THE ENGLISH MONEY MARKET

Hawke's Bay Times, Volume IV, Issue 193, 23 September 1864, Page 2 (Supplement)

THE ENGLISH MONEY MARKET

New Zealand Government Five per cent debentures for £1,000,000 were oifered to public competition on tbe 13th of July, by tbe Crown agents for the colonies, but only a very small amount was applied for. The minimum was fixed at 90, at which price the debentures will yield £5 11s. percent, and on those terms the Crown agents declared themselves willing for (ho present to receive tenders for the unallotted portion. The character of the two last published returns of the Bank of England has served to show the increasing demand for money. A fortnight hack the belief was that a. decline in the value of money might be looked for. At present opinion is inclining in the opposite direction, and many persons freely express their expectation on an additional animation to the continental trade, and vanee before long in the rate of discount. It is probable that the suspension of the war in Denmark and the raising of the blockade of the German Ports, may have communicated adbave thus re-acted slightly on this market. The home demand having set in rather early, probably owing to the early harvest, may have also produced some effect on money. The rate is now scarcely if at all below' G per cent, and for four and six mouths’ bills higher terms are required. We learn that the directors of the Panama, New' Zealand, and Australian Eoyal Mail Company (Limited) have received from the Provincial Government of Canterbury, New Zealand, an offer to undertake the payment of the stipulated subsidy for the Mail Service between Wellington and Panama in the event of the contract entered into in December last by the Hon. Crosbio Ward, as Postmaster-General of the Colony, not being ratified by tbe Colonial Parliament, to whom the matter will be referred at the next session. The first annual meeting of the New Zealand Loan and Trust Company was held on the 21st July at the office, 31, New Broad-strcct, City : Sir Charles Clifford in the chair. The Secretary read the report, which stated that, although the company had been formed in ISG2, it did not commence operations until June, 18G3, and as the accounts w ere only made up in December last, there was only six months working of the company to report upon. The operations in these six months bad been very successful. During that period the sum of £GO, 750 bad been advanced on the security of land, worth at least £151,920. These operations had chiefly taken place in tbe Province of Canterbury, but their manager was making arrangements for extending the business into Nelson and other districts. The net profits on the G months ending December 31, ISG3, had been £1,165 18s. 10d., from which the Directors proposed a dividend of 2s. per share, which would fake £1,850 35., leaving a balance of £lls 15s lOd. NcarL/ the whole of the 20,000 shares have been taken up, with the exception of a few in the Colony. There was no intention of making a fresh call before the close of the year. The dividend, as proposed, was then declared, and the directors and auditors were re-elected. Latest City Intelligence.—The executive of the Bank of England hare raised the minimum rate of discount from G to 7 per cent. It is only six weeks since au exactly contrary movement was adopted, the rate having been lowered from 7 to 6 per cent on tbe IGth of June Tins alteration does not seem to have been fully anticipated in the >Sloek Exchange, and the consequence has , ,bcon a rather general though not severe decline in the prices of most kinds of public securities.

The funds have fallen g- per cent., many of the speculative foreign bonds I to I, and the principal home railways, \ to Id. per cent.