The Feilding Star, Oroua & Kiwitea Counties Gazette. Published Daily. SATURDAY, OCTOBER 5, 1895. THE MONEY MARKET.

Feilding Star, Volume XVII, Issue 84, 5 October 1895, Page 2

The Feilding Star, Oroua & Kiwitea Counties Gazette. Published Daily. SATURDAY, OCTOBER 5, 1895. THE MONEY MARKET.

Tiik New Zealand Trade Review reports that the tendency of the money market is still downward, but further movement in that direction is hindered by the pcrsistance of the Government in maintaining the high rates paid by the Post Offiec Savings Bank. The Bank of New Zealand has reduced its deposit rates by one-half per cent, bringing the twelve months' rate on the same level with that paid by the Australiau banks. It was anticipated that the other two banks would have followed suit, but nothing has been done, nor is it expected now until the negotiations between the Bank of New Zealand and the Colonial Bank are concluded one way or the other. Our contemporary believes the Australian banks are disposed to make further reductions in the rates paid on fixed deposits, but those paid by Government make that impossible. The consequence is that although money is in very full supply, both with the banks and the outside market, its satisfactory employment is not easy to secure, aud money is being driven into shares and all good stock finds an easy market. Auckland goldmining shares are specially favored. Building societies are giving 4£ P er ccu^ or twelve months deposits against the Savings Bank call rate of 4 per cent up to £200, and 3A per cent up to .£SOO. The rates for advance on mortgage of real estate rule from 5 to ] s!i per cent for high-class securities, and from 6 to 7 per cent for smaller sums on good current security. Anent the Cus- ! tonis Revenue the Review says the j telegraphic returns for the quarter ended iSOth September have been received by the Government, but the vicious habit of withholding all infor- ] niation, uutil its issue is specially authorised by the Treasurer, is still practised. ,