SOME IMPRESSIONS

Taranaki Daily News, Volume LV, Issue 127, 16 October 1912, Page 6

SOME IMPRESSIONS

OF A RETURNED NEW ZEALANDER. BUSINESS MAN'S VIEWS OF THE OLD LAND. Christchurch, October 12. Mr. E. G. Kawnsley, sub-manager in Christchurch for Dalgety and Co., who has returned from a visit to the Old Country, has quite a bookful of impressions, not the least important of which are those formed from a financial standpoint.

"Being interested in finance," Mr. Rawnsley said to a newspaper reporter, "I had a good many interviews with some of the leading financiers in London, and discussed with one of them in particular the question of raising money in London on mortgage on a s.per cent, basis. He rather ridiculed the idea, pointing out that in Canada there was an unlimited demand for capital at from 5% to 7 per cent., free of mortgage tax, with the interest transferred into London by the Canadian banks free of exchange and collection charges. . When it is considered that English investors here have to pay approximately Vs.per cent, on a low basis mortgage tax, etc., it will be seen how difficult it is to get investors to accept 5% per cent., as it runs out for investing here, as. compared with the higher rates ruling in Canada.

"Every day while I was in London there were four or five companies being put on the market exploiting Canadian and South American projects, including such undertakings as 1 railways, hydroelectric power schemes, and oil and -agricultural enterprises. I did not, during all my visit, hear of a single call for capital from New Zealand, and could not help feeling that tire tendency of the Governments in the monopolising of public enterprises was having a most appreciable effect on the flow of capital to this Dominion. It certainly seems a pity that the Government hero has not allowed public enterprises to take a larger hand in the development of our large resources." The great dock strike was in full swing while Mr. Rawnsley was in London. "There is no doubt," he said, "that Labor practically met its Waterloo in connection with that event. It was a general feeling that in Lord Devonport the city had a strong and capable administrator who, whilst prepared to meet the men reasonably, would allow of no dictation. There is a growing feeling in England that one of the remedies of the future against the constant strike methods adopted will be to treat the Labor unions as corporations and bring them absolutely within the powers of the civil law, even to the abolishing of all peaceful picketing. When agreements are arrived at each side would then have to put up, by deposit in the bank or otherwise, •a substantial sum of money which could be impounded for any breaches of contract. Until such a system is iu force there can be nothing else but uncertainty'and chaos in all Labor undertakings. As showing the, folly and immorality of syndicalism the railway hands, who had made a binding agreement for a term of years, were called upon by the big lea-tiers to join in the strike."