LOAN MONEY

Dominion, Volume 22, Issue 133, 1 March 1929, Page 10

LOAN MONEY

LOCAL MARKET FIRST MANUFACTURERS’ VIEWS The advisability of raising as many loans locally as possible was referred to by the president (Mr. F. Campbell) at the New Zealand Manufacturers’ Conference yesterday. Mr. Campbell said that 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. “You can’t have it both ways,” declared Mr. Campbell. “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: All local bodies are raising loans and swamping the market. The president: A lot of money is being invested outside New Zealand that could possibly be used here. It is a matter on which opinion is divided. We were told pretty clearly that the Government had been given 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.