COMMERCIAL.

Lyttelton Times, Volume LI, Issue 5589, 23 January 1879, Page 4

COMMERCIAL.

Lyttelton Times Office, Wednesday Evening. CUSTOMS’ REVENUE. The following was the Customs’ Revenue collected on Tuesday, Jan. 21.- £ s. d.

Total £1203 13 8 THE ENGLISH MONEY MARKET. The New Zealand Loan and Mercantile Agency Company report, ... The past month has been a period of comparative ease in the money market. From the date of departure of the last San Francisco mail, rates generally receded, hut it was not until the 21st ultimo that the Directors of the Bank of England made any alteration in the minimum, when the rate was lowered from 6 to 5 per cent. In the open market the rates current for best three months’ bills have ranged chiefly from 4 i to 4J per cent, the latter figure ruling throughout the last week in November. During the last few days a firmer tone has been apparent in consequence of an increase in the supply of bills, and withdrawals of gold for Germany. To-day we may quote fully 4f per cent for 80 days’ bank paper, while similar bills with six months to run may be negotiated at 4J to 4| per cent. Short loans have not been in active demand, and have been obtainable on moderate terms. The present rate for loans at call or short notice upon the deposit of Foreign Government securities is about 4 per cent. According to the four weekly returns of the Bank of England which have been published since Oct 30, the position of the Bank has under the influence chiefly of a 6 per cent minimum, been considerably strengthened in the interval. The liabilities have diminished from £31,299,523 to £30,392,281, whilst the reserve in the same period I has risen from £10.838,734 to £12,743,423, the pro- I portion of the latter to the former being now 42 per I

cent as compared with-S3 per cent at the end of October. The stock of com and bullion has been increased by fully £1,000,000, and is now represented by the sum of £26,503,333. The active circulation shows a marked contraction, the reduction on balance for the four weeks being no less than £1,348,520; the account now stands at £28,759,905. The external movements of gold, according to the returns in the London Oazetto shows that for the four weeks last ended, the total imports amounted to £1,239,590, and the exports to £432,757. ■ During the past month the general tendency of the Stock Markets has been towards improvement. The reaction which followed upon the first prejudicial effects of the City of Glasgow failure, and the subsequent expansion intha money market, have mainly contributed to this better feeling, and although the transactions recorded have been only on a moderate scale, the movements iu the principal stocks have been in an upward direction. In Colonial Government securities the sharp recovery from the lowest point reached in October, to which reference was made in our lost San Francisco circular, has been fully maintained, and in some instances a further advance has been secured. All the New Zealand stocks, with the exception of the 5 per cent 10-40 loan, have risen from 1 to 3 during the month. The iO-10 loan, after reaching 99-100, relapsed to 98-99, at which point it stands to-day. New South Wales 4 per cents have advanced 1, and Queensland 6 per cents (1913)1. South Australian 6 per cents have also risen 1; but Victorian stocks have been stationary, save the 4 per cents, which have moved from 92-94 to 93-95. _ In Municipal Bonds the movements have been trifling, the most noticeable being a rise of 2 in the City of Melbourne 5 per cent loan, 1896-1907. Although cheaper money will attract attention to Colonial stocks, the impending new loans, which only await a favourable opportunity for being launched, will doubtless have a depressing effect upon the market. Consols, after constant fluctuations, show no alteration on balance for the month, being now quoted 94i to 94| ex div., agaiast 95J to 95J, cum. div., on the 7th ultimo. It is now computed that the total amount for which the shareholders of the City of Glasgow Bank will be liable approaches the sum of £7,000,000. It has been decided to establish a consultative committee of London creditors to act in connection with the committee of Scotch shareholders. A call of £SOO per £IOO Stock has been made on the shareholders, payable, one-half on Dec. 22, and the remainder on Feb. 24 next. In consequence of the Caledonian Bonk being a shareholder of the City of Glasgow Bank, it is announced that the directors, upon the petition of the liquidators of the latter, will take immediate steps for placing the Bank in liquidation.

COLOKIAL GOVERNMENT SECURITIES.

tl “ 9 9 9 Interest due. 0 Name. Closing S g g Quot’ns. §is S M

COLONIAL BAKES. 0Q © w ame . Closing | g 3 H 3 Q«otns. || m S n

MISCELLANEOUS. 2 Name. „ posing gg § IS Quoins. -3 o A c 3 3 0Q P 4 P 3

. ... 10 19 7 Spirits Tea ... 321 14 10 . ... 71 6 0 Sugar . ... 93 13 ... 83 5 5 0 . ... 5S 16 3 Mineral oils ... 400 0 0 Goods by weight ... ... 25 17 6 Ad valorem ... . ... Ill 12 Other duties . ... 27 9 1

Jan 1 k July 1 6 N, Zealand. 1891 112, 114 1134 Mar 15 & Sept 15 6 .. 1891 110, 112 1094 June 15 k Deo 15 6 >, 1891 112, 114 1114 Jaa 15 & July 15 5 » 19W 103, 105 104, i Jan 15 k qrly 5 N. Zealand, conBolidatedlper cent per ann. sinking fund 102, 104 103, £ Jan 15 k July 15 5 N. Zealand, 5-30, 1879 to 1901... 94, 9S 95J-,4| Feb 1 k Aug 1 44 N. Zealand, 5-30, 1681 to 1906... 100, 102 1014 March 1& Sept 1 5 N. Zealand 10-40 98, 100 99|

10 Bank of New Zealand... 10 23, 25 24 10 National Bank of New Zealand, Limited ... 3\ \dis. nar 31 40 Bank of Australasia ... 40 70, 72 70i, 70 20 Bank of New South Wales 20 51, 63 52| 25 Union Bank of Australia 25 54, 56 55.4f.54, «.5i

100 Auckland Harbor Board 6 per cent debentures 100 104, 100 100 City of Auckland 6 per cent debentures 100 105, 107 1095 100 City of Christchurch. 6 per cent DrainageLoan 100 107, 109 *** 100 City of Dunedin 6 per cent debentures, 1925 100 107, 103 108| 100 City of Dunedin 6 per cent Eedeemable,1906 100 107, 109 100 City of Dunedin 5 per cent Consolidated Redeemable, 1908 100 95, 97 Ml 100 City of Wellington 6 per 100 cent consolidated loan 103. 110 108J 100 Napier Harbour Board 7 per cent Debentures 100 102, 101 10 National Mortgage and Agency Company of New Zealand, Limited 1 Jdis.,5 pm 25 New Zealand Loan and Mercantile Agency, Limited If, 2}pm 45, 7-16 25 New Zealand Trust and Loan Co., Limited 5 45, 5 pm 25 New Zealand Trust and Loan Co., Limited, Fret 25 25, 26 5 Otago and Southland Investment, Limited 1 5, Jpm