LONDON MARKET REPORT.

Manawatu Herald, Volume II, Issue 27, 25 November 1879, Page 2

LONDON MARKET REPORT.

The New Zealand Loan and Mercantile Agency repor', under date October 16 : — Money Market.— The drooping tendency in the money market noticeable about the date of departure of the last Fransisco maii resulted in a dooline in rates to a point little short of nominal. Notwithstanding the withdrawal of a considerable amount from the Bank of England to meet the customary autumnal requirements in the provinoes, the supply of capital seeking employmont remains altogether out of proportion to the demand. It id further generally believed that a very little change in the position of the market may be expected or some time to come The fears of a draintof gold to the United States have subsided, and the New York exchange is at present at a level which does not admit of gold shipments from this country being made at a profit. Good bills are scarce, but those brought forward are readily negotiable at | to 1 per cent. The rate of bankers' acceptances with six months to run is about If to 2 per cent. Short loans have recently been in rather belter request, and in connection with the Stook Exchange settlement last concluded were obtainable upon the security of Foreig j and Colonial Government stocks at 1 1 to 2 per bent. Tallow. — Only three public sales have been held during the past four weeks, for which 8405 packages of New Zealand tallow were catalogued, and 2619 sold under the hammer. The greater portion of the quantity bought in is reported to have been cleared privately between the several sales. The market throughout has been fairly firm, but prices of fine qualities of mutton are 6d per cwt lower than they were at date of our last circular by this route. Other descriptions, and teef, show no ohange. The market closes at following quorations : — P. Y.C., 38s per owt ; Australian mutton, fine, 34s 9d to 86s do ; do do, medium do, 33a 6d to 84s 6d do ; do, beef, fine, 32s to 32s 6d do; do do, medium, 31s to 31s 6d do. The arrivals for the four weeks have been 7405 packages, and further shipments afloat are advised as equal to 1300 packages. Australian wheat on the spot is held firmly; fine Victorian in granary beinjj worth as much as 60s. New Zealand sells readily at 55s to 56s for good qualities. Flour is 3s to 4s dearer than at date of last report, but there is nothing from Australia or New Zealand in the market at present. Closing quotations are:— Sooth Australian : wheat, 57s to 68s per 4961b5 ; Victorian do, 68s to 60s ; New Zealand do, 50s to 575 ; Australian, flour, 36s to 40s per 280lbs; New Zealand do, 34s to 375. New Zealand HisMP.-T-With stocks reduced to 13 tonu, and nothing offering, present values can only be quoted as nominally at £21 to £23 per ton.