 4s 2d for boiled oil, duty paid, for small ]01.~. oilmen'S STORES, ETC. There is very little arrowroot cm the market, and it is worth Sd per lb. Owing to a bad wine crop, cream of tartar is advancing, and prices 'show an advance of £6 per ton. This has alroady affected the local market to tho extent of a rise of id to 5(1 per lb, and current quotations now stand at from 10Jd to lid per lb, according to quantity. Canary seed is still very high. During the last six months it has advanced from £13 5s to £29 per ton. Isinglass is in short supply, arid is 6d per lb higher than at this time last year. Cochin ginger is very high in price, and the market is firm, but Japanese ginger is lower. The Aparima brought the first diroct shipment of kapok from Java that has yet comc _to this market—some 6000 bales in all. This is splendid value, no Semarang kapok being now obtainable. The market had fallen so low that the natives stopped picking, and when prices rose the bulk of the kapok had blown' away, and none is now obtainable. The price now being asked locally is BJd per lb. Clothes pegs have advanced, and are now quoted at 4s. Tho market is now fairly well supplied with all other leading lines, and current \quotations are as follow:—Milkmaid milk, 6s 6d; Colman's starch, sj,d to 5Jd; Hudson's soap extracts, 38s; Neave's food, 10s to 10s 3d; Keillor's marmaladelib 7s 3d to 7s 6d, 21b 13s 6d; Borwick's baking powder. 5s 3d: Crosse and Blackwell's marmalade—lib jars 7s 9d to Bs, 216 jars 14s to 14s 6d, lib tins 6s 6d; I.ucrn oil. 28s; Day and Martin's blacking, 3s 3d to 3s 6d: Morton's capers. ss; curry, 5s fxl; salad oil, 5s and 8s; and castor oil, 4s and 6s 6d. MCE. (Duty: Free.) Cable advice has been received of a sharp advance of 22s 6d per ton on Japan rice. The stocks held locally are not heavy, and the market has responded accordingly. The lowest quotation is now £17 for a line and £17 10s for smaller quantities. Tho Aparima brought the first supplies of new Patna rice, and sales have been made freely at £14 to £14 10s por ton. SAGO AND TAPIOCA. (Duty: Free.) There has been an advance of about 10s per ton in the e.i.f. price of sago and tapioca, but local quotations are unchanged at—Sago and poarl tapioca, 12s 6d por cwt; flake tapioca, 13s 6d per cwt. SALT. (Duty: Free.) The salt market remains steady, and a fair amount of business is patsing, with every prospect of its being maintained. Current quotations are:—Black Horae, 67s 6d tn 70s. according to quantity, ox wharf, or 80s for fiiio: Castle, extra fine, 60s to 655; Pig, coarse. 65s to 60s: Liverpool, fine, ex wharf, in 10-ion lots, 655, or smaller quantities, ex store, 67s 6d; coßrse, 52s 6d aud 55s respectively. SUGAR. (Duty: id per lb.) A line in which an early advance is expected is sugar, tho market for which is very firm. Some very nico samples of China sugar, which can be landed at about the same rates as quoted by the company, are offering, but eo far no business is reported The world's visible supply of sugar on January 7 totalled 3,306,905 tons, against 3,146,599 tons at the corresponding date a year earlier, and 2,547,643 tons in 1900. These figures indicate that the reserves held lire being rapidly trenched upon, for six months ago the disparity between the then visible supply and that of 12 months previously was much more marked. It is expected that by the end of August, when the present beet sugar campaign draws to a

close, the surplus will ve become still morei reduced. It is this .inectation, together with the knowledge of the reduced production in Europe, that has had the effect of firming prices of late. The Colonial Sugar Company liavo made no further alteration in their tariff, which stands as follows:—Finest whites (1 aad In), £15 17s 6d per ton, in bond, for five-ton paroels;, £16 per ton, in bond, for three-ton parcels;! £21 5s per ton, duty paid, for smaller quantities. No. 2 is quoted at 10s per. ton lower than above prices, and brewers crystals 15s per ton higher—i.e., £2115s per ton, duty paid. SOAP. (Duty: Yellow soap, 5s per owfc; • fanoy - soaps, 25 per cent., ad valorem.) The local manufacturers hive made no alteration in their soap tariff. Their price list stands as follows:—Household, £12 per ton; Three Crown, £13 per ton; Prize Medal, £19 per ton; Laundrine, £22 per ton. These rates are subject to a sliding scale of discount, according to the quantities purchased. spiniT.i. (Duty: Bulk, 16s per gallon;,proof, bottled, 16s per gallon.) An average volume of trade is passing ill spirits. Prices remain unchanged, and as an index to market values we quote the fol-< lowing agents' list:—Brandies: Hennessy's. 37s 6d to 38s per case: Martell's, 36s to 37s per case; Denis Mevmie's, 31s per, gallon and 22s 6d per case; 3ooiri«ren#, 22s for parcels in bond, 55s per single case, duty paid. Whiskies: Thorn and Cameron's Old Highland, 7s to 7s 6di per' gallon; Dewnr's Special, 7s 6d per gallon; Lochiel, 7s 6d per gallon D.C.L., 7s 6d per gallon; Ben MaoDhui, 7s per gallon; Old Ship, 7s per gallon. Case whiskies: Usher's Special Reserve, 22s 6d; D.C.L., 20s; Walker's WW, 20s;" Gaelic Old Smuggler, 20s; Dewar's, 20s; Sanderson's, 20s; Buchanan's House of Commons, 20s; Old Ship, 20s; Usher's OVG, 19s; Dunvillo's, 15s; Burke's. 159, Crawford's, 52s 6d (duty paid) Genevas:' J.D.K.Z.—Two gallons 9s, three gallons 12s 6d, four gallons 15s; Key—two gallons 83 6d, 'three gallons lis 6d, four gallons 13s Gd; Burnett's Old Tom— 12 bottles 13s 6(1, 14- bottles 14s 6d; Wolfe's Schnapps, 22s 6d; Gilbey's Schnapps, 15s to 15s 6d; Gilbey's Dry Gin, 13s to' 13s 6d. Lemon Hart's rum, 4s to 4s 3d per gallon; Lamb's Imperial Rum, 3s 6d to 4s 6d per gallon; Lamb's Golden Grove Rum, 6s to 6s 3d. TEA. (Duty: 2d per lb.) ; The tea situation all over the world has strengthened markedly of late. The last Indian crop was 147,000,0001b, or 6,000,0001b less than last year, which in turn was short of 1900-1 by some 7,000,0001b. Tho China export is expected to close some 7,000,0001b below that of tho previous season. The total from Ceylon shows a deficiency of 3,000,0001b, to which has to be added a possible reduction in black tea to be" manufactured this year by the outturn of some 13,000,0001b of green teas in Ceylon and India. The outlook has thus gathered strength. These figures give a. clear though broad idea of the position abroad. Locally the market is unchanged, all fine teas being firmly held. TOBACCO. (Duty: 3s 6d per lb.) Quotations for tobacco are as follow:— Block tobaccos—Juno, Is 3d to Is 4d, according to quantity; - Derby,' Is 8(1 to Is 9d; Harlequin, Is 2{d to Is 3id. Havelock, Is 7Jd;. New Venus, Is 3d to Is 4d. Aromatic tobaccos—T. C. Williams's Welcome Nugget, 2s 4d to 2s sd; Ruby Bird's Eye Twist, 2s 4d to 2s sd; T. C. Williams's Royal Colours, Is lOd to 2s; Victory, Is lOd to 2s: Golden Eagle, 2s to 2s 2d; Nosegay, Is 10d to 2s; Hivelock, Is 9jd; Diadem, 2s. WINES. (Duty; Colonial, 5s per gallon; foreign, 6s per gallon; sparkling, 9s per gallon.) The market is quiet—in fact, the trade in wines is becoming less and loss important. In champagne ' Herdsiek's Dry Monopole and Pommerv, the leading brands, are quoted at 120s and 125s (quarts and pints respectively), duty paid. Moet and Chandon's also finds a certain ' amount of patronage at a shade lower price. The old and favourite brand Louis Roederer has again made its appearance on this market. A new brand of champagne— Veslud's—is quoted 105s for pints and 100s for quarts. Not muoh is doing in clarets. ' In colonial wino Penfold's Frontignao and Muscadino are quoted at 32s 6d, duty paid. Saudeman's and Hardy's No. 1 claret are both sold at 50s to 32s 6d. ! There is nothing worthy of note in sherries. A shipment of Graham's 6-diimond porl is now on the market.

GRAIN, SEED, AND PRODUCE BEPORT. Messrs William E. Reynolds and Co., Bond street, report for the month, ending 28th' February, 1903, as follows:— It gives us pleasure to be able to advise that sinco date of our last report the weather has been very fine indeed, and crops of all kinds have come on wonderfully well. It ia> essential, however, to ensure a good harvest, that the present fine weather should continue for anothec two months to come. Crops all round are undoubtedly late, and the risk of saving them in good order is therefore greater, for it will be- April before harvest in Otago is in full swing. Canterbury is now pretty well under way. Wheat.—Comparatively speaking, not much"of this grain has yet been harvested, and still less of it has been threshed. The market in>conse> quence keeps liigh, with a tendency every week to come a little lower; which is not to be wondered at in the face of the prospects ahead showing that a good yield will be gathered. Millers pursue a very cautious policy, and! speculators are not to be tempted to operate. Another month will see the prices of this cereal much more settled. We do not care, however, to anticipate what prices may be. To-day prices may bo given nominally at 4s Gd for long-berried, and 4s 3d for short-berried per bushel of GOlb (sacks weighed in, f.0.b., nei cash). Oats—This grain comes in quicker and is harvested quicker than wheat, and a consider, able quantity has already been shipped at Lyt* telton, and more is offering daily at this port, with the ports of Timaru and Oaniaru following closely behind, and prices for all qualities are every day easing. Some forward sales—in aggregate, we think, totalling a fair number of sacks—have been made of plump feed—that is, B grade,—and consequently the value of this grain is out of proportion altogether to that of other classes, such a3 good feed duns and Danish. When deliveries of plump oats corns to be about equal to the demand, prices no doubt will ease somewhat further. In Otago we usually have the first of the season's on offer before this time; this year there is- nc indication of iho first consignment showing up for some weeks yet. To-day values we can give at: A grade or Canadians, 2s 2d to 2s 3d; B grade, 2s to 29 Id; good seed duns and Danish, Is lOd; seed, 9slong black and white Tartarian seed, up to 2s 3d per bushel of 401b (f.0.b., sacks weighed in, net cash). Barley.—A fair quantity of the new crop U already on offer from Canterbury. What lines we have seen, however, are not up to the mark as regards quality, inclining to be flinty, and in some cases more discoloured than usual. We have already reported the area under this crop as small this year, and overything points to a firm market. "With the crop late in Otago, it is questionable whether more than one-half of it will be harvested'in really sound, good malting condition. To-day we can quote prime malting up to 4s, ordinary up to 3s Bd, milling 3s Cd, feed 3s 4d per bushel of 501b (f.0.b., sacks weighed in, net cash). Grass Seed.—Ryegrass is now offering freely, but owing to merchants having a small stock left on hand of old seed, on which they ara likely to lose something, they are not inclined to buy new farmers' dressed lines at the prices the latter arc putting upon them; very little business is therefore being done. It will, wa tbink, be soma time before growers realise the extent to which the market has eased, and business will iu consequence be restricted. What wo have seen of new crop indicates that the quality will be very much better than it was last year, and better in fact than it has been for two or three years. Ifo definite prices have been established, and wo have at the moment to quote, nominally, heavy seed, 291b to 30lb, up to 4s; 271b, 3s 6d; 2olb, 3s 3d pen bushel of 20lb (f.0.b., saoks extra). Cocksfoot is so well cleaned out that no old seed is left. Harvest of new season's is now in full swing, but very little has been delivered, and what has been delivered is being dressed and sent Home as promptly as possible so as to catch the London market while it is good. In a few weeks mu-jli more will certainly be offering, and priojs in consequence aro likely to bo at least a little lower. We quote, nominally, 18!b seed, 6}d; 16lb seed, sd; 141b seed, 4Jd per lb (f.0.b." sacks extra). Clovers.-Our new crop will not be available for some little timo yet, and there is little of interest to report. Prio?3, generally speaking, are higher all round, and how this new crop will open depends a good deal on the season we will have. Chaff.—Until new season's comes upon the market there will bo no chance of doing business for export in competition with Canterbury, where some of the new crop is already in. Butter.—The London market keeps very depressed, and 10 days ago it looked' as if the price here must easa further. Australian demand, however, has somewhat improved, and, if anything firmed our market despite the fact that it is somewhat over to-day's London equivalent. How far this firmness will divert shipiwnts intended for London, and thus keep tha stocks on hand heavy, preventing a rise, it is difficult to foretell, but we think it will tend to prevent this market going much higher unless Australian demand for the next few months proves to be an exceptionally large one. To-day. wo quote prime factory 10Jd to 10Jd, lib pats id more (f.0.b., boxes in). Cheese.—Since the New Year there has been practically no Australian demand for this product .until about a week ago, when some few injuries were on fm.joukdt Sho London 1

1 market' keeps very.firm, and holders have con- I ' * sequently instructed factories to make large size for shipment there, and stocks of loaf and 1 medium have in no way accumulated, On the IP'V other hand Btocks are really bare, aiid as loaf ;|i; •* and medium cannot be.made and turned out fe'-'v -fit for shipment under about a month or six ' weeks' time, 'we are of opinion to-day's value s.v. of this article will be well maintained. • We would not .he at all surprised to see prides ad•irV vines somewhat, TVe quote: Loaf cheese, GJd; medium, 6d; and large size for London, SJd per.lb (f.0.b., casea in). Bran.—Mills are running very short time just. S'now, but demand for this has not been.very great lately, and the price to-day is somewhat v ' lowerT-namely, £s'ss per ton (f.0.b.), with small '.v. . stocks available. ; '" Pollard is almost unprocurable, as the de;'.v. niand for this has kept up well. • To-day's if-> price may be given as £7 nominally (f.0.b.). w Oatryal.-In sympathy with otto this market "Jim eased considerably, and as oats are every day. easing further we can practically quota -■I bulk fit f 12; 7's at f 1310s; and 25's (short ton), £13.. • • ' ■'■ ' Flour.—Our last report, gave the highest - I,nee of the season, £13 per ton. With the new - crop of wheat cowing in this market has alg;.<; ready been affected, and we quote fl2.for 200's; £12 10s ior 100's; £12 15s for 60's per ton of 20001b (f.0.b., sacks in). IMPORT AND EXPORT RETURNS. Tho' export returns lor the December quarter, 1902, amount to £2,796,376; as against £2,466,275 for the corresponding' ' quarter, of last year. The four quarters of ' tho year now compare as follow:— h ' ; 1902. 1901. s£ £ '' ■ March quattet •> .. 3,863,245 4,534,089 June quarter .. .. 4,058,021 3,338,85G September quarter .. 2,805,773 2,423,900 December quarter M $,796,396 2,466,275 '■ ■■ • 13,523,435 12,869,810 —an increase of £653,625, or about 5 per eint. specie is in- each case deducted,'which ■ . is not done in tho Gazette return, so -that there is some difference in the totals thero given,, though not material. Tho principal v figures, for the quarter as compared, with same quarter last year are as follows:— doal, an increase of £25,140 (£54,832— i.v • . £29,692)g01d, an increase of £38,857 (£517,467—£478,610); Jcnuri gum, n decrease ot £3580 (£128,644—£132,224); timber, a decrease of £18,220 (£61,072—£79,292); '■■■' bacon -and hams, an Increase of. ,£5391 ■ (£7574—£2183); butter, p. very large increase of £71,182 (£383,899—£312,717); oheese, a deoreaso of £3307 (£25,637—£28,944); live stock,' an increase of £27,598 (£31,868-*-£4270)S due, no doubt, to tho Australian clemahd! frozen meals, an increase of £34.543 (£348,249—£315.706) j sausage skins, an increase, of £3685 (£7204—£3519); rabbit akin!,, a decrease of £3379 (£17,868— :>■■■■ -£21,247).:'- sheepskins, a remarkable increase o! £24,671 (£58,895—£34,322): tallow, a decrease of £5005 (£51,954—£56,959); wool, a largo increase of £212,578 (£629,085 — ; - f £416,507); the value h under sid per lb. x : Agricultural products show a great falling off .to £140,407 (£186,819—£327,326).. The principal items exported under this head, are "oats, £63,790; wheat. £12,088; maize, . ' £13,997; potatoes, £26,698; bran and sharps,' ' £14,581; barley, £11,792 ; seeds, £26,207. Phormium Shows a large increase of £78,834 . ',£144,573—£65,739), and is becoming quite r - an Important export, only the present high prices cannot be long relied on. Tlie whole returrts show vigorous and varied industry, and we have certainly not got all'our cygs in one basket. We have very promising crops to look forward to; and the next thing will be .to find markets for them. The imports for the quarter, less specie, amount to £2,918,598, as against £2,766,856 last year 'not a large increase compared with our exports. • - The net imports for the two years are specie):; — ■ . • 1902 ;,.... £10,951,795 1901 ..£11,351,958 —a considerable falling off, which it is- not easy! to account for. Tiio specie imports for ■' ' the. two years were £368,685 and £464,499 respectively. CERIStCHURCH MEAT COMPANY. CHRISTCHUKCH, February 13, •Tho fifteenth.annual meeting of the Christchurch Meat Company was held to-day. The report of the director* congratulated shareholders on the improved position of the company. ;The quantity of stock put through the various works for the year was 1,305,182 head, the largest figures so far reached. The establishment Of a London office had resulted in a large increase-of farmers' consignments whieh had been handled under the nersonal super- • vision'of .the company's staff, resulting- in satisfactory returns to clients, and ample provisiort' had 'been made for the future, and £7394 had been written off for renewals' and replacements. The directors had transferred V- £3939 formerly to the credit of " premiums oh shares account," logether with £3000 to the Reserve Fund account, thus a £'.' reserve of £G9S9i After making the foregoing provision#, the balance to the credit of the profit .'and loss acconnt was £10,329. .The directors recommended that a dividend of 7 per vi cent, for the year be paid, leaving £1972 to be ■ cirricd forward. ' , .The Chairman (Mr F. De C. Malet) expressed tile opinion that the company had an excellent -Hi- and increasing business. Ci.f. sales had been greatly increased by the London office, and : / orders'were being continually taken by cab'e, It.was, the aim of the directors to extend the c.i.f. business so as to eliminate, as'fat as possible, the element of speculation in their rosineSfl and to conduct the affairs of'the"i;, . company on proper and well-defined and cafe J ; vv. lines, so'that the. shares may be regc-rded as a : desirable and reliable investment. Sir Robert Anderson, managing director, stated that every department had been worked profitably and economically, and that the pro-fits-were largely made up of savings. In regard to the clamour in certain quarters for improvements, he said that the company had the confidence of the farmers, and wished to develop their trade and keep to the highest standard of quality, but they did not wish their ■ meat to he brought under one common brand. • In the South Island they were dealing with a totally different class of nieat from that in tho North Island. The present season had opened . well, and ho anticipated the exports would speedily increase.