Markets.

Lyttelton Times, Volume VIII, Issue 501, 22 August 1857, Page 4

Markets.

NEW SOUTH WALES. The Sydney Markets are reported as unusually dull and business inactive. Flour and grain, however, contiuue to rise, .as will be seen by the following quotations. The annexed list of flour and wheat imported into Sydney from the Ist July, 1856, to the 30th June, 1857, will prove interesting :— Flour. Wheat. Tons. BuHhels. From tbe United States and California 4,583 51,441 ; Ditto all ports in Chili . . . 3,676 79,321 Ditto South Australia . . . 1,438 64,335 Ditto Warrnambool and Port Fairy . 33,570 Ditto Melbourne and Geelong . . 1,725 15,117 Ditto all ports in New Zealand . . 166 30,775 Ditto ditto Tasmania . . . . 1,460 55,333 Total . 13,048 329,892 Reckoning the cost of the flour landed at £20 per ton, and that of the wheat at Bs. per bushel, we find that during twelve months this colony, capable of producing any amount of breadstuffs, has. paid to other countries the approximate sum of £400,000 for this article of food.— Empire, July 17. "There is still a large amount of capital seeking investment in good securities yielding from 6 to 8 per cent, according to their respective character, but in the face of the late advices of the increased value of money in England, the transactions are comparatively limited. The New Zealand Government Debentures bearing 8 per cent, interest, redeemable in}lßs9, were taken up at a premium averaging nearly If per cent, to the extent of £30,000, for which tenders were called by the Union Bank on the 29th ultimo, and nearly three times that amount were tendered for at rates varying from £95 to £102 2s. 6d. ; which in fact, will, in a great measure, account for the small amount of tenders sent in for the £50,000 interminable debentures offered by the New South Wales Government about the same time.— Empire, July 17. In consequence of the legalization of the gold coinage of our Mint in Victoria, most of the Sydney Banks have lowered their rates of exchange on Melbourne for selling from 2£ to 1 per cent, premium, and for buying from par to a half per cent, discount. The Bank of Australasia has also lowered the exchange on England for selling to 2 per cent, premium, and for buying to 1 per cent, premium; the other banks continue to offer their drafts on London at 2^ per cent, premium, and to buy at \\ per cent, premium. Floxje is decidedly advancing, and holders are plow of selling any parcels at the rates quoted, say. £24 to £25 for foreign importations. Chili is in brisk demand, and is rapidly worked off insma.ll lots at £25. The Chili Flour Company is said to be out of the market as a seller, except to regular consumers. By the last advices, flour in Valparaiso was quoted at 11 dollars 50 cents per bag. There is very little Adelaide in the market, and no rate can be named. We hear of sales of California at £25 on short credits. Our market is quite bare of wheat, and parcels arriving would realise fully 10s. per bushel or more. Although our stocks of breadstuffs are considerable, it is anticipated that on overhauling a large amount will be found to be very much deteriorated, some parcels having been held for nearly eighteen , months.— lbid, July 23".

"We have to report a continued inactivity in our markets, and the unsettled state of the weather tends to increased dullness.

Spirits are extremely firm, and holders of Martell's and Hennessy's brandies refuse to sell under 205.; the consequence will probably be a material reduction in th<? consumption, and a proportionate increase in other descriptions. Messrs. Bowden and Threlkeld's sale has given a firmer tone to the market. Bums and Genevas are consequently very firm at full rates, and with an upward tendency. Flour is a shade firmer, and holders are not inclined to part with large lots, even at full quotations. Chili continues to move in small lots at £25. In wheat we have no transactions.

Sugars ai-e firm, and Pampangas are still selling^ at about £42 in small parcels. In teas there is not much doing, but prices show a tendency upwards. There are inquiries for Java rice, but we hear of none in the market.

, Prime tobacco, in half-tierces, has been asked for, but purchasers are still rather shy of giving full rates.— lbid, July 23.

VICTOEIA,

The Argus ofthe 20th says:—The most important event in the money market has been the promulgation of the proclamation of the Queen in Council declaring Australian sovereigns and Australian half-sovereigns to be current and lawful money within the Australian colonies. The publication of these proclamations in the Gazette gives to these coins all the privileges, rights, and values of the coins issued from the Royal Mint at London. They are taken and paid by the banks at their full value, and they are no longer liable to duty on shipment. It is moreover an offence at law to make any charge for their conversion into silver or paper, or to take them at less value than they respectively bear.. It is expected that British gold coin will be gradually withdrawn by the

I banks from circulation, for the purpose of shipment. Notwithstanding this important financial movement, the money market has been quiet. Capital continues plentiful at 8 per cent, for mortgage on good properties. The banks change 7 per cent, for converting bills having under 95 days currency, and 8 per cent, minimum for those having over 95 days to run. For renewals and for overdrawn accounts 10 per cent, is charged. The Melbourne import markets are reported by the same authority as follows:—During the week just ended there has been very little doing. We believe we may safely hazard the statement that it has been the quietest week of the year. A complete lull has set in with the up-country trade, and this has continued, notwithstanding the comparatively low rates of carriage. Flour has been the great exception to the prevailing dulness. This market has been subject to continued movement, and, although the aggregate amount of business has not been large, prices have been maintained. The best town brands of Adelaide have sold to-day at £25 cash, and other brands at £24. For wheat 10s. 3d. per bushel was demanded this afternoon. Oats and other articles of horse feed have been easier, many small holders having, preferred realising to risking the chances of the market. Bran has been sold at 2s. 6d. delivered on the wharf. Liquors.—Low class brandies have been inquired for. There has been a little doing in first brands at our quotations. Case brandies have advanced, 425. to 435. being now obtained for genuine parcels. Geneva is in better demand. Eum fully maintains the late advance. Beer, both in bulk and in bottle is dull of sale. WELLINGTON. The Mills.—Owing to the recent advices from Sydney, per Clarendon, shewing a considerable upward tendency in the markets, flour here has advanced to £23 per ton ; and wheat Bs. 6d. to 9s. per bushel. The following are the prices quoted at the Mills:—Flour, £23 per ton; wheat, Bs. 6d. to 9s. per bushel; bran, Is. 6d. per bushel; pollard, 15s. per] 100 lbs.