COMMERCIAL.

Timaru Herald, Volume LV, Issue 5515, 17 September 1892, Page 2

COMMERCIAL.

(Per Electric Telegraph — Copyright.) (Prr Press Association.) (Received 0 p.m., Sept. lGth.) London, Sept. 15. The weekly returns of the Bank of England show the total reserve to be £17,776,000, beiug a decrease o£ £22,000 as compared with the previous waek. The proportion of reserve toliabilities i848'66. Consols, 97. Three months' bills are discounted at 7s 8d per cunt. New Zealand 4 per cent, inscribed stock, 105 ; 3i ditto, 94£. New Zealand long-berried wheat ex warehouse, 32s 6d, with business restricted. Canterbury mutton, 4d per lb ; lamb, 6d ; beef, fore-quarters, 3|d per lb ; hindquarters, 4^d. The New Zealand hemp market is quiet but prioes are fully maintained. South Australian wheat ex warehouse is flat at 33s 6d ; Viotoriau ex warehouse fie also flit at 33. ».

Sugar, German beet, flat at 13s 6d ; Java, quiet, at 15s 3d. No. 1 best Scotch pig iron f.o.b. m the Clyde, 41s 7frd. Danish butter, 128s per owt. (Received 1 a.m., Sopt. 18th.) Sept. 16. The London Provident Bank of 51, Margate Street, E.C , has suspended payment. The opinion is held by financiers m Jhe city that no conversion of the New South Wales loan could be advantageously mnde until 3J per cents are at par, and it is believed that Sir G. R. Dibbs obtained acturial reports confirming this view, which were concurred m by the authori. ties of the Bank rrf England, the Rothg. childs and Mr Goschen. It is also stated iv the city that the conversion of New South Wales stock at present would result m a loss of between one and two million pounds, though if 4 per oent. inscribed stock were omitted from the scheme it was thought that a considerable saving m annual interest could be made, even with Z\ per cent, under par tho money market is certain to be nervous about any operation m its present condition. It is considered that one great advantage of conversion would be the creation of 3J per cent, stock of a more manageable form of redemption spread over a sufficient period to escape the existing difficulty of redoeming huge blooka, as one targe stock is always more marketable than a lot of small ones. (Speciad xo Press Association.) (Received 11.15 a.m., Sopt. 16th.) London, Sept. ID. The profits of the Bank of EogJand for the half year were £735,000. A dividend of 5 percent, was declared. It was stated at the meeting of shareholders that the iiabiitties of the Baring estate had been reduced to £5,000,000. (Received 7 p.m., Sept. 15th.) At the wool auctions, prices were fully maintained, and there is an upward tendency for medium greasy sorts. French buyers are very active, but German and English proceed cautiously. The freight market is very depressed, and ships are leaving port only half full. It is reported that a syndicate is being formed m London to purchase a large interest m the Broken Hill Proprietary mine. The run on tho Birkbeck Bank has stopped. The totnl amount of redepooits exceeded £70,000 Leading financiers m the city assert that they nover knew a timo when any loan was lesa likely to succeed than the present. On a petition filed by his sons, a receiving order has been made against the estate of the late Dr Philip Vanderbyl, of Redfern, Alexander and Co.