The Money Market.

Manawatu Standard, Volume X, Issue 22, 24 June 1885, Page 2

The Money Market.

Messrs Charlea Pownail and Co., mortgage agents, report a considerable influx of inquiries for mortgage loans during the last month, principally confined, however, to the renewal of existing mortgages on easier terms. The rate of interest now ruling, for sums of 4>looo upwards is decidedly lower, and may be quoted at 6 to 7 per cent., according to the amount required, while the local supply of money for investment is sufficient at present to meet demands upon a moderate scale. In the English market unemployed capital still accumulates, $ per cent, only being now its commercial value. The great deterioration m the value of landed property m that country likewise leaves further large sums seeking other mortgage investmonts, and we have no hesitation m asserting, our opinion being based upon forty-five years of general colonial experienqe, tha.t the 4.uatralian Colonies, as an outlet for superfluous ga.pjjja.li is now " England's opportunity," and that New Zealand, frqrq. her favorable position, holds the foremost rank., whether for purchase of land or other investment of capital. The export of her frozen mutton has now become thoroughly established, and ehe is. able to produce ifc, from her favorable climate, all the year round. Another point, however, to which we wish to draw special attention is the value of the wool these same sheep produce. Latest London prices show a* general fall m this material, with the •exception of. .good crossbred, quoted Id par pound higher, thus adding much larger figures to the value of our class of sheep. The only drawback to the rapid advance and certain prosperity of this Colony is the want of sufficient moderately qheap papital to carry out and carry on operations.. That js, the true, source, aided by our railway communication, from which its future development will rapidly spring ; and this supply, we are glad to state, is likely to be the outcome of negotiations novr being finally aranged with influential capitalists at Home. !