FINANCE AND TRADE.

Wairarapa Daily Times, Volume XVI, Issue 4949, 12 February 1895, Page 2

FINANCE AND TRADE.

[Specially compiled for the WaiKARAI'A DAILY TISIKS,] MONKY. The Bank of England return for the week ending 7th February shows a decrease in the reserve, the first movement in this direction since the New Year, of £338,000, the figures i being £27,482,000, as compared with £27,820,000. This together with the open market rate for three months bills which now stands at 1 ; per cent, as compared with | per cent, the average rate for many months past, is tho most hopeful sign of tho drifting of the commer- . cial clouds. Money has been a perfect drug, and those with large sums to invest have found the greatest difficulty in obtaining investments combining safety and profit. Tho latter has been surrendered for safety, and money for good securities has, in consequence, ruled at rubbish prices. The Bond issue by tho United States, together with the borrowings of other nations announced and contemplated, will tend to harden money. America is tho fractious eloment in the situation, r The stupid attempt to maintain a ! bimetallic currency single handed last year added 100,000,000 dollars r to the dobt of the United States,and , latest cable advices announco a ; further Stato loan of 60,000,000 dol--1 lars, to raise the level of j gold reserve in the National 3 Treasury to something like its normal state. Locally money 5 is as plentiful as one could wish, 1 but lenders show no disposic tion to relax their stringent precautions as to safety. ] The leading items of tho Bank of England compare with those of the . corresponding date of last year as . follows Jan. 24, Jan. 24, Move* ISU4. IS'J3. lueiit. f £ £ £ increase I' Coin in J Bullion ..21,355,000 35,353,000 7,973,000 I Notts in Circulation 24,674,000 25,016,000 <42,000 rublic Deposits .. 5,813,000 0,331,000 521,000 ~ Other Deposits .. 29,397,000 31,774,000 5,377,000 1 Gnvernm'tSeeurities 9,360,000 14,478,000 5,118,000 decrease Oilier Securities .. 24,795,000 17,038,000 7,159,000 increase • Reserve .. 19,561,000 27,H2,000 7,831,000 I Proportion of lleserva percent. percent percent. ' to Liabilities.. .. 54 10 05'74 U'3t g Hank Discount Rate 3 2 Open Market Hate.. 1 amllS-lOlli! { - GOVKKXJIKNT STOCKS. British 2f per cent Consuls (Coschen's) show no variation this week, e tho price standing at 104]-. '> Colonial Government 4 p.c. show an upward moyement in three 'j denominations, two remain as at last ' week's quotations, while one, West 5 Australia, lias declined 10s. Tho ' table of comparison is as follows • More--31 Jan. 7 Feb. mcnt. N. Zealand 1929 107 1071 KisolOs. N.S.Wales 1933 109 109' Victoria, 1920 102 10l| Eise46>. S. Australia 193G 107 107 Queensland 1921 105 106 Eisc2os. W.Australial93l 112 llHFhlllOs. In the 3j per cent, stocks, New 1 South Wales and Victoria show a i. substantial advance, tho former mls ing £lloa higher, and the latter £2 t highor, South Australia nnd Queens--2 land each show an upward movob ment of ss, the other denominations r are without cliango. The woek's - sonsation has been the forward f jump taken by Victorian stocks. An - adyance of £2 5s in tho 4 p.c. and £2 s in tho 3s p.c. shows that the market j appreciates the efforts of the Turner i administration to rehabilitate the s finances of that colony. Victorian , stocks havo eiporieneod Tiolent - fluctuation based principally on - rumours, and it is therefore pleasing to note that Victoria is again coming into line with the resi of tho colob nieß. Tho table below shows the 3 fluctuations for tho week i Jau. Jan. Morei ) 24. 31. ment. New Ztaland IMO 101-J 101} N.ti, Wales 1924 1014 103 rise 30s Victoria 1923 9lij 98{- riso 40s S. Australia 1930 101J 101J rise 5b Queensland 1921 9!l[ 991 rise 5s Tasmania 19.10 99 99 FROZEN MEAT. i The market is depressed and tlis fall in prices is rather serious. First quality mutton has declined {i as compared with three weeks ago, the price now standing at 3fd; second quality quoted at 3d shows a fall of fd. Lamb is unchanged, GJd for ( finest and 5d for average. NOTES. i Since August last the Union Bank of Australia has given only 8 per cent, por annum for deposits in the United Kingdom, and has accepted • none for shorter terms than threo 1 i years, ' ; The quantity of Victorian wheat ; available for export this year is estimated at 4,900,000 bushels, i The gold returns of New South Wales for 1894 totalled 222,988 oz., valued at £785,952, showing an im- ■ provement as compared with 1893, ' when the yield was 171,097 oz., valued at £619,071. The total gold yield of Victoria for 1894 was 673,679 oz.,as against 671,126 oz. for 1893, the incroaso . after allowing for odd pennyweights ! being 2,552 oz. 1 It is estimated that the sugar crop of Queensland for this year will total 170,000, which means an excess of 10,000 tons over requirements. The Woolonpoon and Connewaren • Estates, Victoria, embracing an area of 27,000 acres, wero sold a few weeks ago for £7l,s£C, or at the rate of £2 15s 6d per acre. There was a mortgage on tho property of £55,000. 4 Percy Penj,yk. "