LONDON DISCOUNT AND MONEY MARKET.

Southland Times, Volume 2, Issue 77, 31 July 1863, Page 2

LONDON DISCOUNT AND MONEY MARKET.

(From the Economist, May 23.) The directors of the Bank of England raised their rato of discount from 3 to 3£ per cont. lust Saturday, and mndc a further advance to four per cent on Thursday. The first change was viewed with considerable surprise from the unusual day selected, but, as the rates in tho open market bad been for some days fully nbove the Bank minimum, it was understood that an advance was imminent. The further movement on Thursday was, thereforo, in a great degree anticipated. During the week the demand for discount has again been active, and only in very exceptional cases transactions take place below the Bank minimum. To-day, however, there has been a? slightly eaaier tendency. Tho following are the ordinary quotations for paper of various dates : — I3oto 60 diiyß, 4 per cent. ; 3 months, 4 per cent. ; \ months, A\ % per cont. ; 6 months — bank bills, if l>or cent. ; do trade do, 5 per cent. Tho terms for long dated bills are thus comparatively lower. On the Stock Excbango there has been little demand for money, and loans on Government securities are obtainable at 2£ to 3 per cent. The joint stock banks and discount houses have raised thrir allowance on deposits to the following rates :— Joint Stock Banks, 3 per cent.: discount houses at call^, 3 por cent. ; ditto, with seven days' notico, 3J pur cent. At tho London and_ Westminster, *<S por cent, only on nutm below LSOO. About LBOOO in gold was taken to the Bank today. Jhe biddings for L 300.000 in bills on India took place on Wodnesdny at the Bank of England. Tho proportions allotted were L 167.000 to Calcutta, L120,0!>0 to Bombay, and L 13.000 to Madras. Tho declared minimum price wns, as befbrp, la 11 £d per rupee on Calcutta, an€ Is llfd on Bombay and Madras. The applications within the limits were for upwards of L1,Q00,000. Tenders on Calcutta at Is 11A<I will receive about 28 per cent., on Bombay Is 11 Jd about 31 per cent., and all above these prices in full. BULIjIOK. — Annexed is the weekly circular of Messrs Pixley, Abell, and Langl-y on tho trans ictions in bullion during the week: — Gold. — Although the Bank has made no purchases of gold sfnee our last, the export demnnd is not active. The only arrivals have been the Star of Peace, from Sydney, with LIB.OOO, and about 160,000 Russian Imperials from St. Petersburg. 50,000 sovereigns have been shipped to Constantineplo ; L 20.000, ppr Pera, to Alexandria; JL2.000, gold, per Pera, to Ceylon ; L 555, gold, por Pera, to Mndras. The gold shipments from Melbourne are as follows : — Tho A?incourt, with L1O0.O00 ; the Trebolgan, with LIO,OOO , the Sussex, with L 117.000, previously advised: tho Marco Polo, with L 58.500; the Esbpx, with L 135.00 0; the Dover Castle, wi»h L 108,000; the Edmund Graham, with L 70,000, per mail last arrived. About L 220,000 of the above may bo considered ' now^due.