COMMERCIAL.

Globe, Volume V, Issue 589, 9 May 1876, Page 2

COMMERCIAL.

MELTiOUnNF.— TIie “ Argus’* of the Ist repo; ts: lu the import maiket business throughout the forenoon was characterised by great want of animation. No desire whatever was evinced to operate, and only the most trilling- sales for ordinary requirements have been reported. The mail letters by the Bangalore were delivered at an early hour, and the perusal of home correspondence occupied the attention of merchants all the morning. Breadstuffs are unaltered, but Iho business of the day has afforded no tost of the strength or otherwise of the market, scarcely an inquiry having been experienced; Flour is still quoted at .£l2 to £l3 fls. and wiiile we do not hear of even second brands being offered at less than the first named, holders of best brands are firm at £l2 os. Wheat Is without change, 6s 8d is the highest rate asked for best qualities. At the same time, we learn of oilers made at tills price having been relused. Oats are quiet; little disposition to operate in the market is evinced, but values remain unaltered, and we have no changes whatever to report. Quotations are steadily maintained at 3s Id to 3s 5d for common to best stout feeding, while 3s 6d and 3s 7d is asked for very prime milling. Maize cannot be quoted over 4s od after yesterday’s sale, although for small lots 4s 6d is asked, and realised. Candles are in very good request; a very much better feeling has been ' evinced of late, and the fact that shipments advised are on so very moderate a scale—37lcwt only having been despatched in February—must still further improve the market. Trade parcels are moving at lOd to tO£d. Sugar is very firm at the advance sought to be established on Mauritius sorts. The business done, however, is on a very moderate scale, the bulk of the sales effected being monopolised by the Victorian Refinery Company’s sugars, at prices ranging from £3O to £36. Currants are moving oil'very steadily at s}d. Gunnies are more in request ; we hear of a line of 200 hales having changed hands at a lull price. In liquids, brandies continue to present a firm tone, but we have no fresh business to report. ENGLISH COMMERCIAL. THE MONEY MARKET. Mr Westgarth reports on March 17th Municipality of Dunedin Loan.—On the 23vd February the Bank of New Zealand as Bankers of the Municipality invited applications for £loo,too Municipality of Dunedin 6 per cent Debentures, forming part of a total authorised loan of £300.000. The stock was due in 1006. and carried interest from Ist January. The price of issue was 102, 5 per cent being payable on application, and 07 per cent on 30th instant [Theloan, which was applied for about seven times over, now stands at 4 premium. Otago Harbor Board 6 per cent loan of £IOO,OOO (forming part of a total authorised issue of £250,000). The Colonial Bank of New Zealand, as Financial Agents of the Board, received tenders for £IOO,OOO, Otago Harbor Board 6 per cent Debentures, redeemable by annual drawings, commencing in 1880, and bearing interest from Ist January. The price was declared a minimum of lOil, 5 percent being payable on applicition, and the balance on Ist April. The price is thus 100 net, or par, plus accrued interest. The total applications amounted to £146,200, at prices from £lOl 10s to £ 105 per cent. The average realised was about £lOl 148. The present pricels about 102—1021. Owing to the severe crisis in the railway and foreign markets but little investment business has been doing during the past four weeks, and the extreme dulnoss of the market, during the preceding four weeks had rendered unnecessary the issue ot any circular for the last mail day, the 18th Ultimo. The colonial market has been dull and the Goyerbraenfc securities depressed, more especially the

Now Zealand 4$ per cent '.can. which stood at 06} ex dividend on Ist February last, but lias since receded to about 94}. These debentures have of late been largely offered at about 91, on rumours of a further loan from this colony. The Queensland 1 per cent debentures, of which .£1,000,000 were sold on sth January last at an average price of £9l Bs, are still offering at £9llos, and £9l 12s 6d, although the price now includes two months additional interest. The best sustained stocks have been New South Wales and Victoria! per cents, the former because of the colony’s sound financial position, the latter from scarcity of stock, as the last loan has now been well absorbed. A further considerable Victorian loan however is looked for so soon as Victorian political differences are arranged—probably to be issued here in May or June next. THE PRODUCE MARKET. Messrs Miles Brothers and Co report on March inh, as follows; WOOL. There is no improvement to report in the state of our market since the close of last sales, and in face of the largo quantity for offer at the next series, to open on the 28th instant, consumers are not inclined to operate privately. Stocks are not heavy, but business is very dull, and on the opening night we shall not be surprised to sec prices somewhat lower, but are of opinion that the decline will bo chiefly confined to faulty, burry, and weak staple wools. The arrivals to date are— Bales. New South Wales and Queensland 31,825 Victoria 108,096 South Australia 43,351 West Australia 1,523 Tasmania 204 New Zealand 13,232 Cape of Good Hope 12,466 Total 210,607 WHEAT AND FLOUR. The wheat market has remained steady during the past week, and in most of (lie country markets a slight advance has boon ask°d. This improved feeling may in some measure be accounted for by the heavy weather which we have experienced, for although our autumn sown grain crops are at present well spoken of, yet the land is very wet, and consequently field operations are much retarded. The new crop at Odessa is reported to be inferior, and although the supplies from New York are likely to be very large, they will consist principally of poor qualities, and as line wheats will therefore be comparatively scarce, we look lor an advance in prices. During the past month about 23,000 qrs wheat and 32,700 sacks flour have arrived from Australia aid New Zealand. We quote, ex granary : Australian wheat 51s to 52s Gd per 496 lbs New Zealand do, .. 59s Od to 52s per 496 lbs Australian flour, fine ... 33s Od to 3Cs per 280 lbs „ interior ... 29s od to 32s per 280 lbs New Zealand do 30s Od to 33s per 280 lbs TAT,LOW ANT) HIDES. The tallow market lias continued very depressed, with a limited demand for all sorts, and a further decline on the average of Is to Is 6d has again taken piece in the value of New Zealand, the present quotation for good to fine mutton being 43s to 44s and beef tallow 40s 6d to 41s 9(1 per c" t. Hides continue dull of sale, and present quotations for New Zealand heavy are 4jd to IJd, and light 3fd to 4d per lb. PRESERVED TINNED MEAT. Owing to the scarcity ot stocks, the requirements of our homo trade can only be partially supplied, and high prices are maintained. About 25,700 cases have arrived lately, but these are principally for Government supplies.