MINISTER URGES LOWER BANK RATE.

Horowhenua Chronicle, 23 May 1928, Page 7

MINISTER URGES LOWER BANK RATE.

TRADE BALANCE IN OUR FAVOUR AUCKLAND, Last Night. A reduction in bank rates was advocated 1 by the Minister of Health, the Hon. J. A, Young, speaking at the opening of the advertising exhibition to-day, “I hope bankers will sec the necessity before long for trusting us with lower rates of interest,'' he said. “When trey can see their way to do that financial conditions will be made a little more attractive to the farmer and business man than they arc today. ” The Minister sai'd that lower rates were justified by the improvement in export trade, the buoyant state of the British investment market and the signs of returning prosperity in the (Dominion. “It is gratifying to note that a healthier tone is prevailing in the community, ’ ’ he said. “When the balance of trade goes against us as it did to an extent of £3,000,000 in 1927 we are looking for trouble. But'rwhcn the balalice turns in our favour as it has done this year to an extent of £10,000,000 then money is brought into the country for investment.”

The Dominion’s credit was reflected in financial operations in London. The New Zealand Government’s last loan of £5.000,000 for development "purposes was fully subscribed when the office* opened for business at 11 a.m. and seven times oversubscribed when the offices closed the same day. That pointed to abundance of money in the Old Country and was a magnificent compliment to the Government and people of Now Zealand.

Americans Salesmen Pur© . And Simple, But Britishers Buyers Also of Our Goods

AUCKLAND, Last Night

An appeal to New Zealanders to give preference in their purchases to British rather than to American goods was made by the Minister of Health, the Hon. J. A. Young, when opening the advertising exhibition to-day. “As far as I can judge from an analysis of conditions in America and Great Britain,“ he shid, “the people of America are salesmen, pure and simple; but the British manufacturer is something more—he is a trader, buyer and a teller, and he buys your goods in return. They arc the people who build up your trade. “Our export trade has shown a great increase this. year. It establishes my statement that the Britishers are traders, buyers of our produce, and this should encourage us to trade within the Empire whenever we possibly can."