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Evening Star, Issue 3273, 16 August 1873, Page 2

Another instance is given by the telegraphic summary of English news of the intimate connection between prices and the state of the Bank of England’s pulse. When it beats at the rate of 5 per cent., the millionaire looks out for a profitable harvest through discounting good paper declined at the Bank; the merchant looks ruefully at his bill-book, and racks his ingenuity to provide at the smallest possible cost for acceptances falling due ; the manufacturer, if a capitalist, makes up his mind to seize the opportunity of laying in a stock of cheap raw material; and if not a capitalist, puts his mill on short time lest he should have a heavy unsaleable stock on hand ; while the account sales of squatters and flaxdressers in New Zealand and Australia show a falling off of a penny or twopence a pound on wool, and a pound or two per ton on flax. But the game is changed when the Bank pulse is only 3.V per cent. Beating so feebly, it"seeks profit by ready discounting; trade disenthralled at once expands, and prices spring up to their natural values; work; becomes plentiful, and all classes industrious and well to do. The commercial news from Great Britain says :—“ Discount, 3£ percent. ; Continental discounts falling ; New Zealand Fives, 10 oh rather a confused account of wool, which in one lino is stated to have declined, and in the next to have advanced 2d to 3d. Commercially translated, we suppose it means prices about as higb as they are likely to be for some time to come.

Very material changes have taken place in the construction of the Cabx-

net, but the Conservatives are still in the cold ; nor do we think they are likely to be otherwise, notwithstanding their boasting of having gained at recent elections. We lately examined a carefully compiled list of the gains and losses of the Conservative and Liberal parties at some thirty or more elections which have taken place through various causes since the last general election at Horae, and from it Mr Gladstone’s opponents had increased in the balance bjr three. This reminds one of Mr Heid’s confident expression of opinion that the late Provincial election would not materially alter the relative strength of parties in the House. Like the Conservatives, ho over-estimated his influence and that of his party. Notwithstanding the trio, Mr Gladstone is still Premier, and in the interests of the Empire and mankind we trust he will long remain so.