ENGLISH COMMERCIAL.

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

ENGLISH COMMERCIAL.

We extract the Epitome of English commercial news from the Sydney Morning Herald:— By the arrival of * the 'Bombay' -we are placed in possession of English advices to May 26th, and by telegram to June 12th, giving particulars of the commercial crisis reported by last month's mail. Details will be found iv the letter of our city correspondent, following »which is Lord Clarendon's despatch on the financial position ©f England., The pressure appears to have originated in Overend, Gurney, and Co. having got into difficulties through injudicious speculations and suspending payment with liabilities amounting to £20,000,000. This was followed by the failure of Peto and Betts, the great railway contractors, liabilities £4,000 000 ; the English Joiut Stock Bank, liabilities £800,000 ; the Imperial Mercantile Credit Association j the Consolidated Discount Company ; the English Joint Stock Bank ; the Bank of London ; the Commercial Bank Corporation of ludia and the East ; Fernie, Brothers, shipowner.*, of Liverpool ; Uallett, Ommanney, and Co , bankers ; the New Zealand Bank Corporation, the Oriental Commercial Bank, the European Bank, the Consolidated Bank"; Hankey, Gellatly, and Sewell, shipowners ; Luckie, Brothers, merchants, liabilities £80,000 ; J. P. Framjee, merchant, liabilities £400,000 ; Kynaston, Sutherland, and Co., colonial brokers and merchants, liabilities £100,000 ; .Robinson, Corryfcon, and Co., bankers, McCulloch and Co., liabilities £750,000 j and some smaller firms. The Bank of England promptly granted assistance to the extent of £12,000,000, which in a great measure relieved the pressure. The stoppage of the Agra and Mastei man's Bank occurred subsequent to the departure of the mail, and for particulars of this event, as well as of the renewal of the panic reported by the latest telegram, we shall have to await the arrival of next month's mail. The panic appears to have culminated much, more rapidly than 6ither the crisis of 1547 or 1857. In 1547 the pressure was felt for about thirteen weeks, during which discounts ranged from 54 to 8 per cent. In 1857, the money market became stringent early in October, when the bank rate of discount was 5£ per cent. ; on the 14th of November, it was 10 per cent , and continued so until the last week of the year, when it fell to 8. The late crisis commenced during about April 20 with discount at 6 per cent., and on the 16th of May the discouut-rate was 10 per cent. Another feature of the latter period is, that during it the amount of notes in circulation, private deposits, private securities, and bullion was larger, the public deposits and reserve of* notes smaller than during either of the other periods referred to. The effects of the crisis appear to have acted prejudicially upon all colonial produce and colonial securities. Overend, Guruey, and Co.'s failure occurred on the opening day of the May wool sales, and was at once followed by a decline of from l^d. to 2tl. per lb., which increased until fleece wools were 3d. and greasy 2£d. per lb. lower than rates realised at the preceding sales. Tallow and hides have also sold at lower rates. The following are the closing quotations for Colonial Government debentures :—: — N. S. Wales Government 5 per cetit., 1871 to 1876 100 91 to 94 Ditto, 5 per cent, 1883 to 1892... 100 85 — 8i New Zealand 6 per cent 100 94— 96 Ditto, 5 per cent 100 70— 73 South Australian Government 6 per cent., 1878 and upwards ... 100 104 — 106 Victorian Government 6 per cent , Apiil and October 100 100 — 102 Queensland Government 6 per cent., January and July ... 100 97 — 99 For joint stock companies doing business in and with New Zealand, the following are the latest quotations :—: —

BANKS. Australasia ... ... ... ... 69 New South Wales 43 New Zealand 8 pm. Otago ... .. ... ... ... 4 dis. Union of Australia 49 pm. New Zealand Trust and Loan § pm. Otago and Southland Investment ... par. Panama, New Zealand, and Australian Mail 84 Ditto 4± The Economist says :—: — The directors of the London Chartered Bank of Australia have issued their leporf, which is to be presented at the general meeting on Friday, the Ist of June. It appears that the sum of £51,538 7«. 10ii remains to the credit of profit and loss, out of which sum, the directors propose a dividend at the rate of 8 percent, pers annum for the half-year, free of in-

come-tax, leaving a Inlauco to new account of £ 11, 533 7s, 10vl. Tlil- taoetiug of the t t.go an-l f- outiiland Inveatmeiit Company too!c y] ico o-i the 17'liMvy, wlu-n adiVidnid was d^clarcl at tho Kite ot 8 poi cent. iur an u inn.