ENGLISH COMMERCIAL. (From the "Home News.")

North Otago Times, Volume II, Issue 44, 22 December 1864, Page 3

ENGLISH COMMERCIAL. (From the " Home News.")

The general characteristic of business is still that of great distrust in all departments of trade. Credit is restticted on all hands, while many firms in a gound position, but with limited means, are compelled to sell shares or produce at a fearful discount, because they cannot obtain tho usual accommodation on any terms whatever. In the actual condition of commerce there is really no ground for panic, and the belief is gaining ground that the money market will become decidedly easier this month. In a foreign direction, the influences operating upon the Money Market are all of a favorable chaiacter. Reference may be made, for example, totlie improvement in the position of the Bank of France, and to the generally satisfactory level of the exchanges with the Continent. Moreover, the stringency in our money market, and the heavy fall in the price of cotton, have given a great check to the remittance of silver to India. No doubt can be entertained that, as the change in the condition of the cotton trade has for the last two years been a fruitful source of disturbance in the money markot, bo the new phase upon which it has entered will be attended with a favorable effect. In view of these considerations, it will devolve upon the directors to consider whether the time has not arrived when suffering trade is entitled to some relief. There is no disposition in any quarter to help firms which can show only fa or less in the pound to prolong what is really an imposture on the public. On the contrary, it is felt that the weeding out of such houses must tend to purify and strengthen tho body commercial, but it is at the same time justly urged that the operation of the Bank Act of 1844 is very severe at a time of doubt like the present, and the directors, of the bank will consult tho b<>st interests, both of their own stockholders and that of the public, by according at the earliest proper moment such relief as would be involved in a reduction in the rate of discount. The Board of Trade returns for the month of August again present extraordinary totals. The declared value of our exports was L16,274,269 showing an increase of 15£ per cent, on those of August 1863, and 27 per cent on those of 18G2. Of this increase nearly one half was derived from cotton manufactures, which exceeded those of the coriespondiug month of last year to the extent of 23 per cent m value, although only to the extent of 4 per cent in quantity. Hence a veiy large part of the augmentation in the sterling amount of our trade is seen to be attributable to tho extraordinary point to which the price of cotton was recently carried. In other branches of manufacture, however, a large improvement is also shown, and in these instances the increase is only in a moderate degree due to an advance in the price of the various staples. Thus, in our shipments in August, compared with those of the corresponding date of last year, there was an increase of 19 per cent in haberdashery, 10 per cent in hardware, 17 per cent in machinery, 70 per cent in linen yarn, 41 per cent in. linen manufactures, 16 per cent in woollen yarn, and 24 per cent in woollen manufactures. For iron there has been a diminished demand, the totals showing a fall of 10 per cent. Of copper the shipments have been of almost exactly the same amount as in August last year. Of silk yarn they present a falling off of 3 per cent, and of silk manufactures 10 per cent. As regards importations, the principal point for remark consists in the arrivals of wheat having been 21 per cent less than those in August, 1863, and of flour 60 per cent less. In those of barley and oats there has been an increase, while of peas, beans, and Indian corn, the quantities landed have been small. Contrasted with tho month of August, 1862, the increase in the value of our exportations shown in the present tables is 27 per cent. For eight months of this year, ended the 31st of August, the increase has been 21 per cent over the same period of 1863, and 32 per cent over 1862. _ The trade of the manufacturing districts during the past week has shown symptoms of great depression, and operations, generally, have been of a very limitited character. The continued decline in the raw material sent down still further the price of cotton and cloth goods at Manchester ; and at Leeds, Halifax, Bradford, and Huddersfield the daily announcement of commercial failures and tho high price of money, acted very injuriously upon business. In the hardware districts, however, of Sheffield and Birmingham, there was a brisk market for most descriptions of fancy goods. The suspension has been announced or Messrs Paul Joske and Co. in the Australian trade, with liabilities for about L45.000, of which it is thought perhaps only L30,000 will rank on the estate. The difficulty is re-

ported to be owing to speculations in shares which will compromise the London house alone and not the Melbourne firm. The books are in the hands of Messrs Kemp, Ford, and Co., and a favorable liquidation seems to be expected. The moeting of the Leeds Banking Company, fixed for the 29th September, at Leeds, had been looked forward to with extreme intercut. The total liabilities were stated at the moeting at LI, 330,308, including unsecured creditors for L639.337. Other creditors hold security to the extent of L90,971. The liabilities on bills receivable bearing the endorsement of the bank amount to no less than Ll,990,991. Of this.Ll,000,000 is estimated to rank agairst the bank, and, deducting from this L400,000, estimated as likely to be recovered from the drawers, &c. there appears to be a deficiency of L600,000 on the bill accounts. This of itself seems to involve a call of upwards of L80 por share upon the unfortunate shareholders. The total assets of the bank were stated at L826,695. The moeting decided that the company should be wound up, and Mr 0. Butler, of London, Mr W. Legard, of Eyres and Sons, of Leedg, and Mr "William Turquand, the accountant, of Messrs Coleman, Turquand^ Youngs and Co., of London, were recommended as liquidator ■. Colonial Government Securities. New South Walos, Five Per Cent, 1866, January and July, 97 to 99 ; do, 1871 to 1876, 95 to 97 ; Victorian, Six Per Cent, April and October, L104J to L105J ; South Australian, Six Per Cent, 1878, L105 to L107 ; Queensland, Six Por Cent, January and July, L100 to L102 ; New Zealand, Six Per Cent, L102 to L104. Wool Report.— Arrivals for next sales are very large. In consequence of high rates for money Jind numerous failures, great caution is expressed by mamifacturers and merchants. Last sales rates not expected to bo kept up unless the general tone of business is bettor — a falling of a Id to l^d is expeoted. Arrivals to 25th October, 70,000 bales. ' Exports to Melbourne show an incroaso over tho ( ! previous month of L22,000. , To Sydnajr, an increase of Ij42,859. \ To- Adelaide, an increase of L52.806. To New Zealand, an increase of L40,789.