Commercial.

Poverty Bay Standard, Volume IX, Issue 992, 29 October 1881, Page 2

Commercial.

From the New Zealand Loan and Mercantile Agency Company# report of the Bth September, we take the following : —Political interest in New Zealand centred chiefly upon Colonial Treasurer’s financial statement which was made on 6th July and gave very general satisfaction. The estimated revenue and expenditure for the coming year, which were communicated by telegraph, were quoted in our last issue by this route, and we now learn that the apparent surplus they exhibit would have been yet further increased had it not J)eeii for some reduction in taxation. No •fresh taxes were to be imposed, but it was intended to ask the Legislature to amend the Property Assessment Act in order that some faults which had appeared in its working might be rectified, and that foreign capital, which had hitherto been excluded, might be made liable to taxation. The increased income derived from this source would render it possible to make a reduction in certain Customs’ duties as well as a diminutian in the property tax. With respect to the latter it intended to retain the present rate of one penny until September, reducing it to one halfpenny for the remainder of the year. On 18th pltimo the directors of the Bank of England raised the minimum rate of discount from 21 per cent., at which it had stood since 28th April last, to 3 per cent., but as this did not prove sufficient to check the drain to America the rate was a week later advanced to 4 per cent. The Banks of France and ; Bel£ um immediately advanced to the same 'level, and the Imperial Bank of Germany raised its rate to 5 per cent. It will be seen that the Reserve at the Bank of England is now only £12,579,066, a sum considerably below the level of the corresponding periods of the two preceding years, and should it prove that the measures already taken for its protection are inadequate a further advance in the Bank rate may speedily be looked for. The New York money market is consequently watched with great interest as it seems probable that the main part of any further transAtlantic demand for gold will have to be borne by this country, inasmuch as the state of the tieserve of the Bank of France would appear to preclude that institution from averting the drain to any considerable extent and thus repeating its policy of last year. The market here hae become somewhat easier, and to-day’s rate for, three months.’ bank bills is 3| to 3f per cent., for similar paper having four months to run the rate is to 3f per cent. At the Stock Exchange settlement, which terminated on 31st ultimo, the rates charged for accommodation to the next account varied from 44 to 51 per cent., according to the character of of the Stocks lodged as security. For day-to-day money on English Government Securities the rate is now, nominally, about 2| per cent

New Zealand wheat on passage has been dealt in at 52/3 and 52/6, and to-day’s value would be about 52/ c.i.f. For a shipment per Himalaya, now at Queenstown, 54/ has been refused, but 53/ would not probably now be realised. The larger supplies of home grown wheat during the last few days have depreciated the spot values of this description, which are about 3/ per quarter lower than those ruling a fortnight ago. Recent arrivals of New Zealand barley have been of satisfactory quality, and have been placed at full rates. It is feared that a large proportion of the English crop will be suitable only for grinding purposes, and if that proves to be the case malting qualities should be in good request. Other quotations from New Zealand are : — Wheat, long berried, 56/ to 58/ per 4961b5., average, 54/ to 55/6 Flour, superfine, 36/ to 38/ per 2801bs. Oats, fine, 29/ to 33/ per imp. qr.; ordinary feed 25/ to 28/. Barley, malting, 40/ to 45/ per 4481b5. Brans, 46/ to 48/ per 5041b5.