MONETARY AND COMMERCIAL.

Lyttelton Times, Volume LXXX, Issue 10108, 5 August 1893, Page 5

MONETARY AND COMMERCIAL.

[Special to Press Association.]

LONDON, August 3,

Australian merchants in London, are buying cautiously, without asking favours, and meeting their bills better than was expected, thereby increasing confidence.

In his speech at the Bank of New Zealand meeting the Chairman, Mr Q-lyn, said that the money withdrawn during the Bank panic did not amount to one hundred pounds. New Zealand was the only country south of the equator whose Budget showed a surplus. It is reported that the Loan and Mercantile Agency Company is settling its difficulty about the priority of Baron Schroder’s claims amicably. The Bank rate of discount is 3 per cent.

Mr A. M’Nab, Manager of the London office of the Bank of New Zealand, retires. He will be succeeded by Mr C. P. Tegetmeier, the present Secretary of the London branch.

The weekly returns of the Bank of England, published to-day, show the reserve to be .£16,814,000. The proportion of reserve to liabilities is 46T2 per cent. Three months bills are discounted at 2f per cent. Consols, 98|; New Zealand 4 per cent inscribed stock, 105 ; 31 per cent do 95*. Frozen mutton, first quality, 3|d. New Zealand long-berried wheat, ex warehouse, weaker at 28s 6d ; South Australian wheat, ex warehouse, flat at 80s fid; Victorian wheat, ex warehouse, weaker at 29s 9d.

The hemp market is dull, and Now Zealand lots have been withdrawn from auction.

Sugar market —German beet, firm 16s 3d; Java is also firm at 19s. No. 1 best Scotch pig iron, f.o.b. in the Clyde, 42s 4|d.

August 4.

A further shipment of half a million in gold to New Tork is announced.

WASHINGTON, August 3. _ The Government gold reserve is now restored to its usual amount. NEW YOEK, August 4.

At the Chicago Silver Convention violent speeches, denouncing the attitude of Groat Britain and President Cleveland, were delivered, and wild disorder ensued ; but eventually a resolution in favour of the full coinage of silver was carried.

SHIPPING. LONDON, August 3. The Otarama has sailed for Port Chalmers and Lyttelton.

BANK OP NEW SOUTH WALES. SYDNEY, August 4,

The Directors of the Bank of New South Wales to-day issued a circular announcing tha issue of 37,500 new shares of 1:20 at a premium of £5. Them shares will be offered to the existing shareholders. The capital of the Bank will thus bo raised to two millions sterling, and the reserve fund to .£1,197,000. [