ENGLISH COMMERCIAL.

Westport Times, Volume 1, Issue 132, 2 January 1868, Page 3

ENGLISH COMMERCIAL.

{From the Some Neivs, Nov. 2.) The revenue returns are more satisfactory than the journals in opposition to the Government are willing to allow ; but we must make allowances for a

party that is out in the cold. However it may he explained away, the fact is that upon the year there is a net increase in the national income of £1,010,329, while the net decrease upon the quarter is only £282,358. But this small falling off is reduced to less than nothing by the fact that the income of the corresponding quarter last year was increased by a receipt from New Zealand Bonds of £500,000. If this receipt, which really ought not to bo included, be deducted, there is then upon the quarter a net increase of £217,642. It is scarcely candid, even for the sake of depreciating an adversary, to ignore a fact patent upon the face of the return. Nor is it candid to overlook the fact that in the current quarter a sum. of no less than £072,082 is to be applied through the sinking fund to the reduction of debt. Few people are aware of the progress that has been made in lessening the capital of the debt from surplus income since the September quarter of 1866. The following are the figures : September, 1860 ... £89.818 December, „ ... 463,273 March, 1867 ... 337,723 July „ ... 351,043 September „ ... 672,682

Total £1,914,539 As this lias been accomplished whilst taxation has been reduced, the countryhas no reason to complain, and certainly it is in strong contrast to the practical finance of our continental rivals. As the September quarter is the least productive quarter in the year, we need not despair of a continued surplus, though we are compelled to read almost daily jeremiads as to our position and our prospects. The Crown agents for the colonies have invited the holders of New Zealand Government 8 per cent. Treasury Bills falling due on the 31st December next to exchange them for 6 per cent. Debentures of the General Grovernment of that colony having 21 years to run. The proposed rate of exchange is equal to a price of 103f for the 0 per cents., and the operation will be effected by the delivery of a Treasury Bill, with the final coupon attached, for a debenture of equal amount, bearing interest from the 15th December, 1867. It is understood that the Treasury Bills held in this country, and falling due at the end of the present year, amount to about £400,000; but as the proposed transaction will be merely that of substituting one security for another representing the same amount, no additional capital will be called for, and the only result will be that of lessening the liability of the colony to the extent of the difference between the two rates of interest allowed, or between eight and nine thousand a year. The tenders for the offered £200,000 of the New Zealand (Province of Auckland) 6 per Cent. Debentures were opened on Oct. 8, at the Bank of New Zealand. The total amount tendered for was £155,000, of which only an aggregate amount of £52,400 was at prices equal to or above the minimum of 95. The question as to the mode in which the remaining £147,600 shall be again put up was deferred.