LONDON.

Press, Volume XIV, Issue 1881, 26 April 1869, Page 2

LONDON.

Westgarth's circular, of the 26th February, reports — A fair amount of business has been done in colonial securities during the month. Prices of Government debentures in most instances advanced from 1 to 2 per cent, but a partial relapse has occurred within the last ten days, owing to some little pressure of sales of Victoria, South Australia, and other government stocks, in anticipation of various further loans. The long expected Victoria loan is, however, the only one that will appear for the present, and as the bonds have now arrived from the colony, its announcement is looked for next week. The New Zealand Consolidated 5 per cents are still at the depressed price of 93£-4, there are considerable transactions in the stock, which from its large and uniform amount, is now one of the most marketable of the colonial securities. South Australian, after advancing Ito per cent, have bad a partial relapse. The firmness and high price of the Victoria stocks is favorable to the prospects of the new loan. The following is the summary of the changes in the prices of the various Government and other debentures since the date of the last circular, the 29th ultimo : New South Wales 5 per cents, due 1871-6, are & per cent higher, and the two loans by drawings are each i per cent higher. The Victoria loans, after rising 1 per cent, have partially relapsed, but are still each \ per cent better. The Queensland loans are each 1 per cent higher, and the South Australian about \to 1 per cent higher. Tasmanian and New Zealand remain at about the previous quotations. The following quotations are given :—N.Z. 5 per cents, 93 to 94; 6 per cents, January and July, 106 to 107 ; March and September, 107 to 109; June and December, 106 to 107 ; N Z Bank, 17 to 18; Otago Bank, 5 to 4 dis.; New Zealand Trust and loan, \\ to % prem; Loan and Mercantile Agency, \ to \ prem ; Otago and Southland Investment, £ dis to £ prem.

The annual meeting of the New Zealand Loan and Mercantile Agency Company (Limited) was held on February 5, when the report and accounts were adopted, and a dividend of 10 per cent, declared for the past year. £5000 was added to the reserve fund, which now stands at £10,000, and a balance of £1281 was carried forward.

The "Times" of February 24 has the following :—At a time when the necessity of adhering to essential principles of business is more than ever needful, and has been severely impressed by the leseons of experience, it is noticed with surprise that some of the Australian banks have become shippers and importers of wool, thus competing, it would appear, with merchants both in the colonies and in London. That banks, in adopting this course, must be assuming responsibilities and risks never contemplated by their shareholders eeems obvious, and the question arises whether suoh transactions can come within the scope of charters or deeds of settlement. It is understood that other banks strongly oppose the measure.