Hawke's Bay Times. Nullius addictus jurare in verba magistri. MONDAY, JULY 15, 1872.

Hawke's Bay Times, Volume 19, Issue 1375, 15 July 1872, Page 2

Hawke's Bay Times. Nullius addictus jurare in verba magistri. MONDAY, JULY 15, 1872.

Tije limited demand and consequent low rate at which money can be obtained in the London money market appears at length to have produced an appreci able effect in this Colony; and the time in which capitalists reaped a harvest of from 12J to 15 per cent, for advances on m first-class security has passed we observe that money is offered at 6 per cent., the lender acknowledging his belief that that is as high a rate as the agiiculturist can afford to pay; and we observe that the Mutual Investment Society in Wellington has been obliged to reduce the rate of interest charged to its members, as it was fonnd that they could obtain such advances at a lower rate than that charged by the society outside of their own circle. The Wellington Independent of the 24th iilt. has a paragraph on the subject as follows: " To meet the anxious desires expressed by some members at the last annual meeting of the shareholders of the Wellington Mutual Investment Society, the committe have convened a meeting of the shareholders in class, No. 2,1 o consider the proposition 'That •the rate pf additional contribution on

realised shares, in this class, be reduced from ten shillings to eight shillings per share per month,' As those interested in the effect of this change will no doubt be aware the pi'oposal is one in reality afiecting the rate of interest charged to members who desire to raise money by means of their connection with jthe Society. The result of the existing rate has been to drive shareholders to other sources where money was cheaper, and, as the Chairman stated at the meeting held a few eveninks ago, the legitimate busiuesss of the Society has almost ceased, the committee being forced into the anomalous position of seeking investment for the accumulations outside, while the shareholders were at the same time going abroad to obtain advances."