Commercial.

Tuapeka Times, Volume VII, Issue 397, 7 October 1874, Page 2

Commercial.

SHARE AND HONEY MARKETS. Mr J. Eeid Mackenzie reports for the week ending 3rd inst. as follows :—: —

The market remains in sfatu gun both as regards the amount of business done find prices, which are steady and firm, with a slightly upward tendency on some stocks, notably South. British and National Insurance. It is yet too early to speculate upon the amount of relief the commencement of business by the new Bank will impart to the money market. That it should, to a considerable extent, relieve the pressure felt for time past cannot be doubted, bnt of this practical experience alone will be the inosfc unerring proof. Banks. — The event of the week has been ' the election of the first Board of Directors of the Colonial Bank, and tho opening of its portals for business the following morning. Ihe seven gentlemen chosen are in the main perhaps as good a direction as could be got uuder present circumstances. That some of the gentlemen who offered themselves were not elected is in some respects to be regretted ; because there influence and business would have been invaluable to a .young institution. However, what may be termed ill-founded jealousy and prejudice gained the day, which., in a comparitively small community like this was, perhaps, unavoidable. Probably when vacancies occur, if the same gentlemen- dffered theniseh'es again the verdict would be reversed. It is to be hoped that the Bank will realiae all the expectations formed of it, that it will foster the varied interests of the Colony fairly and impartially, not in a niggardly and parsimonious spirit, but with true liberality and discretion. The industrious and deserving shopkeeper and tradesman should receive what is too often grudgingly given them, a fair measure of accommodation, whiht the large game who go in for enormous land and other risky speculations should be restrained within proper bounds. One word on behalf of the allottees, some of whom are pretty heavily weighted with shares, it is to be hoped, indeed, believed, that the utmost possible forbearance and indulgence in the enforcement of calls will be extended to them and if they could be extended over a longer period than indicated in the prospectus, it would doubtless be appreciated and improve the value of the shares. Tho established haa commenced its career under the most favourable circumstances possible, and, under its able, intelligent, and experienced officials, no doubt it will in time be a great anA j flourishing corporation, with ita 3000 partners, by far the largest proprietary in the Southern hemisphere. The shares are looking up, most holders being indisposed to sell at present quotations of 12s 6d and 13s. A very few have changed hands at these prices. Nationals are held firmly for par. Bank of New Zealands are enquired for at £17 12s 6d. Insurance — South British have rallied, and are now nearly where they stood a month ago, and will no doubt further improve. Nationals are very firm, at about last week's quotations. Standards are about tho same, but there has been very little done in them during tho week. Mines — Very few transactions to report in . mining shares. A small parcel of Star of the East was. Bold afc £7 7s Gd. In nothing done. The last return f row the mine was 51bs of gold, which, considering the interruption caused by the weather, is very good. When fine weather sets in, there will doubtless be some mo7o in these shares. Sons of Fortune . Gold mining Co — Tho prospects of this Company are brightening. .During tho last ten days a largo number of "Shares have bocn quietly applied for. Dividend. — Star of the Eaet 6s per share. Sales. — National Insurance, JCI 10a 6d ami £1 11s; South British, £3 10s; Colonial Ba7ik, 12s and 12s 6d ; Star of the East, £7 7s 6d ; Mosgiels, 27a 6d and 23s 6d. Sellers— South British, £2 lla 6d ; National Insurance, £1 lls : Standard, 10a 9d j Colonial Bauk 13s i National "Bank, £3 10a ; Mosgiel, £2 ; Star of the East, £7 7s 6d (ex dividend) ; Para Para, 15s (30s paid up) ; G-reymouth Coal Co., 5s (10s paid up j Shotover, ss ; Arrow, Bb. Buyers. — Colonial Bank, 12s 6d ; Mosgiel, £1 178 6d } National Insurance, £1 10s ; South British, £2 9s j National Bank, £8 9b ; Eorbury £30,