COMMERCIAL.

New Zealand Times, Volume XXXIV, Issue 5662, 23 May 1879, Page 4

COMMERCIAL.

Tho following are the duties collected at the Customs yesterday £ s. d. , £ a. cl. Spirits .. 172 14 0 Weight ; 7 3 4 Wine .. 121 0 5 Ad valorem .. 0 12 1 Tobacco .. 115 5 0 Other duties.. C 0 0 Tea .. .. 13 C 8 Sugar.. .. 54 10 10 Ale (bottled).. 20 0 0 Total ... £5lO 12 4 The amounts of Customs duties collected at this port for the four weeks ending May 15 were: as follows £ s. d. £ a. d. Spirits .. 4033 4 5 Goods by Cigars.. .. 120 10 7 weight .. 1229 11 ,2 Tobacco .. 1486 11 C Ad valorem . . 6451' 0.2 Wino .. .. 45111.4 Other duties.. 015 14 0 Beer .. .. 029 10 ‘ 6 Light dues. Tea .. 867 3 2 shipping, &c, 1088 C 5 Coffee.. .. 11l 8 0 • Sugar.. .. 060 2 1 T0ta1..£10,254 210 We are sorry to report a comp’cte stagnation In all departments of trade. There is a feeling of uncertainty in all business circles such as haa not been known since the foundation of the colony, and in our list of quotations of tho present value of goods a margin must bo allowed for the pressing wants of the sell r. The aspect of commercial affairs at. present and tho amount of failures which are dally announced is something astounding to all who have not noted tho cause to which over 'speculation in land, and the general progress of depression has been tending for somo time past. To this causo may bo added tho excessive importation which lias led on all sides to a feverish desire to realise at any cost to get rid of stocks and meet , pressing engagements, and as a further consequence credit has been given to a number of people who have incurred liabilities (it a rate perfectly unwarranted by tho amount of capital employed in their business, but who were sufficiently unscrupulous to avail themselves of the opportunity. Wo append at foot a list of somo of the principal failures —omitting a number of ‘tho smaller ones—and can only hope that the atmosphere being cleared by the present passing storm, a better system of credit may be inaugurated by importers and the mercantile community generally, so as to avoid in the future the recu renco of a similar state of affairs. The undermentioned names comprise most of the business Arms who have called meetings of their creditors since our last report:—Joo Dransfteld, merchant, liabilities £23,167 7s Cd : the principal creditors being tho Bank of Now Zealand. £11,573 Ts 2d; Boutelleau and Co, Bordeaux, £1832 14s 8d; Colonial Sugar Company. Sydney, £IX74 17s 7d; Lipraan I cvy, Wellington. £1190; Dransfteld and Roper, Christchurch, £llls 18s 2d; J. F. E. Wright. Wellington, £650; and several smaller creditors. Tho creditors have accepted 12s Gd in tho £, by quarterly payments of 2s Od secured.— F- A. Kreeft, liabilities £1773: estate assigned.—M. McCrodie, ironmonger, liabilities £24,457.—G. Thomas, auctioneer, liabilities about £17,000.—H. Moss, importer.—B. Cohen, tobacconist.—N. J. Isaacs, auctioneer.—T. J. Mountain, grocer.—W, J. Scott, ironmonger.—C. Emmett, storekeeper. —IX Chisholm, grocer.—C. Mclntyre, storekeeper.—Eddie and Jack, bottlers.—W. G. Watt, draper, Marton. liabilities £lß.ooo.—Blytb Bros, Mastertoa.— Jas. Huxley, tailor, Wellington.—*fcc.,&c. Tho Peri, 979 tons, with full cargo for this port, is the only arrival from London since our last month’s report. Tho Pleiades is loading with produce at the .wharf, and is nearly a full ship, to sail in a fortnight for I London.

Tho Clan Campbell is laid on to follow. TUo ■ ollowin:; ships aro reported as having sailed from London, or loading, for Wellington The City of Madras, DSD tons, sailed March 7 : Giendovey, 557 tons, sailed Februa y G ; Western Belle, 1135 tons, sail-d February 20; Loch Ken, 393 tons, sailed March 1 ; i’aroora, sailed March 2(3 ; Loch Crce, sailed April 20 ; Wniraca, sailed May 14 ; Kakaia and Pleione, to follow.

Tho Suez mail was delivered in Wellington on 2nd May. Tho San Francisco mail was delivered in Wellington on Bth May.

Kates of Freight to London.—Grease wool. 6d per lb : washed do, Jd per lb; undumpod. 9d extra • tallow, In cases, GOs; in casks, 05s; and hides 55s per ton. '

Bank Kates.— Exchange for bills on London—On demand, 2 per cent premium ; at 30 days. 14 per cent do ; at 60 days, 1 per cent do ; at 90 days, j per cent do. The banks' Inlying rates are—For bills at 00 days 1 discount; no days, £ discount; SO days, par. Discount on local bibs, under 05 days, 8 per cent.! under 125 days, 9 pci- cent. Interest allowed on fixed deposits for three months. 5 per cent.; for six months, C percent.; tor 12 months, 6$ per cent. These are minimum rates. ■

Fowiiall and Co report a very largo application tor capital on mortgage Investment • urmg the last month, with a supply from outside sources extremely

limited, the rate of interest ranging to fully 11 per cent on securities of tho highest class. This excessive demand can only be attributed ;oa system of banking that for a period encourages and fosters over-specula-tion and without due notice or apparently sufficient discernment cuts off the credit supply. Their customers, many of long standing mid of undoubted position, are now being driven to offer ruinous rates of interest upon the mortgages of their properties for a term of years to meet the peremptory orders made upon them for immediate liquidation, thus creating a fictitious value for money tho which cannot at present bo supplied. Al-i and Porter, duty paid (bulk Is per gall, bottled Is 3d). —There has been a moderate demand for best brands of bottled ales and stouts during tho past month ; sales, however, have been restricted to current wants, and prices show no alteration upon previous rates. W© quote favorite brands of ales at 10s Od to Xls 9d per doz ; and for stouts Xls 9d to 12s per doz. Stocks moderately ample. Bulk ale i« quoted at £3 15s to £9 per hhd, and meets with little enquiry. Bags (duty 10 per cent), Woolpacks (duty 2s Od per doz). —Cornvacks have been dull at 8s to 8s Gd per doz, as the season for their use is nearly over. Woolpacks neglected, no sales reported. Candles (duty Id per lb).—Stocks of imported candles continue heavy, and sales are effected only at a figure that must leave a loss to the importer. Price's sperm remain nominally at Ojd per lb; foreign make, 8H to B£d per lb, with limited demand. Messrs, Kitchen’s colonial made sperm candles are becoming an established fact, and tho demand improving. They quote Bid per lb for Petrolines, and.7Jd for their Star brand, with an Improving enquiry for their soaps. Cement (duty. Is per barrel).—Portland cement continues heavily stocked' but prices arc slightly improved, and quotations for best brands of Portland are firm at 17s to 18s per barrel. Coffee (duty. 3d per lb). —There has been the customary trade demand for best plantation sorts at Is 2d to Is 3d per lb in bond. Chicory (duty, 3d). -Nothing doing la foreign chicory, which cannot compete with the colonial growth, worth Gd fo 7d per lb. Confectionery (duty, 2d per lb). —Kciller’s confectionery moves off slo»Iy at 10(1 to 10jd per lb, but must ultimately give way to tho colonial manufacture, which is increasing in consumption.

Flour, (free). —The price of Adelaide flour shows no Improvement, and remains at £l3 15s to £l4 per ton ; stocks moderate.

Fruits (duty. Id per lb).—Full stocks of every description of dried fruits, with little demand beyond ordinary wants, and a tendency to lower quotations. Wo quote currants at 3*Jd to 4d per lb if in good condition; Elemo raisins. sjd to 5-|d per lb ; Muscatels, Is Id to Is 3d per lb; Sultanas, 5Jd to CJd per lb ; figs, Ojd to 7d; dried apples, Cd per lb. There is a vot largo stock of green fruit now brought into market by every steamer from Australia and Nelson, the sal© of which necessarily lessens the consumption of foreign dried fruits. Hops (duty, 3d).—Pull stocks of Kent hops in importers’ hands difficult to move off, Holders quote 1878's at Is per lb; Nelson growth. lOd; Californian, Ud; but the brewers being full prices are only nominal. /

Malt (duty Is Cd per bush).—There is no English malt in the market, colonial grown is worth 8a per bushel, but as the now malt comes forward will be lower.

Metals (duty, 10 per cent.); corrugated iron (20s per too); fencing wire (free).—Stocks of corrugated iron are becoming more moderate, but the demand having fallen off considerably during the past month prices remain at our last month’s rates. Gospel Oak and Morewood’s. £23 to £24 10s per ton, for 26 gauge, with a reduction of 20s to 30s per ton for 24 gauge. Fencing wire, overstocked and difficult to move at any price; quotations vary from £ll to £l4 per ton. Sheet zinc meets with moderate sale at £3l to £32 per ton. Sheet lead, £23 10s per ton. Oils (duty, Cd per gallon).—Kerosene oil is in full supply, and meets with fair enquiry ; Is 6d to Is 7d per gallon for dangerous, and Is 9d to 2s 3d for quality above flashing test, according to brand. Oilmen’s Stores (duty, various).-r-Full stocks of every description of articles coming under this head at prices lower than meets the views of tho importer.

Rice (duty per lb).—Fair stocks at last month's rates of £l9 to £2l per ton, with only a moderate demand.

Salt (free). —Fine salt remains at 85s to 90s per ton ; coarse 75s per ton. Spirits (duty 12s per gallon) —Slack trade doing, and confined to tho mere local demands of the retailer. Stocks in bond are out of all character Jto our consumption, especially in brandies, both bulk and case. Hcnnessy's and Martcll’s brandies in case remain at 833 to S4s per dozen, and 9s 3d to 9? Cd per gallon for quarters ; other brands diminishing in quotation in the ratio of their quality and public estimation. Denis Mounie’s and one or two other brands are gradually gaining way in public estimation, and may ultimately dislodge the two favorites, but in the meantime the decision is in favor of Hennessy’s brand. Other spirits are dull, and showno change in prices. Rum owing to large stocks remains at 3s Id to 3s 4d per gallon, according to strength. Whisky meets with moderate sale at 6s 6d to 5s 9d for Irish in quarters, and 17s Cd to 22s per dozen for case; Scotch do, 4s to 5s Cd per gallon, and 15s to 19s per dozen for case, according to brand. Geneva dull, at 12s to 16s 9d per case, according to contents ; Booth's old tom, 14s Cd to ICs per dozen. Sugar (duty, £d per lb).—Quotations, for Australian Refinery Company’s sugars remain unaltered at £47 10s to £42 for No. 1 W ; 1 C. £4O 10s to £4l 10s ; crushed loaf meets with no inquiry and is quoted at £42 to £45 per ton. Prices of sugar in tlio Australian colonies have exhibited a tendency to go down, and buyers have been keeping down their stock in consequence. Tea (duty, 4cl per lb). —Customary trade doing during the month, with lno variation in prices. Best C«mgous remain at Is 2d to Is Hd per lb for cheats and halves, in bond ; boxes, 15s to 22s Cd per box, d.p. Full stocks in bond.

Tobacco (duty, 2s Gdperlb).—Stocks of tobacco in I bond are heavy, and sales to any extent beyond the i ordinary trade wants quite impossible unless at an ’ unusual sacrifice. The monthly sales keep up pretty ■ uniform, judging from the Customs returns of duty paid, but there Is no improvement in either demand or value. Cameron’s Raven and Standard twist is selling at Is 3d to Is sd; Venus Tens, Is 2d to Is 4d per lb. 1 ‘ ’ Cigars (duty, ss). —Cigars are unaltered in value, with a moderate trade doing. Ormond’s Swiss, 35s per 1000; Manilas, 55s to 80s,; Havannahs, £lO to £lO per 1000, in bond. Wines (duty 4s per gall), Sparkling do (duty 6s per gall).—Bull trade during the month, with no sales of any magnitude. COLONIAL PRODUCE.Butter,—Butter in kegs remains at last month’s quotations of lid to 12d per lb for exceptionally prime euro, with no sales to any extent. Bacon and Haras.—Low stocks of Canterbury cured hams and bacon. The few shipments which have reached this market have moved off readily at Od to 9jd per lb. ; , : - Cheese,—Best makes of Canterbury cheese have been selling at 8d per lb. ■ Flour.—Southern flour has remained steady at the low quotations noted in our last report, with no special amount of business doing, everyone being hampered with full stocks. Wo quote best brands of Canterbury and Oamaru mills at £9 to £9 10s, for bakers’ lots. Crain.—Oats have been in fair supply at 2a lOd to 3s per bushel; sales'limitcd to retail wants. Wheat— For fowl feed, 3s to 3s Id : milling do, 4s par bushel. Maize dull at 4s 3d to 4s 0d per bushel. Potatoes have been in fair supply at £5 10s to £5 12s 6d per ton, with active-demand. Timber.—The sawn timber trade appears to have fallen off during the month, and stocks in the various yards are heavier than usual. Pine boards and scantling are quoted at 10s 6d to 11s fid per 100 ft; totara, 14s. Tallow.—Shipping lots are worth, from £22 to £25 per ton for mixed, and £27 to £29 for best mutton. Hides.—Green salted hides are quoted at 3d per lb. Very few offering. Wool.—Season over. A few lots of greasy crossbred wool’have been sold at Cd to-7£d per lb. Mr. George, Thomas reports' produce prices as follows Flour, Adelaide £l4, colonial £9 10s; oats, 3s to 3s 3d, stocks light; bran, lid to Is: wheat; 4s (chick); hams. 9d, very scarce; bacon, Bjd; maize, 4s 9d; pollard, 7s;. potatoes, ss, in demand; butter, lid to Is. BY JELEOBAPB. . AUCKLAND. Thursday Mr. Blnncy quotes Southern flour at £lO to £1010s; Adelaide do, £l4; oats, Ss; wheat, 4s to 4s 3d : Fiji maize, 4s 4d ; oatmeal,. £l7 ; bran, £5 IDs ; pollard, £6; Canterbury potatoes, £5 10s; local do, £6 ; butter, Sd to 9d; hams and bacon, none in market; cheese, Bd. Mr. Buckland reports:—Fodder in full supply at Ss 9d to 6s per cwt; bone dust. £7 per ton ; p tatoes, £4 to £4 2s fid per ton; maize, 3s 9d to 4s 3d; barley, 3s; oats, 3s fid to 4s; damaged wheat. 3s 3d to 3s 3d per bushel; first quality hides 4d per lb. Sharemarket—Bank of New Zealand, £lß'los ; Notional £6s.- Colonial, 435. Insurance.—NewZealand, 63< fid; South British, 50s fid; National. 20s fid; Union, 12s fid; Colonial, 4a fid. Auckland Gas Co, £8; Union Sash and Boor Co, £8 10s ; New Zealand Loan and Mercantile. Agency, 80s. sellers 90s: Alburnia, 255; Moanatairi, 58s; Kurunui Hill, 8s 3d. CHRISTCHURCH, Thursday. ’ Commercial matters in every department are absontely stagnant, and prospects of improvement still Isoem jremote. Sales in the open market are exceed- ‘ ingly difficult to make, influenced in a great measure no doubt by the quantity of goods, both damaged a.nd otherwise,, that have been forced at auction for some time past. The stringency o? the money market, and tho feeling of uncertainty as to the future pervading the community compel traders to confine purchaser to the narrowest limits. Business has been fairly active in the grain market during tho past week. Wheat transactions between farmers and merchants and shippers, r*tes continue to bo reported at 3s 3d to 3s sd, according to quality ; sales between merchants and farmers, 3s 8d to 3s Od, f.n.b. Flour—Nothing fresh ; best brands, £8 ss. Wo cannot report any improvement in oats locally ; indeed tho usual large buyers appear to be out of the market altogether, as they say they can, purchase better elsewhere : quotations aro therefore purely nominal. It Is well for farmers they have sold their barley, as very little disposition has been shown by buyers to operate; best, ss. Potatoes are rather in better re- , quest; farmers have advanced to £3 to £S ss. Exporters appear to purchase as orders come to hand, and not for speculation. Butter is. offered freely at 10d; no buyers over 9d. Cheese unaltered. Hams and bacon —The new euro is now ready, and in small lots is quoted at 8d bare; being an advance of id per lb on last season’s rates.