COMMERCIAL.

New Zealand Mail, Issue 50, 6 January 1872, Page 10

COMMERCIAL.

New Zealand Mail Office, Friday Evening The usual current of business which has been somewhat checked by the intervention of the Christmas holidays begins to show signs of increased impetus, and although at this period of the year we do not look for much animation, it is clear that the improved prospects of the province are beginning to make themselves manifest. In the absence of all speculative tendencies trade has been brisk for the season, and a steady demand exists for all articles of general consumption, stocks in many instances, owing to the delay in the arrival of the Queen Bee from London, having been reduced to a minimum. Sperm candles are in short supply, and quoted at llfd to Is per lb —stocks in first bands being quite bare. Sugars are unaltered in value. No 1 C Melbourne Sugar Company’s pieces at £sl per ton, d.p. ; C. £47 ; and Y, £42 There is a marked improvement in the demand for Mauritius sorts, which are lower in price and more economical for the consumer. Bright yellow is quoted at £44 ; counter, £46 to £47 ; and white, crystals, £SO, to £sl per ton, d.p. There is fair inquiry for bottled beer, and Blood’s stout, of which there is hardly any stock, is worth 12s to 12s 6d per dozen. There is nothing doing in flour, most of the taade being supplied. Adelaide is quoted at £l6 per ton, while Canterbury flour ranges from £l4 downwards according to brands. Good samples of oats are scarce, but the quanity of inferior sorts in the ’ market keeps down prices. Quotations 2s 9d to 3s 6d per bushel. Butter for export —no inquiry—good samples quoted at 4£d to 5d per lb, demand trifling. THE PROPOSED ALTEEATIONS IN THE SYSTEM OP WOOL SALES IN LONDON. We take the following from the “European Mail ” : A meeting of the Wool and Pastoral Association of New South Wales was held on the 2nd November in the Chamber of Commerce, to consider recommendations made by Sir Daniel Cooper. All persons interested in the above matters were invited to attend and join the Association. There were twelve gentlemen present, including:—Mr F. B. Watt (chairman), Mr v ß. Peel Raymond (secretary), Mr T, S. Mort, Hon S. D. Gordon, Hon John Hay, Messrs T. Buckland, Hurst, Street, &c. The Chairman (Mr Watt) said the committee of the Pastoral Association had appointed a committee in London, of which Sir Daniel Cooper was to be convener. They had come to the conclusion, twelve months ago, that the system of five sales annually should be fairly tried. Now it was considered that six sales would be more desirable than four or five. This was a matter that might very fairly be left to the consideration of the committee they had appointed, in conjunction with the committees of other colonies. As for the draft of lib per cwt, they had come to the conclusion that that amount was most unreasonable. It svas an old custom when scales and weights were not so accurate as at present.

There was no reason for it now except as a bonus for the purchasers. No such allowance is given on the Continent, so that the amount charged as draft is simply gain put into the pocket of the English purchaser. He (the Chairman) also called attention to the charge on tallow. The same argument applied to this as to wool. There was 2| per cent deducted without reason. The next matter was improvement in the mode of lotting and sampling wool. That they might well leave to the committee. The next thing was the disapproval of the broker buying and selling at his own sale. The great practical difficulty was that purchasers who did not employ a broker could not get their wool till fourteen days had elapsed, though they were ready to pay for it. The next matter was obtaining biddings of or on low-priced wools. On this question seven brokers had expressed their opinion ; three of those were in favor of Jd, three were doubtful, one was opposed to it. They might leave this matter in the hands of the committee. He had received a letter from the Chamber of Commerce in Melbourne, suggesting the appointment of a committee with a view to form an Australian Chamber of Commerce in London, to take cognisance of all mercantile business of these colonies in London. Any proceedings for carrying out this design would come properly within the functions of the Chamber of Commerce. The Hon S. D. Gordon said he thought it would strengthen the hands of the committee in London if they passed these resolutions. It would show them that their constituents were of that opinion, whatever the opinion of other colonists might be. Mr Buckland supported the proposal for taking the bidding of £d and id. A id was 10 per cent advance on low-priced wools. He thought to lOd an advance of id should be taken. The draft was of comparatively recent introduction. With reference to the six sales a year, lie had letters from manufacturers in England who were very emphatic as to the benefit of six sales. In June, 1870, one firm sold 50,565 bales. It was impossible that justice could have been done to their constituents. They should emphatically endorse these propositions. Mr T. S. Mort thought it would not be well to take biddings of id. But this question might be left in the hands of the London committee. He thought if they passed the resolutions they would too much tie up the hands of the committee. He thought they should commend these matters to their serious consideration. The Hon John Hay said he did not agree with the proposition to take an advance of id, but there was no other proposition that would not be agreed to by all the woohgrowers in the country. He thought they should not merely “ commend ” the matter to the committee, but give a positive recommendation to those who represent them in London. He had a very strong objection to a broker acting for buyers. He thought they should insist on the broker acting in the interest of the seller of wool. The wool-grower should have the exclusive services of the broker; and then they ought not to grudge the broker a fair commission. (Hear, hear.) He (Mr Hay) was not sure that 1 per cent was more than a fair commission. If a broker asked 1 per cent, he would say to him, “Yery well; I do not consider you overpaid; but I will not countenance any arrangement by which you act for a buyer.” Mr T. S. Mort expressed his entire concurrence with the views of Mr Hay. Mr Buckland repeated his reasons for the advance, id per lb was £1 3s 4d per ton, and on sugar they took an advance of 10s only a ton. Mr Hay then moved “ that the several suggestions of Sir Daniel Cooper, as read by the Chairman, be forwarded to the London committee, and recommended to their favorable consideration.” The resolution was seconded by Mr Mort, and carried unanimously. Mr Mort then moved “ that the charge of 2£ per cent discount on sales of tallow in addition to the draft of lib per cwt requires the attention of the committee with a view to its abolishment.” He said this was an old custom that arose out of the imperfect scales of other times, and the sooner it was exploded the better. This charge on tallow was almost worse, if possible, than anything they had to complain of in the wool trade. The resolution was seconded by the Hon J. Hay, and carried. The Chairman having proposed to the meeting to appoint a chairman and vice-chairman for the ensuing twelve months, a strong opinion was expressed that it would be for the good of the Society if the present chairman continued to hold his position till January next. To this Mr Watt consented. This terminated the business. NEW ZEALAND AND THE WOOL TBADE. In August last a number of the members of each branch of the Legislature of New Zealand addressed a letter to Sir Daniel Cooper, Bart, approving of the action which he has taken in what is called the wool question, and thanking him for the active exertions he has made during some years past to protect and further the interests of the colonial woolgrowers, and secure for them a fairer and juster system of disposing of their produce. To this letter Sir D. Cooper has forwarded the following reply : London, 20, Princes Gardens, South Kensington, W., Nov. 3,1871. Gentlemen, —I feel much gratified with the address which you, as members of both Houses of Legislature of New Zealand, have been kind enough to send me, expressing your thanks for my services on behalf of the woolgrowers of the colonies. I will continue to do my best to bring about the further improvement of the mode of selling and warehousing which we all desire. I can, however, do little

unless I am vigorously seconded by the fleck f masters themselves, who must let me know distinctly what they want, and what they -will insist on having. A change is taking place in what was called the New South Wales and Yan Dieman’s Land Association, which was a self nominated and close body ; and X am in hopes that the Committee of the new association will inaugurate the sales of next year with several of the reforms we seek. T refer you to the “European Mail” of to day’s date, where you will see a letter from me in reply to one from Messsrs Jacomb, Son & Co.—l am, &c., D. Coopee. The Hon. J. Richardson, The Hon E. D. Bell, And the other members of the Houses of Legislature.