The Money Market.

Manawatu Standard, Volume X, Issue 1455, 15 September 1885, Page 2

The Money Market.

Messrs Charles Pownali and Co., mortgage agents, Wellington, report that during the last month the value of money for. mortgage investment has, remained dormant, quotations ruling from 6£ to 7 | pericent. for issues in' excess : 0f .£IOOO. Demand and supply have both been limited to contracted operations, the serious depression m the price of wool, and the increase of property tax, militating against heavy advances on station properties. Money on mortgage m the English market is now quoted as low as 2£ per cent., the mercantile rate being 1} ; and, we have little doubt, therefore, that large applications, guaranteeing 5 per oent net there, which have been sent forward for some of our leading station, holders, will command the attention they deserve, as the best securities for investment offering. The Government Debenture Bill is not likely to pass this session. The Bill apparently holds out very favorable terms for small settlers, ottering them advances on debentures at 4* per cent. This advance is to be hunted to one half of the property tax valuation, and would therefore be reduced to about one-third of the upset value of the property. Further, if these mortgage debentures are to be employed as a marketable commodity m this country, they could only be negotiated at the current rate of interest ruling, and eon - sequently might have to be disposed of at a heavy discount. - ' :