THE MONEY MARKET.

Auckland Star, Volume LX, Issue 52, 2 March 1929, Page 4

THE MONEY MARKET.

LOCAL BORROWING. .MANUFACTURERS' VIEWS. The desirability of the Government and the local authorities raising as many loans as possible in the New Zealand market was stressed by Mr. F. Campbell (president) at the New Zealand Manufacturers' Conference in Wellington. The necessity of having to borrow on the outside market and take the money by way of goods was one of the manufacturers' greatest difficulties, declared Mr. Campbell. "'You can't have it both ways," he said. "There has been some talk of a local loan. Possibly we in Wellington could draft a statement on the question of raising loans for submission to the Prime Minister." A delegate objected that all the local bodies were raising loans in New Zealand and depleting the money market. The President: A lot of money is being invested outside New Zealand that could possibly be used here. Jt is a matter on which opinion is divided. We were told pretty clearly that the Government had been giveii a broad hint that it would be better to raise loans for certain purposes in New Zealand. Whether we can press our claims on the Government and suggest that a good percentage should be raised locally is a matter for you to decide." Mr. G. Finn (Auckland): I think that if we can't borrow the money in the country we ought to go without it altogether. (Laughter.) The president said it would be appreciated if the presidents of the associations would consider the matter and let him have their views on it. It was a vital question to manufacturers.

FOREIGN EXCHANGES.

RUGBY. February *JS. Foreign exchanges on London to-day, compared with rates previously quoted:—

Montreal (dol. to Vfb. 28. Fe*>. -6. Par. £) 4.87 a 4.87 J 4.866 New Xork (dol. to £) 4.83%« 4.So%= 4.806 Brussels (belga to £) 34.935 34.935 35 Paris (fr. to £) . 124.25 124.20 124.21 Stockholm (kr. to £) 1 8.16 18.1ft 18.130 Oslo (kr. to f) .. 18.19 18.20 1S.159 Copenhagen (kr. to £) 18.20 18.20 18.150 Berlin (r.m. to £) 20.45 20.343 20.43 Rome (lire to £) . 92.65 92.65 92.46 Calcutta (pence to rupee) 17 31 / 3 ; 17 31 A4 IS Yokohama (pence to yen) 22i 221 24i58 Hongkong (pence to dol.) 233 23j * Batavia (fl. to £) 12.15 12.15 12.1 Prague (kr. to £) 1633 163 2 24.02 All quotations are for cable transfers. •Determined oa the price of silver.