Sydney Morning Herald (NSW : 1842 - 1954), Friday 31 July 1857, page 5


MERCANTILE AND MONEY ARTICLE.

Thursday Evening. "

The general half-yearly meeting of the Newcastle Coal and Copper Company was held to-day at the office, Exchange-buildings. The chairman of the Company, Mr. H. Gilbert Smith, presided. The report of the directors, and also that of the manager at the mines, were read and adopted. The former declared a dividend for the half-year, at the rate of 10 per cent, per annum. Mr. Fanning was re-elected a director, and Mr. H. Ferris and Mr. Richard Jones auditors. "

The half-yearly meeting of the shareholders in the Bathurst Copper Mining Company was

adjourned to-day to the 16th of September. The

half-yearly meetings of the following companies will he held to-morrow (this day) The Grafton Steam Navigation Company at noon. The Australian Steam Navigation Company (adjourned meeting) at 3 o'clock and the Wentworth Gold Field Company at 3 o'clock.

Messrs. Mort and Co. held to-day their weekly produce sale. The quantity of wool offered was very small (12 bales), and prices, therefore, are nominally the same. The following are the prices obtained Grease, life. ; fleece, 1s.

10d.

Sheepskins continue in demand. About 2345 were sold at from 8d. to 10d. per lb.

The tallow market is a little firmer, and there has been a greater demand for lots for shipment. Beef brought £47 per ton ; mixed and station

tallow from £35 to £48 15s.

Hides were in greater request to-day, but prices continue the same as last week : 527 hides were sold at from 19s. 3d. to 28s. 9d. each. -

Messrs. Frith and Payten held to-day a sale of groceries, oilmen's stores, Sec. There was a good attendance of buyers, and the following prices were obtained : Teas, orange pekoe, in boxes, 37s. 6d. ; caper, 27s. ; gunpowder, 27s. 6d. ; hyson, 25s. 9d. Mauritius sugar, £52 per ton ; Sydney flour, £23 10s. per ton. The oil-men's stores brought rather improved rates, particularly bottled fruits and pickles.

The arrivals to-day include the Alice, from Liverpool, with a cargo of salt, coals, and railway iron and the Revely, from New York, with a cargo of timber, cement, soap, flour, and

tobacco.

By the Wonga Wonga, we have Melbourne papers to the 27th instant. The amount of gold-dust received by the escort during the week ended the 25th instant, was 58,217 ozs. 10 dwts. The Argus says

Added to the previous escorts of the year, 1,229,79!) ozs. 5 dwts., those of the present week bring the total up to 1,288,010 ozs.

15 dwts.

There is little new from the gold-fields this week, but that little is cheering. Things are looking brighter on the Bendigo at M'lvor the puddling-machines are at full work. The promises from Ballaarat are being fulfilled. At Maryborough three new quartz reefs have been opened-two near the township, and one on the Dunolly road. The rush to Ararat is unabated, and large quantities of the metal may be expected thence by every succeed-ing escort from Maryborough, Dunolly, and Ballaarat. The Emu Creek is almost deserted. At Daisy Hill there has been a great rush among the Chinese, in consequence of the finding of a 54 oz. nugget by one of that nation.

The shipments of the week have been

ozs.

By the Columbian, for England via Suez ... .,; ;., 40,171

King Philip, for London. 80,834

Steamer, for Sydney. 30 Sundry small shipments .' 18 Previous shipments of the year, corrected by comparison

with the entries passed at the Customs ... 1,410,287

Total., .1,487,310 Or, 01 tons 19 cwt. 1 qr. 20 lbs., the value of which, at £4 per ounce, amounts to £3,049,300.

The shipments of specie have amounted to £9/,000, in British sovereigns, the whole being for England.

Doubts have been cast on the legality of the proclamations of the Queen in Council, declaring the coins of the Sydney Branch of the Royal Mint legal tender in Victoria, inasmuch as their publication has not been preceded by a local enactment or an address from the Legislature praying his Excellency to give them effect. Great interest is taken in this question, because of the refusal by one or two of the banks to part with the British sovereigns in payment of the cheques of their clients, except at a premium. We are glad to correct an error made in a former issue, in which " the banks generally are thus charged. The proceeding was confined, we understand, to two banks, one of which, from its local connections, might have been expected to be rather over-solicitous than otherwise about the character of the Australian sovereign. Money continues plentiful for loan on mortgage, with few transactions taking place. For commercial purposes the market is easy. The banks charge 7 per cent, for discounting bills having under 95 days currency, and 8 per cent, minimum for those having over 95 days to run. For re-newals and for overdrawn accounts 10 per cent, is charged.

The banks issue drafts on England at 2 per cent premium. Bills against cold are purchased at 1 per cent, premium. Freight on gold by direct steamers or sailing vessels 3rd. per ounce, deliver-able in London. Insurance 94 per cent. The European and Australian Mail Steamship Company charge for gold and sped", by their route, pa per cent., that is 7d per ounce as nearly as possible and have a running volley at 11 per cent, for a limited quantity.

The share market has been remarkably quiet. There have been transactions in Hobson's Bay Railway, at £85 for account (four months). Colonial Bank of Australasia have recovered from the effects of the call, and there are few sellers, and those only of small parcels, at present under 222 per cent. A few sales of Scrip of the Australasian Fire and Life Assurance Company have taken place at 75 per cent, premium. There have not been any

transactions in Government securities.

There has been a little doing in the wool market, in fellmon-gers' wools, at a decline of about 2d. to 3d. per lb. on the prices ruling before the arrival of the Columbian. Hides are worth about 114a, per lb. for shipment. Tallow has been in limited demand, for local use, and sales have been effected this week at £51 per ton for beef and mutton, and £44 to £17 per ton for beef.

With the exception of the flour trade there has been but little to notice in the import markets since the publication of our summary. The town mills are still selling at £25 per ton, but holders of Adelaide flour are pressing for advance.

From the same journal we extract the latest report of the Melbourne markets.

The market for imported goods during the few days that have intervened since our last report has exhibited a continued inactivity, difficult to account for. There is no want of confidence, and yet there is neither legitimate or speculative business doing in anything except flour, in which article there has been great

activity.

Holders of most descriptions of goods are firm, notwithstanding that the trade with the interior continues very dull. Purchases for the country are now generally confined to cash transactions for

small parcels.

Bates of cartage, owing to the improved state of the roads, continue very moderate, as compared with former winter prices.

Liquors. Spirits of all kinds quite support prices. The demand, however, is solely confined to purchases for actual use, and we believe any large buyer would command a slight reduction on quoted rates. In wines, no great amount of business has been done. Good medium sherries and fair full-bodied ports, suited for bottling, quite maintain prices and as retailers'' stocks are generally believed to be low, there appears no probability of present alteration in quotations for these descriptions. Ale in draught, of favourite brands, continues of readysale, though not at improved prices ; indeed, in midwinter high rates for this article can hardly be looked for. Draught porter is in light demand only, but holders of fresh parcels of good brands

are asking higher rates. The demand for bottled is steady, but i

confined to best brands only.

Groceries Teas continue in steady demand for consumption without any alteration in prices.

Sugars, notwithstanding the favourable reports, are dull of sale, and the prices procured during the week by auction intimate

a decline in value ; but as the parcels offered have been by no means of prime quality, the rates procured do not perhaps indicate the value of really well-bred Sugars.

Coffees are unaltered in value : the consumption is steady, and the article being in few hands there is no probability of alteration

in prices.

Rice has been very dull during the week. The late attempt to rush this article into speculative demand appears to have failed, and the reaction has caused a greater degree of dulness in the article than even previously existed.

Provisions continue without any improved animation. There has been a movement in butter, and considerable sales have been

effected, but at prices which indicate rather an inclination to sell arrivals which must shortly take place." " -?'.-' v.- --

Hams, bacon, cheese, and other descriptions of provisions are unaltered in value. Really prime qualities are readily saleable though not at improved prices, while inferior, heated, and damaged are almost unsaleable. C mills continue to be neglected Considerable quantities of foreign make are disposed of by auction, but the sorts in general use here are dull of sale, without any improvement in price.

Cornsacks are in good demand, and bring full quoted prices. Woolpacks are in few hands, and, being in good inquiry, importers are asking high rates 5s 6d has been refused for a considerable parcel, holders asking 6s.

Building materials are in brisk demand, and a fair amount of business, the season considered, is doing in these articles at rather improved rates.

The Melbourne Age, of Saturday last, respecting the colonial sovereign, observes The

proclamation affecting Sydney sovereigns appears to have been somewhat unexpected, if not rather premature the part of the Governor. It has this week occupied the attention of both Houses of Parliament, and been among commercial circles the subject of considerable remark and even conjecture as to the cause of its promulgation just now. The apparent advantage is probably greater than the real at least so far as the community generally are concerned. The Banks unquestionably are immediately benefitted, and that to an appreciable extent-so much so that we have heard it hinted that the suggestion upon which the Governor acted in this proclamation originated not far from the back parlours of certain banking establishments. Whether this step Is strictly legal, that is, whether the Royal Proclamation, as issued by the Governor of Victoria on his own motion, or at the instigation of the Executive or certain members thereof without the request of the Legislature, can render the Australian coinage a legal tender or not remains a disputed question, with which the proper parties are about to deal. What we have to notice is, the

proximate and ultimate effect of the change. The increase in I current value will be a boon to the banks in whose coffers largo j sums in Australian coin may have been gradually accumulating for some time past. When the Imperial coinage is drained out of the colony, as it will unquestionably be, serious inconvenience will result to the merchants who wish to remit specie, as these sovereigns are not a legal tender in Great Britain. The bill to be introduced by the Treasurer will exempt Australian coins from the export duty to which they are now liable, but they will not be available for remittances home until they are placed by Imperial Proclamation upon precisely the same footing as the other cells of the realm. To establish them as an integral part of the currency in all the Australian colonies is a step in the right direction, but until they are recognised at enjoying equal privileges with the British coinage not only in all the colonial dependencies, but throughout Great Britain, inconvenience and even loss will be experienced by the commercial community here. Possessing a value slightly in excess of the British sovereign, and emanating, not from an independent mint, but from an acknowledged branch of the Royal Mint, there is no reason why they should not have the same extent of currency, and be in every respect equal in privileges. The gold coinage of California presents a good precedent. The mint from which that is issued is established as a branch of the United States' Mint, and the coinage circulates through the whole of the States as a part of the general currency.

The Daily News of the 28th April publishes the Board of Trade returns for the month, and the three months ending the 31st March, 1855, 1856, and 1857, were issued on the 27th. We subjoin a statement of the total declared value of the exports of British and Irish produce and manufactures during the month and three months, including only the " enumerated

articles : "

For the Month. For three Months. 1855 .£6,736,271 £17,311,192 1856 . 8,757,389 23,158,9 3 1857 ' . 9.630,207 26,031,036

Including the " enumerated " articles, the aggregate exports

stand thus :-?

For the Month. For three Months. 1855 .£7,311,305 £18,808,517 1856 . 9,448,570 25,149,103 1857 .10,456,348 28,827,493

The increase over the corresponding month of 1856 is £1,007,778, or about 10 per cent., and over that of 1855, £3,145,013, or 43 per cent. Taking the figures for the three months, we find an increase of £3,678,390, or 14 per cent, over the corresponding quarter of last year, and an increase of no less than £10,018,970, of 53

per cent, over that of 1855.

Examining the chief items of those exports, we arrive at the subjoined general figures for the month, viz. :

Month of March.

, ^ , 1855. 1856. 1857.

Apparel and slops . £76,157 £125,987 £160,856 Beer and ale . 150,878 130,537 197,365 Coals and calm . 155,208 195,219 237,159 Cottons . 2,061,257 2,331,340 2,422,466

Cotton yarn . 513,796 693,442 714,518 Haberdashery and millinery... 277,130 343,707 381,955 Hardware and cutlery . 246,299 298,747 333,249 Leather, unwrought. 25,809 26,821 32,957 Ditto, wrought. 45,589 73,972 132,374 Saddlery and harness. 22,252 15,078 20,073

Linens (cloths of all kinds

and cambrics).' 336,922 375,582 409,402 Linen yam ." 70,172 117,057 146,971 Machinery, steam engines ... 96,810 50,601 63,215 Ditto, other sorts . 7",9 107,712 175,613 Iron, pig. 77,965 126,812 135,523 Ditto, bar, bolt, and rod ... 269,183 551,809 613,452 Ditto, cast . 58,860 60,910 72,612 Ditto, wrought. 163,853 316,082 837,659 Copper, unwrought. 77,229 40,659 42,575 Ditto sheets and easily ... 88,86) 135,299 135,522

Lead ., 47,074 29,610 5352

Tin, unwrought . 7,606 15,392 19,90s Tinplates. 73,500 131,083 132,456: Oilseeds . 85,022 133,773 78,577

Silk manufactures .... . 68,458 110,202 116,970Silk, thrown 14,060 49,516 73,699 Wool . 116,233 94,445 61,0 8s

Woollens. 117,809 223,614 288-298 worsted stuffs . 218,863 275,424 287,218Woollen and worsted yarn. 160,265 251,095 193,088

In nearly all the leading items a sensible increase is presented. Indeed, the evenness with which the augmentation is spread over all theimportant branches of manufacturing and industrial business, forms one of the most interesting

features of these tables.