MONETARY AND COMMERCIAL

Lyttelton Times, Volume LXXX, Issue 10104, 1 August 1893, Page 5

MONETARY AND COMMERCIAL

[Special to Pesbs Association.! LONDON, July 30.

The Statist expects that the repeal of the Sherman Silver Act will be followed by a heavy withdrawal of gold for the United States and a sharp rise in the rate of discount. Mr John Watkins, in a letter to the Press, contends that the Bank Issue Act passed by the New South Wales Legislature is not opposed to Imperial legislation, and that no question of its validity can arise. The 'Economist admits that this contention is correct.

Sheepskins have declined a farth-

ing. I Tallow, medium mutton 275. j The American and Continental | wheat markets are declining and i showing signs of weakness while the | English has a downward tendency. < Two cargoes of Australian wheat hare been sold at 28s 6d and 29a 1 respectively. _ » The Investors’ lieview , in. an article I entitled “ Braggart Queensland,” | venomously attacks the methods j which, it alleges, have been employed to lure emigrants to unsuitable | country by politicians and land-1 robbers whose interests are identical, j OTTAWA, July 30. Mr Powell, Canadian Minister for < Trade, has assured Messrs Huddart, Parker and Co. of universal sympathy 1 and of Canada’s desire for inter-trade | with Australia. Ho hoped to see a j direct Pacific cable laid and fast \ steamers running to Great Britain! within two years. j WASHINGTON, July 30. | Three hundred bank failures have \ occurred in the United States since | May 1, chiefly in the Western States. | The aggregate capital of the sus- 3 pended Banks amounts to .£8,000,000 sterling. j NEW YOKE, July 31. Eight additional bank failures throughout the States are announced. |

SYDNEY, July 31. I The of New South Wales has I convened a meeting of ehareholdera for j September 27, to consider the propriety of 1 increasing the capital. As a consequence ■ shares to-day have a strong upward | tendency. |