The Money Market.

Manawatu Standard, Volume IX, Issue 144, 23 May 1885, Page 2

The Money Market.

Messrs Charleß Pownall and Go., mortgage agents, report :— The money market unsettled m the last month's interva(, pending the decision of the Russian war question. Our latest advices, howevor, show an advance m consols to 99^, now leave little doubt that peace at any price haß been for the present arranged. Vast accumulation of unemployed capital has likewise reduced English quotations for mercantile operations to the unpj'"C<»drtnted low rate of lj- percent., a fall which must have some *• fEect upon the value of money m the«e Colonies. It should he considered, however, that these quotations are not likely to remain permanent, hut are entirely dependent upon any fivs'i impulse given to t' - ade operations. This impulse, if peace is maintained, will surely Jirisn from the development of our South African possessions, which ar«Mio-.v being vigorously pushed forwnrd by the British Government, and, : combined .with the intruded operations of thr> Central AfrioanEurupcan coalition, will open out a ] gigantic territory for the employment of capital, the greater part of which England will be pivpuri'd to supply, Bhlow our present quotation therefore 6 to 6.^ per cent., for large or moderate sums on undoubted securities, we do not thin'; thu market is lik«ly to n>c<*dt> ;on the CMntrary, it miijlit possibly harden if any considerable demand comes forward. Inti-nding bonowers would therefore u:t wisely m taking advantage of the prosent opportunity.