COMMERCIAL.

Daily Telegraph (Napier), Issue 3707, 2 June 1883, Page 2

COMMERCIAL.

Mr W. G. Motley reports as follows : — There has boon but little business done during the Aveek, shares bring held tightly in nil the host investments. Tho result is that holders are asking prices that buyers decline 10 give, and until buyers aud sellers can bo brought closer together very few transactions are likely to take place. Considerable surprise has been expressed at the action of tho directory of tho Mutual Firo Insurance Company in disposing of tho business to the Union Company ; but, as tho power Avas vested in the directors by the articles of association, there do not appear any means of redress. It Avas understood that the Mutual was doing a large and thoroughly sound business, and shareholders naturally wish to know how, in tho face of such assurances, it can noAv bo shown that tho sale of the business was necessary I quote Union Insuranco at 21s. National 26s Od, South British 565, and Colonial Bank 465, with very littlo business owing to the causo mentioned above. Tho following are my latest quotation* : — Banks.—Now Zealand, £22 10/- ; Colonial, 41/-; National, 74,'-. Insurance.—New Zealand, 75/- ; Accident, G/S ; National, 26/3 : South British, 67/-, new i.ssno 2/- premium; Standard, 13/0; Union, 25/- ; Colonial, 10/-. MU.!ollan"ous.—Napier Gas, £10, r.ow isAiio 19/- ; Drug, 21/- ; Now Zealand Shipping, 81/- ; Southern Oros< Petroleum, 3/- ; P-wißo Pr-vmtet'.s 7/-, Contributors 2/0; M'xgiol Woollen Factory, 82/6; Kaiaooi Woollen Factory, new issue, £11 (naid £11 4/-); National Mortgage 32/-; Northern Investment Co., 22/-. . i[_r CABLE.] London, Wnv 31. The total reserve in tho Bin l - of England in notes and bullion is £10,700,000, an increase of £300,000 compared Avith fast week. The propo-<bn of rcservo to liabilities remain a' 35 Tier cent. The ha." l, rate of discount remains unchanged at 4 psr cent, and the market rate at ?>. Consols have a'vaucad to 102$. Australian hid ■& aro steady. Sydney, Friday. Nbav Zealand who it, Is 2d ; New Zealand oats, 2s 3d; maize, 2s lid; sugar, Compa:<y's No. 1 pieces, per ton, £35. Adelaide, Friday. Wheat is quoted at 5s to 5s Id. Exporters aro not operating, and holders are anxiou< to realise owing to Home advices. Town Hour per tou .-fill 10s to. .Cl 2, and country brands £'10 18s.