MONEY MARKET.

Taranaki Daily News, 6 September 1919, Page 3

MONEY MARKET.

The banks are still over-supplied with money, the position being very much the same as shown by the last returns, viz., deposits £10,595,224 in excess of advances (says the Xew Zealand Trade Review for August). The building companies have also plenty of funds available for investment. The usual seasonable demands on the banks for funds to gather in the season's produce are beginning now, but the prompt payment or advance on Imperial purchases reduces these demands to a' considerable extent. Importation was on a very heavy scale for the first half of this year, but exports are very much heavier, leaving a big margin between the two. There are still 7,223,313 freight carcases of moat in store, and there seems little hope of stores being cleared by the end of June next. Good clearance of cheese is being made, and by the middle of October all last season's make should be shipped. Some alarm was felt as to the effect of the Mortgage Extension Act expiring at the end of this month, and representations were made to tho Government that possible calling in of mortgages would seriously disturb financial conditions. However, the Attorney-General gave an assurance that an extension of the Act will be proposed by Parliament, with modifications. It is expected the expiring of the mortgages will bo spread over a fairly long period. The amount secured on mortgage is approximately 110 millions.