The Star. MONDAY, FEBRUARY 10, 1896. AUSTRALIAN MARKETS.

Star (Christchurch), Issue 5485, 10 February 1896, Page 2

The Star. MONDAY, FEBRUARY 10, 1896. AUSTRALIAN MARKETS.

** I THE WEEK'S SUMMARY. [Special to Press Association.] SYDNEY, Feb. 8. The dreaded fourth passed satisfactorily both in town and country, bills being better mot than for a considerable time, This is attributable in some measure tc the limited trade of the past month. The week has been marked by more life in the import markets, though business is still restricted, and closed with a hardening tendency. Despite the arrival of over 100,00 C bushels of San Francisco wheat and a large quantity of flour, breadstuffs are very firm, city millers offering 4s 3d to -4s 4d, and holders in the country wanting an extra threepence. The market, however, closed in a disorganised condition, owing to large orders from Queensland causing holders tc advance the demands to 4s Bd. Business stands still. New flour lold at .£lO 5s tc iJIO 10s, and re-sales of San Franciscc wheat and flour are reported at a material advance. The Telegraph says that the-un-certainty with regard to the quality and yield of the New Zealand crop is exerting a depressing effect on speculative business Produce lines are steady. Oats and pollard closed slightly easier. Dairy lines were in good demand. In connection with the adoption of the new passenger tariff, it is understood that it will be made to apply to the trade from Sydney round to Adelaide, as well as to the Queensland companies interested, the A.U.S.N., Adelaide, and Howard, Smith and Company. The rates are of a differential character, 'first-class steamers being 2,0 per cent above those of the second-class, and 30 per cent above the third-class boats j while tho steerage rates are the same in all classes. The new tariffs, however, show a general advance on those hitherto in force. In the early part of the week coppe'i shares monopolised most attention inmining circles, and a large business was done at better prices than for a long time. In gold, what few sales were made were mostly at concessions. Silver opened weak, but, in sympathy with the improved tone at the southern exchanges, recovered, and the majority of Broken Hill stocks were freely dealt in at good advances. The market closed buoyant, with a heavy demand for Junctions and Junctions North at strong rises on last week, but slightly below the top figures touched. Investment stock continues to attract increasing attention, and sound investments, notably Government stock and bank scrip, are freely taken at advanced figures. The market closed with a firm tone. MELBOURNE, Feb. 8. Though the import market is quiet, it has shown a steadily improving tone since the opening of the year, and the large growth of the West Australian trade is proving an important factor. The speculative spirit still restricts business in breadstuffs, wheat-holders showing" but little desire to make concessions. Sales have taken place at 4s lid to ss. Heavy stocks of oats and potatoes have come forward, the best price obtainable for the latter being eighty-five shillings. The announcement of the proposed reduction of interest on Commercial Bank deposits was not unexpected in commercial circles. It has been recognised for a considerable time that the bank was fighting an unequal contest with, other institutions which were lending money. At the rates which the Commercial Bank was paying its depositors, the Chairman said it was absolutely impossible to make a profit. Other factors which contributed to the reduction of profits were the depressed condition of the Real Property market, and the adverse season and disastrous drought, which had a serious effect on the agricultural and pastoral interests. There were so many forced liquidations overhanging the market, that the Directors refrained from a policy of pressure with regard to sales of securities, as these only resulted in aggravating the losses. Turning to the brighter side, he said that the business of the bank showed an improvement in all lines except advances. Its position was perfectly impregnable, and nothing could injure it under present circumstances. The re-establish-ment of confidence was shown by the large increase in the deposits. An improvement all along the line is the week's verdict with regard to investment stocks, debentures and bank deposit receipts being specially in demand. The mining market, which opened dull and depressed, closed firm at advanced prices so far as silver was concerned. In gold the Victorian mines saw more inquiry, but West Australians saw no restoration. ADELAIDE, Feb. 8. Breadstuffs are hardening, roller flour having advanced to £9 15s and wheat to 4s 3Jd. Farmers continue to hold in the hope of a further advance, and are selling only a portion of their stocks. Deliveries are therefore small. A steady improvement with increased business was noticeable throughout the •week in the mining market. Silver shares were in brisk demand, closing firm. Owing to recent important developments Junctions and Junction North lodes had a big turnover at strong advances. Junctions, which sold at 445, and Norths at 14s early in the week, touched 61s and 17s 3d respectively, but slightly eased again. Business and advances were proportionate in Sydney and Melbourne. Broken Hill Proprietaries sold at 655. In gold, the stagnation which for some time had marked West Australian stocks showed signs of lifting, and moderate business was done at better prices.