COMMERCIAL

Woodville Examiner, Volume 3, Issue 283, 14 September 1886, Page 2

COMMERCIAL

POVWVLL & CO'S MONEY MARKET REPORT. Messrs Charles Pownall and Co., scriveners and mortgage agents, Wellington, report that during the last month a large demand for money on mortgage invesiment has arisen, consequent, upon hank pressure, with a contracted simply equally consequent upon bank (notes of deposit at li per cent for 1;2 months, engrossing a large amount of floating capital. Some considerable sums have, however, been negotiated at from 7 to 71- per cent, but many more, practicularly from the Marlborough district remain in abeyance not from any donbt as to the value of the securities offered, hut from the sudden demand unexpectedly created. Capital at present is not forthcoming to entertain them. Money is now worth TP per cent (minor sums 8) with every probability of a further rise until the bank coffers are full of deposits, and the existing outside pressure thus relieved. On the other hand, wool, as we predicted, is further rising in value, making a vast difference in the returns to this Colony, and English capital will surely follow from reestablished confidence. Me do not expect, therefore, present quotations to he long maintained, looking to the fact that they have been created by qilterior courses detrimental and oppressive alike to the community at large.