COMMERCIAL.

Star (Christchurch), Issue 5668, 12 September 1896, Page 6

COMMERCIAL.

♦ [Per Press Association.] LONDON, Sept. 10, The weekly returns of the Bank of England published to-day show the total reserve to be the proportion of reserve to liabilities 56*36. Three months' bills are discounted at 1§ per cent. Consols 111$. New South "Wales 4 per cent stock, 122; 3|- per cent, 109$; 3 per cent 102$ ; Victorian 4 per cent 115 ; 3* do, 107* 5 South Australian 4 per cent, 116 ; 3^ do, 112]: Queensland 4 per cent, 116 } •, Z\ do, 109.} ; Tasmanian 3J- per cent, 111* ; West Australian 3J per cent, 112; New Zealand 4 per cent, 117$; 3i do, 109}; 3 do 101 A. New Zealand frozen mutton, first quality 3Jd, second do 2£d ; lamb 4d. New Zealand hemp market is slow. At auction 200 bales were withdrawn. The English wheat market has a strong tone, but prices have not changed. The Continental is firm, and the American unchanged. Tallow — Fine mutton 20s 3d, medium 19s ; fine beef 18s 6d, medium 17s 6d. The Bradford wool market has an upward tendency. The sugar market is quiet. German 8s 10£ d, Java 11s 3d. No 1 best Scotch pig-iron, f .o.b. in the Clyde, 46s ljd. Sept. 11. South Australian 3 per cents 101$, West Australian 3 per cents 102 J-. The raising of the bank rate of discount was unexpected, and was due to heavy withdrawals for America, Since August 5 the amount has been nearly five millions sterling. The Tinns states that the Directors of the Bank of England recognise the necessity of a larger reserve than prior to 1890. The Standard declares that the step is imperative, and will help to reassure the public.