COMMERCIAL.

Lyttelton Times, Volume XXVI, Issue 1752, 28 July 1866, Page 2

COMMERCIAL.

Lyttclton Times Office, Friday Evening, , The past has been an unusually dull week in all branches of trade. This might perhaps te attributed, as far as transactions hetween importers and dealers are concerned, to the near approach of the end of the month, but the retailers themselves are also complaining of the general inactivity. It may, we think, be considered doubtful ■whether the disastrous state of affairs in the English money market, reported last week, ■will affect our trade very materially. The socalled " panic" appears in nearly ail cases to be confined to financial institutions, and not to extend to the mercantile community in general, although its influence must naturally be felt by them also. Shipments to the Australian colonies, as well as to New Zealand, are again reported as having proceeded at an accelerated rate up to 15th May, and by next mail we may reasonably hope to hear that the worst of the crisis has passed, so that although the high value of money at home may cause prices to advance, and a corresponding effect may be felt on this side, we do not look for any great scarcity in articles of general consumption. We shall not be out of place in referring to the arrival of the first mail steamer from England via Panama. Although, in this instance, the telegraph has anticipated by means of the other route the news from England to hand yesterday by the Eakaia, it is a matter of sincere congratulation to our commercial community as bringing us into nearer and more frequent communication with England and other countries. Our import market exhibits little alteration. The arrival of the jTalbot may be looked for hourly. Pale ale is scarce. Teas are steady. We note the arrival of a small parcel per South Australian, from Melbourne. Sugars retain their value. News from Mauritius points to the arrival of no further supplies until receipt of the next crop. In colonial produce we have no change. The banks have not raised their rates for discount. We are indebted to Mr. J. E. Graham, the Inspector of Bankruptcy in this province, for particulars of a very important decision, given by his Honor Judge Richmond, on the 19th July, at Dunedin, which may bear upon some of the estates in this province now being wound up under private assignment. it was a decision, made upon a motion exparte the trustees of IV. H.Dansey's estate, who were appointed by deed of conveyance and assignment, made under the 23rd Section of the Debtors and Creditors Act, 1862, dated 10th February, 1865, and filed 24th of same month. The questions put to the judges were made by the trustee, who sought directions on the following points : 1. Whether trustees are to deal with this estate as a sequestered estate, within the meaning of the Debtors and Creditors Act Amendment Act, 1865, Section 2 ? Answer—Yes. 2. Whether creditors for salary or wages should have priority over other creditors to an extent not exceeding half a year's salary or wages ? Answer—As to such who have not signed the deed—Yes. As to such who have signed —No. 3. Whether the sums mentioned in Section 30 of the Act of 1862 ought to be paid by trustees 1 Answer—Yes. 4. Whether the fees referred to in Section 28 of the Act of 1865 should be paid by trustees ? ■ . Answer—Yes. [We remark that the questions, answered by "His, Honor, Mr. Justice Richmond, were !.only, in answer to those put to him by -",, a' Trustee," and until further informed, we take-it that, unless an application be ; made to the Court, no estate placed in the hands of trustees need pay fees, unless compelled. It would be'very unjust if ■trustees of estates now finally wound up, were to be called upon to do so—En, L, T,] .'. ■ GRAIN REPORT, "■fiat-little alteration can he noted in prices tOHky; 1 A quiet and satisfactory trade has been/done during the past week in our grain and flourmarket • both wheat and oats are firm at quotations. The usual.trade ia reported , in flour, without any change in' price. Bran and sharps have advanced.; Hayj without alteration and in full supply. Flour, superfine Canterbury, £l6 per ton; bran, £7 to

£7los; sharps, £8 10s to £H6a per bushel; oats, 6s; peas, 6aj'hay;je4|ips to £ 5 per ton, delivered. l\ | ] thej Motiej ijMfttJkM the/ftmc ; iVcwfeceip vlf JL'apfia, ip;jpf poqio restM . jj|<! jp . v ,£''..■; %.,\ 'i ;, lyArfalfeemsnts njade tlic\CoM£llj; dated Bank to take over' the current business of the Bank of London, havo unfortunately led to their own suspension. The refusal to pay the acceptances of the Bank of London placed the Consolidated Bank in an untenable position j and the directors are very much blamed for having brought about the present inconvenient-state of things. It ; js nevertheless believed that their assets will be ample for the claims of the customers and the shareholders. The event in banking circles was received with more quietude than could have been anticipated, though, of course, great inconvenience will be temporarily felt by those having accounts and balances at the bank. The " legal difficulty " Is what has frightened the directors, or those of the board who resolved to act; and it remains to be Been whether, in endeavouring to escape from one grave responsibility they have not incurred another, which will again place them in an unpleasant, predicament. It was to be expected that this stoppage would produce an unsettled feeling, but still it created no great excitement, the refusal of the directors to assume the whole of the liabilities of the bank having prepared many for some such catastrophe. The petition has already been presented for winding up the bank; Mr. Ball, of the firm of Messrs, Quilter, Ball and Co., having been appointed the official liquidator. The Consolidated Bank (Limited) was established in the year 1863, and includes Messrs. Heywood, Kennards, and Hankey and Co., and the Bank of Manchester (Limited). The number of partners is about 1200 ; the paid-up capital is £600,000, and the reserve fund is placed at £70,000. The amount paid up is about £4 per share; the last rate of dividend was 10 per cent, with a bonus of 5 per cent. Besides the London offices, Penchurch street and Threadneedle street (the latter the premises of the Bank of London), there are branches, at 46 Pall-mall, Manchester, and Davey place, Norwich, which of course, in the natural order of things, have suspended. The directors of the London Chartered Bank of Australia have issued their report. It appears that the sum of £51,538 7s lOd remains to the credit of profit and loss, out of which sum the directors propose a dividend at the rate of 8 per cent per annum for the half)ear, free of income-tax, leaving a balance to new account of £11,538 7s lOd. The suspension has been announced of the firm of Messrs. H. J. Enthoven and Sons, of Moorgate street. The debts and liabilities represent from £250,000 to £300,000, but at the same time a large surplus is expected. The house has been largely engaged in the Spanish trade, and has also conducted an extensive business in metals. They suffered through the stoppage of Messrs. Pinto, Perez and Co, and the late state of financial pressure has prevented them from realising securities, except at an enormous depreciation. The drafts have been returned of Messrs. Robinsou, Coryton and Co., private bankers and billbrokers of Manchester. The London agents were the European Bank. The transactions of the establishment have not been important. The British Trade Journal, of June 2, gives the following as a list of the most important suspensions which had taken place up to date : James Baines and Co., shipowners, Liverpool. Boult, English, and Brandon, shipowners, Liverpool. Bedell, Prior, and Co., wine merchants, London. Liabilities £IOO,OOO, sinca resumed, Churchill, Gillespie, and Co., merchants, London. W.K; Coubrough and Co., merchants, Liverpool. Liabilities, £150,000, Duff, Cadell, and Co., East India merchants, Liverpool. H. J, Enthoven and Sons, metal .merchants, London and Liverpool. Liabilities, £300,000. payment in full expected. Fernie, Brothers, shipowners, Liverpool. Liabilities upwards of £2,000,000, and a very unfavourable liquidation expected, Gilbs Brothers, ironfounders, South Staffordshire. Giannacopulo and Cochilana, commission merchants, Liverpool. , S. P. Framjee and Co., Bombay merchants, London. Gellatley, Hankey, and Sewell, shipowners, London (successors to Duncan Dunbar), going ou as G. H. S, and Co. Old firm showing a surplus of £70,000 or £BO,OOO. Holderness and Chilton, shipowners, Liverpool. Hartshorn and Ward, anchor and chain manufacturers, Dudley. Hallett, Ommaney, and Co., private bankers and navy agents, London. Liabilities £300,000. T. and J. Higgin, suit proprietors, Liverpool. J. G. C. P. Eieman, trading as Pontus Kleman, merchant, London, Kynaston, Sutherland, and Co., colonial brokers, London. Liabilities, £IOO,OOO, assets favourable. Luckie Brothers, West India merchants, London. Liabilities, £70,000 or £BO,OOO. John Maculloch and Co., East India trade, Liverpool. Liabilities, £760,000. Penny and Co., East India trade, Liverpool connected with Macindoe, Sogers, and Co., Bombay. Liabilities £104,000; assets, £30,000. Peto, Betts, and Co., contractors, London. Liabilities, £4,000,000. Eeynolds, Mann and Co., merchants, Liverpool. B. and J. Bankin, Union Foundry, Liverpool. Bobinson, Coryton, and Co., bankers and bill brokers, Manchester. Engagements inconsiderable. Seymour, Peacock, and Co., sbipbrokers, London and Liverpool. Schemeil Brothers and Co., Mediterranean trade, Liverpool. W. Shrimpton, contractor, London. Liabilities, £220,000. Wakefield, Nash, and Co,, merchants, Liverpool. £1,000,000; assets uncertain. Whittle and Co., provision merchants, Liverpool. PUBLIC COMPANIES. Bank of London, London. £ Subscribed capital ... ~. 800,000 Paid up ditto ... ... 400,000 Eeserveand Balance ,„ ... 304,411 (Effected transfer of business to the Consolidated Bank.) Commercial Banking Corporation of India and the East London Subscribed capital ... ... 1,000,000 Paid-up ditto ... ... 1,000,000 Eeserve and last balance Consolidated Bank, (limited), London. Subscribed capital ... ... 1,600,000 Paid-up ditto ... „. 600,000 Eeserve and last balance ... 87,250 (Stopped payment in consequence ' of arrangement with Bank of London.) Consolidated Discount Company, Limited. Subscribe I capital ... ... 1,000,000 Paid-up do ... ... 250,000 Beservo and ;last balance ~, nil. (Since resumed.) European Bank, Limited. Subscribed capital ... ... 2,147,300 Paid-updo ... ... 644,190 Deserve and last balance ... 48,872 English Joint Stock Bank, Limited. Subscribed capital ... .., 600,000 Paid-up do ... ... 200,000 Eeserve ftnd last balance ... 15,160 The Old. Ebbw Vale Company. Imperial Mercantile Credit Asiocia- ' '(ion, Limited. Subscribed capital ,„ .., 6,000,000 Paid-up do ... .„ 600,000 Reserve and last balance ... 04,169 New Zealand Banking Corporation, Limited. : Subscribed capital ... ... 600,000 Paid-updo 60,000 Last balance and reserve ... 4,000 Oriental Commercial Bank, Limited. Subscribed capital ... ... 1,397,440 Paid-up do „, ,„ 281,444 Last balance and reservo ~, 00,627 ..Overend, Gurney, and Co,, .o.' Limited. Subscribed capital ... ... 6,000,000 Paid-updo 1,600,000

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