COMMERCIAL

Timaru Herald, Volume LXXVIII, Issue 12021, 21 March 1903, Page 3

COMMERCIAL

United Press Association—Per Electric Telegraph—Copyright. Received br.oH a.m.. M;ucii 20ih LONDON. March 13. Following the placing cf Treasury bills on the market. .New South Wales cU per cents, are quoted at 93, and 3 per cents. at 88.

At the wool sales the Pnkete clip scld at Is and the Marathon at Is 7^d. Copper, oa spot, £66 15s per ton; tinea months, £66 lz> o»r. Tin. on spot. £136 17s 6d per ton: t<.-ea months, £137 7s 6d. Lead, £ls 8s 3d per ton. LOXDOX, March 20. The Bank of England retains show— Gold coin. £35X52,000; reserve, £27.182.000; percentage of teserve to liabilities, 48.72; in circulation. £28.129.000: public deposits. £l4.'fiS2.C^o; other deoosit-'. £40,930.000; Government securities/£14,616.000: other securities. £52,275.000". ' __ Three months' bills are discounted at 3| per f:ent. Consols, 91£. Victorian 3 per cents., f0: New Zealand 4 per cents., 108-J. Other stocks are inchanged. Butter is quiet and rmcharig-sd. _ Cheese !■? very tlrm. Canadian, 69s to /0s; Xew Zealand, 68s. Copper, spot. 66J : thrjs months, 66^. Tin, spot, 134-J; tiiiee months, 154|. Iron is unchanged. Lead, 13£; spelter, 25 1516. Silver. Is 10 3-lSd. Sugar, first mirks, 9* 8d; German, 83 4d: common sixths. Other classes-are unchanged. At the Locdr.n wool sales merinos are extremely firm.. Crcssbreds are unchanged. Continental buyers are taking praeticaliv all the merinos. The clips told included Toatao Perriccota 101 d, Gceaee Is o|d. Umnibee Is lid. BRISBANE. March 23. Half a million in Treasury bills has been placed. MELBOURNE. March 23. At the annual meeting of Howard Smith and Sons, the profits were showa to be £30,0C0 odd. "A dividend of 5 per cent, on preferesce sh:i;e% and 10 per cent, on ordinary shares wr>:; declared. The chairman said that the pro .-peels of a profitable business were not favourable, and in order to economise the enmpany had laid up steamers rather than run them unproStably, which policy they intended to pursue if necessary. SYDNEY. March £j. j Tha "Sydney tfce incidents corrected with the dotation •f Treasury bit!*-- all point to the disfavour with which tl.sr have bseti receive.? in London. The re-dt is unfavourable in view of the srrvK're.-- r>f the ?.m:>nnt. and still more c::>.''.il-;fa(. ! .'My bet-ause of the aneasiness it cirsl awaken .".<= to wL.~.t- may be expected vherr amplication is matte for the £2.400X00 • f the ruth-.r;?e.i io-n. The '"Daily Tclc-r:>ph" to Sir John See's dec : -ir;iti'-n that the p:acir.£ of Treasury bills >V r. reply t« the calamityhowlers, says th-it l»*>n owing nuit-ey or. such rsuricTiK is itself .1 sort of calamity. ?ad is to b~ deplored. If the credit rd :he Sr.-.te is i:: -i:;v danger it is surely, frsvm uncanny jubilation ever the raising of money on the Londoa market at such a price. The same people lend -to Canada at a Tittle r.ver half the rate •paid, but a lontr-datcd Xew South Wales loan would not he taken up at ar.v price that even the pro-cat Government, with a!! its recklessness, would to offer. The position is one of hrmiliat !•>•:■■ :>-r the State which every fresh issue of bills tends to -tggravate.