COMMERCIAL.

Wairarapa Daily Times, Volume 6, Issue 1627, 7 March 1884, Page 2

COMMERCIAL.

Messrs Chas. Pownall and Co., scriveners, report The money market in the interval of the last month has decidedly hardened. Rates of interest may still carry a quotation of 7J to S percent,, but the higher figure is now more generally demanded,. The pungent cause for tho existing stringency is, that the rate of exchange is unusually high, and that combinod with the certain increase in the property tax, in this country, leaves at present value too fine a margin for the mortgage investment of English capital. Further, the demand, principally to pay off bank overdrafts, has largely increased, and in this respect considerable business has been negotiated, The supply of capital,'however, is barely adequate to most this demand, and present rates are, therefore, more likely to increase than to give way, • . Australian quotations being equally firm, no remittances from that source can he expected. Tho price of wool being lower than known for many years, likewise oauses a, serious deficiency to these colonies, and the general outcome, therefore holds out little probability 'of tho speedy return of that supply of oheap money we were able to induce so few fco take advantage of. Wellington, March 1,1883.