AUSTRALIAN FRAUDS.

Temuka Leader, Issue 2384, 19 July 1892, Page 4

AUSTRALIAN FRAUDS.

Sydney, July 1(5, The liquidators of the notorious Australian Mercantile Company report that a system of gross manipulation of accounts was carried on from the initation of the institution. The first balance-sheet proved that the company was hopelessly insolvent. The Aggregate three years' balancesheet alleged n profit of £16,700 on £I7'J,OOO, It is expected that the dividend will not amount to more than Is 4d in the £. The liquidators say that the dealing of some of the directors and promoters of the company with the funds of the institution were heartless and disgraceful. A deficiency of between £20,000 £30,000 was discovered yesterday in the Accounts of the Australian Banking Company. ENGLISH AND FOREIGN MARKETS. London. July 14. The wool sales closed spiritedly as compared with the May series. Merino sound combing greasy closed a half penny lower, other qualities a half penny lower than the last closing rates. Good crossbreds closed from par to id higher. British buyers took 150.000 bales. Continental 164,040, American 21,000, and 43,000 were withheld. The prospects of an advance at next series are doubful. July 15. New Zealand 4 per cent, inscribed stock. 103 i; do., 03$. New Zealand long-berried wheat, 345; market weaker. For New Zealand wheat, off coast, sellers want 345, but buyers will not give more than 33s 6d. New Zealand beef, forequarters, hindquarters 3-jj-d. The hemp market is dull, and prices irregular, a decline of 20s having taken plar-ti of Jalu. South Australian wheat, 34s !)d, flat; Victorian do., 345, Hat. Sugar, best German beet, 12s 6d, steady ; Java 15s 3d, steady. No. 1, best Scotch pig iron, f.0.b., in the Clyde, 41s 3d, flat. July 16. The Portland Cement Company (operations in New Zealand), has been registered, with a capital of £40.000. Washington, July 15. Mr Sherman has introduced a Bill repeal the clause in the Silver Act which provides for monthly purchases of bullion. It is proposed to bring the Act into operation in January.