DEAR MONEY.

Dominion, Volume 1, Issue 145, 13 March 1908, Page 9

DEAR MONEY.

I tHe shortaoe. ' ..'.-.INttRVIEWSiVHD EXPLANATIONS: .I. INTEREST ON DEPOSITS.'' '■ ;t; . V V; v 'M 2 months per. cent.. . 0 months'".;.'''. •.-.•: - •. d months-* > 3 percent. -y The abovo"aiihouncement "app(»rs on tho ' ;oJ)cb:.preniißes, 'deposit, nio'rtgage,;.;., 7 ':'. : 1 iinuiKe- • .<sbeiij''-V;;: ; ■; profits::by .tho" simple-'method : of.-"-borrowihg - jitorieyVat'd''certain'^■ interest arid lend-.: j at.i'ja--. • , t offere(l'r.deijbs , a fhe'amount ■'. . : ■of money that) is -looking; about<to:'earn more, ; ... . ; ...Tho; rates'-.- quoted'- above;;, which'.' '\iavo 1 ' bfeen'' W:K foffeniig' since-the ; beginriirig of tho, year,' have ;. '• j .i j tice'p;'. so^/liig^j.'since^parjy■vihjJSps,."^anil;v f tho 4HW cent, period: was a short one. , ■iThoje.wltojdabbloin.finance.daily know quite, ■ ' tKat'-.m6rißy:.Qia's;beenrdryiug.up' for.'four --..■ iV",. .'or. fivc ! ;iftonthS--Jiasfc, T f and'most'.'of;'them 'laiov?'.?, :.tlie lraiidr.cd;iaiid Mng:mi),rke^', ,o but thorp;".aire;';others' i , ..TO'-.'jrh'oiii^?;. 1 ;.;r. , ,i.. .;thG ;ftactuations ;m'.tho •localMnonoy.market " 'are .inysforics too complex-°i)io°bother about.:,. ':',- '.This ttess 7 is' ; usujilly .^ard !: ;f6r,.itir;,;.' : ;^. ; . evpii if _tKe'*interest.werp trebjo what it iBV >/ ! ; ; SAVINGS BANK COMPETITION, - -v D'oiinrioN' .reporter:' set ; buti, tpi. 'make.V •spjnp '.enquiries into:; tlie. .matter!: '~ The •, '•v :. • ' iiiiinagcr, of ;.tho. first ,depqsit ; Mnipaiiy" visited \; •: 'said! ho'att'rituted' tho'shbrtage:'of money to' -, - , land/;.':'. People that .used. . , •,to,ha)r()},a.' huridfedf or. jtwo, to' lend had ■ - 'gono 'iri for land, ; which, inVestmerits, had ab- . Borbed. all -'theiri Caintal, . arid in: some .cases a • , and a''chief'causo of tho sliortago of -liquid : irioriey-; as; far.' as the. companies' ' wero con- •_ - ' c'6ni«lj:'%ais' attributable to' the high rate of : '•intor6St'.'i'pa'id J ..:by'' ! thb,' Government Saririgs ; 'thought, ■ ; tlidr J : \ thaii: x wiis.', actually 'thecafe , when pliic-™'-'? t-he'-Sariri® "-'Bank. ;It'\!was'.."''nqt' ;: 'geherally'' known,'-.for in-," ' stance', I !thatMf ariyonb'deposited, say, £300 ' "biv"th'e : ..2nd'.of ; \t.he month', and', withdrew it ' : 'dri : tilio 29th.'bf/the following nionth'-.that rio:; ; I ',: : 'irit'oresf; : 'wduld2llc.lJrUo , whateVer^thc '■ money;iiacl; to' be-'(deposited' for ; one,; clear > calendar liiaiithvbefore "it- was-ripo for'intero'st, With ili'o deposlt 'cbriipariies 'iriterest : was .paid for. > . " ,evei7''day'tbe:nioney :w;as out-of ite owner's • •hands;- '-*This,together I ,:.with/ the. geriieral v; ; fall 'in ■ prices;'of: our -products oil - the London,, ' riiarket, v and ;th(s falling' off . in-the quantities. '-; . . of'the same/' had contributed to tho. harden- . . ing of the.prico of money. ,i., u ' ,OUR HEAVY INTEREST ACCOUNT. . . 'j Allotlief; -ofTicinl of n money borrowing and : - .lending" institution , said-'briefly that the ppsi- ; * , tibn due to tho Govern- • '"mohtfmoppi&g"up'-'tho'inonoy to:send-jnitjof;-: 1 'jiio.'-coiinwjl''t'6' ptiy.tho interest on its loans; ..V: ~, ,T.ij.'p ;Goyernjnent'was also raismE its loans .in ... - . the colbrij!,' ; inst'cad; of'going l oourt r of it; 'tying:j ; up?, a-.iireatfedeal of rconey the comiuunity , ,^hpuld"hayo i the'^sc:'of:-?i.;i'^vhvv;-'!?.:' ir ■ THE MAYOR'S OPINION. -.'-Tho",Hon.- -TiW.^HJSlop'said.there- was very •littlo irioriey) available: at the present, tinie,.,. . y ,• /but;'!-oii' J tho.'otH^i-. demand was,not .. -. .y/^'!i^t!''fiin':''otdiiia^-' I 'mc^ig6Si":iV!l l lW!is- : / proliability. with: money cheapening , . ,;iii L.ohjioh.l.'the':, .of -.loans,that : : :forr'.V merlv: taken' ..ut) .'..there,', arid more ' Kcently -had : been-largely • supplied;. locally,. would ,- . again,. . and : this,,would'. : have : lccal'|'r'Oi.ej;;A ■ market::;; TMq vo 1 -rfo:. . : tions olj,'anytjiirig, t(i^. least like: a■ c:wis:. ' ; ...