MONETARY AND COMMERCIAL.

Lyttelton Times, Volume LXXVI, Issue 9493, 15 August 1891, Page 5

MONETARY AND COMMERCIAL.

RUSSIA’S PROHIBITION. (Special to Pbess Association.] [Received August 14, at 10.40 a.m.] LONDON, August 13. The action of Russia in prohibiting the export of rye has caused a renewal of the agitation in Germany for the reduction of the corn duties, as the price of rye in that country exceeds that of wheat. The Times considers that the rye inhibition is a political move on the part of Russia against both Germany and Austria. ST PETERSBURG, August 13. The railway rates on articles of food have been reduced. There is much distress throughout Russia, and the fears of famine are affecting the bourses. BUENOS AYRES, August 13. The Senate has passed the National Bank Bill, and repealed the “ Moratorium.” LONDON, August 13. The brokers are furious at the rumours concerning the New South Wales loan, and demand that the Government of that Colony should publicly deny the secret issue. [Received August 14, at 5 p.m.] BERLIN, August 13. Rye has • risen 7 per cent in Germany and wheat 3| per cent. [Received August 14, at 7.30 p.m.] LONDON, August 13. Sir Saul Samuel declares that no definite offer to take up a loan for New South Wales at 97 has been made, and the alarm of the brokers is, therefore, groundless. The general opinion in the city is that a public loan of a million and a half would be readily taken up at 97. Stocks have recovered to-day, the forward movement being due to the belief that the intention, if any existed, to effect a private issue has been abandoned. The sudden, squall on the Exchange has now collapsed. [Received August 15, at 13.50 a.m.] SHIPPING. Arrived S.s. Nairnshire, from Bluff (June 11) ; Scottish Admiral, from Auckland (May 7); Lismore, from Lyttelton (April 18); Nith, from Lyttelton (April 9) ; Star of Erin, from Lyttelton (April 18) ; Timarn, from Port Chalmers (May 21); Yallego, from Port Chalmers (April 14) ; Akaroa, from Wellington (April 27) ; Ben Nevis, from Timarn (April 23). The last-named reports exceptionally heavy weather. A fire broke out during the voyage in the cargo, and a portion had to be jettisoned. There is little prospect of saving anything from the steamer Wallarah, [Received August 14, at 10.40 a.m.] NEW SOUTH WALES FINANCE. SYDNEY, August 14. The returns show that the Government has borrowed temporarily, from the Banks and other institutions, the sum of until a loan can bo floated. Mr M'Millan states that possibly the cable rumours arose through the fact of his having given an extension of time for the conversion of two millions of the 5 per cents.’. A syndicate, he states, a short time ago, offered to take a million and a half of these conversions at par; but the matter fell through. He further states that the finances of the Colony are rosy in the extreme, and that there was a surplus for the past half-year of a quarter of a million. Ho had the greatest confidence in the position of the Colony, the only condition of safety being to refrain from attempting to place a loan on the present depressed market. ADELAIDE, August 14. Daring the jast few days hot winds have been blowing in the southern districts. The ground is parched, and unless rain falls soon the crops will be a failure.