COMMERCIAL.

Poverty Bay Herald, Volume 30, Issue 30, 30 March 1880, Page 2

COMMERCIAL.

WILLIAM COMMON & CO. 'a WOOL AOT) TALLOW REPORT. Wool.— ln the history of the Wool Trade, the year 1879 will stand out conspicuously, in oonsequence of the very low level of ' prices maintained through nearly the whole course of the year . . Cross-bred wools, which are the chief production of this district, were especially depressed, and we believe prices were , lower than they have been any previous time in this generation. The causes of this depression were manifold, chief of which were the enormous bankruptcies which were taking place daily throughout Great Britain, thus destroying confidence in the commercial future of the country. In addition to this, 1879 witnessed one of the most disastrous seasons of this country, causing an almost total failure of the crops throughout Europe, and. entailing a loss on the fanning and landed interest of Britain alone of at least ' fifty millions of money. Political affairs in the East were also very unsettled. The Cape war, and the war in Afghanistan, had all the effect of addingto the gloom which overspread the Wool Trade. Some were inclined to believe that the low range of prices was the result of overproduction, and that until . the quantity was reduced, prices of wool would not advance. The opening of the November sales, however, indicated that the latter opinion was not correct. The stocks] of wool on hand in England were unusually light, and the trade revival, which began to make itself felt in September in the it on and other trades, had also extended its beneficial in- ■ floence to the wool market. Competition was very keen, and the sales closed with an advance of 2d. on cross-bred, and Id. on merino. ' ' The February sales opened with a very large attendance of Thome and foreign buyers, and the competition was extremely actiye. Cross-breds immediately advanced Id. to l£d. on November rates, and merinos about Id. When the sales closed every bale qfwool was sold, and the prices as compared with the same series as last year, showed an advance of 3d. to 4d. on ftefino, and 4d. to sd. on cross-breds. The market was greatly strengthened by ' the purchase in the colonies on American account of about 30,000 bales, many of • them picked clips, to be shipped direct to America. A few thousand bales have also been bought for France, and the English ■ manufacturing districts direct. The next series of wool auction? in Xondon will open on the 25th May, when a large catalogue will be submitted. We anticipate that the February rates will be sustained. The commercial world appears to have regained confidence in itself, and business of all descriptions seems to be advancing by leaps and bounds. We may mention as indicating the enormous start forward which business has taken, that 18 of the principal commodities of commerce have advanced on an average seventy per cent, within the three months ending the year 1879. Of^course one must not overlook the danger of such a sudden advance , being followed by a reaction, and we may mention that among some of the leading London papers, doubts were entertained as to whether! the trade revival was genuine, or not chiefly due to speculation. However, we consider the future of the wool market pretty well assured, because after 0 long period of unprecedented bad trado, ■ ' we commence with very UgJit stocks. Tallow. — Has fluctuated very much within the last 12 months, and we are more doubtful of the future of this article. Kerdsine is now largely used as a subititute, and the production of tallow, through the extension of boiling-down, is yearly increasing. We are informed, however, on first-rate . authority, that a considerable quantity is bong utilised in the mauufacture of tmtterine (which we believe makes an excellent substitute for butter) and is largely consumed by the working classes. ' Messrs'. Gtoad and Grigg, tallow brokers, In their circular of the 23rd January, state I "At the public sales, held to-day, there was a moderate demand for Australian tallow, and 1257 casks found buyers out of 2108 offered. Prices were very irregular. Fine mutton tallow was not in request, and the highest bid made for such Was 375«, while middling and inferior sorts Were 6d. to Is. lower. Beef tallow also declined Bd. per cwt., except one or two marks very pure and sweet , suitable for EDIBLE purposes, which brought extreme rates. We quote middling to fair : tallow, 365. to 365. 6d., and fair to good : beef tallow, 345. 6d. to 355. 6d." W. Common & Co. Gisborne, March, 1880. Christchurch, Saturday. Geaik and Produce. The grain market during the past week has Bhown almost the same features as the preceding. The grumbling is general at the difficulty exprienced in delivering . • grain at many of the railway stations, teams having to wait hours, and even all " day before getting rid of their loadings. The various vessels loading are having quick despatch, the wheat coming forward in such quantity. Indeed, one of the drawbacks that is looming in the distance ii the fear that tonnage may be scarce for • short time. Wheat.— The market is steady at last week's quotation of 4s f.o.b. Sundry parcels for town delivery have changed hands up to 4s. t, < Oats,— During the week several lots 1 have been offered at prices varying from Is 3d to la fid for feed, and milling at Is *>■&.■■■' ' Barley. — Quotations for barley remain the same ; the quantity of superior quality brought forward is small in comparison with the lower grades. Best is quoted at 8s 9d to 9r3d; good malting, 3s 3d to 3s cd. Slow "!« i quoted by millers at £10 10s to £11. Gran Seed.— -The market is without the slightest ohange. Produce.— Butter, 7d to 7|d; cheese, 4tf to fid ; hams and bacon, in dotb.lOd. Stock Export. There was * good attendance at the Addingtoayard* on WednMfey, *&d the 1

bidding generally was of a lively character. The stock yarded comprised 12,655 sheep, 544 cattle, and 45 pigs. Sheep.— The sale of sheep was very satisfactory, the whole of the lots, though more numerous than usual, being cleared. The competition for stores was exceedingly good. Mutton may be quoted at a shade less than last week. Cattle.— Prime quality beef realised 30s ; medium 18a. Store cattle were dull of sale. Dairy cows are still in demand at from £10 to £14 for good quality.

Among the Parliamentary papers to hand, is one of considerable interest and importance to people in all parts of the two Islands. This paper which we refer to is a " Statement showing loan expenditure in the revenues derived from the several Provincial Districts." The first table shows the j apportionment between the several Provincial districts of amounts spent in Public Works and Immigration, from the commencement of the Public Works Policy to the 30th September last ; and also the apportionment of liabilities to that date. The second table gives the contributions to re* j venue (exclusive of land sales) from each Provincial District during the financial year, 1878-79 ; as also the proportion of loan expenditure to j which each district would be entitled on the basis of such revenue compared with the actual expenditure in such district. The contributions to revenue are those actually collected in each district, except in the instance of Customs duties, whioh are allocated on the basis of population. We give the figures of the proportion above noted for the different Provincial districts respectively. The amounts immediately following the name of each district are those of the actual expenditure and liabilities, which can thus be readily compared with the figures following, which represent the amount which would have been in exact proj>ortion to the revenue : — Auckland £2,295,530 £2,439,648 Taranaki 435,509 278,800 Wellington ... 2,369,699 1,831,800 Hawke ? Bßay ... 771,817 551,499 Nelson 807,676 806,391 Marlborough ... 249,789 244,044 Canterbury ... 2,737,248 3,583,095 Westland 736,273 527,098 Otogo 4,267,917 4,409.883 The basis of the present revenue of the Consolidated Fund has, we presume, been taken on the consideration that from this revenue the interest of the borrowed money has to be paid, to which payment all existing tax payers have therefore to contribute. It will be seen, therefore, that there has been no such vast j disproportion of the expenditure as is generally assumed to be the case. In Canterbury the expenditure has been £845,847 under proportion ; in Auckland £144,118; and in Otago £131,966. The other Provincial districts are more or less to the good —Taranaki to the extent of £157,509, Wellington £537,899 (!), Hawkes Bay £220,175. The actual expenditure and liabilities on September 30 amounted to £17,203,031, but the whole of this has by no means been expended, as some people fancy, in railways, roads, and immigration. The first table of the statement under consideration gives, in a very convenient form, the heads and several amounts of the total expenditure and liabilities: — Water supply on goldfields has cost altogether £438,047 besides £50,000 spent in aiding works on the Thames goldfields ; £10,835 has been spent in prospecting and developing goldfields ; telegraph extension has absorbed £415,162; public buildings, £749,099; miscellaneous

public works, £332,520 ; land purchases, £1,931,756 (of this amount £1,210,802 is liabilities) j lighthouses; £84,247 ; contingent defence, £140,000 ; interest and sinking fund, L 218,50 0; charges and expenses raising loans, L 554.262. The total expenditure and liabilities on railways amounttoL9,l9l,96o ; immigration, L 1,899,025 ; roads, L 1,042,041 j whilst the departmental expenses of the public works have reached the respectable sum of L 145,563. This, of course, includes the salaries and allowances of many highly-paid engineers imported from time to time, and considerably more ornamental than useful.