COMMERCIAL.

Patea Mail, Volume VIII, Issue 968, 6 December 1882, Page 2

COMMERCIAL.

MONEY MARKET. . Messrs Charles Puwnali and Co.,scriveners, Wellington, report : The money market remains in a very nn-cttled stale, through the action and combined pressure of the banking syndicate. Melbourne and Sydney have again raised their rates to 7, S.and 9 pore ent,, ai owing 6 per cent, on deposits, and there appears to bo every probability that this syndicate, both .in Austialia and this country, may continue to exercise the enormous power placed in their hands, and by further restricting the supply, still enhance the value of money. The only explanation for this stringent course (unjustified by any present out side demand) is to lo found in the fact that very large amounts were lent last year in excess of their capital—many on overdrafts for fixed terms—rendering necessary the existing contraction. Our quotations for mortgage investments continue nominally the same as last 'month, viz.. 7 lo 8 per cent, for sums in excess of £530, with a fair supply ofjcapital offering at the higher quotation ; while at the lower one on’y very large sums can be negotiated, and the security must then be firstclass. From private information wc have received, the existing pressure may be somewhat relieved by a large amount of English capital being placed in firs market for investment at - the commencement of the coming year.