ENGLISH COMMERCIAL MONEY MARKET. (FROM THE "HOME NEWS," MARCH 27.) WINDELER & BOWES'S WOOL CIRCULAR. London, March 25.

Daily Southern Cross, Volume XXIV, Issue 3389, 27 May 1868, Page 2

ENGLISH COMMERCIAL MONEY MARKET. (FROM THE " HOME NEWS," MARCH 27.)

WINDELER & BOWES'S WOOL CIRCULAR. London, March 25.

Thb approaching close of the quarter, combined with a little more briskness in trade, ha*, by en« Urging the demand, increased the, price of money in the discount market. '' When" list 'W Wrote the highest rate for first-class commercial fjaper-was If to 14 per cent. It is now fully 2 per cent, that ia, equal to the Bank minimum, .though exceptional business is takan, occasionally, at If per cent, *. The period of the quarter and the briskness of ,general trade are nob the sole causes of the establishment of the ad»anoe. It has been promoted, to a considerable extent, by a material rise in cotton, which, in turn, h»-» led to an increase in the demand for th« means of remittance to India and Egypt, whither an efflux of specie has recommenced. Australian securities continue in favour, and iv se« veral instances the following quotations of March 24 th show improved prices : — New South Wales Government, 5 per cent;., I§7l to 18,76, January and. July, 99 to 101 ;:ditto, 5 per cent., 1888 to 1896, January and July, 96 to 97 ; ditto,' s per cent., reduced by annual draws from- 1867' t0 1875, 99 to 10 f; New Zealand, 6 per cent., 1891, 106 to 107 ; ditto,.fi per cent., 98 to 99 ; ditto, 6 per cent., 1891,, March and September,' 105 to 107 ex d.'; ditto,' 6 v per cent, 1891, June and December; 106 to 107 ; 'dufyjfprovince of Auckland, 6 per cent, Ist aiid 2nd aeries, 1896, 104 to 106 ; Queensland 6- p«r cent., 1884-85, January and Jnly; 103 to 104 ; ditto, 1891, January and July, 103 to 104; South Australian Government, 1878 and 1892, 108 <j» 110 ; Tasmanian 6 ,fiejr cent, 1895, January and July, i,104 ( to 106 ;[, Victorian Government 6 per cent, 1891, January and July, HO to 111; April and Ootober, 112 to l\d.i,9ikvi

la bank* than has been a decline, butnotgen^ itlljrv -Bank of Australasia, 69 to 61 ; Bank of Otago {limited), 7 to 6 dii.j Bank of South AOrtralia,. 28 to 29; Bank of New Zealand, 8 to 9 pr*m. ; .Chartered of India, Australia, and Chin*, 17| »o l«i ; Engliab, Scottish, and Australian Chartered,! ,1«4 to 174 ; London. Chartered of 44BteftliH.fiS$ to 23J ; New South Wales, 46 to 47 5 QmaUl B»nt Oorporation, 42 to 43; Union of AMWfc,M9to*l. ijJnaariMoallanebus abares the following prioea »how ailyijight iya>ialkio« dttripgthe month, while a fair amoairbi.ofi.tranntiii h*» been done. Anttralian uKVoJttir*J # 16 to,l8; Australian Mortgage Land and ifdia, to i pr*m,; fingliah ap<t Auakralian 1 PPP« r - |,to { j ,N«w ZeaUnd Loan and Mercantile, 1 f-o J to I ; New Zealand Trust and Loan 1 }«#§s)* j \ Jt(L li prem,; N. B. Australaaian 1 lP»wWu4oo(to<6U}. .Panama, n! New Zealand, and . JM^ialjaa,, Royal Mail,< 4 to 4i; 2 to 24 ; J^tlißjifec iLand and. Mineral, 32 to 34 ; Scottish AnftrAKantnteat?nent/4ia ; t9 l23j,Sq«th Australian Laudi 35 to 37 ; Trult and Agency of Auatralasia, |to lj prem.; Van Diemen'a LaDd, 7 to 8. «Af> a meeting, on March 11, of theOtea Ifinjpg Coof\pa.ny, J the liquidator was .authorised, to aoc«pt the torn of £7,000 for the whole of .the pro* J^'PJt^^W'ing.

London, W« have Uy report; a more favourable state of affaiii in nearly all brandies of trade, both here and tih tiie Continent, The downward course of pride? -¥aa BWM reversed, and a feeling of uncertainty and j^peWot > hat given way to one of activity and hBpe. WU l imelibratian l,'"though very general, is not •¥jKr¥r»»l, *rid ri*tt of it is anticipatory,' and due to from JongVoontinued dalners., Jh 'the 1 manufacturing industries connected with WB6i there is a steady trade going on, and stocks of .gptos are'moderate. The snpply of wool at the| "tiresent^inoment is less than usual at this season, and ; •thii bai contributed to give firmnens to the markets., may quote geberaily afa advance of 10 percent., -Ob th^ r&tet current at the opening of this year. To, wkinUin' this ' intprovemefat in the face of the j jlmmanae supplies expeoted 'during tbe summer t 4 moiith% will require a continuance of good trade in tfie" manufacturing'districts]] as well as a disposition 6m the part of buyers to believe that stocks may be i 'be held 1 without risk —an idea that may gain ground . when it is considered that at the River Plate, as well "as in som* other countries, prices have descended lpVr enough to diminish for a fine the annual -inorease in production. TKe public sales of colonial wools, now closing here, were unusually well, attended at the opening tfo the 27th ult.; foreign buyers especially were in great forced and appeared anxious to make early <'irarcbaFes;they gave spirit to the competition, which led to the advance quoted of 5 percent, on Australian, and 10 to 15 per cent, on Cape wools, as compared with the depressed rates of last December ;" sales; hut this position has not been supported with ' regularity'; the" larger dealers have been acting latterly wjth caution, and for some riescriptionv ' •specialfy Cape wools, which showed most improve toenti 'ji>w*r prices have been sul mitted to. Export buyers 'for F/ance have taken more than their usual - share «f stapled wools. Belgium and Germany have * also done largely in Cape wools, attributable in acme "degree to the fact that the supply from Buenos Ayres has been retarded, but tbe United States is ■tili kept out of our market; trade there is better,' ■although still in an unsatisfactory state, and wool hap been in demand at rather higher prices. < Xh* total quantity catalogued, during this series, - amounts to 122.048 bales, viz., 121,058 colonial, and J990 foreign,—against 118,746 bales, 116,974 colonial and 2,071 foreign, at corresponding series' last year —it compiled 16,983 Sydney, 43,027 Port .Philip. 1,201 Van Diemen's Land, 19,331 Adelaide, 846 Swan River, 3,371 New Zealand, 36,209 Cape, and 990 foreign.