EMPIRE FINANCES.

New Zealand Herald, Volume LX, Issue 18348, 14 March 1923, Page 10

EMPIRE FINANCES.

CO-ORDINATED BANKING.

INDUSTRIAL DEVELOPMENT.

The subject of finance as it affects the Empire was briefly discussed ly the Hon. A. M. Myers en his return from Britain yesterday. Mr. Myers said the difficulties of exchange that had presented themselves during the last two years, especially between Australia and Now Zealand and the United Kingdom, suggest a more coordinated Imperial banking system, but up to tho present that problem was still unsolved. Meanwhile, the movement toward the consolidation of joint stock banking interests continued in Great Britian, and would assist in dealing with the difficult financial problems which confronted the Empire. " There is plenty of credit available for trade and industry, the banks being quite willing to lend their money for legitimate purposes of industrial development," said Mr. Myers. " A further improvement in trade will probably mean selling, and consequently weakening of gilt-edged securities, but assisting further industrial development. There seems to be a growing feeling that there should be a preference for the investment of capital within tho Empire. The credit of New Zealand stands high in London financial circles," concluded Mr. Myers, " and there is a growing demand for investments in municipal loans."