Markets.

Lyttelton Times, Volume IX, Issue 554, 24 February 1858, Page 4

Markets.

WELLINGTON.. In local business the principal things that offer themselves fjr record are two sales by Messrs. Bethune & Hunter, and one by Messrs. Duncan & VennelL The first named firm sold on Wednesday 240 ewes at 145.; 30 wethers a,. 125.; 87 wether lambs at Bs. 6d.; and 80 ewe lambs at lis. each. A few head of cattle were advertised, but were not got in for the sale.— Spectator, Feb. 13. SYDNEY. We have papers of the 30th ult. from Sydney, but those ot" the previous fortnight have not come to hand, being most probably on board the Ocean Queen, whic'i sailed on the 29th ult. for this port via Nelson. The commercial intelligence received is not satisfactory either from Sydney or Melbourne. The Wellington ' Spectator' in its report from the former place says— - The commercial news is rather discouraging. Business generally seems dull, and one or two considerable failures have already taken place. Teas, sugars, and spirits have given way in price, and wool has followed the decline in the English market. Flour also has fallen, and is now quoted at £15 to £17. A calculation has been made from which it appears that during the last year, the fluctuations in the price of flour alone have inflicted a loss on the merchants of Sydney and Melbourne of £600,000. Importations of British goods have been very heavy and consequently unremunerative. Of boots and shoes it is stated that the importations of the last four months into Sydney and Melbourne have amounted to 60 pairs for every individual in the two colonies. Under such circumstances it is not surprising that commercial credit should be considerably shaken. The 'Empire'of the 15th January, after the arrival.of the mail, say?: — ' As may be supposed the news from England has sadly affected the market here, and although the whole of the wool offered to-day was cleared at a decline of 3d.'per 11}., yet it would be. premature to fix prices. It is well known that the quantity of wool for sale in Sydney at the-pre-sent'time is larger than was ever known, and as few transactions have taken place for some weeks, waiting the arrival of these mails, it is suggested that the grower should .empower his

, -agent in Sydney (being on the spot, and who I having the last advices must be the best judge) to act in his behalf whether to sell or ship under advance, instead of placing a foolish and exorbitant limit, which only impedes business and is prejudicial to his o\yn interests. The tallow market has suffered perhaps more than wool, and to effect sales £8 to £10 per ton reduction on the prices of last week have been submitted to. This is the heaviest fall it has been our task to record, and it is sincerely hoped that the next mail will bring us more cheering accounts of the state of trade generally. Still it behoves us on this side not to he too sanguine, because, although temporary relief may have been afforded to capitalists and discount houses, it still remains to be seen whether manufacturers who in realitjr are our customers will come out unscathed from the ordeal through Avhich they are passing. In the ' Empire' of the 30th we find the following trade report for the previous week. Trade continues very dull, and little business has been transacted during the week. Although we have no foreign arrivals of any consequence to report, large quantities of goods are still being offered in the market, and in many instances " being disposed of at rates which must leave a heavy loss on import prices. The attendance of the merchants on 'Change continues to be tolerably well maintained, but we regret to seethe dealers "do not avail themselves of this rendezvous. Some considerable quantities of wool have been brought forward during the week, mostly of inferior qualities, and the prices obtained have, been very irregular. Upon the whole the market is same as last reported, with a preference in favor of tine wools where any appear for sale. The 'Herald' of:the same date says:—For • Sugars, the demand has considerably improved; heavy parcels having been placed at a shade under quotations; and owing to the arrival of large orders from the interior, the demand is expected to continue brisk. The. company, whose last prices are as follows, report large sales of both raw and refined—loaf, £68; snowdrops, £66; crystals," £59; pieces, £47; treacle, £27; Pompan ga, £39 to £40; colonial rum, 14s. 3d. for 28 o. p. duty paid. In Groceries there is a decided improvement in business, but very little in prices; in fact the results of the transactions of the week show a downward tendency in Eastern produce; whilst Oilmen's Stores, and other suitable. goods are more in demand at advanced rates, with every appearance of a very active trade with the interior; a large amount of supplies have left town the last few days, and carriage is easier than it been since Christmas"! • . j' Teas.—The grocers continue to buy with conj siderable caution, under the impression that teas j must be lower; this will, however, entirely depend upon Avhat steps holders may take. If there are large quantities thrown into the market for sale, prices will further decline, but if importers are satisfied to supply existing requirements, there are no stocks in the hands of the country storekeepers or the trade to prevent a • reaction in price; congous may be quoted at £6 12s. 6d. to £7 155.; hysonskin from £4 to'£s 12s. 6d.; good samples very scarce. Wheat- and Flour.—The market is without much animation. Bakers and dealers supply their Immediate wants rather cautiously, and where transa^' 0"0-^-muclr-amouul. b»i> bpan • arranged a reduction of about £ I per ton on flour has been, submitted to. Very few samples of wheat offering, and prices are nominally from 6s. to 6s. 6d. per bushel. PRICES CURRENT OF WOOL.' £ s. d. £ s. d. Fine scoured fleece 0 I 6 to 0 2 1 Fine clean samples 0 1 8 to 0 1 11 Fair to middling . 0 1 4 to 0 1 9 Low to do 0 1 3 to. 0 16Greasy 0 0 8 to 0 0 11 MELBOURNE. (From the 'Argus,' January 11.) The money market opened for the week as quietly as could well be imagined. During the last two weeks in December there had been some pressure, butthe'4th instant having- passed off well, and without any other stoppage than that previously made known, of Mr. Nicholas Riordan, a very perceptible lull ensued., The arrival of the mail with the startling intelligence of the compelled suspension of the Bank of England Charter Act, and the existence of a monetary crisis, more rapid in its growth and more widely spread than any perhaps since 1825, has produced a great sensation in this market. The fact that stocks of imported goods are greatly'in excess of our wants, and that many firms have become hampered by the impossibility of realising, is admitted on all hands, and for some time past the banks have been checking transactions by the determination'they have shown to diminish the quantity of commercial paper held by them. The effect of this is that speculation is prevented, and the market preserved in a more healthy condition than during any former period of glut and low prices. There is no scarcity of spare capital, as tlie land sales of the past month amply testify, but for commercial purposes there is none available outside the banks. These institutions have increased the rate of discount as follows:—On bills under 95 days'currency, to 8 per cent.; from 95 to 125 days', 9 per cent.; and over 125 days', 10 per cent.; and on overdrawn accounts, 12 percent. A very general and painful sensation was produced on Friday when the second edition of the Melbourne journals made known to the public the suspension of the extensive and old-estab-lished house of Dennistoun's, of Glasgow. The firm of Messrs. Dennistoun Brothers and Co., of Melbourne, although a distinct house from the Glasgow establishment, and the branches in London,' Liverpool, New York, and New Orleans, was thought at first to be involved, and the resident partners awaited the delivery of their advices before determining what course to adopt. This morning they declared their ability to meet : all demands on them; and their firm belief, ' gathered from a perusal of their home advices, : that the position of the Melbourne house will .not be compromised. The suddenness of the calamity, which has befallen the head establishment, and the shortness of the time available for the local house to take a clear and comp^ehen-

sive view of its position, have rendered it impossible that any circular relating to this mat ter could be published up to this time. - ■ The wool market, which has been altogether stagnant for some weeks, in consequence of the non-receipt of advices from England, will be tested on Thursday.next, when two sales .will be held In the second edition of the • Argus' of Friday, the latest wool circular was given A private advice received by the Simla gives the following account of the opening of thaNovember sales:-"It was oh this day.(loth November) tlie first sale of the November series came on, by Balme and Co. offering 2000 bales—as per catalogue accompanying this—of which about 400 bales were Port Philip. The greatest excitement prevailed in the sale-room as the hour neared four, and the attendance of people interested in the trade was the largest we ever re member, all anxious to ascertain the effect such a state of things would have on wools opinions on a fall varying from 2d. to 6d. per lbhowever, the sale commenced, biddings beinjr very languid, and the reduction we may fairly quote at not less, than 3d. per lb on the average of the July and August sales, and 4d. on the closing of those sales." It is impossible to trace at present the effect of the recent news of the European and American monetary crisis on our import market; but it is certain that home advices do not lead to the belief that shipments are being discontinued to so great an extent as is required by the present condition of stocks. This fact has caused the markets to close heavily this afternoon.