DOMINION'S FINANCIAL POSITION

Nelson Evening Mail, Volume LXI, 10 August 1928, Page 3

DOMINION'S FINANCIAL POSITION

CAPITA.}, FOR DEVELOPMENT, (By Telegraph.—Special to "The |ilail") ; ... ■ 48Q^$p,. 9th "At the jnojrnesnif: New> is' in; a condition of fina«cial ease; and .bankers are in a pqsitio.ii to iind practically unlimited capital .for the, development of trade and industry provided borrowers can furiush the necessary security," said Sir Harold Beauehamp, who is* on a visit to Auckland, in an interview. Sir Harold said that in the paStj twelve months a- remarkable alteration had been wrought in the fundamental economic conditions of, the Dominion,' which on the ■balance of exports and jiuports was £13,000,000 better off than a year ago. Speaking for the' Bank of New Zealand, of which; he had been a director for thirty years, he had fio hesitation iii saying' it could- find at least £1,500,000 to £2,000,000 for legitimate enterprises on all classes of sound secu-/ -rity. The high prices ruling for firstclass stocks* in public companies and for Government bonds clearly indicated the amount of money, available for. investment in 'the Dominion. Until recently there was littlp difficulty in'se<%ipg 7 per cent for first-class mortgages, but to-day it was difficult to. find an outlet for money at more than 6to 6£ per cent., while many investors in public company shares were quite content to accept a .return of 5 per .cent. ; - Qwing to the alteration '■* in • the" conditions, everything pointed to financial ease in the next year. *___