ENGLISH.

Otago Daily Times, Issue 262, 22 October 1862, Page 4

ENGLISH.

(From the loitie Neicz.)

V 5 '■'• • City, Monday. August 25. In our issue of the 25th July we announced the reduction of the flank of England rate of dl-count to 2 percent. Since then the Money Market has continued quiet but firm at the rate;, then established though there have not been wanting signs that th' market has at least touched its lowest point. Latterly rather higher terms have \ been paid for long dated paper. W« subjoin theordiuary rates for discounton paper of various d.ttes :—

v 30 to 60 days . ... 2 per cent. 3 months .. 2 percent. 4 months , ~ 2to 2£ per cent. 6 mouths—Bank-bills ... 3to 8£ per csnt „,, ~. Trade ditto 3* to 4 per cent. Ibe combined lufiuence of an easy Money Market and favourable weather for the harvest, caused considerable activity ou the-Stock'■ Exchange, aud for some time a'ter our . last report prices of shares continued to advance rapidly, but a return of wet weather and the unsettled state of Italian politics have latterly led to a partial reaction Until, however, tbeiv is soiue increased outlet for our surplus capital xv tbeusual trading channels, we may expect tlfett all gool securities will continue to realise high prices these being, in fact, almost the only in vestment at," present available to-prudent .capitalists. Ucsing pnc=s will be found in our "LatestOitylntelligi-nce.'' Several foreign' Joaus have been introduced and successfully placed, so. far,as t>e amount offered being all subscribed for is concerned; out it is douotfußf fix: profit to the first subscribers will be equa>!y satisfactory. The New York World gives the following summary of the extent of the paper currency already aurhonsed in the United States. Its- amount ia sterling, including the L30,000,000in circulation by the banks in the various States before the commencement of the government issues, is Lll2,<oU.oQo; and the writer asks, as the total of the legal tender notes vet put forth is oD'yL 1-1,00,000, an,l the result has been a premium on gold which has touched 20 per cent., what is likely to be the relative value of paper aud specie when the whole of the remaining L 68,000 000 shall haye been poured out 1 When Mr Chase's piper schemes are carried out according to the Acts of Congress, now become laws our paper currency will be as follows :— Mr Chase's legal tender notes, by Act ', of February, 1862 . ... 150,080.000 Air Chaws legal tender notes, by Act of ■■June,-1362 ... 150,000,000 Legal tender postage-stamp Bill, by Act of July 17, 18j2 ' ... 60,000,000 , Batik-note circulation before the passage of the Act in February, 1.^2 °. 150,000,030 Probable increase since then, upon the deposit'of legal tender uot^ .. 50,000,000 560,000,000 ■, The United States, have now a currency of governI ment notes of the lowest (!•.nomination ever -yet witj nessed in the world—name'y, one cent, of a dollar, or a halfpenny sterling. It is issued in' the form of postage stamps, for the convenience of size, and from the fact of some idea of practical value being thus imparted to it"; but that it is intended so'ely as a means of extending the inconvertible paper circulation is admitted, and in oidtr to facilitate that en-l the covering of gum at the back is discontinued. The appliances ibr manufacturing these stamps are to be greatly increased to meet .he new demaud, though already "the contractor is turning them out by°caitJoads daily.1' They are not made a legal tender between individuals, any such provision being unnecessary, as from the hoarding of copper and silver there is no other form of small currency generally left; but they are a legal tender from and to the Woverument. The other denominations, besides those of a halfpenny, are severally equal to three-halfpence, two-pence-halfpenny, one shilling, fifteen-pence, and fortyn've pence, and the amount likely to be put forth is therefore very considerable. •

A prospectus has also, neen issued of the Western Australia CottonCouipaiiy, with aeapitaloi'L2Do,oQo,in shares of L 5. The operations propose i are those of a generaUand company, but the produc'ion of cotton, for which the colony is deemed especially suitable irom its climate and it's greater proximity to England and India compared with the other Australian" provinces, is to be the chief object of attention. A provisional aureeinent'for 5000 a res of land on the shore of Geography Bay has been entered into. A highiy respectable proji-ct is announced under the title of the Bank of Queensland (Limited). It is intended to establish a bank in Queensland, a rising colony, well suited to the growth ■of cotton, ex° tending over : an area three times the size of Fiance, and possessing a tine climate. It is further proposed to open■brimchesin thevarkms cities and townships, of the Australian continent.- The great success of the" Australian banks is well known. The company has power to issue notes to the am >unt of the uncalled capital of the bauk, a privilege roru which considerable prpfit.is anticipated, as the r: te of interest in the colony is about ten per cent. The capital is LIjOOO.OOO (with power to increase), in Ll<>o shares, of which no more than L 250,000, or L's per share, is to be called up.. Each share of LtOO is to be converted into four shares of L 25 each after the passing of the government bill. The value of the scrip of tins bank has been damaged by the publication of some correspondence as to the manner of its^ introduction1, but it is obvious that this does not 'aftect the ultimate sucftess"of't!ie.hank.

PRODUCE MARKETS

H'dks.—There his been a steady demand for all kinds'of-salted Australian ox and cow at firm prices; I the inferior sorts.have also sold more freely at former rates. At sale the following parcels, have / heen off-red, viz.:—4 537. salted ox and cow, ex Peter Godeffroy, which chiefly soldi first heavy. 44-1 to4\d • seconds, 3Ad,to 3§d, first liirht, SJdto 321'; seconds, ,3^l to 3^l; thirds, 2£d. 2,623. ex Granite City, sold, firstlight, 3-st; first heavy. 4s«l. 1,159, ex Nourniahal, first heavy, 4}d; seconds, 3^d; tb rds, 3Jkl. 1,627, ex Water > Nym»h, fir3t he-tvy, 4d to 4&d: heavy kips, 3|d : seconds, 2i*d. 1,220, ex Wausfell, sold, first heavy, 4K to 4gdy seconds, 3§d; flvst lijjht, 3Ad to 3£d seconds, 3£d. 201, ex George Pollock, soid, 2gd to 3jjd. 402, ex Wave of Life, sold, second heavy, aid..' 218. ex Jason, t ken in, first heavy. 4>,d. 424j:'ex Canada, sold, heavy, 4d. 296 ,'px Wild Duck sold, first hea^-, 4d ; li»hf arid kips, 3| Ito 3.id. 579, ex Olutha. first heavy, sod at 3^di 29'Jj ex Latona,-'talcftn in; first heavy, l^d. 2041 ex Damascus', part,sold, firsf.'light,' 3^d ; seconds, 3jd : and second heavy, 3id •'■ firsts, 4^d. 500, ex Kooria Moona, taken in, first heavy, 4d. 4171, ex Agra, : part sold, second heavy- 3gd; first light, 3?d ; seconds • 3^l; thirds,' 2Jd to 2^d. 61 bales hide pieces, ex Agra,; sold at l£d to l^d. 27 bales jrlue jdeces, ex Harwich, sold, 2d,to si^d. 2 bales, ex Suffolk, at jfjd per lb. < y : >''■ ■■'' ■ -'■ '■ ■ ' '

SpiUixs.—A better-demand has existed for rum partly on spccnlation/.and, prints have advanced about Id per gallon^,- r Jierbice and Ibmerara are .nowls 7<* to Is 8d"; Leewards, Is Mto Is 6£d; and Mauritius. Is. 5Ad to Is 6d." In brandies scarcely any business has been done. British spinr has further advanced ld^ and for sinrthf j;ri3O"has.}-.f2en 2<l per gallon., No change in:\dnes and very iiftlodoing. »' ' . : Provisions. The murker; <-for bacon has become dull, and. prices have given way about 2s for all kinds : of Irish, also Hambur^and, S 4mericanare difficult of sale. Harasare less iii^leman'di' bat small softsare firmly held. Pork is offering at lower pr ces, bat few buyers.-f , All kinds ,beet' are dull <.f.sale, and could be bought on.lower*terms. The finestldrids'rof JrisH batter^ave sold more readily, and brought in-sortie cases Is to:?s more'money. v The'best foreign is in de- , mand at 106s toloßs peivcwj;.. Scarcely any businees has been doueiii cheese.1 f' :>- :r '( '..-■.*■• ; .

' LONDON WOOL REPORT. ~

v '; # . AußU^t 2,\ 1862.' The third series and most important sales of the year commenced on the 31st July, the arrivals to that 'datecoiisisting.,.pf 31JM bales Australian; 25,693 bales Port Phillip; 9792 bales Van Diemen's Laud: 9767 bales, Adelaide'; 15,800-balesiNew Zealand; 114 bales Swan River; 14J079bales Cape. Total, 100,682 : ba!es.f.; |"' ; ,:;■■;■ k* if v*i\\i -, T- ,::r"it *!^h.v^>';-..;!i.V Prior, to; the opening of the sale it was expected that, notwithstanding: the large quantity,to be submitted, JVlay rates would he fully supported, andsomrt* more sanguine -an tioipated that the high price of cotton must have some effect on the price of wool—an opinion not confirmed'>by results—for prices opened,about the same as * the average of . May,' except for very faulty and inferior • con-ditioned-wools. ' ther descriptions .have maintained the rates then current. l»'or th^ better descriptions higher rates would have been establishe I had it not been that both the French j'.nd German clips have sold moderate, and' in consequence foveign buyers— our great supporters for tlie liighev priced clips—-have not been so williug to'operate. .•• , The attendance of the home tra Te is good, and although manufacturers buy cautiously they are quite iff spirit to, s'tock-iaree'y, whilst thede Jers,.te upted by an easy money market and fair Inrvest prospects,' are spirited buyers,^ aM their Joperatious very large from all the middle to good flocks ranging- "firom

U 64 to 1b IH—anticipating thai} in these Roris wnioh are mon«rate7*a~me m»y fairly be* soofo-a for, and that ere Christmas they will:be able to quit their stocks. ■ The sales to this date amount to about 70,000 bales.