Commercial Intelligence.

Timaru Herald, Volume XLI, Issue 3310, 7 May 1885, Page 2

Commercial Intelligence.

THE ENGLISH WHEAT MARKET

The London correspondent of the Melbourne Argus, writing on March 20th, saya : — After a succession of copious rains, we have been favored with nearly a fortnight of dry winds and olear weather, which is bringing the land into a condition suitable for spring seeding operations. Field work is, therefore, making great progress under the beat auspices. The autumn sown wheat is generally reported aa strong and healthy, and the agricultural outlook is very promising. But the corn market is still m a discouraging condi. tiozi. About ten days agpo the rumors of complications with Russia exercised a hardening influence upon prices. Some speculative demand was experienced, chiefly for forward cargoes, which ruled from 6d to Is per quarter dearer. On the spot, too, a similar advance was occasionally paid, but there was little animation m the trade. By Monday last, however, the war scare had subsided, and at Mark Lane prices receded to about the level of the previous Monday for foreign and colonial descriptions. English wheat being scarce, was about Is dearer, but the advance was grudgingly paid. All that can be said repecting the political anxiety is that it has steadied the market. The heavy supplies still on passage, estimated at 2,575,500 quarters, and the large accumulations at all our principal sources of supply, have almost completely neutralised the effect that under other ciroumstances would have been inevitable. Arrivals at our ports of call have been but few m number, owing to the prevalence ef north-east winds. Most of the cargoes recently reported have been taken for French account, the vessels being towed to their respective ports of discharge, m order to insure their arrival before the promulgation of the new corn law. This demand has helped to sustain prices, as British buyers had previously almost ceased to compete for them. The arrivals of Australian wheat at ports of oall have been as follow :— Gainsborough, with 5656 quarters, from Port Broughton, and Scottish Admiral, with 5734 quarters, from Port Wallaroo. The former was sold on March 2nd at 35s 6d for Calais, and the latter on March 10th at 35s 6d for Bouen. Since March 6th, only three or four cargoes shipped m January-February and February have been sold — those m wooden ships at 34s 6d, and those m iron vessels at 35s and 363, The prosont nominal quotatons for shipments to arrivo range from 3-ls 9d to 36a 3d por 4801 b. V Australian wheat m store m London is now quoted 35s (id to 36s 6d per 4961 b ; New Zoaland long-berried, 33s to 345 ; average, 32s to 345, and inferior, 28s to 30s. In flour there is nothing new to report. Australian snperfines are worth 24s to 25s ; fines, 21s to 225 ; and New Zealand brands, 21a to 23s per 2801 b.