COMMERCIAL.

Daily Southern Cross, Volume XXII, Issue 2806, 24 July 1866, Page 7

COMMERCIAL.

London, May 26. — The Times states that the suspension of the Bank Charter Act aggravated the commercial pressure, neutralising the effect of the increased issue of notes by causiug an immense drain of gold oa the Bank of England. Consols, 86$ to 86| for delivery ; 85i to 85f ex div. for account. I Bank Stock, 242 to 241. The discount demand at the Bank is very heavy, owing to the large amount stimulating distrust on the Continent and India bills due on the 27th. On the Stock Exchange, advances on Government securities are general at 10 per cent. After the announcement of the failure of Overend and Gurney, a downright panic followed, with a general run on the Joint Stock Banks, and on the -11th May the most intense excitement ever witnessed prevailed in London. The rush, to withdraw accounts and money lasted for hours. There was a moat intense and fearful pressure on the Bank of England. To stem the torrent of the 'panic, enormous efforts were made, while on the Stock Exchange business was suspended. There were no buyers, every one wishing to sell. The downfall of Overend, Gurney, and Co. <is attributed to speculative operations for a fall in the shares of companies, finally causing a run upon their deposits. Lord Clarendon has ' issued an important circular to the British Ambassadors on the English monetary crisis, stating, for the information"**of foreign powers, that the measures adopted by the Government will avert evil consequences, and leadjto the establishment of credit. The Money Jdarket Review states "Had the suspension of the Bank Charter Act *been deferred for twenty-four hours every bank in London, including fhe Bank" of England, would have been compelled to suspend payment ; this result was averted by the Jfcmrage and intelligence of Mr. Gladstone." Colonial Government Securities. — New South Wales five per cents., 1866, no quotations; ditto, 18Tl/,to 76, 91 to 94. Victorian sixes, April and October, 100 to 102. South Australian sixes, 1878 and upwards, 104 to 106. Queensland sixes, January and July, 97 to 99. New Zealand sixes, 94 to 100 ; ditto fives, 70 to 73.

WOOL REPORT. The second sales commenced on the 10th May, Notwithstanding the month's panic and failures.themarket was well maintained. An impression existed on the third day that a decline in prices on the aveiage of last sales would take place, but they only declined l£d. to 2d. at the opening, and have since hardened. The buoyancy of the market is attributable to large purchases for foreign buyern, chiefly French. 160,000 bales were -offered, onethird of which were taken for export.

PRODUCE MARKETS. Operations are restricted owing to the financial panic. Of hides, sales show a small decline of a farthing per pound. Lkatber (Australian) is held for l»te rates. Only a few lots were sold at lower prices. Babe. — Mimosa dull, lower prices ; highest ground* £13 2s. 6d. ; chopped, £9 7s. 6d. Tallow. — Markets dull, prices 4s. to 4s. 2d. under* those of last month. P. Y. C. on the spot, 425. Austrian has declined 2s. 6d. to 3s. Total deliveries for the year, 101,596 casks, against 92, 543 casks last year.Oils. — Linseed, 2s. 6d. lower on the apbt ; rape, lower ; cocoanut, lower ; Ceylon, 455. 6d. ; Cochin,

63a. ; Woolloomoo'oo, 445. ; ohve in demand ; sperm, £125; southern* whale, quiet; cod, £4G ; seal, £5 per tur.

Spirits. — Jamaica rum is firmer, at 2a. Bu. to 3*. 2d ; uothing doing in l-ramties. Foieign spirits are cheaper. (.iood business is doing in superior port and aherrv.

Metals. — Copper has advanced, and a large businesr doing. Biuvj,, £88; Wallaroo, £88; British tough cake, £86. In the irou market prices have Reclined rapidly from 82s. to 51s. for Scottish pig. Quicksilver is lower.

StraAß.— Prices Is. ta Is. 6d. lower ; stock SUO tons more than last year. Mauritius : low to fine brown, 245. to 28s. ; tine crystallized, 325. to 3Ss. ; muscovado, 245. 6d. per cwt. : molasses, 6d.lower.

Cofpi*. — -Native and plantation — Ceylon, 2s. lower, and business limited ; native sold at 635. to 655. j plantation, 745. to 82s. 6d. ; Mocha is dearer ; Jamaica, 3s. cheaper.

Biob is dull of sale. Floating cargoes of Ar*c&n and Raugoon are offered at low prices. In Corn prices are unaltered. ; holders do not preis sales, expecting war.