COMMERCIAL.

Ashburton Guardian, Volume XIV, Issue 2962, 2 May 1893, Page 2

COMMERCIAL.

[PBR PRESS ASSOCIATION.]

London. April SO. Tallow—Medium mutton 28s, beef 265. For Auf?tt»li>in wheat on the passage sellers are asking 30s 6d, b t buyers refuse to give'more than 30s. The wheat market is steady, the Continental fjnn, ajid the American changing a little for tha better. Colonial oats, fine quality, average 275. Beans. S4< 6d. Tne total quantity of wool catalogued up to date is 310.000 bales Medium and lower sorts have an upward tendency, but the weakness in the best ports is more apparent. The eeries close on Wednesday. At a me tin? of the Scottish and Australian Minintr Company, (Limited) the Chairman said that the company would not benefit by the proposed Newcastle coal trust, and that therefore it would not join. This statement was received with cheers. Several of the large companies agree with the decision arrived at by the directors of the Scol tish and Australian Company on the subject, and it ie believed that the project will not be accomplished. The Scotch depositors refuse to renew with the Standard Bank. One hundred thousand shares in the bank were held in Great Britain. London, May 1. The "Times," in reply to a hostile correspondent, advises the acceptance of the scheme for the reconstruction of the Engli«h, Scottish and Australian Chartered Bank, which it considers is better than liquidation. Sydney, BCay 1. Ministers consider • that Sir John Downer's suggestion for holding a conference in Melbourne to consider the best means of putting an end to the financial crisis is too late, as they intend to push on the Batik Bill, and hope to see it become law at the end of the week. .. The National Bank was regarded here as one of the strongest financial institutions in Victoria. The feeling in the city is that.the Victorian Government made a mistake in proclaiming tha bank holiday. Jn addition to the cable announcing that £500,000 in gold had been shipped from London to the Commercial Banking Company, the same institution has a similar amount on the way put. At the half yearly meeting of the Bank of New South Wales the report was adopted amid great enthusiasm. The net profits were shown to be £111,000 and a dividend of fifteen per cent per annum was declared. The sum of £10,000 is carried to the reserve tund, which now amounts to £1,010,000, and the balance £15,900, wai carried forward to the profit and loss account. The chairman said that despite the depression and financial unrest the bank had made satisfactory progress, and their whole energies were concentrated in strengthen* ing the reserve. Melbourne, May 1. The closing of the banks for five days' holiday has caused great inconvenience to the public. The banks were not unanimous in obeying the proclamation, for the Bank of Australasia, the Union Bank, and Bank of New Zealand opened as usual this morning, but acting under legal advice they were unable to transact the usual businoss, and co lfiiud their operations to cashing cheques,, note*, and drafts. A brisk business was done by these institu'ions, and treble the number of officials usually engaged were employed to take deposits. The Chairman of the National Bank states that the institution has a margin of 40 per cent between depositors and the risk of losa. Ihe half-yearly meeting was to have been held to-day. The balance sheet shows liabilities £12,885,000, of which deposits amount to £9,019,000. The assets include advances £8,297,000, and the specie and cash balances amount to £1,477,000. Close upon 25 per cent of the direct liabilities to the public are also available. The directors intended to declare a dividend of 10 per cent for the half-year and carry forward £10,000. Adelaide, May 1. Great regret is expressed at thesuspen* sion of the National Bank, which conducted a large business. The Government deposits amounted to £47,000, and most of the wheat and milling business was done by thU Bank. Wellington, May 1. The Press Association has been re* quested to state that the action of the Victorian Government in proclaiming five days' bank holidays has been taken without consulting the banks. (Received May 2,11.15 a.m.) London, May 1. City financiers condemn the enforced holiday, believing it to be unjust to sol vent banks. The National Bank of Australasia is applying to the court to protect its assets. The official receiver thinks no definite scheme for the reconstruction of the London Chartered Bank of Australia will be evolved until the result of the meeting of shareholders of the English^ Scottish , and Australian Chartered Bank is known.