ENGLISH COMMERCIAL.

West Coast Times, Issue 623, 23 September 1867, Page 2

ENGLISH COMMERCIAL.

Tlio latest adriccß from England report that the Tasmanian loan of £95,000, brought out by the bank of New South Wales at 93, was a complete failure, these tenders only being received, and one only being accepted, viz., for JCIOOO.

It 13 reportod, also, that the Provincial Government Loans of Now Zealand remain totally unsaleable.

AVo take the following memoranda on the English Money Markot from the " Home News " of the 2Gfch August, :—*

The Bank of England maintains (July 23) its r.ife of discount, at tho minimum fixed on May 30— namely, 2i- por cent., though the terms in the open market for the best bills are no more than 1\ to 2 per cent., whiUt in exceptional eases business 13 done in Lombard street at 1-f per cent. For short advances on Government slock the rates in the Slock Exchange arc IV per cent, or lower. In all quarters thero is abundance of unemployed capital, and complaints are made by holders of the difficulty of obtaining adequate returns upon it. Tliis anomalous condition is attributed, not unreasonably, to tho unwillingness of tho Bank of England to equalise its rates with those in the general market by lowering the minimum to 2 per cent., especially as tlio bullion has increased from L22,286,68i, at which it stood when last we wrote, to L22,65G,726; whilo its reserve stands at L 13,457,296, after payment of tho public dividends, and tho aggregate of the private securities has fallen to L 17,576,507. The E 11, k of Franco, which holds L'tii,oSs,Jl6 of bullion, follows the example of tlio Bank of England, and maintains the rate of discount at 2 } . per cent., though its securities aro also declining ; and the same term 3, with tho like processes, are maintained at Amsterdam, Frankfort, Berlin, and Hamburg. Tho Funds have shown considerable movement since- our last. At the dato of our last number, Juno 2G, Consols stood for money at 94£ to .V, and for account afc 91i to h After that there was an upward movement to i) sto J- for account, aud 9J| to 95, which was maintained until a few days ago with considerable h'rmuess. Cansols are always diflieulfc to sell over 93. Tho price neeins to constitute a halting place both for investors and speculators, and it is a higher prico than has been attained since IS6O. So than when they wero at 95 disturbing rumours of a pending Continental war begi>n to bo circulated, -with rumours of the crops being injured by the weather, and other adverse circumstaiu'ss. Tho cited was that on July 21 they had fallen to 9'U to "i for account, being the* same as at the date of our last, though in the meantime the use of money commands .V per cent, less, and it has greatly accumulated ut the .Banks and in tho hands of tho public-. New and Reduced 3 per Cents, are quoted at 95 £ to 2.

The general meeting of Iho P.inamn, Jfow Zealand, and Auckland Eoyal Mail Company was held on July 13, when rue directors' report was adopted. Tho chairman bpoke in hopeful terms of (lie future of tlio undertaking, roi'cri'ing to tho steady increase of roveuuo on the Panama line, the gradual withdrawal of opposition steamers, the revival of trade in the Australian colonies, and the increase in the number of pnsson^ors consequent upon the discovery of gold in New Zealand.