THE MONEY MARKET.

Stratford Evening Post, Volume XXXIV, Issue 99, 21 December 1912, Page 6

THE MONEY MARKET.

AN ENCOURAGING REPORT,

tPer Press Association.) Auckland, December 21

Mr Beauchamp, emunnan of directors of the Bank of New Zealand, in an interview, said that whilst recognising the present financial stringency in tne Dominion, the position was entirely different to that of 1908, when the stringency was caused by the sadden and unexpected rop in the value of the primary product, wool, To-day wool was approximately (ki per lo more than in 1908, representing ±0,00,000 additional value. Ihe present money tightness was felt mostly by the Government, the public bodies, and those who have been speculating heavily in land. (Among the last mentioned were many who had bitten off more than they could financialy masticate without the prospect of relief until the finances of the Dominion were in a healthier condition.

Mr Beauchamp said that personally he anticipated Mr Allen’s mission to London would be succeslul in arranging for a renewal of loans, totalling £i.0,900,000, maturing in the near future, and also in getting an additional £2,000,000. With £2,500,000 new money there was every reason to believe that the present money tightness would vanish during tne next six' to nine months, no doubt as the result of the Government being able to assist local bodies lo a considerable extent, but he did not believe these bodies would be encouraged to undertake so many public works as under the previous Government. • 'i’ne small margin between the imports and exports shows that there was still a large amount ol private extravagance, and it would greatly assist tuo financial equilibrium if a little more thrift were practised.