COMMERCIAL.

New Zealand Mail, Issue 38, 14 October 1871, Page 10

COMMERCIAL.

New Zealand Mail Office, Friday evening.

The past week has been one of uninterrupted dullness in every department of trade, and transactions appear to be more limited than is usual at this, the slackest time of the year. Imports are unaltered in value from our last monthly report, but sales to any extent are apparently unheard of, and with the exception of a few orders for the out ports, comparatively nothing has been doing. The flour market continues depressed, most of the bakers being fully stocked. Canterbury flour of approved brands is quoted at £l4 per ton for sacks, and £l4 15s per ton for bags, but there is a general disinclination to speculate as it is thought that owing to the large stocks in the South, and the probable stray shipments of Adelaide flour that may be now looked for, that prices will most likely continue to give way. Oats are enquired for, and a good sample would now be worth 3s to 3s 2d per bushel. Some very inferior parcels have been received, which are quite unsaleable

at half that figure. The firm of Messrs Turnbull, Reeves and Co have, we are sorry to hear, been obliged to give way to the bad times, and have assigned their estate for the benefit of their creditors. Their liabilities, it is said, are entirely outside, so that no loss will entail upon any of our merchants here beyond the necessary shock to the general credit that invariably results from such an occurrence. THE WOOL MARKET. In reviewing the results of the wool sales, Messrs Southey, Balme & Co., make the following remarks : —“ The recovery in wool, which the earlier sales of the year had already materially established, has made still more decided progress during the series just terminated, and the contrast of the present condition of the market with that which it occupied only some twelve months since, after the outbreak of the late war, affords an example of one of the most rapid and striking fluctuations on record. The steady expansion in consumption which marked the earlier months of the year, gave fair pi’omise of the probability of firm markets during the remainder of the season ; but although much of the recent improvement may no doubt be ascribed to this cause, the unexpected activity of the foreign, and particulaVly the French, demand, the unexpected deficiency in the production of the raw material, both in America at home, and in France, and the discovery of a very small increase in the colonial shipments, have very materially contributed to the establishment of an advance considerably in excess of all anticipations. The course of the series has been a gradual and steady increase in value from the opening rates —which ruled in all cases, except fine wools, at an advance of from Id to ljd per lb—to affinal improvement during the last ten days, varying from 2|d to 3d per lb in excess of the rates of May; Unwashed wools showed in the first instance the principal advance under the influence of a keen American and French competition, and indeed still stand relatively dearer than washed or scoured descriptions. This disproportion, however, became, as the sales progressed, less and less apparent, with a steady increasing advance in the latter, which was well maintained to the close. During the final fortnight, moreover, even fine wools participated in a sensible degree in the general improvement. Half-bred colonials, in sympathy with the English market, show an average advance of 2d per lb, while lambs’ wool —now in much more plentiful supply than earlier in the year—holds the exceptional position of barely, if at all, exceeding the value current during the previous sales. NEW ZEALAND TRUST AND LOAN COMPANY (LIMITED). The eighth annual general meeting of the shareholders of this company was held at the offices, King William Btreet, on July 26, Sir Charles Clifford in the chair. The report stated that although commercial and pastoral interests in New Zealand had from various other causes continued more or less depressed during the past year, the position of the company had been well maintained with satisfactory results. The accounts showed that the nett profits, with the addition of £l6B 16s lid, brought forward from the previous year, had amounted to £15,545 14s lid. The directors had thus been enabled to make an addition of £SOOO to the reserve fund, which was

now increased to £35,000. Allowing for this payment, and also for a like sum of £SOOO, distributed as an interim dividend in January last, there remained a balance of undivided profits of £5545 14s ILd. The directors, therefore, recommended that £SOOO be appropriated for the usual dividend of 5s per share, free of income tax, making, with the prior dividend, 10 per cent for the year; and that the remainder, £545 14s lid, should be carried forward to the next aoaccount. The chairman said the prospects of the colony were as good as the most sanguine could hope for, and the company was in a very excellent and prosperous condition. The reserve fund was invested in colonial government securities, and stood in a remarkably good position. He had recently had the satisfaction of visiting New Zealand and looking into the company’s business affairs, by which he had gained considerable experience, which would doubtless be of use to the board. There had been a large influx of capital into the colony from Australia and other places, which the depression had prevented from being invested in ordinary colonial speculations. This had taught them that if they wished to keep the best securities they would be obliged to take a rather smaller interest, but he was convinced that though they might take a smaller interest, still the shareholders would not receive reduced dividends. The directors had always looked forward to a time when this might happen, and had been careful to provide for it, and the event showed that they ware justified in so doing. The colony had been rightly recognised as in a position to be one of the best fields for investment. Wool and flax were being exported in gradually increased quantities. Her goldfields were tho most productive in the world, and there were companies being formed in England to work her valuable coal and iron mines. The Government had been able to contract loans on the best terms, and New Zealand securities were favorably looked upon in the London market. The Government had also contracted for the making of a system of railways, and this would tend very strongly to develop the country. No doubt numbers of the men employed in the making of these lines would remain and settle in the country, and they were the quality of men needed. There had also been established a line of fine steamers between New Zealand and San Francisco, which now makes it the nearest of tho Australian colonies, instead of, as it had hitherto been, the most distant. This he maintained must certainly be of the greatest advantage to the colony. The report was adopted, and the dividend of 5s per share declared.