CHEAP MONEY AT HOME.

Wairarapa Daily Times, Volume VII, Issue 2070, 17 August 1885, Page 2

CHEAP MONEY AT HOME.

Writing from London to the "Bay of Plenty Times," on May 30, Mr Vesey Stewart says" Stagnation in trade is the universal cry, and the Board of Trade returns, published a few days ago. show a decrease in imports of £2,712,751 as compared with last year; and in exports I of £2,712,221. Fur the (jve months ending May 31, there' is ft total decrease of £10,291,200 ii[)Q!i the amount in 1884 This stagnation in trade will accuunt in some slight degree for the present plethora of money, which is further locked out from circulation by the feeling of distrust and want of confidence in the future. If Lord Salisbury's Government is once firmly established these feelings will disappear. This morning's "Standard" has the following report on the money market:— I "People have so little to do in either the money or stock markets that quite a small excitement was produced to-day over the Chinese loans. The syndicating and prenup-lptitig classes of people ara after tV?n in shoals, and this afternoon it was reported that applications reaching, soma say £10,000,000, some £20,000,000, had already been sent in. That must bo the merest guess, and probably the'smaller figure is exaggerated; but the demand if certainly a wiae-spread one, and the loans eclipse in interest everything else in the-city to-day. .As for discount rates, one is almost afraid to quote them. Some houses still maintain | per pent, as the quotations for August and September bailors' acceptances, but tlio fine rate for such'is, we'fear, in reality 11-16,' and paper of the game olassduenextmonih wasdone at f percent! This is the certain result of day-to-day money at | per cent., and loans til! July. 6at per cent, The two loans above referred to amount to £1,500,000 in 6 per cent., bonds, issued at 98 by Messrs Baring Bros.; and for L 750,000 in bonds at 6 per cent., also at 98,' through the Shanghai and Hong-Kong Banking Corporation. Both' are secured on the Customs'Reveaue of Treaty Ports, The immediate' result of tins continued absence of deniapd for i)|o;ioy causes a still further rise in the yalue of all classes of colonial securities. New Zealand should make hay while the sun shines, and ask for as much as she will require to complete the proposed railways. I fear much thaii the last loan of £1,500,000 will not bo sufficient for the North Island Trunk Baihvay. Ifaheaeka f0r£6,000,000 at the present time she will get it."