MONEY STRINGENCY

Taranaki Daily News, Volume LV, Issue 287, 26 April 1913, Page 9

MONEY STRINGENCY

GERMAN TRADE AND FINANCE. Advices to hand from Germany describe the great pressure for money in that country. The Berlin correspondent of the "Economist" wrote on February 13th: — •'Traders are concerned about the general business situation. Bankruptcies increased to a noteworthy extent in January, and banker's circulars are pointing" to the fact that commercial houses are experiencing extraordinary difficulty in making collections. Statements were made on Tuesday at the Duisberg Chamber of Commerce by an important coalmine owner to the effect that the negotiations for the renewal of the syndicate are iu worse shape than ever, owing to the conflict of interests between the so-called "ironworks collieries" and those not .attached to iron companies. Beside all this, the dullness in the iron trade, so far as new business in finished products is concerned, is making itself felt on the Bourse more visibly, tinder the influence of all the factors above detailed, selling has grown more extensive in home shares. This was particularly the case, yesterday, when the provinces sent in pretty large selling orders, indicating that the outside public are again growing more concerned about the outlook and are parting with their holdings. The money market has again disappointed all hopes of improvement. The open market discount rate has further risen to o 1-8 per cent. (Tt has since gone up to fi per cent.) The demand for advances at call has grown considerably heavier, whereas a number of the big banks are calling outstanding credits. The meat famine in flermanv still continues to attract mucli attention. Tt is true (hat prices for several kinds of meat, fell slightly during January, but thev are still abnormally high. Permission to import meat from Russia and other continental countries to certain large towns has been extended until October, but a Socialist proposal to extend the concession to other towns possessing recognised sanitary arrangements for dealing with fresh meat has been defeated, although by so small a majority as to cause much anxietv in agrarian circles. The demand for a reduction in corn duties, and for the abolition of duties on nnimal foodstuffs, is growing, ■"id. since the present high prices arc likelv to continue with very little elwnge, so long -is the present svsteni is retained, it will be impossible in the «nd to resist the erv for reform along these lines. To the results of the cattle eensus. which was taken at the end of hist rear, in the various States of the Empire, these of Prussia have now been added. A small increase in oxen is recorded, although the figures ni.Sofi.000). are still more than 200.000 below those of lfins. The number of sheen has a<?nin fallen. Tt is 200.000 below those of lust year, and more thnn 1.000.000 less than in 100 S. Tn swine there is nn enormous drop of nearlv ".000.000. from IT'M.'i.OOO in 1011 to 10.40.100 in The other States show similar reductions—in some cases even greater.