Money Markets

Feilding Star, Volume VIII, Issue 78, 6 January 1887, Page 3

Money Markets

Messrs Charles Pownail and Co, I mortgage agent, Wellington report \ that the money market for the lust j two months has remained completely stagnant, and no transactions in mort- ' gage investments of the slightest importance iiave been negotiated, owing to the simple fact that the banks, I from the high rates offering for deposit, have engrossed all the spare capital which would have been otherwise employed. Some trust money, for which 7£ per cent, has been de- ' j manded and accepted on high-class . town securities has been placed, limited, however, to very moderate amounts ; while landed estates of the very best description remain completely isolated, much to their detriment. Probably the new year, with full bank coffers, may bring the desired relief, but at present the banks are complete masters of the situation. That the wool market at Home, in the absence of foreign buyers! has fallen into the hands of the old syndicate, who control prices is very obvious, but the great confidence displayed in Australian purchasers and the limited supply of the raw material, will certaiuly act as a stringent check upon any true decline in value and we fully expect not only to find a recoveiy, but an increase upon full rates last realised.