MONETARY MATTERS.

Gisborne Times, Volume X, Issue 1010, 1 October 1903, Page 3

MONETARY MATTERS.

DISTURBED CONDITION OF MARKET.

By Telegraph—Pres3 Association—Copyrigh London, Sept. 29.

Tho Financial Times says that neither tho public nor tho underwriters will look at colonial 3 per cents. Tho paper adds that it will bo advisablo for Victoria to copy tho examplo set by tho Cape in 1883 and issue a 4£ per cent ioan with a currency of ton years, with the option of converting it in three years to inscribed 3 per conts at £ll3 for every £IOO of stock. It adds: It would be bettor for the colony to issue such a loan. It would more likely bo absorbed if they confide in investors than if negotiated with a syDdicato. Tho Times says weak bulls offered consols in anticipation of a high bank rate to-day. The Standard declares that tho fears of a high bank rate depressed consols. Among the influences depressing the colonial stock market is the uncertainty of Victoria’s method dealing with large loans maturing for payment in January. To day’s quotations of colonial stocks arc : Victorian threes 85, New South Wales fours 105, Queensland fours 103 J, threes 86, Tasmanian 89. Three months’ bills are at 4 per cent discount. Consols opened to-day at 86/jd, and firmed to 87 18.

Now York, Sopt. 29.

Tho Steel Trust’s common stock is quoted at 15 and preferred at 59. Grave fears prevail of further trouble imperilling the American financial position.