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BRITISH COMMERCIAL NEWS.
[From our owa Correspondent.]
London, October 26.
Almost the sole topic o: conversation of late
has been the state ot the health of the Czar and
the Amir. Tbe latter apparently is on the
bieh road to xttcoverv, but in the case of the
lizar a latai termination tu ois mutes is unfor
tunately considered as praocically certain.
Strong attempts have been made by unscru
pulous operators to make capital out of this
untoward incident. The gravity of possibili
ties has been more than hinted at, and every
endeavour has been made- -to promote a scare.
A feeliug of uneasiness Approaching to alarm
was certainly growing up, but mature
consideration, fortunately allowed by the pro
longed illness of tha Czar, showed that'
apprehension waa being carriud too far, aud it
is now aomewhat tardily recogiiisud that ample,
opportunity has been atfordwi for che adoption
of every preoaution, presuming the necessity
whilst the succession ot the Czare'witch to the
throne of hia father would not mean a reversal
of the foreign policy of the Ruaeian Empire.
Ia fact there is no reason to doubt thai the
political machinery moves on easily and in the
game grooves aa before. Tbe diaoueaion has
bad one good effect, and that ia the world is
prepared tor the death of the Czar, and the
actual announcemens of that event, whilst
naturally rugrected, would fail to be a factor
of disturbance in che political world. In
iinancial circles uueaainess baa been
calmed by the action of the Russian
Finance Minister and by the evident deter
mination of the authorities to support the
markets. The Minuter has telegraphed to
the Odessa Exchange as iollows:— 'I beg
you to call together immediately representa
tives of Baukine houses and others interested
in stocks and shares, and inform them that I
fully couut not only upon their abstention,
in vibw of the present sad oirouinstanees, from
all speculation, especially the purchase of
gold, but also upon tneir adoption, aa beoome
loyal subjects, of measures to prevent depre
ciation of che rouble and of State funds, and
upon tha postponement to this end
even of gold purchases for actual im
mediate nece=3itiea.:l Thia telegram hits
been well received, aud b»s greatly as
sisted the restoration of conudenco both in
financial and commercial circles, and so far as
the future ruay be concerned the inoident may
now bo considered closed. And it is well that
it ia ao. Trade ia not expanding so rapidiy
as w.is calculated upon, aud it will not bear
any decided cheoks. Careful nursino; is still
requisite to re-e-tablisb trade on a thoroughly
active baais. Our manufacturers Lave the ad
vantage of cheap raw material, but thay also
require stronger foreign marietta in which to
dinpoeeof their goods. These are reopening
in America, but there yet remains ample room
for improvement in other quarters. Low
piicos account for some portion of the appatent
ciminutionof ourtradecowpared withlautyear,
but uot entirely so. Aocordmg to the Locidon
Bankera' Clearing-house return, the total
amount of bills and cheques paid since the
commencement of the year up to the present
time has been £5,03ti,SH5,000, showing &
falling-off from 1S'J3 of £iy2.38G,000, or 3-68
per c»nt. The whole of tins loss certainly
cannon be attributed to the shrinkage in
valuesj aud it is therofore clear that the
vo!um8 of our trade ia not ho great now as it
was a year ago, though there ia uo reason to
question its soundnsxa.
There is still a.nsiderable activity here in
the promotion of Western Australian mining
venture*, but it is doubtful whether the later
schemes are receivirgau amouDt of support
einnlar to those announced earlier. A dis
position to await the realization of promises
is tpringiog up ; but for all that the chief
speculative attention ie just now centred in
mines. Tbe South African issues are being
largely absorbed for investment, owing to tbe
steady growth in the output of gold, now
amounting to about £8,000,000 a year, and if
Western Australians bear out their pronme
they will cerr.iiniy stand just as high in the
London market.
Amongst the more important financial
events of the week is the issue of £2,250,000
Canadian 3 per cent, etoek, the minimum
price at which tenders will be received being
05 per cent. There can be no doubt of the
suosess of this issue.
Another illustration of the rush for eound
investments has just been received in the sub
scriptions to an issue of £11S,7OO 3i per cent.
stock. The minimum prioe of issue was £115,
and the Corporation have the right to redeem
the stock at par in 194t-. The atock in there
fore equal to a 2J per cent, issue. The sum
tendered for amounted to £863,750, and no
tender under £116 lls. was accepted, applica
tions at that figure reoeiving 67^ per cent, of
tbe sum tendered for, and those above in full.
The wine trade is in a fairly healthy condi
tion. The Burnay Port sales have been pro
gressing satisfactorily, the prices realized
being about up to anticipations. Australian '
wines are meeting with quite the average
amount of attention at steady currencies. The
vine harvest is almost ended in North Italy
and Sicily, but not in South Italy. Tha pro
duct is of good quality, but not abundant.
Tbe mosto is well coloured and excellent.
Tbe grain trade has been quiet in tone,
but the tendency during the past day or two
has been a shade firmer. Quotations, however,
remain unprecedented^ low, the average for
home-grown wheat for the past week being
only 17*. 6d. per qr., against 27h. 6d. last year,
making the average for the season so far 19s.
Gd. against 2*-a. 9d. per qr. Tha general
expectation is that the lowest prices have now
been reached, and that the tendenoy will be
towards recovery, bat » long time must elapse
before anything approaching to a remunera
tive level ii reached, and meanwhile business
trill be restricted to the supplying of actual
requirements.
The wool trade is without any fresh feature.
Buyers are holding aloof, and are indisposed
to operate except st some concession. On the
other hand there is no disposition to force
sales, consequently very little business has
resulted. _
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