COMMERCIAL.

Lyttelton Times, Volume CXVII, Issue 17287, 30 September 1916, Page 3

COMMERCIAL.

LONDON MARKETS. By Telegraph—Press Association—Copyrichl Australian and N. 7-. Cable Association. (Received September 23, 5.5 p.m.) LONDON, September 28. BANK OF ENGLAND RETURNS. The Bank of England returns for the ■week ended 'Wednesday, September 27, are as

follow:—* ISSUE DEPARTMENT. £ • *' £ Notes in cir- Government illation . 3(5,536,000 debt . 11,015,000 Notos in re- dtlicr seservo . 83,718,000 cunties . 7,155,000 Gold coin ar.d bullion 51,719,000 ’ Authorised £70,249,000 circulation £70,219.000 BANKING DEPARTMENT. £ £ Proprietors’ Government capital . 11,553,000 securities . 42,188,000 Public " do- Other secuposits . 63,372,000 rities (adOthor ae- v&ncce) . 95,857,000 posits 101,183,000 Notes in reReet, 7-day serve . 33,713,000 and other Coin . . 1,75^,C00 bills . 6,631,000 £173.013,000 £173,012,000 COMPARISON WITH LAST YEAR. Sept. 27, Sept. 29, 1916. 1915. £ £ Coin and bullion . 51,719,000 61,818,000 Reserve notes end coin 35,167,000 47,659,000 Proportion of reserve to liabilities . 22.90 24.70 Notes in circulation . 36,536,000 32,800,000 Deposit liabilities . 154,855,000 116,217,000 Government securities 42,188,000 31,237,000 Discounts end advances 95,337,000 132,315,000 BANK OF ENGLAND RATE. Tho Bank of England discount rate was raised from 3 per cent to 4 per oent on Jtfiy 30, 1914, to 8 per cent on July 31, and to 10 per cent on August 1, was, on August 6, lowered to 6 per cent, and on August 3, 1914, to 5 per cent, at which it remained until July 13, 1910, when it was raised to-6 per cent EXCHEQUER BONDS. The announcement regarding tho 6 per cent Exchequer bonds has weakened most giltedged securities. (A messogo published yesterday, dated London, September 27, stated that the Bank of England announces that it will- not receive further -applications for 5 per cent Exchequer bonds for 1919, but will make a new issue of bonds shortly. It is officially stated that Itieso bonds will be 6 per cent with a t!ireo years’ currency.) MONEY MARKET. Short loans are quoted at 5 per cent, tmchlfhged sinco last week. At this date last year - tho quotation was 1? per cent. Three months bills are quoted at 5 9-16 per cent, unchanged Bince last week. At this dato last year tho quotation was 42 per cent. WAR LOANS. The 3J per cent British war loan is quoted at £BO, compared with £B6 10s lost week. The dj per cent. British war Idan is quoted at £95, compared with £36 2s 6d last week. IMPERIAL CONSOLS. Imperial per cent Consols aro quoted at £69, compared with £OO 5s Inst week. At this dote last year they were quoted at £65. - COLONIAL STOCKS. Tho following are quotations for colonial Btocks, with prices ruling last week:

Wheat, is quiet, o.nd tending to lower prices. Flour is firm. Australian patents 49s Cd to 51s 6d. _ ' OATS. Oats are dearer. I/a Platts Bare not offer10.IT. j. • PF.AS AND BEAKS. : Peas are firm. New Zealand Maples. GOs to 655. Beans aro firm, tending: upwards. BETTER. Butter is very firm. Danish 208* to 210 s. Kew Zealand, choicest. 102 sto 1965. Argentine, 190 sto 1945. A few Canadian lots, ISSs to 192 a. A fair quantity of United States, 194 sto ISftg. There is much, uncertainty in tho market owing to lack of definite information regarding the Australian, Government’s fixing of prices, consequently c.i.f. business is at a standstill. CHEESE. Cheese is very firm. Canadian and Kew Zealand,, spot, 106 sto IOSs. Canadian, c.i.f, prompt shipment, lOS3 to Ills t>a. SUGAR. Sugar is quoted! at 41s 74d. WOOD. Tlffe Bradford wool market is firm and cheerful. There was moderate business m sixty-fours at 53Jd, and sixtys .at S2jd and 51Jd. 2 METALS. Copper—Spot. £ll7 ISs; forward, £ll4 15s. Electrolytic, £i39. ' Tin—Spot, £174 7s 6d; forward, £174 12s bd. ' Lead— Spot, £3O 10s: forward, £29 10s. Spelter—Spot. £s2forward, £IG. Silvor, 32id per standard ounce. SHARES. Waibi, 35s 7d to 36s lOd. LONDON TALLOW SALES. The following cable message has_ been received by Messrs Dalgety and Co., Ltd Christchurch, front their London cfiice dated September 27:-“ Tallow: The weak and the demand is small. + At the weekly auction prices declined Is to Is Gd per cwt. We quote Queensland' beef tallow 455, fine mutton 41s, and best quality mixed 43s per' cwt.” '

Last This s Week. Week. ■ New Zealand 4 p.c., 1929 . as; 88J \ New Zealand 31 p.c., 19-10 . 761 New Zealand 3 p.c., 1943 . N.SAV. 4 p.c., 1933 . 661 66 86^ 65 J N.SAV. 34 p.c., 1918 . 95J 95 i N.SAV., Si p.c., 1920-30 742 731 N.SAV. 3 p.c., 1935 . 72 71 Vic. d p.c., 1920 .04 94 Vic. 3i p.c., 1921-26 . 95J 651 Vic. 3* p.c., 1920-49 . 74 74 Vic. 3 p.c., 1929-49 65* . 65} Queensland 4 p.c., 1915-25 . 90i 904 Queensland 3J p.c., 1921-30 . 684 864 Queensland 3 p.c., 1922-47 . 68; G61 S. Australia 3$ p.c., 1939 . 75 • 74 5 S. Australia 3 p.c., 1916 611 61J IV. Australia 3$ p.c., 1915-35 77 77 IV. Australia 8 p.o., 1915-36 72 72 Tasmania 3J p.c., 1920-40 . 745 74 Tasmania 3 p.c., 1920-40 WHEAT. 66* 66