ENGLISH COMMERCIAL.

New Zealand Herald, Volume III, Issue 644, 5 December 1865, Page 4

ENGLISH COMMERCIAL.

MONEY MARKET & CITY INTEILLGEjf C E (From lha Home Xeici, September 2C.) Business in the Stock Exchange, which tinea 0 last has been slightly better, has closed rather dull 1 " check being apparently given to speculation by t v* increased demand for money in that establish)* f' Somo effect is also produced by the absence of ft' Hebrew operators, by whom the last few days h ' been observed as holidays. As regards home n'i° ways, foreign stocks, and other securities, silos rath " predominated, but where any decline occurred if» merely fractional. In tho Discount Market the rato for choice bills ; firm, at 3-J to 4 per cent, or about equal to the R • tisli minimum. Tho applications to that establish" ment wore consequently large, including 50 m e f ' the brokers and discount establishments. A, a revenue payments into tho Bank will continue on ' considerable scale until tho turn of the quarter ft demand is not likely to slacken within that DerioS In the Stock Exchange money was wanted aid H? rato for short loans on English. Government eemrf ties was 4 per cent.

At the h.df-yearly meeting of tho Bank of Au«tm lasU the directors' report, announcing the propojS payment m October next of a dividend andbo™,,} tho rato of 14 per cent per annum, free of mem.. tax, was adoptej. This allows £2 16s on each old and £2 2s on each new share. In future the old and new shams will stand on the same footing. At a meeting of Confederate Bondholders a com mittee was formed to take proceedings in the'intow of tho unfortunate holders, and to report to an afl" jour icd meeting to be held on the 18th of w month. e "

At the half-yearly meeting of tho Bank of Emland, Mr. Holland the governor, in the chair "» dividend was dechred of 5 per cent for the '»! months ended tho 31st August, leaving the r«t „► £3,000,295, or £23,374 less than on tho last occalf In a short discussion which followed, tho governor" in reply to a statement that tho Bank are auDMwrf to hold £8,000,000 or £9,000,000 of railway debm tures, mentioned that the real Mai is a b„„I £4,000,000, and that these do not include any Co amount of Great Eastern. In relation to this class of securities it was suggested that the Bank should uso their infli eneo to promote some measure to check tho possibility of unauthorised issues, especially after the lesson furnished by tho notorious case of tv» West Hartlepool. tr ' e

At n meeting of tho Merchant Banking Company of London, an interim dividend wan declared of £1 en each old, and Is 6d on each new Bhure— being equal to something over 8 per cent per annum. At tho meeting of the Atlantic Telegraph Company, the directors' report mentioned that the manufaoluio and submersion of a now cable and the raising of tho old one (the last) would involve the raising of a sum ranging from £250,000 to £500,000 by the issuo of preferential stock bearing a'first dividend of 12 per cent, with participation in profits after 8 por cent has been paid upon the existing shares, and i per cent upon the old capital. The decision of tho shareholders with respect to this new issue is to be taken at another meeting to bo held on Octobor 12.

A prospectus has been issued of tho London and Australian -Agency Company, with a proposed capital of £1,000,000, is shares of £20 each, of which threefifths are to be at once issue'. The otjoct of the company is to ficilitite tko investment jof English, capiial in Australia by making advances" to the pastoral tenants of the Crown lands and others on secuiily of their property, under the provisions of acts of the Colonial Legislatures, by acting as agents for tho sale of wool and other produce at home and abroad, and by conducting a financial and general agency business. Operations are to commence by taking over tho established wool brokers' business of Messrs. J. H. Clough &. Co., of Melbourne, in coneideration of shares to the value of £60,0C0.