COMMERCIAL.

Sun (Christchurch), Volume III, Issue 764, 22 July 1916, Page 2

COMMERCIAL.

LONDON MARKETS. BANK OK ENGLAND RETURNS. By Cable. — Press Association.—Copyright. Australian and X.Z. Cable. Association. LONDON, July 20. The Hank of England returns for the week ended Wednesday, July 20, arc as follow: ISSUE DEPARTMENT. Notes in eir- Govt, debt £11,015,000 culalinu . £36,000,000 OthersccuNotcs in re- rities 7,485,000 serve .. 36,430,000 Gold coin & bullion .. 51:890,000 i' 73,390,090 Authorised circulation £73,390,000 BA NKIN G 1 >EPA IVI'M EN T. Proprietors' Govt, seciieapital ..£11,553,000 rities ..£42,188,000 Public dc- Othersecuposits .. 58,008,000 rities (adOther d<>- vanc.es) . 80.788,000 posils . . 86,443,000 Notes In rcP.esl. 7-day serve . . .",6,430,000 and other Coin .. 3,011,000 bills .. 6,353,000 £102,417,000 COMPARISON WITH LAST YEAH. Julv 20, July 21, HMO. 1915. Coin and bullion .. £54,890,000 £58,460,000 Reserve notes and coin 39,441,000 44,102,000 Proportion of reserve to liabilities .. .. 27.29 18.08 Notes in circulation 36.960,000. 34,774,000 Deposit liabilities .. 114,511,000 213,846,(100 Government securities 42.188,000 53,158,000 Discounts and advances 80,788,000 164,507,000 MONEY MARKET. The Rank of England discount rate which was reported on Tuesday as possibly rising to 7 per cent., is unchanged, and remains at 0 per cent. In consequence of the decision the stock markets are more cheerful. (The Rank of England discount rale was on January 2, 1914, reduced from 5 to 4.' per cent., on January 22 it was reduced to 1 per edit., and on January 28 to 3 per cent. On July 30, 11)15, the rate was raised to 4 per cent., and on July 31 it was raised to 8 per cent., and on August 1 it was further advaijced to 10 per cent. On August (i the ■rate v\as reduced to 6 per cent., and on August 7 it was further reduced lo 5 percent., at which rale it stood until July 13, 1916, when it rose to 6 per cent. Short loans are quoted at 4j per cent, compared with 1} per cent, at this date last year.

Three months' bills are ([noted at s|j per diet., as against 5 per cent, at the corresponding period last year. Owing to the disorganisation of the money market short loans and three months' bills were reported unquotable last week. WAR LOANS. The 3? per cent. British war loan is quoted at IS". 15/-. or IT 10/- lower than last week. The 41 per cent. British war loan is quoted at £96, or 12/6 lower than last week. IMPERIAL CONSOLS. Imperial 2i per cent. Consols are quoted at £'s9 2/0," or £1 7/6 lower than last week. At this date last year they were £OS 10/-. COLONIAL STOCKS. The following arc quotations for colonial stocks, with the prices ruling last week:—

Messrs Dalgcty and Co., Ltd., Christchurch, have received the following cable message from their London office, dated July 20, 101(1: Sheepskins.—At the sheepskins sales 3600 bales were offered, and practically all sold. As compared with last sales, prices for merino combing skins arc Id dearer, clothing ]d dearer, crossbreds Jlnc Id dearer, medium and coarse id lower, and lambs id dearer. Wool Sales.—Continue firm except for fine crossbreds which are slightly easier. THE METAL MARKET. LONDON. Julv 21. Copper, .€'.lo ">/- to I'.SS 5/-. Electrolytic, £l2l. Lead, £2B, £27. Spelter, Oil, CI". Tin, £IOO 12/0, i'ltifi 17/0. Silver, 29jd. LAND SALES. The New Zealand Farmers' Cooperative Association offered by auction, in their land salerooms today, on account of the administration in the estate of the late Christina Low, 311 acres In two blocks, situated at Dunsandel. The first lot was the homestead block and run, comprising 125 acres, and was purchased by Mr 1\ H. England, of Dunsandel, for £l3 10/- per acre, bidding having started at £lO. The second lot, known as Hunter's block, comprising 184 acres 2 roods 32 perches, started at £B, and was eventually sold to Mr Thomas Lochhead, of Tepima, for £ll per acre. This week the same firm sold on account of the Education Board the old school site at Coalgate and land comprising 21 acres and the schoolhouse. Miss E. Nelson was the purchaser at £025. The Craddock, McCrostie Co. offered to day, in their laud salerooms, several properties for sale. A bungalow of 5 rooms, situated at Hardwiekc Street, Sumner, was bought by Mr IS. Moore for £IOO. TO-DAY'S POULTRY MARKET. Messrs .1. !!. Mcrrett and Co. report a smaller entry of poultry to-day and in consequence prices were high. Table chickens realised 5/fl to 0/7, bens ?•/- to 0/0, pullets I/- to 10/1, ducks 7/- to 0/2, geese 7/lo 0/-, turkey liens 7/- to 11/-, turkey gobblers 13/- to .'(2/-, all per pair. THE EGG MARKET. l".gg supplies are coming forward freely, but there is an excellent demand. Without forcing Hie market Canterbury Egg Circle first grades continue to realise 1/7, seconds I/."., store eggs 1/1 lo 1/5 per dozen. STOCK EXCHANGES. l',;-«.i Association. DI'NI'.IHN, July 22. Sale Cnion Steam, 11/-. to.'- (jour parcels).

Last This week. week N.S.W. 1 p. c. 1933 . S~k 80 J N.S.W. 3! p. ,c, 1918 . 97 J 903 N.S.W. 31 r ».C, 1920-30 .. . . 74f 7', i. X.S.W. 3 p.. c. 1935 • 72J 731 Vic. '1 p.c, 1920 . 94J 94 Vic. 31 p.c, 1921-20 . 851 853 Vic. 31 p.c, 1920-19 . 753 7-H Vic. 3 p.c, 1929-49 . 67| i;c, QuccnsliiiKl, -1 p.c, 1915-25 . . 911 S)0| Queenlsand 3,'. p.c, 1921-30 . . 87 i .S'.S Queensland 3 p.c, 1922-47 . . GO.', iui.; New Zcalnn <1 4 p.c, 1929 . . 891 88 1 New Zeuism (1 35 p.c, 1940 . . 70S 70 New Zealand 3 p.c, 1915 . . 68 j 08 S. Australia i 31 p.c, 1939 . 75 71 S. Austral ii I 3 p.c, 101(1 . . 612 (ilS Tasmania 3 .'. p.c, 1920-10 . . 71 731 Tasmania J! 1 p.c, 1920-40 . . 6(ij Gfij \V. Australii i 31 p.c, 1915-35 . 75 75 | W. Australi: i 3 p.c, 1915-35 . 721 721