THE MARKETS.

Press, Volume XLV, Issue 7213, 26 November 1888, Page 5

THE MARKETS.

[PEB PEBSS ASSOCIATION.] Received November 21th, 1.20 pan. London, November 23. The weekly returns of the Bank of England published to-day, show the total reserve in notes and bullion to be £10,998,000. The proportion of reserve to liabilities is 40 per cent., being a decrease of JE702,000 on the total reserve, and an increase of 2 per cent, in proportion of reserve to liabilities. Freights to Sydney, Adelaide and .JielbcTunie have been raised 2s 6d, Australian mutton 4d, beef ia unchanged. .Tallow—Mutton, 34s to ,34a M; beef, 33e to S3s 6d. ■ i Sugar—German beet, 13s. Hides, 4d to 4£d. Kauri gum is firm. Received November 26th, 0.25 a.m. London, November 24. One hundred and seventy-five cases of kauri gum have been sold at auction, the price obtained being generally cheaper, A cargo of wheat by the barque Largo Bay, from Lyttelton, has been eold«t;39*9d; - - < The Banks are largely reducing the open market money by purchases of stock. Received November 28th, 2 a.m. London, November 24. New Consols are quoted at New Zealand Four per Cent. Inscribed, 9SJ. ■ ' r ■ : ' ■:- i i" :;f The wheat market is weaker. New Zealand wheat, long bended, ex store, is selling at 44s 3d. Business is very restricted. Cargoes in iron bottoms are quoted at 41s 3d. The market is recovering. English wheat is heavy and inactive. The Continental market shows a general decline, while American is also declining, with increased weakness. Forward business is weak at a decline, the arrivals of foreign wheat being very large. The money market is firm, owing to large withdrawals of gold for export. There has been a general advance of 2d on rabbit skins. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cable advice from their London office, dated November 23rd:— Tallow — Good beef and mutton tallows are worth 32s 9d and 34s 3d per cwt. respectively. Rabbit Skins—There is a good consumptive demand. Medium and best descriptions have advanced ljd and, 2Jd per lb respectively since last report. Frozen Meat—Market easier.