CONFIDENCE IN FUTURE

Nelson Evening Mail, Volume LXX, 18 December 1936, Page 5

CONFIDENCE IN FUTURE

LARGE AMOUNT OF MONEY IN CIRCULATION STOCK EXCHANGE CHAIRMAN’S ADDRESS (By Telegraph—Press Association) DUNEDIN, This Day. Mr Harman Reeves, Chairman of th 6 Stock Exchange, in his annual address, said that the people of the Dominion could look forward with confidence to the future. The primary producer was obtaining high prices for butter, meat and wool, so that a large amount of money would be in circulation during the year. Gold mining was one industry to be taxed at its source and it was to be regretted that the Government could not be induced to remove the present tax and collect it on the net profits, as was done in every other industry and trade in the Dominion.

! Referring to the changes during the. last twelve months in the Dominion’s laws and institutions and the addition of taxation, Mr Reeves said that in the circumstances it was no wonder that capital was afraid to venture into new industries, but preferred to remain on deposit with the banks o in the shelter of Government and municipal securities at comparatively low rates of interest, or invested in shares in the best Australian companies.