MONEY MARKET AND CITY INTELLIGENCE.

Otago Daily Times, Issue 397, 30 March 1863, Page 4

MONEY MARKET AND CITY INTELLIGENCE.

(From the Home News.) lity, Saturday, January 24. _,*. Our Money Market opened quiet with the new year at 3 per cent, and there was little movement till about January 12, when the effect of considerable purchases of bullion, which had been made secretly by the Bank of France, became evident by their, influence on the reserve account of the Bank of England. These operations had been of an extensive nature for some time, and tlie directors v?ere perfectly aware that an advance in their rate could.' not be long postponed. On the 15th of January,' therefore, they boldly altered their minimum rate Of discount from 3 to 4 per cent. The Bank returns, which have been ussutd since

Id's step was taken, fill v warrant. i% ss fhuy show that a sie.-1-lv tii-dn on their stoi'k of bullion bai h-vi •>■ .ing on for suie weeks buck The return tor the \wek euding the 14th January showed a decrease in the bullion of L 533.356, and the return we subjoin for the week ending the 21st shows a further decrease of L24G 3 '0. Were auy fun her justification required of the present policy of the Bank of England, it would he found in the fact that, simultaneously with thrir moving to 4 per cent, the rate of discount ot the Dink of France has been raised from 4 to v por cent. Thus "although it is unusual for the Bank ot England. unlcJ-5 under special circumstances, t) move more than A per cent at a time, the present measire has produced not the slightest disturbance to bond fide traders It is generally accepted as a timely ami salutai v-precaution, which, while not p ejiutiuing fen-itiin'ite business, or discoursing any sound enterprise, will exercise a iletemuir effect in regard to the iloo-1 of baseless proje.-ts too apt to start up when money is inordinately cheap The nitss-of' di-cmnt are subjoine'f, but some transactions hive lately Iven done under the quotations given for sliort pe'riols : - 30 days to 60 days 34 pe>' cent. 3 months 4 per cent. 4 months .....' 4J per cent. 6 months—Bank bills 4J per <-ent. — Trade ditto 5J per cent. The return from the Bank of England for the week ending the 21st of January, gives the following results when compared with the previous wtek: — Rest - £3,2vi9.95l Tr.civase ... £3), 098 Public deposits 4,36.5,798 Increase ... CB|j.o6* Otherdcposits 11,923,'r25 Decrease ... 1,u0,007 On tha other.sido of the account: — Government n securities... £10,736,148 Decrease .. £130,200 Other securi- „ on „ „,„ ties .. 19,395,938 Decrease ... 802,.89 Notes unem- „ ~..,, ployed ... 7,433,355 D.crease ... 168 015 The arnohnt of notes in circilathn is L-20,172,010, bein^ 11 decrease of L 114,795 : and the stock ot bullion ifl both departments is L 13,855,849, showing a decrease of L 218,320 when compared with the preceding return. , .. The advance in the Bank rate caused a reaction on the Stock Exchange, and prices have given way, especially in English Secirities. Business continued very limited un to the close of the market yesterday. Closing prices will bo given in our Latest City Ine S1ixper Cent. Debentures for L 29.500, having 30 years to run, issued under the authority of the ■Government of the Cape of Good Hope, ami secured on the general revenues of that colony, were disposed of on the 15th January by public tender at the othces of the Agents-General for Crown Colonies, llie biddings amounted altogether to L 153.100. and the prices at whicli the 'oan was taken range.l Irom LlO9 7s 6d to LIU 14s; the reserye price was Vimcouvers Island Six per Cent Government Debentures for LIO.OOO. secured as a first charg-e mi the general revenues of the colony, vj-ith n sinking fund of 4 per cent, per annum, were also offered by the Crown agents at the same time. Ihe total amount tendered- was L2«,300 at prices varynur from LU)O to LlO7 17s lid. The minimum fixed before the opening was 103J, and the amount.disposed of was L 0,200, at an average premium of L 0 lis per cent. , , , The first shipment of Queensland c>tton, 3J bales, from the plantation ofthe Tpswich Cot'oll Company, that arrived lately, per Centurion, from Sydney. was offered on January Bth at the Commercial Sale-reoms, and realised "2s 6AII per lb. The Scotch papers state that, summonses have been served by the liquidators of the West.-rti Bank against' Air William Baid, of Elie, and Mr James Biirii, of Oambnsdoon. The total sums concluded for against the former, amount it is said, to L 299.736, and against the latter to L 853.018 in all above a million. The summonses were sig..eted on the 14th January. , . ~ , , j, " The Times of January 19 states Hat the whole of the mails and the entire cargo fro-n the wreck of the Colombo were recovered by means of Heinke's diving apparatus. „ , . , The directors of the Bank of Australasia bave unanimously resolved to open branches in New Zealand. Further capital will be called up under the power ot the charter.

LATEST CITY INTELLIGENCE. The official business report en the Stook Exchange is as follows: -Three per Cent Consols, for money, 9-21. 3; Time per Cents Reduced. 92g-.--J; New Three per Cents, 92J, -J, | ; Thirty Years Annuities, 1885, 15 3 16; India Bonds, 17s prem; Five per Cent "onfaeed rupee paper," 105.;; ditto, Five-and-a-Haf percent. 113. The India Five per Ct:nt Stock was quoted 108^ to £'; and Exchequer Bills, 4s to 7s The shares of the Bank of New Zealand have been sold at- 4 prem, and may now be quoted 3 to 5 prem. • - - , , , Alessrs Maitland, Ewing and Co, who suspended in the Ea3t India aud China trade in April 1858, and discharged all their liabilities full in March 1809, havejustpaidinterestat 5 per cent to their various creditors.

LONDON WOOL REPORT. January 24th, 1863. Since our last report the transac-ionsin our market have been of the most limited character; holders are free sellers at'last sale rates to n shade proht. There being a general desire to sell, buyers hold aloof, except for such descriptions to meet present aud actual reouirements. The stock of second-hand wools held amount to fully lO.OijO hales: and although speculators who bought at the top of the market are willing to submit to a loss in main- iustanc s of 2d per lb, it is difficult even at this reduction to make sales. _ It is ceneraly expected that at the ensuing Feb-ruary-March sales fully 65,000 bales will be catalogued nf which quantity fully 25.000 bales are expected lie of new Port Phillip wool; hence iv combing descriptions a dec!cn>ion iv nrice is looked for of Id to 21 per Ib. Sydney wools will no doubt sell well, in consequence of the short import expected in time for February. •