Markets.

Lyttelton Times, Volume IX, Issue 584, 9 June 1858, Page 4

Markets.

The export of produce has been stimulated within the last few weeks by shipments to the Australian Colonies as well as to Wellington. Although the weather has been so unfavourable as to cause great delay in bringing down grain, and still more potatoes, to the places of shipment, the demand has proved so considerable as to cause a rise in prices. Good white wheat is now being purchased for the mills at ss. 9d. and red sells freely at ss. 3d.

The constant rain has considerably impeded the usual farming operations of the season, so much so that at present not only is there very little wheat actually sown, but a very small breadth of land has been prepared for the crop. This fact would indicate some chance of next crop, proving deficient, early sown wheat being as a rule a more abundant and a safer crop than that of the later months.

At a town land sale held by Mr. Longden in Christchurch, on Monday last, there Avas a good attendance and very fair prices were obtained. Sections in the neighbourhood of the new Council Chamber sold at £250 per acre. On the north

I side of the town, near the Reserves and the Cemetery, ,£175 per acre was obtained; and near the Bricks a house and half an acre of laud realised .£220. THE LONDON MONEY MARKET. The London Money Market is thus reported under date, March 24th:— Our Money Market has continued as before. The Bank have made no alteration in their terms, and " out of doors " the current rate for good bills, short dates, does not exceed 2§ per cent. The resolution of the Bank of England, that they will no longer re-discount bills for the discount houses, has excited considerably atten- j tion and discussion in the " City " in future no discount house can have a discount account with j the Bank of England. This rule applies to them as a class, and to their bill as belonging to or offered by them, irrespective altogether of the standing of the house or the character, of the bills presented. Hitherto the discount establishments have been the great channel by which the spare capital of one portion of the community has been distributed amongst another portion who could use it more profitably. They have received "at call" or at short periods, the unemployed reserve of bankers and merchants, allowing a liberal rate of interest, and invested these in the discount of bills having a long time to run. Now, it is evident that in the event of a monetary crisis they will be the first to suffer, and being unable to keep an adequate reserve, they have invaribly had recourse to the Bank of. England for assistance. During the late crisis a leading discount house repaid during three days, money which was held to call to an amount considerably exceeding three millions, and in one day the same house obtained discounts from the i Bank of England to the extent of one million. The critical position in which the Bank of England was placed by these and similar application has led them to institute the present rule. LONDON WOOL REPORT. March 13.—The quantities comprised in catalogue consisted of, Australian, 7883 bales; Port Philip, 8120; Van Dieman's Land, 1349; Adelaide, 1985; Swan River and New Zealand, 437; Cape, 16,192; Total, 35, 966 bales. Prior to the opening sale a general feeling existed that prices would be about equal to the closing rates of last year, notwithstanding that sales by private contract had been made to some extent at an advance of, to say Id. to IJd. per It); this demand, however, was only for certain qualities for immediate requirements and not a fair criterion on which to anticipate a rise. Judging from the decrease in our exports of woollen goods, and the complaints from the north that production had not been remunerative, a tendency to decline seemed more probable, but the lightness of stock in first and second hands tended to impart confidence, and at the first night's sale the attendence of home buyers was very large, and although biddings could not be quoted as very spirited, prices were well maintained at about the average of NovemberDecember rates, with a slight advance on the better classes of Sydney and Port Philip, hoth of which created much competition. The uneasy feeling stiil prevalent with respect to France created much caution, and as the sales progressed wool sold irregularly, although prices cannot be quoted any lower. Port Philip wool continued to harden at each night's sale, the scarcity of wools of a plum deep good combing character causing competition to be excessive. Scoured, handwashed, and moaty wools were very difficult of sale, the former (except in firstrate condition) not pro rata with fleece wools by fully 10 per cent. Greasy wools were quitted with great loss to speculators, those purchased in July at Is. Id. to ls.3d. selling heavily at BJd. to 9Jd.; no doubt the prices in the sales mentioned exceeded their comparative value with washed fleeces, and present quotations are now in accordance with their value. It is hoped that the clearance made at these sales of all old. stocks leaving our market quite clear for new imports, will be of advantage to our May sales—a general dislike existing on the part of dealers to buy more than they can quit ere the new wool is offered, so that should the state of trade warrant their operations, their competion next time will tend much to support prices, a circumstance of considerable importance, taking into account the very large quantity anticipated for the May sales, and which are expected to reach about 79,000 bales. For foreign account the quantity taken is only worth a passing remark, and the little competition received was principally for combing wools. It is hoped that the political horizon will shortly resume its wonted aspect, as should the buyers of the continent not muster strong at our summer sales, present rates will not we fear be maintained. MELBOURNE FLOUR AND GRAIN MARKET. Flour stands rather uncertainly. More firmness last week appeared and rates ranged about £1 higher. But the permanence of this improvement depends upon the position of Adelaide stocks, and the probable arrivals from America, both of which are understood to be very large. Last week's market was reported as follows:-— In the beginning of the week an advance of £1 per ton on flour was started, which is steadily maintained, and in some instances holders look for a further rise, and have withdrawn tlieir stocks from the market. Wheat may be quoted at 3d. per bushel dearer. The excitement in the oat trade has somewhat abated, and we hear of no further speculative purchases at present prices. There is a steady consumptive demand in all descriptions of stock, at 6d. per bushel over last week's rates. Holders are, firm, but dealers show no disposition to purchase further than for immediate necessities. Cape barley has improved 6d. per bushel, but no change is observable in English. A few parcels of Sydney maize have changed hands at from 9s. 6d. to 10s. per bushel. We have to notice a further rise in bran; sales are reported at 3s. per bushel, while some holders are asking 3s. 6d. The stocks of inferior descriptions of malt have been on the increase, and for German and Scotch parcels it is impossible to give any reliable quotation, whilst superior classes of English steadily command full prices at from 15s. to 15s. 6d., according to conditions of sale. Oats are likely to be influenced by the English news, and already holders are making advanced demands.—Joe, May 15.