MONET MARKET.

Otago Witness, Issue 1422, 22 February 1879, Page 13

MONET MARKET.

Wednesday Evening. Although we cannot report the money market any easier, we have good reason to congratulate ourselves when we draw a comparison between our own position and that of the Home country at the present moment. Every English newspaper is full of reports of financial disaster, of strikes and their attendant miseries, of trades unions »nd the sufferings of their unfortunate ' victims. One day we read of families perishing for w»nt of food, and the next of workmen killing their children to save them dying of starvation. Here, on the other hand, we have labour commanding high wages, and the supply not equal to the demand. Strikes are unknown, and unions may be said to h*\e no existence. Our Consolidated Revenue for the half-year show* a considerable increase over the estimates. Trade is fairly good, >ndcommercUl credit amnd; and every day the country ii being more opened up by the exteniion of the railway syßtem, bringing distant markets into direct communication with the principal business centre*. We should not, however, indulge in over-sanguine expectations of the immediftte future b«cau«e our present position is »rosperou>, nor neglect to provide for a rainy day be'aueo we see no evidence of its approach. Bad times - at Home muitjjjiflect us here in tome degree; they have already done so to the extent of making money scarce and dear by bringing about a temporary cessation of remittances for investment in the Colony. We must calculate, too, the result of our wool clip and our harvest, for if money be scarce in England, the prices paid for colonial products will rule proportionately lower, and the Colony must Buffer to tbe extent of the reduction, both in value and purchasing power. We are glsd to note that our reputation stands high at Home, and that New Zealand securities are sought after for investment. The telegraph informs ub this week of tbe successful floating of the New Zealand Agricultural Company, with a capital of one million, formed for the purpose of purchasing certain large properties here, to be cut up into farms of such sizes as will most induce settlement. We hope that this scheme, besides commending itself to those already here, will have the effect of bringing to this Colony that class of small practical farmers whose presence and labour are invaluable in a new country. Rates for money have not changed since our last report, and borrowers fromotherdistrictsarenowcompetinewithOtagoin her own market. This has the effeot of hardening prices, and lenders freely obtain 9 and 10 per cent on fair j security. Bank rates continue at 9 per cent, for over- ! drafts, 7 per cent, for discount of flrst-cla a three months bills, and 8 per cent, for four months. Selling rates of exchange on London, we quote— SO days ]£ per cent., 60 d»ys 1 per cent., and 90 dnys J per cent Messrs Bastings, Lbahy, ass Co. report the sale of the Fitzroy Estite on Saturday, beta? the remaining unsold original sections in the borough tf South Dunedin. The land was surveyed into 114 sections, each having a frontage of 83 ft. 4 in. by a depth of 100 ft. 1} in. The two main roads fronted were Carglll and jMacundrew streets, with a street running through the centre of 66 ft. wide. The attendance wss very la ge. The total amount realised— every section being sold— Was £6680, being an average of £49 17s for each section. Messrs Bastings, Lbary, and Co', report the sale On Tuesday of four seotious oil nd In the township of Green Island, for the sum of £89 ; five ' allotments in same township, fronting the main road, for £218; section of land and small cottage at Burntide, for £160 ; cottage and land at South Dunedin, for MIL Mr J. A. Mackbnzib reports for the week ended 16th j February, as foll»ws :— Bank of New Zealand (new issue), £19; Colonial Bank of New Zealand, £2 Bs, cum div ; New Zealand Insurance Company, £4; National Insurance Company, £1 8s 6d ; Standard Insurance Company, 18s ; union Insurance Co, 12a 6d ; Colonial Insurance Company, 6* ; South British Insurance . Company, £3 ; New Zealand Shipping Company, £4; Mosslel Woollea Factory Company (Limited), £3 99; Cromwell Qnariz mining Co, £2 ss; Keep- . it-Dark Quartz-mining Co (Reefton), £1 is 6d. Christchoroh, February 14th. Wheat: The aspect of the market does not present much alteration, Cons'derable quantities are being brought down by rail and put on beard the export ships. Direct sellers as a rule are reluctant to take the prices offered, and in many cases purpose shipping on their own account. This feeling prevails to such an extent among a certain class that it is generally believed this season will see a laiger proportion of our wheat crop shipped Home under these circumstances than has been the case for some years. Sales of good milling are being made at 3s 3d ; other kinds at 3s ; old wheat has, been s»ld in email lots at 3s Od to 3s Bd. Oats have not altered in value, most of the dealers being rather bare. The small lots put in the market are readily taken at Bi Id to 3s 2d for good feed. Barley : The inquiry for good malting continues unabated. Sales of extra fine samples have been made at over 5?. The average rate ruling is 4s 9d to 6s. In addition to the Home demand we can report a good outside inquiry. Potatoes are not yet in the market, and probable rates are uncertain. Floor : A fair busi- - ness can be noted at £8 to £9, according to brand. . Grass Seed.— Ryegrass ii quoted about the same value as last week. The feeling, however, is not so healthy, and buyers have apparently nude a stand as regards prices. Good clean Beed is worth 6s to 5s 6d ; inferior and badly-dressed seed, 4s to 4s 9d. Cocksfoot remtins about the same, viz,, 6s 61, TiMAnu, February 14th. H»rveat operations are now well forward, and on the whole tbe crops will be well up to the average. Oats, for immediate delivery, are quoted at 3s 9d, and for fcrward delivery, 3s 6d ; wheat, 3s, but little business ia doing, and that with easier tendency. Oamaru, February 14th. There is still nothing doing in the grain market, and rates remain nominally the same as last week. To-day the first instalment of new wheat arrived in town, but nothing hta been done. Oats are still dull. We have heard of a line of new, which had been placed at 38, ex store, for Auckland. Contrary to general expectation, this cereal will yield very well this year, flarvetting operations are now in full swing, and a few weeks will no doubt see a steady bußlness. Wheat, 3s 9d to Ss lOd ; oats, very little offering ; flour, £9 10j to £10 ; bran, £4 to £4 10s ; pollard, £5; oatmeal, £20; pearl barley. £24 (none iv the market). (By Cablh.) Stdket, February 14th. Hennewy's bnrady, c&se S4«, quarters 9» 8d ; Patna rice, £20; keroyene, Is 8d to Is 9d; New Zealand wheat, 4s 9d to ss ; New Zealand oats, 8s to 8s 8d ; Kaven twißt tobacco, 1b 7a to Is Bd. _, . AdrliAidk, February 14th. Flour, £12 to £13 ; wheat, 6s to 5s 2d.