COMMERCIAL.

Temuka Leader, Issue 2851, 6 August 1895, Page 4

COMMERCIAL.

TIMARU MARKETS. The grain market continues quiet. Oats j have receded in price from Id to 2d per bushel since our last report. Quotations are as follow : Milling wheat, 3s 5d to 3s 9d; fowls' wheat, 3s to 3s od. Oats are saleable at from Is 8d for danish, to la 9d for Canadian, f.o.b. Flour in sacks £9, bran 70s, pollard 80s per ton. The Canterbury Farmers' Co-operative Association, Limited (per Mr J. Mundeil, auctioneer), report on the horse market at Tattersall's yards, on Saturday : —Our entries comprised 59 horses, cews, implements, harness, etc. The demaud continues good for young farm horses, but weedy and aged stock is hard to sell at any price. On account of Mr Landels, Oamaru, we sold 6 really good young draughts.at prices ranging from £l6 10s to £2O. A large proportion of our general entry was sold at the following quotations: Draughts, young, with trial, £l4, £ls 10s, £l6 10s, £lB, £L9 10s, to £2O ; do. light aud weedy, £5 10s, £7 15s, to £9 ; aged harness sorts, £l3 to £l4 ; hackneys, £5 10s to £7. Cows, demaud poor; no sales to report. Drays, harness, etc, at satisfactory prices. AUSTRALIAN MARKETS. Sydney, July 3i. Wheat, chick, 3s 3d ; milling, nominal. Flour, roller-made, £8 5s to £8 10s. Oats, prime feed, 2s 3d ; seeding, 2s 4d to 2s od. Maize, 2s 6d. Barley, Cape, 2s 3d. Bran, quiet, Bj-d ; pollard, quiet, 8 ; j;d. Peas, Prussian blue, prime, 3s 3d. Potatoes, Circular Head, £2 5s to £2 7s 6d. Onions, £3 15s. Butter, dairy-made, lid to Is ; factorymade, Is to Is 2d. Cheese, prime, 4£d to sd. Bacon, best cured, 4d to 4jd. No payment is required to be made to the Cable Company under the guarantee for reduction of the cable rates to England owing to the increase iu receipts. At a meeting of representatives of farm aud i-airy produce companies on the south coast it waß decided to amalgamate, and establish a central depot for the control, sale, and export of produce. It was stated that the output of butter iu New South Wales was 2G,000,0001b yearly. The meat market shows a distinctly hardening tendency, and prices are advancing. Best muttou shows a rise of from 2s to 3s on last month's quotations.

In the course of an iuterview carcase butchers stated that really good sheep and cattle aro hard to procure. There is too much likelihood of a greater scarcity. The drought, which is becoming very severe in the grazing districts, continu *s. The graziers rushed their surplus stock into the market in fear of the drought, aud there is now a shortage The large and growing export of live and frozen meat combined must, it is considered, lead to a considerable rise before long. Graziers are also beginning to look for improved prices. Melbourne, July 31. Wheat, quiet, 2s lid. Flour, roller-made, £7 12a 6d. Oats, algerian, la 2d to is 4|d ; stout white, Is Bd.

Maizj, 2s Id to 2s 2d. Barley, Cape, quiet, Is 6d to Is Bd. Potatoes, £l2s Cd. The Victorian Insurauce Company have declared a dividend of 2s 6d per share, and carried forward £II,OOO. The .Age says that the expectation that the price of wheat in the world's market will continue to improve is inducing Victorian farmers to increase the area for cropping, and this year there is considerably more sowiug. Aug. 1. Tho Union Flour Milling Company, at Horsham haß suspended payment. About sixty farmers whose wheat was stored are involved to tho extent of £4600. The failure is said to bo the result of overselling, and having to re-purchase stock in rising markets. At a meeting of the Bankers' Institute Mr Nash, a prominent banking authority, read a paper iu favour of combination among the banks, for establishing a mutual reserve. Under tho present system of each depending on itself they had kept uuuecesarily large reserves and a disproportionate amount of coin, which made business inelastic and unprofitable. He advocated working together to establish a general reserve, upon which all could draw in case of need. They could then issue a uniform uote with an official recognised basis. The reserve would not reduce the banks' apparout holding of cash, but enable a substantial portion now bringing in nothing to yield a profit. Melbourne, August 2.

A meeting of the creditors and shareholders of the Standard Bank of Australia adopted a scheme of compromise, fixing tho interest at 2£ per cent, with a provision that for the difference between tho rato fixed at the time of reconstruction and the new rato, deposit receipts not bearing iuterost shall bo issued, payable in August 1903. It was also decided that no dividend shall be declared until the deferred interest is paid. Tho depositors were iu favour of the proposals, though the directors opposed them. -Aug- 3The Government are advised by the Agent-General that no tenders wero received iu Loudon for tho now frozen produce export contrasts, nor liavo any been received in Melbourne. ApELAiDE, July 31.

Wheat, 2s lid. Flour, roller-made, £7 5s to £7 10s. Bran, B£d ; pollard, 8R During tho past half year tho colony's export of cereals, chiefly wheat, decreased by 1,197,000 bushels compared witli last year.. The flour export increased by 900 tons. New Zealand took 38,000 bushels of wli,.- ; t ;uid 240 tons of flour, showing a large increase. Tho total exp.irt of wheat was 2,560,000 bushels, aud of lionr 28,500 tons. Tho aggregate valuo,' £466,000 shows a dj;,;re;;so of £253,000, com pared with 1894. "'

MONETARY AND COMMERCIAI . London, August 1. Th? Gulf of Siam's horses and citllo died from conM'Ostjon of tho lnngs ; caused by intenso c >ld during tho M'sl fortnight, Tho best horses died A cirgo of Adelaido wheat, ex Cambrian Hills, sold for2-t3'iJd. Fifty thousand pounds of capital of tho lJatiiVi>j (ipi'lvuiiing Company havo been subscribedUnder Goldsbrougb, Mori and Company's scheme, tho debentures are to be ilivfdod cj»,tlly—-£1,000,000 at 4. percent, and £1,200,000 at pi-r cent, irredeemable. If shareholders piy £'& each share iiioy extinguish future liability and obtain preference shares, and it also permits shareholders to convert any portion into pmforonri' sliin-H. It proposes in tho o,.;i;t "f any shareholders being unable to pay the balance of the dd call to permit an extousion of time for 'rnymout foi live I ye.iis. ,

The weekly returns of the Bank of England show the total reserve to be £28,102,000, and proportion of reserve to liabilities 57.7 G. Three months' bills are discounted at § per cent. Consols, 107. New South Wales 4 per cents 115 J » j» » 3J „ „ 107 i Victorian ... 4 „ „ 105 ... 3$ „ „ 100* South Australian 4 „ „ 110£ » u 3} „ „ 100 Queensland ... 4 „ „ 110 ... 31 „ „ 101 J New Zealand ... 4 „ „ 111 J ... 3* „ „ 105 Tasmanian ... 3£ „ „ 104 J West. Australian 4 „ „ 120 The underwriters have agreed to insure live cattle for ten guiueas. New Zealand long-berried wheat, ex warehouse, is quiet, 26s 6d; Victorian ditto, 275; South Australian ditto, flat, 275. For an Australian off coast cargo, sellers ask 25a 3d; buyers offer 6d less. New Zealand hemp is quiet, and the piice is unchanged. New Zealand frozen mutton, first quality, 3|d per lb ; second quality, 3jd; lamb, 4Jd. Peas, 25s 9d. At the wool sales, Bradford is very firm with an upward teudeucy. Aug. 2. Ten of the Gulf of Siam's cattle were sold at to sid. Experts say the horses were soft aud unable to endure the heat of the tropics. They are pleased with the quality of the cattle. Aug. 4. The prospectus of the Tai Tapu Goldminiug Company, of New Zealand, has been issued. The capital is £175,000, and shares amounting to £125,000 were offered to the public ; aud this sum has been subscribed.

The steamer Echuca, from Adelaide, Melbourne, and Sydney, has arrived at Suez with eight head of cattle alive. Owing to the heat the others died, while some refused to eat. The Bheep have carried well.