MAURITIUS COMMERCIAL.

Southland Times, Volume III, Issue 37, 1 February 1864, Page 4

MAURITIUS COMMERCIAL.

The Overland Commercial Gazette of the sth December, gives the latest report of the sugar market in the island of Mauritius : — ' After the departure of the mail last month, a certain extent of business was done on the footing of Sdol. for No. 12; but when the time approached for the arrival of tho mail, buyers and sellers showed less desire to operate. The intelligence brought by the mail of a considerable rise in tho European markets, and telegraphic news, eight days later, announcing a further augmentation, led to active operations, which began at a rise of 75c*., and gradually increased to Idol. 2-k., placing No. 12 at 6dol. 25c. At present there is a calm in the market, which must be attributed to the occupation of buyers at their corrcspondancc for the mail. The quantity of tonnage available, the scarcity of suitable su^ar for European markets, and the favorable rate ef exchange will tend to sustain the market, aud we look for no reduction. About 80,000 bags have been sold since the arrival of the mail, principally for the English market. The above transactions have been confined to sugars not exceeding in quality No. 14. Sugars above this typo find no sale, owing to the higher rate of duty exacted ou them in Europe; the consequence is", that we have nearly 100,0u0 bags of superior quality vacuum sugar unsaleable at anything like its" proportionate value. The offers made for the finest vacuum sugar do not exceed Gdol. '10c, and this state of tilings will contiuuo until a demand springs up for Bombay and Australia, and purchasers for those markets arc disposed to support the consequences of the altered position of the article in the Europe markets. Exchange aud Money Market. — Rates havo eon- ! tinued to decline. When the mail last M't, par i was tho ruling rates of the banks; they now ) ask from one and a half to throe per coin. I premium for their bills at ninety days, each bank having a different rate. Even private bills on England and .France cannot dow be obtained at less than one to one and a half pen cent, premium, I — previously, negotiations were at par. With tho sudden increase in the value ot our exportable i production, we should not be Surprised to see j some reaction in the above rates. , i ■ i