ENGLISH COMMERCIAL.

Otago Daily Times, Issue 1016, 22 March 1865, Page 4

ENGLISH COMMERCIAL.

(Prom the Home JVejct) A.\':«IFAI. HKVIEV OK THK LOSDO7C WOOL MARKET, 1801. The opening of the year was not marked by any special feature, there wore a few contrnefci tnn»J(!. Imtto a very moderate extent. Price* kept firm to March, at which sole there was plenty of animation, and staple) wool* from their nhort supply ftumi ready buyers at good prices. Buyers boufrht very sparingly• preferring to wait the May-June scries, nt which a large proportion of the new clip was expected to be catalogued. Notwithstanding the high rate of money (the Bnnk rate was raided to 9 per cent, on the opening day) prices were fully equal to the average of j March; right good combing, of which there vrml a beautiful selection from Port Phillip, commanded an advance of Id, with hardening rate) to the done, partly caused by the gradual reduction of the Bank rate to 8 per cent, on the 14th, and 7 per cent, on the 20th of May, but more particularly from the keen competition of the Bradford and French spinners*. Tha inactivity ->t tho ilealen '*» this caries wn very tt.ar«cd. pirtly cauiied by tlia l>!«h rate nintrini^, and thx «tpi:ctat.ioj that tb« July-' Aujtum: Bjritu would (w the lariat ever yot re or J^d, an txpectaiion which r»<v>fr-d cnnOrmitiois, for the lace number of 110 00i) ha'e» wjjk i-aftiloiuefi fr-ra July 2Ut lo Au(fiia St. Thel 'hirrl eerie* far'he tear opitnel with a l.rgj at-teri'la'-iy ofliuyora, nn'l priws for the flrot few 'layt;—wltti fow exceptions—iear y equalled tb nee current In M«y ; lint the er«dual iwlvaiio hi the B nk rite* c.*uned pHee^ t* droop. «n lin sotdp of the fine & -racing wool* so eagerly comp tad for in May the decline wa» fu'iy 2J>l. to 3J i ; fVir other cons 'he mar-et Raw way sit>oiu 21 Throughout ihe *sle there was great nrcßn'nrhy lin tho price* paid—an evid«ri';«! at t-.1l li'iies with v* of a wck market. Considering tho enormous number Kubmitte! and tliu Ti'ty high rate for money, we had ample eyidtwc 'if the stability of ou>* liuirkit, aud everything 1 lokid well for a tall mniotananct) of current rnt"> to thci close of tile y*-&r. ltaili_rs bad ivncht heavily in anticipation of a p<o I rieniund. which took pl-iiv lor a frw weeks af'er ihf Hales, nitny Imvine soli fr eiy at fair profits. lie f-iiiu:-p of the Leeds B nk prtnince! gr^-af Btacnitio'i on the northern niarfee'* and a serious depression enboed; foriuna'ely ihc November «nles iild cot romaipnce tii! the 17ih, unrl in tbe meantime confidence hid been rftstoivd ; buyers however, loikci lor low rads • t the la»i ea>«s« of the year, and in canopfjupoce the attendance ma larger than we had ever s«en —prio'S opened about lo lcmton all sorts, hn» g-mdu^liygive way to tha extent of l|d to 2J except good Btipl.d wools, which recovered to tl c cheapest rate< >\ui-' rent in Aujrust. C.i| c and faulty .Sydney sutf -re i ! tie gicuteet decline, tin'i (several paresis were withdrawn; many of llie*fl were ottered *üb«<H»enily and sol), tbe di-cli'if in ihj value of | many having tuaU}'. iully as*i*tcil tie mile. Tlie market on tho whole eloaed w.-l' for the year, arjd nfarjy all the eld v.o >1 left in utoek hao he»n cl--ajvd Iho new clip wilt, thereto c. find a ready market; but. we do not look for tbe rates ourrent. last year, 'he large i"creti<e of growth of more 'nun 5",000 bales in 1884 import. and nu txpecie) further(Jev'ojJinent for the pre--ent yair. will iniluee grpat c ration. Pine •omb'tig wools are not nouurbt for. nrni Bp!nn> ta, particalarly at iiradforJ, are still Tunning oa o-iarsT growths. For th« pr*>Bi-nt year there has been a fair dc■nnnd, :md all eh*"ap well-as eote'i lots huve foaid Imyer" at Id to 1\ I adranci*. Thfo applies chi( fly t-> fan'iy Sydney on I low-priced Cupea. for which there liob been Bom*; inquiry -chiefly for export MONfcY MAEKitT A~i> CITY INT£LLI-

QRNCH. (Fiou the Home News.

The period of tension in the money market wlii'li bas raoro or less prevai'ei thr<ioj?hout ihe ivist year is at lat dravinc ti a e!o«e. On the Iv'th of junaarv the Bank rate was lowered to i 6£ per cent., am! there are almost vositive lodii cjitions or r further reduction within a short in-jt-rval However gioumy the eommerritti retro- [ *u"ct roas therefore be, Via fature appoint hope I f'ul It, U triw that our foreign trade is still I ►uS^rinpr from the except oial m^aMurrS which the B;ink dir ctors, through lh< «triupi nt operaI tion of th-.ir cbart'.T, were bou'iJ to take for | tinir own proiertion, 1 ut in the course of a I unnth or two a revival may bo expected. Our ■ h m>* trnrio in in a satisfactory position, an'i wiih , the assurance that pence will be nmiDt»ined in Kurope, we have every rea-on to count npoa a good business for the new ye*r. The ntoclc rnarketa catitinui dull, and there nre mnoy <vnjri'ainrg c.f the hbwncfi of gnnrral i<ußiu>"«» Th'i fauds have scarcely tuov^d from fast weiik'a puce*. Home raiiways»are inanimate nnd in a few ea»rs slightly Wf&ker. As regards foreign atoks, tte chief olians «arfia rc<!uct;on in Spanish Pas-ive and Confe'erate, and a re-' coirery in the B'riti of the New Italian Htate Doiubld Loan. Another example of She prefeh we of the public for new wouriti*" is (mown in a further improvement Jn Mi an Improvements »-bnrff. Bank shares continue to droop, and n f*iEsh fni) him taken place in those of tb«a Alliance Bank. Jhn report jtiit ksimd by the dir ctort haring evidently canned «iine<mrfig'*ment auoncit ! weak holders. The r-hnrt-sof the finnßilnl com canies aie likewise h>>avy. thiucli a better demand i>prune; up at' he close. The current quoiniiotm will be given in our ".Latest Oity iat«llieorcee." For it loner time past all the c!as»e» connected with the vast business of Inrliaand China bare experienced inconvenience fora the mitila for the Knnt h«ine mi'e up atspeciSn dates of tha month inßtead of on a fixed day of the week, na i» tha c-uo with tin Canard and other ft*3"ierg for America. Tba rircamstanre baa at lenetb led to tbe foliDwing raemoriml -which, as re^artr tsitrna turcs, iit o;ie of tbe most unanimous and inSaemial ever preparesl in the city—b»l«ir atWretwed totbe I'oot-officefor a remedy. Aa there are now ! four mnils per calendar month to tbe Eaet, tbe adoption of a system of regular weekly departcrce would entail only a fetiuht addition to the exlatlnjr services, an 1 the mig^e*tioa is that Fiiilay.nimuld bo appoiutsd the day of dipsrture, when the advices carried out wotikl viriuaily embrace all the transactions of tbe week, tbe operations*! Saturday being now merely nominal, and nleo the returna of tha Book at ifngliitid and ol | France, the report of the pioduoe of Slanchcsfcer I markets, the cotton statement Jr'm Uveruoo!, &c., nnrt, inifeed, its complete hiatory from i'" commencement to its close, teaviog tbe mercantile cornmnnlty with tbe oppowaruty of n qniel; Saturday, which nsder the pftwnt airsEgemenS is frequently reatie.-ed impoaiiblo :—

'«f •' vatt *ijoht 'SwiAHßu ; *ai ■' unto smsux o? «umat.KT, nxa. xwE»n'» FOSTMjWTBR GBHERAI... "71, t Id 80-detract. London, SO fa Jan. My ij>ri - I itHTe ixx-n reqewted to place in year lorUhtp'n hand* the «<"comp»njinjt rarmortal from the principal ine-<'b*n>* and bankers of thU city e"(2sefd in tbe UsAe with ib« East, fn whic*i yttr lordtbipV attention i» drawn to tbe !o*» of tine and irrnera!. incanr'nience &tt->nd!cg the dcpittcb of tbe mfti'B on Bied dsyii of tbe m-ntb. but viryinK dnyii it !be vnk; and a satree*tion j is made ibai In-tead, ijjf-wof, fnr r*««ot;» wbi'-b areutrongly felt tbe mill via M*melMcsah*ll be deapatcbei on the e««»iog of PrMay in crery we*k. I veptare to express the hope thnt tbe j unanimity of opinion upon the miljvt in qacmtion, Indicated by 'he number ana character of the tfgnaltirai attsclnii to the memorial, will i **cnrw y< nr lor'tthipV c> -p "ration in carrying ttio pmoosed change ii»»o i flcici | " J have the honor to Iw, your lordnh'p's obedient servant, B. W. C»i.wro»». "TO HER M*JKBTV*S P STMieTER-QENKEAL, PtuST-OPMCS, JWWDOW. " London. January 11, 1605 '' My LorrJ,- W«» f the ur,i<eT*l«BHl, merchants, banker», und o'.litk, eagitujd in comttierc at and rnnrictary tnumant'.onit with ihe faat. wish to bring under your lontebip'tf oott'-e tbe incnvci ienr-e afi« Hlng toe p'wnfc BMi>etn cf dcs p-tching tbe K<*t Iwlln, < litiim, iturf Australian mill-;. ;.e<l to Dti^mit for your ennt-i-icration a proposal for cb.uik-iiK tiio time* of their dvparin re "The rust Irdia mni'*, ri» Mats Vies, are now ije-piiich-'i on thn 3d, lOih, 18<h. nnl 26i.1i o<" rtuih man*it. Tlim air»njffinent ojuwn t*ie ma 1 day to fall r>n n cmtaeuntfy cbintriog day of the week, aad when that da'j is a fru-May, ihf tmil is inert un'il (l<e followinp; Mondoy, thus cau-iny a loss of not Ip»s than three day"-, b-eauw; the liu*iu«sk traxweted on -aturdar ami Monday i«i of a very rusTict-J char»cfer, and the r» pilJy Irnp^rlaat inuliijjienee to fe irioitmitted is that <if <hepre<*dinj{ t'l-itlay,. Tbi-i l»n» hsppec* ornctlrally io tho <b.*c of nearly ooe half of tbe mail" despatched in the conro ot (he year. '" It is euif«e»ti!d that a weekly mail, to bo fixed on one convenient day, -will b* fur more auirnble to the hnhita ao'l nrranßcnnenis of wn of business, e<p«cU:ty tlio*c who hMra fiiccd weekly enjt;agemencji. and for the regular and methodical tran*rai«si<in of mercantile «"orre-pond«nce. " The despatch of tbe American mm la by the Cunard Meatnprs i- an in-tntire ia point "If ihe 'luiiftn miilii were in»ariibly dc»paicbeil on Friilav evening. 'b« iittera they onrry would contain the lUvk of Bnnlnnd weekly icc'unt, »nd all the ftii.ccinl and market inteilieence of^ the week uu to iho latent icoment; no t rar»nction of importoncn beinp oa Saturday, Friday nppearo to be in every way the be"f. dny for »electton. " ' h« proposal arr&nsoment will Invol^R th<; 'le«patch yearly of four ad<li(ional maim to India, two to Uliini, and oue to Anatralii, and a like iid<lition.'il nuinher from ea«(i o' thf-sn piac?s Yoar meuiorialisfs! bavo nod'iu'it tbeit the countries named will bfi very Ktak-ful for ihead'iitionnl postal comnianication with England which th«y would thux ei'joy, " We have the honour to he, " Your lordship's obedient, linmhte servants. (Here fol'ow the xiefiaturen.)