The Money Market.

Manawatu Standard, Volume XI, Issue 1669, 27 March 1886, Page 2

The Money Market.

Messrs Charles Pownall and Co.,jMrirt; gage Agents, Wellihgtpn,report :-4"^The' money market-has been quiescent during the last ; month, ' mortgage operaf ions ' being limited; to modarata aniountsj drily, for which the supply of capital fpr'in-i Vestment proved ample. Tlto ; rate| of in-;' terest remains unaltered at 6£to 7f pcr 1 ' cent; for large or smaller sums. ■T\f'6 of' the largest Assurance Companies m the HomeGountry are npw-represenied a itr Sydney, with, it is .reported, one rmllion of money for investment on landed p'rqi" perty. We fear, however, the torms 1 pfQpp'ised';.wi|l be tound'too'restnc'tivaV generally Jt being only two--fifths to onehalf of valuations. Very few of o.iir runholders are ; in a. position to lock iip'l their estates upon this minimutn advance for a term of years, even at the reduced ] rate of 5£ percent., payable m Loiidbh free of property- tax. Such an arraWg^' mint juuistfhe if ound^o [linl^iatd prejudicially both "to mortgagees "and jinb'rt-' 1 gagors by interfering with any further oatlay^torSiiupfrovemehts, etc., rtill so much required upon most of the Station properties of, this country. -TJb.« falliaff wool pa"n; only be. met by ecohouiising its grow,th,, andlfh is when these, propertied are substantially subdivided and improy^ ed ; that:as much; shepherding, and outgoing expenses 1 can' be* saved as ; ifo leave a. margin of 'profit upon it, therefore!, is to find investment m this country (and i it; AyilJ^ere long, , front its superfluity; surely.; do^so, astjieyery best source for it),?the.; limitations now demanded must' disap-. pear, and every «ncouragement ofEer.e,d, . ■iriding,.when necessary, tocarry out and coiiiplet© 'all requisite improvements. Wop), from its overgrowth, until it finds ; the new outlet m China- and' Africa, ir : not likely to increase much m value, but with 1 our' frozen' meat trade, now 'fully; established as the Al brand, there fa!>nbi palpable reason why station' properties, worked with proper ecohpnqiyjilhoiild no^ !yjeld returni' |br ibe capital invested m themi"