MONETARY AND COMMERCIAL.

Star (Christchurch), 30 September 1893, Page 5

MONETARY AND COMMERCIAL.

The New South Wales Loan. The Bank of Aiistralasia. [Spiciali to Pbess Association. _ LONDON, Sept. 29. The meat importers hav^e resolved to endeavour to minimise competition, and suggest that shipments should be reduced in order to prevent a glut. Oity men highly commend the financial proposals of the Premier of New South Wales. Tenders for the loan will cloße on Thursday, and the final instalment of 25 per cent will be payable on January 22. Six months interest will be paid on Jan. 1. The loan is favourably received on the Exchange j and is already at onequarter premium. The half-yearly report issued by the Directors of the Bank of Australasia states that the description of the financial situation given in their March report applies even more forcibly to the half-year for which accounts are now presented, as every proprietor must be aware; that persistent mistrust and depression eventually grew into panic, during which a large proportion of the Australian Banks were compelled to close their doors. Fortunately the strong position held by the Bank, through its coin reserve, fortified it against the general distrust. The sense of general insecurity, had, however, rendered it imperative to husband the Bank's resources to the utmost, with the result that a large amount of capital was practically unemployed, and therefore returned no profit. Apart from this serious drawback to the half year's profits, the Directors have considered the necessity under existing circumstances of making very considerable provision for contingencies. Owing to these causes the profits of the Bank have been reduced considerably below the normal level. Brokers believe that the ISfew South Wales loan cau be floated at par. They are consulting Sir S. Samuel, Agent-General. The Bank of England holds threequarters of a million of five per cent Victorian converted stock. The total amount of the Bank of England reserve is ,£18,148,000, and the proportion of reserve to liabilities is 54*24. Consols, 98. Three months' bills are quoted at 1| ; market quiet. New Zealand 4 per cent inscribed atock 105§, 3§ per cent ditto 95|. New Zealand long-berried wheat 29s,'steady. Adelaide wheat is firm at 30s 6d, Victorian steady SOs. { New Zealand mutton, first quality, 3£d, second 3|d. Beef, none in the market. The hemp market is steady, but no New Zealand is offering. Sugar, German best, quiet, 14s 3d ; Java 17s. No. 1 besfc Scotch pig iron, f.o.b. in the Clyde, 42s 3d. The wool market shows an improvement, and medium sorts maintain their value. There fs a brisk demand for all descriptions except goodsorts. Danish butter, 1245. The Oceana's and Eimutaka's last season's butter, 100s to 108s. The hares consigned by the Mamari are unsaleable, prices here being too low. WASHINGTON, Sept. 29. Secretary Gresham is confident that the Sherman Act will be repealed in spite of the determined stonewall by its adherents in the Senate. SYDNEY, Sept. 29. The new loan will be placed on the London market to-morrow. Its ohject is to meet Treasury bills due in January next, and payment on publio works debts. MELBOUBNE, Sept.' 29. The Manager of the New Zealand Loan and Mercantile Agenoy Company has received a cablegram stating that the telegram from London, dated the twentyseventh, reporting that Baron Schroaderis pressing his claims against the Company for priority over aßsets, &c, ia absolutely without foundation.

The New Zealand Land Association, Limited, hfts received the following cable message dated LONDON, Sept. 29. ! .Frozen Meat. — The mutton market \ is firm. Quotations are unchanged \ sinco last telegram. Prime New Zealand lambs are worth, per carcase, ! 3|dperlb. The tallow market is firm. Pine mutton tallow is worth 29s 6d per cwt. Good beef tallow is worth 28s 8d per cwt.