Commercial.

Hawke's Bay Times, Issue 1553, 24 February 1874, Page 126

Commercial.

LONDON. ' The New Zealand Loan and Mercantile Agency Company report as follows, under date 24th December, 1873 : . .. MONEY MARKET. The stimulus, offered to the importation of gold by the high rates of discount pr vailing some weeks since, led, as stated in our last Circular, to considerable supplies of the precious metala from the Continent and the United States, under the influence of which, and of heavy shipments from Australia and Japan, the Bank minimum rate has been ra' idly reduc d first to 8 and then to 6 per cent. A continued rise in the Foreign Exchange and an increase in the stock of ullion in the Bank of England resulted in a further reduction on the 4th instant of one per cent, in the rate of discount, which was succeeded on'llth idem by another fall of J- per cent., the rate being thereby reduced to 4J per cent., a difference of 4£ per cent, from the rate as it stood twenty-one days previously. The bank returns have shovvn that the reserve of bullion has been increased during the last three weeks by £1,500,000, and is now 60 per cent, of its liabilities. There has been some slight increase in the demands for short loans, as usual at this period of the year, but the withdrawals on German account having ceased, and there being no appearance at present of an active demand from any of er quarter,' it. is considered probable that the directors of the bank may announce a fnrreduction in the rate of discount at an early date. Stock Markets The improvement which has taken place in monetary affairs has led to increased animation in these markets. Bailway shares and obligations have experienced a rise, as the traffic returns on all the principal lines of the. United Kingdom for the current half-year show a considerable improvement on those of the corresponding period of 1872, and are held to warrant increased dividends. Colonial Governmet securities have risen generally 1 to l\ percent. Australian Agricultural Land Company shares have fallen 4 to 5, while North British Australasian and Scottish Australian Investment Companies have risen 3 to 5 per cent. Consols are now quoted 92 ex dividend, being an improvement of J per cent, upon prices current a month ago. ' Several foreign loans have been introduced—Russian, Hungarian Bolivian, and Buenos Ayres—and it is stated that subscriptions for the two former have reached eight or ten times the amount offered to the public. PRODUCE MARKETS. Wool—The fbh series of Colonial Wool Sales for the present year, the opening of which on the 27th ultimo was reported in our Circular No, 78, was brought to a close on the 13 th instant. The Catalogues comprised the following quantities : New South Wales and Queensland ... 13,027 bales. Victoria 7,038 „ South Australia 1240 „ Western Australia 489 „ Tasmania 183 „ Few Zealand 11,028 „ Cape of Good Hope 27,184 „ Total 60,795 „ The arrivals up to yesterday for the next series of sales commencing February 12. are as follow: — New South Wales and Queenslaud 29='f>Bales Victoria 1349 „ South Australia 36 „ Tasmania 35 „ New Zealand 225" „ Cape of Good Hope 8785 „ Total 15447 „ The decline upon previous sale prices which we recorded as having taken place in Cape Wools, extended to all descriptions, aud may be stated at Id to ljd per lb. on greasy, l£d to 2-Jd on fleece, and Id on scoured. The only exceptions to this depreciation in value were in the cases of extra fine Combing Fleece Wool and really good Combing Scoured. The course of the market has caused some surprise, as it had been expected that October prices would be maintained till the opening- series of 1874. Purchasers in previous sales, it was supposed, had been only sufficient to satisfy immediate requirements, but it is now apparent that manufacturers had been accumulating stocks, in spite of the higher prices ruling during the summer anJ autumn series, anlconsequently the demand was during the past month much curtailed. The smallness of attendance of Continental buyers, aud the utter absence of bidding on American account, have also largely contributed to the depression in prices, which rather suffered from the effects of the financial stringency that took place prior to the commencement of the late series than were benefited by the case in monetary matters which followed. It is estimated that the quantity bought in and withdrawn exceeded 6,000 bales,and thatthequantity bought for Continental account was about 20,000 baleß, principally for export to France. It'is anticipated that the first series of sales for 1874, which have been fixed to commence on February 12th, will find stocks in consumers' hands reduced to a minimun, but iu the still unsatisfactory condition of the Woollen industries iu Germany and the United States, it is impossible to pronounce with authority upon the course which prices arc likely, to take. The following is an approximate average of the prices obtained during the late series respectively for washed, scoured, and greasy wools from New Zealand:— Inferior to superior washed fleece...l/11 Do. scoured 1/11 Greasy Wh Tallow.—There is little to report in this article. Prices have shown no material variation on those, current a month since ; there has been rather more enquiry for townmelted Tallow, but the supply is more than equal to the demand. Thy official statement of Tallow shipped at St. Petersburg for the past season up to the close of the navigation snows shipments of 26,777 casks against 18,620 last year. Of these, 21,637 were imported into London, against 13,324 last year. Catalogues of Public Sales during the past four weeks have comprised 4,841 casks, of which 2,1 "7 casks were disposed of under the hanimc-, at prices ranging fr< in 35/0 to 42/6 for Mutton and 33/ to 39/3 for Beef. Arrivals of Australasian for four weeks ending 19th instant were 3,330 casks, and Stocks of all sorts at that date were estimated at 36,162 casks against 36,268 casks on 21st ultimo. Shipments to the extent of 4,971 casks were advised by the Australasian mails received

on 22nd instant. There are no public sales this week in conquence of the holidays. Present market quotations are:—• .... P. Y. C. 1872 *39|6 per Cwt Australian Mutton, fine 42/6 „ Do. medium 41/6 „ Australian Beef, fine ... 38/ to ?8/6„ Do. medium... 37/ "37/6,, Preserved Meats.—There has been a fair business in most descriptions of Preserved Meats. There is no alteration to report.in prices of Mutton, but quotations for Beef shew a slight advance. 41b. tins being Jd. to -fd. per lb. dearer. Arrivals for the four weeks ending 18th instant amount to 28,091 cases, and the shipments advised by the Australian and New Zealand mails delivered on 2 ; nd instant reach an aggregate of 18,759 cases, of which. 11,393 cases were shipped at Melbourne. Market quotations are as follow : Mutton, 61b Tins s£d. to s§d. per lb. 4 " s|d. " 6Jd. „ 3 " s*d. " sfd. „ 2 " 6Jd. " 6£d. „ Beef 6 " 6Jd. " 6*d. „ 4 " 6§d. " 6fd. „ 3 " 6jd. " 2 " 7d. « 7}d. „ Corn Market.—The expectation of higher prices of Wheat which we alluded to iu our last Circular has been fulfilled, as much as 70/ c.i.f. having been paid for a cargo of South Australian at a port of call, and the same price for the finest quality of that growth ex granary. This figure shews an improvement on quotations current on 28th ultimo of 2/ per quarter, at which advance also most of the cargoes of American, arrived off the coast, were placed. During thelast few days, however, a decline of about 1 / per quarter has been submitted to by sellers, business being interfered with by the Christmas holidays. Present quotations of South Australian for February shipment are 60/6 to 61/6 per 4 , 0 lbs. c.i.f. to direct ports, sellers, aud 59/ buyers, but we have not heard of any actual business. Californian has been bought for prompt shipment at 65/ to 66/ per 500 lbs. c.i.f. for the United Kingdom. The Board of Trade returns show that the imports of Wheat and Flour into the United Kingdom for the first three months of the cereal year were smaller by 873,319 quarters than for the same period in 1872, while the exports were 296,000 quarters against 217,000 last year; Cargoes on passage from various countries are only 328 against 456 at same date in 1872. Our stocks of Wheat are about the same, but those of Flour 4,000 tons less than at this time last year. Present quotations are : Australian Wheat 69/ to 70/ per 490 lbs. New Zealand „ 60/ „ 66/ „ ' Australian Flour 45/ „ 49/ per 280 lbs. New Zealand „ 46/ „ 48/ „ New Zealand Hemp.—We regret to repot that the public sales haue shown no improvement in the market for this fibre, and we cannot expect any recovery from its present depressed condition in the face of large arrivals and accumulating stocks. At the auction on 3rd instant, 641 bales were offered, and only 80 bales of toppets sold, at £lB 15/ per ton, the remainder being bought in at prices ranging from £2O to £29 for Hemp, and £lO for Tow. The result of the sale of 17th idem was even more' discouraging, only 30 bales of ordinary having been disposed of out of a total quantity brought forward of 579 bales. There have beon some sales privately at easier prices, but buyers are disinclined to operate even at a conces" sion on rates previously current, except in satisfaction of their immediate wants. Arrivals for four weeks to 18th inst. have been 3,084 bales. We have no advice of shipments by the mail just received on 22nd inst. from New Zealand. Kauri G-um.—There has been only one public auction since our Circular No. 78, viz., on December 11th, when 630 cases, 3 casks, 27 bags were offered, nearly all of which were disposed of at slightly improved prices. The demand is chiefly for the better qualities There have been no arrivals during the past four weeks, nor were there any advices of shipments from Auckland by the New Zealand mail delivered on 22nd instant, but the stock there waiting shipment was 1,000 tons. OTAGO. Messrs Driver, Stewart, and Co., report for the week ending 11th February, as follows : . Fat Cattle.—7o head were yarded at the Kaikorai to-day, about half of which were of good quality, the remainder but medium. The trade, however, took all that were offered, at prices varying from £5 to £9 for bullocks, and from £3 lis to £8 for cows. While we are pli ased to notice that prime quality continues to command late prices, medium to inferior are only saleable at about store rates. Prime quality may be quoted at 20s per 1001 b., inferior grades to quality. Fat Sheep. mcrinoes were penned to-day, which we sold at from 7/6 to 8/6 each ; and we have sold privately 700 merinoes and 300 cross-breds-We quote prime cross-breds, at -\2\ ; merinoes, -/?. Fat Lambs. Only 40 were penned, which we sold at 9/. Store Cattle.—We have not heard of any large transactions in this description of stock, and we have placed in various lots about 100 head. Store Sheep.—Wc have numerous inquiries for young merino sheep and crossbreds, with but few offering most of the flock-holders desiring to dispose of their fullmouthed ewes and wethers. We quote crossbred wethers, two-tooth, 8/ to 9/; ditto,fourto six-tooth, at 9/6 to 10/. Crossbred lambs, 7/6 to 8/6. Merino wethers, two-, four-, and six-tooth, at 0/ to 0/6 ; full-mouthed, 6/ to 6/. Young merino ewes, 6/6 to 7/. We have sold during the week, of various descriptions, 10,000 at quotations. Real and Leasehold.—We are still able to repcrt a very active demand for good freehold properties, which, it is satisfactory to note, are wanted for bona fide investment We have sold, on account of Messrs Campbell Brothers, their Waimahaka estate, ToiTois, consisting of 1,300 acres, at £3 per acre, to Mr James Holmes ; also their Cab-bage-tree Hill estate, Hokinui, consisting of 5,100 acres, at £2 5/ per acre, to Fitewiliiam Wentworth, Esq. We are in treaty for the disposal of two or three very valuable station properties, which have recently been placed in our hands, and anticipate being able to report sales at an early date. We understand that John M'Lean, Esq., has sold his Lindes Stations, with 140,000 sheep, to the Hon. Colonel Whitmore, for £130,000. Also, that Watson Shennan, Esq., has sold his Highfield Station, Maniatoto, to Messrs Holland ; and Thomas M'Kellar, Esq., his Tapanui Station and freehold, to David M'Kellar, Esq.

Since the date of our last report no public sales have been held, but privately there has been a moderate demand, and we have placed several parcels at equal to last quotations. ;;.-, Tallow.—Only a few casks, very ordinary quality, were offered to-day, and sold at £2B per ton. Good samples in shipping order would command full prices. Grain.—Wheat: Reports of the harvest from all quarters, but especially from the northern districts, are very favorable," the yield per acre being estimated above the average, and the quality of the grain excellent. We have heard of no transactions in the new crop. Oats are also a good crop as regard yield and' quality, but we doubt if such a quantity will be available for export as was at one time anticipated. The market has opened in Oaraaru at 2/9 to 3/3, the latter for immediate delivery, the former for a parcel of 12,0 0 bushels deliverable after harvest. Good old oats may still be quoted in town at 3(10.