AUCKLAND MARKETS. (From J. R. Randerson's Monthly Circular for April.)

Waikato Times, Volume XXII, Issue 1834, 8 April 1884, Page 2

AUCKLAND MARKETS. (From J. R. Randerson's Monthly Circular for April.)

April.) MONEY Mabket.—This market exhibits no considerable change for the month, the rate for Rood mortgages continuing at 8 per cent. while 9 and 10 per cent, may still be obtained, according to class, on country securitien. The market ia not materially weaker, notwithstanding the fact that there are numerous Hums readily obtainable on unexceptionable securities. Lenders, however, appear to be exercising more than the ordinary caution in the selection of investments, and require a full margin in values. There are still indications of a reduction m market rates, and in some instances money has been offered on choice securities at 7 per cent. lam still of opinion that lower rates than those now current must rule before very long; recent cablegrams from London quote the market rate at 2J per cent, and the bank rate at 3 per cent. Should this state of things continue, the effect, in view of the frequent and rapid communication by direct steamers, and the great increase m confidence recently shewn by the English capitalist, must be that the demand will be supplied, and as a consequence, lower quotations must follow. The bank rate still remains at 7£ and 8; v per cent, for three and four months respectively; 9 per cent, for overdrafts, and 4, 5, and 6 on fixed deposits lor three, six, and twelve mouths.

STOCK AND BHABBMABKET. The market for local stocks has been quiet but firm during the month, and values are not materially altered. There is a good enquiry for Bank of New Zealand shares at £22 10s, and for Auckland Gas at £9 10s, aelleri being scarce at £22 15s and £9 los, respectively. Land Mortgage shares have been in considerable demand, and prices have advanced to os premium, at which there are now sellers. In mining matters an entire collapse has taken place in the market, and buyers can hardly be found for any shares, and with the exception of Prince Imperials, which, though suffering a decline during the month, have fully recovered, havfl receceded in value very materially. The order of the day seems to be to call up capital, without which, of course, it will be impossible to develop the resources of our vast goldfields. The directors of the Deep Level Cross Company, who have carried on operations since the formation without calling, have been compelled to make a heavy drain on the bhaieholders, by making a call of Is per share, representing a sum of £5000, which, however, is divided into four instalments of 3d each, on the 21st days of April, May, June, and July. Though this is a great tax on the numerous holders, thero can be no doubt that the policy will meet with approval. Calls have been freely made, as necessity demanded, in several other claims. The only dividend payable during the month ha» come from the New Find claim, Te Aroha. It is, however, most satisfactory to note that steady and systematic work is being carried on in the various fields, and it is certain that sooner or later some substantial discovery will be made. .