The Money Market.

Manawatu Standard, Volume IX, Issue 28, 3 January 1885, Page 2

The Money Market.

Messrs Chas. Pownall and Co., scriveners, report the value of money on mortgage securities unchanged during the preceding mouth, the rate ruling from 7 to 7£ pnr cent. Capital to a a considerable amount is advertised for investment but no transactions of any importance are recorded, loans being limited apparently to local demand. On the other hand, some bonafide applications, emanating from really good sources, are stultified by the exactions demanded, which borrowers are quite justified m refusing to accede to; when valuations are based upon the upset of forced sales they represent, with the usual margin required about one-third of the true value. Lookiug to the present and future value, more particularly of station properties, it is difficult to understand why these extreme terms are now demanded. Wool holds its present value, and the drought m Australia will contract supply sufficiently to prevent any depreciation. New Zealand mutton is now well established as the creme de la creme of frozen exportations, and every small farmer's position will be secured from the same source, viz., a certain market for his produce. Facts like these must lead to a considerable rise m the value of land m this couutry, simply because there is no other so favored by climate and position to produce the same results. Private investors therefore, either by purchase of mortgage, are losing their opportunity. The past year has been comparatively a barren one. Investments have been limited to a very narrnw •"«?*!»», enterprise m any new operati>.iM !>- inj* almost at a standstill. There is. <>..\vever, strong evidence existiu,' •>. • miterial change occurring. Nr« 7. ■«- land, through the ne«- liv-: <>i mAi steamers will be broiu-iu i.-it<» -sri-Ii closer contact with tin- m • th r "."rr.iy, and farmers there "will l-.isvii- r- .tise the value of the ln-1 i-n^ ■■u\ i..-aye behind, with the solid ;u!v.i.ii.. 6 u3 we can offer.