AUSTRALIAN COMMERCIAL REVIEW

Star (Christchurch), Issue 5461, 13 January 1896, Page 2

AUSTRALIAN COMMERCIAL REVIEW

THE WOOL SALES.

SILVER AND GOLD-MINING,

PRODUCE NOTES. [Special to Peess Association.]

SYDNEY, Jan. 12,

The principal item of interest in commercial circles is the re-opening of the wool sales. The unsettled state of affairs in Europe has had a depressing effect, and there is a weaker tone, and a decline both in the attendance and the bidding marked the opening. Merinos are a farthing lower than the closing rates of the old year, and all other classes are easier. A recovery set in on the second day, when there was a full attendance and spirited competition, which continued throughout the sales, the closing prices being fully equal to those obtained at the end ot 1595. During the week 30,700 bales, were offered, of which 26,900 were sold. The withdrawals were large, owners evidently expecting a further improvement. The tone of the import market improved with the opening of the new year, and the volume of general business considerably increased, the demand for goods relieved of duty being specially brisk.

Produce lines are firm and stocks are generally light. Breadstuffs are more settled, and good business has been done in local roller flour, which is quoted at .£9 to £9 10s for new and ,£lO to £10 10s for old ; Adelaide brands .£9. Pollard is scarce and has advanced to 10ld ; bran 9£d. Potatoes are in plentiful supply, the local grown selling at £4> 10s to .£5. Dairy produce is in active demand at full rates.

The annual report of the Mercantile MutixalFire Insurance Company shows the profits of the year to havo been .£13,250, and a bonus is declared of twenty per cent on premiums, divided between the policyholders and the shareholders. The sum of d£4SOO is carried forward.

MELBOURNE, Jan. 12.

The resumption of the wool sales was marked by less animation than at the "opening auction, merinos ruling, about a farthing lower than the closing rates of 1895. Cross-breds were steady and scoured firm, faulty sorts being weak. The subsequent sales showed a better feeling and brisker competition, the closing prices of last year excepting cross-breds, which were slightly weaker, being fnlly restored. Greasy fleece sold up to. 9«d, and scoured up to 14f d.

The Government is evidently of opinion that Victorian nieat . requires Victorian accompaniments to render it properly palaable; and; not content with supplying the Englishman ■with, his steak, has got an eye on the necessary onions. Recently an experimental shipment of this savoury vegetable' was; sent to London. •It was carried out successfully, but advices received by the Agricultural ' Department show that it arrived at the wrong time to command a profitable market. The department has been advised to make shipments so as to reach England in March, when there will be a good 'market. Acting on this advice the department intends shipping a quantity early next month. Brown Spanish and Brown Globe are stated to be the .most . suitable ..sorts for the English market. ■ The European complication has had a depressing influence on the Stock Exchange with dull • markets. Silver share . debentures', which generally sold at lower figures, closed with a lagging tendency. In gold shaves there was good business, especially in West Australian stocks, and prices were fairly steady. "'■ • ■■-.■ ADELAIDE, Jan. 12. The breadstuffs market • closed steady and quiet. Wheat, 3s lid; roller flour, £9. "■' . .' The South Australian Register says that the wheat harvest has seldom been gathered under more favourable conditions. The latest returns generally go to confirm an average of four bushels to the acre, and, making a liberal' allowance for differences of opinion as to the area reaped, this will give a surplus of ft>,ooo tons for export. This week was dull in silver shares. What little business was done was at .the lowest prices, until Friday, when a rally took place. At the latest sales, Broken Hill Proprietaries made 54s 6d, but sellers are now holding for an«advance of 2s. Junction's advanced Is 3d. Gold shares also closed firmer, with a good inquiry. Kaipai Vermont, sellers 10s, and buyers offer Bs. The investment in stocks is steady, with rather more business. After the first bloom had worn off the Wyalong goldfield it was little in evidence, as its fame was overshadowed by the sensational discoveries in the golden west. The annual returns, however, are now fully maintaining* its position as a permanent payable field. Besides a large quantityof stone sent away for treatment, the bulk of the local .battery crushings for the past year totalled 12,000 tons, yielding 16,7000z of gold, valued at .£66,800. Most of the claims are opening' up well, and improving. At the deeper levels new payable discoveries are of frequent occurrence. The present.week has seen the discovery of rich gold reefs on the Woormanga Bun, near Germanton, which have been traced on the surface for a considerable distance, and a large number of claims have been pegged out. Silver stocks have been dull and depressed, the market closing weak. West Australian gold had a big turn over towards the close of the week, the market being firm, with a decidedly better feeling and improved prices all round. BRISBANE, Jan. 12. There is great excitement at Croydon owing to the discovery of sensationally rich stone in the Weretah mine. The reef uncovered i 3 four feet thick, the stone being literally covered with gold. Twelvo inches of the hanging wall carries the precious metal in wonderful quantities, there being as much gold showing as stone. . The Waratah mine, which is owned by an English company, is on the Queen line of reef, which has not been prospected for many years. The development is likely to affect the whole line , of reef, and it is impossible to estimate the value of the discovery.