The Wairarapa Daily. MONDAY, JANUARY 29, 1883. THE MONEY MARKET.

Wairarapa Daily Times, Volume 5, Issue 1289, 29 January 1883, Page 2

The Wairarapa Daily. MONDAY, JANUARY 29, 1883. THE MONEY MARKET.

We always peruse with interest thai useful publication, "The Wellington Monthly Price Current/' because, though a very dry and extromely commercial serial, it is a very reliable record of our local money market. We take the following from its issue of Saturday last:—"We cannot report any substantial improvement in our money market. The refusal of th.e Banks to increase advances necessarily creates stringency, and there is also some indication of curtailment. .The pressure is, however, much moro severe in Australia than in this colony, as we have shown in our examinations of recent quarterly banking returns; and through the various banks trading in both this colony and Australia we participate in the effects of Buch pressure. The floating of the New Zealand loan is satisfactory, but from our present point of view it is more than counterbalanced by the non-success of the Victorian loan, as what would relieve Australia would tend to the relief of New Zealand also. In many quarters the present stringency in banking circles is attributed mainly to large land transactions in Australia; but, as we have before stated, we believe that the enormous over-importing that is going on all over Australasia has had as much to do with the position as has the other cause, and we believe it will be found that the commencement of a substantial reduction in the scale of importing will herald a speedy mitigation of the tightness of money." This statement confirms the opinion we expressed some days ago that the success of the New Zealand loan, though an important factor in easing the money market, was nevertheless insufficient to pull us through our difficulties, Since then other and somewhat smaller measures of relief have appeared in an increase of the capital of the Bank of Australasia and in a reduction of the rate of discount by the Bank of England. These are all favorable signs, but they will not cure the evil of overtrading which this and the neighboring colonies of Australasia are suffering under. The way in which banks are new limiting and calling in advances shows plainly that the colonies have gone beyond their tether. The reduction of imports is not a thing that can be effected in a month. We doubt whether the process is yet commenced, or if it has, whether any substantial relief will be experienced from this source before winter. To bring our imports down to the measure of our requirements we want to pull in to the extent of some two or three millions during the current year, and if we take all the Australian colonies there ought to be a reduction of some dozen millions of pounds. It is no easy task for the Banks to stop an unnecessary drain, say of ten or twelve millions of money in one year to England, and a million loan here, and half a million loan there go but a small way to fill up the void. Many merchants during a period of depression will not reduce their importations. They are not strong enough to shorten sail, and knowing that if they stop thoy sink, they plunge boldly on, trusting to the Banks to help them in the future as they have done in the past. New Zealand is well stocked with traders who are little better than penniless adventurers and who are at all times a standing menace to its credit. Even the commercial reverses of 1878-79 did not scour them out, though it reduced their number and repititioiiß of the distress which was apparent at that period will recur at intervals till the mercantile classes in this colony adopt a somewhat more stringent rule for seperating the commercial sheep from the commercial goats.

Mr F. H. Wood had a most successful . auction Bale of general merchandise on C Saturday at.his rooms, Greytown, |ti The Rev Mr relieves the Rev Mr I Dewsbury as Wesleyan Minister for the Greytown circuit,the latter having re- fi tired through ill-health, & The Mowing is the new Park. Yale School Committee: - Massra ,L, Nix i; (chairman), S. Oates (treasurer), H, i Edwards, A. Clifton, L. Anderson, G. R. ii Andrews, and R. Young. _ c Young Ray is progressing favorably, 1 and there is now every hope of his youth and strength pulling him through, He, s of course, liaa to be kept very quiet, but t has sufficiently reoovered consciousness to 1 answer questions put to him by his medical attendant. ( Messrs Lowes and lorns held a very \ '' successful sale of furniture at their auotion I rooms on Saturday. ! Last night the long spell of dry, un- 1 healthy weather was broken by a copious downpour of rain, We trust the fall will 1 not materially injure the crops not yet < harvested. If it does not do harm in 1 this direction, there will be no one to i regret it. i The Masterton Institute Committee meets on Wednesday evening. 1 Mr WardeH, R.M., holds a Court sitting at Featherston to-day. The Carterton Local Board meets today. The Masterton Public School, in common with the other .schools of the Wellington' Educational Dislriot, reopened this morning after the summer holidays, A large bush fire on the Upper Plain lit up the sky last night, and was an object of considerable speculation to Masterton residents. Mr G. Sago, tent and cover manufacturer, of Wellington, haß removed next door to the Theatre Royal Hotel, where he has a very extensive stock-in-trade His advertisement appears in another column, The Hawkes Bay Herald reports that the total amount of rams cold at the Ram Fair on Wednesday by Mr M. R. Miller was 610, realising £3270. Long-wools averaged SI 2s each, and merinos £2 6s. Mr Amos Moore, of Masterton, laborer, has filed his sohedule. First meeting 9th , February irt 2 o'olock at the R.M, Courthouse, Masterton, 1 Messrs Lnwe3 and loniß are instructed 1 by Mr J, Stuckey to sell at the ram fair several pure-bred Hereford bulls, whose ' pedigrees will be found ou Messrs Lowcb & lorns' column ou our third page, i Six mo,libera of the Masterton Cricket Club turned out for practice on Saturday i afternoon. If Masterton cricketers desire ' .to keep the reputation they have gained so far this season they will have to take a little more trouble than they appear to be doing. Without practice they are bound : to suffer (as they will deserve) ignominious defeats, which will be the harder to bear from the fact that they have been so ' much praised for their late victories. A gentleman has offered Mr Porritt 15 towards erecting a bathing shed if a t suitable place for teaching the Greytown \ youihs to snim can be obtained near the , township, We hope they will be succeis- ' ful in finding a place, &« it is an art that should be encouraged among our juveniles. 8 Papawai creek is spoken of as being in '• every way suitable for the purpose. f _ The following are thepatients at present ' in the Greytown Hospital, T, Peel who >' fell from a trolly at Bartlett's mill, a few e weeks ago, and has had his arm ampuy tated; Mr Bartlett who fell from his 0 horse at Carterton two weeks ago and severely injured his head ; A. Moßae manager of White Rock Station, whose e horse fell on him, cut his arm and severely e cut his face last week, and the Maori lad if "Neara" who has been about twelve d months a resident in the insttution. The a whole of them are we aro pleased to state P _ progressing favorably.

A serious accident ocourred at Waikikeno near Glenbnrn on Wednesday last lo a Maori named Hira Mahunga, about 52 years of age. He was in the aot of walking towards a young horse that he was breaking in when the animal kicked him in the stomaoh, Dr Beard was sent for, who found on his arrival that a blood vessel was ruptured, and that inflamalion had set in, from which there was no hope of recovery, On Saturday the sufferer, who if also known as Hira Rihara (i died, The natives, immediately after his death, in accordance with their customs, shot the animal which ■ did the mischief, although it was a very valuable beaßt,

We notice by an advertisement in another column that the Tenui Foresters intend shaking off the lethargy with which —sooially speaking—that looality is sometimes in danger of being attacked, by holding sports and a ball on the 13th of February. The sports will be held in Mr Peach's paddock, the ball takes place in the evening, "and as this is now established as an annual affair there will doubtless be the same euccesa on this as on former occasions.

The cricket maloh Married v Single, which was to have beeu played at Greytown on Saturday, fell through owing to a great number of the players being absent from the town, A very good practice however, was indulged in. Mr Milner Stephen held a public healing at Greytown on Saturday afternoon at which a number of cases similar to those already mentioned were treated. He also hadagr'eat number of private patients during the porning, At night he missed the' train to Masterton and had lo travel up ealry on Sunday morning in a vehicle in order to keep his appointments at this town.

Messrs Charles Pownall and Co, scriveners, Wellington, report a considerable increase in the demand for money during the last month, with an insufficient supply of capital, applying only to snull suras offering for investment. For applications under i! 3000 the rate of interest remains unchanged—namoly from 7$ to 9 per cent on an increasing scale for the lesser amount, but in excess of this quotation, and on broad acres only, business transactions for a considerable amount have been negotiated as low as 7 per cent, Our opinion, however, bated upon the -following grounds, is strongly in favor-of cheaper money soon prevailing from a more plentiful supply of outeide capital:— The new loan subscriptions wer.e for more than one-half the amount required, at an average of about 4 per oent. Nothing oah more clearly define the existence of strong faith having now been established in the Home market as to the vast resources of this great country. When, therefore, present high quotations of the value of oapital for mortgage investment obtain circulation there, we may naturally expect that a very considerable supply of it will be furnished for that purpose.: The prospect of very good returns for onr wooll andgrain must likewise strongly tend lo disestablish the present existing money pressure which banking influence is alone responsible for.

Wearo reqimttei!. to intimite that Rafp & Hark hiive. received five" oases men's kaipoi clotuino. Frimi our own knowledge of these gonds, and the low prices that Eapp & Hare are selling them wo recommend the publio to go to the Emporium before buying elsewhere, —Advi.

We regret to hear that Mr J, J.' Freethj. Clerk of the Court, Masterton, is oorifined to -his house with a severe attack of dysentery. •'

Miss Best's pupils re-assemble for the first term of 1883 on Wednesday, FebruMy 7th. "

The body of a nan named Maemshon, missing since Monday last was found this morning on the seabeaoh at Kaiwarra, It is surmised, that while searching for his child which had wandered away, he fell into the Hutt river and was drowned.

A lad named Francis Ward Pearce aged seventeen years, a son of Mr James Pearce farmer, of Pahantanui, was thrown from nil horse yestorday. morning and killed. At the Masterton registry office for the quarter ending December 31; last, the births were 61, ai kjjjinat 62 tor the corresponding period in 1881; marriages 15, or 8 more than in 1881; and deaths, 14 as I against 10 in the previous period.

; A tremendous bush fire at Carterton yesterday extended from the Belvedere, road to the Richmond road on the.west of the main street.- The Fire bell'rung and the Carterton brigade engine as well as Messrs Booth and Go's private engine were brought out and kept going continuously at points where property was in danger. The residence of Mr Jones

caught fire, but was speedily put out. Messrs Armstrong and Elliott had to remove their families to places which were out of the line, of danger; A. heavy gale blew from 9 a.m. till four p.m.'/and there wai considerable apprehension on the part of houieholderjj generally, • The rain which subsequently -fell has. tended lo .avert danger for the present, although logs burning in the neighborhood of l houses, on the main road are still a .iource of anxiety. A number of buildings yesterday were aired only by the strenuous exertions of the Carterton settlers, who turned out in large numbers.

We observe that Mr 0. B. .Morison of Masterton heads the list of successful candidates for matriculation at the New Zealand University. At the meeting of the Education Board on Wednesihyuext the result of the recent examination far scholarships will be made known.

To day is nomination day far. the differenthandicaps, excepting the Nursery Handicap, contained in the Wairarapa Jockey Club's autumn programme, Nominations for the Nursery Handicap closo »n the general entry night, the 15th of February, when the second payments are due for the Wairarapa District Produce and Champagne Stakes, and not to-day as erroneously slated in Saturday's issue. The Treasurer of the Masterton Hospital has recieved from Messrs. Beetham Bros, of Brancepeth, and their employees the sum of twenty pounds. - The Government have received advices from the Agent-Goneral at London of the sailing of the ship Rangitikei with - 293 immigrants for Auckland, and the ship Oxford for Wellington ,wnh 802 immigrants. Nominations forwarded by mail yesterday numbered to 449 souls or adults from the following districts ! Auckland 94, Tarunaki 9, Hawkes Bay 19, Wtllington 62, Nelson 24, Westland 5, Marlborough 2, Canterbury 93, Otago 103, Southland 38. The amount of fees reoiived vm £1127,

The "Bombay Government Gazette" publishes a description of 14 convicts who have succeeded by tome means in making their eioape from the penal settlement at Port Blair, in the Andaman Islands, Thirteen out of the 14 were life convicts, their offences were chiefly murder and . daooity. The improvements effected ot late years in ladies' corsets have been very great, and strikingly beneficial to health. Foremost among these for their peculiar excellencies are Rosenthal's sanitaire and Dr Warner's coraline corsets. The former is constructed to obviate the debilitating effects of the ordinary corsets by relieving the delicate and and vital organs from damaging mechanical pressure, while still affording a healthful and comfortable support to the wearer. The support to the figure is properly distributed, 1 and the distressing effects of lighMacing neutralised, Lr. Warner's eoraline corset is boned with a new substance, which- iB vastly superior to horn or whalebone,. It .cannot break but will in every instance outlast the corset, being more pliable that whalebone it adapts itself more readily to . the movements of the body,. Both these admirable corsets can be had iu all sizes and £ol6rs. at James Smith's TiJ iRo Eoosk,-[Apvi,3'