THE MONEY MARKET.

Manawatu Standard, Volume XLI, Issue 8136, 17 November 1906, Page 7

THE MONEY MARKET.

(New Zealand Trade Review.)

The money market of New Zealand so far shows no indication of being affected by the severe stringency existing in London. Considerable shipments of gold have been forwarded from Australia to the United States, but reserves there are ample, the exports of gold in 1905 having been on a greatly reduced scale.

Our Colonial Treasurer, Sir J. G. Ward, announced in the House shortly before the close of the session that, even before the £1,000,000 Loan Bill had gone through the House, he had been able to place £900,000 on satisfactory terms, so that the negotiation of the loan is practically effected. In the outside market money is in good supply, but the Post Office Savings Bank returns continue to show an excessive absorption of private funds by that institution. The excess of deposits in the last twelvemonth amounts to £815,800, while the similar acumulations in the Government institution in New South Wales in an equal time, amount, we hear by cable, to only £68,000 The prospects of the present produce season, both here and in Australia, are most favourable, and with the turn of the year we are entitled to look for a further strengthening of the financial position. It is to be hoped by that time the stringency now ruling in London will have relaxed, . and will give way to easier conditions.