“FRENZIED FINANCE”

New Zealand Times, Volume XXXVII, Issue 8366, 28 February 1913, Page 7

“FRENZIED FINANCE”

BOMB TRENCHANT CRITICISM. Press Association. AUCKLAND, February 27. gome trenchant criticism concerning the disposition towards “frenziedfinance” was indulged in at tho annual meeting of the Chamber of Commerce by tbo retiring president (Hr (i. Elliot). r There was a growing inclination, he said, on tbo part of many firms and limited companies to run and increase their business on loans from private individuals at call or on deposit for fixed periods. “Notwithstanding all tho warnings uttered bj* the press and by responsible men,” continued Mr Elliot, “there soems to bo little induration on tho part of tho citizens generally to curb extravagant expenditure,” Tho introduction of tho motor-car' had, ho thought, done much to encourage individual extravagance, and had been a factor in increasing our imports very largely. Within recent years, said Mr Elliot, something like £3,000,000 had been spent in motor-cars. . and motor cycles throughout the Dominion, without taking into account the largo and recurring amounts for spare parts, tyres, oil, benzine or spirit. In tho march of civilisation tho motor was replacing the horso, which was bred in tho country, tho vehicle drawn by the horse, which was built in the country, and tho feed for the horse which was grown in tho country. While not condemning tho motor-car, he was satisfied that its importation and use assisted in upsetting to some extent for tho moment our financial equilibrium.