AUSTRALIAN COMMERCIAL REVIEW.

Otago Witness, Issue 2181, 19 December 1895, Page 36

AUSTRALIAN COMMERCIAL REVIEW.

Stdniey, December H. At the wool sales daring the week the catalogues were heavy — 31,800 bales being c fleered, and 28,450 bales sold. The competition throughout was very ksen. The upward movement was well maintained, for best descriptions buyers conceding an extra id to £d. All good greasies were specially brisk. Scoured was also in strong request. Washed wools were slightly weaker on the whole. It is " generally estimated locally sold wool brought fully £d higher, after allowing for freight and commission, than has been obtained in London. The breadstuff's market has been dull and steady. Millers hava supplied their wants, and are waiting to see the iflkct of the removal of the duty. For all classes of farm produce the market closed weaker, Bupplies being light. Maizs is unsettled, and valaes are nominal." CUts are offering at less money. Potatoes (new crop) are lower — at LI 10s to L 5. Oaions show a decline of sa. D4ry produca is firm. The boom which last week marked business in silver shares has bean followed by a heavy " slump," and the business done on the exchanges in the several colonies has been much lower and prices easier. This feeling commenced at the beginning of the week and continued right through, and was more marked at the close. A large number of •stocks changed hands, however, on a basis of concesbions, tbe market closing weak and irregular. Broken Hill Proprietary had sales at 564, lact week's closing rate being 65s 3d. Other fii'oken Hill shares showed marked falls. Shares in Western Australian gold mines were also easier. The Victorian Government are becoming alarmed at the large and continuous exodus of miners to the Weet Australian goldfields. With a view to stopping the westward flowing stream the Minister for Mines is calling attention to the rich yields being obtained in the Oraeo district-, and strongly urges intending prospectors to try their luck there before venturing to more distant fields. He is confident they will have an equally good chauce of finding payable gold as in Western Australia, wbero tb.9 cost of living k much greater. A recent crushing of 225 tons of stone from the Glen Willis mine, Omeo, returned 91'ioz of retorted gold. Prospecting with Government assistance is being actively carried on in several districts of the colony. The numerous payable finde reported go to show that Yict< rian mineral resources are far from exhausted, and the Minister has -good grounds for the advice he gives, An important development ruw just' ccourred in a Victorian mine near Hai rietville, where the Orescent Company sixuck a ixJe of extraordinary richness. A large quantity of stone has baen taken out. The lode is 4£ft -wide and is e*timat6d to yield lOOoz per ton. It shows splendid gold all through. The latest Perth sensation is a new rash 12 milas north of White Feather, where it is reported a big fiod of alluvial gold has been made close to Mt unt TSbo. M'Manua, of M'Manns', field fitne, arrived at, Hannan's with 71b weight of gold obtained at tho new find. One nugget weighed 25. z. A giod deal of prospecting by dry blowing is going on, bnt' so far no sensational discoveries are reported. The Londonderry mine, which has lately taken a back seat, has come into prominence again. In is reported a rich shoot has been cut at the IGOft level. Mblboubne, December 14. Afc the wool sales during the week the market' has shown extreme animation. Competition was ksen and advances fully maintained, buyers showing a willingness to stretch a further point for better classes. Good merino was in special demand, selling np to ll£i per lb, whilegreasy crossbred brought 9^l. Medium crossbred were hardly so brisk, and faulty sorts were irregular. Good scoured was firm. Choice clips sold at Is 3^3 to le 2£i respectively. The season has passed its zenith, and catalogues are steadily,, decreasing. To date 2<"5O,OOO bales have bsen offered, and over 240,000 .sold. Accepting the excellent proapects of the growing crops as a baeis of calculating, the Argus estimates the New Zealand wheat yield Bhoxild be between 7,000,000 and 8,000,000 bushels of wheat, which would leave fiOEQ 3,000.000 to 4,000,000 bushels for export. Australia would be the natural outlet for the surplus, and with such a store to draw upon the nesd for ths importation of San Francisco wheat should disappear. Aflcr allowing for the South Australian surplus of 80,000 tonp, the Argus estimates that Australia will need to import about 50,000 tons. Adelaide, December 14. The wool sales for the season practically close next Monday. Tho sales throughout have been marked by great briskness, with prices well np to London advances. The quantity sold Bhows a large increase over any previous season since local sales hßve been inaugurated, and the prices obtained mu3t convince that local auctions are more profitable than running the risks of paving heavy commission by sending to the London market. / Business in tbe wheat market has been confined to the new crop, which is ooming forward in fair quantities. The market is firm at 3i lOd to 3s lid. The crop in Sutherland and the surrounding eastern districts is almost a total failure, and will not return, even sufficient for seed. At a large meeting of farmers it was resolved to petition the Government to grant loans to buy seed for the coming season, repayments to carry 5 per cent, interest.