COMMERCIAL.

Wellington Independent, Volume XXI, Issue 2431, 23 October 1866, Page 6

COMMERCIAL.

London, Aug 27. Bank discount was reduced on the 16th of j August to eight, and on the 23rd to seven, j per cent. It is reported that the Continental banks j intend reducing their quotations for general accomodation. ' The supply of money is large in the .English market, and is increasing. The prospect of a splendid harvest and no commercial disasters of importance cause a strong feeling of confidence. Consols for money, 88£. Account, 89. The Alteration in the rate of discount has caused a great improvement in the produce market The liquidation of outstanding engagements in the India and China trade are most satisfactory. All the Queensland debentures have been sold in London at or above the reserved minimum. The Preston Bank haa resumed business under favorable circumstances. Steps have been taken for the resuscitation of the Agra and Masterman's Bank. Messrs. Romanjee, Parsee merchants have failed with liabilities amounting to £300 000. Overend & Gurney's liabilities of eighteen millions have been reduced by the liquidators to five millions. Failures. — David Law, engineer, Glasgow ; £332,000. Edward Tiernan, tea trade, Lon don, £40,000. Hopwood and Son, Man Chester, £70,000 ; and several other unimportant ones. Colonial Government Securities. — N. S. V/ales Fives, 1866, January-July, no quotations New Zealand do., 93, 95 ; do. Fives, 75, 77. Wool Market. — The August sales commenced on the lGth. Total bales catalogued 133,339. The opening sale was well attended by the home trade. The prices were equal to the average range of May-Juue sales. There wore liberal buyers of all descriptions for the home trade. The reduction in the rate of discount created a firm market, and the stock on hand' is expected to sell freely at present quotations. LATEST SPECIAL TELEGRAMS. London, Sept, 6. A great demonstration has taken place at Brookfields, in Birmingham. There weiv 20,000 persons present. Mr. Bright de nounccd the Tory Government, and recommended a general Be form organisation. Chief Justice Cockburn refused to re-appoij) I Mr. Beaks, the leader of the Ileform League, and a rising- barrister. The last year's Atlantic cable has been recovered and spliced. M. Drouyn d'Llmys, the French Minister of Foreign Affairs, has resigned. Napoleon anticipates an era of tranquility. Peace has been ratified between Anstra and Prussia, and an Indemnity Bill has been passed in the Prussian Chamber. President Johnson had beeu enthusiastically received in New York. -;.. At the wool sales, the opening prices have been fully maintained. Bark rate of discount, 6; Consols, 89J-. The Cholera in England is subsiding. The formal negotiations for the conclusion of peace between Prussia and Saxony have commenced. The demobilisation of the Prussian army will commcuco on the 7th of September. September 7 (1°). Discount 5 per cent. Septamber 11. The Itadieals in America continue to abuse President Johnson. An Imperial decreo has been published .in Vienna, ordering the reduction of the army and navy to a peace footing. The Liverpool and Manchester cotton markets are quiet. The difficulties between the United States and Mexico are increasing. France and Austria have signed a treaty regarding the cession o^ Venetia. The Austrians have transferred Venetia to a French Commissioner, who arranges the transfer. The Venetian population are to choose their deputies by universal suffrage. Napoleon wrote to Victor Emmanuel stating that it was' always his intention that Italy should bo free from the Alps to the Adriatic, and mistress of her own destinies. President Johnson has restored Texas to the Union, and expressed his dotermiaution to maintain his previous policy. The stock of cotton at Liverpool on 31st of August was SBO,rOO bales. The Bank of England returns for the week ending the Gfch September, show the following results as coinpared with the pi'evious ; account : — Increase in reserve of notes, £1.3,000; increase of bullion, £363,000; decrease in bills discounted, £712,000. Additional items, extracted from Messrs. Greville and Company's (Eeuter's agents) telegrams : — INDO-EUROPEAN TELEGRAMS. London, Aug. 31. t A proclamation from President Johnson restores Texas to the Union. The Canadian authorities ask for two regiments of infantry.

Italy nnd Austria havo concluded negotiations of peace. A deputation of bankers have waited upon Mr. Disraeli, and urged the necessity of adopting measures to mitigate the commercial crisis. Mr, Disraeli promised his earliest consideration of the matter. An insurrection of 1000 Polish Exiles has taken place at Stikitzki near Siberia, which has been suppressed. The Times denies the rumor as to a matrimonial alliance between the King of Greece and the Princess Louisa. Prussia has withdrawn her troops from Bohemia, and is disbanding them. Sept. 1 M. Drouyn d'Lhuys, the French Minister for Foreign Affairs, has resigned. Sept. 5. The Austrians have comenced the evacuation of the Quadrilateral. .Sept. 7. The Emperor of Austria has reduced the expenditure of his Court to five millions of florins. The Archdukes have renounced a portion of their appanages. • New conspiracies have been discovered in Mexico, and many, arrests have been made. President Johnson has declared the blockade of Matamoras, which had been ordered by Maximilian, to be null and void. Sept. 10. # Mr. Seward presented Kimera to President Johnson, who expressed a hope that Mexico would be freed from foreign invasion by November next. At Doncaster, to-day, tho Great Yorkshire Handicap was won by Caithness. Civil war is reported to have commenced in Japan. Schosham and the Tycoon have had three engagements, all of which have terminated favorably to the latter. The foreign consuls at Shanghai are about to make a formal protest to the Chinese Minister at Pekin on the subject of the existing commercial and municipal regulations, and they intend asking for fresh concessions. A court-martial has gone to Jamaica to try the officers implicated in the proceedings which took place ( in the suppression of the insurrection. The Prussian , Chambers have voted an address of congratulation to the King. Orders have been issued by tbe Italian Government reducing the army by 120,000. Wool is higher, copper higher, and imports are lighter than they were last month. Confidence is being rapidly restored in commercial circles. Sept. 11. The Emperor has published a decree in Vienna ordering the reduction of the army and navy to a peace footing. The JJussian Government have asked theaid of the Chinese Government in preventing the escape of the insurgent Poles. 850 havealready been taken prisoners.