MONETARY AND COMMERCIAL. Daily Southern Cross Office, Thursday Evening.

Daily Southern Cross, Volume XXVI, Issue 4078, 16 September 1870, Page 2

MONETARY AND COMMERCIAL. Daily Southern Cross Office, Thursday Evening.

T3ie ie^ular reports and advices to July Ij, received by this mail, do nob support the newspaper telegrams, dated 10th July, received by the piecediug. The doubts expressed as to their coirectness at the time hive been fully justified, and the conjecture we ha/ai'dcd in explanation, namely, that i icy roi erred, in flax especially, ouly to the higher qualities, appears correct. By this mad v>o ha\e a repetition of the same unceilamty, lendcied more marked by the contradictory character of the telegrams themselves. They are evidently published in good faith, but until compiled more carefully, and by some one acquainted with the New Zealand market, we are obliyed to say that much dependence cannot be placed in them, and that prices here will be influenced chiefly by the regular reports. Of thcbc the latest respecting Flax is dated July 13. Instead of the market bein^ cleared, as stated by tho newspaper telegram of 10th July, we find that " considerable quantities, amounting to 2,343 bales, wero offered on June 29, which met little demand, and nearly the whole was bought in or withdiawn, only about 550 bales being &old, at lower prices tor common, but rather dearer for good qualities : common, partly cleaned, 12/. 10s to 14/. 5s ; medium to fair, half-cleaned, W. to 211; good ditto, 22/. Los to 2J/. Os; good to line, cleaned, 201. 10s to 29/. 10s j tow, 10/. to 12*. 55." Also that, on July 14, 1,326 bales met a ready sale, at full rates for good, but common sorts remain neglected, and only 450 bales found buyers : common, partly cleaned, 13/. 15a. to 14/. 5s ; medium to fair, halfcleaned, m to 21/. 15s; good ditto to cleaned, 22/. 10s. to 26/. Kauri Gum : The same reports indicate a languid market, owing to the large supplies in exceS3 of consumption. Tho rates quoted are 35/. to 45/,, Avheie sales have been effected. A few parcels best scraped sold from 501. to 53/. Wool.— The New Zealand Loan and Mercantile Company's circular of July 19 says : I— " 'Since the publication of our circular for the Marseilles mail, the declaration of war | has caused an almost entire suspension of foreign competition, and produced a condiI tion of things in the wool market very difficult to describe by an uniformly quotable reduction. Prices may, however, be roughly stated at an average decline of 10 to 15 per cent., though to ensure these rates considerable withdrawals have been found necessary. It is possible that this reduction may stimulate to some extent the operations of the Home trade, and perhaps in some slight degree mitigate the severity of the decline. The displacement of consumption and limitation of trade on the Continent consequent upon the war, though it may benefit our own manufacturing industry, will by no means be adequately compensated for as far as its in 1 flueuce on the raw material ia concerned by any probable improvement in the Home demand, or by any special activity in those branches of woollen manufacture specially devoted to military purposes. In view of the present condition of the market the Committee of Merchants have just passed a resolution recommending the curtailment of the series at the earliest practicable moment. No date ha 3 ag yet been definitely fixed for the close, but it is probable it will not extend beyond Saturday, the 23rd instant. The following are the arrivals of New Zealand ships since the present series opened : 'Ceheno,' 1,985 bales; .' Victoria,' 1,906 bales; 'Chi1e,' 2,776 bales ; 'City of Auckland,' 335 bales; 'City ofDunediu' 3,507 baleaj 'PJxilip Nelson,' 1,359 bales;

' Helenslee,' 450 bales; 'Timaru,' 1,518 bales: total, 13,836 bales." The telegrams received since the above are especially contradictory and conclude with, the remark, "Notwithstanding the withdrawal of the Continental, buyers, prices were well maintained." Prom the wording of the telegram, ifc is impossible to say whether the prices referred to are those prior to or subsequent to the decline of 10 to 15 per cent., experienced when the Continental buyers withdrew. Buyers and sellers must therefore be left to draw their own conclusions, in which, as we before observed, they will be largely guided by the consistency or otherwise of the telegrams with the latest authentic reports by each mail. Excepting in bottled beer and British spirits shipments are moderate. It ; is to be hoped that this moderation will mark them for some time to. come. The vessels on the road are the * Countess of Kintore,' from London ; ' Estrella,' from Liverpool ; and ' Frith of Clyde,' from Glasgow. The vessels loading were — at London, ' Pride of the Thames,' ♦ Asterope,' 'City of Auckland, 1 ' Belsizej' and at Liverpool, the ' Santiago.' In the local market the effect of the mail news has been anticipated by the telegrams of August 6, vift Galle, and we have no change to record in the prices of Flax and Guji beyond what we reported on the 10th instant. Gun is being bought at 25/. to 28/. , but buyers arc cautious and not at all anxious to get too much in their hands at these priues. Flax sales are confined to the best qualities. Shippers of this article have been heavy losers by the fall, as it takes about 01. per ton to cover expenses or freight. We fear that, unless producers are] very careful in sending none but the very best descriptions to market, a further fall will be the result. In brandies and rum the rise expected in our last has been established. Quicksilver: Although the market is bare, the ruling rate, 35., has not been sufficient to induce shipments from California. We hear, however, of a parcel expected shortly per 'Estrella,' from London. Kerosixe is also unaffected by general advices, and stands at 3s 6d. The ' Margaret Campbell ' arrived today with a cargo of grain from Oamaru, which wdl, we understand, be offered by auction. Mr. 13. Tonks held an unreserved sale of drapery, &c, at his mart, Queen-street, today. There was a large attendance, but the bidding was dull considering the articles offered. The following is a list of the prices obtained : — Light and dark tweed suits, 30s to 40s ; black suits, 40s ; doeskin tiousers and vests, 16s to 20s ; tweed trousers and vests, ISs to 225 ; tweed coats, 16s to 18s : Crimean shirts, 50s to 60s ; hosiery, 6s to 13-) ; hata and caps, ISs ; blankets, 235 ; flannel pants and shirts, 24s to 42s ; cotton pants and shirts, 20s to 30s ; Scotch twill shirts, 18s,

Melbourne. — A telegram of the 3rd inst. reports :—": — " Sam House and Co., corn merchants, have had a meeting of creditors ; liabilities, 16,000/. The creditors have accepted 10s in the pound. Breadstuff's have declined during the week. Sales of flour by auction have been made at 12?. 103 to 12/. 12s (id. The balance was withdrawn for 13/., but prices subsequently got weaker, and the q notation is now 12/. The outside figure paid for wheat is 3s 7d to 5s 9d. New Zealand wheat sold at 5s Grl, and barley at 4a, but these prices will hardly now be maintained. Oats and maize have also declined. Adelaide prices keep up, and wheat is quoted at 5a 4d to os Gd. Hennessy's braudy sold at 6s 9d, and Otard's at 6s. The 'CleatorV new teas did not sell equal to expectation, and a portion of the cargo was withdrawn ; mediums realised Is Cid to Is Bid; fine, 2s 4d to 2s Gd." "Wiianganui. — The Wanyanui Herald of September 10 reports : — "Butter, B Ad per lb. ; gieen bacon, 4d per lb. Oats, per ' Jane Anderson,' sold at auction for 3s 3d to 3s 4d per bushel. Heifers, 18 months to two years old, were sold at 4/. to 4/. 10a ; steers fetched the same figure ; bullocks, full grown, 6/. 6s ; cows. 6/. to 11. ' horses at a low price. " OA^rAßtr. — We have hle3 ot the Times to the 30th. That journal reports :■—" Oats, 2s 2d, demand good ; wheat, 3s Gd to 3s 9d, good samples in request ; barley, 2s 616 1 to 3s, nominal; potatoes, 35s to 40s, demand slight; chaff, 70s to 80s per ton, in occasional request, but consumption limited; flour (best), 111. 10s to 12/. per ton, stocks low; oatmeal, 16/., stocks very low, owing to the scircity of good milling oats. At these quotations prices are firm, but we are sorry to say that much of the grain falls below the mark, as it frequently arrives in very bad condition. "

"I'll tCS robttoco Wine \le and porter (in bulk and bottle) roa -roods by measurement jrooils by weight Dues £41 16 ! ,"»9 2 I 13 5 ; 12 0 I 23 o i 72 18 . 44 17 i: 27 3 ! 9 6 7 0 0 1 .1 8 Total £296 19 ( 6

Tjii, Customs io\ cnue leeeived to-day was as folio",,:—