AUCKLAND MARKETS. MONEY MAEKET.

Hawera & Normanby Star, Volume X, Issue 1840, 28 January 1888, Page 2

AUCKLAND MARKETS.

MONEY MAEKET.

[Spbcully Tblegbaphed to Stab.] (from our own correspondents.)

Auckland, January 18.

Farm and Dairy Produce (wholesale). — Butter, fresh, 8d to lOd per lb ; salt, do., 5d to 3d; cheese, local, 3jd to 4d; do, best factory, 4}dto6d; eggs, dozen, lOd ; bacon and hams, provincial, Gd to 8d ; hams, 6 id to B^d ; Canterbury bacon, new cure, 6d ; hams and bacon, 7£d ; hams, 8f d.

Share Market. — Bank of New Zealand, J6ll 17a 6d ; National, 365 ; National, 365 : Colonial, 43s 6d. Insurance — New Zealand, 68a Od; South British, 40s Od; National, 17b 3d; Standard, 12b 6d; Colonial, 5s Od; Union, 2s 3d; Miscellaneous Loan and Mercantile, 65s Od; Auckland Timber, S3b Od ; Land Mortgage, 23s 3d.

Mr. C. E. Major, mortgage agent, reports : — Owing to the sustained low prices for stock and produce (principally cattle, the main product of this coast), the demand for money for new enterprises in the Bhape of opening up fresh land is practically nil. Slightly better returns are obtained from sheep, but no fresh land is being brought into pasture, as the few farmers who have them allowed them to take the place of cattle. Nearly all the mortgage transactions at present taking place are with mortgagors whose principal becoming due are negotiating fresh loans, and, when n t too heavily mortgaged, at reduced rates f interest. It is now well-known that there at present exists an almost unlimited amount of money waiting investment upon landed security at 6 per cent., and until the Banks further reduce their rates upon deposits, lenders will not accept less than G per cent., looking upon li to 2 per cent, as a fair difference between Bank and Mortgage investments.