Mrket.

Lyttelton Times, Volume XI, Issue 648, 22 January 1859, Page 4

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1 ENGMSII COMMERCIAL REPORT. We have news from England, via Melbourne and Sydney, to the 23rd of Octotiev. Money continued to be plentiful, and in the discount market the minimum rate was two per cent. The rate of discount charged by the Bank of England, however, still remains at 8 per cent. From the Money Article of the • Times' of the 22nd of October, we extract the following::— The Bank of England continue to abstain from making any reduction in their rate of discount. They decline to be guided by the market, but whether they have any other definite principle on which they act no one professes to know. There is nothing -more, therefore,1 be said; on the. subject. To ordinary comprehensions the law of supply and demand is alone thatwhieh can regulate such matters, but if the Bank directors have.discovered something of a superior character., to ■•■ supersede it, the public •will doubtless receive the newiight with attention as soon asafris displayed^© them. Till the revelation is made they must be content *to remain in total uncertainty as to the movements ;that maybe at any Jtime expected,, and the Stock-Exchange speculators, who abhor all those fixed rules that take monetary affairs out of the field of chance, will meanwhile have cause to congratulate themselves. Considering that during the last ten -years the Bank have received general commendation for conducting .their business on the rational system recognized by every kindred establishment, their habit of formally notifying their rate from iime to time being all that remained to be objected to, the sudden renunciation of the practices and experiences of that interval naturally awakens great curiosity, and the exposition of their new (rules of action will be looked for with impatience by the whole commercial world.

; The English funds 40-day opened with decided steadiness, bnt as is now usual on each Thursday, the breaking-up of the Bank Court was followed by a number of gambling operations, and the market closed with a heavy arid "uncertain appearance at a decline of a quarter per cent. Consols were first quoted 98| to:|, but on; its becoming known that the *rate of discount was still maintained by the Bank at •3 per .cent., Abete was an immediate fall to 9&i to f, from which there was no recovery. "For the 10th of November the last price was 98$ exactly. The.Government broker purchased ..£15,000, Eeduced, on public account. Bank stock left off at 220J to 222; and Exchequer bills, March, 40s. to 435.; June,3l3. to 355. premium. In the Stock Exchange loans on Government securities can be obtained at one per cent. In the discount market the minimum rate remains at 2 per cent. '■ ■ ■■' .. ■' ,■/■■•*■■:.:■ '■■-'.

The 'London Mercantile Journal' gives the subJoined report of the state of trade ia the manufacturing districts : — r ■

la the Leeds market for woollen cloths on Tuesday the/c was less activity than for several weeks past, but generally a fair amount of bujness appeared to be1 doing. Manufacturers in Leeds district continue t6 be well employed. There was a full average attendance of both London ; and country buyers in Huddersfield on the same day, but notwithstanding this very strong and general complaints prevailed of the dullness of trade in the cloth hall.' Business is generally very, quiet. -From other-districts we learn that trade "jte'slightly improving, and that;the tendency in prices is towards advance. The change in the weather there-Is ■ every- reason to presume will lead'to increased'«[itivity,sthe late fineseason,having checked' the ordinary demand: at this period for winter goods. .The moderate rate at which capital can be procured will, however, assist the recovery which is steadily talcing place, and which will require time to be fully developed. "> At Birmingham there is decidedly an improvement, and quotations are considered in a degree more remunerative. The accounts from Bradford and Halifax, however, show only partial'animation. In the Sheffield and Wolverhampton districts it is stated that transactions have augmented. '

NEW SOUTH WALES.

We have Sydney papers per Francis to Jan. Ist, The'Herald'of Dec. 31 says:— ;

Messrs. Mort and Co. held yesterday their weekly produce sale.; The quantity of wool sold was about 380 bales, and the prices obtained were satisfactory. The wool market is firmer than it was last week, and most of the lots brought full rates. At the commencement of the sale there was some little indisposition to purchase, but the biddings afterwards became more spirited, and all the lots offered with the exception of 47 bales were sold; 20 bales of fleece wool marked V in diamond brought 23id., which was the highest price obtained. The following were the prices which were realised;— Fleece, 17d. i;o 23|d.;, grease, lOd. to 12id.; hand washed, ill£d.4o 17fd.; clippings, Hid.; mixed, Bd. to 18d.; locks and pieces, 6|d. to Is. 2d.

Sheepskins. — The quantity offered was very small, and met with a ready sale at an improvement of |d. per lb. on last week's rates. About 2500 were sold at from 7£d. to 9£d. per lb.

Tallow.—The market is without any animation, and prices are nominal, owing to the small quantity offered. Six casks of tallow were sold to-day, at from £42 10s. to £53 ss. per ton. Nine casks of slush brought 275. per cwt. ■

Hides.—The market'is not quite so firm, and light and inferior hides are very difficult of sale. The highest figure obtained yesterday was 13s. 3d. for a lot of 83. About 250 hides were sold at from 9s. 3d. to 13s. 3a.'for heavy hides, and 2s. 6d. to ss. 6d. for light hides. A lot of horns brought 2s. 6d. per Hundred; ' : -,-<"

; The Admiral Lyons arrived yesterday from Liverpool, with immigrants and a cargo of general mercimadise. '~

VICTORIA,

We have Melbourne papers to the 27th instant. The amount of gojd dust received by escort during the week was 48,192 ounces. The 'Argus' of that date says:— In the money market there has been nothing doing. Capital has been plentiful, but the securities offering have been few. The rates of discount at the banks are—For bills under 95 days'* currency, « per cent.; over 125 days', 10 per cent.; and on overdrawn accounts, 10 per cent. ' Exchange on England Is at par for 60 days' sight for large amounts, and at 1 per .cent, premium for 30 days' sight for bills under £50. Freight on gold for_ sailing vessels is from 2Jd. to 3d. per ounce, deliverable in London; insurance, l£ per cent.; by the overland route, J per cent, —that is 7d. per ounce, as nearly as possible; insurance, 1\- to 1$ per cent. The heavy exports of the week have restored the balance of the expdrts over the imports of the current yeav, as will be seen by the following -account: In the Ist period-the account stood thus;— Imports £14,490,073 Expom. v , 13,559,919 Balance^against the colony £950,154 In the second period:— Imports "... ".£12,481,282 Exports ■ 12,549,098 Balance "in favour of the colony £67,816 In stations we have the following sale to record: The " Moulamein," on the Edward lliver, has beoii disposed-of by Mossrs. Dalmahoy Campbell & Co., for £25,000. This station is situate in the New ■ South Wales Boundary, and carries 15,000 sheep. Flour, Grain, &c—Transactions in this arti'ole during the past week have been of very limited amount, the only demand existing boing for small Jots for trade use, and for even theso lower prices

have been paid. South Australian wheat has arrived freely, and, despite all prognostications to the contrary, is both of better quality and larger yield than was expected. The late rains have proved beneficial-to' our growing crops, and with every prospect of a most favourable harvest and heavy importations, prices are expected to rule j°«^unng tho earlier part of the coming year. Adelaide has been sold at from £17 10s. to £18 10s., and a parcel of 500 barrels Gallego were placed by auction at from £21 to £21 10s. per ton. Wheat is in but little demand, prices being as yet insufficiently nxed to induce buyers to stock themselves. Best samples cannot be quoted at more than 7s. 9d. to 6s. per bushel, and lower rates are reported to have been accepted to-day. Oats are rather easier. As yet there appears to bo no falling-off in supplies, and, although consumption of this description of loose corn is very considerable, the fact of prices being so well maintained in the face of constant heavy arrivals creates astonishment. Sales have been made by auction during the week of a parcel of i 6800 bushels Hayes 1 Irish Oats^ wheat brought 58. 6d. for black and ss. Bd. for grey; Californian, at ss. Bd.j and screened Calcutta, at ss. 2d. per bushel. Barley continues excessively dull and prices nominal. Maize and gram are of fair sale; the former article steadily maintains its value at from 6s. to 6s. 6d. per bushel; the latter has been placed by auction at £ll I7s. 6d. per ton. Bran is of steady sale, and readily finds buyers at from 2s. 2d. to 2s. 3d. per bushel. At the mills the amount of business during the week has been: very limited, as in the present state of the market the trade confine their I purchases to absolute requirements. Millers still [ quote fine flour at £19 10s. per ton; wheat at Bs. per bushel; and bran at 2s. per bushel. Wool, Tallow, &c—The usual wool sales took: place this, week, that of Messrs. Goldsbrough and Co. being held on Wednesday. Owing to the near approach of the Christmas holidays, there was jess disposition to purchase evinced than has lately been shown. Prices were generally, however, well supported, the growers being firm in their demands, and withdrawing all lots not realising their notions of value. 4220 bales were offered, of which quantity 2550 bales were placed, the really, good lots being well-competed for. 2022 bales fleece brought 18d. to 21£ d.; 201 bales scoured, 20£ d: and 22d. 11 bales handwashed, 14£ d. to 15fd.; 270 bales greasy, lOd. to 12£ d.; and 1 bale greasy, 15fd.; 7 bales lambs, 15d. ;to 19£ d.; 11 bales slipe, llfd. to 15£ d.; 3 bales mixed, 14|d. to 16£ d.; 2 bales pieces, llfd.; and 1 bale locks, 6£d. per lb. In tallow and hides there has been but little doing, and quotations are unaltered. TASMANIA. Our advices from Tasmania are to the 22nd inst. The 'Hobart Town Mercury' gives the following ■ report of the markets. . Grain.—The grain market has scarcely fluctuated at all during the past week. Wheat opened at Bs. 6d. per bushel, a higher figure being occasionally given for very prime samples., and these quotations have been, maintained, notwithstanding fall in the Melbourne and Adelaide markets, in consequence of the present scarcity of wheat here. Nothing is doing in oats,,and for English barley there is no .demand.

Flour.—Considerable animation is perceptible'in the flour market, and in some quarters there has appeared a disposition to speculate. Previous rates have been! well 'sustained, although a decline has taken place in the neighbouring colonies, and fine flour is quoted as ;firm at £18 10s. to £20 per ton, according to quantity. Bran is in moderate demand at Is. 9d. to 2s. per bushel. Wool.—Since the late .advices from England an advance has been established, and sales made at the following figures:—Superior flocks, "Is. 7d. to Is. Bd.; inferior to average, Is. 4d. to Is. 6d.; skin, Is. 2d. to Is. 4|d.; grease, 9d..t0 10£ d. Wool is coming in briskly, with good demand. Timber:—-The'trade is still in a very unsatisfactory condition, and prices are exceedingly low. The slight improvement noticeable a fortnight ago has entirely subsided. ' . . The 'Launceston Examiner- of the same date reports':-|- •• .■ . „■■'■■ \ ,•..,.,.;. . ,

There!; is nothing particular in the mercantile news bj| the last steamer from Melbourne.' The market, jioweyer,, appears to be dullj and there is no iprospect of the late advance been maintained; Tasmanian flour was quoted at £18j wheat, Bs. 3d.; oats, 65.: 6d. , . -■