COMMERCIAL.

Grey River Argus, Volume IX, Issue 725, 10 September 1870, Page 2

COMMERCIAL.

The Continental banks have raised the rate of discount.

A large sum has been withdrawn from the Bank of England for the Continent.

Bank discount rose from 3£ on the 23rd July to 6 per cent, oa 4th August. Oriental Bank shares have declined to 50. • Commercial affairs are disorganized. Corn and "tallow advanced. Cotton depressed. There was a panic on the stock exchange and several failures were announced. Australian meats are taken largely by the Admiralty. There has been a panic in Liverpool. Victorian debentures, 107; Sydney, 97 ; consols, 98£ ; New Zealand Fives, 1891, 100 ; sixes, 1891, March-Septeu.ber, 112. Exports to New Zealand increased by sixty thousand. New Zealand Flax : Considerable q nan titles, amounting to 2343 bales, were ■ offered on June 29 ; bnt little demand, and mostly withdrawn. Only about 550 bales were sold, at lower prices for common but dearer for good. Quotations : Common, partly cleaned, Ll2 10s to Ll4 5s ; medium to fair half-cleaned, Ll6 to L2l ; good do, L 22 15s to L*24 5s ; good t<> fine cleaned, L 25 10s to L 29 10s ; tow, LlO to Ll2 ss. $ew Zealand butter consigned to Mr Tallerman sold at 84s the cwt. Dr Featherston visited the manufacturing districts, with the view of ascertaining the best uses of flax, and says that bright and clean samples would be largely used at L3O. American markets are likely to take a quantity. One shipload of New Zealand' flax was sent to Canada. The New Zealand Loan and Mercantile Agency Company announce an interim dividend of 10 per cent.