THE MONEY MARKET

New Zealand Times, Volume XXXVII, Issue 8330, 16 January 1913, Page 3

THE MONEY MARKET

CONDITIONS IN NEW ZEALAND, ENGLAND, AND AUSTRALIA. Special to tho "Times.” • CHRISTCHURCH, January 15. Mr Henry CotteriU, of the legal firm of Messrs Duncan, CotteriU and Stringer, returned to Christchurch from a visit to England. In the course of an interview with a representative of the “News,” Mr CotteriU was asked regarding the state of the English money market. Mr CotteriU said that whilst he did not go Home on business he found it impossible to escape it, but he did not do very much and was not studying the conditions as closely as he would have done in other circumstances. When ho left the Dominion the money market was unsettled, but advices which subsequently reached him in England were to the effect that - the market had resumed its normal condition. He did not gather that there was any likelihood of any financial stress, and consequently he was somewhat surprised to find on arrival that a shortage of money existed. He was brought in contact with a good many business men in England, but he did not gather from them that there was any particular reasion for alarm in England. The war in the Balkans was causing political anxiety, but the effect on the English money market was not very marked, though of course its effect was there. He was sore that there was no actual condition of alarm in the English money market, and the condition of the New Zealand money market, if it were due in any way to English conditions, was due to the fact that a tremendous amount of English capital is being diverted to Canada. At the present time the possibilities in that great Dominion were attracting both men and money. As to the shortage of_ money in Australia, Mr Gotten!! said that he discussed the matter with Sir Charles J!klcKellar on the passage from England and learned from him that the largo public undertakings in the Commonwealth were responsible for absorbing a large amount of money, and that the embarkation by the Federal Government upon a banking enterprise had had the effect of making the Australian banks very cautious.