ENGLISH COMMERCIAL.

West Coast Times, Issue 678, 26 November 1867, Page 2

ENGLISH COMMERCIAL.

(FBOM THE HOME NEW 3.) London, Sept. 26. Monet Mabket and City Intelligence. The money market romains in tho same anomalous position that wa3 clescribod in our last, a month ago. There is, if anything,' rather loss demand, and a consoquont easier quotation of terms for first-class bills. Firstclass foreign bank papor has beou frequently

done at 1 per cent., and cases bavo occurrod of transactions even lower; while the terms for mercantile bills aro only 1$ to \\ per cent, though this being the last week in the quarter, when many accounts will be adjusted, it is not unusual 'to find the rates equal to the minimum charged by the Bank. Now, there is a difference of no less than % per cent, between the Bank minimum and the open market, of course to the disadvantage of the Bank, which ought, in its own interests, to reduce to 1| per cent. The deposits at all the banks are increasing, tho public, tor the present, bping content with the simple lper cent, that is allowed for them, rather thau by investing in the funds or other stocks gaining larger returns. This return is a proof that the distrust engendered by the collapse of last year is not yet removed, though nearly a year and a half have elapsed. The Bank of England held on September 19, the date of the last return, L2-i,495,447 bullion, being L 965.786 more than at tho date of our last (August 26). The reserve of notes and coin is Llo/792,022, showing an increase in the same period of L 1,191,251. The increase in banking resources during the month is, therefore, no less than L 2,157,037. Yet the rate of discount is maintained at 2 per cent., whilo the securities amount to only L17,21G,262, a clear proof of tho falling off in Bank's business. This, however, does not show all the Bank's strength. The notes in tho hands of the public are L23,4-15,7'18. As the Bank has L 24,498,447 of gold, it follows that it could at this moment redeem every one of its notes in gold and yet have L 792.022 to spare. Such a .condition has never been attained beforo, "and it is one that is very likely to continue. The Bank of France held on Sept. 19 no less than L 38,907,692 of gold, being L 2,400,000 more than. at the date of our last. At the same time tho discounts wero only L 17,374,080, being pnly a fraction more than those of the Bank of England. These are conditions totally unprecedented ; yet the ' Bank of France maintains its terms for discounts at 2£ per cent. It is not improbable that the Bank of Franco may have persisted in maintaining what, low as it 13, has becomo from circumstances a practically prohibitory rate with a view to force tho Credit Mobilier into liquidation, in order to gain a new point of departure for the use of its now superfluous means. A further considerable advance has taken place in the securities of tho various Australian Governments, and they are very firm at our quotations :— New South Wales Government, 5 per cent., 1871 to 1876, January and July, 97 to 99 ; Do., 5 per cent., 18S&to 1895, January and July, 94 to 95 ; Do., 5 per cent., reduced by annual draws from 1867 to 1875, 98V to 99£- ; New Zealand, 5 per cent., 94} to 95>- ; Do., G per cent., 1891, March and Sepfcjmber, 103 Vto LOGi x d. ; Do., 6 per cent., 1891, June and December, 107 Vto 108 V ; Do., 6 per cent., 1891, January and July, 106 to 10S ; Queensland, 6 percent., 188J--5, January and July, 99 to 100; Do., 1891, January and July, 93 to 100 ; South Australian Government, G per cent., 1878 and upwards, 106 to 108 ; Victoria Government, 6 per cent., 1891, January ar.cl July, 111 V. to 112 \ ; Do., April and October, 112 Vto 113J-. Other Australasian securities have fluctuated to some extent. Present quotations are — Bank of Australasia, 65 to 67 ; Bank of British Columbia, 10 to 13 ; ditto, New, is at 2 prem., sto 2 dis. ; Bank of Otago (limited), Gto 4 dis. ; Bank of New Zealand, 7 to 9 prem. ; Chartered of India, Australia, and China, 20V, to 21V. ; English, Scottish, and Australian Chartered, 16V. to 17 V. ; London Chartered of Australia, 23 V, to 21V.; Union of Australia, 47 to 49; English and Australian Copper, V, to §; New Zealand Losmund Mercantile Agency (limited), i dis. to i prem. ; New Zealand Trust and Loan (limited), J to 1 prem. ; Otago and South Inv. (limited), $ to \ dR ; Panama, New Zealand, and Australian Royal Mail (limited), G to 7 ; ditto, 2Jto'3i; Peninsula and Oriental Seam, 4S to 50; ditto, New, 1555, 47 to 4d; ditto, 2 to 1 dis.

Several of the country papers says the " Melbourne Herald" remark upon the magnificence of tho atmospherical phenomenon displayed during the storm of tho 22nd October. The " Talbot Leader" says : — " A largo cloud of a whitish dusky color was stationary to tho eastward of Talbot for upwards of two hours and a half, tho sky in other directions being for tho most part unobscurocl. During this period the mass of cloud mentioned was continually illuminated with flashes of sheet lightning of the most beautiful tints, while great streaks of forked flame darted in an erratic course through tho darker portions of the cloud. Words aro inadequate to convoy any idea of the grandeur of tho scene, which was remarkable from the fact of tho longth of time this wonderful phenomenon was visible, and the rapidity aud brilliancy of the flashes." A correspondent of a Kyneton papor, writing from Trentham, lias tho following iti reference to the visitation : — " In tho morning we had a deluge of rain, as wo usually have, till about ten o'clock, when it cleared up. All day, however, the distant roll of thunder could be heard ; gradually its voico assumed a louder tone till about live o'clock, when it opened fire with vengeance. I don't believe, during half an hour, not a second elapsed between the flashes of lightning, while the thunder kept on in one incessant roll. A hail storm accompanied the electric exhibition, such as few have over witucssed, Tho stones were as large as pigeon's eggs, and ono which I picked up after tho storm was over was as large as a bantam's egg." A private letter received in South Australia from New Caledonia contains the following interesting account of the French settlement - " It is a magnificent harbor," not to be surpassed in the world. Nature has done her utmost to fit this place for shipping. There is deep water, landlocked, and a passage free from any danger. The scenery is beautiful ; the town is pretty and clean ; tho residents are friendly and kind." The writer docs not aopear to have a great admiration for the aborigines, whom he describes in terms of great disgust and abhorrence. Of an execution of some of the natives lie gives tho following account: — "There was a tragedy performed here to-day. Four natives were beheaded for killing a white family, and eating one of tho children. The authorities, after ttyey had taken tho criminals' bends off, made a largo fire and burnt their bodies to a cinder. Their reason for so doing was to prevent their kind relations from digging them up and having a regular feast off them." This is cannibalism with a vengeance, and few person, however impressed with glowing accounts of the beauty of New Caledonia, will feel inclined to envy our Gallic friends who have cast their lot among such a people.