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Manawatu Herald, Volume I, Issue 90, 11 July 1879, Page 2

• i ; onaon, May zz. We glean tbo following information from the N. Z. Loan and Mercantile Circular, dUed as above. Money Mahket. — The past month has been a period of extreme ease in the Money Market. During the first week the low rates current on the 24th ultimo were not iraintained, but receded to a point little short of nominal. Best three months' bills were freely taken at 1 to 1£ per cent., while an exceptional transaction was reported in very fine paper at f per cent A slightly hardening tendency has since become apparent, not from any increase in the 'volume of bills, but from a curtailment in the amount of capital offering, and in consequence of the extensive failure recently announced of a large trading ' Company in Rotterdam. The rate allowed by the banks on deposits being now only 1 per cent., depositors are not satisfied, and have eagerly availed themselves of the present opportunities for investing in Colonhl Government and other Stocks of undoubted security, yeilding a higher percentage. Bankers are also not anxious to part with their balances at the existing unremuneratiAe rates. The Sank of England minimum remains at 2 per cent., and ths?t establishment is therefore still unable to compete for general outaide business* although it is understood that exceptional terms are accorded to the bank's own; exclusive customers. .To-day's quotation'for first class three months' bills may be taken at L ls to I J- per cent.', while the figure for six months' similar paper is about 2 per cent. Short loans have been readily obtainable on favorable terns. At the recent Stock Exchange Settlement, concluded on the 14th instant, loans for the aocount upon Foreign Government and Colonial Stocks were negotiated at If to 2 per oent. To-day Loans at call upon like security are quoted at 1£ to 2 per cent., and upon Consols, at 1 per cent Wooi, Market.— The first few days of the series, though marked by some little hesitation on the part of ihe foreign section of the trade, were supported by a large attendance of buyers from all quarters, and the competition then established showed the rates, of February-March series being well maintained. As the sales have progressed, this firm tone has been more fully developed, the apparent disinclination of foreign buyers to operate having disappeared to a great extent, and the result being an additional strengthening of the market. French buyers are not, perhaps, bidding with their accustomed freedom, but the Home and German demand being particularly strong compensates for their inactivity. Crossbred wools of fair quality, which, in the previous sales, bad been severely depressed, nave experienced a recovery averaging per lb., the lower and coarser kinds being in less- request and at a less noticeable change of value. Middle class fleeces and most descriptions of scoured wool have ruled in steady demand ; while on the other hand greasy wools show more irregularity, and in the lower grades are somewhat easier to purchase. Lambs' wool of good quality and in good condition is selling with more freedom, but inferior sorts are still difficult to move. Fine Wools of high class are without change, the improved tone of the market for other growths having failed to reach these descriptions, which are not so largely represented as in the preceeding series. We are sorry to find on examination of a considerable quantity of Now Zealand Wool in bulk, that the clip now in course of disposal is nob equal, either in . growth, or condition, to that of preceding years. In some flocks that have come under our observation -we have also noticed the presence of trefoil buns, leading to the impression that in certain districts; they are spreading on the runs. Wherever this may be the: case, Btrennous efforts should be made to extirpate them without delay, as New Zealand Wool haß hitherto been almost entirely free from this defect. New Zealand Hemp. — The sales have been. very small at unchanged, prices, and there is now no enquiry. The latest transactions were at £20 10s and £20 15s pet ton. . , . . . i