COMMERCIAL.

Lyttelton Times, Volume XXII, Issue 1321, 22 November 1864, Page 4

COMMERCIAL.

Lyttelton Times Office, Nov. 21. But very little business was transacted in the grain market on Saturday last. Only a few samples were submitted ; the prices ruled rather higher than daring former weeks, 12s being the nominal price. In one instance 12s Gd was asked for a sample, but the offer was refused. As regards flour, the price of Canterbury grown, is about £32 10s per ton. The Orita, Omco, and Nymph of the Seas brought, some large consignments of Chilian flour, which have served to relieve the pressure on the market, arising from the small stocks previously in hand. The cargo of the Orita was disposed of to Mr. W. H. Lane, hut the price at which he became the purchaser has not been notified ; he is retailing it at £30. Oats and barley are still dull of sale. Freights for the conveyance of a large parcel of the former to Wellington are advertised for; the price of barley is 49 6d pel* bushel, nominally, oats being on an average 3s. Potatoes are still rather scarce, and those now on sale are of very inferior quality ; they fetch £10 per ton wholesale and £13 per ton retail. A few lots of new ones have been imported from Auckland, and retailed at from lOd to Is per lb. The crops are looking flourishing, and the growers are anticipating, a heavy yield. With regard to the miscellaneous articles of daily use, there is but little change in prices. Butter and eggs are both rather dearer, the former being is 3d. per IB and the latter Is lOd per dozen. Whilst on the the subject of these articles, we may mention that a co-operative society has been established in ChristChurch, for the purpose of supplying the members with goods at moderate prices. The office, whiehis in Hereford-street, is opened on five nights in the week. The shares are £1 each, and we learn that a good many have been taken up. We have no change to report in timber or in building materials.

We learn that a shipment of twenty tons of Tasmanian potatoes,imported per Omeo.by Mr. A. Marshall, has changed hands at remunerative rates.

ENGLISH COMMERCIAL. The Times of the 26th September, reports as follows concerning the Money Market: Consols this morning oponod with ft very flat appoaranco, and remained throughout the day without any permanent recovery. They were first quoted for delivery 87£ to 88, showing a furthor doclino of an eighth, and after having touched for a short tirno 88 H , they returned to 87f to 88 for doliverv, and 88 J to ± for the 11th of October. Rcducod and New Three por Cents left off at R(U to & • India Stock 209 to 211; India Fivo per Conts, S- Rnpo'Sm, 101 to HO: Mi> Bonds, 30a to 20s dis;'and Exchcquor-bills (Juno), 25s to 16s dis; March, 12s to 6s dis. , , , , The demand for discount at the bank continues moderate for tho period of tho quarter.

The Economist of the 24th lias the following report' Discount and Monet Market.—Tho actual state of the money market differs little from that described last week. Discounts have been dono occasionally at 8| per cent, but to-day the demand was rather active, and 8j and 8i have bean paid. More foreign capital is sent here for investment in unexceptionable six months bins, which yesterday wero inquired for at B}, and to-dav have been done at 8£ per cent. From day to day, there is abundanco of money, and from this it would appear that for the moment many persons have over-supplied themselves. A large amont of Indian bi<ls are said to fall due to-morrow, and perhaps the greater activity experience d to-dav may have been stimulatory this circumstance There is a vague feeling of anxiety, and a ™ afloat of an unfavourable nature. Notwithstanding the actual uneasy character of the market, the favourable indications of the future are becoming more numerous. The attraction of foreign capital to this country for investment at the rates now current, is producing an appreciable effect in the reduced terms on first-class long-dated paper. The contraction of trade also tends to the dimmution of engagements, and the decline m the value ot cotton, although, on the one hand, threatening some failures, and the stoppage, through prudential considerations, of a few mills, undoubtedly hinders the entering into fresh liabilities in a vory important degree. Hence, so soon as a sensible amelioration, of the present symptoms is produced, we may hope for a somewhat rapid recovery in the tone of tho markets, and a resumption of business under more favourable conditions. The current maket rates for paper of different periods are subjoined: — 30 to 60 days 8H percent. 3 months 8J 9 per cent. 4 months... 9 per cent. 6 months—Bank bills ... ••• 9 per cent. — Trade do per cent. On the Stock Exchange, the rate for loans on Government securities, for short periods, was 5 to 6 per cent, in the early part of the day, but towards the close a larger supply was offered, and the rate declined to 4to 5 per The bills of the Leeds Banking Company have been returned unpaid by their London agents. of difficulties have been current for some time, but their immediate cause is not stated. This company was formed 32 yeas ago, and has an authorised bank note circulation of £23,076. It has between two and three hundred shaveholders, a paid-up capital and reserve fund of about £200,000, and for many years has distributed large dividends. The prosperity of the trado of Leeds during the past four years has been such as to render It the last district in which any commercial embarassments could have have been anticipated. A meeting has been held at Leeds of the shareholders, when some very unfavourable facts with regard to the management were elicited. Bad debts from customers represent a total of no less than £100,000, and it was stated that paper of a very unsound character has been discounted without the knowledge of the directors. No statement of accounts was presented. A committee was appointed to act with the directors with a view to negotiations being opened for the sale or transfer of the business. It is believed that if the business is satisfactorily disposed of, it will not be necessary to make a call of more than £5 per share ; otherwise about £20 per share might be required. About 100 shareholders attended the meeting, but reporters for the press were not allowed to be present. The stoppage of the Leeds Banking Company has been followed by that of Messrs. Saalfeld Brothers, of Leeds, woollen merchants and shippers. The following, relating to the failure of the Leeds Banking Company, is from the Leeds Mercury. It puts the possible result of a liquidation in a very unfavourable light:— Considerable misapprehension seem to prevail m regard to what took place at the shareholders' meeting on Wednesday on the subject of the liabilities of the company,and most of our contemporaries have stated that £100,000 was represented as being sufficient to cover the losses which the bank has suffered. This is an error which probably originated from the manner in which the conversation was conducted. Mr. Middleton, who attended the meeting as the representative of persons largely interested as shareholders, was anxious to obtain something like an approximate idea of what proportion of loss the company was likely to sus-

advanced to customers; and' he put questions to a ji.T.tmrM miviiig" mac oDjecc in view.' xr^ was unable, however, to get from them any figures which could guide them to a decision, and it was then that Mr. Joy offered the suggestion that probably the deficiency would not exceed £100,000. Thereupon Mr. Middleton asked whether the directors could say that that would be the extent of the loss; but to this question he received no reply. He then inquired if the directors thought £200,000 would cover the loss. To this also no reply was given; but on his pursuing the matter a step. further, one of the directors did venture to offer an opinion that the loss would not be so large as £300,000. The directors, indeed, did not appear at that time to possess the information which would enable them to give any confident opinion, on the subject. Further embarrassments are reported at Leeds. The Leeds Mercury, of Saturday, contains the following:— "We regret to state that several other faileres are re-, ported in addition to those previously announced as arising out of the suspension of the Leeds Banking Company. Yesterday morning proceedings in bankruptcy were opened against Mr. Charles Turner and Messrs. Turner and Johnson, cloth manufacturers; and during the day Messrs. Alfred Teale and Co., woollen merchants, King street, executed a deed of assignment in favour of their creditors. The liabilities of the first three are not expected to be large, but those of Messrs. Teale and Co. are stated to amount to £100,000. With regard to the affairs of the bank itself, nothing further is officially known, but it is understood that amongst the paper which hhs been discounted are a number of forged bills." The directors of the Panama, New Zealand and Australian Royal Mail Company have issued a circular to their shareholders, stating that the question of the adoption of the contract entered into with the Hon. Crosbie Ward, as Postmaster-General of New Zealand, for the Panama and other mail services, will be referred to the Colonial Parliament, which is expected to meet in October. Mr. Ward, it is added, still maintains that the present Government of New Zealand are bound by the acts done by him in his official capacity, and expresses his conviction that, when the Assembly meets, the contract will be adopted. Moreover, the local Government of Canterbury, one of the most wealthy provinces in New Zealand, entirely disapproving the conduct of the General Government in declining on their own responsibility to recognise Mr. Ward's proceedings, have made a formal offer to undertake the payment of the stipulated subsidy for the service between Wellington and Panama, should the Assembly not adopt the contract; and in this step they are supported by some of the other provinces.

Lokdof Wool Re poet.—2lth September, 1864,

Since the close of the sales there has been little 'doing; the dearness of money creates much caution, and except for qualities to complete orders, few contracts have been made. The failure of the Leeds Banking Company has created much distrust in the north, and there is an evident indisposition to extend operations except for actual requirements, hence there is scarcoly any inquiry for the north. For the Continent there has been more doing and certain descriptions, particularly wools of a faulty character found - to be cheap at the July sales, are slightly in demand, but are wanted at last sale's rates. Dealers, although anxious to sell, if only cost and charges can bo covered, do not press their purchases on the market, and in consequence our market may bo quoted firm, but with scarce any business. Without there is a great change for the better in the rate of discount, we do not look for last sale rates being more than maintained; but, if, with the present high range of money, there arc to be failures in the north, we shall have a decline in the prices of wool with a flat market. There is a good consumption going on, and manufacturers are fairly employed, but there is not so largo a number of new orders out that might fairly bo looked for at this season of the year.

The following is from the Leeds Mercury:—There has been very little business doing in any kind of wool during the week, probably less than has been done for a long time,and if sales of English wool were pressed lower prices would have to be taken. The high rates of the last twelve months no doubt arose from a legitimate domand, and would have to bo maintained if the consumption had continued. It is now being reduced, and the apprehended dearth, as has been the ease in former periods, will probably be averted. Colonial wool has never reached an extravagant price, and there is no alteration in. its value at present. The suspension of the l.ceds Banking Company and the results flowing from it, are engaging the thoughts of a great many persons, and producing much anxiety, loss, and inconvenience.