COMMERCIAL.

Southland Times, Volume 2, Issue 67, 26 June 1863, Page 2

COMMERCIAL.

LONDON, April 27. The money market during the month has been generally steady. On the 23rd of April, the Bank of England reduced the minimum rate of discount from four to three and a half per cent. The arrivals of specie have heen heavy. The domand for exportation ia less than usual. Australian Government securities in good demand, at advanced value, for steady investment. Revenue tables to the end of March are satisfactory. The total revenue for the yew ending 31st March, 1862, was L 69,674,000. That for the year just passed -was L 70.603,000. This increase completely illust. ates the stability of the country. Air Gladstone unfolded his budget on the 16th April, to a crowded house- He spoke for three hours. His exposition of the financial system, at home and abroad, was considered one of the ablest analyses ever heard in the House of Commons. The duty on tea will be reduced from Is 5d to Is, and the Income Tax from 9d to 7d in the pound; while the increase of revenue for the ensuing year is estimated at four millions sterling. Consols, for money, 92 J to§; do, for account 92 | to •£. Colonial Government Securities. — New South Wales Five per Cents, 1868, 102 to 102£ to 110. Exports to Melbourne and Geekrag for the montii shows considerable decrease, being L 236,687 against L 468,909 in February. The falling off embraces all descriptions of goods, but more especially soft goods and wrought leather. To Sydney and Moreton Bay the total value is nearly the same, being L 238,241 against L 233,512 in the previous month, showing an increase of L 4.629. There is no particular instance of increase or decrease in any kind of goods as compared with last month's shipments, with the excep'ion of butter only. Sixty firkins exported to Sydney. To Hobart Town and Launeeston no clearances have taken place during the month. From Rotterdam, the Manisloia and Onoust sailed for Melbourne, on the 18th, with cargoes of geneva, candles, and oats. Two other vessels were loading. The directors of the Bank of Asia have declared a dividend and bonus of fourteen per cent, per annum. The Chartered Bank of India, Australia, and China have declaied a half-yearly dividend of five per cent. The success of the Confederate loan in England and France is regarded in New York as a practical testimony of public opinion in Europe with reference to the final result of the American struggle. WOOL REPORT. Since last sales, the markets have remained inactive. First sale commences on the 30th April. Total arrivals to date, 73,131 bales, which, with the quantity on board vessels daily expected, may reach 95,000 bales. It is predicted that sales will open with a large attendance of homo and foreign buyers and that a reduction in price may be anticipated, as follows : — On Sydney Id to l^d ; on Port Philip, good to extra, Ijd to 2d; ordinary to good, Id to 2d; ".other descriptions, £d to l^d per pound. The greatest fail is expected on the better sorts of combing. Taking an average of the decline from highest range of prices in September last on all fleeco wools from la 54 to 2s 4d, the decline is not less than 3d to id per lb.