COMMERCIAL.

Pahiatua Herald, Volume XII, Issue 2374, 2 June 1906, Page 2

COMMERCIAL.

THE MONEY MARKET. “The New Zealand Trade Review” for May says: “We have been somewhat surprised that the realisation of the bulk of the season’s products had not at an earlier date resulted in an increased supply of money in the local market. It can scarcely be doubted that one cause of this feature is the absorption of spare money by the Post Office Savings Bank, tiie deposit rates of which institution are maintained at the advanced rates adopted on December Ist, 1904, in spite of the subsequent reduction of rates by all the banks about a year ago. We are, however, now able to report that in the open market money is more plentiful; in fact,' the suppiy is ample for all demands. Business, however, is somewhat checked by the high prices ruling for land, a feature which causes lenders to be very careful and to demand wide margins when making advances. The abundance of money ir, Australia is now reflected here in the reduction of deposit rates by the Bank of Australasia, who offer only three per cent for two years, and 2J per cent, for one year’s deposits. The other banks have not yet followed this lead, but may do so later. Meantime, this action nay be taken as a very practical comment upon the somewhat alarmist reports which recently appeared in reference to alleged heavy shipments of gold from Australia to London. As money is superabundant in Australia, eleven millions having been added to deposits in the year 1905, and rates consequently low, it is not wonderful that surplus gold should be ransferred to London. ADDINGTON MARKETS. At tlie Addington live stock market on Tuesday there was fair entries of stock in all departments and a large attendance. Store sheep and fat lambs sold well. Beef was easier and pigs sold better than of late. Eat wethers except prime, were not so brisk of sale, but ewes sold well throughout. There was a poor demand I for store cattle and a good sale tor ( best sorts of dairy cows. Store Sheep.— There was a fairly good yarding of store sheep, and all classes were m demand, and sold fully up to late rates. Fat Lambs. The entry of fat lambs totalled 5770. and the quality was very mixed. There was a good demand tor well finished lots, but prices were not quite up to the previous week. Prime lots made 17s to 18s lid, one extra pen 21s lOd, and lighter 13s 6d to lbs f>d About 1000 were bought by graziers or passed in. Fat Sheep.—There was a good entry of fat sheep, both as to numbers and to quality. Competition tor wethers was hardly so keen, and prices per head easier, but there was a good demand for ewes, and prime sorts were rather better m *ah*e. Fat Cattle.—The number of tat cattle penned was 243. there being only a small proportion of good steers, a tew cows, ami a number of lightweight heifers. There was a dull sale, and prices weie easier all round. Steers sold at £•> os to CIO, heifers ij4 15s to £7 13s (id, and cows fc4 5s to CO 10s equal to 19s and 20s tor prime and l->s to for interior and medium quality per 1001 b. \ eal calves sold at is Od to C2 10s. and extra to £3. Store and Dairy Cattle. There was a small mixed entry of store ca e, and the business transacted was limited and prices very low . The number ol dairy cows was larger than usual,

owing to a large herd being offered. Good sorts sold well at £7 10s to £9 ss, and others at £3 to £7. Pigs.—There was a large yarding of pigs, and all classes met with a better demand, especially large sorts. Baconers made 38s to 495, equal to 3fd to 3Jd; porkers 28s to 325, equal to 4d to 4Jd, a number being purchased for export. Large stores made 18s to 23s 6d, medium 12s to 17s Od, and weaners 4s to 7s.