FINANCE AND TRADE.

Wairarapa Daily Times, Volume XVI, Issue 5185, 19 November 1895, Page 3

FINANCE AND TRADE.

SjtcclaUy compUeii tor the 1 Walrmpa Dally Times.' 1.1 YE STOCK TRADE, For tho past twolvo months shipments of livo stock liuvo left tlio Australian colonics for England ivitli varying success, and the trade has notyot passed the experimental stage. Trial shipments will be, no doubt, continued, but there is not much hope ofsuecess, untilspecial steamers arc provided, and the hundred and; one details necessary for success receive attention. Most of the live stock shipments are from one or the other of the Australian ports, New Zealand contributing very littlo towards the experiment, This Colony, however, developed the frozen meat trade, and is now experimenting with chilled-beef. It is to the latter that we mast look rather than to the transportation of live cattle, for speedy success. The experiments that have been already made, though consisting of two sliipments,only give promise of ultimate success, and the development of the chilled beef trade will ulYord a fresh oatlet for oar farmers.

TRADE WITH MAXCIIKSTER. The Gulf of Sinm, the first of tho direct steamers to Manchester, left Sydney last week with 22,000 carcases of mutton and a quantity of general produce. Ever since Manchester possessed the Canal, she has been endeavouring to open up direct communication with the Colonies, and her perseverance is at last rewarded. The gain will he mutual, for Manchester bids fair to become the distributing centre for a verv large population. New Zealand should have a nut in at this trade, and possibly one or oilier or both the Shipping Companies may see tit to despatch cargo boats to Manchester. I'AI.GKTT AX!> CO., 1,11). The Chairman of this company, Mr H. T. Doxat, at the annual meeting of shareholders held out strong hopes of improvement in business, and thought the shrinkage had been arrested. This statement is worth noting as the business of this Company is almost exclusively with Australasia, and the Chairman's remarks apply to the Colonies. The strow hopes of improvement in business mean that belter prices will rule for Colonial produce, for without this there can be no improvement with us. Fortunately (lie indications aie for an improvement, but it will lie Some time before wu feel the change.

COLONIAL WOOL SALM. Tho wool salesat Sydney and Melbourne this season Imve been very successful. In Sydney, 96 per cent, of the total amount offered has been sold, us compared with <8 per cent, lust year. Both at Sydney and Melbourne the competition at the sales was good. At latest advices American buyers were operating freely at the Sydney sales. In Melbourne the sensational price of I2fd has been obtained for some merino wool of very line quality. The price is an extremely good one as compared with the ruling prices of lust year. The wool sales in Australia will be reflected at our local sales, and 1 expect to see keen competition and good prices at the Wellington sales which open on the 6th December.

LOAN AX'li MMCAS'I'IIX. The New Zealand Loan and Mercantile Agency Company has received the consent of the prior-lien deben-ture-holders for a further issue of £400,000 4 per cent prior-lien debcntuies. The new issue is for the purpose of redeeming the liabilities of the New Zealand Land Association (formerly the Waikuto Land Association). The debenture issue of the Land Association stands at about £'2iKl,B!)4 so that the now issue by the Loan and Mercantile will be more than sullicicnt for the purpose. Some time ago (here was a pioposal that the capital of the Land Association should be increased with a view of making further purchases of laud, This intention will probably now be carried out.

THK IHTUIt MAKKKT. Butter is troubled with a dull market and is slow of sale. Three weeks ago great hopes were entertained of good prices ruling until the end of the year, and the price did go up for a few days when Danish was quoted at 134s and Colonial at 120s. We have got back to the old prices, and the prospects are by no means good. The tendency will be downwards as the shipments increase.

JIOXEV. The price of money is gradually advancing, which is indeed a very healthy sign. The plethora of money with a scarcity of investments has been a source of trouble to bankers and financiers, and it is therefore pleasant lo note a change in the money market. Thrcemonths' hills are discounted at lj per cent, which is veiy much better than the ruinous rate of j( per cent. The better demand for money means that business is reviving, that there are more outlets for the profitable employment of capital, ami those obliged to borrow are well able to pay it better rate of interest.

STOCKS. British 2f per cent, consols have advanced 10s, and are now quoted at 106j. Early last week consols receded to about 1051, owing to tho political crisis in Turkey, but appear to have quickly recovered tho depression. In Colonial Government 4 per cent. Stocks there is a general lowering of prices, New Zealand's have receded 355, but as the interest was due and payable on the Ist inst., the quotation is evidently ex interest, and as such is equivalent lo an advance of as upon tlio previous week's figures. New South Wales 4's have dropped to the extent of 30s, which is rather a serious fall; possibly a mistake has been made in transmission. The table of comparison is as follows:

Nov. Nov. Move7th. llth, went, New Zealand 1(12!) ... 11l 1091* Fall 35s N.S. Wales 1933 ... 117? Mil Fall 30s Victoria 1920 .. 1011? 1011 lallliis H.Australia 1930 .. 111? 11l Failles Queensland 1921 ... lllj 111 Fall 10s W. Australia 1931 ... 123 123 'Ex-intcrest, In the 3| per cents. SourJi Ans-| tralian and Tasraanian stocks are the only ones that show no variation, all tho others have fallen. In the case of Victoria, as mentioned last week, the quotation given was a palpable error, and is proved by the figures of this week. The prices are given as recorded by the cable messages, and Victorias have receded 85s this week, while last week they exhibited an advance of 755. Tho comparison is as under:— Nov, Nov. Move7tb. llth. ment, Now Zealand 1910 ... 195 101 Fall 20s N.S, Wales 1921 ... 105J 105 Fall 15s' Victoria 1923 .. 107 1023 Fall 85s S, Australia 1930 ... 198 108 Queensland 1921 ... 105 101 Fall 20a Tasmania 1910 „. 100 106 PMoir Penim,