The Money Market.

Manawatu Standard, Volume IX, Issue 8, 8 December 1884, Page 2

The Money Market.

Messrs Charles Pownall and Co., scriveners, report : — Tjjie money market has been unchanged' during the last month, the rate of interest remaining steady at 7. to! 7£ per cent. There has been a fair supply .of money offering for mortgage investment and for moderately large sums at the lower quotation, but the negotiations completed have-, notwithstanding, been limited, borrowers declining to accept the stringent terms generally demanded. These terms consist of the property offered being valued at a forced sale valuation, upon vvhich at the utmost two-thirds of that amount will be advanced, or, on the other hand, the property tax is taken as a basis, and half that amount is only granted on mortgage, however good the security offered. Mortgagees naturally decline to lock-up valuable estates for some years, without power of redemp* tion, at less than half their true value, and hence the amount of business transacted has been confined to a few sources. More liberal arrangements are readily accepted. The value of money m the Old Country continues plentiful, and, as New Zealand securities are fast coming into favour there, from the advantages of our climate and absence from (he the drought • so fetal to Australia, we look for a full supply being forthcoming, and think that lower rates will probably rule m consequence. • -■■•■■•■