ENGLISH COMMERCIAL.

Wellington Independent, Issue 3137, 2 March 1871, Page 2

ENGLISH COMMERCIAL.

• ■■» (Eueopeak Maib, Dec. 29.) MONEY MARKET. Several causes recently combined to. depress the stock markets. First there waß the yet unsettled Eastern question ; then the strong opinions expressed in high places upon President Grant's message to Oongresß ; the fear that the war on the Continent may be pro longed indefinitely ; and what was at one time considered the threatening attitude of the Luxemburg Neutrality Question, invelved in the presumed disregard by Prussia of the Treaty of 1867. However, notwithstanding such a multiplicity of evils, there was no serious fall m values. The Christmas holidays have greatly interfered with business, and beyond the fact that Colonial Bonds are firm, and considerably higher, there is nothing to report except general inactivity. It is, however, thought that with the new year will come an important revival in trade generally. Previous to the closing of the market, the discownt market was active at 2£ to 2-f per cent. The Bank rate still stands at 2\ per cent. Consols were last quoted at 91'} to 91& ex. div. for money, and 91f to 91$ ex. div. foj the next account, January 5 ; New Threes and Eeduced Threes are each worth 91f to 91£. Exchequer bills, £100, £200, £500, and £1000, are quoted at 10 to 15 premium. The New French Six per Cent Loan, £40 paid, is at % dis. to par. The committee of the Stock Exchange appointed Thursday, Dec. 22, a special settling day in the new £10 shares of the Bank of New Zealand, which were ordered to be officially quoted. At the recent meeting of the proprietors of the London Chartered Bank of Australia, a dividend of 4 per cent was declared for the half-year free of income tax, this being at the rate of 8 per cent per annum. We are informed that the Agent-General for South Australia has negotiated the sale of the whole of the bonds lately offered to public tender, £15,000, at and above his minimum price of £108 ex January coupon, and the balance at a trifle below thafc price. The New Zealand Loan and Mercantile Agency Co. limited notify thafc they will pay, •on and alter January 2, the interest then dne on their debentures and guaranteed mortagages. A special general meeting' of the proprietors of the Union Bank of Australia will be held on January 9 to receive the half-yearly report of the directors. The bank notify that they are prepared to pay, on or after January 2, the interest due January 1, 1871, on the loans of the colony of Queensland, ■wool.. Mr Helmuth Schwartze tells ua that since the close of the last series, the market has experienced no appreciable change. There haa been fair inquiry, and some transactions have taken place at November closing rates, embracing various descriptions, but principally low-scoured Australian and faulty snow white Capes, ranging from Is 2d to Is 3fcd- The quantity thus disposed of may not be very large in the aggregate, but, considering the season of the year, this brieknosa in the demand is a eatisfactory feature. The arrivals for the next series, which is to commence on Feb. 2, comprise :— Port Philip, 3202 bales ; Sydney, 6087 ; Van Dieman's Land, 251 ; New Zealand, 683 ; Cape, 12,153 ; total, 22,376 bales. About 50,000 bales have been held over from last series, and as the shipments from Australia appear to be unusually late, the total for disposal in February will probably not, exceed 100,000 bales. It is yefc too early to say anything about the prospects, which will to a great degree be bound up with the question of how long tho war will continue. Should peace be restored within the next month or six weeks, the present firmness in the market will probably be further increased, but it appears doubtful whether current prices can bo maintained should hostilities be indefinitely prolonged.

FLAX. 900 bales Nevr Zealand offered on Deoember 14 met a good demand, and 600 bales were disposed of at higher prices : low uncleaned, £14 to £15 10s ; middling, partly cleaned, £19 10b to £21 ; middling, half-cleaned, £23 15s to £27 ; good, chiefly cleaned, £29 5s to £30 5s ; and fine cleaned, £33 to £36 10a. FBEIGHT3. Mesßi'B George Quick & Co. quote rates from London, for Hobart Town, rough measurement, 40s ; fine, 40s to 45s ; cement, 6s 6d ; iron, 30s ; Hquidß, 559 per ton ; beer in casks, 1b doz ; do in cases, 9d doz, For Brisbane, per Elizabeth Dougall, measurement, 30a ; fine do, 40a ; weight, 255 ; liquids, 50s ; beer, per doa, 9d ; cement, 4s j and for Port Natal, per Princess Alice, measurement, 25s ; fine, 30a ; cement, 4s ; bulk beer, 40s. The above rates are firm on only high class and going ships, whilst for large parcele of suitable weight or measurement, merchants may make somewhat bettor termß. On the whole, howover, freights show an improvement upon late rates.