LATEST EUROPEAN.

Lyttelton Times, Volume LI, Issue 5599, 4 February 1879, Page 5

LATEST EUROPEAN.

[Reuteb’s Telegrams.] LONDON, Feb. 1. The sentences passed on the Glasgow Bank Directors were: Potter and Stronaoh, 18 months’; Taylor, Ingles, Wright, Salmon, and Stewart, eight months’ imprisonment each. Counsel urged that they were not guilty o£ making false balances, and had no motive for falsifying the accounts. New Zealand Fives are one higher ; all Colonial securities are buoyant. Consols, 97. Market rate of discount, 2£ ; Bank reserve, 12| millions. Cetewayo not having submitted, war has been declared against him. Arrived: Cuzco. [SRJSCIAL.] LONDON, Feb. 1. The money market is rather firmer, and the Bank reserve is stronger, being nearly thirteen millions. Consols, 96J. The market for Australian securities has experienced a strong revival. The wheat market is unchanged. A quantity of inferior New Zealand is in the market.

Wools axe quiet at current rates. There is a recovery in the demand for fine wools, and business is less depressed.

The Zulu wax has commenced. The King refused to listen to the British ultimatum, and our troops immediately crossed the frontier, attacked and carried his principal outpost. Owing to repeated inroads on the settlements on the Guinea Coast, the Portuguese Government has declared war on the hostile tribes, and a strong expeditionary force is being fitted out.