Commercial.

Poverty Bay Standard, Volume X, Issue 1069, 4 May 1882, Page 2

Commercial.

We clip the following from the New Zealand J»an and Mercantile Agency Company’s Circular of the 10th March :— PRODUCE MARKETS. Wool. —The first series of sales for the current year opened on the 28th ultimo, with available arrivals amounting to 283,838 bales. This quantity was supplemented by later iin- | portations, until on the 3rd inst. the limit affixed by the Committee of Importers was I reached. The firm position of the opening sale has in subsequent auctions been confirmed. While we are unable to quote a distinct rise in any class of 001, we may say that the tendency of the market generally is towaids hardening Values, and that fine crose-brede and good merinos—together with Lambs \\ 00l free from fault —have been freely taken by buyers at full prices. Purchases of cross-breds have been made for American account, and have to some extent assisted in strengthening the tone of the market. The considerable j wants of consumers for their current trade, a moderate sale of values, and the prospects of a limited supply for the season, have had a sensible effect upon the demand from all quarters New Zealand Oats are steady at the advance last noted. Fine parcels of Barley are taken at late rates, but the dull state of the Malt trade is against any healthy demand for ordinary descriptions. Tallow. —For the two public sales held during the fortnight 1,308 casks of Australian and New Zealand were catalogued, but only 546 passed the hammer. The market occupies a somewhat peculiar position, for although stocks in first hands are exceptionally low, the demand has been very limited, and but little business has been done. Consumers have apparently determined to hold off the market as long as possible, anti still only purchase to supply immediate requirements. Values accordingly receded at both sales, and may now be called 3s per cwt. lower for Mutton and 2s 6d per cwt. lower for Beef than at date of our last circular. The shipments on passage are heavy, recent advices from Australia showing that about 14,000 casks have been shipped during January and February, and a knowledge of this fact naturally tends to lessen competition. MONEY MARKETS. The reduction of the Bank rate at this centre on the 23rd ultimo was accompanied and followed by similar movements on the Continent. On the same day the Bank of France lowered its rate from 5 to 4| per cent., and a week later a further reduction was made to 4 per cent. The Imperial Bank of Germany, likewise, which on the 18th ultimo brought down its rate from 6 to 5 per cent., lowered it on the 3rd instant to 4j per cent. In view of this decline in the value of money on the Continent and the further considerable arrival here of gold from abroad, the Directors of the Bank of England at their weekly court held yesterday made a further reduction in the official minimum to 4 per cent. The discount rates in the outside market have, during the past fortnight, tended towards greater ease, but the supply of loanable capital has been contracted by the ingathering of the taxes, and the demand for short loans has been additionally active in consequence of large repayments to the Bank uf England of advances recently made by that institution. To-day’s rates for three months’ Bank bills is 3| to 3| per cent. Loans for the fortnight, in connection with the Stock Exchange settlement which terminated on the Ist instant, were obtained without difficulty at from 5 to 6 per cent. Day-to-day money on English Government Securities is now quoted at from 3i to 4 per cent. STOCK MARKET. These markets have been distinguished by an absence of speculation during the past fortnight, but a steady investment business has been done, under the influence of which prices generally have been well supported, and in many instances have advanced. Disquieting political rumours have adversely affected some Continental stocks, but these influences have in most ewes been counterbalanced by a termination of the recent financial crisis in France, and the lower rates ruling for money at the chief European centres. Home railways are mostly better in price, notwithstanding some falling off in goods traffic as compared with the corresponding period of last year. Consols during the past two weeks have not been quoted below par, and to-day’s price is 100 J to LOOJ as eompared with 99J to 100 on 23rd ultimo. A general improvement has taken place in Colonial securities, but the volume of business passing is still restricted.