FINANCIAL OUTLOOK.

Auckland Star, Volume XLV, Issue 126, 28 May 1914, Page 6

FINANCIAL OUTLOOK.

■ ■ » A GREAT IMsPKOVEMRVT. (By Telegraph.- Press Association.l \VJ__-UN<_T(_»N. Wednesday. The president of the Wellington ■ Chamber of Commerce i\lr. ('. \\". I Jones), ill hie addresss at the annual 1 meeting tisday. said that twelve months ' ,ago their president had said. "-.Money i--7 dear, and promises tj. i-onttnuc so.' >!"But since then." continued the. speaker. ''"the tiuanvial outlook has greatly tm 'jproved. The reduction of th- rate for iloans has again made it possible for the I colonial Governments and local bodies !to borrow ill London, and rocuirno the " j prosecution of neoe.-saTy . level opment ! work. This ip beneficial, not only be- ■ jcause it hastens the opening up of our '! national resources, lnrt. still more, in my 'j opinion, because it diminishes local bor- ■ rowing by municipalities. harbour •boards, and so on. of whioi there ha.s Ibeen too much lately." He held that 7in a country like New Zealand, which .was only jn the infancy nf ,t.s develop■ment. pithlic work,- should be carried |! out .by foreign loans, thys leaving local .(savings free to be u-erl in what'might ,j be called fertilising directions, tlte de.- -[. vedoping and extension of the various , . trades, industries, and enterprises that f jwent to make up the complicated fabric lot tbe nation. It was true that there L | was. as yet. no pereeptihle easing in .[the local rates for money. hut the best 1 1 authorities stated that' there was no . j doubt, that tbe 8-irppJy of money was now . .sufficient to meet all legitimate re^uirejroente. and thai if the low ratce of i_- . jterest continued in London, they must l ere long be reflected m the looaJ market. I -