COMMERCIAL.

Otago Witness, Issue 920, 17 July 1869, Page 10

COMMERCIAL.

The Bank rate of discount has been raised to 4£ per cent. , which is causing great excitement. A still further rise is expected. A temporary panic took place among weak holders of foreign stocks, but confidence has been restored, in spite of the Alabama agitation. Consols are firm at 92£. Australian Securities are buoyant. No foreign loans of any magnitude are in the market, though there are several in the Continental markets ; among others one for the city of Paris. Dividends declared :— Australian Mortgage Association, 10 per cent. ; Port Phillip Gold Mining Company, 20 per cent. ; Chartered Bank of India, Australia, and China, 6 percent. ; Scottish and Australian Mining Company, 8 per cent. ; Trust and Agency Company of Australia, 20 per cent. Numerous failures have occurred in the tallow, flax, and corn trades. The Board of Trade returns for the month of March are satisfactory. New Zealand fives, 1891, Consols, dated, 95£. Sixes, 1891, March and September, 108 J. Fives, 95£, The wool sales for May commenced on the dh. Prices showed no material reduction. The competition was weak, and the tendency deoidedly downwards, considerable quantities being bought in. A decline nevertheless continued in both Australian and Cape of Good Hope wools. Present rates are from 10 to 15, and in some cases 20 per cent, un^er the prices obtained in the March series. The Bales are very irregular, but the chief fall is in middle class fleeces. Extra fine Sydney still commands attention. Foreign buyers operated very cautiously. The total xmmber of bales sold was 65,000, cf which 36,000 were Victorian. 10,000 bales were burned in the Blue Jacket and Omar Pasha. Total arrivals. — Victorian, 112,207 ; Sydney, 41,360. Port Phillip, 186, middling fetched B.Vd ; Sydney, slightly better. Tho docline increased towards the close of the sales. In tallow, considerable transactions have taken place at a further decline. Saks have been effected of 318-4 casks mutton at 43s 6d, and 42 casks beef at 42a to 41s 6d.

In hides, sales wore effected with difficulty at receding prices. Highest prices, lls *4d ; lowest do, lla Id. Whale oil ia at L 37 to L4O ; aporm, at L4l. Sydney oil ia at 42a to 4Ca, and petroleum at la Bd. Copper— Wallaroo and Burra, L7O. The total exports to Victoria have been of the valuoof 1,550,450, showing an incroaso of L 218.247. The total oxporta to Sydney amounted to L 355 ,121, being an increase of L 210.727.