THE DEMAND FOR MONEY.

New Zealand Herald, Volume L, Issue 15269, 5 April 1913, Page 5

THE DEMAND FOR MONEY.

INDUSTRIES DEVELOPING. LOW PRICES MAS FOLLOW. In a review of the money market, the Australasian Insurance and Banking Record for March says.'the position in Australia has hardly alterett for the better, and rates lor money remain comparatively high. Importation has not as yet been materially reduced, and while it remains greatly in excess of exportation, and therefore quite insufficient for the covering of the financial obligations to London, the strain is likely to continue. As regards the production of the new season and tho course of market prices, while it is too early to form close anticipations, it may be held that the prospects are only middling. The next wool clip, in face of a diminution of nearly 6,000,000 in the New South Wales flocks, cannot be expected to exceed that of 1912, but there is at present the compensating advantage of high prices. The shipments of butter'from Victoria are ehowing a large diminution, but from other States they are fairly good. The metal markets have receded daring the last two or three months, and there.is no justification for a belief in an early recovery. The prices now ruling are in themselves remunerative enough, but the aggregate amount received for" exports from Australia during the current year will in all probability be much less than that received in 1912. Altogether the outlook is that the gross value of exports of merchandise will show no augmentation in the immediate future. Already some forms of industrial enterprise are beginning to flag, and unemployment is increasing. Discussing the great demand for money in all parts of the world, tho article proceeds: Although much of the money that is.being borrowed may be frittared away, yet it is being applied most largely to tho industrial development of the world. Everywhere production is being fostered with increasingly favourable results. There is a feature of tho development that is in progress that should not be overlooked. It is that tho enormous increase in production that may reasonably be expected to follow will tend to keep down, and, in some instances, cause a fall in prices. The values of the elementary substances cannot be expected to rise. For Australia, therefore, the outlook appears to be that dependence must be placed more upon quantity than market price. Hence the vast importance of :vM encouraging the produce. THE WAR PANIC IN GERMANY, Official statistics show that the with- !? drawals from German savfegs banks as a £ mult of the war panic ja November last : were even larger than the withdrawals 2 * during the Morocco crisis in 1911. The • ''•''■■ "':";.''" :.'. '■• /; -.'.'■ '■ ■■:''..■i r .- : y'■'■;,.f .i ■.;>•;;■''. ::•:'.. '-..J ■•':...■ '■ -■ ■:■.■■' ...■'.•■■■■-•■...'■■.■ r. '■

total withdrawals in November are estimated at from £3,000,000 to £3,500,000, as compared with about £1,750,000 during the Morocco crisis'panic. Out of 57 of the largest savings banks, all but eight in November paid out more than wa£ v paid in. DISTRESS AMONGST FARMERS. It is evident from trade circulars and other sources of information, says a West Australian correspondent, that many farmers are having a hard time, and not a few find it necessary to make arrangements with their creditors with a view to securing fertilisers and other crop requirements for the coming season. PROPERTY SALES. Messrs. Samuol Vailo and Sons hold a winding-up sale of tho Edenholm Estate. Mount Eden, yesterday. There wero 18 allotments in all. and every sootion found a purchaser. Following is a liat of tho sales, the prices being at per foot:—Lot No. 19. 16s; 20, 16s; 21. £3: 6. £1 15s; 41, £2 0a Gd; 78, £1 lis; 76. £1 8s; 76, £1 6s; 72, £1 la; 47, £2 2s; -16. £2 2a; 65. £1 la; 56. £1 la; 67, 16a; 69. £1; 60, £1} 61. £1; 62, £1.

Tho Now Zealand Loan and Mercantile Agenoy Co., Limited, will t soil by public auction, at Papakaura, on tho ground today, at 1.30 p.m., the Kvoralio Grove Estate, nituated within two minutes' walk of Papakura railway station. The estate is owned by Mr. W. W. Carpenter, and has been subdivided into 17 choice level dry aectiona of "Om a-ouarter to ono aero and a-quarler, * n d will bo offered on very easy terms. Messrs. Smith and Halcombo, in conjuncS n Y liix Messrs. Stoupo and Margotts, will oaer by public auction, on the around, at 8 P-m. to-day. eight home sites at the comer of Trafalgar Stroot and Forbes Street, Onehunga. Iho large houso of 12 rooms standing on a largo ecotion will also bo Bold. CHRISTCHURCH GRAIN MARKET. [BY TBLEGnAMI.—PRESS ASSOCIATION.] CHBISTCHUaCH. Friday. There is a fair amount of wheat offering, and sales aro taking, place, though buyers aro not particularly keen. The demand for .Tuscan; has eased ofi, and when offered alone this variety is now somewhat diffioult to soil. A considerable Quantity of Tuscan Ima already placed on the markot. a good proportion being solid straw. On tho other hand Pearl 10 slightly firmer. There is a fairly strong demand for oats, but farmers are holding firmly, and the oflerings arc not large. In addition to supplies being required, for tho North Island thoro is a speculative inquiry, and the bad weather in Southland has tended to firm the market. There ia no change, however, in quotations, tho top price being 2s Id for A grade Gartons at country stations. There is very little business doing in barley. Tho potato market ia somewhat easier, as tho Auckland market is being well supplied from the Sonth. and tho main crop is now being dug in the Wellington province, so that tho demand from the North Island ia not very active. Inquiries made reaarding the probable trade in potatoes with Australia this season show that the wants of the Commonwealth are not likolv to bo bo large as was recently thought. Tho Tasmanian and Victorian crops aro turning out better than was expected, and the early crop in New South Wales is promising well.

AUSTRALIAN PRODUCE MARKETS. By Telegraph.—Press Association—Oopyrijtht

Mklbodmh, April 4. Wheat, Ss 8d to 3s Sid: flour, JS 15s; oats, Ahrerian feeding. Ss Sd to 2s 4d; milling. 2s 6|d; barloy, English. S3 M to 4a 3d; maize. 4a 2d; bran, £5 Us; pollard. £5 10s; potatoes, £4 10s -to £8; onions, £6 to £7 sa.