THE COST OF MONEY.

Stratford Evening Post, Volume XXXV, Issue 60, 13 March 1913, Page 8

THE COST OF MONEY.

MR. MASSEY QUITE PLEASED. (Per Press Association.) Christchurch^. March 12. After the Big meeting in the Theatre last evening, Mr Massey was interviewed by a representative of the Press. “I was immensely pleased with the meeting,” he said. rt lt was a meeting after my own heart, I fee: quite certain that it has done an enormous amount of good. I think the Opposition played into my hands even time. They got me more convert.' than my own speeches. I would willingly travel a thousand mites to have another meetng like that.” A press representative had a feu minutes’ talk with Mr Massey prior tc his departure for Ashburton this morning, and the Prime Minister again expressed his gratification with the result of last night’s meeting. There was one point, Mr Massey said, that bo desired to amplify, and that was the reference made by him in the course of his speech to the cost to the Dominion of the loans recent!} floated on the London market. Tin cost of the Ward Government’s £5,000,000 loan worked out at £4 Is per cent., that of the Mackenzie Government’s £4,500,000 loan worked out at £5 2s 9d per cent, while the cost of the £3,000,000 loan negotiated a month or so ago by the Hon. J. Allen worked out at £4 5s per cent. The latest loan was raised at 4 per cent, at 98. In other words, the £3,000,000 Joan cost 17s 3d per cent. Joss than the £4,500,000 loan, and 7s 2.1 d per cent, less than the £5,000,000 loan, or a saving, in round figures, of £SOOO as compared with the cost of the Mackenzie Government’s 4} million Joan, it should also be born in mind that at the time that the £3,000,000 loan was floated the English money market was seriously disturbed, and was in a condition much less favourable to the colonial loan flotations than it .was at the time when the five million and 4.} , million loans were offered. Despite the unfavourable condition ol the English money market when the £3,000,000 loan was floated, 20 percent. of it was taken up by the public, as compared with 13 per cent, ol j the 4.J- million loan, and 7 per cent of I the five million loan.