MARKET MOVEMENTS

Dominion, Volume 7, Issue 2220, 5 August 1914, Page 7

MARKET MOVEMENTS

PAYMENTS DEFERRED BANK ACT TO BE SUSPENDED e ". ■ ' ■ . LLOYD'S TO BE TAKEN OVER BY GOVERNMENT London, August 3. As a result of a conference between Ministers and financiers there is a possibility that tho Bank Act will be suspendod. , A proclamation has been issued extending the currency of bills 'of exchange, other than cheques or demand bills, by a month. The moratorium applies to bills of exOhange, and extends payment for a month after the date of original maturity. . It is reported that the Government intends to take over Lloyd's on Monday, and will guarantee British chips a lower rate of insurance. Paris, August 3; Ihe money stringency has been roheved by the issue of twenty franc notes. v • Thousands are assembled outside the Bank of France for the purpose of withdrawing their money. Several other banks -■ have been . compelled to close their doors.—"Times" and Sydney "Sun" Services! _ . . ..Sydney, August 4. Ine depreciation ui the price of metals has led to the closing of the Whim Creek copper mine. Tie manager discharged 200 hands..... At the Mount Morgan mine a. similar number has been dispensed with. A large shortening of hands is anticipated at Broken Hill, unless the position improves. The Unemployed Labourers' Association of Sydney has, asked to be provided employment on defence work unless peace is reached speedily. There is a probability that the Australian spring wool sales; commencing in Sydney on September 7, will be postponed. . ' Prices for sheep at the Homebush 'sale fell Is. 6d. as the outcome of the decline in wool. ; ! The effects of the war and the uncertainty of Great Britain's attitude are seriously affecting trade. . All buying from Britain and the Continent haa stopped. ■ With tho position of stocks uncertain prices are "anyhow."' Most of thehouses have withdrawn quotations, and 'aws qupting onlv day by day, subject to stock m hand. 1 Consignments of wool aboard some of the steamers have been unshipped and returned to the stores. SAVINGS BANK BUSINESS. ; ' "• Sydney, August 4. . The Government Savings Bank waa extremely busy this morning, the business amounting almost to a mild rush; As a set-off the inward payments were unusually heavy. COTTON EXCHANGE CLOSED (Rec. August 4, 5.20 p.m.) " L r London, August 3. The Liverpool. Cotton ■' Exchange has suspended all trading in futures. FOOD SUPPLIES & WAR RISKS (Rec. August i, 10.55 p.m.) ';■ London, August .3. The German Embassy has been notised by tho Chief of the German General Staff that a French doctor and two assistants who tried to infect the wells hear Metz with cholera microbes were oaught. All were cburt-martialled and shot in the evening. AMERICA BADLY HIT (Reo. August 4,11.35 p.m.) ••■New York, August' 3. ■ iue issue or clearing-house certificates not used since tho panio of 1907 will be authorised here. - Although optimistio statements 'regarding the United States, financial condition are being continually circulated, it is apwent the country has been-, seriously hit by the complete suspension of European business. All stock and other exchanges will remain closed indefinitely. I - ' •■> CANADA'S NOTE ISSUE (Bee. August 4, 11.35 p.m.) Ottawa, August 13. . llie Government has announced that it will issue if necessary Dominion notes to such an amount as may be necessary against securities deposited by the banks, . , ■ The Chartered Banks hate been noti- ' fied that they may issue bank notes instead of Dominion notes or gold, if the c6hditions warrant it, if the object of such action is to conserve and make certain of the gold supply. BUSINESS IN SYDNEY , (Rec. August 4, 9.20 p.m.) ' Sydney, August 4. ; Two meetings of the Stock Exchange ( Committee have been held, 1 and failed < to arrive at a _ decision regarding the suspension of tlie Exchange. The meet- t ing has been adjourned until to-morrow. \ The Committee urged tho Melbourne ( and Adelaide Exchanges to reopen, but tho latter refused to accede to the rer ) quest. The banks have stopped the payment' 1 of gold. Paper monoy is being freely j distributed. ~ ' ( Tile gold reserve has been transferred ( inland. ' ■ ■ j No increase in the bank rate has been j notified. , . j . In spite of assurances that there was t 'nothing to fear, the rush on the Gov- r ernmeut Savings Bank continued, but the bank was able to meet nil demands. The boom in wheat values has praoti-' oally ended, and there is now strong pressure to sell locally, as holders are afraid of the financial position. Prices have, dropped to 4s. 4d., forward, deliveries, December-February, 3s. ll}d. Wholesale merchants are advocating a Ji State proclamation prohibiting the ox- ° portation of wheat and flour during the c crisis to avoid tho possibility of -f shortage. .• ■ .. '

THE PRICE OP BREAD

(Rec. August 4, 0.30 a.m.) , Sydney, August 4. Tho Sydney master bakers_ meet tomorrow, to consider the advisability of increasing the price of bread. !

HAWKE'S BAY MEAT COM- I PANIES I

Napier, August 4. Owing to the outbreak •of war, tho Haivke's Buy meat exporting companies .have practically decided not'to ship any frozou produce for the present. Consequently the C. and. D. liuer Star of India, which arrived in the roadstead yesterday, will, after discharging ill' ward cargo, proceed to Wellington ivitli- [ but takine eat stt«&t, • '•- ■ • '