COMMERCIAL NEWS. MONEY MARKET AND CITY INTELLIGENCE. (FROM THE "HOME NEWS.")

Daily Southern Cross, Volume XXIII, Issue 3231, 23 November 1867, Page 4

COMMERCIAL NEWS. MONEY MARKET AND CITY INTELLIGENCE. (FROM THE " HOME NEWS.")

The money market remains in the same anomalous position that was described in our last, a month ago. There is, if anything, rather lesi demand, and a consequent easier quotation of terms for first-class bills. First-class foreign bank paper has been frequently done at 1 per oent., and cases hay« occurred of transactions even lower ; while the terms for mercantile bills are only If to 14 per cent., though, this . being the last week in the quarter, when many accounts will be adjusted, it is not unusual to find the rates equal to the minimum charged by the Bank. Now, there is a difference of no lees than | per cent, between the Bank minimum and the open market, of courseto the disadvantage of the Bank, which ought, in its own interests, to reduce to l\ percent. The deposits at all the banks are increasing, the public, for the present, being content with the simple 1 pee cent, that is allowed for them, rather than by investing in th« funds or other stocks gaining larger returns. This condition is a proof that the distrust engendered by the collapse of list year is not yet removed, though nearly a year and a half have elapsed. Bank Stock has beenfdepressed on'acoount of the reduced dividend, but it has partially recovered. At present it is shut, and there are no dealings, but, inoludiug the dividend, sellers could barely obtain 260 for the stock. India Stock, 220 to 222 ; India Five per Cents., U3J to $ ; Rupee Paper. 104f to 105J, and 109 J to 110| ; and India Bonds, 65s to 70s pm. A further considerable advance has taken place in the securities of the various Australian Governments, and they are very firm at our quotations. New South Wales Government, 5 per cent, 1871 to 1876, January and July, 97 to 99; ditto, 5 per cent., 1888 to 1895, January and July, 94 to 95; ditto, 5 per cent., reduced by annual draws from 1867 to 1875, 98* to 994 J New Zealand, 5 per cent., 944 to 954 ; do., 6 per cent., 1891, March and September, 105£ to 1064 ex d. ; do., 6 per cent., 1891, June and December, 1074 to 1084 J do -» 6 P er cent - 1891 » January and July, 106 to 108 ; Queensland, 6 per cent., 1884-5, January and July, 99 to 100 ; do., 1891, January and July, 99 to 100 ; South Australian Government, 6 per cent., 1878 and upwards, 106 to 108 : Victoria Government, 6 per cent., 1891, January and July, 1114 to 112* j do., April and October, 112| to 1134. Other Australasian securities have fluctuated to some extent. Present quotations are — Bank of Australasia, 65 to 67 ; Bank of British Columbia, 10 to 13 ; ditto, New, is at 2 prem., s to 2 discount; Bank of Otago (limited), 6 to 4 dis. ; Bank of New Zealand, 7to 9 prem. ; Chartered of India, Australia, and China, 204 to 214 i English, Scottish, and Australian Chartered, 164 to 174 >' London Chartered of Australia, 234 to 244 > Union of Australia, 47 to 49 ; Port Phillip Gold Mining, 1 J to 1 J ; Scotti«h Australian (limited), i to 1| ; Yorke Peninsula (limited), $to f dis. ; Yudanamutana (limited), $to 14 ; Australian Agricultural, 17 to 19 ; Australian Mortgage Land and Finance, par to J prem. ; English and Australian Copper, 4 to j ; New Zealand Loan and Mercantile Agency (limited), \ dis. to £ prem. ; New Zealand Trust and Loan (limited), J to 1 prem.; Forth British Australian (limited), 35 to 45 ; Otago and South Inv. (limited), f to i dis.; Panama, New Zealand, and Australian Royal Mail (limited), 6to 7 ; ditto, 2f to 3J ; Peel Biver Land and Mineral (limited), 33 to 36 ; Peninsular and Oriental Steam, 48 to 50; ditto, Few, 1855, 47 to 49; ditto, 1867, 2 to 1 dis.; Scottish Auatralian Invest, (limited), 115 to 120 ; South Australian Land, 34 to 36; Trust and Agency of Australasia (limited), 4to 1 prem. ; Van Diemen'a Land, 7 to 9. At the half-yearly meeting of the Submarine Telegraph Company, on August 27, a dividend of 24 per cent, was declared for the half-year, and a Bum of £2,683 6s 9d added to the reserve fund, which now amounts to £27,313 13s 2d. Debenture bonds to the extent of £1,100 have been paid off out of revenue. There is no demand for silver for India or China, while there are large arrivals of gold from Australia* • But there is no inquiry for exportation, and the whole will no doubt shortly find its way to the Bank. The accounts from Canada, no less than from the United States, are favourable as regards the grain crops, and a good revival of mercantile business ia expected in consequence. It is also Btated that cheese is beginning to assume an important position in Canadian irade. From being large importers a few years since, the colony bave now a heavy surplus to export. It is estimated that there are 235 factories in operation in Canada, the product 'of wMch is expected this year to amount nearly 25,000,0001b., the aggregate value of which to the country will be from £400,000 to £500,000. The further dividend of 4s. in the pound, making 10s. paid, was paid to the creditors of Overend, Gurney, and Co., on Tuesday, the 10th September, and four subsequent days. In reference to this, Mr, Charles Oppenheim has issued a circular in which he states bis opinion that a further payment of 2s. 6d. in the pound will be made in November, and possibly another by the end of the year. The Crown Agents for the Colonies disposed of £50,000 Natal Government six per cent, debentures on September 11, by public tender. The applications amounted to £133,000, varying from 70 to 103* All at and above £100 5s receive in full, and one offer at £100 3s in part. The minimum was fixed at par. The exports from the United Kingdom to the vaiious countries of the world during the first half of the present year, compared with the extraordinary total of the corresponding half of last year, exhibit a reduction of only 54 per cent. While there has been considerable falling off in our colonial and American trade, owing chiefly in the former case to the depression in Australia, and in the latter to the prohibitory tariff and the scanty harvest of 1866,-<onr transactions with the Continent, and especially with Germany, have experienced a considerable extension. France and Holland continue to show advancing totals, and Italy also figures satisfactorily. Egypt has made a further stride, but Turkey exhibits a reaction from the heavy total of last year. Brazil likewise, notwithstanding her purchases of war material, presents a large decline; but with the other States of, South America there has been in several cases great progress. Chili especially has taken nearly three times as much as in the corresponding period of 1866, when her operations were checked by the Spanish blockade, and the Argentine Republic now stands next to Belgium, and before Russia, Spain, and Portugal. To Mexico our exports have been little more than half of those in 1866. Among the items of the list, "French possessions in India" appear for the first time, and "Siam," which has; hitherto been included, has dropped out. The directors of the Bank of Australasia notify that " a dividend »t the rate of 6 per cent, per annum, and a bonus at the rate of 64 per cent, pee annum, both free of income-tax, being together £2 10s. per sharp for the half-year, will be paid to the proprietors on October 15."