The Money Market.

Horowhenua Chronicle, 8 November 1911, Page 4

The Money Market.

* (X.Z. Trade 'Review.) Tlu l supply of money continues sufficient lor all -orclinn.y requirement*, and lending r:\tos remain fairly oa.sy. Tho oflc'ct on tho money market of the relationship of '• imports to exports is generally re- ! cognised, ana was amply demonstrated some three years -ago when there was an excess of imports of some £'1,1180.000, and heavy ciills wore made on the banks lor assistance. Die totals of imports rnul exports for (ho last three years ending with 80th September, show Lho following cniiiparison:— 1910-11 Exports. .Cin,{)l2,fwf>; imporUs CiS.DI IJWO: excess of exportx. t1.30(),(ii).l 1!H)!)-1(). Exports, C2l,noß,Bi"i I ; ■ imports. l'Hi,l()l,88(!; excess of oxports C.-).BoiU>7B. " inOS-0!).- Exports, £ 18.700,1 o(i; ini|K)rts, tl-l,9L(').00o; excess of exports, C:],754,1.")1. The surplus of exports, which is needed to meet outside interest ohligations. shows a considernble dim■inittion in tiie latest- year, and the figures u;i\v m warning that any further decline in our exports is likely to lie followed by firmer lending rates, unless our imports are reduced. We do '.lot finticipaito any stringency, but as we hnvo said before, we consider that our importers should watch this closely as imports hnvo .attained a very hiyh t<tfal. and over-importation should" bo caret' illy guarded against.