ENGLISH MONEY MARKET

Southland Times, Issue 17244, 15 January 1913, Page 5

ENGLISH MONEY MARKET

NEW ZEALANDERS’ IMPRESSIONS. (Special to the Times.) CHRISTCHURCH. January 11. Mr Henry Cotterlll, of the legal firm of Messrs Duncan, Cotterlll and Stringer, has returned to Christchurch from a visit lo England. In the course of an interview with a representative of the News. Mr Cotterlll was asked regarding the state nf the English money market. He said that whilst he did not go Home on business he found it quite 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 he left the Dominion the money market was unsettled. hut advices which subsequently reached him in England were to the effect that the market had resumed its normal condition. He did n °t gather that there was any likelihood of any financial stress, and consequently he was somewhat surprised to find on arrival that a shortage nf money existed. He was brought into contact with a good many business men In England, but he did not gather from them that there was any particular reason for alarm In England. The war In the Balkans was causing political anxiety, hut the etfoct on the English money market was not very marked, though, of course, its elfeet was there. He was sure that there vas no actual condition of alarm in the English money market, and the condition of the New Zealand money maiket, if it were duo in any way to English conditions, was due to the fact that a tremendous amount of English capital Is being diverted to Unnada. At the present time the possibility is that that great Dominion was more attractive both to men and money. As to the shoitage of money in Australia, Mr Cotterlll said that he discussed the matter with Sir Charles McKcllar on the passage from England, and learned from Mm that the large public undertakings 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.