FINANCE AND TRADE

Wairarapa Daily Times, Volume XVI, Issue 5197, 3 December 1895, Page 3

FINANCE AND TRADE

Si'wwlly compiled (or the' Wainrajn Daily Times. XHE WOOI. SALES. The sixth of the series of Loudon wool sales, opened on Tuesday last, and, as was anticipated, there was a decline of from sto per cent. The total quantity ot wool available for the sale, was 190,000 bales; 20,000 of which were sent direct to the manufacturing districts. In this Mk there is veiy little of the new cup of Australasia, and the best descriptions of what little there is in the market, maintain a level of prices equal to the closing rates of last sales. The attendance of buyers from all parts, is reported; and they are operating freely. Although the opening rate was lower than the

closing rates of last sales, the tendency of the market was for an advance. The opening day saw a very poor selection of wool submitted, and prices were down; on the second day, a better spirit prevailed, and prices were firm, only a four bales out of a total of 5500 ■> offered, being withdrawn. Judging by the lone of the market, just now, the prospect for the next sale is good, and the Australasian clip of 1895 will probably bring in higher prices than hare been rul i ng for some time past, COLONIAL SALES. The drop in the London sales has not affected tho 'Sydney and Melbourne markets. Prices appear to have been well maintained; and in «luoy the competition is keener; a ico line of scoured wool, made record price of Is 3d per lb, The Wellington sales open on Friday, .the Gth instant, and some good < catalogues are promised. A line attendance of buyers is expected, and thero is every hope of Sydney and Melbourne prices being main-

THE SHORTAGE IX WIIEAT. If any of our big grain merchants fostered hopes of "cornering" tlio wheat market, owing to (lie reported shortage of tlic harvest, the importations from California, have knocked the hopes out. It turns out that the South Australian estimates are not quite so had as was first stated; and it is now reckoned that that Colony ivill have 80,000 tons available for pxport; added to this, supplies to tlio extent of about iO,(XK) tons from j California aro now afloat for the Sydnoy market. Tlio imported ; ' article >yill govern the prise of the locally grown wheat; and, as supplies are obtainable from America . and India, there is not much chance ( p£ rigging the market. Dear bread must be faced by the Colonists, next ft; but if wool keeps up and ( our is plentiful, no one will mind tho extra cost, . HUIIOS IX jiaxouesteii. Pirect trado with Manchester, is now an accomplished fact, and to mark the event, Messrs Weddell, tlio well-known frozen meat dealers, have been banquetted. According I to Mr W. Weddell, the frozen meat trade of Australia will overshadow tho New Zealand trade, and there is every indication of that being so. Victoria, ever since the collapse of the boom, lias turned its attention to ► tho produce trade, as the only royal road to recovery. The Victorian Government has dono everything possible, to foster the export produce trade, which is now helping that Colony out of tho mire. New Zealand lags behind, receiving no sympathy from its CJoveriinient. This perhaps is not quite correct, for two members of tho Ministry have bejippie Directors of the Colonial Disbtojing Company, which promises ». tow) much for tho producers, but > will in reality do nothing. It is a matter of opinion, whether a power':j'X. fnl Company like this, does not do ;. . .. more harm than good, by monopolising the trade, arid preventing progress that would tend to (nake inir 'producers independent of such v. - it- concern as tlie Colonial' Distribut- . nig Company. Cannot Now Zealand btandj in for the trade with

ilanchostor ? If it can, why are steps not taken in tho direction desired. Wo can learn a good deal from Victoria, and it is a pity our Government does not study tlio Victorian method of helping the producer. ANOTHER IiECONSTHUCTED HANK. The English, Scottish, and Australian Bank, proposes another reconstruction. Tho Bank succumbed during tlio crisis and suspended payment on April I2tb, 1898, Heconstruction followed immediately and business was resumed Angust 21st, 1808. At the time of tho suspension there was a sum of £4,630,000 due on teiminal deposits, and current accounts. In the re-construction tho creditors received one-fourth of their claims in 4 per cent debenture stock, onefourth in 4 per cent terminable deposit receipts, and the balanco in 4; per cent inscribed stock. The terminable deposit receipts amount, to £043,262, and tlio Bank now proposes to release two-fifths of this amount at once and convert the balance info debenture stock. It also proposes tosplitintotwoclasse.sthc4| percent inscribed stock, amounting to £2,055,014, one part carrying a fixed 3 per cent, interest, and the other part 3 per cent conditionally on it being earned The proposed reconstruction is practically an admission Unit the burden nf interest is too heavy. Tho proposed modification will, no doubt, meet with tho approval of the creditors, as the Bank is in a fairly healthy condition.

MOXEV. Although the London rates show an easier money market, still the rale is belter tlmn it lias been any time during the first nine months of the year. Last week three months' bills were discounted at 1| percent., gradually falling to 1} per cent. Locally there is plenty of money available for investment, and good securities arc in demand by those wanting tn lend money. From 5 to Gi per ceut. appears to be the ruling rate. STOCKS.

British 2j per cent, consols have advauced 20s, and are now quoted at 107. All Colonial Government Stocks show a marked improvement. The only feature worth noting is the relative position held by New Zealand as compared with the other Colonies. In January, Now Zealand [4's stood second on the list, New South Wales being '2 points in advance; now New Zealand 4's are the lowest quoted of the Colonial i per cents. In the 3j per cents, wo stand just a shade better than Victoria, but behind all the others, whereas in January last we stood second highest, The London market scents fresh loans, proposals for which will be submitted to Parliament next session, and the prico of our stocks is depressed in consequence. Furthermore, our commitments on account of the Bank of New Zealand, have no doubt operated adversely, The latest quotations for the 4 per cent, stocks are as follows:

New Zealand 102!) N.S, Wales 1933 Victoria 1920 S, Australia 103+i Queensland 1921 W, Australia 1031 Nov. Nov, Move' 21st. 25th, ment. ... 10SJ 10!U Rise 20s ... 114} 115} Rise 20a .. 109 109} IiisclM ... 109} 110| Kise .. 110 111 Kise 203 ... 123 123} Rise 10i oi u; 'Ell CENT, New Zealand 1910 N.S, Wales 1921 Victoria 1923 S. Australia 1930 Queensland 1921 Tasmania 1910 Nov, Nov, Move21st. 2Stli. ment, .. 102 103} Rise 30s ... lOlj 105 Rise os .. 101} 103 Rise 10s .. 107 Rise 10s ... 101 101} Rise 10» ... 105' lOii Rise 20s PEIICY PEXLYK