FINANCE AND TRADE.

Wairarapa Daily Times, Volume XVI, Issue 4967, 5 March 1895, Page 3

FINANCE AND TRADE.

[Specially compiled for the Waihaiui'A Daiu Times.] MONEY. The tone of the various colonial stock exchanges gives indication that the frigid attitude of the investor is thawing under the weight of a bundance of money. Shares and investment stocks are in irood demand and business generally so far as this class of business is concerned is of a promising character, in this colony also more activity is shown, and brokers' reports arc of the most healthy character. Loan money continues plentiful at cheap rates for first-class securities. Tho returns of the Jlank of England for the past week show the reserve to stand at £34,392,000 as compared with £28,674,000 for the previous week, being an increase of £4,718,000, making the increase

since tho beginning of the year total £9,742,000. The reserve for the corresponding date of last, year was £22,522,000. Tho following is a comparison of the leading items of the Bank of England with the corresponding date of last year Feb, IJ, Fti). 14, MovelS'JJ. nicnt, X ,C ( ,c Cuin and Bullion Notes in Circulation f>t'2,UK) (IccrtMa Public Deposits !>,060,000 »0.000 lit!, 000 Other Deposits .. '27,8:1!),000 (tovoriitu't Securities r>,i7d,ooo ;US'V<JO

limra.c Other Securities .. *23,012,000 17,1152,000 j^tM^OO lte?ervi! .. .. 21,2tf5,000 £1,113,000 7,830,000 I'riijx'rtion of' Reserve percent, per coin. per vent, to Liabilities.. .. 50 70\*i0 111Itouk District Kate - The open market rate for three months' bills has advanced an eighth for the week and is now quoted at 1| per cent. The market continues active and a further advance is therefore not improbable. The tone of the market is suggestive when viewed by the light of the favourable Bank of England returns, and indicates that there is danger ahead.

lIOVERXMBXT STOCK'S. Ilritish 2f per cent, consols (Gosdien's) quoted 104f show an advance for the week, of ss. In Colonial Governments 4 per cent, stocks, five out of the six denominations show an advance. The table of comparison is as follows: -

Feb. Feb. Move. 21. 28. incut. i\. Zealand 1929 10S1 109 HisclOs. N.S. Wales 1933 109} 110 UisclSs. Victoria, 1920 103? 104 liisc ss. S. Australia 193G107' 108 HisolOs. Queensland, 1921 lOlii 107 ItisolOs. W. Australial93-tll2 112

In the 3; per cent, stocks, there is an all round adyauce, Victoria and Tasmania showing especial activity. The following table shows the movement for the week

Feb. Feb. Move--21. 28. ment. New Zealand 1910 101 J- 101.', rise 10s jS t .S. Wales 192-1 1031 I(WJ rise 5s Victoria 192:1 97f 9SJ rise 20s S. Australia 1930 102 1021 rise 10s Queensland 1112-1 Wy 100 rise os Tasmania 19-10 99 100 rise 20s WHEAT.

The wheat market exhibits a firmer tone. New Zealand longberried wheat a warehouse, quoted at 25s 3d, is 3d better than previous quotation, South Australian is firm at 26s 6d, and Victorian at 275, nominal.

Tiie total quantity of wheat and flour afloat for the United Kingdom, h .'1,450,000 quarters, as compared with 3,330,000 quarters a fortnight ago, while the quantity ntloat for the Continent, amounts to 830,000 quarters, as against 780,000 quarteis. The American wheat supply is estimated at 103,100,000 bushels, as against 105,300,000, the estimate of two "weeks ago, and 180,819,000 bushels, the estimats a month ago. The Yankees are losing their bold of the wheat market, and last year receded to second position as exporters. The Mler supplies the following figures, showing the quantities exported by the seven great shippers of wheat and Hour, during 1891:-

QUARTEHS. 1 liussia ... 15,520,001) wheat only 2 United States 14,212,000 wheat & (lour 'i Argentine... 5,872,003 wheat only -I India ... 1,858,0(0 wheat only •5 Australasia 1,482,000 wheat & Hour ■II Chili ... GOO,OOO wheat only ,7 Central Europe, Germany, Austria & Hungary 500,000 wheat & flour Total, '10,07.1,000 FROZEN MEAT. The outlook for frozon meat is gloomy,the marketis very depressed, and a further fall in prices has to be recorded,as the following will show: Avct«s<! lit quality 2nd quality quality Finest muilon. mutton, lamb. lamb, Jan. 31, 3|d - 5d Old Feb, 7, 3-jd 3d 5d 6Jd Feb. 14, 3?d 2-Jd od Old Fob. 21, 3;d 2s'd 5d Hid Feb. 28. 3jd 2-? d <IM G.ld From the above itwill be seen that first and second quality mutton declined }d per lb. during February, while average quality lamb dropped Id per lb. during the last week. AI further fall in the price of freezing sheep seems under thecircumstances inevitable.

BUTTER. Colonial butter is selling at lOd to 10} d per lb., while large quanti- j ties of old stored buttor are being ' cleared at low prices for the Easter . trade. Clearing away "carried A over" stocksshould make an impres- ' y sion on the market, but those who look for any marked rise will be disappointed, The Argentine Republic is entering into the competition, and a trial shipment lias already been made, With the Danes ■determined upon a cut throat competition, and with Canada and the Argentine expanding themselves for a cut in at the business,the prospects { of Colonial butter are by no means rosy. Quality, however, will always command best market prices, and it is in this direction that we must look lo keep a firm hold of the trade, woon. Bradford tops are firm and show an upward tendency." This is perhaps the sole solace wo have in the whole of the commercial cables of the week.- Tops have an important bearing on the market, and for several weeks past Bradford lops have had a lifeless market. Writing -jL of tops manufacturers, the London »correspondent of the Age says: *' These big establishments the " creations of the past decade or so " —with the newest machinery for " turning wool into tops, noils and "yarns with the utmost possible . "rapidity aro veritable godsends to . the wool-growers in dull times, as ' "do what they may to reduce their ■ "output, the assistance they'render "in consuming the raw material ib "'of immense value to a congested "markot. There is no doubt but: "that botli spinners andmairafac- <' tuim have of late been giving the

"owners of tops a tremendous " squeeze, and made them in some "instances accept wrotchedly low "prices, mucli below the relative "valne of the raw wool, It may " seem incredible to your growors of " merino wool, but they may take it " as a fact from me that somo of the "cheapest wool purchased this "scries, has proved to have cost " whoil tested for combing into tops " id to fd per lb over the price it " ought to have been obtained for to " enable the purchaser to come out on tlic right side—that is just to get his own money back." If, therefore, the market for tops has an upward tendency the price of the raw material must advance. Another feature which appeals to have given lone to the wool market is tho in ■ erased demand from the United States. The exports of wool manufacturers and yarns from the United Kingdom to the United States had fallen olf enormously, being onlv £l,GOO,ooocompared with £4.800,000 i in both 18S0 and 1890, and .£3,500,000 in 1892 and £2,000,000 in 1803, An improvement set in last October, and the figures for the last quarter of 1594 were £493,'2115, showing an improvement of oO per cent, as compared with the corresponding period of 189,'1, when the figures were

£246,81)4. The improvement has doubtless been maintained during the past two months and has enlivened the market. The next series of sales will prove interesting. I'eilCV PLUY.V.