ENGLISH COMMERCIAL.

New Zealand Mail, Issue 47, 16 December 1871, Page 9

ENGLISH COMMERCIAL.

In the " News of the World's" commercial letter, the London correspondent of that paper quotes advices to October 14-. At that date the produce markets were devoid of animation, although previously a good trade has been done with some advance in prices. Wool.—The fourth series of sales terminated on October 12. The attendance throughout had been large, and, with light stocks on hand, buyers appeared anxious to make early purchases, and bid with animation. Prices opened at an advance of Id to 2d for clean fleece and scoured wool, and on good greasy flocks Id per lb ; anything combing or halfbred realising even higher rates. At the close a further advance was quoted, say 2d to 3d on washed wools. New Zealand, both washed and greasy was briskly competed for ; some good parcels, both fleece and scoured, sold high, os well as good long stapled light greasy sorts. Sydney and Queenstown showed an improvement in quality, and were well competed for. Port I'hillip was in good demand, particularly for good we.l got up scoured sorts ; fine wool was very scarce. South Australian was in small quantity ; low greasy and faulty showed very little alteration in price. Van Diemen's Land —But little in the market, and sold well. Swan River —The little to be disposed off was principally from St. George's Sound, and sold at full rates. For the next series (November 23rd) the following lots were booked: —Sydney, 18,9/8 bales; Fort Phillip, 6315 bales; Adelaide, 1376 bales; Van Diemen's Lund, 555 bales ; New Zealand, 5058 bales ; and Cape, 19,415 bales ; altogether, about 70,000 bales will be available. New Zealand Flax.—Periodical sales went off less steady, and of 1905 bales offered about 1150 sold at irregular and easier prices. At the auction the offerings went off slowly, and only 440 bales sold at previous rates. Fine, £3l to £35 ; ordinary to fine, 620 to £3O. Tallow had met a good demand, and prices well sustained. Sales of 5637 casks, at 40s to 48s 9d for sheep, and 40s to 443 9d for beef. Hides.—ln good demand, and at last sale Australian brought former extreme prices. Sales of 3928 at 6|d to 7&d. Leather Australian brought full prices, with 6ales of 3253 sides at 13d to 14-id. At a meeting of the creditors of Messrs Keep, Parsons & Co, the balance-sheet showed liabilities to the extent of £152,063, against assets estimated to be worth £122,013. The assets comprise stock in Sydney, including goods in transitu, amounting to £54,073. It was resolved to accept a compromise of 12s in the pound, payable in instalments extending over twenty-one months, the last instalment of 2s to be secured. The directors of the North British Australasian Company announce a dividend at the rate of 7 per cent per annum. Nbw York. The same correspondent writes of the New York market :—Kerosene has ruled very quiet during the month, the demand having been limited, and prices are a shade lower. The exports to Australian ports for the month foot up 17,300 cases. Dried apples have further advanced, and are likely to rule high. I quote 11 to 13 cents per lb. Tobaccos generally are firm. Wool showed some little activity early in the month, but at the close there is less doing. Prices, however, have not given way. Australian wools have met a fair demand, sales amounting to 5000 lbs at 55 cents, and 22 bales on private terms. At Boston there have been sales 121,000 lbs at 55 cents, also a few bales on private term 3. New Zealand flux has been more quiet. Sale 3 of about 300 bales on private terms ; quoted at 9 cents to 9iJr cents. Kauri gum less active. Sale?, 212 cases, part 12 cents, part private. [Special Commercial Telegram to the " News of the World."] New Yore:, November 7. —Commercial matters are quiet, pending the election, though prices are well sustained. Kerosene dull, 30£ cents; spirits turpentine, 77 cents; rosins, firmer; tobacco firm ; dried apples steady ; hardware active at full rates ; brooms scarce, prices with upward tendency; leather very firm. Wool more active, and good demand for foreign. Sales: 100 bales Australian, private ; 7500 pounds Port Phillip, 55 cents, and in Boston 223,000 pounds Australian, 54 to 50 cents, alao 8000 pounds New Zealand, private. Gum and flax quiet. Gold steady, closing 112. Exchange unsettled, 8| sixty days. London, October 23. —Better demand for imported articles, and prices advanced. Wool continues to meet good demand. Flax, firm. Tallow, very firm ; sheep, 48s 6d ; beef, 463. Copper dull. Hide3—Australian, less demand; prices easier. Leather—Australian, firmer, at I4jd. Kauri gum steady. San Francisco, November B.—The orders for Australian wool by this route are likely to increase, since the want is for finer qualities than the general run of the Californian product. The flour market remains quiet. We quote standard brands of Oregon extra at 7 dollars 62j cents to 7 dollars 75 cents, and local brands as follows :—Superfine at 6 dols 75 cents to 7 dollars ; and extra at 7 dollars 75 cents, in sacks, per 1961b5. THE ENGLISH MONEY MARKET. The New Zealand Loan and Mercantile Company's Circular for 3rd November has the following review of the money market: — The withdrawals of gold from our market may be explained by the fact that foreign houses whose funds had been employed in our discount market transferred by arrangement the English bills they held to France, and she in her turn transferred them to G-ermany, who by her agents collected them as they fell due and removed the proceeds in English sovereigns to G-erman coffers. The suspicions of the public were fully justified as to the probable magnitude of the drain, seeing that further overtures had been made to the French Q-overnment by a syndicate of prominent English and French capitalists, involving

the handing over to the French Government their acceptances or endorsements for twentyfive millions sterling due in six months for th» prepayment of the fourth half-milliard of the indemnity, a course which was rendered possible by the agreement with Prussia that such instalment might be paid in notes of the Banks of England, Prussia, Holland, or Bel* gium, or in first class billsAlthough for a time entertained by France, and proposed by France to G-ermany, and accepted by Germany, the requirement of a guarantee other than that of the French G-o----vernmeut was finally waived by G-ermany on the financial houses interested deciding to make it a condition of the agreement that their acceptances should not be discounted and thus a great danger to the stability of our» market was removed. Fortunately for us, this great monetary disturbance has not sought us out at any unsound juncture, such as great depression in trade, a deficient harvest, or during an intense speculative mania. Beyond giving a rather rude shock to speculators for the railway stocks, some of which fell from 5 to 15 per cent, and the extinction of all hope of profit on late emissions of lower-class speculative foreign stocks, which also fell to a considerable discount, the effect on the general market baa been rather favorable than otherwise. The rise in the bank rate to 5 per cent has had the usual effect of turning the Foreign Exchanges in our favor. No less a sum than £1,289,000 in gold has been sent into the Bank within the week embraced iu the last Bank return, and there are signs that the discount rates in the open market are softening ; but whether we have already seen the worst of this business, or our monetary system is to undergo a lengthened derangement by the process of locking up gold in Germany, avowedly for the replenishing of their caisse militaire and for the promulgation of a gold currency, the only protective course on our part is to watch closely rate of discount, and if 5 per cent will not cheek the drain, put the rate up to such & point as will of necessity bring the other markets of the world under tribute to our necessities. The great Chicago catastrophe has not been without its effect on our market. It was reported by cable that a great fall in the American Exchanges had taken place, and that American securities of all kinds were being pressed on the New York Exchange for sale, end as these reports, if true, would naturally be accompanied by the export ef gold from this side, they added to the depression in monetary circles and American securities in sympathy, suffered a relapse on our Stock Exchange. The reports were subsequently found to be much exaggerated, if not entirely false, and all alarm from this cause ha 3 now subsided. THE ENGLISH PLAX MAEKET. Messrs G-. and J. A. Nobles' Flax Report, dated October 19, prepared specially for tke information of New Zealand manufacturers and shippers, states that there has been a fair amount of business doing since their last month's report. The public sales showed 3000. Privately there has been rather more doing; we notice some improvement in the preparation, but there is still much to be done in this and also in the mode of packing j the bales should be made up of the average weight of 3001bs, neatly compressed, and bound with l-opes made from the rough fibre, with a small square of gunny under the ropes for mark and number. Ex Electra: CHB, 56 bales, sound, sold £24 5s per ton ; R&G- (in diamond), 1 bale, £25 per ton ; —"— (A above, B under), 37 bales, £25 per ton ; WF (in diamond), 52 bales, £23 per ton ; 18 bales, £l6 15s ; WF (in diamond), 18 bales, sound, sold at £l7 10s per ton. Ex Estrella, from Wellington : CA (in heart) W below, 29 bales, sound, sold at £24 5s per ton; T..., 14 bales, sound, £25; MCF (in diamond), 21 bales, sound, £24 ss; R&G red (in diamond) B under, 23 bales, sound, £24. Ex Melita, from Wellington : CA W below (in heart), 9 bales, sound, sold at £24 per ton; CHB (in diamond), tow, 10 bales, sound, £l3 per ton.