COMMERCIAL.

New Zealand Times, Volume XXX, Issue 4330, 4 February 1875, Page 2

COMMERCIAL.

HUTT MARKET. Mr. J. H. Wallace reports the sale of Mr. Owen’s freehold (about one acre) and house for £125 ; two and a-half acres leasehold, ground rent £3 per annum, for £24 ; horse, trap, and harness, £2B; sundry furniture and effects at good prices. .At the stock yards the following prices were realised; —Lambs, ss.;,culled old sheep, a lot of 80„At 2s. 6d.; cows, £3 15s. to £7 10s.; bulls, £2 to -£6 : steers, £3 to £4 10s.; store cattle, mixed; £6 ; horses, £5 to £lB. The attendance was good, and there was an increased demand for store cattle/ ‘

.... ENGLISH MARKETS. The New Zealand Mercantile Agency Company report under date London, 15th December As -the next inward mails via California are announced as-having reached Queenstown yesterday, delivery of correspondence forwarded hy that route will take place here in the course of this day. Money Market. —In accordance with the announcement made in our Circular No. DO, the Bank of England minimum rate of discount was raised on ICtli ultimo to o.per cent. As this step was not followed by any diminution In the export demand for gold, more especially for Trance, after an interval of fourteen days a further advance to 6 per cent, was made. The result of this:action soon became apparent, and a sensible rise In the Exchange between Paris and London precluded the profitable .withdrawal -of further supplies of gold from this centre. The weekly returns issued from the Bank on 9th instant point to the belief that no further enhancement in the rate of discount will meanwhile be requisite. The proportion of reserve to liabilities therein shown is upwards of 44 per cent., being a gain of nearly 6£ per cent, on the proportion exhibited >ln the accounts of the preceding week. The stock of bullion on Othinst. in both departments has been increased by £304,017, whereof £221,000 is due to receipts from abroad, and' £143,917 to contraction in the provincial circulation. The decrease for the week in the private deposits and private securities held by the' parent institution is noteworthy. The figures are respectively £1,937,569 and £2,081,733. The former has been in part counterbalanced by an addition to the deposits of £835,553, giving evidence of ah influx arising out of revenue payments. If there be ho resumption of export demand for gold to France, the stock of bullion in the coffers of the Bank will probably be replenished by supplies from America, in addition to those on passage from Australia. While the official minimum remains at 6 per cent., approved three months’ bills ate taken in the open market at 5§ to 5£ percent. 'Stock Markets. —Notwithstanding the advance by two successive stages of the .Bank of England rate of discount to 6 per cent, on 30th ultimo, these markets were well supported during the three weeks subsequent to the date of our last report. Throughout the past week, however, in anticipation of the bimonthly settlement, which will be concluded to-mor-row, transactions have been on a more limited scale, evincing a depression in nearly all classes save in English and Colonial Government stocks. As we are now approaching a time of year when there usually exists a disinclination in financial circles to undertake fresh obligations, much activity cannot be looked, for during the next four weeks, and the current strong demand for short monetary;advances tends rather to strengthen this position. A comparison of quotations of various colonial securities on 17th ultimo and this day, gives the following result, viz.-:—A rise of \ in New South Wales 1888/1002; of £ in New Zealand Consolidated: of 1 in Queensland 1891/1800; and of J in'Queensland 4 per Cents. Tasmanian 6 percents, have advanced 1, while Victorian Bonds do not show any quotable change. Since the publication of our Circular No. 00, the following <«mong other) anno ua o»nent-i have,.b*«n. made: — . • Australia Direct Steam Navigation Company /T.tmtted). —The prospectus ho* been issued of this company with a proposed capital: or £500.000. first issue not to exceed £250,000 in 12,500 shares of £2O each. It is proposed to establish a regular and monthly line of steamers to Australia via the Cape, to convey passengers, mails. &c., in about forty-five days. . The steamer Nebraska has been purchased, and will be despatched under the name of the Victoria not later than Ist February next. ; Wool.— The fourth and concluding series, which opened on I7th ultimo, was brought to a termination on 7th inst. Owing to interruption caused by foggy weather, an extension of two selling days beyond the time originally contemplated was rendered necessary. In the following tabulated statement will be found respectively the arrivals prior to and the quantities catalogued during the sales, viz.

Quantities Arrivals. Catalogued. Bales. . . Bales. , New South Wales and Queensland ■ .. 17,398 19,864 Victoria .. .. .. 10,940 14,949 ■. South Australia .. .. .1,579 1,080 Western Australia .. 405 440 Tasmania .. .. .. 349 187 New Zealand .. .. 9,888 .13,291 Cape of Good Hope .. 45,106 38,776 .. ' Total .. .V ' 85,665 ; 80,487 ’ If from the former be deducted the quantity estimated to have been sent direct to the manufacturing districts and the continent—7soo bales—-it. appears that the catalogues have included upwards of 13,000 bales of second hand or twice offered wools. As, however,, parcels have been from time to , time recatalogued during the currency of the scries, in order to ascertain the number of bales held over fpr future disposal, it is necessary to make allowance for suchlots. Subject to such allowance it may be assumed that about 5000 or 6000 bales were withdrawn for sale either by, private treaty or otherwise, and will serve to augment the supplies to be carried over from 1874 to the' succeeding year. While the attendance of buyers during the first week of the sales was.on a par with that generally to be found at this season of the. year, their biddings lacked the animation which was. characteristic of the preceding" series. As the sales progressed this feature-became more marked, leading to great irregularity in the prices realised from day to day, and:to such an absence of competition as to entail either the acceptance of lower rates on,the part of holders, or considerable withdrawals from time to time. Cape wools being in largest supply and subject to the defects mentioned in our circular No. 90, were placed throughout the sales at a decline ranging from ; Id. to 3d. per lb. according,to quality. Notwithstanding the small quantities of Australasian descriptions available for disposal, .'thd- general weakness exhibited prevented the values previously current for these imports being, sustained, and accordingly the - sales closed at a discount bn September rates. The; fall, although general; was greater in the cose of some wools than - others : 'thus, faulty 'descriptions of Scoured and washed fleeces receded in value,2d. to 2Jd, per lb., while better qualities gave way only IJd. to 2d. The average decline on greasy descriptions closely approximated Id. per lb. The total quantity .purchased .for export: is estimated.;at< .20,000.ba1e5., Although the result of the sales has been generally disappointing/ there is considerable diversity of opinion as to whether the decline recently submitted to is the precursor of a further fall,ln the value of the. staple during 1875, or whether buyers In expectation that they might operate on more favorable 4erms In February next, have-now withheld from purchasing beyond their immediate requirements, unless at’a ‘discount on: previous prices. In ■ support, of .'the former view may be cited the fact that during the currency of- the sales numerous lots of second-hand wools purchased during the August-September'-and preceding series were disposed of at a loss to the original buyers. In conformity*-with tho latter opinlon,-Httention- may be directed to the meagre assortment of wools: offered, to the contingency of the minimum Bank of England, rate of discount.being raised to 0 percent.' before close of the sales, and to tho knowledge that’daring the three-series of 1874 the quantities catalogued: nearly reached the aggregate of the catalogues throughout the . five, series of the previous year. In weighing the various' opinions expressed as to the future course ofprices, two considerations ought not to be-lostsights!.- ■ The first la derived from a comparison of the number .Of bales which passed tho hammer during the auctions held in 1872,1873 and 1874 respectively, which arc as follow, viz.;— ’ * j . 1872. 1873. 1874 . ! f Bales, Bales. i Bales. Ist Series .-. 114.868 131,080 169,034 2nd ... ' . .. 159,(540 204,940 281,190 3rd ! ' ■ 1137,961 214,525 261,382 4th : .. 122,460 105,878 1 89,487 sth’ „ / ■•! .< ' ;62,193 t / 60,705' . . : ' Total 057,080 1 717,219 801,093 ! "By these ‘figures it ,ViU bd seen that the increment of wools catalogued during 1873 oh'those during 1872' la 60.183 bales, while a-like-comparison between the catalogues ’of this and*last'year ’shows an excess of: 83,874 bales. . . . . , t A if / Tho second Js. deduced from.the fact that,the sup-, •plies to be received here during 3876 from the various colonial sources of production I will probably exceed those warehoused during the, present year. Manufac- • turers ; and dealers will thus not only commence 1875 with larger'stocks than those in their hand* at the beginning of 1874, but have the knowledge that the arrivals i during; the,former will exceed those of the latter year. The date of the commencement of the next series has hot yet been Announced, -but It will probably take place about' the middle of February, t A portion of tho‘new Victorian" clip came forward per Great Britain j In* time for .disposal during the late series. While the washed descriptions did not meet with a better market than kindred wools of older growth, greasy kinds were purchased at prices more

on a par with September rates. We have reason to believe that the purchases of these qumities on the part of foreign buyers were tentative in order to test the outturn prior to the commencement of the.leb.ruary sales. V,The prices paid for them, meanwhile at least, cannot, therefore, be acceptod as a criterion of those which may rule for like qualities at next serial auctions. . .. .The arrivals to yesterday for the February sales areas follow, viz.;— . 1 -', ' " ■ • New South Wales'and ‘Queensland 1,188 Bales. Victoria 1,458 „ _ v Western'Australia ' •• 300 Tasmania 176 ~ . New-Zealand .. .1,303- » ' / Cape of Good Hope'.. .. 13,542 „ Total 13,967 Bales. Preserved Meats.— The inquiry for these provisions is not so active as it was a month ago, and with the near approach of / the end of''the year dealers seem disinclined to increase: their stocks. For approved brands of boiled beef and mutton,sales can be effected at quotations, which remain unaltered. New Zealand Hemp.— During the past four weeks very little business has transpired in this fibre, transactions by public auctions held on 18th ult. and 2nd instant, have been chiefly confined to the disposal of a few damaged lots. On the latter date; 257-bales were offered, but all with the exception of 80 bales were withdrawn. A small sale by private:treaty of fair, clean bright has been reported at £2O per ton. An addition to our previous heavy supplies was made on 24th ultimo by tlie arrival of the Atrato (s.s.) with 34G bales. The prospects of improvement in this article continues to be-as remote as they-were on the publication of our last issue, low prices falling to. beget any speculative feeling on the part of dealers, while the trade decline tj operate except in retail quantities, so, long as the present level of Manilla hemp is - Messrs. G. and J. A. Noble’s hemp report, dated ■ London, December 14, Is as follows: — We have no new .feature ,to report since the: 16th ultimo, on which our last was issued. The market is. -decidedly quiet, doubtless occasioned •by unwillingness of dealers to increase their holdings at the close of the year. Quotations will be as follows Common, £ls 10s. per ton : fair, £2O; good, £21105.: fine, £27 ; tow, £9 10s. to £l4. Landings for November, 1873,174 tons; 1874, nil. Deliveries for November, 1873, 82 tons ; 1874, 90 tons. Stock, Ist December, 1873,.1871 tons; 1874. 1974 tons.