Commercial.

Hawke's Bay Weekly Times, Volume 1, Issue 82, 8 July 1867, Page 158

Commercial.

ENGLISH COMMERCIAL. By Mail, London, May 2. The pacific turn the threatening aspect of affair* on the Continent has taken caused, on the first announcement that there was to be no war, a de*cided reaction in monetary and commercial affairs, from the depressed condition in which they had stood. There has been a less plentiful supply of money iu the discount market since our last remarks. At the half-yearly, meeting of the Royal Mail Steam Packet Company, a dividend of £3 lOs. ana a bonus of £1 10s. per share were declared. At the meeting of the Australian Mortgage. Land, and Finance Company (Limited), on April 26th, the directors’ report was adopted. It recommended the payment of a dividend for the six months ending December -last at the rate of Id per cent, per annum, free of income tax, making a total distribution pf 10 per cent, fo.- the year. Colonial Government Securities rule steadily in their value, with an improving tendency, combined also with a fair proportion of business. The following represent the principal opera-, tionsNew South Wales, 95.; New Zealand Six per Cents, of March and September, 130 ; theJune and December,. 102§-; Queensland Six per Cents., 6 If, 91£; the 1891 Stock, 91f, 91£; Victoria Six per Cents, of 1891, at 106; and the April and October, 104 f , f, £. New Zealand Shares. —N.Z. Bank, 2 prem. ; Otago, 3£ dis/; Loan and Mercantile Agency, at par ; Trust and Loan, -a- prem.; Otago and Southland Investment, at par; P.N.Z. & A.R.M. Company (10), 7 ; do. (5), 3£. The New Zealand Government have intimated that they are prepared to exchange the 8 per cent. Treasury Bills falling due in June next, for Government six per cent, debentures authorised by the New Zealand Loan Act of 1863, and redeemable in 1891. The rate at which the exchange maybe effected is as follows, viz.; —for eyery £IOO in 8 per cent. Treasury "Bills due on the 30th of . June, 1867, with all coupons detached* there will be given in return a 6 per cent, debenture for £IOO, bearing interest from the 15th of June, 1867, being equivalent to a cash price of 99f for the 6 per cents. The company formed last’year for the utilisati on of the iron sand of New Zealaad has delayed * its operations pending negotiations with the Provincial’ Government, iu connectiop/with the official report of ,Dr. Npad, professor, of / chemistry, St. George’s Hospital, "on the success of the process of smelting, patented by the company. The report of Dr. Noad being highly satisfactory, operations are to be at once commenced, ■ as announced by a further prospectus just issued. Mr Jordan, late agent-general for Queensland, who has been appointed managing director, intends almost immediately to proceed to New Zealand, the manager of the works to follow with the plant.

By Cable.

London, May 11.—Consols closed last svesning at 9 If, and United States Five Twenties at 72. - - _ . - « Liverpool, May 11.—The cotton market,, is buoyant under the-success of the peace confer- . cnce, and middling uplands have advanced to. llfd. , . . , . . The BreadstufFs and Provisions markets are also improving in their tone. New York, May 11.—Cotton is'improving under the reported 1 advance in the Liverpool markets. The quotation for middling; uplands is llfd.' ■ -■- - 1 /’■ ■ ''• ■ / - . Breadstuff's of all descriptions are exceedingly . ; active. " :

LONDON WOOL KEEORT.— Mat 1.. ; Our market remains very inactive, and accounts. - from the North, continue very unsatisfactory. Stocks of wool are-large,'consumers’ expectations .. . not having heen realised.■_> 'At Bradford the, ab- ; . ,j sence of American demands has told.seriously. on . fine yarns, and at Leeds ; and Huddersfield trade,, ’. remains very quiet. ; . With hales here already for next, sales;; ' (to commence about Maiy 16),"and which probably harried to 200.000 bales before’the sales '- commence, lower prices must be looked for ; ;u without the difficulty- is> iarranged , on;the :Con«. i:n■;( tinent in: a peaceable German andErenidi bnye^pi.By,, more 'seriously ,than aaticipated<: ; , a pdii'V.-,!--.:!

-It iis - expected that the- next, series of: public ealesjof Colonial Wool jrill be commenced on the ; buf the dachas not. yet been'definitely fixed.“- IThe ; arrivals' : since' last sales have been ® T ®ry ljirge, viz.: -138,613,, bales, - comprising 13,462 haute? from. New, South. .Wales; 57,687 Victoria; ■ South' Australia;' 1577 Western Australia 6;500 Tasmania; 22,362 New Zea-! land'; aifiF4B,B9l; baleß from the Cape of Good Hope."

'slit:* NEW TOEK: • . * ■■ The following- appears, in the Panama Star and Herald, of the 2{>th May * ! # v: ; New-York, May 11, 1867- “ Smce rieport complications 1 have arisen in> Europe, which’ for the last.two. or .three, weeks Csntei all the indications of a gigantic war eed the twopowerful countries bf 'Prussia- and France; . ,

“ TKe result was a severe panic in the leadiag European markets. • The strong commercial relationship which exists' between this country and Europe was never more manifest than at thetime when flashing across the telegraphic cable, this news reached'our shores. Our market responded at once to the' alarm manifest in those of Europe, and ever since ,a, prostration of trade'has characterized it, and gold rose from 1 32 to 1 4<l. Since> the announcement, however, from* Europe that a Peace Conference would be convened, and now actually has convened in London, having for its object the settlement of the question pending between Prussia and Prance, an increase of business has taken place, although economy is still generally recognised and practiced in all departments.” '

CANTERBURY.

The Lyttelton Times, 29th ultimo, reports as follows:

“‘The past week has shewn but little signs of improve meat ia our commercial affairs, and trade is almost at a stand-still. The shopkeepers and dealers buy very sparingly, and as their, stocks are very full, there are but few articles for which any demand exists. Besides the fact of stocks being heavy in all hands, there is a great general want of confidence shewn, which, affecting credit, reduces the buying and selling in our markets to the lowest limits. It is also anticipated that the gradual introduction of the stocks of insolvent firms upon this limited market will seriously affect the.operations of our merchants for some time to come. Should advices by next mail' shew an improvement in the wool market,, and a probability of the peace of Europe being permanent, they will in a measnre tend to remove the great depression • which now exists in this province. Except for bulk E.I. pale, geneva, and candles, at a very low rate, there is but little enquiry. Money is tight, and. discounts not easy. Exchanges and discount are unchanged.”

„ OTAGO. The Daily Times, ,2Sth ultimo, reports as follows:

“The past two days has witnessed but little improvement in business, which remains but moderately active. In the import market transactions have been without any particular interest. Staple goods of all kinds continue at maintained values firmly held. Miscellaneous trade parcels for town requirements, and for despatch, have •occupied second houses; but this, as well as other branches of business, is affected by the dullness incident to the season of the year.