COMMERCIAL.

Timaru Herald, Volume LX, Issue 2185, 12 September 1896, Page 2

COMMERCIAL.

Per Elbctbio Telegraph— Copyright. Pbb Press Association. London, September 10. The ' bank rate of discount is 2i per percent. The weekly returns of the Bank ol England published to-day, show the total reserve to be £32,380,000, and the proportion of reserve to liabilities 66.36. Three months' bills are discounted at If per cent. Consols, 111 J. New South Wales 4's, 122, 3±'s, 109*, 3's, lo2f ; Victorian - 4's, 116, 3fi 107 i; Australian 4'e, U6,

1124: ; Queensland 4's, 116*, 3£'s, 109* ; Tasmanian 3£'s, llli ; West Australian 3±'s 112 ; New Zealand 4's, 117$, 3*'s 109*. 3's 107*. New Zealand frozen mutton, first quality, 3£d ; second quality, 2|d ; lamb, The New Zealand hemp market is alow. At auction 200 bales were withdrawn. The English wheat market has a strong tone, but prices are not changed. The Continental is firm, and the American unchanged. ' Tallow, fine mutton, 20s 3d ; medium, 19s ; fine beef, 18s 6d ; medium, 17s 6d. The Bradford wool market has an upward tendency. The sugar market is quiet, German, $s 10£ d; Java, Us 3d. No. 1 best Scotch pig iron, f.o.b. m the Clyde, 46s lid. South Australian 3 per cents., 101 J; Western Australian, 3 ditto, 102±. The raising of the bank rate of discount was unexpected and due to heavy .withdrawals for America. Since August Tsth, the amount has been nearly J£5,000,000. \ f . The' Times states that the directors of the Bank of England recognise the necessity of a larger reserve than prior to 1890. The Standard declares the .step to be imperative, and that it will help to reassure the public. ft