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COMMERCIAL.
Friday Evening.
A matter of some considerable importance to
traders generally Is mentioned in the advices to
hand by the mail. A new rule of the Supreme
Court, wliich came into force on the Gth of April, .
thcifcoTjomwipointsout, "provides that hereafter
no writ shall be issued under the Summary Pro
cedure on Bills of Exchange Act 1855. In future,
therefore the holder of a hill of exchange will
have to enforce his claim in the same way as an
ordinary debt, and conflicting views are expressed
as to the results of this change. On the one hand
it is contended that the new rnlo, by giving ac
ceptors the opportunity of defending actions,
will cause unnecessary trouble and expense
to holders. On the. other hand, however,
it Is pointed out that- even under the
act of 1855 an acceptor conld obtain leave to
defend an action by making an affidavit setting
forth facts entitling liim to appear and he heard,
and that equally under the new rule good grounds
of defence will have to be shown. Order 14 of
the Judicature Acts, by which a plaintiff, in a
case of ordinary debt, may. by an affidavit liave
" a vexatiouB appearance summarily struck out and
judgment entered for him, will/ it is maintained,
protect the holder of a bill as effectually under
the new rule as he was protected formerly. In
deed, several solicitors have, in letters to the
newspapers, declared that, as a matter of fact,
Order 14 has of late years been resorted to by
them in cases of hills, in preference to the Bills of
Exchange Act, and that the new rule therefore
merely makes universal what has been the general
practice. It will be interesting to see which of
these views is confirmed by the experience of the
working of the new order, but it is important
that it should be understood that the mercantile
community will certainly regard with extreme
disfavor anything that would tend to lesion the
responsibility now attaching to the acceptance of
bills, or to diminish the security of these instru
ments."
In tho open market to-day a moderate demand
has been experienced, but no large or speculative
transactions outside tho metal market have been
carried through. Breadstuff's aro steady ;
sales of flour to a fair extent made at
£9 7s. Gd. to £9 10s. In wheat, busi
ness is mentioned at prices ranging up to 4s. 5d.
Feeding grains are quiet. Oats- have heen
quitted at 2s. for common, and 2s. 4d. for prime
samples. The prico of maize is ruled by quality,
which differs considerably ; a good deal of green
in the market Malting barley in fair request ;
some 1000 bags placed up to 4s. 3d. In bagging
no transactions of an extensive character are re
ported. Candles firm at 9d, for spot parcels of
Be Rouhalx and Co. In kerosene wo note sales
of 500 cases of Diamond at Is. The sugar market
so faT as refined is concerned is lower. The Vic
toria Sugar Company announced to-day that they
had reduced their prices to £39 10s. for Ho. 1
whites, to £35 10s. for Ho. 2, and £31 for Ho. 3
C. This is a reduction of £1 10s. on the
two first lines, and £2 on counters. A3
tho fall has already been to a very con
siderable extent discounted by holders
of Mauritius and Java sugars, the import mar
ket will not bo much affected. Sales to«day cover
700 bags at prices ranging from £34 to £38. At
auction, 1015 packages, being the washed-out
portion of the Pelham'a cargo, were sold, realising
up to £20 10s. The tea market is forward. Oil
men's store quiet In dried fruits we have sales
of £0 barrels of currants, at 5d. On Tuesday,
Messrs. Grcigand Murray will hold a very cxtcn-
sivo sale or new fruits, which will test tho
market. At the tobacco sales, 281 packages of
Tcnnant's goods were sold. Derby tens realising
101U1.; Havy fires, 10d.: and pocket pieces, lid.;
light pressed, Is. 11. ; "Water Lily pocket pieces,
lid.; and faulty parcels, at 5Jd. La Rosa cigars
sold at 15s. Gd. per 100, in bond. Tho late
shipments of Derby tens have been of a very
superior character and are ranked by experts as
some of tho best black work ' imported. In
metals, we have sales of 200 tons of pig iron at
a very full price. In liquids, brandies havo had
fair sales, and further business in whisky is
also wanted.
Advices to hand by the mail state that a meet
ing of the creditors of Messrs. Cochrane and
Brien, of Basingliall-strcei, London, and Flin-
ders-lnnc, Melbourne, was held on the -lCth of
April, whereat the following statement of affairs
was presented, showing—
Liabilities.
Mclbourno account— £ s. d.
Duo to bank on promissory notes 2,200 O 0
Sundry creditors 333 18 0
To Melbourne liabilities deducted in
contra account 2, SOS 18 0
London account —
Sundry creditors in com- £ s. d.
position account 14,433 3 9
Balaucesot old account.... 7,109 7 4
Sundry creditors for debts
incurred since 10th April,
1879.'...../ C.D07 10 11
28,140 8 0
Gross liabilities ........£23,140 8 0
Assets.
Cash, bills, receivable stock, less £2503 £ e. d.
18s. due in Melbourne, as per above .. 17,858 19 0
Goods in transit 5,142 3 9
London assets 873 11 7
Deficiency 4,205 13 8
Total .....£23,140 8 0
We understand that a composition has been
agreed to which will enable tho business of the
firm here to proceed.
Tho customs revenuo collected at the port of
Melbourne this day amounted to £5430 lGs. Sd.;
pilotage, £104 13s. Id.
NEWS ITEMS POSTED UP IX EXCHANGE HALL.
East Hurdsfield Gold Mining Company, Balla-
rat. — Messrs. Wilder and Griffiths have received
a telegram, stating that tho company, this even
ing, washed 250 oz. of gold from one machine of
dirt.
We report of the stock and share market as fol
lows A. good general business li03 been trunsactcd
In mimng, and prices are Ann. Ballurat stock
are also generally firm. South Defiance con
tinue in good demand. Ellesmere, Ho. 1, has had
better inquiry, and North Golden Flocce,
Princess Dagmar, Hustler's Reef, and Hustler's
and llcdan have alt had inquiry at full rates-
Baud and Albion and Black Horse United
were botii better supported. Debentures: Victoria
Government O per cents, due 3S85, buyers £104 10a.;
do., duo 1883, sellers £104; do., 5 per cents, buyers
£101 10s. Ranks.: Colonial, sellers £7 10s. Commer
cial, sellers 90s. City of Melbourne, buyers 48s.,
sellers 49s., sales 40s. Land Mortgage sold
at 39a. <kl., buyers SSs., sellers 40s. National,
.Melbourne register, sellers £7 12s. Oriental, buyers
£21 10a., sellers £25 10s. Victoria, sellera £33.
Gas: Metropolitan, buyers £0 (is. Insurance, Ac.:
Australian Alliance, buyers C3s. Colonial Mutual
Fire, sellers 4s. 4d. Southern, buyers 13s. 9d., sellers
14s. Cd. Victoria, buyers Ols. Tramway and Omni
bus Company, new issue, sellers C7s. Mines.— Uallarat,
&c.: Rami and Albion, buyers S9s. Od., sellers 91s.,
salc3 91s. aud 90s. Black Horse United, buyers 89s.,
with sales 90s. City of Ballurat, buyers 25$., sales
31s. Crown Cross Kccf sold at 2s. 3d., sellers
2s. Cd. Currnns, sellers Is. 9d. Egerton wanted
at 59s. Ilomcbush, buyers 42s., sellers 40s.
King's Birthday, buyers 8s. Od. Kong Meng, buyers
20s. Long Tunnel, sellers £87. Madame Berry, buyers
48s., sellers 52s. NcW Kohinoor, buyers 46s., sellers
4Ss. ; do. No. 2, sellers 18s. New Kohinoor Ex
tended, sellers 7s. North Kolunoor, sellers 9s. New
Kobiuuor Consols, tellers 2s. Od. North Cross Reef,
buyers £9 10s. North Birthday, buyers 19s.,
sellers 21s., sales 20s, Prince Patrick, buyers
5s. Gd. Queen's Birthday, buyers £21 10s., sellers
£23, sales at same. Queen's. Block-hill, buyers
3s. Rip Van Winkle, buyers 14s. Cd.; sellers 15s. 0d.,
sales 15s. 3d. lUstori, buyers £7 10s. Sergeant's
Freehold, sellers 2is. South Defiance sold at 12s. Od.
Union Extended, Talbot, sellers 31s. Waterloo,
sellers 20s. Washingtons offered at 00s. Carlsbrook,
buyers 13s. 0d., sellers 15s. Cd. Yorkshire, buyers
8s. Od., sellers 9s. Cd., sales Ss, to 8s. Cd. Welcome,
buyers 12s. 3d., sellers ;13s. ITarvest Homo, buyers
4h. Cd, North Harvest Home, sold at Is. North
Homebush, sellers 03., sales 6s. 9d. Sand
hurst : Ellesmere No. 1, buyers 10s. 9d., sel
lers. 18s.( sales 17?. and 17s. 0d. Garden Gully
United, sellers £U 3s. G. G. Consolidated, sellers
9s., sales 8s. lOd. Great Extended Hustler's,
sellers 12s. Gd. Hercules and Energetic, buyers Cs.
9d. Hustler's Reef, buyers 9s., sellera 103., sales 10s.
Hustler's and llcduit sold at 9d. and lOJd. Johnson's
Reef, buyers 34s. Lazarus, buyers C9., sellers Cs. Gd.
Londonderry, sellers £27 10s. New Chum United,
sold 10. .New Churn Railway Reserves, buyers 4s.
3d., sellers 5s. North Golden Fleece, buyers 7d., sel
lers Sd., Miles at both prices. North Shenandoah sold
at 5j. 9<J. Sea, buyers 2s. 4d., sellers 23. 7d. South
Garden Gully Tribute, buyers 2s., sellers 2s. 2d.
Frederick the Great, buyers 9s., sellers 10s., sales 9s.,
9s. 91. aud 10s. North Hustler's and Redan, buyers
7d., sellers lOd.
Our Ballarat corresi>ondcnt writes : — Tho market,
notwithstanding the excitement over the action of
tho directors of tho East aud Central Hurdsfield Com
pany, referred to elsewhere, was tolerably brisk, aud
a variety of stocks, principally Band and Albion Con
sols, Black Horse, Burra Burra, Hobart Pasha, North
Homebush, Hurdsfield, Eust Hurdsfield, Kong Meng,
South Defiance, Union and Washington. No. 2 New'
Kohinoor had a heavy drop to 13s. Cd., in conso-
quence of the last fortnight's yield only amounting to
27 oz. The Black Horse had 19S oz. from 415 tons ;
Egorton, S01 oz. 5 dwt, for the week; and tho
East Hurdsfield, 250 oz. of gold from one machine.
Tho members of the Ballarat Stock Exchange report
tho following buying and selling prices up to four
p.m.:— Albion. Cemetery Reef, sellers Is. Id. Austra
lasian, sellers 09s. Australasian Extended, buyers
3s. Cd., sellers 4s. Ballarat Quorz, sellers Is. 3d. Band
and Albion, buyers 89s., sellers 90s., sales 90s. Band
and Barton's Consols, sellers 9s. Band of Hopo No. 2,
buyers 13s., sellers 10s. Beaufort, sellers 5s. 3d.
Beim's Freehold, sellers 10s. Queen's Birthday, £22
5s., sellers £23 10s. King's Birthday, buyers Ss. 9d.
North Birthday, buyers 19s. 9d., sellers 20.
Black Horse United buyers S9s., sales 90s. , Brunn's
Freehold, silcs lid. Butler's Freehold United, buyers
3s. Ud., sellers 5s. Burra Burra, buyers 14s. Od.
Champion Quartz, sellers Is. 3d. City of Bal
larat, buyers 20s., sellers 30s. Clark's, Middle Creek,
buyers S s . Gd. sellers 4s. 3d. ColUs Washington,
sellers Is. Od. Corn Exchaugo, buyers Gs. Gd., sellers
7s. Cd. Corn Kxchango No. 2, sellers Is. 9d.
Cumin's, buyers 2s., sellers 2s. GiL, sales 2s.
Crescent, buyers 7s., sellers 7a. Gd. Davie'
Freehold Junction, sellers 3a. De Murska, sellers 5s.
Cd. Dyke's North-west, sellers Is. 4d., sales Is. 3d.
Eaglohawk Alltanco, buyers 49 3d., sellers 4s. Od.
Egcrton, buyers 59s. Fresher's, burers 4s., sellers 4s.
9d. Goldbrook, sellers 14s. Od. Happy Land, sellers
Is. Sd. Harvest . Home Quartz, buyers 4s. Cd.,
sellers 4s. 10d. Hobuil Pasha, "buyers 33s.,
sellera 39a. Hobart Pasha No. 2, buyers Is.
Hoffnune, sellers Ss. Cd. Homebush, buyers 4Cs.
North Homebush. buyers 4s. Od., sellers "4s. 9d.,
sales 4s. 9d. South Homebush. buyers 5s. Hurds
field Freehold, buyers 0 s. 3d., sellers G. Gd., sales 5a.
Dd., Gs. North Hurdsfield, sellers 4s. East Hurds
field, sellers ICS. Cd., sales 14s., 13s. 9d., 13s. Cd.
Jones's Freehold, buyers 4s. Cd. Kohiuoor Consols,
sellera 2s. 3d. New Kohinoor, buyers 40s., sellers
47s. . No. 2 Kohinoor, buvcrs 12s., sellers 14s. No. 4
Kohinoor, sellera 2s. Extended Kohinoor, buyers Cs.
4d., sellers Gi. f:L, sales Gs. 3d. East Kohi
noor, buyers 8s., sellers 8s. Cd., sales 8».
ILiiser G. M., sellers 4s. Gd. Kong Meng,
buyers 21s. Laurie's Quartz, sellers 3s. Cd.
Lady Alary Quartz Company, sellers 2s. 4<L Lone
Hand, buyers 82s. Cd., sellers 85s. Loughlin's, sellers
IGs. Madame Berry, sellers 61s. Mount Greenock,
buyers £14, setters £10. New North Clunes, buyers
£C 10s. New Victoria, tuyers L5s, 7s. Gd. Nlcbol's
Freehold, sellers 4s. 9d. North Band and
Albion sellers 13s. Parker's United, buyers Is.,
sales Is. Queen's Company, Block-hill, buyers Ss. Cd.
Rip Van wlukte, buyers 14s., sellers 15s. KUtori,
buyers £7 10s. Rose of the Hills, buyers 4d,, sellers 8d.
Royal Crown, Heathcote, sellers Gs. Royal Saxon.Water-
.loo, buyere 7s. 6d, sellers 8s. 3d. ' Seirant's Freehold,
buyers 21s., sellers 23s. Seven-hills Estate, buyors
£33. Seven-hills Extended, buyers 25s. Smith's Free
hold United, sellers 4s. 3d. South. Defiance,
sellers 12s. Cd., sales lis Dd. South Victoria,
buyers 9s., sellers 10s. Cd. Sultan, buyers 61s.,
sellers C5a., sales 52s. Sydenham, buyers 9d.
Union. Amherst, sellers 12s., sales 12s. union Ex
tended, buyers 29s. Od., sellers 30s. Cd. Victoria Re-
gina, buyers Is. Ud., sellers 2s., sales Is. 9d. Wash
ington, buyers 49s., sellers 50s., sales 50s. Waterloo
Consols, buyers 10s. sellers 17s. Cd. Welcome Quartz,
sellers 12s., sales 12s. Wilson's Freehold, buyers 20s.,
sellers 30s. Wilson's Township Reef, sellers 9d.
Working Miner's, sellers 80s. Yorkshire, buyers 6?.,
sellers 9s. Morning Star, sellers Is. Od. Pratt's Free
hold, sellers Is. 8d.
Our Sandhurst correspondent writes:—' There was a
much better market to-day. There was a very strong
feeling for Ellesmere, which sold at 17s. 3d. to ISs. 3d.
to 17s. Gd., closing buyers 183., sellers IS?. Cd. Now
Chum United were also better, sales 15s. Cd. to 15s.
Od. to 159. 3d. to 15s. 4&d., closing buyers 15s. 3d.,
seller? 15s. Od. New Chum Consolidated were strong,
sellers 27s. 3d. to 28s. Cd., closing buyers 2Ss. 3d.,
sellers 29s. No. 1 North United Hustler's and Rodan,
sales 7|d. to 8W., closing buyers 8d., sellers 0d. toutli
New Moon, sales Is., closing buyers Hjd., sellers Is. Id.
Duchess of Edinburgh, sales 2s. Cd. to 2a. 71d., closing
buyers 2s. Od., sellers 2s. 7jd. Frederick the Great,
sales 9s. 3d. to 8s. 9d. to 10s. Sd. io 9s., closing buyers
Bs. Od., sellers 93. 2d. Princess Dagmar, sales Gs. 10d.
and Cs. Ud., closing buyers Cs. 10d., sellers 7s. Id.
South Garden Gully Tribute, sales 2s. 2d., 2s. 3d. to
2a. Id., with buyers 2s. Id,, sellers 2s. 4<L South G.
G. Consolidated, sales 4jd» Shenandoah, sales 4s.
lid., closing better, burers 5s, 3d., sellers 5s. 9iL Now
Moon, sales Is. to Is. id., closing buyers Is., sellers Is.
Id. Great Southern, sales 30s. 9d. to 31s., with buyers
80s., sellers 32s. Gd. Sea. sales 2s. 5d. to 2s. 4d., to
2s. 7d., with buyers 2s. 6Jd., sellers 2s. 8d. North
Golden Fleece and Glasgow United, sellers 7d. to 7Jd.,
with buyers 7d.t sellers 7Jd. Garden Gully United,
sales £0 to £0 Is., with buyers £0, sellers £0 2s.
North Shenandoah, buyers Cs. 8d., sellers 7s.
Eureka Extended, sales Is. to lid., clos
ing buyers lid., sellers 12ld: North United
Hustler's and Redan;- sales 5jd. to 4Jd., buyers 4d.,
sellers 5jd. Golden Age, sales 2s. 5d. and 2s. Gd.
(1100 shares), closing buyers- 2s. £d., sellera 2s, 7d.
Constellation, sales is. 7d. and Is. 71d. North John
son's, sales 5s. and 5s. ld., with buyers 5s., sellers
f>s. 3d. Bnob's-hill, sales 42d., with buyere 4Jd., sel
lers 5d. South United Hustler's and Redan, sales 7d.
Horwood's, sales 4s. Cd., closing buyers 4s. 3d., sellers
4s. 9d. Johnson and Webster's, sales 2s. 8<L, 2s. 9d.,
with buyers 2s. 7d., sellers 2s. lid.
$