FINANCIAL AFFAIRS.

New Zealand Times, Volume XXIX, Issue 6383, 4 December 1907, Page 8

FINANCIAL AFFAIRS.

THE CRISIS IN AMERICA. NEW ZEALAND NOT AFFECTED. SIR JOSEPH WARD INTERVIEWED. PRESS ASSOCIATION.

AUCKLAND, December 3. Sir Joseph Ward, Premier and Minister of Finance, stated in an interview to-day that the financial crisis in America had not affected New Zealand. The financial position of the Dominion had never been stronger than at present. I'ho new tariff was having a very benoi ficial effect on trade. No established in- , dustries had been affected/ while already | three now industrial concerns were about 1 to commence as a result of its operations.

I "There has been a'drop in wool,” said -t Sir doeeph, "and that is the direction in | which wo are most concerned. The maintenance of the values of our staple *1 products is of immense importance to 5 all in this country, whether country or * town dwellers, whether large trader or t email. ? "I should imagine that, as far *ae we ; can judge, the crisis in America has * passed. It is a very disturbing element * in finance in a, great-country like Amer- * ica when the railways aro privately j owned, for the great railway kings have f the opportunity of rigging the market , in their stocks, and the result •is that from time to time they bring about these : great dislocations in the true value of > railway stocks. This, which is often ► done to a criminal extent, enables the ; financial magnates to make large sums of j money out of the public, a panic being | sometimes precipitated in the meeting of '■ the obligation©. There is now-a tent doncy throughout America to legislate to I bring about a cessation of this land of ! thing, and President Roosevelt, who is at | times blamed by the financial kings for ,j his ©a-called interference, is, in my judgI merit, working strenuously in the direc- | tion of preventing such troubles in the future,' and it is to the true interests of - America that such a. policy should be pursued. - , , , "In Now Zealand torday, both publicly ; nr.d privately, there is more than eufficient money for the needs of the country; in fact, one of the difficulties I have as Minister of Finance at the moment is to find investments for the large sums of money that are coming ini o the Treasury thiough various channels. Altogether, the condition is most satisfactory, and there is no need to fear in ; New Zealand that there will bo insufficient money to carry on the private business and industries of the country. We have now financial frfecdom equal to that which has existed at any time in the past.- If there were any difficulty with the public finances tfio position would bo quit© different, but fortunately that is not the case. Our million loan of last session for public works was all secured on satisfactory terms, 1 and ,£BOO,OOO for the purchase of gilt-edged WJcuritios in London was obtained without any difficulty, and without foing in to the London market at all. This is satisfactory evidence that our credit ! stands very well at Home- In my opinion we were never stronger, both at Home and in the Dominion, than we are to-day, and even though wool has dropped, it is still at a very high figure, and seeing the demand for 'wool all over the .world there cannot be a very long or i serious drop. He would bo a very ©ah- \ guine man .who expected the high prices ■ of the past year or two to remain with- j .out any alteration.”