The Southland Times. WEDNESDAY, APRIL 17, 1867.

Southland Times, Issue 658, 17 April 1867, Page 2

The Southland Times. WEDNESDAY, APRIL 17, 1867.

The following letter frbm the Southland Provincial Agent in London will be read with interest. The Provincial Grov.ern-. ment has placed it at our disposal for general information :-— London, Ist Eebruary, 18G7A Sib, — It will interest you to learn that the English Money Market continues to, exhibit most satisfactory indications. Eor general purposes the supply •■' of money is superabundant, but notwithstanding this favorable change, with the exception of Colonial Securities, prices of all kinds of investments continue to, show such undiminished sensitiveness that this plentiful supply of capital comparatively has proved of little benefit tomany io»« fide . undertakings, and none whatever to new schemes. In the early." part of January a lower Tate ot discbunt than the present minimum rate of three, and a half per cent., which is maintained by the Directors ofthe Bank of England,' was anticipated; but a revival inthe export of gold tb : the continent checked the feeling, and it is currently . thought that for some time the present ratei Will be maintained. In the past month- the event of most interest to the Colony was the negotiation of a loan by the Union Bank of Australia for the Provincial Gto-. vernment of Wellington. The amount of fifty thousand pounds was offered to the public in debentures of one hundred pounds each, bearing interest at the rate of eight per cent, from the Ist January last, and redeemable Ist July, 1866 ; both principal and interest (the latter by half-yearly coupons) being payable in. London. The Tenders which were.received up to the 30th ult. amounted to one hundred and eighty thousand and nine hundred pounds, and as the Directors of the Bank fixed the minimum price at 106, those at and above it, amounting to nineteen thousand and seven hundred pounds, were accepted, the balance being afterwards taken up at the same price. It is gratifying tp record the successful issue of this transaction ; this success, however, is entirely owing to the opportune time it was brought before the public, and to the high rate of interest the securities carried. On the other hand it willbe observed that the minimum price wai' comparatively, a low one for an eight, per cent, security. The operation yields a return -of. about ..seven and a half per cent, to the buyers>; whereas no six per cent . Provincial * Stock can .now be Doight at eighty, the,, price at which it would need Jbe to... .giy.e an .equiyalent return of interest. . :/ I have the honor to be, Sir, Your most obedient servant, John Mobbison. His; Honor the Superintendent , * : ) .■','■•■: A,. ... Southland ■*.-. : ' : ■ ' : ' ; ' Hew Zealand,