THE MONEY MARKET.

King Country Chronicle, Volume II, Issue 96, 21 August 1908, Page 3

THE MONEY MARKET.

"There has really been no appreciable alteration in the condition oi' t!ie money market since 1 addressed the annual meeting' of the shareholders of tlie Bank of Mew Zealand on June 2oth last," said Mr Harold Beaucharup. chairman of directors of the bank, in reply to a question put by a Wellington Times reporter last Thursday. "As a matter of fact," lie added, "one dors not look for much difference, if any. until the opening of the next woo! season, for it is the price that wili then be realised for this .our staple product, that will regulate the money market to a very great extent. Wo are also looking for an early improvement in the condition of affairs in America, where, it is reported, a. magnificent harvest is now being gathered." Mr Beauehamp further remarkoud thai, though it had been antioipiead ili.al; in London there would be a further drop in the Bank of England rate, it now seemed improbable that this would occur, owing to the steady drain of gold from the world centre to Paris, where, it was* believed, it was being accumulated wtih the object of iinanc ing Russian a loan which wa.s to bc placod upon the market. One of the chief effect;; of the lightening of the moeny market out hero had been that, upon the value of suburban land, which, to his mind, had become unduly inflated some months ago. At. the present moment there- was little or no demand for land of that description, and it looked as if holders now would have to face a pretty severe loss in respect ot some of their speculations.