COMMERCIAL NEWS.

West Coast Times, Issue 702, 24 December 1867, Page 4

COMMERCIAL NEWS.

London, October 29. The discount market has assumed a settled appearance, and is firmer in tone ; there is no expectation of a reduction below existing minimum rule of two per cent. Supplies are large, and only very best bills are taken at from three-eights to one-half per cent. The stock of gold at the Bank of England is still large and almost beyond precedent. Several panics have taken place on the Stock Exchange and on the Paris Bourse, but they are now over. Consols fell to 93£, but now stand at 94J to 94i for money and account — Reduced. The three per cent, now stand at 92f to 92£. The advance on Australian securities has not been maintained in some instances. New Zealand five per cents. 94 to 95. New Zealand six per cents. 1891, March and September, 105 to 106.

A new journal bearing the name of "The Co-operatire" has been started in Hobart Town. In its opening article it says : — " We have seen for the last fourteen year 3 every interest iv the Colony depressed — every industry destroyed — oi"* population leaving our shore in thousands — our Merchants deserting vs — our Farmers going away, and above all, the Sons of the Soil, those who look on this Island as their home, compelled to find on alien'shores a subsistence denied them here. A large majority of the people have looked apathetically on, while those things were passing before their eyes, while the far-sighted few, who pointed out the evils under which the Colony was groaning and decaying, and the remedy, have been laughed and sneered at as croaker?, visionaries, and false prophets. The evils have become too great to be borne much longer, — the people are awakening to a sense ; of Iheir situation, — the friends of the Colony and of Pbogbess are taking heart again, to make another struggle to restore prosperity to the Island, on a sure and certain basis. From all quarters we hear a cry for "Pkogkess." People are tired of the dull and lifeless routine of the last fourteen years, and watching the gradual decadence of the welfai-e and prosperity of the Colony. They are beginning to see that if they are to obtain anything beyond sufficient to keep them from actual starvation, a different course must be pursued. They perceive that manufacturers must be encouraged and supported, new industries must be created,— our Native Youths must have the means afforded to them of obtaining a livelihood on the soil which gave them birth. As the advocate of these views we come before the public and claim its support. As the exponent of enlightened and progressive principles, leading to wealth and independence, instead of slavish dependence on the manufactures of other countries, we ask all who value the moral, social, and material welfare of their native and adopted home, to "Cooperate" with, us in rescuing this fair Island from the slough of despondency and decay into which it has fallen. We shall give our cordial and hearty support to everything that shall tend to enlighten, to elevate, to prosper, to enrich the Colony." The newspaper is -well printed.a nd, taking an independent course, is likely to succeed.

The "Argus" states:— "The Customs revenue for October aud November exhibits a lamentable fall ; ug-off, as compared with any of the previous m6ntbs of the year, For the nine months ending with September the average monthly receipts Avere L 121,000 ; for the last two months they have not exceeded L 90.000. This is doubtless due to the collection of so Jai-ge an amount of duty on spirits towards the end of September. Tlie daficiency in the Customs revenue can now be stated almost with precision. The nine months ending September yielded Ll,089,000; October and November, L 180,00 0; December may return L 101,00 0; although it is scarcely probable it will afford so much. Thus the rceenue for the year will be just about L 1,370,000. As Mr Verdon reckoned on obtaining L 1,532,000, it is (o'erably certain that his deficiency on Customs alone will amount to L 162.000, or LI 17.000 more than he was willing to plead guilty to in July last.