COMMERCIAL.

Wairarapa Daily Times, Volume 4, Issue 1245, 2 December 1882, Page 2

COMMERCIAL.

'.Messrs Charles Pownall and Oo.jßerWeiiora Wellington, roport money market remains in a very unsettled state, though the action and combined pressure of<the banking syndicate, Melbourne > ,and '■ Sydney j tare agaiu raised their rates 7,*? 8,, and ,9 per cent., on deposits, and.there appears to bit every probability that this, iyndicato, both in Australia and this country,,may" continue to exercise th», enormous .pojver placed in their hands, and by 'further, restricting, the supply, still eahanee the value of money. The only explanation lor this stringent course (unjustified by; •. any, present outside demand) is to bo found in the fact that very large am»unts|were lent last year in excess of their capital—many, on overdrafts for .'fixed torma—rendering neceisary .. the existing contraction, : :Our .quotation for mortgage investments continue nominally: the lamp as last month, viz., 7 to 8 per cent for sums in excess of LSOO, with a fai: supply «f capital offering at the higher quotation; while at the lower one only wry. large 'sums can be negotiated, and the security : tuust then be first-clan, From : private'information we have received; the existing pressure may be somewhat relieved by a ,large amount of English capital being placed ;ia this market for investment at the commencement of the coming year, : 1 •