THE MARKETS.

Press, Volume LIII, Issue 9520, 12 September 1896, Page 8

THE MARKETS.

THE BANK RATE OF DISCOUNT. Press Association—By Telegraph—Copyright. London, September 10. The Bank rate of discount is 2-J per cent. The weekly returns of the Bank of England published to-day show the total reserve to be £32,880,000. and the-proportion of reserve to liabilities 5G.36. Three months' bills are discounted at 1$ per cent. Consols, 111'/. New South Wales 4 per cents, 122 ; 3?rdo, 109*; 3 do, 102$. Victorian per cents., 115 ; 3-J do, 107 J. South Australian 4 per cents., 110 ; 3_- do, 112£. Queensland 4 per cents., 11 (JJ-; 8 J do, 109$. Tasmania-! 8i per cents., 111-i. We"st Australian Si per cents., 112." New Zealand 4 per cents., 117£ ; 8 J do, 109 i, 3do 101*. "New Zealand frozen mutton, first quality Sid; second do., 2-|d; lamb 4d. New Zealand Hemp —The market is Blow. At auction 200 bales were withdrawn. The English wheat market has a strong tone bub prices are not changed. The Continental is firm and tbe American is unchanged. Tallow, line mutton, 20s 3d, medium, 19s ; fine beef 18s 6d, medium 17s 6d. The Bradford wool market has an upward tendency. The sugar market is quiet. German Bplo__,. Java lis 3d. No." 1 best Scotch pig iron, f.o.b. in Clyde, 46s Ud. South Australian 3 per cents. lOlf. West Australian 3 do 102£. The raising of the Bank rate of discount was unexpected, and was due to heavy withdrawals for America. Since August sth the amount has been nearly five million sterling. The Times states that the Directors of the Bank of England recognise the necessity of a larger reserve than prior to. 1890. The Standard declares -that the step was imperative, and that it will help to reassure the public.