ENGLISH MONETARY AND COMMERCIAL INTELLIGENCE.

Otago Daily Times, Issue 212, 25 August 1862, Page 4

ENGLISH MONETARY AND COMMERCIAL INTELLIGENCE.

London, June S2G. The agitation of the money market reported last month, and which has since experienced further aggravation, is now in great measure allayed. The pressure just before the departure of the May mail appears to have been mainly caused by a prevalent anxiety on the part of the public to provide against an expected rate of interest. That not having taken place, a reaction set in accompanied by diminished demand and slightly reduced terms. As each successive bank return, however, disclosed a steady and large decline in the Ihe stock of bullion, arisingrroin the drain of foreign loans, a very uneasy feeling ;ignin took possession of the borrowers and lenders of money. A very general impression existed that, at their meeting on the 12th instant, the bank directors would raise the rate of discount to three and and a half per. cent., and this anticipation again temporarily stimulated meaßurea of precaution againnt a more Btringent market. Between -the 14th of May and the 12th of June, the Bank bullion had been reduced nearly two million sterling; and it was well known that about £8,000,000 in bullion had yet to be provided on account of the Turkish, Egyptian, and Russian loans. This monetary position naturally produced not ft little alarm, no one foreseeing clearly whereu,nto this would grow. . The English funds.,have been very depressed throughout the entire month. A slight rally occurred aboxt a week ago, owing to the improved aspect of the money market; but the improvement was extremely transient and illusory. Consols declined to 9lf to |; and although the total of gold-sent into the Bank since the last return has exceeded half a million, and the Continental exchanges show increasing firmness, the funds exhibit no symptoms of recovery. The demand for stock is very limited. Exchequer

Bills are at from 6s. to 9j. premium. Indian Five per Cents, are firm at 109 to J v - Turkish and E^yptian scrip are at a good premium. A heavy fall, has taken place in Mexican stock ; HuMan scrip hits receded, in consequ"iice of the alarmin.tr state of tbinjjs in St. Petersbuvp;; aud Spanish certificates have expcrienctd a reaction, owing to the improbability of the Government recognizing the claims of the unfortunate holders.

The market for Australian securities has been moderately acti >'c since the departure of the last mail, at the quotations annexed. It is understood, however, that no provision has beeu made by the directors of the St. Kilda and Brighton Railway for the interest due on their bonds on the lut prox., and this will again bring discredit upon all your securities. If directors of public companies were conscious of the mischief that they cause to all Australian investments by their own indifference to disgrace, they would probably use greater exertions to avert it. Hohson's Bay shares have been dealt in to a limited extent at 50 and 51, and there are now buyers at the latter price. Tho Bond (1574) have been done at 109, ex the interest coupon due July 1. The Otea Copper Mining Company is now in course of formation, tor the purpose of purchasing the copper mine on the terms agreed to at the extraordinary general meeting: held on the 4th March last, namely, L 5.000 in cash, LIO,OOO in paid up shares, and a royalty of l-20th on ores sold. The directors hope shortly to announce the completion of the arrangement. After tho report had b< en put, aud I unanimously adopted, Messrs. M. Hall and T. Moxon were re-elected; Mr. J, V. N. Bazalgatto was reelected auditor, and Mr. J. Thomson was elected auditor in the place of Mr. Hancock, deceased. | Another company is projected, on tho principle of limited liability, for tlie cultivation 'of cotton in Queensland. Its title is the Queensland CMton Cultivation Company, with a capital of LIOO,OOO, in shares of LI each. This colony, as is well known, is eminently adaptod for the cultivation of this important staple, of a quality, and in a quantity superior to the Southern States of America, with proper tillage, as proved by the samples sent home. With respect to labor, whinh is tho great difliculty, the company propose to avail themselves of the very liberal land and immigration rigulntions. Tin; annual meeting of proprietors of the Union Hank of Australia U convened lor the 14 th of July. At the Inte'vulonial lioyal Mail Steam Company's meethur, on the UOth ult., the report stated that £101,070 had been received'up to the 31 f>r of December last in respect of the old and new shares, and that the liii'iilitus, inciudim/ the balance of loans on mortgage aud balance of profit, amounted to 142,87<J.' This mm h icpresented on the.credit by property in steam .ships, eual stores, kc, and debts due to the company. The workinjr -accounts for tlie past'year showed a balance of receipt* oves' expenditure of £9315, iueluiitng a sum of i'7l9 brought forward from the last account, out of winch thi usual dividend at the rate i.f 7.J per rent, p^r annum, free of income tax, has Uum already declared for the hix months ending in June, ami a like distribution was ordered for the second half of IBCL The expenditure during the year has been exceptionally liitjh, but a more economical system of w^rkinjr. has uo-y been introduced. Improvements have also been effected which will enlarge the accommodation to pa^ujje r* in the steamers, and generally increase the efficiency of tlzc service.

At the half-yearly meeting of tliu Peninsular and ! Oriental Company, on June 3, the termination of the j contract for carrying the I'eninasilfir mails wa« referred to. The chairman' stated that the increasing nutnlwu- of sailing vessels had ths etTect of reducing the tonnage open *to the cemuauy; and that the letters; now de<pat<-he-l were so fa.v that the directors waived j tho hix monti'is' notsec requited frjra the (io\erituicut ] for termination yf the mail contract, which would close next month. The report was adopted, and the usual dividend vi ll\ p^r ces-.t. declare"!, p:»val>lo, clear of income tax. on an i r-J'ttr the*2ith itiHt. ' . , ' ■ |

on the lfeth mat., a special matting of tat; Great i Ship Company took place, ft was announced that tlio ■ iroflt on the recent voyage to iN'ew York amo'inted to i -11,102. In consequence of LO.oTO of the authorised j ssue'of debentures'h<it having been Bob-H-ritel for, ' he cost of coals ami othar iM.-ccssarit.-s, which had! »een provided for tho Vt»\nge, wmiU! have to be tie-• lueted from their eivr'uugH. The chairman Hatel, ia I tply to a question, that about LGO,OOO \\-.:s owin^, i it a cost often per cent., besides insurance. Several ! lubserihers Kent in their aninc* a» applicant* for tho ? 'em.it ning delKMilureM, ami the Ibi wa» c!o»«d bvfora i -he breaking up of tho meeting, j The fifth ordinary geiwral meeting of hlmreholderi ( »f the Great Harrier Lund, HarLour, and Mirih:z J Jornpany was held on the 2i»r]j u!t, lit the eumpany's i jffi"^, J3whop.HU'ate-street Within. Tho report t>tau*tl .hat the proprietors have completed the purchase of i block ot land consisting of 410 acres, winch places ; the whole of the fnmtnge to the harbour of Port Fiu- i roy in th* pos.seH.iion of the company, They hay« } Uao purchased the Wniraki fon-ft. adjoining the I ?omjtAn)'« property, which Air. A Hum considers, for many important reason!*, a necessary and valuable! ■uidition to the estate. The company now jiOwsesses | ilxiut 2£,(i00 acres of land frediold, while a valuable 1 t.idition has bevn made to the live stock 0f'255 firatrate merino ewe^t and live fine Leicester ram*. At the meeting1 of the Bon A coord Company, on Ibe 30th ult., the report was Adopted. The cash in liand was stntc»l to he al«out £12,00 i). At th*« iueeti'-g <-f The London Chartered Hank of Australia, on the 6th inst, the balance available for distribution at the close of 18*11 ..was atnud at■ 4*45,028." Out t»f this it was determined to pay ft dividend of four per rent, fur the half-year, addiu^ £10.000 to the rescive, and carrying £&. r>2»j to the lipxt accouat. fae resf-rvy fund now amounts to £<W,oO'\ The report ntatijs that the operation of tbe pa*t liaSf-year hss been Burce'ssful. notwithstanding the depression which hmp evailed during that period In thu pastoral and tnennntiie interests of the colonies, owins? to the j decline in the value of sheep and cattle, and the disturbing inlluence of the war in America. Th* latest aflvice* from Australia are of an encourajrins; charaetei*. The directors contitiW to view the fonuntion of nn akquato re^rro m of paramount importance to the int r;«ts of the bank, and they propose to appropriate on the present occasion a further sum of £ UI,OOO for tfm purpose, which will raise the fund to JEtiO.OOO. The direetora acknowledge with sincere regre v t t( c 'o^ the bank has tnistained by t?,' death of the lat;«:hrdrman, Mr. Duncan Dunbar, r,ne of the original founders and directors of the establishment. At the aantial meeting of the S^ith/Australian Banking Company, oit the 17th, the direcVr^' refwrt, recommending a dividend of 10 per cent, ptr annum, j free of income tax, and an iucreaso ot" capital by i LIOO.OOO, inakiijg a, total of L 500.000, -.vos a^optcnl. j The Chainiiau .'suited that no ]osh is aniicipate<l to j the Corojiany from the failure of the oM-<*ubHsbed ; firnt of Mpttars. Fisher, of South \ustralia, but that it is impiw-ible to state precisely what the result will be, The account him been very large, and a very'profitable one to the bank. At the annuul 'meeting' of t!iii South Australian (Land) Coai}««iy f held on the 18th, the Directors' report was a^rtel to. It*recommended the payment' of a dividend at the .rate of 7 per cent, per annum, or 353. per share, A proposal to. raise about L 20,000 on debentures, to be invested in eligible lauds, was also sanction', d Aitaem'jeting, on the 19tL, of the Van Diemen's Land (Jouipiuy, the Directors' report was adopted. The Ch«irmu"i stated that gold has been found at Fingal in la-jeer quantities than hitherto. A (Jirtdeiid of one shilling per slifire was dee'arcd at tho annual meeting of the Kapunda Mining Comp-iny. Sutijo'mo'l !H the wool circular of Mr- 11. P. IJughes, on tlie closo of the London puMic nties :— ■ ■■" The stcond series of pales for the present year, consisting cf 10,J>88 bales Sydney and Moreton "Uav, 42,408 bales Port Phillip, 4,007 lm!-« Van Diemen's jßnd, lS.aS'i bale* Adelaide, 1,750 bales New Zealand, •J. 090 l«!e* Swan River, 10.712 hales Cape Goo 1 Hope —1M,074 bales colonial, 1,075 bales sundries-total, 95,7-I'J hales, commenced 2nd of May, and terminated this day. " The attendance of buycra has been very good throughout, and a large proportion of wool, particularly of five clean, descriptions, taken for export. " Prices opened at a reduction on February rates, which were then mainly supported by the smallnes* of the quantity of wool, arrived in time for those sales. Good flocks, well got up, both Port Philip and Van Dieman's Land, of combing deseriptinns, ior which there was a brisk demand, showed a decline f f about Id. per lb., while clothing sorts sold l^d. per IK lower; middling, wasty and faulty were more difficult to place as sales progressed, even at a reduction of 20. to 2£d. per Ib. S" Sydney flocks, under the continued depression of the line cloth trade, attributed to the absence of American orders, showed, in many instances, n marked reduction. Good clean flocks may be quoted, on the average, 1 \d. lower, and middling faulty sorts fully 2d-, and in some instances even more. '• New Zealand wool was not up to an average in quality or condition, and participated in tlie general decline. " Swan ltiver wool, in some instances, shows an improvement in length of staple and condition, and, being in good demand, sold at a lesa decline than other sorts. " South Australian wool, as usual, was mostly in the grease. The few. washed parcels sold at about lfd. per Ib. reduction on former rates, while some low and burry flocks receded still farther. The greasy sorts constituting brands well known in this market, are somewhat improved in staple nnd condition, and experienced but a comparatively slight decline, " Cape wool opened with some firmness, which was

" Buenos Avrea wool participated in the general reduction, and but few parcels found buyers. " Sydney and Moreton Bay.—Scoured fine, 2s. 3d. to 2s. 7d.; do. skin, Is. Bd. to 25.; fine clean fleeces, 2s. Id. to 2h. 4d. ; inferior, Is. sd. to Is. Bd.; broken, pieces, and locks, Is. to Is. 3d ; lamb wool, Is. 7d. to Is. 9d.; unwashed fleeces, 9i\, to 18. " Port Philip.—Scoured fine, 23. 6d. to 35.; do skin, Is. Bd. to 2s. ; fine clean nVeces,2s. Id. to 2s. 3d; inferior, la 5d to Is 8d; broken, pieces and locks. Is to Is 4d; lamb wool, Is 9d to 2s; unwashed fleeces, lOd to Is.

" Van Diemen's Land.—Scoured fine, 2s 2d to 2a id ; do skin, Is 7d to Is 9d ; fine clean fleeces, Is lid to .2s 2d; inferior, Is Gd to Is 7d j broken, pieces and locks, lid to Is 2d;. lamb wool, la 9d to 2s Id ; unwashed fleeces, 10-1 to Is. " South Australian.—Scoured fine, Is lOd to 2s; fine clean fleeces, Is 7d to Is 9d , inferior, Is 5d to Is Gd ; bioken, pieces and locks, 9d to Is; lamb wool, Is 7d to Is 9d ; unwashed fleeces, 8d to lid. " A rew Zealand. Scoured fine, 2s to 2s Id ;do skin, Is7dtolß9d; fine clean fleeces, lslOd to 2s Id ; inferior, Is 4d to la 6d; broken, pieces and locks, lOd to Is; lamb wool, Is <5d to Is lOd: unwashed fleeces, 9d to Is.

NOTICE TO SUBSCRIBERS AND OTHERS. On and after Monday, the 25th August, the price of the Daily Times will be for a single copy, 6d., and to subscribers, 20s. per quarter. This step is found necessary, not only because since the excitement concerning the new diggings, the proprietors have had to raise Compositor's wages fifty per cent, namely, from Ib. Gd. to 2s. 3d. per thousand, but also, because the present prices are inadequate —they were originally fixed when the paper was a quarter its present size. Dunedin, 23rd August, 1862.