COMMERCIAL.

New Zealand Times, Volume XXIX, Issue 4213, 21 September 1874, Page 2

COMMERCIAL.

The amount of revenue collected at the Customs during the week ending Saturday, September 19, was £3070 7s, 3d. ‘ ' ' THE COLONIAL MOSTLY MARKET. The following characteristic report by Mr. J. Reid Mackenzie is published in the commercial' column of the Otago Daily Times Taking into account the general complaint- of scarcity of money, about an average number of transactions have been negotiated, at quotations differing but slightly from those ruling for some weeks. Animation there has been none, but present low prices arc nevertheless firmly maintained. AVer© the wheels somewhat more liberally lubricated by our native and foreign banking institutions, a little more life would doubtless be the result. But a few months since, the 1 public were told by those at the head of affairs, of_ the plethora of money’, and of the millions of the precious metal in the coffers of-the different Banks, for which they experienced the utmost difficulty in finding safe and profitable employment even at the low rates of 4 and 5 per cent., which were those ruling not very long ago, and until the “ combination ” took place to increase the price thereof and make it scarce and dear. Now, hi! presto I all is changed; How passing strange-! Avhere is the gold gone to? Has it made unto'itself the Scriptural ‘'wings and flown away”? Enter counting-house, warehouse, shop, or street, and the same whine is heard, of “Money is so scarce, we have great difficulty in obtaining payment of our accounts, and promises to pay have, like piecrust, been broken. AVe must therefore request you to call again next week.” This state of the case can doubtless be verified by most persons engaged in trade. But,in all seriousness, let an attempt be made to solve the rather strange reversal of the picture presented but recently. Can it bo owing to gigantic land speculations: imports greatly.in excess of our requirements, induced by low freights; the very prolific promotion of many speculative undertakings, and the illconcealed jealousy of the new Colonial Bank evinced by some of the older Banks, that, combined, have caused the money to disappear, and to give an extra turn to the screw,? These probable causes may be the solution of the problem, or they may not—although they are very likely to be so. At all events, the stern and stubborn fact remains, that instead of the circulating medium being very abundant and cheap—as it was a comparatively short time ago—it is now very scarce and dear. Now, why don’t our “ Big AVigs” and “ Merchant Princes” take the trouble to represent tbs case to the moneyed interest in London— e.g.. Baring, Rothschilds, Mathesons, Huttis, et id hoc genua onine, who out of the abundance of theirwealth would doubtless only be too glad, without missing it, to send a few sweet plums to the Colony to be invested upon the most unexceptionable securities, at excellent and high rates of interest as compared with the -2£ or 3 per cent, ruling in London, or the “beautiful simplicity” of consols. That course was adopted (by whom it is quite unnecessary to mention) now ten years ago, when a similar scarcity, and tightness in the money market existed as now. In due course of post a large sum was remitted to be invested on pastoral and freehold securities, which some may remember afforded most opportune relief at the time, and. doubtless saved some who would have otherwise gone to the wall from irretrievable ruin. It is not asserted that the pressure is now so great or severe as then, although few can be bold enough to maintain that it does not do so in a mitigated form. AVhen Banking companies make money scarce and dear, capitalists, and those who have spare money, as a rule begip to hoard, thus adding to the pressure.