FINANCE AND TRADE.

New Zealand Times, Volume LXX, Issue 3863, 5 October 1899, Page 6

FINANCE AND TRADE.

“New Zealand Times” Office. Wednesday evening. The Customs returns for to-day amounted to £lO6l I'-'s 2d.

The quantity of gold exported from New Zealand during Lire month of September amounted to 29,69305 s against II.SOGoz in the con (.-spending month of 1898, showing an increase of 15,3870 z, or considerably more than double the quantity sent away last year. For the nine months of'the year the quantity exported amounted to 287.1930/., of the value of £1,106,-527, against 202,6730 z, of the value of £781,618, in the corresponding period of 1898, the increase being equal to 84,5200 z, valued at £321,979. The increase in quantity is equal to over 411 per cent. The monthly returns compare as under:—

The figures for 1899 do no!, it, a-ill be seen, correspond with those' furnished by the Mines Department, although they have been made up from the monthly returns. The error occurs in the figures for the Juno quarter. and arises through i.lO Customs Department having to telegraph the monthly exports, when errors arc liable Vo be made, it would be a convenience' if the department, published in the next issue of the “ Mines Record ” the figures lor each month of this year, and also for last year.' Th.e quantity and value of the. silver exported each. month for the past nine mouths compared will', the figures for the corresponding period of last year stand as under:—

The increase in the exports of (ho while metal for the past nine mouths amounts to 36,1800 z, valued at £lßll.

The advance in the minimum discount rate of the Lank of England from 3.V to TV per cent., though not a matter for surprise, for tnc probability of such a. movement. scorned clear enough last week, is an ominous iudir-aUoii <d the critical nature of the political outlook in South Africa. There are two' singular circumstances in connection with ■ the rise in 1 he hank rate which lead, ns to the conclusion (hat war in South Africa is not. merely inevitable- hut has actually begun. The peculiar circumstances are these. The governor and Court of the Bank of England meet every Thursday morning when the week’s return made up to the close of business on the previous evening is submitted and the discount, rate is 'reviewed,, an alteration being made if found necessary. Again, it. in usual to move the bank rate upwards a 4 per cent. al a. time until 1 per cent, is readied. The usual custom has been abandoned, for the rale must have been raised suddenly on Tuesday and the advance is 1 per cent, instead .of J per cent. These circumstances point, to the extreme urgency for action, and the strain on the money’ market . ' The bank rate , at 41 per cent, has been unknown since 1894, and it. is plain 11ml this rale will not suffice. The Bank of England is the caretaker of the nation’s gold,, and is obligcu by its very constitution to maintain a largo gold reserve- Recently, however, this reserve has been allowed to run down to a low point and an outcry on the part, of the joint stock banks resulted in the rale being advanced from, 3 to 3! per cent, and the influx of the metal was extremely satisfactory. The South African crisis and the war preparations that it has entailed have necessitated a heavy oxpon of gold coin to Cape Colony and Natal. Large exports from Australia have, no doubt, relieved the pressure., but the closing down of the Rand mines and the stoppage of sm-plies of bullion gold from that quarter has no doubt materially affected the position. It must not he overlooked that last, year the gold output of South Africa was equal to 27 per ce”t of the L.-al yield «>• the world in 1898. To have this leavy percentage su I hm’y cut off is a serious matter. The olqjet of advancing the discount rate is to ''heck the outflow of gold and t,b induce, an influx of (he metal. In his “Theory of I lie Foreign Exchanges,” the Eight. Hon .G. J. Gosoheii explaihs the matter thus: “At any moment till ore is in the hands of hankers and exchange dealers a. large amount, of hills on various countries, held partly for the pumoso of speculating on a rise or fall in the pries of bills, but, to a very large extent, solely for the sake of the interest which is to be made on them. Bills on England, owing to the high rate of interest wliich they often hear, as compared with Continental rates are a favourits investment abroad. In Paris, Berlin, Frankfort-, Hamburg and other Continental cities, the hills on England held hv the bankers and joint-stock companies often amount to many millions sterling; and a very largo sum remains in their hands for several months —in fact, from the time when the. bills are drawn to-the time when they fall due. If at anv time the rate of intnrest hero (England) mils below that which' rules on the Continent it. is inevitable t hat the whole mass of these bills will at once be sent to London, and be* discounted there at (he cheaper rate so that the' nroccerb may be remitted in gold t-j the Continent to be invested there m local securities at the supposed higher rate. On the other hand, so long si the discount in Loudon is higher than ♦hat which can be obtained abroad, so long the foreign hankers will -e induced to bold their bills till they become due.”

While the disturbance in the money -^-ir r t. to Im wholly due to the South African crisis, there is no doubt that, the mount ary conditions in _N,‘ew York, which have not been of quite a satisfactory character for sonic time, have exercised a pressure on the London market. If, as wo anticipate, war is declared or about, to be declared a. very much higher hank rate than 41 per cent, may be looked for and it would not surprise us if the rate were put up to 0 per cent, before the week closes.

In our-last issue it-was stated that a dredging claim near Lake Mahinapur. had been acquired by Wellington specu la,tors and that the capital was likely tc be privately subscribed. During busi ness hours to-day a type-written prospec tus was circulated, and the whole of th( 4750 shares offered for subscription were taken up by 3 p.m., and other applications were received later, so- that the. capital was over-subscriiied. This attests f he value of'the property, and the voluminous report on the- claim by Ml Bishop, shows clearly enough that the Mahinapua Gold Dredging Conn pan.d will be one of the most successfu concerns on the West Coast. The pro visional directorate of the company is exceptionally strong, and the shares were taken up entirely by business men. Wellington speculator;: are credited with being over-cautious, but the flotation of the Mahinapua Gold Dredging Company

in the course of a, few hours shows that our business men are quick enough tc respond tor a sound and genuine venturo. COMMERCIAL CABLES. LONDON, Tuesday. WOOL. Wool prices generally arc 5 per, cent, below the opening rates. The following clips have been sold ; A.S.T., 7jd per lb; Mount Dunccd, 23id per lb. TALLOW. The tallow stocks amount to 15,070 casks, the imports for The month to 5415 casks, and the deliveries to 8617 casks. COPPER. The copper stocks are 18,028 tons; the supplies received during the month 18,573 tons ; the deliveries 32,634 tons ; advised from Australia. 2700 tons. TIN The tin stocks are 20,185 tons: on the spot and landing, 4179 tons ; afloat 3019 tons ; deliveries 1798 tons. WHEAT. Wheat is very firm. English is a shilling dearer on the week. AUSTRALIAN PRODUCE MARKETS. SYDNEY, Wednesday. The produce market is active and firm. Wheat—Chick, 2s 5d to 2s 6d; milling, 2s 9tl to 2s lid. Flour, £6 10s to £7. Oats, good demand. Firm feeding, New Zealand, Is 8d to Is 9-1 cl; Tasmanian, Is 6.Vd to Is Sid; seeding, Is 10c! to 2s. Barley, thin feed. Is lid to 2s id; Cape, 2s 3d to 2s -ki; English, 2s 3d to 2s fid. Maize. 2s 8d to 2s 9d. Peas, Prussian blue, 3". 3d to 3s Cd. Bran and pollard, Bld to 9d. Potatoes are in small supply, and there is a good demand. Circular Heads, £2 5s to £2 15s; New Zealand Denvonts, £1 12s 0,.. to £1 15s; Early Rose, £3 15s. Onions, prime, scarce, £0 ss; inferior, £1 to £3 10s; American, £4 10s to £O. Butter, dairy, 81 dto 9d; factory, lOd. Cheese, large, 41-d to 4 j cl; loaf, 5d to old Bacon, 6cl to 7id. MELBOURNE, Wednesday. Wheat is in good demand at 3s Id to 3s Lid. For oats there is a. strong inquiry. Algerian an-:i stout. Is 8d to Is 9A-d; barley. Cape, Is 8d to is lid; English, 2s 6d to 3s 6d. Maize, 2s 6d to 2s 7d. Bran, 9d. Pollard, 9d to 9Jd. Potatoes, 17s 6d to £1 7s 6d. Onions, £3 to £4: ADELAIDE, Wednesday. The demand for breadstuffs for South Africa, has strengthened the market for wheal. Quotations : —Parcels. 2s lid to 3s. Flour, £7. Oats, dun and Algerian, Is Oil to Is 8d : stout, 2s to 2s 6d. Bran and pollard, 9d. DISCOUNT RATE RAISED. LONDON. Tuesday. The discount rate of the Bank of England has been raised from 31 per cent, (at which figure it has stood since the 12th July) to -ij per cent. 1 DUNEDIN SHAREMARKBT. £ DUNEDIN, Wednesday. To-day’s market quotations arc : Central Electric, 28s fid. Cromwell, 58s 9d. Earuscleugh Third, 6d. Grey River Consols, 9d. Hartley and Riley, 1495, 118 s, and 147 s fid. Kawara.u Bridge, fid. Klondyke, 7s Bd. Magnetic, 665. Monte Christo, 5s fid. .Morning. Star, 2s fid. Opliir, 14s. ' No. 2 Matau. 3s, 3s 3d, 2s 10j-d. Upper Magnetic, 3s o’cl.

Sales .were made at the Stock Exchange to-day at the following premiums : Cairnmuir, 5s 3d. Central Electric, 28s fid. Dunstan Pioneer, Is 9d. Earuscleugh No. 3, fid. Gibstow, 3d. Golden Link, 2d. Grey River Consolidated, 9d, 7ld. Kawara.u Bridge, fid, 3d. Klondyke, 7s Bd. Monte Christo, 5s fid. Morning Star, 2s fid. No. 2 Matau, 3s 3s 3d, 2s IO.Jd. Second Magnetic, 9s. Upper Magnetic, 2s 3d. Sales wore also made at the following prices: Cromwell, 58s 9d. Golden Point, 36s fid, 375. 1 Hartley and Riley, 1495, 148 s, 147 s fid, 150 s, 152 s (Id. Magnetic, 665. Ophir, 14s. Smith’s Creek and Bannockburn. 74el discount. Tnapcka, 335.

!> :minl lis. I8'». 0 months,1898. 07.. .9 O'/.. _c Marvli qr. 02.818 360.010 60,168 271.8)0 April ... :«,:m 130,509 15,220 7.6,818 May ... 25,062 100,161 161.921 15,M-1 06,067 .in no ... ;r.,838 M l .791 .)ulv ... 25 S'Ik 98,237 )7,soi 68.021 Am-ii:A. ... I 13,165 31,116 133,522 H<?p(. ... 2[)sm 111,326 11 ,;tor. 51,959 287,732 1,1(18,071 202,073 781,518

• J8118. i\',. ,c (»/. .C .I.nuiory 2I,2.'U 1 .nnr, 18.177 2.202 i’'r!.inirt!',v ... 20.708 2,! IK 12,8)1 1,120 :so.r,!! 22.017 2,1)0 Aj.'ril 22,im in.V'Ki 2,210 Mi'.v 81.628 :>,TJ l 29,909 8,861 .IllllO 27,178 8,251 21,) 22 2,722 •inly 80.8! 1 8,6)5 27,072 8.1-15 Auyusl 2r.,22o a,968 3o,5i6 8,io<; September 3,201 80,781 3,1.86 200,821 2!),281 210,611 2-1,417