THE RAISING OF MONEY

North Otago Times, Volume C, Issue 13180, 8 October 1914, Page 6

THE RAISING OF MONEY

M.YEHS LOAN VKliSl'S ALLEN • • LOAN. COMPARISON OF THE COST. ' (i'or l'ress Association). WELLINGTON Oct. fil' ' Upon a financial rotum> being laid upon the table in the' IloliS'fi ft) May; Mr Russell raised tl.c f[UCstioii 'of Mr A. L. •Myers' short-dated Joan,.ami - declared that the lion. .las. Allen had been able to consent to Mr Myers' Itwii ; npoh ter terms than he could raise Ifis Owii. Mr Myers contended that" 1 nrcumstances justified.him iu.raisii.ig his loan for two years, and his action had turned out to be in the best interests of the country. Mr Buddo contended that the iMyors loan compared more than favourably with the Allen loan. Mr J'earce said il was .amusing ...to listen to the statements made' by the Opposition regarding'.the Myers loan. In reply, the Hon. .Ins. AllehVaid he admitted the diHiculties winch 'faced. Mr Myers when lie cuino into- ollico. Tho Myers loan was not'renewed,''iiol' converted; it.was'paid ofl' a'bsollitely. The large financiers, in London. ; Jiiid,. Ne\v Zealand by lljo throat and 'would' not renew or convert,'' Init' held tlio'nioijey to collect brokerage 'and underwriting fees. Tlrt position of New Zealand upoii the' London money market had steadily improved since the present Government had. taken ollice. Tim Myers loan had cost £i) 11/:, while the last.lo,an,raised by the Government cost £-1 l/il. ;i -' ■