THE MONEY MARKET.

Evening Star, Issue 13016, 29 July 1908, Page 5

THE MONEY MARKET.

NO CAUSE FOR ANXIETY. [Fbom Otra Pakliameotabx Rctorttbb.] WELLINGTON, July 29. Cables received from South Australia and London were shown this morning by your representative to the Prime Minister. He did not, he said, desire to discuss the South Australian position. "That is a question between them and their officers; but as far as .New Zealand is concerned we are not going on the London market. The practice employed here is as follows:—When it is ascertained, through the High Commissioner and tbe financial authorities representative of the Stock Exchange financiers, whom we consult, what the general opinion is about a minimum, the Government fix that mini">u?i-. Then the operation is carried out by the High Commissioner through our financial agents. When I arranged for a 3 per cent, loan I had an interview with the governors of the Bank of England and the financial authorities, and I kept the then AgentGeneral and our financial advisers apprised of everything that was being done. As soon as a favorable opportunity arrived, the loan was floated through our financial agents. So far as New Zealand is concerned, we are all right," added Sir Joseph. "Our arrangements are made for a considerable time ahead. Wo have enough money to go on with for some time, and there is no cause for anxiety here. We have £BO,OOO worth of reserve securities as the outcome of our financial arrangements, and if a large sum of money is wanted wc can get it at once without going on the Loudon market."