MONEY MARKET.

Wairarapa Daily Times, Volume 2, Issue 170, 28 May 1879, Page 2

MONEY MARKET.

(From the Wellington Monthly Price Current.) There is no anielioriation in the state of our money market which continues in an unhealthy condition. In our general summary in these columns, wo refer to the apparent causes of the present position of aflairs; and we may add that as far back as March, 1878, we drew attention to the comparatively heavy commitments that were being entered into in the floating of Insurance Companies, Building Societies, and other kindred institutions, and in the purchase of land for investment or speculation, As, however, we see that the Victorian and New South Wales Governments have floated loans in the London market to the extent of some eight millions, we trust that the present stringency will ere long pass away, In our last issue we wero able to appeal to the lightness of . our monthly lists of insolvencies to prove that the pressure had been borne in a way that testified to the general soundness of our trade, but on the present occasion we are sorry to have to report that both in number and in gravity they are greatly in excess of the records of an single month for a long time past; nevertheless the failures in Wellington do not include any house that has hitherto been considered strong, The return for the March quarter of Banks trading in the Colony has recently boen published, and we give below an abstract, shewing the aggregate of the averages for the quarter of advances as against deposits and circulation, with comparison ■ of the preceding puartev, and of the March quarter of 1878. It will be seen from these that with all the outcry about bank pressure the ad- j vancesof tho banks to the public are in excess of deposits and circulation to an amount larger by a million and a half than the excess of advances at the same period a year ago, and that even since the last quarterly returns the advances of the'banks have increased by £IOO,OOO, while the deposits, &c,, have decreosed by £200,000. i The following are the figures Advances, March quarter, 1879, £13,972,488; Dee. quarter, 1878, £13,853,920; March quarter, 1878, f11,386,G4G. Deposits and ' Circulation, March qurrter, 1879, £lO,s 176,900; Dec. quarter, 1878, £10,384,815; > March quarter, 1878, £9,181,988. Excess of Advances, March quarter 1879, £3,795,588; December quarter, 1878, £3,469,111; March quarter, 1878, £2,204,558. The l rates of exchange, discount, and interest t are without alteration.