6o Ari:w SOUTH WALES. 



demand for liiglier grades. China teas, however, especially the finer 

 descriptions, have suffered materially in the conflict, and costly 

 Foochows have long since been banished to the realms of neglect. 



Bugar. 



The periodical apparition of " beet sugar," either of continental or 

 threatened colonial production, has levelled the market for Queens- 

 land sugars fully 50 per cent, during the past few years, while China, 

 Java, and Mauritius have been active in reducing prices to their 

 present level of £15 10s. in bond. The introduction of beet sugar has 

 not proved a success, inasmuch as recent shipments have invariably 

 resulted in '' sweated" cargoes, involving importers in heavy loss. 

 Although the partial failure of the 1895 Queensland crop has 

 strengthened market values, prices have been so completely held in 

 equilibrium by Mauritius and other imports, chiefly to the southern 

 colonies, that the realisation of higher prices has been out of the 

 question. 



Breadstuffs. 



The return to freetrade has heralded what may be regarded as a 

 phenomenal departure in wheat and flour transactions. At the moment 

 of writing over 20,000 tons of wheat, and several thousand tons of 

 flour, are on the way from San Francisco to Sydney as the first bulk 

 instalment of American breadstuff s to aid in making good the shortage 

 in the 1895-6 wheat crop, which is estimated at between 4,500,000 and 

 5,000,000 bushels less than the Colony's requirements. This wheat is 

 being brought alongside our wharves at 3s. 4|d. to 3s. 5d. per bushel 

 (c.i.f. and e.), as compared with 4s. to 4s. 3d. for new season's local 

 wheat, although 4s. 6d. was paid by Sydney millers for the first parcels 

 of new wheat. Considering, however, that the prices paid to farmers 

 the previous season only averaged Is. lOid. per bushel, there is no 

 reason to comjalain at competitive value of grain introduced duty free. 

 Flour is in a very similar position. The present quotation is nominally 

 £10 lOs. to £11 (£1 per ton duty paid), as against £6 10s. a year ago, 

 so that the import of American flour at a concession of £1 to £1 10s. 

 on ruling rates can hardly be considered a calamity by the local miller. 

 Victoria and South Australia will prove light contributors to local 

 requirements for 1890, so that the advent of American wheat and 

 flour may be regarded as very opportune. 



Dried Fruits. 



Notwithstanding the fact that this market has had to exist under 

 the burden of a 50 per cent, duty in the past, the volume of business 

 has been very considerable as well as expansive, especially during the 

 latter part of the year just closing. When it is stated that currants 

 purchased at lis. (f .o.b., London) are sold by importers at IJd. to l|d., 

 and elemes or sultanas, first cost of which is 15s. Gd. and 19s. 3d., are 

 quoted at 25d. to 2jd. and 2jd. respectively (duty under the existing 

 tariff on which is 2d. additional), it will be seen that profits are not 

 large, and this is considered a good year, as the margin of one-eighth of a 

 penny per pound is about 50 per cent, above the past five years' 



