MONEY MARKET.

Otago Witness, Issue 1419, 1 February 1879, Page 23

MONEY MARKET.

Wednesday Evening. > The money market remains in much the sama position as previously reported. Sma*l m*rkets like ours are )ot subject to the dally fluctuations Jarge of monetary centres, but ohange3 are slow and gradual, and when effected appear to remain stationary for a peiiod. Accounts from most of the country districts promise well for the coming harvest, and should the future find ihetit verified, the tightness of mor.ey will only be felt by Ihe few. At present, indeed, the general run of freeholders are not grent'y in want ot money. Claimants for advances are almost entirely confined to the class of speculators who, buung beyond the!r capacities, find themselves in a time of pressure compeled to eeek assistance, which tbey are forced to pay highly for. Land held by such speculators, if forcd into the market for reali'ation, naturally, in a time like the present, seldom fetches its real value. Freehold property thus assumes an appearanco rf depreciation, whioh really does not affect all properties alike ; for the land of a holder who dots not desire, and who is not obliaed, to sell cannot be paid to havo altered in value at all. The real test of the value of land is what it will return, and as this mu*t depend entirely upon its capabilities, there shou d be no difficulty iv defining its worth. We are jjlad to note that money is easier at Home, tha Bank ot England having, »ccoraing to a, cable roesswre of 26>h instant, reduced iU rate of discount to 2J perceot. ; ard money for nieroftntile purposes is reported plentiful With us the rates ot d gcount on approved bills remain at 7 per eeDt. lor three months, and 8 per cent, for longer currency. Fxchange on London continues at 111 1 er cent, lor 60 dayb', and & per cent, for 90 days* 1 drafts We note that at tho meeting of the efrareholders of the Colonial Batik, held th s afternoon, Mr James B.*ttr»y was re-ilected a director. Bis business knowledge and experience shou'd prove of va ue to the Bank.