AUCKLAND.

Wanganui Chronicle, Volume XVII, Issue 2382, 17 March 1874, Page 2

AUCKLAND.

The ' Southern Cross' of the 12th instant, reports — The arrival of the ' Norhani Castle/ \Anazi,' and 'Queen of the Age/ from London, all within one -week has caused unusual activity at the Custom House and the large amount of revenue taken during 1 the past five days is accounted for by the clearances of drapery and other ad valorem goods, direct from ships' side. The amount collected for duty last week £7,276, is likely to be equalled during the present week, judging from the daily returns to date, but notwithstanding this activity there are general complaints amongst wholesale houses that business is by no means in a satisfactory state financially. It is said that dishonored bills and renewals have been more numerous than usual, and a confirmation of this statement, the assignment of two estates with a gross liability of £20,000 is referred to. The raising of the rates of discount also indicates some tightness in the money market, and some of our informants go so far as to say that but for the competition caused by a new banking establishment,^ veritable crisis would now be upon us, We believe one chief reason of the pressure now being felt is that we are importing too largely in proportion to our exports ; the latter having exhibited great dullness during the past two months. It has also become apparent that facilities lately offered by shippers have led to over trading by inducing too many to enter upon a business, as. importers, which requires in times of pressure a very large amount of capital.