ENGLISH AND FOREIGN MARKETS.

Temuka Leader, Issue 2375, 28 June 1892, Page 4

ENGLISH AND FOREIGN MARKETS.

London. June 23, It is understood that the Melbourne banks have wired to their London offices to support the Victorian loan. Stocks have fallen in consequence of the announcement of the new loan. Holders and bankers are indignant at the issue of the loan at 4 per cent, below the price of existing stocks, especially after the Government had allowed it to be implied that Treasury Bills would meet the wants for the year and Sir G. Berry had stated that he expected the stocks would shortly reach par. Mr Dibbs is amazed at the unexpected action of the Victorian Government, and considers that it will depreciate the credit of the colony to accept 31, and will injure other colonies by compelling them to accept a similarly low figure. He points out that the lowness of the minimum will give a good handle to the enemies of Australia by admitting their securities are not of the best.

Crosse and Blackwell’s business has been formed into a company with a capital of £570,000. All other colonial stocks have fallen in sympathy with those of Victoria. A cargo of Adelaide wheat has been sold at 345, and a cargo of Victorian at 34s 3d. All colonial stocks are very flat, no business whatever is doing. The Stock Exchange is greatly incensed at the Victorian loan.

I At tilt) wool sales to-day bidding was spirited. Faulty sorts show a slight improvement and good wools have an upward tendency, The American competition is keen, but the Bradford market continues dull. Tops are rather weaker. Manufacturers decline to operate except at a reduction, as they have no confidence in present values. June 24. New Zealand 4 percent, inscribed stock 104} ; 31 per cent, ditto, 94|. New Zealand long berried wheat is flat at 35s 6d. New Zealand frozen beef, forequarters, 2Jd per It); hindquarters, 3 Id, The New Zealand hemp market is quiet, but prices remain steady. Fair quality is selling at £l9 per ton, Danish butter is quoted at JOGs per cwt. The South Australian wheat market is Hat at 36s 3d; the Victorian is quiet at 35s Gd. For Australian -wheat cargoes on passage, 34s Gd is asked, but buyers offer Gd less. Sugar, German beet, is flat at 13s; Java is also flat at 15s Gd. No. 1 best Scotch pig iron, f.0.b., in Clyde, 41s 4}d. Depositors in the new Oriental Bank have decided on a voluntary liquidation. Sir Boland Williams, Judge of the Queen’s Bench Divison, has made an order for the compulsory winding up of the Mercantile Bank of Australia, Limited. Coutts and Company’s Bank has been registered as an unlimited company, with a capital of £GOO,OOO. A scheme is afloat to form a union of wool producers and importers, with a capital of £100,009. It is suggested that the members of the union should act as their own brokers, and have a scale of common charges.