CAPE NEWS.

New Zealand Times, Volume XXXIII, Issue 5337, 6 May 1878, Page 2

CAPE NEWS.

- (CORRESPONDENT OE PRESS ’ AGENCY.) ■ Capetown, February. 16. Trade has been dull during the past month, excepting for grainjand, breadatuffs, for vyhich there has been an unusually great demand, caused doubtless by the disturbances on the frontier in some measure, but principally by the disastrous drought existing in the eastern, midland, and northern „ districts. The rains during the past three: years have been but scanty, and in many' districts there has not been a drop for thirteen months. Vegetation is burnt up, and water impossible to obtain. It is no exaggeration: to say that fully one half of the stock of the colony.will he lost ' for want of water, and pasture. Sowing is impossible, and the Kaffirs will not, reap a crop till March, 1879. Large orders for grain have been sent to’Australia and America, so that there is no fear of actual famine, and prices will probably soon experience a fall. The following are ruling prices for staple exports :—Wool —Greasy, good, fid. to 7d.; inferior, Id to sd; fleece, washed, Is 2d to Is 3d; second, Is. to Is. Id.; lambs, Is. Id. to Is. 2d.; snow white, Is. fid. to Is. 7d.; second, Is. 4d. to Is. fid.; mohair, Is. fid. to Is. 9d.; hides, wet, per lb.,'3d. to7dd.; dry, 4Jd. to 5d.; grain, barley, feeding, per 3bushels, 21s to 225. fid.; malting, 22a. fid. to 245.; maize, per 2001b5., 225. fid. to 255.; oats, feeding, per lOOlbs, 15s. to 16s. 1 ; seed, 16s. to 175.; wheat, per 2001b5., '33s.' to 34sr , , ■ ’

Money continues easy, hanks discounting three’ months’ bills at 6 per ‘ cent.' and four months’, at 6J per cent. . The banks are buying 90 day bills at 1J to 1} pec cent, discount, and are selling their own 30 days’ bills at j to J per cent, discount. Treasury bills are selling at i per cent, discount. .There has been considerable activity in the shipping, but the only, arrival from Australia has been the Ferningham from Adelaide, with breadatuffs. .

There have been several encounters between the Imperial and Colonial forces’and the Kaffirs, but none of a decisive "nature. The Kaffirs are invariably defeated, and large numbers of "cattle captured, but they seem to be dispersed in one place only.to appear again in another in gx-eater force. ' Sir Bartle Erere having- had differences , of opinion with Moltene’s .Ministry, ..dismissed them, and called upon Mr. .Sprigg to form a new Ministry. ‘ ----- February' 7 was observed as a ! day of humiliation to avert the calamities arising from drought and war. '! February 19." • Slight rains have fallen in. many parts* of the colony, and Natal," has had a downpours. There are, therefore some hopes of a speedy, break-up of The" drought. The steamship Kaffir, Captain. Ward, heloiging to the Union Company, and carrying the mails between here and Zanzibar, Was totally wrecked on the Albatross rock,'- off • Cape Buit. in broad .daylight. . There will be an official inquiry, when some extraordinary and damaging, facts are. expected to be elicited. The mails and four lives were lost, and some eighty of the passengers had to 1 remain on hoard the whole night. • ;; ;' •'