SLACK CHRISTMAS TRADE

New Zealand Herald, Volume LXI, Issue 18885, 6 December 1924, Page 9

SLACK CHRISTMAS TRADE

C 0 M LA INT fN^DUNEDIN.^ ,I i" \'\r'j:r-: ":„,. yT;,;::;;r : 'V' ;! ' : l.*'. i .! . •''.;'. ',:■ UirAtzsli- >''' VLOCAL MARKET - BORROWING^ [BY TELEGRAPH.— PRESS ' Afe'sbaA-riOK.' j^~% .'."." .. \ -t" ''pUKEDIN. Friday,. A A somewhat novel reason for slackness:,', of Christmas trade was advanced by a •;:' councillor at the City Council meeting,'', when he-blamed' the. taking of ; ; money < from' the local market'.-by- corporation'. ' • debentures for it. : - .City debentures,; he said, .were, taking ■ money.--iroki the local t market, and this was having a very bad , effect on the whole, town. „-, They should '• force Mr. Massey to flout 'a' loan in Lon- ! don at the 4i per cent, that ho could get it at. It could then be ..relent to local ,■ bodies. „-.■•-, .— ; ,~.'.;'.'';'"-■ '.:.:, •' '■-•U"^r>>. ; V'' The chairman _.pf : the Finance Committee, replying, said that; the city, being ■_'' faced with large requirements, went *to T' • the cheapest market, which was the local market. Eighty-five per cent, of interest' being paid was being-paid' out. locally:'' : The source that supplied most of the money was withdrawals from the Post ». , Office Savings Bank. That might . em- -£- barrass Mr. 'Massey, 7 but "it- certainly V, . could not have "any injurious effect oh 7 lo<al trade. It had not been demon- ■ strated to him .tlia.t. any injury had been suffered by the. trade of the city. •• Vfg;r -' * 1 ?