COMMERCIAL INTELLIGENCE. Oamaru Times Office, Monday Evening.

North Otago Times, Volume VII, Issue 158, 27 November 1866, Page 2

COMMERCIAL INTELLIGENCE. Oamaru Times Office, Monday Evening.

Continued favorable intelligence from Europe has the tendency to inspire confidence in all circles ; but the trade done is still limited. On up-country account the demand, a« usual, is improving. From the regularity of the coastal communication now established, merchants j^O placed at every advantage, as regards supplies

stocks, consequeutly, are seldom too full or too bare for the requirements of the place. Flour — Heavy stocks of Oamaru manufacture are held. Wheat is nominal in price. "We have hoard very low prices named. Oats have been parted with at lower rates than last quoted. Potatoes have been latoly shipped in quantity, but the price is not considered satisfactory to growers. Wool now comes in slowly ; shearing not yet being general. The earlier sown crops now look well ; those later sown it is feared, will suffer from the effects of the late drought. Rain is again wanted.

ENGLISH.— The V Times " money artlicle of the 26th September, says, " The discount demand at the Bank remains unusually light for the period of the quarter, xnd as nearly a quarter of a million of gold has been taken to the Bank to-day, and a further considerable amount is likely to bo sent in to-morrow, there is every reason to anticipate that the return published on Thusday will show a further great increase of strength. It is now almost exactly a year since the upward movement in tho discount markot commenced that resulted in the Covulsion of May last. On the 28th September, 1865, the raie, which for months had been steady at from 3 to 4 per cent, was raised to ih per cent, to be carried up in little more than a week by rapid strides to 7 per cent. At the present time the features that were most striking at that period are entirely reversed, and although the damage to the harvest and the symptoms of roviving demand for Indian and Egyptian cotton may be expected to check the rapidity of the reaction otherwise to have been expected, there can be little doubt that the total extinction of all courage for speculation will have an effect greater than can be produced eren by Iheae tnru lAiuuuistaucca cumMueil, uuil that an increase of ease may still continue to be looked for. An impression prevails that & reduction to 4^ per cent, will be adopted this week, and in any case it is considered cei tain that it will be found impossible to maintain the existing terms when the payment of the October dividends shall have commenced."