PROSPEROUS TIMES.

Otago Witness, Issue 2928, 27 April 1910, Page 33

PROSPEROUS TIMES.

MR'HAROLD BE VUCHAMP'S VIEWS. The banking returns recently issued were referred to by Mr Harold Beaucba.mp, chairman of directors of the Bank of New Zealand, in the course of a conversation with a New Zealand Herald representative. The returns, Mr Beauchamp said, dieclosed a complete reversal of the position as it was 12 months ago, when, owing to the serious drop that had occurred in the value of the Dominion's primary products—wool, frozen meat, etc. —customers were leaning so heavily on the banks. The present satisfactory position had been brought about by the magnificent prices realised during the late season for wool and other prcd'ucts. "It will be remembered," continued Mr Beaueharuip, " that six or seven months age mutton and lamb in the London market were sailing at practically 40 per cant, lower than the prices now obtaining, and it is gratifying to hear that, despite the heavy shipments in transit, the values are likely to be maintained. With regard to wool, I think it will be 6hown that the estimate I formed at the commencement of the present season will be realised—namelv, that we shall obtain at least £2,500,000"" more for last season's clip than for the clip on the one immediately preceding it. Further, the large amount of money now available fox investment is also due to the great faUing-off- in imports from the United Kingdom and the Empire. I shall probably deal fully with this noint at the next Teneral meeting of the Bank of New Zealand, which takes pla«e in June, when the figures for the year ended March 31 will be available." Referring to the present boom in rubber, Mr Bpi.a.uchamn said that according to ■advices it was likely to continue. It was to be regretted that owing to so much raonev being available for investment in the United Kingdom a largo number of companies were likely to ba promoted, and it was only reasonable to nssume that a, great amount of money - ■ ,"»' 'y .lost in "wild oat" companies. Hi""e no dispruising the fact that people who invested in rubber some tiui'v. ago \voi\t4 reap enormous profits. "We have leard." he continued, "of one company paving dividends of 300 ner dent, per annum." As to the oil industry, Mr Boauohanrn eaicl +here> was nothtne: particular to «ay on fc> - subiect, beyond the. fact that, they awaited with interest the result of an attempt now being made to float a com-

pany in London to acquire an interest at New Plymouth. In conclusion, Mr Beauchamp said he was gratified to find Auckland in such a prosperous condition. Having regard to the roat amount of public money that was likely to be expended within the next few years, and taking into account the development of the land in the Waikato, there was every reason to expect that this prosperitv would be maintained, if not substantially increased, in the future.