THE MONEY MARKET.
Messrs Oh as. IPownail arid Go., scriveners, report :— The money market m, the interval of the last month has decidedly hardened. Ratos of interest may still carry a quotation of 7^ to 8 per cent., but the higher figure is now more generally demanded. The pungent oause for. the existing stringency is, that the. .rate of exchange is unusually high, and that, combined with the :certain r increase of the property taxinihis cpuntvy f ,,leaves at present .value too. fine a margin for the mprt.gage investment of English capita! . Further, the domand, ■;■, principally, to. pay off bank averdraftsi has lavgeij mi crease^, .an^ m, Ahiai respect oonsider! able business has been negotiated. The supply; of 'oapital,. .hawever, U ajdeqqaije j to; iine^t- this; demand; and present ratts are, therefore, mo # re likely to increase thaiugiEe way. Australian, qn.Otatipnsbe.ing.'yeqUftllyT^iy^, i?Q;t>emitta,nces ftfopi t thftf BQivrce^can: be ex* pectcd. ' Th.QiPJpice, wool being lower than known for -many" years, likewise oauses a sevious deficiency to these colonies, and the general outcome; therefore, holds out little probability to the speedy return.Df that supply of cheap money, we were able to induce so few to take advantage of.
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Bibliographic details
Manawatu Standard, Volume IV, Issue 79, 1 March 1884, Page 2
Word Count
195THE MONEY MARKET. Manawatu Standard, Volume IV, Issue 79, 1 March 1884, Page 2
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