Markets.

Lyttelton Times, Volume IX, Issue 569, 17 April 1858, Page 4

Markets.

AUSTRALIA.

By the arrival of the Spray and Francis %ye are in possession of three weeks later commercial news from Sydney, to the 25th of March: and one week later from Melbourne, to the 19 th. We give extracts below.

The state of trade in both cities is represented as having been very dull and depressed during this period, and up to the latest dates there was no improvement either in demand or prices. Although in Melbourne the up-country trade was in a sound condition, there appeared to be no prospect of abatement in shipments from England, and all stores were crowded. In Sydney matters were even less stirring; the stock of teas and sugars had been largely increased by late arrivals.

Amongst the notices of other markets we look with great interest at the present time to the position of flour and grain in Australia. During tlie month of March there had been a gradual but steady improvement, commencing in Melbourne, although in Hobart Town prices were ruling higher but without animation. The upward tendency in Melbourne reacted on the Adelaide market, and-we learn from the latest advices that the price there was improving, though both wheat and flour were offering in considerable quantities. The latest prices in Melbourne are quoted in the ' Anras' of tlie 19th March at £18 to £19 por ton for flour, while some from the new crophad been placed at £19 ss. Wheat was coming forward slowly and prices for supplies on hand had advanced to 7s. and 7s. 6d. per bushel for good samples. Colonial oats brought readily 7s. 9d. to Bs. Gd. per bushel. Colonial barley is not quoted, but English was in request at Bs. to Bs. 6d. In Sydney aho wheat and flour were advancing, though "prices wore not equal to Melbourne rates. Flour on the 20th March rose to £18 for first quality, wheat from 6s. fid. to Gd. 9d. The latest quotations of wheat and flour from Hobart Town dated March 19th show that market to be about on a level with Melbourne. Colonial oats are quoted at 6s. Gd. to 7s. for best samples, with a slack de-

- maml. Potatoes at £10 to £12 per ton. The « Launeeston grain and flour market was lower . but possessed more animation. Potatoes, it is * reported "are still very scarce, indeed it is al- ' most impossible to procure a parcel free from grub I or disease; when sound they are m demand at 5 £14 to £15 per ton." t - > On the whole, though the actual quotations , from the Australian markets are, as will be seen, more satisfactory than those previously to hand, > and though there is evidently an unanimous up- \ ward tendency in agricultural produce in all ' parts of those colonies which may tend to re- ' lieve our farmers from some of the discourage- : ment under-whieh they have lately laboured, we cannot find that there is any sound foundation ' for the improvement quoted. It must be remem- | bored that prices had not stimulated growers in | Adelaide and elsewhere to find an early market, ! so much so that we observe the first arrival of a I parcel from the new crop iv Melbourne solate as i the 19th March. It is impossible to predict that ■ a further small rise would not have the effect of I bringing grain to market in quantities aud thus j of again lowering the price. The accounts ofthe I harvest are certainly not good, but it is stated i on good authority that, even so, New South Wales and Victoria, with South Australia, may not be much indebted to external supplies. When we look for indications of the condition ofthe South American market, whence Australia generally receives large supplies, we find little to go upon. With respect to Chili, the 'Empire ' of March 17th quotes a letter from a respectable house in Valparaiso to a firm in Sydney, dated 31st October, of which the following extracts are important :— "In other circumstances the news of the destruction of your crops by floods would have I caused much excitement iv our market, but the ! present prices of wheat and flour are so high as I to put out of all question any operation in these articles for export. While you are anticipating scarcity, we are actually suffering from it, at least in some parts of the country, aud breadstuffs are now being sent from Valparaiso to the agricultural districts to relieve the population there from famine. It is said that several persons have died from starvation in the province of Maule, for unfortunately money is also very scarce throughout the country. Much of this

distress, however, has been owing to the want of means of communicating from one province to another, and we are inclined to think that our stock if distributed throughout the country would be found adequate to our wants until next harvest. " The prospects for our our next crop so far are very good, and if realised, we must see a material decline in prices, but the new flour cannot he brought into the market for three to four months yet." The Melbourne ' Argus ' however, thinks that ' large supplies close at hand are likely to affect the market;' and 'as there exists no reliable information as to the prospect of coming supplies from either the United States or the West Coast of America, there is great uncertainty prevailing as to the' prospects of prices for the coming season.' Under this uncertainty we fear our farmers must labour for the present as well as those in the neighbouring colonies. The Melbourne ' Argus' of March 19 reports that " Messrs. Goldsbrough & Co. resumed their customary weekly sales of the_season -to-day. The-quantity bffered'eonsisted, however..of „only_ 380 bales, and the greater portion of the lots of only a few hales each. About 150 bales were withdrawn, the rates offered not coming up-to the reserved prices. The attendance was less numerous than usual, but the prices procured were full up to their value as compared with the late home advices. 19 bales greasy sold from B|d. to 10 1 d.; 9 bales greasy lambs, lljd.; 7 bales mixed, from 6|d. to 13|d. according to quality and proportions; slipe, 12 Jd.; 129 bales | fleece, 16| to 18d. ; 29 hales lambs, 16|d. to 18d.;

and 28 hales scoured, 18id. to 18fd. per lb. Sheepskins brought 7Jd. to 9|d.; and a lot of scoured ditto, lO^d. per lb. Beef tallow, not in shipping order, £38 10s. per ton ; horns, 20s. per 123; shank hones, £8 10s. per ton." Messrs. Mort & Co., Sydney brokers, in their report of the wool market, under date March 18, review the state of the export wool trade as follows:— "At the beginning of 1858 money had fallen to 5 per cent, and some purchases at second hands had been made at Id. })er lb. advance-, but at the date of the departure of the mail had not been maintained. The first few lines of the English news published were, wool was firmer. It is hoped that February sales will bear out that fact,-hut upon careful examination of November account sales of wool purchased here it will he found tliat prices paid were fully 17 per cent, too dear on fine, and 20 to 25 per cent on inferior conditioned wools. The total importations into the United Kingdom in 1857, amounted to 433,489 bales against 392,806 in 1856, making increase of 40,683 bales, and a larger amount than usual to he carried over to the Feb. sales. " The money market being easier, had enabled spinners to work longer time, but they would only work up stocks, and which, being probably laid in at the high rates, they would not replenish except at a reduction in value ofthe raw material. The future prospects of the woollen trade are certainly not so bright as at the commencement of 1857, when the consumption of wool was greater than ever known, and millowners were mostly working to order. At the end of that year it is found that nearly every market in the world is overstocked, and no orders corning forward. Money too cheap always produces speculation, and hence it is to be feared tliat many goods may he exported unsuitable to the places to which they are sent, causing further losses and disappointments. " S'>mc; few people were sanguine enough to think that prices would be firmer at this week's sale, but th'-rc is nothing to warrant such an opinion, and it is better to give the actual state ofthe market than to hold out any inducement for better prices on the news received." -Messrs. Mort & Co. held their weekly produce sale on Tiiursdiiv last. The catalogue com-pnr-oii 145 hale.l' wool, 3517 sheepskins, 9 casks tallow, 4!Ki hides, &c, the whole of which with a very slight exception, were disposed of, competition being firm, and an. increased desire to purchase. Superior clips ranged from Is. 7d. to Is. B.}d. ; fair to good, Is. 4d. to Is. s(l.—Herald, March 29.