FINANCE AND TRADE.

Wairarapa Daily Times, Volume XVI, Issue 5042, 4 June 1895, Page 3

FINANCE AND TRADE.

(Socially compiled (or tin' Walrmpa Daily Times), " STRUCK 0M,." Plymouth is in costaoies, and fltt might it be so, foritlins" struck on," after years of experimenting aud failure aftor failure with the attendant losses, -the oil has been tapped, Tho prospects of the district assume a rosy color, for if the petroleum turns out half as favourably as predicted, wo shall see New Plymouth grow "oil kings " instead of" knmikums." There is money in it, and those who have struggled on in tho teeth of almost overpowering adversities, mid dismal failures, have always believed iu it, and it is therefore pleasnvable to note that at last they are to be rewarded. So favourably impressed is Mr Fair, the oil expert, that he believes Taraiiaki will develop into tho best oil field he Jins ever seen. There may or may ▼not be anything in this statement us so much depends upon what other oil fields Mr Fair has seen. If he has soon a few " duffers" then there is napiueh in his statement, on the otfler hand if he has had a worldwide experience, the comparison is tolerably good for Taraiiaki. Furthermore, Mr Fair's opinion must be accepted as tho prelude to floating a company, aud as such it is excellent. However, it is to be hoped the Taraiiaki people will not allow the same percentage of water to dilute the stock of the proposed company as is to be found in the crude oil,

CIIKAI' UdllTlXfi. Some time ago it was necessary to record an advance in the price of kerosene, caused by an upward movement iu America, Vm years past kerosene has been ruling low, due mainly (o the policy adopted by the Standard Oil Company of America, which kept on reducing i lie prflkso as to drive outside jimin tho States out of the market. This policy was reversed owing to the sudden diminution of the yields in the oil wells, so that prices are not likely (o touch the low level hitherto prevailing, unless some new runs of oil are discovered. If Tnranaki develops into one of the best oil-fields, and booms according to expectation, then we may hope to have cheap lighting.

KISK IX WHEAT. There is still an advancing tendency about wheat, there is no tendency at all with Hour, for it has advanced with a couple of good strides and looks strong enough to take another step. Millers arc j'ubilant,more particularly those who have earned over heavy stocks of wheat. The bakers have joined iu the boom chorus and bread is " riz." and we must pay more for the " staff of life." How very quickly milleisami bakers raise the prices when the conditions warrant an advance, and howyery dilatory these same people areflUen they have to " climb down," butTuis pei haps is human nature. The present advance in the price of wheat is fully warranted and is not confined to Now Zealand, although locally it must be confessed tho advance is mora pronounced than elsewhere. This is due to the fact that the colony has not grown sullicient wheat for its own requirements and will this year have to import about half a million bushels to satisfy its needs. Iu most wheat growing countries the area under crop is considerably less than last year, while in some countries the crop has been damaged through bad weather. This year's crop will of a certainty be barely sufficient to meet the demand and it is for this reason that wheat, flour, and bread are advancing in price.

hk Nathan's schk.mf:. Mr D. J. Nathan is proving liisl eai'ffltt.ness to do something to imp™e the frozen meat trade, and in furtherance of the scheme propounded by him, lie lias during the past week addressed meetings at Woodville and Wauganui. Needless k to say that he was cordially received at both meetings and heartily thanked. It is an up-hill game that Mr Nathan is playing, and the way he sticks to it is most surprising. We shall, however, see nothing done until the promised conference of delegates from agricultural and » pastoral associations, farmers'clubs and meat companies is held, in the meantime Mr Nathan is doing good work in meeting the farmers at the various centres, and explaining to them the details of his scheme.

Al THE OTIIEII EXD. •» In England those interested in the frozen meat trade are considering ways and means of livening the busings. At the meeting at the Colfiffll Institute, London, Mr Hotson, of Victoria, read a paper on the Colonial produce trade, and strongly advocated the decentralisation of the - frozen meattrade. The bulk of the frozen meat now goes to London,and from there finds its way into the provinces to get direct to the provinces, more particularly to secure tho Manchester trade is the aim of tho Colonial representatives at Home. This must come sooner or > later, and Manchester itself will offer the inducements. Storage accommodation is already provided, and a line of meat-carrying steamers is all that is needed to give to Manchester a large slice of the trade.

COXIIXEXTAIi MAIIKKTS, ■i. Tho hopes entertained with regard to the continental markets have been crushed, and the opinion is expressed by Mr Nelson that the Continental Countries bad determined never to admit Australian meat; this appears to be confirmed, judgJßg by the report of the British Covm at Caen, in Franco, who says 'that Hew Zealand frozen mutton could easily compete, after paying duty, with the local meat, but a clause in an Act, making it obligatory to import only carcases with viscsra adhering, effectually shuts tho door.

STOCK COXVKRSIOX. Mr Ward has found it convenient . to postpone, for six months, his proW posal to convert New Zealand stocks. Flushed with the excitement of laying successfully floated a 3 per cent. loan. Mr Ward was prepared to ■work wonders, and his conversion v scheme was one of the wonders, but 1 after a few dinners with City men, and time to consider tho subject, he Las seen the desirability of postponing the venture; postponement in effect, means abandoning the scheme altogether, and it is therefore not surprising to learn, that the j Governor of the Bank of England, Mr A, G. Sandeman, bears public testimony to Mr Ward's financial ability. jL STOCK'S. Bmisli 2f per cent consols (Gos chen's) have experienced a furthor , advance of 5s during tho week, and are now quoted at 106}. Colonial stocks, which last week almost lifeless, have taken a/i

him, and havo boon in active demand, All tho movemonfs of the week, have been of an upward diameter, In the 4 per cent, stocks, Queenslands stand out prominently, having advanced 20s, and now rango alongside New Zealand fours in public estimation. Tho table of comparison is as follows :

surra axp chek.sk. Danish butter has fallen 5s per cwt., and although Australian stocks are steady at the moment, still we may expect a decline in sympathy with the Danish downward movement. The absence of supplies from Victoria may relievo us a little, and allow present quotations to continue. The cheese market is glutted and business is flat; 40s being the present quotation for New Zealand makes. The concessions made by the Railway Department in the carriage of milk to cheese ar.d butter factories will bo thoroughly appreciated as it was much needed. Percy Pkm.yx.

May May Move23 30 went, New Zealand 1020 1105 111 Eise 10s N.S. Wales l!i;l;l 115-J •11(1 liise 5s Victoria 1020 10(5 106} Disc 5s S. Australia Willi 109 100 — Queensland 1021 110 111 Rise 20s W. Australia lOlH 118 118 - In tho 3j per com t. stocks. Victoriiins, QucenslandsandTasmanians advanced 10s each, and New Zealamls and New South Wales us each ; the others show no variation :— May May Move23 30 ment. New Zealand 1910 101 1014 Itise 5s N.S.Wales 1021 103 105} liise os Victoria 102;) 101 1015 liise 10s S. Australia 1030 101 101" _ (Queensland 1021 102 102} Rise. 10s Tasmania 1010 101. 1011 Rise ]0s