COMMERCIAL.

Dunstan Times, Issue 410, 25 February 1870, Page 1 (Supplement)

COMMERCIAL.

The Money Market during tho past month has been somewhat quiet, and as a general rule money has been plentiful. Tho recent transfer of the English telegraphs to the Government have filled shareholders' pookets, and it is expooted that in ogneequenoe a general rise may take place. Australian, New Zealand, and Tasmanian markets have been quiet, the latest advices, however, being a fall in North British Australian Stook of 5 per cent. The following are tho quotations:— Consols, 92£ to |; Three per Cents. Reduced and New Three per Cent 3., 93 to 93J-; Bank Stock, 240 to 242; Exchequer Bills, 2s dis. to 23 prem.; India Ton-and-a-Half per cent. Stock, 207 to 209; ditto Five per Cent., 111| to Ills; ditto Four per Cent., 100§ to g ; ditto Bonds, 20s to 25s prem.; ditto Five per Cent. Debentures, 103 ito 104. On the Paris Bourse rentes were last quoted at 73'45. The following are tho latest quotations: Government Securities. N.S.W., 5 p.e. 71 to '7G, January and July, 100 i to 10l£; ditto,' 5 p. 0., 'BB to '9B, January and July, 101 to 102; ditto, 5 p.c, reduced by annual draws, from '67 to '75, 100 to 101; ditto, 5 p.c, 2 p.o. annual draws, from '72 to '9S, 1004 to 1014. New Zealand, 6 p.c, January and July, '9l, 107 to 109 ; ditto, 5 p.c, 97 to 98; ditto, Consol, 5 p.c, January, April, July, and October, 97A to 984; ditto, G p.c,'9l, March and September, 103 to 110; ditto, 0 p.c, '9l, June and December, 107 to 109. Queensland, 6 p.c, 'S2-5, 108.1 to 1094 ; ditto, 1891, January and July, 1034 to 109.V. South Australian, 1893-14, 110 to 111. Tasmania, G p.c, 1895, January and July, 108 to 110; ditto, 6 pc, reduced, '93-97, 103 to 110. Victoria, G p.c, 1801, January and July, 113 to lit; ditto, G p.c, April and October, 113 i to 114§; ditto, 5 p.o , January and July, 101J to 102£. Railways. Melbourne and Hobson's Bay, 57 to 59; ditto, 6 p.o. bonds, 'BO, ,103 to 105; ditto, 5 p.o. bonds, 1895, 91 to 93. . Mines.—Australian United Gold (limited), J- to f pm.; Port Phillip (limited), | to J- dis.; Scottish Australia (limited), | to g pm. Banks. —Bank of Australasia, 57 to 59 ; Bank of Otago (limited), 4 to 3 dis. ; Bank of S. Australia, 32J t 0 331.. B. m k of Victoria Aust., 36 to 33 ; Bank of New Zealand, 18 to 19; Chartered of India, Australia, and China, IS £ to 19J-; Eng., Scotland Aus., char., 17 to 174; Lon- Char, of Australia, 23 to 234-: Nat. of Australasia, 2.J- to 3 pm.; New South Wales, 33 to 40; Union of Australia, 464 to 474. Teleoraph Company. British Australian, 5 dis., par. Miscellaneous.—Australian Agricultl., 16 to 17; Colonial (limited), 1 dis., par; En?, and Austral. Copper, jj to I; N. Zeal. Ln. and Merc, &3., Jto J pm.; N. Zeal. Trust and Ln. (limited), 1} to 14 pm.; N. British Austral, (limited), 50 to GO; Otago and Southl. Inv. (limited), J dis. \ pm.; Peel Biv. Ld. and Min. (limited), 32 to 31; Scot, Austral. Inv. (limited), 53 to G3 ; Trust aad Ag. of Aus. (limited), Ito 1 pm.; Van Diemen's Land, Bto 9. The following gold item 3 fairly state tho average amount of gold adoat and arrived: —The steamer Malta has brought .£520,000 in gold, the bulk of which i 3 believed to be for England. The steamer Ceylon has brought .£327,000 in Australian gold, which has been taken for exportation. In addition, the following vessel aro on their way to Euglatid from Port Phillip and Now Zealand with specie, viz.: —The Cambodia, with £41,000; Suffolk, £21.000; Highflyer, £23,600; Star of Peace, £12,000; Great Britain (3.), £98,500; Excelsior, £31,500; Great Victoria, £10,000; Holm3dale, £9,000; Janet Court, £8,500; Essex, £IO,OOO ; and the Alexauder Duthie, with £10,500. The liquidators of the London and Colonial Company (Limited), have paid a dividend of Is. 6d. in the pound. A first dividend of 2s. 6d. in. the pound is announced as payablo to tho creditor of the Iron Ship Coating Company (Limited), by the official liquidator. LuTtBRS of allotment of the Panama and South Pacific Telegraph Company have been issued. Tho manufacture of the ciblo will be commenced forthwith by the India Rubber, Gutta Percha, and Telegraph Works Company. Messrs. Jame3 and Williams, of 53, Aldersgatostreet, London, shirt manufactures and Australian merchants, have dissolved partnership. Wool. —it an early period of the month tho Wool Merchants' Cjinmittoe hold a meeting, and decided thesalos until the 17th February, on account of tho small arrivaU, caused by the adverse winds. Messrs. Willaas and Overbury report the new arrivals as follow: —Now South Wales and Qieen3land, 7,195 bales; Victoria, 11,651; Tasmauia, 303; South Australia, 5,026; Western Australia, 0; New Zealand, 1,595; Cape of Good Hope, 17,012; total, 42,812. Tnoy estimate that thero should be about 90,000 bales in tho market, and if the winds chatigo largo arrivals aro expected, and the estimate may be realised. The results of the sale will be found in another column. Messrs. Southey, Balme, aud Co. reports that " Tho mo3t recent new 3 from the manufacturing districts convey no report of any decided movement in the woollen industry, but the elements of a healthy aud favourable development are not wanting. Stocks of all descriptions of the raw material are low; and the probability of tho continuance of a more moderate rate of production, coupled with the increase of confidence generally noticeable in overy quarter, promise a firm and possibly somewhat hardening course of quotationa." A3 it may be interesting to some, we venture to give at this late date an extraot from Mr. Helmuth Sohwartze's annual circular for 1869. After reviewing the " consumption stook" and other matters, the circular says, in relation to tho " prospects " for tho coming year : " As for Australia, theie will probably bo a decrease in most caso3, but whether it will be large 13 doubtful, and as the production in Adelaide still seems to augment, and a considerably increased clip is announced from Now Zoaland, the imports in the aggregate will perhap3 not show any great difference from those of the past year. I cannot look forward to any very sudden riso, but think that its present value will be firmly maintained, with a tendency to gradual improvement." i:H9J The following aro the latest quotations:— Sydney and Port Phillip—Scoured fine, Is Gd to 2s; skin, Is to Is 3d; fine clean fleeces, 135 dto 2s 2d ; inferior, lid to Is 2d; pieces and locks, 8d to Is; lamb, Is to Is lOd; unwashed fleeces, 6d to lid. Van Diemen's Laud—Scoured fine, Is 5d to Is 7d ; skin, lid to Is ld ; fino clean fleeces, la 5d to Is 81 ; inferior lOd to Is ld; pieoo3 and locks, SdtolOd; lamb, Is 2d to 13 8d; unwashed floojes, 7d to lOd; South Australian, fine, Is 2d to Is sd; other sorts, 4d to Is 2d; New Zealand, 7d to Is lid. London, February 19. Messrs. Southey, Balme, and Co. roport:—Tho first series of colonial wool sales for the present year commenced on Thursday with tho following oatalogao : Cape, 2,899 bales; Sydney, 1,362 ; Port Phillip, 555 ; Adelaide, 447; New Zealand, 201; Van Diomen's Land, G; total, 5,413 bales. Tho attendance of buyers wa3 very numerous; considerable animation characterised the biddings, and prices may bo quotod generally firm on the closing rates of tho Do jembor series. Tho arrivals to date are as follows : —From Now South Wales and Queensland, 9,460 bales; Victoria, 29,361; South Australia, 8,856; Tasmania, 447 ; Now Zealand, 1,748; Cape of Good Hope, 22,658 ; total, 72,533 bales. Cotton. —The following are quoted as tho latest prices by Messrs. Barber Nephew: Australian, per lb., ord. to mid., 10.jd; mid. fair, lid; fair to good fair, ll.Jd to 12d; good to fino, 12jd to 13d; Fiji, ord. to mid., 9d to 10jd; mid. fair, lid; fair to good fair, lljd to 12d; good to fino, 18d to 42d. Flax.—Messrs. Barber Nephew, and Co. roport tho market dull; no sales were effected during the week ending February 11th, but 107 bale 3 N. Z. wero withdrawn for want of bids; latest quotation per ton, £2O to £4O.

Wheat (Rotterdam Market).—New white Zealand has been in fair supply from the country, and met a pretty current sale, the best samples being taken for home consumption, and the medium and ordinary qualities for starch-makers and for export. Prices rulod from 7f to 8f 500 per heotolitre, aooording to quality. New rod sorts have also enjoyed a more active demand. Rye (Rotterdam Market). Native has been largely offered on sale. New Zealand is quoted at 5f 700 to 6f 500 per heotolitre, with little business doing. Barley (Rotterdam Market). —The supply consisted mainly of medium quality. " New Zealand winter is quoted 4f 600 to 5f 700, spring 4f 400 to 5f 500 per hectolitre, 96 to 98 lb. winter sold also at 8f 750 per 100 kilos. Gum Arabic—The quotations for 70 casks Australian, sold during tho week ending February 12, were good pale ; red drop, 465; fair, 373; ordinary and low middling, 24s to 28s as compared with middling, 43s ; blooky, 22s to 275. Tallow. Messrs. Anning and Cobb say as follows: —In reviewing the course of this market during tho past year, the most noticeable features of last year's markets that present themselve3 are tho small imports that have been received from Russia, and tho limited supply of our home production. From these causes there was a strong belief evinced by many that price 3 would rule very high here during tho latter part of the year, but the largo quantities received both from South America and Australia enabled consumers to satisfy their requirements from these sources. The fluctuations in price have not been great, being only to the extent of Gs per cwt., against 12s in 18G8. The total imports from all parts to London have been 88,725 casks, against 92,704 casks in 1863, and 76,482 casks in 1867. The deliveries have been 95,997 casks, against 89,772 casks in 1868; and the stook on the 31st December was 33,762 casks, against 42,338 casks in 1868. Messrs. Dyster, Nalder, and Co., report tho present state of the market: —Australian has been freely offered, and with a good consumptive demand, a largo business has been done, with but trifling fluctuations in yalue. Tho sales reach 4,369 casks within the following range of prices :—Mutton, fair to good, 44s 3d to 46s 9d; ordinary and inferior, 37a 9d to 443 9d; beef, fair to good, 433 Gd to 455; ordinary and inferior, 36s 9d to 43s 9d per owt. The valuo of good mutton, is 45s to 45s 9d; and good beef, 43s 6d to 44s per owt. Messrs. Dyster and Nalder again report: Sheep Skins. —The sales are lim.ted to 48 bales at about former prices:—Washed, fairly grown, Sid; unwashed, fairly grown, to 6]d; dirty and ordinary, 4d to 4.} d per lb. Kangaroo Skins continue difficult of sale and prices have been somewhat irregular. 10,495 skins have been sold—Dry, large, 33 ld; middling, Is 4d; small, lOd; extra small, 3d; salted, large, Is to 2sld; middling, sdto Gdeach; tanned, good, 144 dto 19J-d ; inferior 7}d per lb. Australian Hides.—Messrs. Anning and Cobb roport:—Since our circular of the 29th December, there has been a good steady demand, and the whole offered at the first public sales of the year, comprising 10,551 hides, sold freely as follows :—-Sydney, fair to good Ist heavy sd, 2nd 4Jd, Ist light 5d to 5Jd, 2nd 4![d ; Brisbane, good, Ist heavy 4jd to sd, 2nd4gd; Ist light sdto 5Jd, 2nd 4!Jd to 4|d ; Melbourne, fair, Ist light sd, 2nd 4Jd per lb. These prices mark an advance of jd per lb on heavy, but a decline of -Jd on light averages. Import for the month 2,600 hides. Present stock 2,597. The total import for the year is 97,917 hides, against 123,697 hides in 18GS. Stock on 31st December was 11,410 hides, against 5,592 hides in 1868. Australian Leather.—At the public sales the quantity offered was large, comprising 13,592 crop sides, of which 11,560 sold with spirit at full prices, viz.: —fair to good 10Jd to IOJd, middling ditto lOd to IO.J-d, 2nd class and stained 9id to 10,|d per lb. Mimosa Bark. —Only a limited business has been done since our last issue, the sales comprising 160 tons; : grouud at £8 53 to £9 15s, chopped £S 7s Od to £8 10s, long £0 15s per ton. Horns. Prices aro now fully equal to those current at tho commencement of 1869, viz.:—Sydnoy, 134 to 154 oz. 37s to 39s Gd, av. 11 to 124 oz- 23s to 295. Melbourne, av. 12 to 15 oz. 26s to 34s 6d Other ports, av. 13 to 14 oz. 27s to 31s, av. 10 to lloz. lis to 20s per 123. Bones. —Shank have sold very freely, without any important fluctuation in value, and the present quotations aro, good to fine £lB to £2l, fair £l4 to £l6, middling and common £ll to £l3; common grinders for agricultural purposes have been in very good request, aud aro now worth £6 to £6 10s per ton. Copper.—Australian: Burra, £73; Wallaroo, £73; Breinor, £7l 10s to £72. All three per cent, discount.

» Convicts in Australia.—ln the House of Commons, shortly after the opening of Parliament, Sir J. Lawrence asked the Under Secretary of State for the Colonies whether any despatches had recontly arrived from the Government of Western Australia upon the subject of free emigration to that colony, and referring to the fact that convicts had been received solely on the condition that an equal number of free emigrants should bo sent out at the expense of tho Imperial Government; and whether at the present condition of tho labouring population of England the Government were prepared to tako step 3 for sending out the number of free emigrants required to complete the arrangements made with tho authorities of Western Australia. Mr. Monsell said that last Session he stated that when Western Australia was made a convict station the Imperial Government undertook to send out free emigrants Bubjeot to the condition that the colony really required and could provide for them. Information had been asked on tho subject and a despatch received, which was now under the consideration of Earl Granville. The Panama Steamship Company.—ln the London Court of Chancery tho liquidation proceedings of the Panama, New Zealand, and Australian Royal Mail Company have been heard. It was an appeal from Vice-Chancellor Malins. The company issued a large number of debentures, by which they assigned to tho debenture-holders, by way of seourity, " the undertaking, and all sums of money arising therefrom, and all the estate, right, title, and interest of the company therein." The company having been ordered to be wound np, and all their property, which consisted partly of a largo numbor of valuable steamships, having been realised, tho question arose whether the debenture-holders wore entitled to a charge on the property in priority to the general creditors of the company. Tho Vice-Chancellor held that they wero so entitled, and tho official liquidator, in the interest of tho general creditors, appealed. Lord Justice Giffard was of opinion that the terms of the debentures entitled the holders of them to tho priority whioh they claimed. Tho appeal was therefore dismissed with costs. Marine Insurance. —ln the Exchequer Court the ease of Potter v. Rankin ro the Sir W. Eyro has been heard. It was an appeal from a j udgmont of tho Court of Common Pleas. The case ha 3 boen before the court some time, and was ordered to be re-argued. The action was brought by the mortgagee of the ship Sir William Eyro, upon a policy of insurance to recover for a total loss. The polioy applied to tho chartered freight from Calcutta home, and to the voyago to Now Zealand, and for 30 days in port. In the early part of 1863 tho ship sailed from the Clyde with emigrants for New Zealand, and went ashore at Bluff Harbour, where she was detained some time, and sustained considerable damage. Sho arrived at Port Chalmers in July, whoro Bho was detained a much longer period before tho repairs could bo oxocutod and the funds woro forthcoming to onable her to leave tho port. Daring tho detention she was employed as a kind of coal store She afterwards prooeeded to Caloutta, and was driven ashoro during the heavy oyolone which visited the place. Tne question at issue was whether her detention at New Zealand before she could repair and leave the port was reasonable and unavoidable. The court has decided ia favour of the plaintiff.

THE ENGLISH, SCOTTISH, AND AUSTRALIAN CHARTERED BANK. A general meeting of this bank was held on the 9th February, when the directors' report wa3 presonted as usual. In brief the document shows an available total of £22,652, and reoommends a dividend at tho rate of 7 per cent, per annum, whioh will absorb £21,000, and leave, after writing off £I,OOO from bank premises account, a balance of £652 to be carried forward. The direotors add that the business done, although restrioted in amount, has been of a sound, unspeoulativo character. Thepaid-up capital of the bank is £600,000, and the reserve £45,000. The deposits held are £863,918, and the circulation is £96,708. The directors are disappointed not to be able to report any marked improvement in tho general business of the Australian colonies. Their anxiety as to the pastoral interests is somewhat alleviated by the latest advices received. Rain has fallen in abundance in nearly every district; food is plentiful, and fat stock increasing; and altogether there is good promise for the future. The thirty-third half-yearly general meeting was held on the 9th February, at the offices in Cornhill; Mr. G. Hay Donaldson in the chair. The directors' report stated that tho net profit for the half-year, after making the usual deductions, amounted to £22,652 7s. 7d., whioh, after payment of a dividend at the rato of 7 per cent., and writing off £I,OOO to the reduction of bank premises and furniture, would leave £652 7s. 7d. to be carried forward to the next account. The Chairman, in moving the adoption of tho report, said that the latest advices from tho colony led to the belief that there was a general improvement in the value of pastoral property, and a3 the board had not disguised in their two last reports that the continued depression occasioned considerable anxiety,, he was glad now to announoe that the causes of that anxiety were disappearing. Ho wa3 glad to say that the English, Scottish, and Australian Chartered was not likely to lose a penny by the failure of a gentleman ia Australia whoso name was not mentioned (hear, hear.) In regard to tho small amount of £6OO carried forward this half-year as against £I,OOO or £2,000 in the two previous halfyears, he explained that the directers had written off. from the profits of the half-year no less than £6,000, and in declaring the dividend at tire rate of 7 per cent. might fairly congratulate tho shareholders on the elasticity of the resources of the bank as shown by such results. Tho establishment of several meat preserving companies in the Australian colonies ho thought was pregnant with-important advantages both to Australia and the mother country. To the colonies it would afford a means of profitably disposing of their surplus flooks and herds, while it would provide good some food to a large olasa of the home population, who,; at the present high prices, were rarely enabled to taste butcher's meat. The report was adopted without comment. The Chairman then moved the dividend at the rato of 7 per cent, per annum, free of income tax, payablo on and after the 16th ins't., which was also agreed to. The Chairman next proposed tho election of Sir George Grey, K.C.8., late Governor-General of New Zealand, as a director. Mr. Bottley seconded the nomination. Mr. Mackenzie inquired whether there was any truth in the report that the directors contemplated a junction with the Bank of Otago ? The chairman replied in tho affirmative. Tho 'ntotion was then unanimously agreed to, and the pioaecdings terminated. '