COMMERCIAL.

New Zealand Times, Volume XXX, Issue 4307, 9 January 1875, Page 2

COMMERCIAL.

The Customs duties received at this port for the week ending January 7, were as under: — £, s. d. Spirits .. . .. .. .. COT 4 10 Cigars 000 Tobacco 82 5 4 Wine 144 0 10 Ueer i. . - .. . • .. 1.10 3 0 Tea 71 12 0 Coffee 40 12 3 Sugar 17!) 0 9 floods by weight IC3 S 0 Goods ad valorem 1021 19 2 Other duties .. "147 11 7 Light and shipping dues, &o. 423 3,11 £3731 8 6 Holidays, and other matters connected with the beginning of a new year, usually render the flrst weclt a dull one as tar as business is concerned, and last week has not relatively differed much from its predecessors, although necessarily from our increased population the amount the sales effected in the interval has been considerable, wo have no alteration to report in prices of imports, which generally have a slightly downward tendency, owing to largo stocks on hand, and the large additions which have been received from tno ships now discharging. In colonial produce the same remarks to somo extent apply, i'lour 1s rather lower and may be tjuoted

at £l3los, to £l4 per ton for Canterbury and Oamaru mills, in sacks. - In Australia we notice that the tendency of the breadstuffs market is weaker, owing to expected shipments from San Francisco, and this news cannot but have some effect on prices here. Keg butter continues low in value with little demand; we report sales at 9d. for prime cure. Cheese is scarce and wanted, prime Canterbury being worthDJd. to per lb. Bacon and hams, in cloth, continue in active demand, and are quoted at Is. 2d. to Is. 4d. per lb. Oats have come forward to some extent, thus relieving the market, which was becoming, bare, and prime samples are now selling at Gs. Gd. per bushel. There can be little doubt that stocks in the South must have been kept back, and that present prices are tempting shipments. Sawn timber is firm at former rates, with good demand. Potatoes scarce. LONDON MARKETS. The New Zealand Loan and Mercantile Agency Company of London report as follows, under date November 17; — . t __ _ , . Tho resumption of the mail service to New Zealand via California having been announced, we again issue our general circular by that route. AVc trust, in the interests of all concerned, that this service may shortly be established on a permanently satisfactory basis. _ , , The last mails delivered bv the San Francisco route reached this country at the due date, October 10, but did not include any New Zealand letters ; wo understand, however, that letters from that colony may be expected with the mails on board the North German Lloyd’s steamer Neckar, which left New York on the 7th instant, and can, therefore, scarcely bo looked for before the departure of tho present outgoing mail. Our latest advices arc those received via Suez and Brindisi on 2Cth'October, viz., Sydney 4th, Melbourne Bth, Adelaide 10th, and New Zealand Ist Sepintelligence from the South-west Lancashire coalfields states that after a seven weeks’ struggle with the masters the colliers have resumed work at most of the pits, but tho collieries will not be in full working order for some time. The AVigan miners seem determined, however, to continue the strike, the masters insisting upon tho reduction of 10 per cent., and in one case 15 per cent. The men have decided to return to work on these terms for a fortnight, and at tho expiration of that period to give notice of a demand for the previous rate of wages In tho present position of the trade it seems unlikely that this will be granted, but that the rates now fixed will rule through the winter. In Durham tho award of Mr. Russell Gurney has been for a reduction equal to about 9 per cent, on previous gross wages. Great depression exists in the iron rail ra de, and many men are out of work at Darlington. money market. The firmness which characterised the money market at the date of our last circular continued,* and the action of tho Bank of Prussia in raising their rate on 3rd ultimo to 5 per cent, was responded to here by a more active demand, leading to a general expectation of an immediate rise in the Bank of England terms of discount. Owing, however, to a rise in the Paris Exchanges, and the consequent detention here of some considerable quantities of gold which had been pur chased from France, the upward movement in the official minimum was deferred until the loth, when the returns showed a decrease in the stock of bullion during the preceding fortnight of £1,024,044, while the circulation had increased by £383,435 (the reserve being thereby diminished to 35} per cent, of liabilities), and the directors no longer hesitated to announce an advance to 4 per cent., which the open market rate quickly followed. The return issued on 12th instant showed an improvement in the proportion of reserve to liabilities to 39$ per cent., the figures being respectively £9.037,097 and £23,106,530. Tho decrease in the stock of coin and bullion during the six weeks was £2,206,003 and the net efflux of gold abroad having been during that period only £641,090, it follows that over £1,000,000 had been absorbed by the provinces. The present firmness is largely owing to the action of the Bank of France in deferring the resumption of specie payments, and to that of the Bank of Prussia which finds it necessary to raise its rate to retain the gold which has during the past two years been coined in such considerable quantities, and is shortly to replace the silver currency except for small transactions. That the disturbance has not been more serious is probably owing to our favorable harvest, which as we have previously shown, is equivalent to a gain of several millions sterling to this country. There have been considerable exports of gold to Egypt, move than £BOO.OOO having been taken for that country, but recent withdrawals have been on Continental account, favored by a reduction in the Paris Exchanges. The £582,000 received from Australia a week since was taken for that destination, and it is understood that the £70,000 per Great Britain (s.) to arrive, has been sold for the same market. Yesterday the Court of Directors raised the minimum ■rate to 5 per cent., in consequence of a continuance of the demand for bullion for Paris. It remains to be seen whether this movement will have the desired effect, but in many quarters a further rise shortly to 6 per cent, is considered possible.

STOCK MAHKSTS. Railway stocks were a few weeks cnnridAroKijarxeccca «.« announcement oy the directors of the Midland Railway of their intention to abolish secondclass tickets, and to reduce first-class fares to lAd. a mile. This policy, if persevered in, would, it was thought, compel the adoption of a similar course on the part of competing lines, which, being more dependent on passenger traffic, would be prejudiced to a greater extent, and retaliation by a reduction in the goods rate was at one time freely talked of. Accordingly North Western, Great Western, and Great Northern stock (together representing over fifty millions sterling) suffered depreciation amounting in some cases to 4 or 5 per cent, from the highest quotations lately ruling. An issue of £1,800,000 New Ordinary Stock at 42, by the Great Eastern Railway, also exerted an unfavorable influence. Within the last fortnight a considerable recovery has taken place, as it is becoming probable that no organic changes will be rashly made. English Government securities have improved, consols being now quoted at 93£ to Colonial bonds show general improvement. We give below particulars of the issue on this market of the Victorian Government Railway Loan for £1,500,000, the minimum price of which, judging by the result, had been fixed too high to command extensive support. The subjoined announcements have been made since our circular of 2nd October: — Victorian Government Four per Cent. Railway Loan. —Tenders for this loan were opened on 13th instant. The minimum was declared at £Ol 7s. 6d., and the amount taken at and above this price was £344,300. The highest price tendered was £O3 ss. and the lowest £BS ; the average being £9O 12s. 9d. ; the whole amount applied for was £952,700 in 101 tenders. The balance (£1,155,700) was offered to the public on the 16th idem, at and above the minimum. 04 tenders were received, and the sum taken was £375,200. It has since been announced that the balance of the loan has been taken up. Otago and Southland Investment Company, Limited.— The directors have announced the usual interim dividend at the rate of 10 per cent, per annum, free of indome-tax. PRODUCE MARKETS. Wool. —The interval which has elapsed since the termination of the last wool sales has been marked by extreme quietude, but the absence of private demand under present circumstances, and at tins period of the year, possesses perhaps less significance than at an earlier date in the season. The tone and character of business of late in the English woollen districts has certainly not been active or buoyant, and the same may be said as regards Germany. In France, manufacturers and spinners have been relatively more profiiahly employed. With a fully stocked market, it might be expected that prices would under such circumstances suffer some reduction, but whatever may be the issue as regards Cape produce, it is hardly probable that any material change can be expected in Australian and New Zealand kinds, the quantity of which is extremely limited. A very large proportion of the Cape wools arrived for this series is infested with carrot seed, and it may probably happen that the comparative unsuitability of such wool for a large range of manufacturing purposes, may cause a disproportionate depression in such kinds to the corresponding advantage of the better and freer classes of the produce of these colonies. The hour at which the sales are to commence this evening precludes the possibility of a report herein. At present the series' is arranged to continue till 4th proximo. The following are the arrivals to this date:—New South Wales and Queensland, 17,308 bales ; Victoria, 8,281; South Australia, 1579; Western Australia, 405 ; Tasmania, 349; New Zealand, 9388; Capo of Good Hope, 45,547 ; total, 83,447 bales. Tallow. —During the seven, weeks, which have elapsed since the issue of our last circular, 8038 casks Australasian tallow have been offered at public auction, and 5900 disposed of under the hammer. Prices have ranged from 335. 9d. to 445. Od. per cwt. for mutton, and 365. to 425. Od. for beef, the highest quotations having been reached at the sales on 10th ultimo, up to which date the market was very firm. The advance indicated by these figures has not since been maintained, the inquiry from the trade having decreased, ami the stock after careful special examination having proved to bo nearly 2000 casks in excess of the published quantity. A few very inferior parcels are still being taken for the Continent, but the home demand is very light. The telegram received on the 13th from Melbourne, stated the shipments for the preceding month at only 900 casks ; but as a confirmation of these figures, which were on receipt supposed to be erroneous, lias only corao to hand to-day, sufficient time has not elapsed to admit of any consequent favorable effect being produced on the market. Leather. —The demand for leather hides is good, and prices firmer, so that some further improvement may very fairly be looked for in value. Preserved Meath.—Wo are glad to bo able to re-' port a continuance of the improvement recorded in our last Circular in the demand for preserved meats. The enquiry has been principally for boiled beef, which, has realised an advance of Jd. per lb. on prices last quoted. For boiled mutton there is also a better request at about late quotations. Arrivals have continued on an extensive scale; nevertheless we look for a good steady business throughout the winter. Arrival for seven weeks ending 12th November, 40,978 cases from Australia and Now Zealand, and 8081 from America. , New Zealand Hemp, —ln common with the market for manilla and all other descriptions of hemp, that for New Zealand hag been exceedingly dull, and only small sales have been made at easy prices; £lO 10s. to £2l for ordinary to good clean. The prospects of this import are by means encouraging, any rise in values appears out of the question, ns largo supplies of manilla canso increased depression in that fibre, and so long as manufacturers can get it at low prices, they neglect New Zcaland-parcels, the stock of which diminishes very slowly. There have been three fortnightly public sales since last Circular. On the 7th October 00 bales were, brought forward which chiefly sold, ordinary fetching £l7 ss. per ton. The catalogues on the 21st idem contained 366 bales, of which 150 were disposed of, ordinary to medium at £l7 ss. to £2O 55., good medium £2O 15s. At another sale on 4th instant, out of 739 offered, 170 were sold, chiefly damaged, at previous rates. Arrivals to 12th instant arc 52 bales. Wo have no further advices of shipments.

GOLD AND MONEY. (Prom the Sydney Morning Herald.) From English papers to hand by last mail, we learn that the decreased gold yield of Australia and California is attracting marked attention in financial circles. A few years ago it was predicted that the large production of precious metals which had then set in would reduce the value of money in a very marked degree. It had that effect for a time, but that time seems to have passed, and the Bank of England reserve, which forms one of the surest barometers of the money market, has been rapidly fluctuating lately, and the rate of discount, changed seven times within three months. When the American panic of 1873 occurred, the Bank reserve was over thirteen and a quarter millions. The drain of gold was then almost as heavy as that of the FrancoGerman demand, but it was not felt much more than in October last, when shipments commenced to Egypt to pay for cotton, and when only about £BOO,OOO was withdrawn, it occasioned serious attention, and no doubt caused the rapid rise in discounts since reported by telegram. On October 21st, tho amount of com ami bullion held by the Bank of England was smaller than it had been during the year. On October Ist the Bank of Prussia held £33,377,000, and on the Ist January next the German Government intend to make gold the principal Prussian coin and demonetise silver, except in small payments, inis is expected to make the continental money market light, and induce caution in English monetary circles. BY TELEGRAPH. AUCKLAND, Friday. Mr. Buckland reports:—Ship-borne cattle, 255. to 275. per 100 lbs.; fat sheep, 3d. to Sid.; lambs, 1-s, 9d.; wethers. Bs. to 15s. , . , Sales of Bank of New Zealand shares are reported at 3C4s. South British, 485.; Cure, 4s. Buyers : Bank of New Zealand, 3G45.; City of London, 285.; Golden Calf, Ss. Sellers ; Colonial Bank, 155.; National Insurance, 275. Cd. DUNEDIN, Friday. Brown and Sons report Oats are being offered more freely, and are a little easier in price ; they are quoted at ss. 3d. to ss. Cd. Prime samples of wheat are readily taken up at ss. 6d.; milling, ss. to ss. 4d. ; prime samples malting, ss. Cd.; other sorts not much inquired for; feed. 4s. 3d. to 4s. Cd.; flour,, good demand and firm at £l3 to £l3 10s. 6d.; pollard, £GlOs.; bran, £5 10s.— both being scarce ; cheese. Is. per lb.; side and rolled bacon. Is. Id. to Is. 2d,; colonial hams. Is. Bd. to Is. 4d.; English hams. Is. Gd. to Is. Bd,